Moody's (MCO) Financials

$515.62 +1.56 (+0.30%)

As of 12:59 PM Eastern

Annual Income Statements for Moody's

This table shows Moody's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	989	941	267	1,001	1,310	1,422	1,778	2,214	1,374	1,607	2,058
Consolidated Net Income / (Loss)	1,006	950	276	1,008	1,320	1,429	1,777	2,214	1,374	1,608	2,059
Net Income / (Loss) Continuing Operations	1,006	950	276	1,008	1,320	1,429	1,777	2,214	1,374	1,608	2,059
Total Pre-Tax Income	1,461	1,380	558	1,787	1,672	1,810	2,229	2,755	1,760	1,935	2,699
Total Operating Income	1,439	1,473	651	1,821	1,868	1,998	2,388	2,844	1,883	2,137	2,875
Total Gross Profit	2,404	2,508	2,585	2,988	3,197	3,442	3,896	4,581	3,855	4,229	5,143
Total Revenue	3,334	3,485	3,604	4,204	4,443	4,829	5,371	6,218	5,468	5,916	7,088
Operating Revenue	3,334	3,485	3,604	4,204	4,443	4,829	5,371	6,218	5,468	5,916	7,088
Total Cost of Revenue	930	976	1,020	1,216	1,246	1,387	1,475	1,637	1,613	1,687	1,945
Operating Cost of Revenue	930	976	1,020	1,216	1,246	1,387	1,475	1,637	1,613	1,687	1,945
Total Operating Expenses	965	1,035	1,934	1,167	1,329	1,444	1,508	1,737	1,972	2,092	2,268
Selling, General & Admin Expense	869	921	931	986	1,080	1,167	1,229	1,480	1,527	1,632	1,735
Depreciation Expense	96	114	127	158	192	200	220	257	331	373	431
Impairment Charge	-	-	-	-	-	-	-	-	-	-	43
Restructuring Charge	0.00	0.00	12	23	57	63	50	0.00	114	87	59
Total Other Income / (Expense), net	22	-94	-93	-34	-196	-188	-159	-89	-123	-202	-176
Interest Expense	-	-	-	-	-	-	0.00	0.00	-70	0.00	0.00
Interest & Investment Income	-14	-115	-157	-38	-215	-208	-205	-171	-231	-251	-237
Other Income / (Expense), net	36	21	64	4.00	19	20	46	82	38	49	61
Income Tax Expense	455	430	282	779	352	381	452	541	386	327	640
Net Income / (Loss) Attributable to Noncontrolling Interest	17	8.30	9.20	7.00	10	7.00	-1.00	0.00	0.00	1.00	1.00
Basic Earnings per Share	$4.69	$4.70	$1.38	$5.24	$6.84	$7.51	$9.48	$11.88	$7.47	$8.77	$11.32
Weighted Average Basic Shares Outstanding	210.70M	200.10M	192.70M	191.10M	191.60M	189.30M	187.60M	186.40M	183.90M	183.20M	181.80M
Diluted Earnings per Share	$4.61	$4.63	$1.36	$5.15	$6.74	$7.42	$9.39	$11.78	$7.44	$8.73	$11.26
Weighted Average Diluted Shares Outstanding	214.70M	203.40M	195.40M	194.20M	194.40M	191.60M	189.30M	187.90M	184.70M	184M	182.70M
Weighted Average Basic & Diluted Shares Outstanding	213.70M	200.30M	193.20M	191M	194.30M	187.40M	187.10M	185.20M	183.20M	182.50M	180M
Cash Dividends to Common per Share	$1.12	$1.36	$1.48	$1.52	$1.76	$2.00	$2.24	$2.48	$2.80	$3.08	$3.40

This table shows Moody's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	246	501	377	389	340	577	552	534	395	625	578
Consolidated Net Income / (Loss)	246	501	377	390	340	577	553	534	395	625	579
Net Income / (Loss) Continuing Operations	246	501	377	390	340	577	553	534	395	625	579
Total Pre-Tax Income	327	506	492	487	450	752	719	703	525	804	772
Total Operating Income	306	554	550	535	498	801	775	738	561	846	818
Total Gross Profit	880	1,042	1,068	1,060	1,059	1,319	1,348	1,301	1,175	1,431	1,409
Total Revenue	1,290	1,470	1,494	1,472	1,480	1,786	1,817	1,813	1,672	1,924	1,898
Operating Revenue	1,290	1,470	1,494	1,472	1,480	1,786	1,817	1,813	1,672	1,924	1,898
Total Cost of Revenue	410	428	426	412	421	467	469	512	497	493	489
Operating Cost of Revenue	410	428	426	412	421	467	469	512	497	493	489
Total Operating Expenses	574	488	518	525	561	518	573	563	614	585	590
Selling, General & Admin Expense	403	386	415	403	428	413	446	434	442	439	443
Depreciation Expense	89	88	93	95	97	100	110	108	113	113	120
Restructuring Charge	82	14	10	27	36	5.00	2.00	6.00	46	33	27
Total Other Income / (Expense), net	21	-48	-58	-48	-48	-49	-56	-35	-36	-42	-46
Interest & Investment Income	-65	-48	-71	-66	-66	-62	-63	-60	-52	-61	-61
Other Income / (Expense), net	16	0.00	13	18	18	13	7.00	25	16	19	15
Income Tax Expense	81	5.00	115	97	110	175	166	169	130	179	193
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	1.00	-	-	1.00	0.00	-	-	1.00
Basic Earnings per Share	$1.35	$2.73	$2.05	$2.12	$1.87	$3.16	$3.03	$2.94	$2.19	$3.47	$3.22
Weighted Average Basic Shares Outstanding	183.90M	183.30M	183.50M	183.30M	183.20M	182.60M	182.30M	181.70M	181.80M	180M	179.70M
Diluted Earnings per Share	$1.34	$2.72	$2.05	$2.11	$1.85	$3.15	$3.02	$2.93	$2.16	$3.46	$3.21
Weighted Average Diluted Shares Outstanding	184.70M	184.10M	184.10M	184M	184M	183.40M	183M	182.50M	182.70M	180.70M	180.20M
Weighted Average Basic & Diluted Shares Outstanding	183.20M	183.50M	183.50M	183M	182.50M	182.60M	182.10M	181.20M	180M	179.90M	179.40M
Cash Dividends to Common per Share	-	$0.77	$0.77	$0.77	-	$0.85	$0.85	$0.85	-	$0.94	$0.94

This table details how cash moves in and out of Moody's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-700	538	294	-1,065	643	147	765	-786	-42	361	278
Net Cash From Operating Activities	1,019	1,198	1,259	755	1,461	1,675	2,146	2,005	1,474	2,151	2,838
Net Cash From Continuing Operating Activities	1,019	1,205	1,259	755	1,461	1,675	2,146	2,005	1,474	2,155	2,845
Net Income / (Loss) Continuing Operations	1,006	950	276	1,008	1,320	1,429	1,777	2,214	1,374	1,608	2,059
Consolidated Net Income / (Loss)	1,006	950	276	1,008	1,320	1,429	1,777	2,214	1,374	1,608	2,059
Depreciation Expense	96	114	127	158	192	200	220	257	331	373	431
Non-Cash Adjustments To Reconcile Net Income	-81	87	62	25	269	184	145	154	154	224	234
Changes in Operating Assets and Liabilities, net	-1.90	54	795	-436	-320	-138	4.00	-620	-385	-50	121
Net Cash From Investing Activities	-565	-92	102	-3,420	-406	36	-1,077	-2,619	-262	-247	-1,056
Net Cash From Continuing Investing Activities	-565	-92	102	-3,420	-406	36	-1,077	-2,619	-262	-247	-1,056
Purchase of Property, Plant & Equipment	-75	-89	-115	-91	-91	-69	-103	-139	-283	-271	-317
Acquisitions	-240	-7.60	-81	-3,511	-289	-162	-897	-2,179	-97	-3.00	-221
Purchase of Investments	-406	-688	-407	-170	-193	-145	-183	-485	-320	-148	-655
Divestitures	0.00	0.00	1.50	0.00	6.00	226	-	2.00	2.00	13	2.00
Sale and/or Maturity of Investments	156	693	703	352	161	186	106	182	436	162	135
Net Cash From Financing Activities	-1,065	-506	-1,043	1,600	-412	-1,563	-351	-122	-1,208	-1,584	-1,446
Net Cash From Continuing Financing Activities	-1,065	-504	-1,043	1,600	-412	-1,563	-351	-122	-1,208	-1,584	-1,446
Repayment of Debt	-307	-9.50	-0.10	-2,034	-1,931	-2,288	-1,631	-531	-636	-500	-5.00
Repurchase of Common Equity	-1,221	-1,098	-739	-200	-203	-991	-503	-750	-983	-490	-1,292
Payment of Dividends	-442	-279	-337	-293	-342	-381	-421	-468	-516	-573	-627
Issuance of Debt	748	853	0.00	4,129	2,079	2,141	2,280	1,672	988	0.00	496
Issuance of Common Equity	149	89	78	56	47	45	51	38	26	50	73
Other Financing Activities, net	7.30	-60	-44	-58	-62	-89	-127	-83	-87	-71	-91
Effect of Exchange Rate Changes	-89	-63	-24	-	-	-1.00	47	-50	-46	41	-58

This table details how cash moves in and out of Moody's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	113	350	159	-272	124	346	159	7.00	-234	-269	35
Net Cash From Operating Activities	377	608	604	462	477	775	686	703	674	757	543
Net Cash From Continuing Operating Activities	377	608	604	450	493	775	686	703	681	757	543
Net Income / (Loss) Continuing Operations	246	501	377	390	340	577	553	534	395	625	579
Consolidated Net Income / (Loss)	246	501	377	390	340	577	553	534	395	625	579
Depreciation Expense	89	88	93	95	97	100	110	108	113	113	120
Non-Cash Adjustments To Reconcile Net Income	18	45	52	45	82	50	54	60	70	56	55
Changes in Operating Assets and Liabilities, net	24	-26	82	-80	-26	48	-31	1.00	103	-37	-211
Net Cash From Investing Activities	-90	-63	-40	-90	-54	-96	-95	-684	-181	224	-126
Net Cash From Continuing Investing Activities	-90	-63	-40	-90	-54	-96	-95	-684	-181	224	-126
Purchase of Property, Plant & Equipment	-79	-73	-54	-71	-73	-78	-93	-72	-74	-85	-75
Purchase of Investments	-76	-45	-10	-53	-40	-52	-37	-538	-28	-51	-79
Sale and/or Maturity of Investments	63	55	26	34	47	46	35	24	30	583	28
Net Cash From Financing Activities	-251	-216	-408	-607	-353	-308	-423	-81	-634	-1,298	-482
Net Cash From Continuing Financing Activities	-251	-216	-408	-607	-353	-308	-423	-81	-634	-1,298	-482
Repurchase of Common Equity	-	-41	-67	-170	-212	-120	-264	-428	-480	-373	-284
Payment of Dividends	-128	-141	-142	-143	-147	-155	-155	-156	-161	-195	-172
Issuance of Common Equity	5.00	11	20	9.00	10	20	25	15	13	23	9.00
Other Financing Activities, net	-2.00	-45	-19	-3.00	-4.00	-53	-29	-3.00	-6.00	-53	-35
Effect of Exchange Rate Changes	77	21	3.00	-37	54	-25	-9.00	69	-93	48	100

This table presents Moody's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,669	5,103	5,327	8,594	9,526	10,265	12,409	14,680	14,349	14,622	15,505
Total Current Assets	2,686	3,243	3,253	2,581	3,387	3,679	4,509	4,011	4,094	4,341	5,290
Cash & Equivalents	1,220	1,757	2,052	1,072	1,685	1,832	2,597	1,811	1,769	2,130	2,408
Short-Term Investments	458	475	173	112	133	98	99	91	90	63	566
Accounts Receivable	792	802	887	1,147	1,287	1,419	1,430	1,720	1,652	1,659	1,801
Other Current Assets	173	180	141	250	282	330	383	389	583	489	515
Plant, Property, & Equipment, net	302	306	326	325	320	292	278	347	502	603	656
Total Noncurrent Assets	1,680	1,554	1,748	5,689	5,819	6,294	7,622	10,322	9,753	9,678	9,559
Goodwill	1,021	976	1,024	3,753	3,781	3,722	4,556	5,999	5,839	5,956	5,994
Intangible Assets	346	299	296	1,632	1,566	1,498	1,824	2,467	2,210	2,049	1,890
Noncurrent Deferred & Refundable Income Taxes	168	138	316	144	197	229	334	384	266	258	293
Other Noncurrent Operating Assets	146	140	112	160	275	845	908	1,472	1,438	1,415	1,382
Total Liabilities & Shareholders' Equity	4,669	5,103	5,327	8,594	9,526	10,265	12,409	14,680	14,349	14,622	15,505
Total Liabilities	4,626	5,436	6,355	8,709	8,870	9,428	10,646	11,764	11,660	11,146	11,778
Total Current Liabilities	1,200	1,219	2,428	2,063	2,099	1,912	2,222	2,496	2,375	2,500	3,597
Short-Term Debt	-	0.00	300	429	450	-	-	-	-	0.00	697
Accounts Payable	558	567	1,444	750	696	773	1,039	1,142	1,011	1,076	1,344
Current Deferred Revenue	625	635	684	884	953	1,050	1,089	1,249	1,258	1,316	1,454
Other Current Liabilities	-	-	-	-	-	89	94	105	106	108	102
Total Noncurrent Liabilities	3,426	4,218	3,926	6,646	6,771	7,516	8,424	9,268	9,285	8,646	8,181
Long-Term Debt	2,547	3,381	3,063	5,111	5,226	5,581	6,422	7,413	7,389	7,001	6,731
Noncurrent Deferred Revenue	132	133	134	140	122	112	98	86	75	65	57
Noncurrent Deferred & Payable Income Tax Liabilities	316	287	304	731	847	834	887	876	779	598	660
Other Noncurrent Operating Liabilities	431	417	425	664	576	989	1,017	893	1,042	982	733
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	43	-333	-1,027	-115	656	831	1,763	2,916	2,689	3,476	3,727
Total Preferred & Common Equity	-188	-565	-1,225	-328	459	612	1,569	2,727	2,519	3,318	3,565
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-188	-565	-1,225	-328	459	612	1,569	2,727	2,519	3,318	3,565
Common Stock	387	455	481	532	604	645	738	888	1,057	1,231	1,454
Retained Earnings	6,044	6,709	6,689	7,465	8,594	9,656	11,011	12,762	13,618	14,659	16,071
Treasury Stock	-6,384	-7,389	-8,030	-8,153	-8,313	-9,250	-9,748	-10,513	-11,513	-12,005	-13,322
Accumulated Other Comprehensive Income / (Loss)	-235	-340	-365	-172	-426	-439	-432	-410	-643	-567	-638
Noncontrolling Interest	231	232	198	213	197	219	194	189	170	158	162

This table presents Moody's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	14,349	14,719	14,691	14,191	14,622	15,011	15,013	15,769	15,505	15,096	15,487
Total Current Assets	4,094	4,426	4,390	4,037	4,341	4,806	4,881	5,393	5,290	4,565	4,639
Cash & Equivalents	1,769	2,119	2,278	2,006	2,130	2,476	2,635	2,642	2,408	2,139	2,174
Short-Term Investments	90	78	57	73	63	58	63	573	566	62	116
Accounts Receivable	1,652	1,712	1,542	1,513	1,659	1,835	1,694	1,708	1,801	1,850	1,776
Other Current Assets	583	517	513	445	489	437	489	470	515	514	573
Plant, Property, & Equipment, net	502	525	541	573	603	613	652	662	656	671	689
Total Noncurrent Assets	9,753	9,768	9,760	9,581	9,678	9,592	9,480	9,714	9,559	9,860	10,159
Goodwill	5,839	5,892	5,926	5,831	5,956	5,909	5,891	6,148	5,994	6,237	6,481
Intangible Assets	2,210	2,177	2,138	2,058	2,049	1,983	1,930	1,970	1,890	1,978	1,989
Noncurrent Deferred & Refundable Income Taxes	266	268	265	264	258	270	267	268	293	292	318
Other Noncurrent Operating Assets	1,438	1,431	1,431	1,428	1,415	1,430	1,392	1,328	1,382	1,353	1,371
Total Liabilities & Shareholders' Equity	14,349	14,719	14,691	14,191	14,622	15,011	15,013	15,769	15,505	15,096	15,487
Total Liabilities	11,660	11,661	11,379	10,839	11,146	11,276	11,075	11,701	11,778	11,238	11,379
Total Current Liabilities	2,375	2,988	2,667	2,269	2,500	3,382	3,219	3,235	3,597	2,917	2,647
Short-Term Debt	-	499	300	-	0.00	685	688	693	697	0.00	0.00
Accounts Payable	1,011	805	877	938	1,076	976	1,000	1,133	1,344	1,049	968
Current Deferred Revenue	1,258	1,578	1,385	1,226	1,316	1,612	1,423	1,300	1,454	1,765	1,578
Other Current Liabilities	106	106	105	105	108	109	108	109	102	103	101
Total Noncurrent Liabilities	9,285	8,673	8,712	8,570	8,646	7,894	7,856	8,466	8,181	8,321	8,732
Long-Term Debt	7,389	6,963	6,923	6,851	7,001	6,259	6,253	6,876	6,731	6,823	6,967
Noncurrent Deferred Revenue	75	70	67	65	65	61	59	59	57	57	57
Noncurrent Deferred & Payable Income Tax Liabilities	779	681	689	691	598	659	672	625	660	657	581
Other Noncurrent Operating Liabilities	1,042	959	1,033	963	982	915	872	906	733	784	1,127
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,689	3,058	3,312	3,352	3,476	3,735	3,938	4,068	3,727	3,858	4,108
Total Preferred & Common Equity	2,519	2,891	3,144	3,191	3,318	3,575	3,778	3,905	3,565	3,700	3,949
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,519	2,891	3,144	3,191	3,318	3,575	3,778	3,905	3,565	3,700	3,949
Common Stock	1,057	1,071	1,127	1,178	1,231	1,255	1,327	1,393	1,454	1,486	1,555
Retained Earnings	13,618	13,979	14,213	14,460	14,659	15,081	15,478	15,855	16,071	16,526	16,933
Treasury Stock	-11,513	-11,570	-11,626	-11,795	-12,005	-12,153	-12,410	-12,840	-13,322	-13,734	-14,020
Accumulated Other Comprehensive Income / (Loss)	-643	-589	-570	-652	-567	-608	-617	-503	-638	-578	-519
Noncontrolling Interest	170	167	168	161	158	160	160	163	162	158	159

This table displays calculated financial ratios and metrics derived from Moody's' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.17%	4.50%	3.44%	16.64%	5.69%	8.69%	11.22%	15.77%	-12.06%	8.19%	19.81%
EBITDA Growth	15.95%	2.39%	-47.64%	135.51%	4.84%	6.69%	19.66%	19.93%	-29.25%	13.63%	31.57%
EBIT Growth	16.96%	1.34%	-52.14%	155.14%	3.40%	6.94%	20.61%	20.21%	-34.35%	13.79%	34.31%
NOPAT Growth	15.03%	2.35%	-68.28%	219.28%	43.57%	6.96%	20.69%	20.05%	-35.68%	20.81%	23.50%
Net Income Growth	23.30%	-5.61%	-70.96%	265.48%	30.95%	8.26%	24.35%	24.59%	-37.94%	17.03%	28.05%
EPS Growth	28.06%	0.43%	-70.63%	278.68%	30.87%	10.09%	26.55%	25.45%	-36.84%	17.34%	28.98%
Operating Cash Flow Growth	9.91%	17.62%	5.10%	-40.04%	93.51%	14.65%	28.12%	-6.57%	-26.48%	45.93%	31.94%
Free Cash Flow Firm Growth	-37.66%	121.51%	-7.65%	-402.47%	138.75%	33.28%	-43.70%	-172.28%	357.18%	1.96%	34.22%
Invested Capital Growth	115.54%	-10.65%	-86.41%	3,728.79%	6.40%	-0.58%	22.30%	53.53%	-2.47%	0.79%	-1.24%
Revenue Q/Q Growth	3.04%	-0.33%	2.16%	5.61%	-2.31%	3.71%	1.07%	4.17%	-4.36%	3.32%	2.78%
EBITDA Q/Q Growth	2.84%	-1.41%	-47.05%	82.29%	-4.18%	6.56%	-1.96%	4.81%	-9.78%	8.57%	2.34%
EBIT Q/Q Growth	2.76%	-1.63%	-51.26%	92.82%	-4.52%	7.16%	-2.41%	4.50%	-11.76%	9.74%	2.12%
NOPAT Q/Q Growth	3.21%	-1.27%	-67.73%	89.49%	20.86%	7.21%	-2.70%	3.49%	-11.88%	9.28%	2.13%
Net Income Q/Q Growth	3.26%	-2.16%	-70.08%	82.05%	20.49%	8.15%	-2.58%	5.38%	-11.64%	6.21%	2.74%
EPS Q/Q Growth	4.30%	-0.64%	-70.69%	81.34%	20.79%	8.64%	-2.29%	5.56%	-11.22%	6.20%	2.83%
Operating Cash Flow Q/Q Growth	3.61%	-0.35%	5.50%	4.86%	-1.93%	6.53%	9.10%	-15.19%	5.59%	4.88%	7.46%
Free Cash Flow Firm Q/Q Growth	48.19%	-1.91%	9.45%	-5.26%	-7.36%	15.43%	-8.45%	-763.96%	33.25%	2.93%	24.15%
Invested Capital Q/Q Growth	-12.99%	-13.53%	-88.95%	-5.59%	2.24%	-0.21%	0.38%	8.71%	0.71%	1.97%	-2.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.10%	71.98%	71.71%	71.08%	71.96%	71.28%	72.54%	73.67%	70.50%	71.48%	72.56%
EBITDA Margin	47.10%	46.15%	23.36%	47.17%	46.79%	45.93%	49.41%	51.19%	41.19%	43.26%	47.50%
Operating Margin	43.16%	42.28%	18.06%	43.32%	42.04%	41.38%	44.46%	45.74%	34.44%	36.12%	40.56%
EBIT Margin	44.24%	42.90%	19.85%	43.41%	42.47%	41.79%	45.32%	47.06%	35.13%	36.95%	41.42%
Profit (Net Income) Margin	30.17%	27.25%	7.65%	23.98%	29.71%	29.59%	33.09%	35.61%	25.13%	27.18%	29.05%
Tax Burden Percent	68.86%	68.83%	49.43%	56.41%	78.95%	78.95%	79.72%	80.36%	78.07%	83.10%	76.29%
Interest Burden Percent	99.05%	92.30%	78.01%	97.92%	88.61%	89.69%	91.58%	94.16%	91.62%	88.52%	91.93%
Effective Tax Rate	31.14%	31.17%	50.57%	43.59%	21.05%	21.05%	20.28%	19.64%	21.93%	16.90%	23.71%
Return on Invested Capital (ROIC)	148.34%	117.38%	69.47%	47.19%	33.68%	35.05%	38.16%	32.85%	17.66%	21.52%	26.64%
ROIC Less NNEP Spread (ROIC-NNEP)	151.83%	110.98%	65.45%	46.50%	29.92%	31.09%	34.73%	31.30%	15.92%	18.27%	23.74%
Return on Net Nonoperating Assets (RNNOA)	279.02%	-772.05%	-110.02%	-223.69%	454.21%	156.38%	98.53%	61.79%	31.37%	30.64%	30.53%
Return on Equity (ROE)	427.36%	-654.67%	-40.55%	-176.50%	487.90%	191.43%	136.69%	94.64%	49.03%	52.17%	57.17%
Cash Return on Invested Capital (CROIC)	75.11%	128.63%	221.62%	-142.63%	27.48%	35.62%	18.10%	-9.38%	20.16%	20.73%	27.89%
Operating Return on Assets (OROA)	32.55%	30.59%	13.72%	26.22%	20.83%	20.39%	21.47%	21.60%	13.24%	15.09%	19.49%
Return on Assets (ROA)	22.20%	19.44%	5.29%	14.48%	14.57%	14.44%	15.67%	16.35%	9.47%	11.10%	13.67%
Return on Common Equity (ROCE)	135.43%	-1,698.85%	-53.36%	-239.94%	118.39%	137.32%	114.66%	86.89%	45.89%	49.39%	54.63%
Return on Equity Simple (ROE_SIMPLE)	-535.68%	-168.07%	-22.51%	-307.60%	287.58%	233.50%	113.26%	81.19%	54.55%	48.46%	57.76%
Net Operating Profit after Tax (NOPAT)	991	1,014	322	1,027	1,475	1,577	1,904	2,286	1,470	1,776	2,193
NOPAT Margin	29.72%	29.11%	8.93%	24.43%	33.19%	32.67%	35.45%	36.76%	26.88%	30.02%	30.94%
Net Nonoperating Expense Percent (NNEP)	-3.49%	6.40%	4.02%	0.70%	3.77%	3.95%	3.44%	1.55%	1.74%	3.25%	2.90%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	14.59%	16.95%	19.66%
Cost of Revenue to Revenue	27.90%	28.02%	28.29%	28.92%	28.04%	28.72%	27.46%	26.33%	29.50%	28.52%	27.44%
SG&A Expenses to Revenue	26.07%	26.44%	25.84%	23.45%	24.31%	24.17%	22.88%	23.80%	27.93%	27.59%	24.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.94%	29.70%	53.65%	27.76%	29.91%	29.90%	28.08%	27.94%	36.06%	35.36%	32.00%
Earnings before Interest and Taxes (EBIT)	1,475	1,495	715	1,825	1,887	2,018	2,434	2,926	1,921	2,186	2,936
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,571	1,608	842	1,983	2,079	2,218	2,654	3,183	2,252	2,559	3,367
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	55.41	70.13	33.54	25.90	19.91	21.37	24.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.39	5.19	4.63	6.29	5.72	8.89	9.80	11.36	9.17	11.99	12.10
Price to Earnings (P/E)	18.19	19.22	62.62	26.43	19.41	30.18	29.60	31.90	36.51	44.12	41.68
Dividend Yield	1.30%	1.49%	1.70%	1.10%	1.33%	0.88%	0.80%	0.65%	1.28%	0.79%	0.72%
Earnings Yield	5.50%	5.20%	1.60%	3.78%	5.15%	3.31%	3.38%	3.13%	2.74%	2.27%	2.40%
Enterprise Value to Invested Capital (EV/IC)	20.92	23.88	162.73	7.31	6.53	10.43	10.30	9.06	6.80	9.16	11.05
Enterprise Value to Revenue (EV/Rev)	5.72	5.59	5.00	7.38	6.64	9.69	10.53	12.27	10.22	12.83	12.75
Enterprise Value to EBITDA (EV/EBITDA)	12.15	12.11	21.41	15.64	14.18	21.10	21.31	23.98	24.80	29.65	26.85
Enterprise Value to EBIT (EV/EBIT)	12.94	13.02	25.21	17.00	15.63	23.19	23.23	26.08	29.08	34.71	30.79
Enterprise Value to NOPAT (EV/NOPAT)	19.26	19.20	56.04	30.20	20.00	29.67	29.70	33.39	38.00	42.72	41.21
Enterprise Value to Operating Cash Flow (EV/OCF)	18.74	16.25	14.32	41.09	20.18	27.94	26.35	38.07	37.90	35.27	31.85
Enterprise Value to Free Cash Flow (EV/FCFF)	38.05	17.52	17.57	0.00	24.51	29.19	62.64	0.00	33.29	44.35	39.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	59.38	-10.15	-3.27	-48.22	8.65	6.67	3.64	2.54	2.75	2.01	1.99
Long-Term Debt to Equity	59.38	-10.15	-2.98	-44.48	7.97	6.67	3.64	2.54	2.75	2.01	1.81
Financial Leverage	1.84	-6.96	-1.68	-4.81	15.18	5.03	2.84	1.97	1.97	1.68	1.29
Leverage Ratio	19.25	-33.68	-7.67	-12.19	33.49	13.26	8.72	5.79	5.18	4.70	4.18
Compound Leverage Factor	19.07	-31.09	-5.98	-11.93	29.67	11.89	7.99	5.45	4.75	4.16	3.84
Debt to Total Capital	98.34%	110.93%	143.98%	102.12%	89.64%	86.96%	78.46%	71.77%	73.32%	66.82%	66.59%
Short-Term Debt to Total Capital	0.00%	0.00%	12.84%	7.91%	7.11%	0.00%	0.00%	0.00%	0.00%	0.00%	6.25%
Long-Term Debt to Total Capital	98.34%	110.93%	131.14%	94.20%	82.53%	86.96%	78.46%	71.77%	73.32%	66.82%	60.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.91%	7.61%	8.46%	3.92%	3.11%	3.51%	2.37%	1.83%	1.69%	1.51%	1.45%
Common Equity to Total Capital	-7.25%	-18.54%	-52.45%	-6.04%	7.25%	9.54%	19.17%	26.40%	25.00%	31.67%	31.96%
Debt to EBITDA	1.62	2.10	3.99	2.79	2.73	2.52	2.42	2.33	3.28	2.74	2.21
Net Debt to EBITDA	0.55	0.71	1.35	2.20	1.86	1.65	1.40	1.73	2.46	1.88	1.32
Long-Term Debt to EBITDA	1.62	2.10	3.64	2.58	2.51	2.52	2.42	2.33	3.28	2.74	2.00
Debt to NOPAT	2.57	3.33	10.45	5.39	3.85	3.54	3.37	3.24	5.03	3.94	3.39
Net Debt to NOPAT	0.88	1.13	3.54	4.24	2.62	2.31	1.96	2.41	3.76	2.71	2.03
Long-Term Debt to NOPAT	2.57	3.33	9.52	4.98	3.54	3.54	3.37	3.24	5.03	3.94	3.07
Altman Z-Score	6.28	5.96	4.64	4.30	4.27	5.37	5.51	6.02	4.88	6.27	7.03
Noncontrolling Interest Sharing Ratio	68.31%	-159.50%	-31.59%	-35.94%	75.73%	28.27%	16.12%	8.19%	6.41%	5.32%	4.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.24	2.66	1.34	1.25	1.61	1.92	2.03	1.61	1.72	1.74	1.47
Quick Ratio	2.06	2.49	1.28	1.13	1.48	1.75	1.86	1.45	1.48	1.54	1.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	502	1,111	1,026	-3,104	1,203	1,603	903	-652	1,678	1,711	2,296
Operating Cash Flow to CapEx	1,365.42%	1,346.18%	1,093.06%	829.67%	1,605.49%	2,427.54%	2,083.50%	1,442.45%	520.85%	793.73%	895.27%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.71	0.69	0.60	0.49	0.49	0.47	0.46	0.38	0.41	0.47
Accounts Receivable Turnover	4.49	4.37	4.27	4.13	3.65	3.57	3.77	3.95	3.24	3.57	4.10
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.48	11.45	11.40	12.92	13.77	15.78	18.85	19.90	12.88	10.71	11.26
Accounts Payable Turnover	1.70	1.74	1.01	1.11	1.72	1.89	1.63	1.50	1.50	1.62	1.61
Days Sales Outstanding (DSO)	81.37	83.51	85.54	88.32	99.99	102.27	96.81	92.45	112.54	102.14	89.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	215.10	210.15	359.93	329.37	211.84	193.29	224.20	243.15	243.60	225.77	227.07
Cash Conversion Cycle (CCC)	-133.74	-126.64	-274.39	-241.05	-111.85	-91.02	-127.39	-150.69	-131.05	-123.63	-137.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	913	815	111	4,242	4,514	4,488	5,489	8,427	8,219	8,284	8,181
Invested Capital Turnover	4.99	4.03	7.78	1.93	1.01	1.07	1.08	0.89	0.66	0.72	0.86
Increase / (Decrease) in Invested Capital	489	-97	-705	4,132	272	-26	1,001	2,938	-208	65	-103
Enterprise Value (EV)	19,088	19,468	18,031	31,022	29,488	46,797	56,545	76,324	55,858	75,873	90,391
Market Capitalization	17,988	18,088	16,695	26,452	25,433	42,921	52,625	70,624	50,158	70,907	85,775
Book Value per Share	($0.90)	($2.86)	($6.41)	($1.71)	$2.40	$3.24	$8.35	$14.67	$13.75	$18.13	$19.67
Tangible Book Value per Share	($7.45)	($9.31)	($13.31)	($29.89)	($25.51)	($24.41)	($25.62)	($30.87)	($30.19)	($25.61)	($23.84)
Total Capital	2,590	3,048	2,336	5,426	6,332	6,418	8,185	10,329	10,078	10,477	11,155
Total Debt	2,547	3,381	3,363	5,541	5,676	5,581	6,422	7,413	7,389	7,001	7,428
Total Long-Term Debt	2,547	3,381	3,063	5,111	5,226	5,581	6,422	7,413	7,389	7,001	6,731
Net Debt	870	1,148	1,138	4,357	3,858	3,651	3,726	5,511	5,530	4,808	4,454
Capital Expenditures (CapEx)	75	89	115	91	91	69	103	139	283	271	317
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-191	-208	-1,100	-237	-80	-163	-409	-387	-140	-352	-584
Debt-free Net Working Capital (DFNWC)	1,487	2,025	1,125	947	1,738	1,767	2,287	1,515	1,719	1,841	2,390
Net Working Capital (NWC)	1,487	2,025	825	517	1,288	1,767	2,287	1,515	1,719	1,841	1,693
Net Nonoperating Expense (NNE)	-15	65	46	19	155	148	127	72	96	168	134
Net Nonoperating Obligations (NNO)	870	1,148	1,138	4,357	3,858	3,651	3,726	5,511	5,530	4,808	4,454
Total Depreciation and Amortization (D&A)	96	114	127	158	192	200	220	257	331	373	431
Debt-free, Cash-free Net Working Capital to Revenue	-5.73%	-5.96%	-30.52%	-5.63%	-1.80%	-3.38%	-7.62%	-6.22%	-2.56%	-5.95%	-8.24%
Debt-free Net Working Capital to Revenue	44.59%	58.10%	31.21%	22.52%	39.12%	36.59%	42.58%	24.36%	31.44%	31.12%	33.72%
Net Working Capital to Revenue	44.59%	58.10%	22.89%	12.30%	28.99%	36.59%	42.58%	24.36%	31.44%	31.12%	23.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.69	$4.70	$1.38	$5.24	$6.84	$7.51	$9.48	$11.88	$7.47	$8.77	$11.32
Adjusted Weighted Average Basic Shares Outstanding	210.70M	200.10M	192.70M	191.10M	191.60M	189.30M	187.60M	186.40M	183.90M	183.20M	181.80M
Adjusted Diluted Earnings per Share	$4.61	$4.63	$1.36	$5.15	$6.74	$7.42	$9.39	$11.78	$7.44	$8.73	$11.26
Adjusted Weighted Average Diluted Shares Outstanding	214.70M	203.40M	195.40M	194.20M	194.40M	191.60M	189.30M	187.90M	184.70M	184M	182.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	213.70M	194.90M	190.80M	191M	191.30M	187.40M	187.10M	185.20M	183.20M	182.50M	180M
Normalized Net Operating Profit after Tax (NOPAT)	991	1,014	1,069	1,040	1,520	1,627	1,944	2,286	1,559	1,848	2,271
Normalized NOPAT Margin	29.72%	29.11%	29.65%	24.74%	34.21%	33.70%	36.19%	36.76%	28.51%	31.24%	32.04%
Pre Tax Income Margin	43.82%	39.59%	15.48%	42.51%	37.63%	37.48%	41.50%	44.31%	32.19%	32.71%	38.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.93%	29.37%	122.34%	29.07%	25.91%	26.66%	23.69%	21.14%	37.55%	35.63%	30.45%
Augmented Payout Ratio	165.25%	145.01%	390.21%	48.91%	41.29%	96.01%	52.00%	55.01%	109.10%	66.11%	93.20%

This table displays calculated financial ratios and metrics derived from Moody's' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.18%	-3.42%	8.18%	15.45%	14.73%	21.50%	21.62%	23.17%	12.97%	7.73%	4.46%
EBITDA Growth	-37.25%	-13.24%	13.30%	24.14%	49.15%	42.37%	35.98%	34.41%	12.56%	7.00%	6.84%
EBIT Growth	-44.29%	-16.31%	13.05%	25.97%	60.25%	46.93%	38.90%	37.97%	11.82%	6.27%	6.52%
NOPAT Growth	-45.88%	2.25%	12.39%	30.44%	63.45%	12.05%	41.44%	30.84%	12.18%	7.00%	2.92%
Net Income Growth	-42.39%	0.60%	15.29%	28.71%	38.21%	15.17%	46.68%	36.92%	16.18%	8.32%	4.70%
EPS Growth	-41.23%	1.49%	15.82%	27.88%	38.06%	15.81%	47.32%	38.86%	16.76%	9.84%	6.29%
Operating Cash Flow Growth	26.09%	29.36%	107.56%	37.50%	26.53%	27.47%	13.58%	52.16%	41.30%	-2.32%	-20.85%
Free Cash Flow Firm Growth	117.44%	132.50%	129.48%	677.82%	-28.97%	7.03%	-6.02%	-43.58%	68.69%	-59.29%	-98.46%
Invested Capital Growth	-2.47%	-2.25%	-2.76%	-0.45%	0.79%	-2.14%	-0.23%	3.67%	-1.24%	4.11%	7.38%
Revenue Q/Q Growth	1.18%	13.95%	1.63%	-1.47%	0.54%	20.68%	1.74%	-0.22%	-7.78%	15.07%	-1.35%
EBITDA Q/Q Growth	-21.26%	56.20%	2.18%	-1.22%	-5.40%	49.10%	-2.41%	-2.35%	-20.78%	41.74%	-2.56%
EBIT Q/Q Growth	-26.65%	72.05%	1.62%	-1.78%	-6.69%	57.75%	-3.93%	-2.43%	-24.38%	49.91%	-3.70%
NOPAT Q/Q Growth	-29.91%	138.28%	-23.17%	1.66%	-12.18%	63.34%	-3.01%	-5.95%	-24.71%	55.81%	-6.71%
Net Income Q/Q Growth	-18.81%	103.66%	-24.75%	3.45%	-12.82%	69.71%	-4.16%	-3.44%	-26.03%	58.23%	-7.36%
EPS Q/Q Growth	-18.79%	102.99%	-24.63%	2.93%	-12.32%	70.27%	-4.13%	-2.98%	-26.28%	60.19%	-7.23%
Operating Cash Flow Q/Q Growth	12.20%	61.27%	-0.66%	-23.51%	3.25%	62.47%	-11.48%	2.48%	-4.13%	12.31%	-28.27%
Free Cash Flow Firm Q/Q Growth	644.00%	68.99%	-11.62%	-28.88%	-33.12%	154.64%	-22.40%	-57.31%	99.97%	-38.55%	-97.06%
Invested Capital Q/Q Growth	0.71%	1.27%	-1.48%	-0.93%	1.97%	-1.68%	0.44%	2.95%	-2.86%	3.65%	3.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.22%	70.88%	71.49%	72.01%	71.55%	73.85%	74.19%	71.76%	70.28%	74.38%	74.24%
EBITDA Margin	31.86%	43.67%	43.91%	44.02%	41.42%	51.18%	49.09%	48.04%	41.27%	50.83%	50.21%
Operating Margin	23.72%	37.69%	36.81%	36.35%	33.65%	44.85%	42.65%	40.71%	33.55%	43.97%	43.10%
EBIT Margin	24.96%	37.69%	37.68%	37.57%	34.86%	45.58%	43.04%	42.08%	34.51%	44.96%	43.89%
Profit (Net Income) Margin	19.07%	34.08%	25.23%	26.49%	22.97%	32.31%	30.43%	29.45%	23.62%	32.48%	30.51%
Tax Burden Percent	75.23%	99.01%	76.63%	80.08%	75.56%	76.73%	76.91%	75.96%	75.24%	77.74%	75.00%
Interest Burden Percent	101.55%	91.34%	87.39%	88.07%	87.21%	92.38%	91.94%	92.14%	90.99%	92.95%	92.68%
Effective Tax Rate	24.77%	0.99%	23.37%	19.92%	24.44%	23.27%	23.09%	24.04%	24.76%	22.26%	25.00%
Return on Invested Capital (ROIC)	11.72%	24.00%	18.75%	20.47%	18.23%	26.05%	26.25%	25.77%	21.73%	29.71%	27.84%
ROIC Less NNEP Spread (ROIC-NNEP)	12.01%	23.16%	17.93%	19.74%	17.53%	25.27%	25.31%	25.19%	21.15%	28.99%	27.07%
Return on Net Nonoperating Assets (RNNOA)	23.66%	45.98%	33.58%	35.85%	29.39%	35.99%	31.88%	30.98%	27.20%	34.48%	30.01%
Return on Equity (ROE)	35.38%	69.98%	52.33%	56.32%	47.62%	62.03%	58.13%	56.76%	48.93%	64.20%	57.85%
Cash Return on Invested Capital (CROIC)	20.16%	19.86%	21.14%	20.41%	20.73%	24.52%	24.84%	22.36%	27.89%	22.87%	19.45%
Operating Return on Assets (OROA)	9.40%	13.86%	14.37%	15.29%	14.24%	19.11%	19.00%	19.37%	16.24%	21.58%	21.03%
Return on Assets (ROA)	7.18%	12.53%	9.62%	10.79%	9.38%	13.54%	13.43%	13.56%	11.12%	15.59%	14.62%
Return on Common Equity (ROCE)	33.12%	65.58%	49.14%	53.05%	45.08%	59.05%	55.50%	54.28%	46.76%	61.51%	55.56%
Return on Equity Simple (ROE_SIMPLE)	0.00%	47.63%	45.39%	47.45%	0.00%	47.10%	49.23%	51.32%	0.00%	56.95%	54.01%
Net Operating Profit after Tax (NOPAT)	230	549	421	428	376	615	596	561	422	658	614
NOPAT Margin	17.85%	37.31%	28.21%	29.11%	25.42%	34.41%	32.81%	30.92%	25.24%	34.18%	32.32%
Net Nonoperating Expense Percent (NNEP)	-0.29%	0.85%	0.82%	0.73%	0.70%	0.78%	0.94%	0.58%	0.58%	0.72%	0.77%
Return On Investment Capital (ROIC_SIMPLE)	2.28%	-	-	-	3.59%	-	-	-	3.78%	6.16%	5.54%
Cost of Revenue to Revenue	31.78%	29.12%	28.51%	27.99%	28.45%	26.15%	25.81%	28.24%	29.72%	25.62%	25.76%
SG&A Expenses to Revenue	31.24%	26.26%	27.78%	27.38%	28.92%	23.12%	24.55%	23.94%	26.44%	22.82%	23.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.50%	33.20%	34.67%	35.67%	37.91%	29.00%	31.54%	31.05%	36.72%	30.41%	31.09%
Earnings before Interest and Taxes (EBIT)	322	554	563	553	516	814	782	763	577	865	833
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	411	642	656	648	613	914	892	871	690	978	953
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	19.91	19.14	20.08	18.03	21.37	20.04	20.31	22.13	24.06	22.66	22.85
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	9.17	10.22	11.42	10.05	11.99	11.50	11.70	12.53	12.10	11.60	12.35
Price to Earnings (P/E)	36.51	40.18	44.24	38.03	44.12	42.57	41.29	43.15	41.68	39.80	42.32
Dividend Yield	1.28%	1.18%	1.06%	1.18%	0.79%	0.81%	0.77%	0.70%	0.72%	0.75%	0.71%
Earnings Yield	2.74%	2.49%	2.26%	2.63%	2.27%	2.35%	2.42%	2.32%	2.40%	2.51%	2.36%
Enterprise Value to Invested Capital (EV/IC)	6.80	7.30	8.32	7.69	9.16	9.36	9.92	10.80	11.05	10.45	10.82
Enterprise Value to Revenue (EV/Rev)	10.22	11.22	12.33	10.91	12.83	12.23	12.38	13.19	12.75	12.26	13.01
Enterprise Value to EBITDA (EV/EBITDA)	24.80	28.21	30.56	26.50	29.65	26.92	26.45	27.64	26.85	25.82	27.23
Enterprise Value to EBIT (EV/EBIT)	29.08	33.52	36.31	31.36	34.71	31.16	30.44	31.63	30.79	29.66	31.29
Enterprise Value to NOPAT (EV/NOPAT)	38.00	41.06	44.72	38.44	42.72	41.40	40.26	42.35	41.21	39.62	42.18
Enterprise Value to Operating Cash Flow (EV/OCF)	37.90	37.70	35.42	30.46	35.27	32.88	33.80	34.43	31.85	31.42	35.51
Enterprise Value to Free Cash Flow (EV/FCFF)	33.29	36.34	38.79	37.59	44.35	37.75	39.88	49.17	39.36	46.60	57.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.75	2.44	2.18	2.04	2.01	1.86	1.76	1.86	1.99	1.77	1.70
Long-Term Debt to Equity	2.75	2.28	2.09	2.04	2.01	1.68	1.59	1.69	1.81	1.77	1.70
Financial Leverage	1.97	1.99	1.87	1.82	1.68	1.42	1.26	1.23	1.29	1.19	1.11
Leverage Ratio	5.18	5.22	5.01	4.87	4.70	4.38	4.10	4.04	4.18	3.97	3.79
Compound Leverage Factor	5.26	4.77	4.38	4.28	4.10	4.04	3.77	3.72	3.81	3.69	3.51
Debt to Total Capital	73.32%	70.93%	68.56%	67.15%	66.82%	65.02%	63.80%	65.04%	66.59%	63.88%	62.91%
Short-Term Debt to Total Capital	0.00%	4.74%	2.85%	0.00%	0.00%	6.41%	6.32%	5.96%	6.25%	0.00%	0.00%
Long-Term Debt to Total Capital	73.32%	66.19%	65.71%	67.15%	66.82%	58.61%	57.48%	59.09%	60.34%	63.88%	62.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.69%	1.59%	1.59%	1.58%	1.51%	1.50%	1.47%	1.40%	1.45%	1.48%	1.44%
Common Equity to Total Capital	25.00%	27.48%	29.84%	31.28%	31.67%	33.48%	34.73%	33.56%	31.96%	34.64%	35.66%
Debt to EBITDA	3.28	3.46	3.24	2.91	2.74	2.45	2.26	2.30	2.21	1.99	2.00
Net Debt to EBITDA	2.46	2.44	2.19	2.02	1.88	1.56	1.38	1.32	1.32	1.35	1.34
Long-Term Debt to EBITDA	3.28	3.23	3.10	2.91	2.74	2.21	2.04	2.09	2.00	1.99	2.00
Debt to NOPAT	5.03	5.04	4.74	4.22	3.94	3.77	3.44	3.52	3.39	3.05	3.09
Net Debt to NOPAT	3.76	3.56	3.21	2.94	2.71	2.40	2.11	2.03	2.03	2.07	2.08
Long-Term Debt to NOPAT	5.03	4.70	4.54	4.22	3.94	3.40	3.10	3.20	3.07	3.05	3.09
Altman Z-Score	4.51	4.79	5.33	5.29	5.89	5.93	6.34	6.60	6.53	6.81	7.09
Noncontrolling Interest Sharing Ratio	6.41%	6.29%	6.10%	5.81%	5.32%	4.81%	4.52%	4.37%	4.44%	4.19%	3.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	1.48	1.65	1.78	1.74	1.42	1.52	1.67	1.47	1.57	1.75
Quick Ratio	1.48	1.31	1.45	1.58	1.54	1.29	1.36	1.52	1.33	1.39	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	438	741	654	465	311	793	615	263	525	323	9.50
Operating Cash Flow to CapEx	477.22%	832.88%	1,118.52%	650.70%	653.42%	993.59%	737.63%	976.39%	910.81%	890.59%	724.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.37	0.38	0.41	0.41	0.42	0.44	0.46	0.47	0.48	0.48
Accounts Receivable Turnover	3.24	3.06	3.52	3.78	3.57	3.51	4.05	4.28	4.10	3.92	4.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.88	11.96	11.35	10.96	10.71	10.95	10.99	11.17	11.26	11.26	10.90
Accounts Payable Turnover	1.50	1.96	1.90	1.92	1.62	1.94	1.88	1.80	1.61	1.95	2.02
Days Sales Outstanding (DSO)	112.54	119.15	103.78	96.60	102.14	103.87	90.09	85.24	89.09	93.07	86.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	243.60	186.66	191.97	190.01	225.77	188.32	193.64	202.22	227.07	187.50	180.39
Cash Conversion Cycle (CCC)	-131.05	-67.51	-88.20	-93.41	-123.63	-84.44	-103.55	-116.98	-137.98	-94.43	-93.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,219	8,323	8,200	8,124	8,284	8,145	8,181	8,422	8,181	8,480	8,785
Invested Capital Turnover	0.66	0.64	0.66	0.70	0.72	0.76	0.80	0.83	0.86	0.87	0.86
Increase / (Decrease) in Invested Capital	-208	-192	-233	-37	65	-178	-19	298	-103	335	604
Enterprise Value (EV)	55,858	60,765	68,190	62,472	75,873	76,215	81,125	90,940	90,391	88,604	95,072
Market Capitalization	50,158	55,333	63,134	57,539	70,907	71,645	76,722	86,423	85,775	83,824	90,236
Book Value per Share	$13.75	$15.78	$17.13	$17.39	$18.13	$19.58	$20.69	$21.44	$19.67	$20.56	$21.95
Tangible Book Value per Share	($30.19)	($28.26)	($26.81)	($25.60)	($25.61)	($23.64)	($22.14)	($23.14)	($23.84)	($25.08)	($25.13)
Total Capital	10,078	10,520	10,535	10,203	10,477	10,679	10,879	11,637	11,155	10,681	11,075
Total Debt	7,389	7,462	7,223	6,851	7,001	6,944	6,941	7,569	7,428	6,823	6,967
Total Long-Term Debt	7,389	6,963	6,923	6,851	7,001	6,259	6,253	6,876	6,731	6,823	6,967
Net Debt	5,530	5,265	4,888	4,772	4,808	4,410	4,243	4,354	4,454	4,622	4,677
Capital Expenditures (CapEx)	79	73	54	71	73	78	93	72	74	85	75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-140	-260	-312	-311	-352	-425	-348	-364	-584	-553	-298
Debt-free Net Working Capital (DFNWC)	1,719	1,937	2,023	1,768	1,841	2,109	2,350	2,851	2,390	1,648	1,992
Net Working Capital (NWC)	1,719	1,438	1,723	1,768	1,841	1,424	1,662	2,158	1,693	1,648	1,992
Net Nonoperating Expense (NNE)	-16	48	44	38	36	38	43	27	27	33	35
Net Nonoperating Obligations (NNO)	5,530	5,265	4,888	4,772	4,808	4,410	4,243	4,354	4,454	4,622	4,677
Total Depreciation and Amortization (D&A)	89	88	93	95	97	100	110	108	113	113	120
Debt-free, Cash-free Net Working Capital to Revenue	-2.56%	-4.80%	-5.64%	-5.43%	-5.95%	-6.82%	-5.31%	-5.28%	-8.24%	-7.65%	-4.08%
Debt-free Net Working Capital to Revenue	31.44%	35.76%	36.59%	30.88%	31.12%	33.84%	35.85%	41.34%	33.72%	22.81%	27.26%
Net Working Capital to Revenue	31.44%	26.55%	31.16%	30.88%	31.12%	22.85%	25.35%	31.29%	23.89%	22.81%	27.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.35	$2.73	$2.05	$2.12	$1.87	$3.16	$3.03	$2.94	$2.19	$3.47	$3.22
Adjusted Weighted Average Basic Shares Outstanding	183.90M	183.30M	183.50M	183.30M	183.20M	182.60M	182.30M	181.70M	181.80M	180M	179.70M
Adjusted Diluted Earnings per Share	$1.34	$2.72	$2.05	$2.11	$1.85	$3.15	$3.02	$2.93	$2.16	$3.46	$3.21
Adjusted Weighted Average Diluted Shares Outstanding	184.70M	184.10M	184.10M	184M	184M	183.40M	183M	182.50M	182.70M	180.70M	180.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	183.20M	183.50M	183.50M	183M	182.50M	182.60M	182.10M	181.20M	180M	179.90M	179.40M
Normalized Net Operating Profit after Tax (NOPAT)	292	562	429	450	403	618	609	577	457	683	634
Normalized NOPAT Margin	22.63%	38.26%	28.72%	30.57%	27.26%	34.63%	33.52%	31.80%	27.31%	35.51%	33.39%
Pre Tax Income Margin	25.35%	34.42%	32.93%	33.08%	30.41%	42.11%	39.57%	38.78%	31.40%	41.79%	40.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.55%	38.27%	37.77%	36.59%	35.63%	34.86%	32.26%	30.59%	30.45%	31.66%	32.07%
Augmented Payout Ratio	109.10%	71.97%	53.19%	54.95%	66.11%	68.65%	73.44%	81.69%	93.20%	104.98%	105.44%

Key Financial Trends

Moody's Corporation (NYSE: MCO) has shown solid financial performance over the past year and into the first half of 2025. Here are the key takeaways from the analysis of the last several quarters and years:

Consistent Revenue Growth: Operating revenues increased from $1.29 billion in Q4 2022 to $1.898 billion in Q2 2025, indicating steady growth in Moody's core business.
Improved Profitability: Net income rose significantly from $246 million in Q4 2022 to $579 million in Q2 2025. Correspondingly, diluted earnings per share increased from $1.34 to $3.21 over the same period.
Strong Operating Cash Flow: The company has maintained healthy net cash from continuing operating activities, with $543 million generated in Q2 2025 alone, supporting operational stability.
Disciplined Capital Spending: Capital expenditures (purchase of property, plant & equipment) have remained controlled, with $75 million spent in Q2 2025, indicating prudent investment.
Shareholder Returns: Moody’s repurchased $284 million in common equity and paid $172 million in dividends during Q2 2025, reflecting commitment to returning capital to shareholders.
Decreasing Shares Outstanding: Weighted average diluted shares decreased from approximately 184 million in early 2022 to 180 million in Q2 2025, enhancing EPS growth prospects.
Stable Debt Levels: Total long-term debt was around $7 billion as of Q2 2025, showing modest increase over previous years but still manageable given cash flows.
Strong Balance Sheet Liquidity: Cash and equivalents totaled $2.17 billion in Q2 2025, providing good liquidity to meet short-term obligations and fund investments.
Rising Operating Expenses: Total operating expenses increased from about $488 million in Q1 2023 to $590 million in Q2 2025, slightly outpacing revenue growth and potentially pressuring margins.
Fluctuating Deferred Revenue and Liabilities: Deferred revenue and other liabilities have grown over the past years, which requires monitoring as it may affect future revenue recognition and obligations.

Summary: Moody's has demonstrated healthy revenue and earnings growth backed by robust cash flows and shareholder-friendly capital deployment. The company exhibits a strong balance sheet with good liquidity. However, investors should watch the trend of rising operating expenses and increasing deferred liabilities. Overall, Moody's is on a positive trajectory with stable fundamentals supporting its valuation.

08/08/25 10:21 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Moody's' Financials

When does Moody's' financial year end?

According to the most recent income statement we have on file, Moody's' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Moody's' net income changed over the last 10 years?

Moody's' net income appears to be on an upward trend, with a most recent value of $2.06 billion in 2024, rising from $1.01 billion in 2014. The previous period was $1.61 billion in 2023. See where experts think Moody's is headed by visiting Moody's' forecast page.

What is Moody's' operating income?

Moody's' total operating income in 2024 was $2.88 billion, based on the following breakdown:

Total Gross Profit: $5.14 billion
Total Operating Expenses: $2.27 billion

How has Moody's' revenue changed over the last 10 years?

Over the last 10 years, Moody's' total revenue changed from $3.33 billion in 2014 to $7.09 billion in 2024, a change of 112.6%.

How much debt does Moody's have?

Moody's' total liabilities were at $11.78 billion at the end of 2024, a 5.7% increase from 2023, and a 154.6% increase since 2014.

How much cash does Moody's have?

In the past 10 years, Moody's' cash and equivalents has ranged from $1.07 billion in 2017 to $2.60 billion in 2020, and is currently $2.41 billion as of their latest financial filing in 2024.

How has Moody's' book value per share changed over the last 10 years?

Over the last 10 years, Moody's' book value per share changed from -0.90 in 2014 to 19.67 in 2024, a change of -2,285.3%.

Related Companies

This page (NYSE:MCO) was last updated on 8/8/2025 by MarketBeat.com Staff

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Moody's (MCO) Financials

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Moody's (MCO) Financials

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