# Moody's Corporation (MCO)

> Source: Nexqual · https://nexqual.com/MCO · data as of 2026-10-23 16:30 UTC · cite as "Nexqual, Moody's Corporation (MCO), nexqual.com/MCO" · informational, not investment advice.

**Price:** USD 481.26 (-1.99% today) · US market open, as of October 23, 2026 at 16:30 UTC; quotes may be delayed. Prev close 491.05 · day 478–491.73 · 52w 402.28–546.88 · market cap $83.0B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $8.18B, net income $2.88B (35.3% margin), free cash flow $2.98B (SEC filings).
- Valuation: P/E 28.8x (avg 41.4x at the last 3 fiscal year-ends), EV/EBITDA 21.3x, net debt $5.29B.
- 17 of 80 tracked superinvestors hold MCO (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 0 added, 6 reduced, 10 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $4.1M; 0 not under a Rule 10b5-1 plan ($0K); 3 by opportunistic insiders (0 outside 10b5-1 plans), 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (24 analysts), mean target USD 552.14 (range 480–600).
- Total return with dividends: 1Y +1.3% vs S&P 500 +14.6%; 5Y +24.3% vs S&P 500 +77.3%.
- Next earnings: 2026-10-21, EPS estimate USD 3.58, revenue estimate $1.93B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.22B | $5.47B | $5.92B | $7.09B | $7.72B | $8.18B |
| Gross profit | $4.58B | $3.85B | $4.23B | $5.14B | $5.75B | — |
| Operating income | $2.84B | $1.88B | $2.14B | $2.88B | $3.35B | $3.64B |
| Net income | $2.21B | $1.37B | $1.61B | $2.06B | $2.46B | $2.88B |
| EPS (diluted) | $11.78 | $7.44 | $8.73 | $11.26 | $13.67 | — |
| Free cash flow | $1.87B | $1.19B | $1.88B | $2.52B | $2.58B | $2.98B |
| Gross margin | 73.7% | 70.5% | 71.5% | 72.6% | 74.4% | — |
| Operating margin | 45.7% | 34.4% | 36.1% | 40.6% | 43.4% | 44.6% |
| Net margin | 35.6% | 25.1% | 27.2% | 29.0% | 31.9% | 35.3% |
| Revenue growth | +15.8% | -12.1% | +8.2% | +19.8% | +8.9% | — |
| Cash + short-term investments | $1.90B | $1.86B | $2.19B | $2.97B | $2.45B | — |
| Total debt | $7.41B | $7.39B | $7.00B | $7.43B | $6.99B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 28.8x · P/S 10.2x · EV/EBITDA 21.3x · EV/Sales 10.8x · P/FCF 27.9x · P/B 25.4x · FCF yield 3.59% · Earnings yield 3.47% · Dividend yield (paid, TTM) 0.86% · Buyback yield (TTM) 3.60% · Net debt $5.29B · EV $88.3B
P/E at fiscal year-ends: Dec 2025 37.4x, Dec 2024 42.0x, Dec 2023 44.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
17 of 80 tracked investors hold MCO (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Valley Forge Capital | Valley Forge Capital Management | 19.14% | $597M | Unchanged | Q2 2026 |
| Chris Hohn | TCI Fund Management | 12.30% | $6.49B | Unchanged | Q2 2026 |
| Chuck Akre | Akre Capital Management | 10.26% | $524M | Reduced -7.2% | Q2 2026 |
| Guy Spier | Aquamarine Capital | 8.49% | $12.2M | Unchanged | Q2 2026 |
| John Armitage | Egerton Capital | 7.57% | $744M | Reduced -3.9% | Q3 2026 |
| Bryan Lawrence | Oakcliff Capital | 5.74% | $15.4M | New position | Q2 2026 |
| AKO Capital |  | 4.52% | $194M | Reduced -16.2% | Q2 2026 |
| Warren Buffett | Berkshire Hathaway | 3.73% | $11.2B | Unchanged | Q2 2026 |
| AltaRock Partners |  | 3.23% | $137M | Reduced -64.9% | Q2 2026 |
| William Von Mueffling | Cantillon Capital Management | 1.23% | $8.2M | Reduced -95.4% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.74% | $96.9M | Unchanged | Q2 2026 |
| Van Den Berg Management I |  | 0.55% | $2.6M | Reduced -2.4% | Q2 2026 |
| Francis Chou | Chou Associates | 0.31% | $679K | Unchanged | Q2 2026 |
| Yacktman Asset Management |  | 0.07% | $5.6M | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $549K | Unchanged | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | <0.01% | $213K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $863K | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Fauber Robert | President and CEO | 923 | $420K | 1.2% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Fauber Robert | President and CEO | 1,467 | $736K | 1.9% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-03 | Fauber Robert | President and CEO | 1,467 | $710K | 1.9% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Fauber Robert | President and CEO | 1,467 | $668K | 1.9% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Steele Richard G | SVP - General Counsel | 157 | $72K | 2.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Steele Richard G | SVP - General Counsel | 158 | $72K | 2.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Fauber Robert | President and CEO | 1,467 | $666K | 1.9% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Fauber Robert | President and CEO | 1,467 | $684K | 1.9% | Yes | Routine (sold in Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Steele Richard G | SVP - General Counsel | 158 | $74K | 2.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 24 analysts; mean target USD 552.14 (low 480, high 600).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Equal-Weight | $470 → $480 |
| 2026-10-22 | B of A Securities | Target lowered | Buy | $580 → $575 |
| 2026-10-22 | BMO Capital | Target raised | Market Perform | $490 → $511 |
| 2026-10-22 | Wells Fargo | Target lowered | Overweight | $597 → $595 |
| 2026-10-22 | Stifel | Target lowered | Buy | $550 → $537 |
| 2026-10-16 | RBC Capital | Target lowered | Outperform | $610 → $575 |
| 2026-10-14 | JP Morgan | Target lowered | Overweight | $570 → $555 |
| 2026-10-13 | BMO Capital | Target lowered | Market Perform | $515 → $490 |
| 2026-10-07 | Morgan Stanley | Target lowered | Equal-Weight | $512 → $470 |
| 2026-07-27 | Mizuho | Target raised | Neutral | $521 → $530 |
| 2026-07-23 | Baird | Target raised | Outperform | $557 → $572 |
| 2026-07-23 | Wells Fargo | Target raised | Overweight | $590 → $597 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +1.3% | +24.3% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | +1.3% | +4.4% |
| Volatility (annualized) | 28.3% | 27.9% |
| Max drawdown | -23.6% (Jan 2026→Feb 2026) | -41.3% (Oct 2021→Oct 2022) |

## Peers (Financial Data & Stock Exchanges)
ICE (Intercontinental Exchange Inc.) USD 163.32 -0.32% · CME (CME Group Inc.) USD 306.61 +0.21% · NDAQ (Nasdaq, Inc.) USD 103.39 +0.09% · SPGI (S&P Global Inc.) USD 449.76 -0.74% · MSCI (MSCI Inc.) USD 612.37 -1.27% · COIN (Coinbase Global, Inc.) USD 165.63 -2.05%

## More
Full page: https://nexqual.com/MCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| MIS | $1.09B | 53.7% | -1.0% |
| MA | $936.0M | 46.3% | +3.0% |
| Total revenue | $2.02B | 100% | — |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recurring Revenue | $928.0M | 45.9% | +6.1% |
| Transaction Revenue | $8.0M | 0.4% | -76.5% |
| Total revenue | $2.02B | 100% | — |
The lines above cover 46.3% of total revenue.

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.13B | 56.1% | +1.4% |
| Non-U.S. | $889.0M | 43.9% | +0.0% |
| — EMEA (part of Non-U.S.) | $596.0M | 29.5% | +0.3% |
| — Asia-Pacific (part of Non-U.S.) | $178.0M | 8.8% | -1.1% |
| — Americas (part of Non-U.S.) | $115.0M | 5.7% | +0.0% |
| Total revenue | $2.02B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Guidance as of October 21, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.58 | $3.69 | -2.9% | $1.93B | 21 |
| Next quarter (ends 2027-03-31) | $4.72 | $4.77 | -1.1% | $2.20B | 18 |
| Current fiscal year (ends 2026-12-31) | $16.80 | $16.89 | -0.5% | $8.23B | 24 |
| Next fiscal year (ends 2027-12-31) | $18.68 | $18.83 | -0.8% | $8.78B | 24 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.3% | ±6.1% |
| 2026-12-18 | 56 | 26.3% | ±8.3% |
| 2027-01-15 | 84 | 26.0% | ±10.0% |
| 2027-02-19 | 119 | 27.6% | ±12.6% |
| 2027-05-21 | 210 | 27.8% | ±16.8% |