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Buy Day today: Good (62) Broad market participation · no major macro event
MCO

Moodys Corporation

Financial Services · Financial Data & Stock Exchanges · listed since 2000

461.90$ -0.7% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Analytics targets lowered

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

The quality of this company is documented: the business model has held for decades, the operating margin runs at 43.4 percent, profit is backed by cash ($2.901 billion of operating cash flow against $2.459 billion of reported net income in fiscal 2025), interest coverage stands at 18.3 and the Altman Z at 7.17. The thin book equity of $3.025 billion as of June 30, 2026 is the result of buybacks, not of losses — the balance sheet is lean by choice, not impaired. What remains open is a cycle question, not a substance question: ratings hang on issuance volume, and 2022 showed how fast that can turn. The stock is expensive on top of that — a price argument, which does not change the color of this light. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Moody's is an exceptionally profitable company in a market shared by two houses: $7.718 billion of revenue and a 43.4 percent operating margin in fiscal 2025, $2.901 billion of operating cash flow, and a 15 percent revenue gain in the second quarter of 2026. That very strength carries a price the ticker does not show: earnings hang on issuance volume — the annual report says so itself — the current surge comes in part from bonds financing AI data centers, and book equity shrank by a quarter in six months as $2.165 billion went into the company's own shares. Buying here means buying a very good business at a price that assumes a very good business. Not investment advice.

Business model and earning power

Two rating agencies share most of the global market, and Moody's is one of them. That shows up in numbers few industries ever see: a 43.4 percent operating margin in fiscal 2025 ($3.351 billion on $7.718 billion of revenue), and a 63.6 percent adjusted segment margin in ratings alone. In the second quarter of 2026 revenue rose 15 percent to $2.185 billion and the operating margin went from 43.1 to 47.9 percent.

Dependence on issuance volume

The 2025 annual report itself states that a majority of rating-based revenue is transaction-based. The year 2022 showed what that means: revenue fell from $6.218 billion to $5.468 billion (down 12.1 percent), operating income from $2.844 billion to $1.883 billion (down 33.8 percent) and net income from $2.214 billion to $1.374 billion. The current surge in the second quarter of 2026 comes in visible part from bonds financing AI data centers — demand nobody can guarantee for a decade.

Balance sheet and capital returns

As of June 30, 2026, $3.025 billion of equity stands against $14.675 billion of total assets, $6.946 billion of debt and $6.318 billion of goodwill. That is policy, not accident: $2.165 billion went into treasury shares in six months, three times the year-earlier figure, and cash fell from $2.384 billion to $1.467 billion. Interest coverage of 18.3 and an Altman Z of 7.17 (data as of 2026-07-26) show this is not a solvency question — but the cushion for a bad year is thinner than it used to be.

Quality of the quarterly result

Of the $878 million in net income for the second quarter of 2026, $179 million came from the sale of MA Regulatory Solutions. Reported diluted earnings per share rose 57 percent, the adjusted figure 31 percent — both are strong, but only the second one describes the operating business. Up to $119 million of contingent consideration from the same sale is still outstanding for the second half of 2026, per the quarterly report.

Growth in the subscription segment

Moody's Analytics is meant to be the calm counterweight to the issuance cycle, but it grows more slowly than ratings: external revenue of $925 million in the second quarter of 2026 was up 4 percent, while ratings gained 25 percent. On an organic constant currency basis, recurring revenue grew 9 percent, and annualized recurring revenue stood at $3.498 billion as of December 31, 2025 (up 8 percent). The gap is explained by divested units — the segment is being reshaped right now.

Valuation and market picture

Roughly $81.7 billion of market capitalization (173.2 million shares, closing price of $471.50 on July 24, 2026) equals about 30 times trailing earnings per share and about 10 times revenue — a price that assumes quality and forgives nothing. Twenty-three analyst estimates average a target price of roughly $556 (12 strong buy, 4 buy, 7 hold, no sell; data as of 2026-07-26). A book-value comparison does not help here: it would only measure how many shares have already been repurchased.

Worth Noting

Hook: in-house stock scanner "Turnaround-Kandidaten", rank 22 of 62 U.S. hits, turnaround check 6 of 8, as of July 25, 2026. The lists are recalculated daily; ranking and score are a snapshot.

Disclosed data finding: the mandatory pillar "at least 50 percent below the all-time high" carries a distance of 84.4 percent in our data set. The price history of the same stock shows a highest traded price of $546.88 on January 15, 2026 against $471.50 on July 24, 2026 — roughly 14 percent below. The entry in the list therefore rests on a value the price history does not confirm.

Data as of: annual report 10-K for 2025 filed 2026-02-18, annual report 10-K for 2023 filed 2024-02-14 (supplies 2021 and 2022), quarterly report 10-Q as of 2026-06-30 filed 2026-07-23, Form 8-K of 2026-07-22; metrics and price history July 24 to 26, 2026.

Possible confusion: the registrant behind CIK 0001059556 was named "Dun & Bradstreet Corp /DE/" until February 2000. Moody's Corporation is the renamed shell left after the data business was spun off; the former names still appear in SEC company records.

Do not confuse: the credit ratings assigned by Moody's Investors Service are opinions about borrowers, not statements about Moody's stock. And the traffic light in this analysis judges the company, not the entry point.

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MCO since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

52-week range: 412.20 $ to 539.60 $ · Last price: 461.90 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 81.3$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 173m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 91.5%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.3

Performance

Perf. 1M ?Price performance over the last month. 0.50%
Perf. 3M ?Price performance over the last 3 months. 6.80%
Perf. 6M ?Price performance over the last 6 months. -12.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -12.70%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -19.8%
Perf. 1Y ?Price performance over the last 12 months. -8.97%
Perf. 3Y ?Price performance over the last 3 years. 38.70%
Perf. 5Y ?Price performance over the last 5 years. 30.27%
Perf. 10Y ?Price performance over the last 10 years. 367.60%
Perf. Since Inception ?Price performance since the first available trading day (11/05/1984) — with a complete history, that is since the IPO. 447.39%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 487.00$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 488.70$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 472.70$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 37.1
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 24.5%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 28.1%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 34.3
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 24.4
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.6
P/B ?Price-to-book ratio: market value relative to book equity. 27.9
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 10.0
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 20.3
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 25.3

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 75.0%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 45.7%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 34.3%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 71.4%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 15.6%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 20.3%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. negative equity -2.2
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 9.41
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 6 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 8.10%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 7.80%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 8.89%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 7.49%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 11.40%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.87%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 3.94$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 24.3%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 24Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 16Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 4
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 29
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 57
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (65 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Financial Data & Stock Exchanges

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Moodys Corporation MCO 81.3 34.3 20.3 75.0 45.7 8.9 -9.0
S&P Global Inc SPGI 128.2 27.1 16.1 70.9 44.3 7.9 -20.8
CME Group Inc CME 98.0 22.8 16.4 100.0 69.8 6.4 7.4
Intercontinental Exchange Inc ICE 85.6 22.3 13.8 100.0 57.3 7.5 -9.8
Nasdaq Inc NDAQ 51.7 27.5 16.8 100.0 48.4 11.1 -2.8
Coinbase Global Inc COIN 47.8 64.0 30.7 85.8 -7.1 9.4 -49.8
MSCI Inc MSCI 40.0 31.1 22.4 83.0 53.7 9.8 -3.3
Cboe Global Markets Inc CBOE 27.9 22.4 14.0 54.1 39.7 15.1 16.9
TransUnion TRU 14.0 20.2 11.0 58.7 19.7 9.4 -19.8
Median of companies shown 51.7 27.1 16.4 83.0 45.7 9.4 -9.0

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 3,604 $M 2016 · Operating income: 1,515 $M 2016 · Net income: 267 $M 2017 · Revenue: 4,204 $M 2017 · Operating income: 1,843 $M 2017 · Net income: 1,001 $M 2018 · Revenue: 4,443 $M 2018 · Operating income: 1,925 $M 2018 · Net income: 1,310 $M 2019 · Revenue: 4,829 $M 2019 · Operating income: 2,075 $M 2019 · Net income: 1,422 $M 2020 · Revenue: 5,371 $M 2020 · Operating income: 2,447 $M 2020 · Net income: 1,778 $M 2021 · Revenue: 6,218 $M 2021 · Operating income: 2,844 $M 2021 · Net income: 2,214 $M 2022 · Revenue: 5,468 $M 2022 · Operating income: 1,997 $M 2022 · Net income: 1,374 $M 2023 · Revenue: 5,916 $M 2023 · Operating income: 2,221 $M 2023 · Net income: 1,607 $M 2024 · Revenue: 7,088 $M 2024 · Operating income: 2,971 $M 2024 · Net income: 2,058 $M 2025 · Revenue: 7,718 $M 2025 · Operating income: 3,455 $M 2025 · Net income: 2,459 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 3,604 1,515 267 1.36 1,226 -1,225 5,327
2017 4,204 1,843 1,001 5.15 755 -328 8,605
2018 4,443 1,925 1,310 6.74 1,461 459 9,526
2019 4,829 2,075 1,422 7.42 1,675 831 10,265
2020 5,371 2,447 1,778 9.39 2,146 1,763 12,409
2021 6,218 2,844 2,214 11.78 2,005 2,916 14,680
2022 5,468 1,997 1,374 7.44 1,474 2,519 14,349
2023 5,916 2,221 1,607 8.73 2,151 3,476 14,622
2024 7,088 2,971 2,058 11.26 2,838 3,565 15,505
2025 7,718 3,455 2,459 13.67 2,901 4,054 15,830

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 1,672.0 $M Q4 2025: Q1 · 1,924.0 $M Q1 2025: Q2 · 1,898.0 $M Q2 2025: Q3 · 2,007.0 $M Q3 2025: Q4 · 1,889.0 $M Q4 2026: Q1 · 2,079.0 $M Q1 2026: Q2 · 2,185.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 2.16 16.70 1,672 13.00 23.60 674 600
2025: Q1 3.46 9.90 1,924 7.70 32.50 757 672
2025: Q2 3.20 6.20 1,898 4.50 30.50 543 468
2025: Q3 3.58 22.50 2,007 10.70 32.20 743 903
2025: Q4 3.41 57.90 1,889 13.00 32.30 858 777
2026: Q1 3.73 7.80 2,079 8.10 31.80 939 844
2026: Q2 5.03 57.20 2,185 15.10 40.20 779 688

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 4 of our scanner strategies — each hit links to the scanner.

Best Hits

Growth

Research

Value & GARP

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 23
Price Target (average) 561.90$
Distance to price 21.6% The price target sits 21.6% above the current price.

Distribution of Recommendations

Strong Buy 12
Buy 4
Hold 7
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 16.97 16.73 – 17.40 8,289 13.6% 24
12/31/2027 18.93 17.78 – 20.00 8,889 11.5% 24

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 10.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $3.40B
Market cap $81.30B
Free cash flow in year ten $8.93B
Terminal value as a share of market value 57.9%

For comparison: over the past five years free cash flow grew by 4.7% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Sells AI

Moody’s verkauft eigene Produkte mit generativer und agentischer KI als Teil der Analytics-Sparte und führt sie im Geschäftsbericht 2025 ausdrücklich in der Wachstumsstrategie; das Unternehmen bezeichnet sich dort selbst als frühen Anwender.

View the full file — quotes, sources, reviewed filings
„New products, services, proprietary data and technology capabilities, including Gen AI and Agentic AI offerings, to help customers attain competitive advantage and improve internal productivity"

Neue Produkte, Dienstleistungen, eigene Daten und Technologiefähigkeiten, einschließlich Angeboten mit generativer und agentischer KI, die Kunden helfen sollen, Wettbewerbsvorteile zu erzielen und die interne Produktivität zu steigern

10-K · 2026-02-18 · View SEC filing

„As an early adopter of Gen AI and agentic AI, which Moody's believes will help our customers make better decisions by unlocking deeper, more integrated perspectives on risk, we believe Moody's has positioned itself to benefit from the capabilities of this technology and harness the proprietary insights resulting from being embedded in customer workflows."

Als früher Anwender generativer und agentischer KI — von der Moody’s annimmt, dass sie Kunden zu besseren Entscheidungen verhilft, indem sie tiefere, stärker integrierte Sichtweisen auf Risiken erschließt — sieht sich Moody’s so aufgestellt, dass es von den Fähigkeiten dieser Technologie profitiert und die eigenen Erkenntnisse aus der Einbettung in die Arbeitsabläufe der Kunden nutzt.

10-K · 2026-02-18 · View SEC filing

„A provider of AI-powered property risk intelligence; the Company acquired CAPE Analytics in January 2025"

Ein Anbieter KI-gestützter Risikoinformationen zu Immobilien; das Unternehmen erwarb CAPE Analytics im Januar 2025

10-Q · 2026-07-23 · View SEC filing

Filings Reviewed: 10-Q 2026-07-23 · 8-K 2026-07-22 · 10-Q 2026-04-23 · 10-K 2026-02-18 · 10-Q 2025-10-23 · 10-K 2024-02-14

Rated on July 26, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

We read ten earnings call transcripts from Moody's covering 2024-Q1 through 2026-Q2. The ratings franchise delivers reliably: earnings per share, margins and issuance ended each year at or above the original guidance — even in 2025, when management cut guidance mid-year in April and still finished above the initial range. The other half of the group is weaker: at Moody's Analytics the annual recurring-revenue outlook was cut mid-year in two consecutive years, and the medium-term target was reset from low-to-mid teens to high single digit. Contrary to what is often claimed this did not happen quietly — the February 2025 call was billed in advance as an update to the medium-term targets — but the step was never labelled a cut. One dated commitment was clearly missed: the pickup in Research and Insights promised for year-end 2024. It also belongs in the picture that recurring revenue grew nearly 9% again in 2026-Q2.

Red flags Analytics targets lowered 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026

Medium-term analytics target reset

On the 2024-Q2 call an analyst asked directly whether the medium-term targets set at the investor day still held in a tougher environment. The CEO answered: "There isn't a change to our medium-term outlook" — the topic would be revisited in February. That is exactly what happened: the February call (2024-Q4) was flagged in the opening remarks as an update to the medium-term guidance, the CFO gave it a dedicated section of her prepared remarks and named the new analytics figures there — 9% to 10% recurring-revenue growth and a mid to high 30s margin by 2027. Four analysts followed up on the same call, one quoting the new analytics target verbatim. So the charge of a stealth cut does not hold. What remains: the old low-to-mid teens target was never placed next to the new one, the step was never labelled a reduction, and in the same passage management raised the group EPS target. The CFO only called it a reset on the 2025-Q3 call when asked — explicitly pointing back to the February call.

Promised Research and Insights pickup never came

On the 2024-Q1 call management said Research and Insights recurring revenue would tick up to the high single digit range by year-end 2024, driven by Research Assistant and the unrated coverage expansion. On the 2024-Q2 call the figure was unchanged at 6% and the commitment was explicitly repeated. On the 2024-Q3 call it was 6% again, and the CEO walked it back to "the lower end of high single-digit growth". At the 2024-Q4 close it stood at 6% — the commitment was not met. Only in 2025-Q3 and 2025-Q4 did the line reach 8%, roughly a year later than announced; in 2026-Q1 and 2026-Q2 it slipped back to 7% and 6%. This is the one item across ten calls that survives review as a clearly dated and clearly missed commitment.

Private credit revenue still not broken out

On the 2024-Q3 call the CEO said of private credit revenue that the company still had "some work to do" to break out where that revenue comes from: "we, in some ways, kind of owe that to you all." That was a statement of intent without a date, not a dated commitment — and it was partly honoured. Since the 2025-Q1 call a private credit block has been a fixture of the prepared remarks: growth rates (75% in 2025-Q2, over 60% in 2025-Q3, 60% for full year 2025, more than 80% in 2026-Q1), mandate counts (nearly 400 in 2024, 200 first-time mandates in 2025-Q3) and share figures (20% of structured finance revenue growth in 2025-Q1, nearly 25% of first-time mandates in 2025-Q2, 30% of FIG first-time mandates in 2024). What is still missing through 2026-Q2 is an absolute revenue figure: asked directly what share of ratings revenue came from private credit, management replied on the 2024-Q4 call that they do not break it out that way. The MSCI partnership announced on the 2025-Q1 call also came without a revenue model: "we haven't disclosed kind of the revenue model or opportunity."

AI revenue is not disclosed separately

Moody's gives no standalone revenue figure for AI products on any of the ten calls — but it never promised one either. The much-quoted line that the contribution is "not material yet" appears on exactly two calls: 2024-Q2 on Research Assistant and 2025-Q2 on standalone GenAI solutions. It does not appear on the 2024-Q3, 2024-Q4, 2025-Q1, 2025-Q3, 2026-Q1 or 2026-Q2 calls; on the two 2026 calls AI revenue is not even raised as a question. Instead of a revenue figure management offers proxy metrics, and they have grown over time: on the 2025-Q2 call roughly 200 million dollars of recurring revenue from the AI-buyer cohort and about 40% of products carrying some AI enablement; on the 2025-Q4 call a 97% retention rate in that cohort and growth at twice the rate of the rest of the customer base. When an analyst pushed back on the 2025-Q4 call that none of this was showing up in recurring revenue, the reply stayed with those metrics. Anyone wanting to verify the AI contribution from outside still cannot.

One-off effects on five calls, then recovery

Recurring revenue growth at Moody's Analytics fell from 10% (2024-Q1 and 2024-Q2) to 9% (2024-Q3 through 2025-Q1) and to 8% (2025-Q2 through 2026-Q1). On five of those calls management names separate one-off effects: US federal contracts renewing at lower value and the shift of sustainability data to MSCI (2024-Q3), government cancellations (2025-Q1), a self-chosen termination of a redistribution partnership plus an account loss after a merger (2025-Q2), tough prior-year comparisons (2025-Q3) and again US agency cuts (2025-Q4). That is five calls, not eight consecutive quarters — and the run ends: in 2026-Q2 recurring revenue grew nearly 9% again to about 3.7 billion dollars, with full-year guidance held at high single digit. What stands is that the full-year recurring-revenue outlook was cut mid-year in both 2024 (on the 2024-Q2 call, from low double digit to high single to low double digit) and 2025 (on the 2025-Q1 call, to high single digit) — and hit on both occasions afterwards.

Ratings delivers, but the forecast swings hard

On the ratings side the record is good. In 2024 the issuance outlook started at mid to high single digit growth, was raised to 20% to 25% on the 2024-Q2 call and to the mid-30s on the 2024-Q3 call, and finished above all of it at 42%. In 2025 the reverse happened: on the 2025-Q1 call management cut EPS from 14.00-14.50 to 13.25-14.00 dollars, lowered its M&A assumption from plus 50% to plus 15% and for the first time expected issuance to decline; the year closed at 14.94 dollars, above the original range. Management acknowledged this swing itself on the 2025-Q4 and 2026-Q1 calls ("essentially right in line with our original full year guidance"). On the 2026-Q1 call it deliberately held guidance through the April turbulence — and was vindicated in 2026-Q2 with 15% revenue growth. In 2026-Q2 the group raised its issuance outlook but explicitly left the revenue outlook unchanged because of a less favourable mix; that is cleanly reasoned and speaks for communication discipline on this side of the house.

Management promises

  • 2024-Q1 — Research and Insights recurring revenue growth to reach the high single digit range by year-end 2024. It stayed at 6% in 2024-Q2 and 2024-Q3, and closed 2024-Q4 at 6% as well. The 8% only arrived in 2025-Q3, roughly a year late. broken
  • 2024-Q1 — Moody's Analytics recurring revenue to grow in the low double digit range in 2024. Already widened on the 2024-Q2 call to high single to low double digit with a midpoint at the top of the high single digit range. The 2024-Q4 call reported 9.4%. broken
  • 2024-Q3 — The group intends to give a better sense of where private credit revenue arises across ratings and analytics. Stated without a date and partly delivered: since the 2025-Q1 call a fixed private credit section appears in the prepared remarks with growth rates, mandate counts and share figures. An absolute revenue figure is still missing through 2026-Q2. open
  • 2024-Q4 — Efficiency programme with 200 to 250 million dollars of restructuring charges over two years and 250 to 300 million dollars of annualised savings on completion. By the 2025-Q2 and 2025-Q3 calls over 100 million dollars of annualised savings had been executed. On the 2026-Q2 call the envelope was expanded by 100 million, the programme extended through year-end 2027 and the savings target raised to 300 to 350 million — bigger and longer than originally announced. open
  • 2024-Q4 — Moody's Analytics adjusted operating margin to reach the mid to high 30s by 2027. On track: 30.7% in 2024, 33.1% in 2025, 33.6% in 2026-Q2 and a 34% to 35% guide for full year 2026. This commitment has been reaffirmed on every call since 2025-Q1 and has so far run slightly ahead of plan. open
  • 2024-Q4 — Adjusted diluted EPS of 14.00 to 14.50 dollars for 2025. Cut to 13.25-14.00 dollars on the 2025-Q1 call, raised to 14.50-14.75 on the 2025-Q3 call, and delivered at 14.94 dollars — above the original range. kept
  • 2024-Q3 — The targets set for the RMS acquisition — 150 million dollars of additional run-rate revenue by 2025 — to be achieved. Confirmed on the 2025-Q4 call: target met and slightly exceeded, with RMS moved from flattish growth in 2021 to a high single digit annual rate. kept

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

8 of 10 Growth gem
  • Revenue grows by more than 15% a year over three years 12.2%
  • More than 10% revenue growth is expected for the coming year 7.5%
  • Share count grows by less than 3% a year -0.9%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 42.3%
  • Gross margin at 40% or higher and without meaningful erosion 68.2%
  • Goodwill from acquisitions does not grow faster than revenue 40.2%
  • Net debt below twice EBITDA 1.3 x EBITDA
  • Operating cash flow covers the profits of the last three years 1,766 m
  • Return on capital at 15% or higher, or up versus two years ago 26.9%
  • Insiders hold at least 10% or are net buyers 14.3%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

9/10 Quality stock

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 8.8%
  • Exp. sales growth 3Y > 5% 7.3%
  • EBIT growth 10Y > 5% 9.6%
  • Exp. EBIT growth 3Y > 5% 17.7%
  • Net debt < 4x EBIT 1.4x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 29.8%
  • Return on equity > 15%
  • ROCE > 15% 26.9%
  • Expected return > 10% 21.4%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 4, 2026 Van Saun Bruce Director Other 13 0.00
Sep 4, 2026 Van Saun Bruce Director Other 7 0.00
Sep 4, 2026 Forlenza Vincent A Director Other 15 0.00
Sep 4, 2026 Minaya Jose Director Other 6 0.00
Sep 4, 2026 Esperdy Therese Director Other 11 0.00
Sep 4, 2026 Sawicki Lisa P Director Other 1 0.00
Sep 4, 2026 Seidman Leslie Director Other 2 0.00
Sep 4, 2026 Seidman Leslie Director Other 14 0.00
Sep 4, 2026 Bermudez Jorge A. Director Other 1 0.00
Sep 4, 2026 Bermudez Jorge A. Director Other 16 0.00

View all insider transactions →

The company

About the Company

Moody's Corporation ist mit ihren Tochtergesellschaften ein integriertes Risikobewertungsunternehmen in den USA, dem übrigen Amerika, Europa, dem Nahen Osten, Afrika und dem asiatisch-pazifischen Raum. Es ist in zwei Segmenten tätig: Moody's Analytics (MA) und Moody's Investors Services (MIS).

Employees
16,000
Headquarters
New York, NY
Address
7 World Trade Ctr at 250 Greenwich St, 10007 New York, United States
Phone
212 553 0300
Website
moodys.com
IPO Date
10/03/2000
ISIN
US6153691059
Stock Split
2:1 on 05/19/2005

Management

Management
Name Title Birth Year
Robert Scott Fauber President, CEO & Director 1970
Noemie Clemence Heuland CPA Senior VP & CFO 1978
Richard Steele Senior VP & General Counsel 1970
Michael L. West President of Moody's Investors Service Inc. & CEO of Moody's Ratings 1969
Jason Phillips Chief Accounting Officer & Corporate Controller 1977
Tameka Brown Alsop P.M.P. Senior VP & Chief Administrative Officer
Shivani Kak Head of Investor Relations
Andrew Weinberg Chief Compliance Officer
Michael Adler Senior Vice President of Corporate Communications
Maral Kazanjian Senior VP & Chief People Officer 1974

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 08/12/2026 MOODYS CORP /DE/ (MCO): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
  • 07/22/2026 MOODYS CORP /DE/ (MCO): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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