Moody's Corporation (MCO) Key Metrics
MCO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $84.00B
- Enterprise value
- $87.29B
- P/E (TTM)
- 30.8 10-yr median 35.3
- Forward P/E
- 24.3
- PEG ratio
- 1.64
- Price / sales
- 10.3 10-yr median 9.8
- Price / book
- 26.9 10-yr median 24.7
- EV / EBITDA
- 20.2 10-yr median 23.8
- Dividend yield
- 0.85% $4.12 a year
- Beta
- 1.35
MCO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMCO valuation Price multiples at each fiscal year-end price.
MCO returns How much profit the business earns on the capital it uses.
MCO per-share figures Results divided by the shares outstanding at year-end.
MCO financial health Debt, liquidity and how easily interest is covered.
MCO efficiency & capital use Working capital cycle and where the cash goes.
MCO valuation history
MCO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MCO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MCO cash returned to shareholders
MCO price vs earnings per share
MCO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $91.90B | $86.48B | $71.86B | $51.46B | $73.39B | $54.94B | $45.49B | $27.22B | $28.67B | $18.42B |
| Enterprise value | $96.80B | $91.26B | $77.09B | $57.10B | $79.01B | $58.76B | $49.23B | $31.08B | $33.02B | $19.56B |
| P/E ratio | 37.4 | 42.0 | 44.7 | 37.5 | 33.1 | 30.9 | 32.0 | 20.8 | 28.6 | 69.1 |
| Price / sales | 11.9 | 12.2 | 12.1 | 9.4 | 11.8 | 10.2 | 9.4 | 6.1 | 6.8 | 5.1 |
| Price / book | 22.7 | 24.3 | 20.7 | 20.4 | 25.2 | 31.2 | 54.7 | 59.3 | — | — |
| Price / free cash flow | 35.7 | 34.3 | 38.2 | 43.2 | 39.3 | 26.9 | 28.3 | 19.9 | 43.2 | 16.6 |
| Price / operating cash flow | 31.7 | 30.5 | 33.4 | 34.9 | 36.6 | 25.6 | 27.2 | 18.6 | 38.0 | 15.0 |
| EV / sales | 12.5 | 12.9 | 13.0 | 10.4 | 12.7 | 10.9 | 10.2 | 7.0 | 7.9 | 5.4 |
| EV / EBITDA | 24.6 | 27.4 | 30.7 | 24.7 | 24.3 | 21.9 | 22.0 | 15.0 | 15.3 | 23.4 |
| EV / free cash flow | 37.6 | 36.2 | 41.0 | 47.9 | 42.3 | 28.8 | 30.7 | 22.7 | 49.7 | 17.6 |
| Earnings yield | 2.7% | 2.4% | 2.2% | 2.7% | 3.0% | 3.2% | 3.1% | 4.8% | 3.5% | 1.4% |
| Free cash flow yield | 2.8% | 2.9% | 2.6% | 2.3% | 2.5% | 3.7% | 3.5% | 5.0% | 2.3% | 6.0% |
| Dividend yield | 0.8% | 0.7% | 0.8% | 1.0% | 0.6% | 0.8% | 0.8% | 1.2% | 1.0% | 1.5% |
| Shareholder yield (dividends + buybacks) | 2.6% | 2.3% | 1.6% | 2.9% | 1.7% | 1.7% | 3.0% | 2.2% | 1.9% | 5.8% |
| Share price at fiscal year-end | $510.85 | $473.37 | $390.56 | $278.62 | $390.58 | $290.24 | $237.41 | $140.04 | $147.61 | $94.27 |
| Per share | ||||||||||
| Revenue per share | $42.90 | $38.80 | $32.15 | $29.60 | $33.09 | $28.37 | $25.20 | $22.85 | $21.65 | $18.45 |
| Earnings per share | $13.67 | $11.26 | $8.73 | $7.44 | $11.78 | $9.39 | $7.42 | $6.74 | $5.15 | $1.36 |
| Operating cash flow per share | $16.13 | $15.53 | $11.69 | $7.98 | $10.67 | $11.34 | $8.74 | $7.52 | $3.89 | $6.27 |
| Free cash flow per share | $14.31 | $13.80 | $10.22 | $6.45 | $9.93 | $10.79 | $8.38 | $7.05 | $3.42 | $5.69 |
| Cash per share | $13.61 | $16.28 | $11.92 | $10.06 | $10.12 | $14.24 | $10.07 | $9.35 | $6.09 | $11.39 |
| Book value per share | $22.53 | $19.51 | $18.89 | $13.64 | $15.52 | $9.31 | $4.34 | $2.36 | −$1.69 | −$6.27 |
| Tangible book value per share | −$23.24 | −$23.64 | −$24.61 | −$29.94 | −$29.54 | −$24.39 | −$22.91 | −$25.15 | −$29.42 | −$13.02 |
| Dividends per share | $3.90 | $3.39 | $3.07 | $2.79 | $2.46 | $2.22 | $1.97 | $1.73 | $1.50 | $1.46 |
| Capex per share | $1.81 | $1.74 | $1.47 | $1.53 | $0.74 | $0.54 | $0.36 | $0.47 | $0.47 | $0.59 |
| Debt per share | $40.86 | $42.40 | $40.30 | $40.58 | $40.01 | $34.42 | $29.59 | $29.20 | $28.53 | $17.21 |
| Shares outstanding | 179.9M | 182.7M | 184.0M | 184.7M | 187.9M | 189.3M | 191.6M | 194.4M | 194.2M | 195.4M |
| Change in shares outstanding | −1.5% | −0.7% | −0.4% | −1.7% | −0.7% | −1.2% | −1.4% | +0.1% | −0.6% | −3.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 64.5% | 58.5% | 53.6% | 50.6% | 94.6% | 137.1% | 220.5% | — | — | — |
| Return on invested capital (ROIC) | 31.4% | 26.6% | 21.9% | 18.7% | 32.4% | 38.4% | 36.9% | 36.4% | 52.7% | — |
| Return on assets (ROA) | 15.7% | 13.7% | 11.1% | 9.5% | 16.3% | 15.7% | 14.4% | 14.4% | 14.4% | 5.1% |
| Return on tangible assets | 32.4% | 27.0% | 24.3% | 21.8% | 35.6% | 29.5% | 28.2% | 31.3% | 31.1% | 6.7% |
| Free cash flow margin | 33.4% | 35.6% | 31.8% | 21.8% | 30.0% | 38.0% | 33.3% | 30.9% | 15.8% | 30.8% |
| Income quality (OCF / net income) | 1.18 | 1.38 | 1.34 | 1.07 | 0.91 | 1.21 | 1.18 | 1.12 | 0.75 | 4.60 |
| Financial health | ||||||||||
| Total debt | $7.35B | $7.75B | $7.42B | $7.50B | $7.52B | $6.52B | $5.67B | $5.68B | $5.54B | $3.36B |
| Cash & short-term investments | $2.45B | $2.97B | $2.19B | $1.86B | $1.90B | $2.70B | $1.93B | $1.82B | $1.18B | $2.22B |
| Net debt | $4.90B | $4.77B | $5.22B | $5.64B | $5.62B | $3.82B | $3.74B | $3.86B | $4.36B | $1.14B |
| Debt / equity | 1.81 | 2.17 | 2.13 | 2.98 | 2.58 | 3.70 | 6.82 | 12.37 | — | — |
| Debt / assets | 0.46 | 0.50 | 0.51 | 0.52 | 0.51 | 0.53 | 0.55 | 0.60 | 0.64 | 0.63 |
| Net debt / EBITDA | 1.25 | 1.43 | 2.08 | 2.44 | 1.73 | 1.42 | 1.67 | 1.86 | 2.02 | 1.36 |
| Current ratio | 1.74 | 1.43 | 1.74 | 1.72 | 1.61 | 2.03 | 1.92 | 1.61 | 1.24 | 1.34 |
| Quick ratio | 1.74 | 1.43 | 1.74 | 3.20 | 1.52 | 1.93 | 1.85 | 1.52 | 1.14 | 1.29 |
| Interest coverage | 18.3 | 14.6 | 10.7 | 9.2 | 11.7 | 10.5 | 9.0 | 9.0 | 8.5 | 9.9 |
| Working capital | $2.21B | $1.56B | $1.84B | $1.72B | $1.51B | $2.29B | $1.77B | $1.29B | $506.3M | $824.9M |
| Invested capital | $8.96B | $8.34B | $8.70B | $8.15B | $8.53B | $5.58B | $4.57B | $4.32B | $4.03B | −$86.9M |
| Tangible asset value | −$4.03B | −$4.16B | −$4.53B | −$8.05B | −$5.55B | −$4.62B | −$4.39B | −$4.69B | −$5.50B | −$2.35B |
| Net current asset value | −$6.44B | −$6.62B | −$6.80B | −$10.26B | −$7.75B | −$6.14B | −$5.75B | −$5.48B | −$6.14B | −$3.10B |
| Graham number | $83.25 | $70.32 | $60.93 | $47.78 | $64.14 | $44.36 | $26.91 | $18.92 | — | — |
| Graham net-net per share | −$42.57 | −$40.48 | −$41.90 | −$70.42 | −$45.06 | −$35.76 | −$33.22 | −$30.79 | −$33.83 | −$17.44 |
| Capital allocation | ||||||||||
| Dividends paid | $701.0M | $620.0M | $564.0M | $515.0M | $463.0M | $420.0M | $378.0M | $337.2M | $290.4M | $285.1M |
| Share buybacks (net) | $1.71B | $1.38B | $561.0M | $983.0M | $750.0M | $503.0M | $991.0M | $264.8M | $248.5M | $783.2M |
| Dividend payout ratio | 28.5% | 30.1% | 35.1% | 37.5% | 20.9% | 23.6% | 26.6% | 25.7% | 29.0% | 106.9% |
| Dividends + buybacks / free cash flow | 93.5% | 79.5% | 59.8% | 125.8% | 65.0% | 45.2% | 85.2% | 43.9% | 81.2% | 96.2% |
| Capex / revenue | 4.2% | 4.5% | 4.6% | 5.2% | 2.2% | 1.9% | 1.4% | 2.0% | 2.2% | 3.2% |
| Capex / operating cash flow | 11.2% | 11.2% | 12.6% | 19.2% | 6.9% | 4.8% | 4.1% | 6.2% | 12.0% | 9.4% |
| Capex / depreciation | 0.68 | 0.74 | 0.73 | 0.85 | 0.54 | 0.47 | 0.34 | 0.47 | 0.57 | 0.91 |
| Stock-based compensation / revenue | 3.0% | 3.1% | 3.3% | 3.1% | 2.8% | 2.9% | 2.8% | 2.9% | 2.9% | 2.7% |
| R&D / revenue | — | — | — | — | — | — | — | 1.2% | 1.0% | 1.1% |
| SG&A / revenue | 23.4% | 24.5% | 27.2% | 27.9% | 23.8% | 22.9% | 24.2% | 24.3% | 23.6% | 26.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 92.3 | 91.1 | 102.1 | 112.5 | 92.5 | 96.8 | 102.3 | 100.0 | 88.3 | 85.5 |
| Days of inventory on hand | — | — | — | -309.7 | 41.2 | 39.4 | 40.5 | 54.7 | 44.7 | 47.9 |
| Days payables outstanding | 8.5 | 5.8 | 6.6 | 9.3 | 8.3 | 8.3 | 7.8 | 6.8 | 6.9 | 8.3 |
| Cash conversion cycle (days) | 83.7 | 85.2 | 95.5 | -206.5 | 125.4 | 127.9 | 134.9 | 147.9 | 126.1 | 125.2 |
| Receivables turnover | 3.96 | 4.01 | 3.57 | 3.24 | 3.95 | 3.77 | 3.57 | 3.65 | 4.13 | 4.27 |
| Payables turnover | 42.75 | 62.66 | 54.99 | 39.27 | 44.05 | 44.03 | 46.61 | 53.42 | 53.10 | 44.00 |
| Inventory turnover | — | — | — | — | 8.85 | 9.26 | 9.01 | 6.67 | 8.17 | 7.62 |
| Asset turnover | 0.49 | 0.47 | 0.41 | 0.38 | 0.46 | 0.47 | 0.49 | 0.49 | 0.60 | 0.69 |
| Average receivables | $1.95B | $1.77B | $1.66B | $1.69B | $1.57B | $1.42B | $1.35B | $1.22B | $1.02B | $844.7M |
| Average payables | $57.5M | $38.0M | $37.5M | $49.5M | $43.0M | $38.5M | $34.0M | $25.9M | $25.1M | $25.3M |
| Average inventory | — | — | — | −$1.65B | $214.0M | $183.0M | $176.1M | $207.8M | $163.1M | $146.1M |
| Intangibles / total assets | 52.0% | 50.8% | 54.7% | 56.1% | 57.7% | 51.4% | 50.9% | 56.1% | 62.6% | 24.8% |
Computed from MCO's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MCO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Moody's traded at 37.4 times earnings, against a 10-year median of 35.3. Based on the latest twelve months, the trailing P/E is 30.8 and the forward P/E is 24.3. Moody's earned a return on equity of 64.5% and a return on invested capital of 31.4% in fiscal 2025. It ended the year with $7.4 billion of debt and $2.4 billion in cash and short-term investments, net debt of $4.9 billion. It returned $2.4 billion to shareholders: $701.0 million in dividends and $1.7 billion in share buybacks, 93% of free cash flow. The share count fell 7.9% from 195.4M to 179.9M over 9 years.
See the MCO income statement, the MCO chart for price history, or the MCO stock overview for the latest quote and news.
MCO key metrics FAQ
What is Moody's's P/E ratio?
Moody's's trailing P/E ratio is 30.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.3. At the end of fiscal 2025 it was 37.4, compared with a 10-year median of 35.3.
What is Moody's's EV/EBITDA?
Moody's's enterprise value was 24.6 times EBITDA at the end of fiscal 2025 (enterprise value $96.8 billion, EBITDA $3.9 billion); the current EV/EBITDA is 20.2.
What is Moody's's return on equity?
Moody's's return on equity (ROE) was 64.5% in fiscal 2025: net income of $2.5 billion on average shareholders' equity of $3.8 billion.
What is Moody's's ROIC?
Moody's's return on invested capital was 31.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Moody's have?
Moody's had total debt of $7.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.81 and $4.9 billion of net debt (1.25 times EBITDA).
What is Moody's's dividend yield?
Moody's's forward dividend yield is 0.85%. Moody's paid $701.0 million in dividends in fiscal 2025 ($3.90 per share), a payout ratio of 28.5%.
Does Moody's buy back its shares?
Yes. Moody's spent $1.7 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.5% over the year, to 179.9M..
What is Moody's's free cash flow yield?
Moody's generated $2.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.8% on its market value at year-end ($91.9 billion).
What is Moody's's current ratio?
Moody's's current ratio was 1.74 at the end of fiscal 2025: current assets were 1.74 times current liabilities.