Moody's vs S&P Global
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KIRA’s take AI analyst
I put Moody's and S&P Global side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Moody's
MCO
8/11
Revenue growthGross marginOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
S&P Global
SPGI
3/11
5-year growthFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | MCO FY25 | SPGI FY25 |
|---|---|---|
| Size | ||
| Market cap | $84.0B | $134.1B |
| 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 |
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.