Moody's vs S&P Global
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The short version
- S&P Global is the larger business, with $15.3B of revenue in fiscal 2025 against $7.7B for Moody's, about 2.0 times as much.
- Moody's grew revenue faster (8.9%, against 7.9%).
- Moody's kept more of each dollar of sales as operating profit (43.4% operating margin, against 42.2%).
- S&P Global turned more of its sales into free cash flow (35.6% FCF margin, against 33.4%).
- Moody's earned a higher return on the capital invested in it (31.1%, against 11.7%).
- Investors pay more for each dollar of Moody's’s earnings: a P/E of 29.5x against 28.5x for S&P Global.
| Latest fiscal year | MCO · FY25 | SPGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $83.8B | $134.0B |
| Revenue | $7.7B | $15.3B |
| Free cash flow | $2.6B | $5.5B |
| Net income | $2.5B | $4.5B |
| Growth | ||
| Revenue growth | 8.9% | 7.9% |
| 5-year growth | 7.5% | 15.6% |
| Share count change | −1.5% | −2.2% |
| Profitability | ||
| Gross margin | 74.4% | 70.3% |
| Operating margin | 43.4% | 42.2% |
| Net margin | 31.9% | 29.2% |
| FCF margin | 33.4% | 35.6% |
| Return on capital | 31.1% | 11.7% |
| Return on equity | 64.6% | 13.9% |
| Balance sheet | ||
| Net debt | $4.5B | $11.3B |
| Net debt / EBITDA | 1.2x | 1.5x |
| Dividends and buybacks | $2.3B | $6.2B |
| Valuation & quality | ||
| P/E | 29.5x | 28.5x |
| Piotroski F-score | 9 | 7 |
Revenue
FY16
MCO $3.6B
SPGI $5.7B
FY17
MCO $4.2B
SPGI $6.1B
FY18
MCO $4.4B
SPGI $6.3B
FY19
MCO $4.8B
SPGI $6.7B
FY20
MCO $5.4B
SPGI $7.4B
FY21
MCO $6.2B
SPGI $8.3B
FY22
MCO $5.5B
SPGI $11.2B
FY23
MCO $5.9B
SPGI $12.5B
FY24
MCO $7.1B
SPGI $14.2B
FY25
MCO $7.7B
SPGI $15.3B
MCO
SPGI
Operating margin
FY16
MCO 18.1%
SPGI 59.0%
FY17
MCO 43.3%
SPGI 42.6%
FY18
MCO 42.0%
SPGI 44.6%
FY19
MCO 41.4%
SPGI 48.2%
FY20
MCO 44.5%
SPGI 48.6%
FY21
MCO 45.7%
SPGI 50.9%
FY22
MCO 34.4%
SPGI 44.2%
FY23
MCO 36.1%
SPGI 32.2%
FY24
MCO 40.6%
SPGI 39.3%
FY25
MCO 43.4%
SPGI 42.2%
MCO
SPGI
Free cash flow
FY16
MCO $1.1B
SPGI $1.4B
FY17
MCO $664M
SPGI $1.9B
FY18
MCO $1.4B
SPGI $2.0B
FY19
MCO $1.6B
SPGI $2.7B
FY20
MCO $2.0B
SPGI $3.5B
FY21
MCO $1.9B
SPGI $3.6B
FY22
MCO $1.2B
SPGI $2.5B
FY23
MCO $1.9B
SPGI $3.6B
FY24
MCO $2.5B
SPGI $5.6B
FY25
MCO $2.6B
SPGI $5.5B
MCO
SPGI
Return on capital
FY16
MCO —
SPGI 114.2%
FY17
MCO 47.2%
SPGI 114.2%
FY18
MCO —
SPGI 124.1%
FY19
MCO —
SPGI 126.8%
FY20
MCO 38.2%
SPGI —
FY21
MCO 32.9%
SPGI —
FY22
MCO 17.7%
SPGI 16.2%
FY23
MCO 21.5%
SPGI 7.0%
FY24
MCO 26.6%
SPGI 10.0%
FY25
MCO 31.1%
SPGI 11.7%
MCO
SPGI
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.