Financials Moody's Corporation

Equities

MCO

US6153691059

Professional Information Services

Real-time Estimate Cboe BZX Other stock markets 02:50:45 2025-03-17 pm EDT			5-day change	1st Jan Change
454.74 ^USD	+1.77%		+0.82%	-4.10%

Mar. 14	Moody's Upgrades Greece to Investment Grade	DJ
Mar. 12	Mizuho Initiates Moody's at Neutral With $504 Price Target	MT

Projected Income Statement: Moody's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,371	6,218	5,468	5,916	7,088	7,604	8,195	8,833
Change	-	15.77%	-12.06%	8.19%	19.81%	7.28%	7.76%	7.79%
EBITDA ¹	2,667	3,101	2,328	2,597	3,408	3,788	4,144	4,482
Change	-	16.27%	-24.93%	11.55%	31.23%	11.14%	9.39%	8.16%
EBIT ¹	2,388	2,844	1,883	2,137	2,875	3,290	3,615	4,034
Change	-	19.1%	-33.79%	13.49%	34.53%	14.44%	9.87%	11.6%
Interest Paid ¹	-205	-171	-231	-251	-237	-224.6	-220.3	-209.1
Earnings before Tax (EBT) ¹	2,229	2,755	1,760	1,935	2,699	3,094	3,401	3,752
Change	-	23.6%	-36.12%	9.94%	39.48%	14.62%	9.94%	10.32%
Net income ¹	1,778	2,214	1,374	1,607	2,058	2,333	2,578	2,842
Change	-	24.52%	-37.94%	16.96%	28.06%	13.34%	10.54%	10.22%
Announcement Date	2/12/21	2/10/22	1/31/23	2/13/24	2/13/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,290	1,435	1,356	1,290	1,600	1,553	1,526	1,539	1,522	1,381	1,275	1,290	1,470	1,494	1,472	1,480	1,786	1,817	1,813	1,672	1,897	1,945	1,929	1,832	2,033	2,089	2,082	1,965
Change	-	11.24%	-5.51%	-4.87%	24.03%	-2.94%	-1.74%	0.85%	-1.1%	-9.26%	-7.68%	1.18%	13.95%	1.63%	-1.47%	0.54%	20.68%	1.74%	-0.22%	-7.78%	13.43%	2.53%	-0.82%	-5.04%	10.99%	2.76%	-0.35%	-5.6%
EBITDA ¹	649	766	721	531	914	861	737	589	734	620	497	477	656	653	657	631	906	902	867	733	967	995.5	963.8	870.2	1,049	1,077	1,049	947
Change	-	18.03%	-5.87%	-26.35%	72.13%	-5.8%	-14.4%	-20.08%	24.62%	-15.53%	-19.84%	-4.02%	37.53%	-0.46%	0.61%	-3.96%	43.58%	-0.44%	-3.88%	-15.46%	31.92%	2.95%	-3.18%	-9.71%	20.54%	2.69%	-2.66%	-9.69%
EBIT ¹	592	710	642	444	853	801	676	514	656	508	413	306	554	550	535	498	801	775	738	561	833.3	871.4	843.5	743.6	913.1	960	923.2	808.4
Change	-	19.93%	-9.58%	-30.84%	92.12%	-6.1%	-15.61%	-23.96%	27.63%	-22.56%	-18.7%	-25.91%	81.05%	-0.72%	-2.73%	-6.92%	60.84%	-3.25%	-4.77%	-23.98%	48.54%	4.57%	-3.2%	-11.84%	22.8%	5.13%	-3.83%	-12.44%
Charge d'intérêts ¹	-40	-60	-53	-52	-7	-49	-53	-62	-53	-55	-58	-65	-48	-71	-66	-66	-62	-63	-60	-52	-57.44	-55.29	-54.56	-53.99	-53.86	-53.2	-52.71	-52.33
Earnings before Tax (EBT) ¹	564	666	599	400	862	758	619	516	609	443	381	327	506	492	487	450	752	719	703	525	784.1	819.6	796.8	693.9	865	912.2	881.2	759.1
Change	-	18.09%	-10.06%	-33.22%	115.5%	-12.06%	-18.34%	-16.64%	18.02%	-27.26%	-14%	-14.17%	54.74%	-2.77%	-1.02%	-7.6%	67.11%	-4.39%	-2.23%	-25.32%	49.35%	4.53%	-2.78%	-12.92%	24.67%	5.45%	-3.4%	-13.86%
Net income ¹	488	509	467	314	736	577	474	427	498	327	303	246	501	377	389	340	577	552	534	395	599.8	625.3	606.3	526.8	660.4	694.3	674.6	578.7
Change	-	4.3%	-8.25%	-32.76%	134.39%	-21.6%	-17.85%	-9.92%	16.63%	-34.34%	-7.34%	-18.81%	103.66%	-24.75%	3.18%	-12.6%	69.71%	-4.33%	-3.26%	-26.03%	51.85%	4.25%	-3.05%	-13.11%	25.36%	5.15%	-2.85%	-14.21%
Announcement Date	4/30/20	7/30/20	10/29/20	2/12/21	4/28/21	7/28/21	10/28/21	2/10/22	5/2/22	7/26/22	10/25/22	1/31/23	4/26/23	7/25/23	10/25/23	2/13/24	5/2/24	7/23/24	10/22/24	2/13/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Moody's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,726	5,511	5,530	4,808	4,454	4,151	3,583	3,168
Change	-	47.91%	0.34%	-13.06%	-7.36%	-6.8%	-13.68%	-11.58%
Announcement Date	2/12/21	2/10/22	1/31/23	2/13/24	2/13/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Moody's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	103	139	283	271	317	345.7	366.8	384.8
Change	-	34.95%	103.6%	-4.24%	16.97%	9.06%	6.08%	4.91%
Free Cash Flow (FCF) ¹	2,043	1,866	1,191	1,880	2,521	2,523	2,857	3,071
Change	-	-8.66%	-36.17%	57.85%	34.1%	0.1%	13.22%	7.47%
Announcement Date	2/12/21	2/10/22	1/31/23	2/13/24	2/13/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Moody's Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	49.66%	49.87%	42.57%	43.9%	48.08%	49.81%	50.56%	50.74%
EBIT Margin (%)	44.46%	45.74%	34.44%	36.12%	40.56%	43.27%	44.11%	45.67%
EBT Margin (%)	41.5%	44.31%	32.19%	32.71%	38.08%	40.68%	41.51%	42.48%
Net margin (%)	33.1%	35.61%	25.13%	27.16%	29.03%	30.67%	31.46%	32.17%
FCF margin (%)	38.04%	30.01%	21.78%	31.78%	35.57%	33.18%	34.86%	34.76%
FCF / Net Income (%)	114.9%	84.28%	86.68%	116.99%	122.5%	108.18%	110.81%	108.05%
Profitability
ROA	15.68%	17.05%	9.47%	11.09%	13.66%	15.58%	16.56%	19%
ROE	137.09%	98.7%	52.38%	55.06%	59.8%	62.66%	58.96%	61.2%
Financial Health
Leverage (Debt/EBITDA)	1.4x	1.78x	2.38x	1.85x	1.31x	1.1x	0.86x	0.71x
Debt / Free cash flow	1.82x	2.95x	4.64x	2.56x	1.77x	1.65x	1.25x	1.03x
Capital Intensity
CAPEX / Current Assets (%)	1.92%	2.24%	5.18%	4.58%	4.47%	4.55%	4.48%	4.36%
CAPEX / EBITDA (%)	3.86%	4.48%	12.16%	10.44%	9.3%	9.13%	8.85%	8.58%
CAPEX / FCF (%)	5.04%	7.45%	23.76%	14.41%	12.57%	13.7%	12.84%	12.53%
Items per share
Cash flow per share ¹	11.34	12.8	7.98	11.72	15.53	14.96	16.79	-
Change	-	12.9%	-37.65%	46.8%	32.59%	-3.71%	12.29%	-
Dividend per Share ¹	2.24	2.48	2.8	3.08	3.4	3.678	4.003	4.583
Change	-	10.71%	12.9%	10%	10.39%	8.17%	8.83%	14.5%
Book Value Per Share ¹	9.313	14.63	14.56	18.03	19.77	24.13	28.89	33.47
Change	-	57.09%	-0.49%	23.86%	9.64%	22.05%	19.71%	15.85%
EPS ¹	9.39	11.78	7.44	8.73	11.26	12.95	14.47	16.19
Change	-	25.45%	-36.84%	17.34%	28.98%	15.01%	11.76%	11.87%
Nbr of stocks (in thousands)	187,838	185,900	183,162	183,007	181,231	179,889	179,889	179,889
Announcement Date	2/12/21	2/10/22	1/31/23	2/13/24	2/13/25	-	-	-