Moody's Corporation (MCO) 10-Year Financial Performance & Capital Metrics

MCO • • Banking & Credit

Financial ServicesFinancial Data & ExchangesCredit Ratings & IndicesCredit Rating Agencies

AboutMoody's Corporation operates as an integrated risk assessment firm worldwide. It operates in two segments, Moody's Investors Service and Moody's Analytics. The Moody's Investors Service segment publishes credit ratings and provides assessment services on various debt obligations, programs and facilities, and entities that issue such obligations, such as various corporate, financial institution, and governmental obligations, as well as and structured finance securities. This segment provides ratings in approximately 140 countries. Its ratings are disseminated through press releases to the public through electronic media, including the internet and real-time information systems used by securities traders and investors. This segment has rated approximately 5,000 non-financial corporates; 3,600 financial institutions; 16,000 public finance issuers; 145 sovereigns; 47 supranational institutions; 459 sub-sovereigns; and 1,000 infrastructure and project finance issuers, as well as 9,100 structured finance deals. The Moody's Analytics segment develops a range of products and services that support the risk management activities of institutional participants in financial markets; and offers subscription based research, data, and analytical products comprising credit ratings, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, commercial real estate data and analytical tools, and on-line and classroom-based training services, as well as credentialing and certification services. It also offers offshore analytical and research services with learning solutions and certification programs; and software solutions, as well as related risk management services. The company was formerly known as Dun and Bradstreet Company and changed its name to Moody's Corporation in September 2000. Moody's Corporation was founded in 1900 and is headquartered in New York, New York.Show more

Net Interest Income -$102M +29.2%
Total Revenue $7.09B +19.8%
Net Income $2.06B +28.1%
Return on Equity 57.14% +9.6%
Net Interest Margin -0.66% +33.2%
Efficiency Ratio 24.49% -11.3%
ROA 13.66% +23.2%
Equity / Assets 24.04% +1.1%
Book Value per Share 20.40 +8.0%
Tangible BV/Share -22.75 +7.6%
Debt/Equity 2.08 -2.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 52.8%
✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 24.5% efficiency ratio
✓21 consecutive years of dividend growth
✓Well capitalized: 24.0% equity/assets
✓Diversified revenue: 98.6% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Weak NIM of -0.7%
✗Expensive at 26.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.83%

5Y7.98%

3Y4.46%

TTM-

Profit (Net Income) CAGR

10Y7.61%

5Y7.67%

3Y-2.41%

TTM12.03%

EPS CAGR

10Y9.34%

5Y8.7%

3Y-1.49%

TTM13.52%

ROCE

10Y Avg28.89%

5Y Avg22.3%

3Y Avg19.9%

Latest24.73%

Peer Comparison

Credit Rating Agencies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MCOMoody's Corporation	96.27B	539.61	47.92	19.81%	29.04%	54.57%	2.62%	2.08
SPGIS&P Global Inc.	165.16B	545.43	44.16	13.69%	27.11%	10.95%	3.37%	0.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-125M	-141.4M	-199.9M	-198.2M	-213M	-221M	-234M	-201M	-144M	-102M
NII Growth %	0.02%	-0.13%	-0.41%	0.01%	-0.07%	-0.04%	-0.06%	0.14%	0.28%	0.29%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	9.7M	10.9M	16M	14.7M	17M	11M	9M	15M	63M	102M
Interest Expense	134.7M	152.3M	215.9M	212.9M	230M	232M	243M	216M	207M	204M
Loan Loss Provision	926M	960.9M	1.12B	1.17B	1.36B	1.46B	1.65B	1.73B	1.85B	2.18B
Non-Interest Income+	3.47B	3.59B	4.19B	4.43B	4.81B	5.36B	6.21B	5.45B	5.85B	6.99B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	3.48B	3.6B	4.2B	4.44B	4.83B	5.37B	6.22B	5.47B	5.92B	7.09B
Revenue Growth %	0.05%	0.03%	0.17%	0.06%	0.09%	0.11%	0.16%	-0.12%	0.08%	0.2%
Non-Interest Expense	950.4M	976.5M	1.03B	1.13B	1.17B	1.23B	1.48B	1.53B	1.63B	1.74B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.47B	1.51B	1.84B	1.93B	2.08B	2.45B	2.84B	2B	2.22B	2.97B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.02%	0.03%	0.22%	0.04%	0.08%	0.18%	0.16%	-0.3%	0.11%	0.34%
Pretax Income+	1.38B	558M	1.79B	1.67B	1.81B	2.23B	2.75B	1.76B	1.94B	2.7B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	430M	282.2M	779.1M	351.6M	381M	452M	541M	386M	327M	640M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	941.3M	266.6M	1B	1.31B	1.42B	1.78B	2.21B	1.37B	1.61B	2.06B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.05%	-0.72%	2.75%	0.31%	0.09%	0.25%	0.25%	-0.38%	0.17%	0.28%
Net Income (Continuing)	949.6M	275.8M	1.01B	1.32B	1.43B	1.78B	2.21B	1.37B	1.61B	2.06B
EPS (Diluted)+	4.63	1.36	5.15	6.74	7.42	9.39	11.78	7.44	8.73	11.26
EPS Growth %	0%	-0.71%	2.79%	0.31%	0.1%	0.27%	0.25%	-0.37%	0.17%	0.29%
EPS (Basic)	4.70	1.38	5.24	6.84	7.51	9.48	11.88	7.47	8.77	11.32
Diluted Shares Outstanding	203.4M	195.4M	194.2M	194.4M	191.6M	189.3M	187.9M	184.7M	184M	182.7M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.76B	2.05B	1.07B	1.69B	1.83B	2.6B	1.81B	1.77B	2.13B	2.41B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	569.9M	243.2M	245.3M	269.5M	321M	376M	703M	736M	703M	1.2B
Investments Growth %	0.06%	-0.57%	0.01%	0.1%	0.19%	0.17%	0.87%	0.05%	-0.04%	0.71%
Long-Term Investments	95.1M	69.8M	133.5M	137M	223M	277M	612M	646M	640M	636M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	976.3M	1.02B	3.75B	3.78B	3.72B	4.56B	6B	5.84B	5.96B	5.99B
Intangible Assets	299.1M	296.4M	1.63B	1.57B	1.5B	1.82B	2.47B	2.21B	2.05B	1.89B
PP&E (Net)	306.4M	325.9M	325.1M	320.4M	748M	671M	785M	848M	880M	872M
Other Assets	45.3M	42.4M	26.4M	137.3M	166M	238M	422M	446M	614M	661M
Total Current Assets	3.24B	3.25B	2.58B	3.39B	3.68B	4.51B	4.01B	4.09B	4.22B	5.16B
Total Non-Current Assets	1.86B	2.07B	6.01B	6.14B	6.59B	7.9B	10.67B	10.26B	10.4B	10.35B
Total Assets+	5.12B	5.33B	8.61B	9.53B	10.27B	12.41B	14.68B	14.35B	14.62B	15.51B
Asset Growth %	0.09%	0.04%	0.62%	0.11%	0.08%	0.21%	0.18%	-0.02%	0.02%	0.06%
Return on Assets (ROA)	0.19%	0.05%	0.14%	0.14%	0.14%	0.16%	0.16%	0.09%	0.11%	0.14%
Accounts Payable	22.2M	28.4M	21.8M	30.1M	38M	39M	47M	52M	23M	53M
Total Debt+	3.38B	3.36B	5.54B	5.68B	6.16B	6.94B	7.97B	7.86B	7.42B	7.75B
Net Debt	1.62B	1.31B	4.47B	3.99B	4.32B	4.35B	6.16B	6.09B	5.29B	5.34B
Long-Term Debt	3.38B	3.06B	5.11B	5.23B	5.58B	6.42B	7.41B	7.39B	7B	6.73B
Short-Term Debt	0	300M	429.4M	449.9M	89M	94M	105M	106M	108M	697M
Other Liabilities	620.6M	625M	1.05B	1.07B	981M	1.07B	826M	996M	872M	728M
Total Current Liabilities	1.22B	2.43B	2.07B	2.1B	1.91B	2.22B	2.5B	2.38B	2.5B	3.6B
Total Non-Current Liabilities	4.24B	3.93B	6.65B	6.77B	7.52B	8.42B	9.27B	9.29B	8.65B	8.18B
Total Liabilities	5.46B	6.35B	8.72B	8.87B	9.43B	10.65B	11.76B	11.66B	11.15B	11.78B
Total Equity+	-333M	-1.03B	-114.9M	656M	837M	1.76B	2.92B	2.69B	3.48B	3.73B
Equity Growth %	-8.76%	-2.08%	0.89%	6.71%	0.28%	1.11%	0.65%	-0.08%	0.29%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-	-	-	4.84%	1.9%	1.37%	0.95%	0.49%	0.52%	0.57%
Book Value per Share	-1.64	-5.26	-0.59	3.37	4.37	9.31	15.52	14.56	18.89	20.40
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	3.4M	3.4M	3.4M	3M	3M	3M	3M	3M	3M	3M
Additional Paid-in Capital	451.3M	477.2M	528.6M	601M	642M	735M	885M	1.05B	1.23B	1.45B
Retained Earnings	6.71B	6.69B	7.47B	8.59B	9.66B	11.01B	12.76B	13.62B	14.66B	16.07B
Accumulated OCI	-339.5M	-364.9M	-172.2M	-426M	-439M	-432M	-410M	-643M	-567M	-638M
Treasury Stock	-7.39B	-8.03B	-8.15B	-8.31B	-9.25B	-9.75B	-10.51B	-11.51B	-12.01B	-13.32B
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.15B	1.23B	754.6M	1.46B	1.68B	2.15B	2B	1.47B	2.15B	2.84B
Operating CF Growth %	0.13%	0.06%	-0.38%	0.94%	0.15%	0.28%	-0.07%	-0.26%	0.46%	0.32%
Net Income	941.3M	266.6M	1B	1.31B	1.42B	1.78B	2.21B	1.37B	1.61B	2.06B
Depreciation & Amortization	113.5M	126.7M	158.3M	191.9M	200M	220M	257M	331M	373M	431M
Deferred Taxes	18.1M	-153.1M	88.3M	-98.9M	-38M	-44M	-218M	48M	-38M	-62M
Other Non-Cash Items	44.6M	36M	-40.8M	140.1M	195M	154M	152M	148M	247M	261M
Working Capital Changes	36.1M	949.9M	-451.8M	-81.6M	-104M	38M	-400M	-427M	-38M	150M
Cash from Investing+	-92M	56.6M	-3.43B	-406.4M	24M	-1.1B	-2.62B	-262M	-247M	-1.06B
Purchase of Investments	-688.2M	-379.9M	-170.1M	-193M	-138M	-181M	-437M	-320M	-148M	-655M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-7.6M	-124.7M	-3.52B	-283.6M	52M	-920M	-2.18B	-97M	-3M	-221M
Other Investing	39.7M	-23.1M	113.2M	0	5M	0	-11M	220M	0	0
Cash from Financing+	-461M	-964.4M	1.61B	-411.5M	-1.55B	-328M	-122M	-1.21B	-1.58B	-1.45B
Dividends Paid	-272.1M	-285.1M	-290.4M	-337.2M	-378M	-420M	-463M	-515M	-564M	-620M
Share Repurchases	-1.16B	-783.2M	-248.5M	-264.8M	-1.07B	-607M	-833M	-1.07B	-561M	-1.38B
Stock Issued	89.2M	77.8M	55.6M	46.9M	45M	51M	38M	26M	50M	73M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	0	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	26.7M	26.1M	-3.2M	-4.4M	-3M	-1M	-5M	-1M	-9M	-7M
Net Change in Cash+	537.9M	294.1M	-980M	613.5M	147M	765M	-786M	-42M	361M	278M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.22B	1.76B	2.05B	1.07B	1.69B	1.83B	2.6B	1.81B	1.77B	2.13B
Cash at End	1.76B	2.05B	1.07B	1.69B	1.83B	2.6B	1.81B	1.77B	2.13B	2.41B
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	1.06B	1.11B	664M	1.37B	1.61B	2.04B	1.87B	1.19B	1.88B	2.52B
FCF Growth %	0.13%	0.04%	-0.4%	1.06%	0.17%	0.27%	-0.09%	-0.36%	0.58%	0.34%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	484.05%	190.49%	136.77%	94.64%	49.03%	52.13%	57.14%
Return on Assets (ROA)	19.2%	5.1%	14.36%	14.45%	14.37%	15.68%	16.35%	9.47%	11.09%	13.66%
Net Interest Margin	-2.44%	-2.65%	-2.32%	-2.08%	-2.08%	-1.78%	-1.59%	-1.4%	-0.98%	-0.66%
Efficiency Ratio	27.28%	27.09%	24.45%	25.46%	24.17%	22.88%	23.8%	27.93%	27.6%	24.49%
Equity / Assets	-6.5%	-19.28%	-1.34%	6.89%	8.15%	14.21%	19.86%	18.74%	23.77%	24.04%
Book Value / Share	-1.64	-5.26	-0.59	3.37	4.37	9.31	15.52	14.56	18.89	20.4
NII Growth	1.88%	-13.12%	-41.37%	0.85%	-7.47%	-3.76%	-5.88%	14.1%	28.36%	29.17%
Dividend Payout	28.91%	106.94%	29.02%	25.75%	26.58%	23.62%	20.91%	37.48%	35.1%	30.13%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Moodys Analytics	1.16B	1.25B	1.45B	1.73B	1.95B	3.29B	3.81B	2.77B	3.06B	4.41B
Moodys Analytics Growth	-	7.18%	15.99%	19.64%	12.93%	68.47%	15.80%	-27.36%	10.36%	44.31%
Moodys Investors Service	2.43B	2.47B	2.89B	2.71B	2.88B	2.08B	2.41B	2.7B	2.86B	2.68B
Moodys Investors Service Growth	-	1.78%	16.77%	-6.00%	5.99%	-27.69%	15.73%	12.18%	5.97%	-6.36%
Intersegment Elimination	-106.6M	-113.7M	-127.7M	-	-	-	-	-	-	-
Intersegment Elimination Growth	-	-6.66%	-12.31%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
International Regions	1.48B	1.5B	1.86B	-	2.29B	2.42B	2.8B	2.6B	2.82B	3.25B
International Regions Growth	-	1.57%	23.82%	-	-	5.73%	15.98%	-7.39%	8.59%	15.40%
EMEA	-	-	-	-	1.45B	1.54B	1.87B	1.68B	1.85B	2.17B
EMEA Growth	-	-	-	-	-	6.85%	20.78%	-9.86%	9.87%	17.64%
Asia Pacific	-	-	-	-	551M	571M	596M	556M	577M	629M
Asia Pacific Growth	-	-	-	-	-	3.63%	4.38%	-6.71%	3.78%	9.01%
U S	2.01B	2.11B	2.35B	-	288M	300M	340M	357M	393M	449M
U S Growth	-	4.80%	11.54%	-	-	4.17%	13.33%	5.00%	10.08%	14.25%
Rating Revenue	-	-	-	2.69B	-	-	-	-	-	-
Rating Revenue Growth	-	-	-	-	-	-	-	-	-	-
Corporate Finance	-	-	-	1.33B	-	-	-	-	-	-
Corporate Finance Growth	-	-	-	-	-	-	-	-	-	-
Research Data And Analytics	-	-	-	1.13B	-	-	-	-	-	-
Research Data And Analytics Growth	-	-	-	-	-	-	-	-	-	-
Structured Finance Line of Business	-	-	-	526.5M	-	-	-	-	-	-
Structured Finance Line of Business Growth	-	-	-	-	-	-	-	-	-	-
Financial Institutions	-	-	-	441.7M	-	-	-	-	-	-
Financial Institutions Growth	-	-	-	-	-	-	-	-	-	-
Enterprise Risk Solutions	-	-	-	437.4M	-	-	-	-	-	-
Enterprise Risk Solutions Growth	-	-	-	-	-	-	-	-	-	-
Public Project And Infrastructure Finance	-	-	-	391.1M	-	-	-	-	-	-
Public Project And Infrastructure Finance Growth	-	-	-	-	-	-	-	-	-	-
Professional Services	-	-	-	158.8M	-	-	-	-	-	-
Professional Services Growth	-	-	-	-	-	-	-	-	-	-
MIS Other	-	-	-	19M	-	-	-	-	-	-
MIS Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Moody's Corporation (MCO) has a price-to-earnings (P/E) ratio of 47.9x. This suggests investors expect higher future growth.

Growth & Financials

Moody's Corporation (MCO) grew revenue by 19.8% over the past year. This is strong growth.

Yes, Moody's Corporation (MCO) is profitable, generating $2.24B in net income for fiscal year 2024 (29.0% net margin).

Dividend & Returns

Yes, Moody's Corporation (MCO) pays a dividend with a yield of 0.63%. This makes it attractive for income-focused investors.

Moody's Corporation (MCO) has a return on equity (ROE) of 57.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Moody's Corporation (MCO) has a net interest margin (NIM) of -0.7%. NIM has been under pressure due to interest rate environment.

Moody's Corporation (MCO) has an efficiency ratio of 24.5%. This is excellent, indicating strong cost control.

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