CME Group 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 $6.5B for CME Group.
- Moody's grew revenue faster (8.9%, against 6.4%).
- CME Group kept more of each dollar of sales as operating profit (64.9% operating margin, against 43.4%).
- CME Group turned more of its sales into free cash flow (64.3% FCF margin, against 33.4%).
- Moody's earned a higher return on the capital invested in it (31.1%, against 11.9%).
- Investors pay more for each dollar of Moody's’s earnings: a P/E of 29.5x against 25.1x for CME Group.
| Latest fiscal year | CME · FY25 | MCO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $109.6B | $83.8B |
| Revenue | $6.5B | $7.7B |
| Free cash flow | $4.2B | $2.6B |
| Net income | $4.1B | $2.5B |
| Growth | ||
| Revenue growth | 6.4% | 8.9% |
| 5-year growth | 6.0% | 7.5% |
| Share count change | 0.1% | −1.5% |
| Profitability | ||
| Gross margin | — | 74.4% |
| Operating margin | 64.9% | 43.4% |
| Net margin | 62.5% | 31.9% |
| FCF margin | 64.3% | 33.4% |
| Return on capital | 11.9% | 31.1% |
| Return on equity | 14.8% | 64.6% |
| Balance sheet | ||
| Net debt | −$1.1B | $4.5B |
| Net debt / EBITDA | −0.3x | 1.2x |
| Dividends and buybacks | $3.9B | $2.3B |
| Valuation & quality | ||
| P/E | 25.1x | 29.5x |
| Piotroski F-score | 7 | 9 |
Revenue
FY16
CME $3.6B
MCO $3.6B
FY17
CME $3.6B
MCO $4.2B
FY18
CME $4.3B
MCO $4.4B
FY19
CME $4.9B
MCO $4.8B
FY20
CME $4.9B
MCO $5.4B
FY21
CME $4.7B
MCO $6.2B
FY22
CME $5.0B
MCO $5.5B
FY23
CME $5.6B
MCO $5.9B
FY24
CME $6.1B
MCO $7.1B
FY25
CME $6.5B
MCO $7.7B
CME
MCO
Operating margin
FY16
CME 61.2%
MCO 18.1%
FY17
CME 63.4%
MCO 43.3%
FY18
CME 60.5%
MCO 42.0%
FY19
CME 53.2%
MCO 41.4%
FY20
CME 54.0%
MCO 44.5%
FY21
CME 56.4%
MCO 45.7%
FY22
CME 60.1%
MCO 34.4%
FY23
CME 61.6%
MCO 36.1%
FY24
CME 64.1%
MCO 40.6%
FY25
CME 64.9%
MCO 43.4%
CME
MCO
Free cash flow
FY16
CME $1.6B
MCO $1.1B
FY17
CME $1.7B
MCO $664M
FY18
CME $2.3B
MCO $1.4B
FY19
CME $2.4B
MCO $1.6B
FY20
CME $2.5B
MCO $2.0B
FY21
CME $2.3B
MCO $1.9B
FY22
CME $3.0B
MCO $1.2B
FY23
CME $3.4B
MCO $1.9B
FY24
CME $3.6B
MCO $2.5B
FY25
CME $4.2B
MCO $2.6B
CME
MCO
Return on capital
FY16
CME 7.1%
MCO —
FY17
CME 10.7%
MCO 47.2%
FY18
CME 7.2%
MCO —
FY19
CME 7.1%
MCO —
FY20
CME 7.2%
MCO 38.2%
FY21
CME 7.3%
MCO 32.9%
FY22
CME 8.3%
MCO 17.7%
FY23
CME 9.8%
MCO 21.5%
FY24
CME 11.3%
MCO 26.6%
FY25
CME 11.9%
MCO 31.1%
CME
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.