Intercontinental Exchange vs Moody's
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Intercontinental Exchange and Moody's side by side, using each one’s latest annual report. Here is what stands out:
- 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 22.6x for Intercontinental Exchange.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Intercontinental Exchange
ICE
2/10
5-year growthFCF margin
Moody's
MCO
8/10
Revenue growthOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | ICE FY25 | MCO FY25 |
|---|---|---|
| Size | ||
| Market cap | $90.6B | $84.0B |
| 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 | 22.6x | 29.5x |
| Piotroski F-score | 8 | 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.