Cboe Global Markets vs Moody's
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KIRA’s take AI analyst
I put Cboe Global Markets and Moody's side by side, using each one’s latest annual report. Here is what stands out:
- 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 26.1x for Cboe Global Markets.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Cboe Global Markets
CBOE
3/11
Revenue growthFCF marginNet debt / EBITDA
Moody's
MCO
7/11
5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CBOE FY25 | MCO FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $84.0B |
| 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 | 26.1x | 29.5x |
| 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.