Cboe Global Markets vs Moody's
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The short version
- Moody's is the larger business, with $7.7B of revenue in fiscal 2025 against $4.7B for Cboe Global Markets, about 1.6 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 8.9%).
- Moody's kept more of each dollar of sales as operating profit (43.4% operating margin, against 31.1%).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 33.4%).
- Moody's earned a higher return on the capital invested in it (31.1%, against 22.8%).
- Investors pay more for each dollar of Moody's’s earnings: a P/E of 29.5x against 26.5x for Cboe Global Markets.
| Latest fiscal year | CBOE · FY25 | MCO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $83.8B |
| Revenue | $4.7B | $7.7B |
| Free cash flow | $1.7B | $2.6B |
| Net income | $1.1B | $2.5B |
| Growth | ||
| Revenue growth | 15.1% | 8.9% |
| 5-year growth | 6.6% | 7.5% |
| Share count change | −0.4% | −1.5% |
| Profitability | ||
| Gross margin | 51.5% | 74.4% |
| Operating margin | 31.1% | 43.4% |
| Net margin | 23.3% | 31.9% |
| FCF margin | 35.7% | 33.4% |
| Return on capital | 22.8% | 31.1% |
| Return on equity | 23.4% | 64.6% |
| Balance sheet | ||
| Net debt | −$810M | $4.5B |
| Net debt / EBITDA | −0.5x | 1.2x |
| Dividends and buybacks | $351M | $2.3B |
| Valuation & quality | ||
| P/E | 26.5x | 29.5x |
| Piotroski F-score | 9 | 9 |
Revenue
FY16
CBOE $703M
MCO $3.6B
FY17
CBOE $2.2B
MCO $4.2B
FY18
CBOE $2.8B
MCO $4.4B
FY19
CBOE $2.5B
MCO $4.8B
FY20
CBOE $3.4B
MCO $5.4B
FY21
CBOE $3.5B
MCO $6.2B
FY22
CBOE $4.0B
MCO $5.5B
FY23
CBOE $3.8B
MCO $5.9B
FY24
CBOE $4.1B
MCO $7.1B
FY25
CBOE $4.7B
MCO $7.7B
CBOE
MCO
Operating margin
FY16
CBOE 42.4%
MCO 18.1%
FY17
CBOE 16.7%
MCO 43.3%
FY18
CBOE 21.7%
MCO 42.0%
FY19
CBOE 21.5%
MCO 41.4%
FY20
CBOE 19.3%
MCO 44.5%
FY21
CBOE 23.1%
MCO 45.7%
FY22
CBOE 12.4%
MCO 34.4%
FY23
CBOE 28.0%
MCO 36.1%
FY24
CBOE 26.8%
MCO 40.6%
FY25
CBOE 31.1%
MCO 43.4%
CBOE
MCO
Free cash flow
FY16
CBOE $185M
MCO $1.1B
FY17
CBOE $337M
MCO $664M
FY18
CBOE $498M
MCO $1.4B
FY19
CBOE $598M
MCO $1.6B
FY20
CBOE $1.4B
MCO $2.0B
FY21
CBOE $546M
MCO $1.9B
FY22
CBOE $591M
MCO $1.2B
FY23
CBOE $1.0B
MCO $1.9B
FY24
CBOE $1.0B
MCO $2.5B
FY25
CBOE $1.7B
MCO $2.6B
CBOE
MCO
Return on capital
FY16
CBOE —
MCO —
FY17
CBOE —
MCO 47.2%
FY18
CBOE 10.8%
MCO —
FY19
CBOE 9.9%
MCO —
FY20
CBOE 11.5%
MCO 38.2%
FY21
CBOE 12.9%
MCO 32.9%
FY22
CBOE 5.8%
MCO 17.7%
FY23
CBOE 16.2%
MCO 21.5%
FY24
CBOE 16.3%
MCO 26.6%
FY25
CBOE 22.8%
MCO 31.1%
CBOE
MCO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.