Intercontinental Exchange vs Moody's
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The short version
- Intercontinental Exchange is the larger business, with $12.6B of revenue in fiscal 2025 against $7.7B for Moody's, about 1.6 times as much.
- Moody's grew revenue faster (8.9%, against 7.5%).
- Moody's kept more of each dollar of sales as operating profit (43.4% operating margin, against 39.0%).
- Intercontinental Exchange turned more of its sales into free cash flow (33.9% FCF margin, against 33.4%).
- Moody's earned a higher return on the capital invested in it (31.1%, against 7.7%).
- Investors pay more for each dollar of Moody's’s earnings: a P/E of 29.5x against 23.0x for Intercontinental Exchange.
| Latest fiscal year | ICE · FY25 | MCO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $92.1B | $83.8B |
| Revenue | $12.6B | $7.7B |
| Free cash flow | $4.3B | $2.6B |
| Net income | $3.3B | $2.5B |
| Growth | ||
| Revenue growth | 7.5% | 8.9% |
| 5-year growth | 8.9% | 7.5% |
| Share count change | −0.2% | −1.5% |
| Profitability | ||
| Gross margin | — | 74.4% |
| Operating margin | 39.0% | 43.4% |
| Net margin | 26.2% | 31.9% |
| FCF margin | 33.9% | 33.4% |
| Return on capital | 7.7% | 31.1% |
| Return on equity | 11.7% | 64.6% |
| Balance sheet | ||
| Net debt | $19.8B | $4.5B |
| Net debt / EBITDA | 3.1x | 1.2x |
| Dividends and buybacks | $2.4B | $2.3B |
| Valuation & quality | ||
| P/E | 23.0x | 29.5x |
| Piotroski F-score | 8 | 9 |
Revenue
FY16
ICE $6.0B
MCO $3.6B
FY17
ICE $5.8B
MCO $4.2B
FY18
ICE $6.3B
MCO $4.4B
FY19
ICE $6.5B
MCO $4.8B
FY20
ICE $8.2B
MCO $5.4B
FY21
ICE $9.2B
MCO $6.2B
FY22
ICE $9.6B
MCO $5.5B
FY23
ICE $9.9B
MCO $5.9B
FY24
ICE $11.8B
MCO $7.1B
FY25
ICE $12.6B
MCO $7.7B
ICE
MCO
Operating margin
FY16
ICE 36.4%
MCO 18.1%
FY17
ICE 40.7%
MCO 43.3%
FY18
ICE 41.2%
MCO 42.0%
FY19
ICE 40.8%
MCO 41.4%
FY20
ICE 36.8%
MCO 44.5%
FY21
ICE 37.6%
MCO 45.7%
FY22
ICE 37.8%
MCO 34.4%
FY23
ICE 37.3%
MCO 36.1%
FY24
ICE 36.6%
MCO 40.6%
FY25
ICE 39.0%
MCO 43.4%
ICE
MCO
Free cash flow
FY16
ICE $1.9B
MCO $1.1B
FY17
ICE $1.9B
MCO $664M
FY18
ICE $2.4B
MCO $1.4B
FY19
ICE $2.5B
MCO $1.6B
FY20
ICE $2.7B
MCO $2.0B
FY21
ICE $2.9B
MCO $1.9B
FY22
ICE $3.3B
MCO $1.2B
FY23
ICE $3.4B
MCO $1.9B
FY24
ICE $4.2B
MCO $2.5B
FY25
ICE $4.3B
MCO $2.6B
ICE
MCO
Return on capital
FY16
ICE 6.7%
MCO —
FY17
ICE 10.2%
MCO 47.2%
FY18
ICE —
MCO —
FY19
ICE —
MCO —
FY20
ICE —
MCO 38.2%
FY21
ICE —
MCO 32.9%
FY22
ICE —
MCO 17.7%
FY23
ICE 7.0%
MCO 21.5%
FY24
ICE 6.7%
MCO 26.6%
FY25
ICE 7.7%
MCO 31.1%
ICE
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.