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Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 18
HOLD 13
SELL 1
STRONG
SELL
0
| PRICE TARGET: $544.75 DETAILS
HIGH: $610.00
LOW: $489.00
MEDIAN: $537.50
CONSENSUS: $544.75
UPSIDE: 21.29%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
Revenue
Revenue 7,718 7,088 5,916 5,468 6,218 5,371 4,829 4,442.7 4,204.1 3,604.2 3,484.5 3,334.3 2,972.5 2,730.3 2,280.7 2,032 1,797.2 1,755.4 2,259 2,037.1 1,731.6 1,438.3 1,246.6 1,023.3 796.7 602.3 1,971.8 1,934.5
Cost of Revenue 2,458 2,381 2,062 1,944 1,894 1,695 1,587 1,386.3 1,332.9 1,113.2 1,060.7 988 893 872.4 732.9 650.8 596.5 568.4 626.9 578.9 488.1 409.5 347.3 285.3 239.6 189.6 559.5 568.2
Gross Profit 5,260 4,707 3,854 3,524 4,324 3,676 3,242 3,056.4 2,871.2 2,491 2,423.8 2,346.3 2,079.5 1,857.9 1,548 1,382.2 1,198.8 1,187 1,632.1 1,458.2 1,243.5 1,028.8 899.3 738 557.1 412.7 1,412.3 1,366.3
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 51.1 42 40.1 29.1 37.9 22.8 16.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 1,803 1,736 1,633 1,527 1,480 1,229 1,167 1,080.1 985.9 936.4 921.3 864 814.2 752.1 629.3 588 495.7 441.3 451.1 359.3 303.9 242.4 203.6 175.3 141.6 107.6 791.3 776
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.6 24.6 17 16.6 140.9 141.6
Operating Expenses 1,805 1,736 1,633 1,527 1,480 1,229 1,167 1,131.2 1,027.9 976.5 950.4 901.9 837 768.2 659.1 608.3 495.7 441.3 451.1 359.3 303.9 242.4 236.2 199.9 158.6 124.2 932.2 917.6
Operating Income
Operating Income 3,455 2,971 2,221 1,997 2,844 2,447 2,075 1,925.2 1,843.3 1,514.5 1,473.4 1,444.4 1,242.5 1,089.7 888.9 773.9 703.1 745.7 1,181 1,098.9 939.6 786.4 663.1 538.1 398.5 288.5 480.1 448.7
Interest Expense 189 204 207 216 243 232 230 212.9 215.9 152.3 134.7 134.1 95.3 75 63.5 47.6 41.4 58.9 39.6 15.2 21 23 6.7 20.7 16.6 4.5 45.2 15.2
Interest Income 65 102 63 15 9 11 17 14.7 16 10.9 9.7 6.7 5.5 5.2 5.3 3.1 2.5 18.1 19.3 18.2 26 6.8 0 0 0 0 0 0
Profitability
EBITDA 3,935 3,334 2,515 2,307 3,255 2,681 2,240 2,075.8 2,161 837 1,627.8 1,690.7 1,358 1,192.5 982.5 828.3 751.7 863.8 1,199.2 1,315.2 990.9 828.4 695.7 562.7 415.5 305.1 283.4 240.9
EBIT 3,455 2,903 2,142 1,976 2,998 2,461 2,040 1,883.9 2,002.7 710.3 1,514.3 1,595.1 1,264.6 1,099 903.3 762 687.6 788.7 1,156.3 1,275.7 955.7 794.3 663.1 538.1 398.5 288.5 270.4 225.5
Income Before Tax 3,130 2,699 1,935 1,760 2,755 2,229 1,810 1,671 1,786.8 558 1,379.6 1,461 1,169.3 1,024 839.8 714.4 646.2 725.8 1,116.7 1,260.5 934.7 771.3 656.4 517.4 381.9 284 434.9 399.8
Income Tax Expense 668 640 327 386 541 452 381 351.6 779.1 282.2 430 455 353.4 324.3 261.8 201 239.1 268.2 415.2 506.6 373.9 346.2 292.5 228.5 169.7 125.5 178.9 153.4
Net Income 2,459 2,058 1,607 1,374 2,214 1,778 1,422 1,309.6 1,000.6 266.6 941.3 988.7 804.5 690 571.4 507.8 402 457.6 701.5 753.9 560.8 425.1 363.9 288.9 212.2 158.5 256 280.1
Per Share Data
EPS (Basic) 13.73 11.32 8.77 7.47 11.88 9.48 7.51 6.84 5.24 1.38 4.70 4.69 3.67 3.09 2.52 2.16 1.70 1.89 2.63 2.65 1.88 1.43 1.22 0.94 0.67 0.49 0.79 0.83
EPS (Diluted) 13.67 11.26 8.73 7.44 11.78 9.39 7.42 6.74 5.15 1.36 4.63 4.61 3.60 3.05 2.49 2.15 1.69 1.87 2.58 2.58 1.84 1.40 1.19 0.92 0.66 0.49 0.78 0.82
Shares Outstanding 179.1 181.8 183.2 183.9 186.4 187.6 189.3 191.6 191.1 192.7 200.1 210.7 219.4 223.2 226.3 235 236.1 242.4 266.4 284.2 297.7 297 297.8 307.8 315.2 323.4 324.6 339.0
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998
Current Assets
Cash & Cash Equivalents 2,384 2,408 2,130 1,769 1,811 2,597 1,832 1,685 1,071.5 2,051.5 473.9 245.9 606.1 269.1 39.9 163.2 119.1 113.2 90.6
Short-Term Investments 64 566 63 90 91 99 98 132.5 111.8 173.4 10 7.1 0 0 0 0 0 0 0
Net Receivables 2,024 1,878 1,738 1,652 1,720 1,430 1,419 1,287.1 1,147.2 887.4 444.9 421.8 358.4 270.3 178.1 148.4 101 84.4 445.2
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 714 47 46 229 178 198 180 80.2 63.5 28.1 65.5 71.6 57.1 29.6 54.3 59.6 57.5 84.9 228.2
Total Current Assets 5,186 5,159 4,225 4,094 4,011 4,509 3,679 3,386.9 2,580.6 3,253.1 1,012.9 809.1 1,022.6 569 272.3 371.2 277.6 785 764
Non-Current Assets
Property, Plant & Equipment 1,004 872 880 848 785 671 748 320.4 325.1 325.9 293 247.7 45.2 46.8 50.6 42.9 43.4 280 298.3
Goodwill 6,368 5,994 5,956 5,839 5,999 4,556 3,722 3,781.3 3,753.2 1,023.6 349.2 338 131.7 0 0 0 0 0 0
Intangible Assets 1,866 1,890 2,049 2,210 2,467 1,824 1,498 1,566.1 1,631.6 296.4 104.9 114 87.1 203.8 210.7 10.3 13.7 167.5 191.8
Long-Term Investments 0 636 640 646 612 277 223 137 133.5 69.8 0 0 23.3 0 0 0 0 0 0
Other Non-Current Assets 1,101 661 614 446 422 238 166 137.3 26.4 42.4 50.7 44.5 60.1 121.8 97.2 81 63.6 553.2 535.1
Total Non-Current Assets 10,644 10,346 10,397 10,255 10,669 7,900 6,586 6,139.3 6,013.6 2,074.2 990.4 964.3 350.4 372.4 358.5 134.2 120.7 1,000.7 1,025.2
Total Assets 15,830 15,505 14,622 14,349 14,680 12,409 10,265 9,526.2 8,605.2 5,327.3 2,003.5 1,773.4 1,376 941.4 630.8 505.4 398.3 1,785.7 1,789.2
Current Liabilities
Account Payables 0 53 23 52 47 39 38 30.1 21.8 28.4 7.1 8.6 2.9 228.4 184.9 236.9 135.4 275.1 0
Short-Term Debt 95 697 108 106 105 94 89 449.9 429.4 300 447.5 717.7 300 0 107.1 0 0 127.3 36.9
Deferred Revenue 1,582 1,596 1,421 1,360 1,349 1,131 1,078 953.4 883.6 683.9 471.3 435 0 214.6 170 0 0 0 0
Other Current Liabilities 1,304 409 350 384 338 362 267 320.3 267.1 1,152.6 154.9 131.5 330.1 (10.9) 0 122.4 117.7 (26.9) 1,315.8
Total Current Liabilities 2,981 3,597 2,500 2,375 2,496 2,222 1,912 2,098.5 2,074.3 2,428.2 1,236.2 1,393.1 837.2 432.1 462 359.3 253.1 1,414.8 1,352.7
Non-Current Liabilities
Long-Term Debt 7,256 6,731 7,001 7,389 7,413 6,422 5,581 5,226.1 5,111.1 3,063 746.2 750 0 300 328.5 300 300 0 0
Deferred Tax Liabilities 315 449 402 457 488 404 357 351.7 341.6 104.3 31.4 19 0 (41.1) (28.5) 0 0 0 505.8
Other Non-Current Liabilities 1,073 728 872 996 826 1,073 981 1,071.1 1,053.1 625 482 490.9 163.9 200.3 167.3 150.2 127.7 485.6 0
Total Non-Current Liabilities 8,644 8,181 8,646 9,285 9,268 8,424 7,522 6,771.2 6,645.8 3,926.4 1,363.4 1,374.7 221.3 541.4 495.8 450.2 427.7 485.6 505.8
Total Liabilities 11,625 11,778 11,146 11,660 11,764 10,646 9,434 8,869.7 8,720.1 6,354.6 2,599.6 2,767.8 1,058.5 973.5 957.8 809.5 680.8 1,900.4 1,858.5
Stockholders' Equity
Common Stock 3 3 3 3 3 3 3 3 3.4 3.4 3.4 3.4 1.7 1.7 1.7 1.7 1.7 1.7 0
Retained Earnings 17,853 16,071 14,659 13,618 12,762 11,011 9,656 8,594 7,465.4 6,688.9 3,329 3,023.2 939.3 558.9 221.8 (39.3) (223.2) (105.9) (240.9)
Accumulated Other Comprehensive Income (500) (638) (567) (643) (410) (432) (439) (426) (172.2) (364.9) (41.2) (52.1) 9.7 8.1 1.7 (2.7) (1.9) (219.5) (430.1)
Total Stockholders' Equity 4,054 3,565 3,318 2,519 2,727 1,569 612 459 (327.7) (1,225) (606.2) (994.4) 317.5 (32.1) (327) (304.1) (282.5) (223.1) (371)
Total Liabilities & Equity 15,830 15,505 14,622 14,349 14,680 12,409 10,265 9,526.2 8,605.2 5,327.3 2,003.5 1,773.4 1,376 941.4 630.8 505.4 398.3 1,785.7 1,789.2
Debt Metrics
Total Debt 7,351 7,746 7,415 7,863 7,973 6,943 6,155 5,676 5,540.5 3,363 1,193.7 1,467.7 300 300 435.6 300 300 127.3 36.9
Net Debt 4,967 5,338 5,285 6,094 6,162 4,346 4,323 3,991 4,469 1,311.5 719.8 1,221.8 (306.1) 30.9 395.7 136.8 180.9 14.1 (53.7)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998
Operating Activities
Net Income 2,459 2,058 1,607 1,374 2,214 1,778 1,422 1,309.6 1,000.6 266.6 560.8 425.1 363.9 288.9 212.2 158.5 256 280.1
Depreciation & Amortization 480 431 373 331 257 220 200 191.9 158.3 126.7 35.2 34.1 32.6 24.6 17 16.6 140.9 141.6
Stock-Based Compensation 232 0 0 0 0 0 0 0 0 0 0 0 10.8 0 0 0 0 0
Change in Working Capital (254) 150 (38) (427) (400) 38 (104) (81.6) (451.8) 949.9 4.9 (15.2) 27.6 (5) 73.9 (105.5) (94.8) (59.1)
Other Non-Cash Items 1 261 247 148 152 154 195 140.1 (40.8) 36 127.2 85.3 33.9 29.9 4 0.3 9.3 28.8
Operating Cash Flow 2,901 2,838 2,151 1,474 2,005 2,146 1,675 1,461.1 747.5 1,226.1 707.9 519.7 468.4 334.8 306.3 67.6 344.7 342.2
Investing Activities
Capital Expenditure (326) (317) (271) (283) (139) (103) (69) (90.4) (90.6) (115.2) (31.3) (21.3) (17.9) (18.1) (14.8) (12.3) (44.1) (55.4)
Acquisitions (187) (221) (3) (97) (2,179) (920) 52 (283.6) (3,519.5) (124.7) (30.2) (3.5) 0.8 (205.7) (15.2) (17.4) 0 26.5
Purchases of Investments (207) (655) (148) (320) (437) (181) (138) (193) (170.1) (379.9) (324.4) 0 0 0 0 0 (21.8) (50.4)
Sales/Maturities of Investments 690 137 175 218 147 104 174 160.6 238.5 699.5 235.5 0 0 0 0 0 22.5 50.9
Other Investing Activities 32 0 0 220 (11) 0 5 0 113.2 (23.1) 0 0 0.8 0.2 0 (3.9) (66.7) (76.3)
Investing Cash Flow 2 (1,056) (247) (262) (2,619) (1,100) 24 (406.4) (3,428.5) 56.6 (150.4) (24.8) (17.1) (223.6) (30) (33.6) (110.1) (104.7)
Financing Activities
Net Debt Issuance (700) 491 (500) 352 1,141 649 (147) 148 2,095.1 0 (3.6) (1.3) (107.1) 107.1 0 300 90.4 85.4
Stock Repurchased (1,706) (1,383) (561) (1,070) (833) (607) (1,068) (264.8) (248.5) (783.2) (691.7) (221.3) (172.8) (369.9) (267.6) (223.9) (237.9) (220.2)
Dividends Paid (701) (620) (564) (515) (463) (420) (378) (337.2) (290.4) (285.1) (60.3) (44.7) (26.8) (27.8) (28.3) (7.2) (120.1) (137.4)
Other Financing Activities (5) (7) (9) (1) (5) (1) (3) (4.4) (3.2) 26.1 0 0 0 0 0 0 29.7 52
Financing Cash Flow (3,063) (1,446) (1,584) (1,208) (122) (328) (1,551) (411.5) 1,608.6 (964.4) (666.5) (162.3) (227.7) (236.6) (233) 81.6 (211.7) (227.3)
Cash Position
Net Change in Cash (24) 278 361 (42) (786) 765 147 613.5 (980) 294.1 486 0 229.2 (123.3) 44.1 115.7 22.6 8.8
Cash at Beginning 2,408 2,130 1,769 1,811 2,597 1,832 1,685 1,071.5 2,051.5 1,757.4 606.1 269.1 39.9 163.2 119.1 3.4 90.6 81.8
Cash at End 2,384 2,408 2,130 1,769 1,811 2,597 1,832 1,685 1,071.5 2,051.5 486 606.1 269.1 39.9 163.2 119.1 113.2 90.6
Free Cash Flow 2,575 2,521 1,880 1,191 1,866 2,043 1,606 1,370.7 664 1,110.9 676.6 498.4 450.5 316.7 291.5 55.3 300.6 286.8
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
Income Statement
Revenue 7,718 7,088 5,916 5,468 6,218 5,371 4,829 4,442.7 4,204.1 3,604.2 3,484.5 3,334.3 2,972.5 2,730.3 2,280.7 2,032 1,797.2 1,755.4 2,259 2,037.1 1,731.6 1,438.3 1,246.6 1,023.3 796.7 602.3 1,971.8 1,934.5
Gross Profit 5,260 4,707 3,854 3,524 4,324 3,676 3,242 3,056.4 2,871.2 2,491 2,423.8 2,346.3 2,079.5 1,857.9 1,548 1,382.2 1,198.8 1,187 1,632.1 1,458.2 1,243.5 1,028.8 899.3 738 557.1 412.7 1,412.3 1,366.3
Operating Income 3,455 2,971 2,221 1,997 2,844 2,447 2,075 1,925.2 1,843.3 1,514.5 1,473.4 1,444.4 1,242.5 1,089.7 888.9 773.9 703.1 745.7 1,181 1,098.9 939.6 786.4 663.1 538.1 398.5 288.5 480.1 448.7
Net Income 2,459 2,058 1,607 1,374 2,214 1,778 1,422 1,309.6 1,000.6 266.6 941.3 988.7 804.5 690 571.4 507.8 402 457.6 701.5 753.9 560.8 425.1 363.9 288.9 212.2 158.5 256 280.1
EPS (Diluted) 13.67 11.26 8.73 7.44 11.78 9.39 7.42 6.74 5.15 1.36 4.63 4.61 3.60 3.05 2.49 2.15 1.69 1.87 2.58 2.58 1.84 1.40 1.19 0.92 0.66 0.49 0.78 0.82
Balance Sheet
Cash & Equivalents 2,384 2,408 2,130 1,769 1,811 2,597 1,832 1,685 1,071.5 2,051.5 473.9 245.9 606.1 269.1 39.9 163.2 119.1 113.2 90.6
Total Assets 15,830 15,505 14,622 14,349 14,680 12,409 10,265 9,526.2 8,605.2 5,327.3 2,003.5 1,773.4 1,376 941.4 630.8 505.4 398.3 1,785.7 1,789.2
Total Debt 7,351 7,746 7,415 7,863 7,973 6,943 6,155 5,676 5,540.5 3,363 1,193.7 1,467.7 300 300 435.6 300 300 127.3 36.9
Stockholders' Equity 4,054 3,565 3,318 2,519 2,727 1,569 612 459 (327.7) (1,225) (606.2) (994.4) 317.5 (32.1) (327) (304.1) (282.5) (223.1) (371)
Cash Flow
Operating Cash Flow 2,901 2,838 2,151 1,474 2,005 2,146 1,675 1,461.1 747.5 1,226.1 707.9 519.7 468.4 334.8 306.3 67.6 344.7 342.2
Capital Expenditure (326) (317) (271) (283) (139) (103) (69) (90.4) (90.6) (115.2) (31.3) (21.3) (17.9) (18.1) (14.8) (12.3) (44.1) (55.4)
Free Cash Flow 2,575 2,521 1,880 1,191 1,866 2,043 1,606 1,370.7 664 1,110.9 676.6 498.4 450.5 316.7 291.5 55.3 300.6 286.8