Moody's vs Nasdaq
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KIRA’s take AI analyst
I put Moody's and Nasdaq side by side, using each one’s latest annual report. Here is what stands out:
- Nasdaq is the larger business, with $8.3B of revenue in fiscal 2025 against $7.7B for Moody's.
- Nasdaq grew revenue faster (11.7%, against 8.9%).
- Moody's kept more of each dollar of sales as operating profit (43.4% operating margin, against 28.2%).
- Moody's turned more of its sales into free cash flow (33.4% FCF margin, against 24.1%).
- Moody's earned a higher return on the capital invested in it (31.1%, against 9.5%).
- Investors pay more for each dollar of Moody's’s earnings: a P/E of 29.5x against 28.6x for Nasdaq.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Moody's
MCO
8/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Nasdaq
NDAQ
2/11
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | MCO FY25 | NDAQ FY25 |
|---|---|---|
| Size | ||
| Market cap | $84.0B | $59.0B |
| Revenue | $7.7B | $8.3B |
| Free cash flow | $2.6B | $2.0B |
| Net income | $2.5B | $1.8B |
| Growth | ||
| Revenue growth | 8.9% | 11.7% |
| 5-year growth | 7.5% | 8.0% |
| Share count change | −1.5% | −0.1% |
| Profitability | ||
| Gross margin | 74.4% | 63.5% |
| Operating margin | 43.4% | 28.2% |
| Net margin | 31.9% | 21.6% |
| FCF margin | 33.4% | 24.1% |
| Return on capital | 31.1% | 9.5% |
| Return on equity | 64.6% | 15.3% |
| Balance sheet | ||
| Net debt | $4.5B | $8.4B |
| Net debt / EBITDA | 1.2x | 3.4x |
| Dividends and buybacks | $2.3B | $1.2B |
| Valuation & quality | ||
| P/E | 29.5x | 28.6x |
| Piotroski F-score | 9 | 9 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.