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Independent research · Est. October 2026
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Stock X-Ray · Financials · S&P 500 Full Coverage — Phase 1

Moody's (MCO)

X-Ray dated Oct 28, 2026 · Share price as of Oct 28, 2026 intraday, when the valuation snapshot was captured · Financials from SEC filings (EDGAR) · Valuation multiples from a labelled secondary source
The verdict — valuation label: OVERVALUED

Forward P/E is 26.43x against a peer median of 23.02x, a ratio of 1.15x — at the top of the fair range — with trailing P/E 29.11x and PEG 2.24. Latest-quarter revenue grew only 0.8% year over year (PRIMARY, EDGAR), far below the cluster median and with PEG above 2, so the label moves to OVERVALUED: the premium is not paid for by delivered growth. Delivered demand check: the Financial exchanges, data & ratings group's median latest-quarter revenue growth was 10.7% year over year (SEC filings) — demand rising.

26.4×
Forward P/E — price vs next year’s expected earnings (secondary source)
23.0×
Peer median forward P/E — closest comparable companies
29.1×
Trailing P/E — price vs the last twelve months of earnings
10.0×
Price / sales

What would change this label: The fair band is 20.72x to 26.47x (0.90x to 1.15x the peer median of 23.02x). Move to FAIRLY PRICED if revenue growth rises to at least 10.7% year over year, the cluster median, for two quarters with PEG falling to 2.0 or below, or if the forward P/E compresses well below 26.47x toward 20.72x at unchanged estimates. Move further from fair value if the forward P/E rises above 26.47x while revenue growth stays below 3% year over year.

In simple words

Moody's provides credit ratings and financial research that lenders rely on, but the shares trade at about 26 times next year's expected earnings, a little above similar companies at about 23 times. Sales grew only 0.8% in the latest quarter, much slower than the wider group. That makes the shares look overvalued — a strong business priced ahead of its recent growth.

Words we use, in plain English: P/E ratio — the share price divided by earnings per share; how many dollars you pay for one dollar of yearly profit. Forward P/E — the same, using next year’s expected earnings. Free cash flow — cash a company has left after running the business and buying equipment. TTM — the last twelve months. Drawdown — the worst fall from a peak to the low after it.
The share price vs the market — six years
Moody's (MCO)S&P 500 (SPY)
691091501912322021202220232024202520262020-09-012026-10-27

Both lines start at 100 on 2020-09-01. Over the full window Moody's returned +60.10% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Moody's: -42.1% (2021-10-28 to 2022-10-14). Source: Nasdaq official daily history.

What the label rests on

Forward P/E is 26.43x against a peer median of 23.02x, a ratio of 1.15x — at the top of the fair range — with trailing P/E 29.11x and PEG 2.24. Latest-quarter revenue grew only 0.8% year over year (PRIMARY, EDGAR), far below the cluster median and with PEG above 2, so the label moves to OVERVALUED: the premium is not paid for by delivered growth. Delivered demand check: the Financial exchanges, data & ratings group's median latest-quarter revenue growth was 10.7% year over year (SEC filings) — demand rising. The company’s forward P/E is 26.4× against a peer median of 23.0×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Financial exchanges, data & ratings group's median latest-quarter revenue growth was 10.7% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +0.8% versus a year earlier (SEC filings).

CompanyPrice (Oct 28, 2026)Forward P/ETrailing P/E
Moody's (MCO)$476.7326.4×29.1×
ICE$154.9718.6×21.9×
CME$292.3122.6×24.0×
NDAQ$105.3023.0×28.8×
MSCI$605.6227.9×32.1×
COIN$157.99105.7×—
Peer median23.0×

Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.

Sales, profit and cash

Sales and profit each quarter
SalesNet income (profit)
$0B$1B$2B$2BSep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Sep 2026

This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.

Cash left over each quarter (free cash flow)
PositiveNegative
$-1B$0B$1BSep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Sep 2026

Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.

QuarterSalesGross marginNet incomeEPS (GAAP, diluted)Free cash flow
Q/E Sep 2026
2026-09-30
$2.0B—$734M4.24$668M
Q/E Jun 2026
2026-06-30
$2.2B—$878M5.03$688M
Q/E Mar 2026
2026-03-31
$2.1B—$661M3.73$844M
Q/E Dec 2025
2025-12-31
$1.9B—$610M—$777M
Q/E Sep 2025
2025-09-30
$2.0B—$646M3.60$658M
Q/E Jun 2025
2025-06-30
$1.9B—$578M3.21$468M
Q/E Mar 2025
2025-03-31
$1.9B—$625M3.46$672M
Q/E Dec 2024
2024-12-31
$1.7B—$395M—$600M
Q/E Sep 2024
2024-09-30
$1.8B—$534M2.93$631M
Q/E Jun 2024
2024-06-30
$1.8B—$552M3.02$593M
Q/E Mar 2024
2024-03-31
$1.8B—$577M3.15$697M
Q/E Dec 2023
2023-12-31
$1.5B—$340M—$404M

The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.

Earnings: getting better or worse?

Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.

Dec 2022
—
Mar 2023
2.72
Jun 2023
2.05
Sep 2023
2.11
Dec 2023
—
Mar 2024
3.15
Jun 2024
3.02
Sep 2024
2.93
Dec 2024
—
Mar 2025
3.46
Jun 2025
3.21
Sep 2025
3.60
Dec 2025
—
Mar 2026
3.73
Jun 2026
5.03
Sep 2026
4.24

Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.

Key facts

ItemValue
Company (legal name in filings)MOODYS CORP /DE/
Chief executiveRob Fauber (source: https://en.wikipedia.org/wiki/Moody%27s_Corporation)
SectorFinancials — Financial Exchanges & Data — provides credit ratings, research and risk analytics to lenders and investors
Share price (Oct 28, 2026)$476.73
Market value (market cap)$81.7B — share price times shares outstanding of 172,400,000 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest))
Sales, last twelve months$8.2B
Net income, last twelve months$2.9B
Free cash flow, last twelve months$3.0B
Latest reported quarterQ/E Sep 2026 (of 25 quarters in the data pack)
Six-year price return vs S&P 500+60.10% vs +118.28%
Worst peak-to-trough fall-42.1% (2021-10-28 to 2022-10-14)

What we could not verify

  • Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
  • TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
  • Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
  • Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.

The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.

Sources

  • SEC EDGAR submissions — Filing index; company legal name. https://data.sec.gov/submissions/CIK0001059556.json
  • SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares. https://data.sec.gov/api/xbrl/companyfacts/CIK0001059556.json
  • Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates. https://api.nasdaq.com/api/quote/MCO/historical?assetclass=stocks
  • Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.

Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.

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