Question 1

What is Moody's's EV/EBITDA ratio?

Accepted Answer

Moody's (MCO) EV/EBITDA ratio is 21.7× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Moody's?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Moody's specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is Moody's's EV/EBITDA ratio high or low?

Accepted Answer

Moody's's EV/EBITDA ratio of 21.7× is below its own 5-year average of 25.9× and above the sector median of 9.3×. That places the current reading at the 14th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Moody's's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Moody's (MCO) EV/EBITDA ratio has ranged from a low of 6.5× in 2010 to a high of 35.2× in 2023. The 5-year average is 25.9× and the 5-year median is 26.4×.

Question 7

What was Moody's's EV/EBITDA ratio in 2025?

Accepted Answer

Moody's (MCO) EV/EBITDA ratio at the end of 2025 was 24.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Moody's's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$90.88B	$3.89B	24.6×	-2.8×	Dec 31, 2025
2024	$86.06B	$3.31B	27.4×	-3.6×	Dec 31, 2024
2023	$71.36B	$2.47B	31.0×	+4.5×	Dec 31, 2023
2022	$51.04B	$2.15B	26.6×	+2.4×	Dec 31, 2022
2021	$72.57B	$3.25B	24.2×	+1.8×	Dec 31, 2021
2020	$54.45B	$2.62B	22.4×	+0.7×	Dec 31, 2020
2019	$44.70B	$2.25B	21.7×	+6.9×	Dec 31, 2019
2018	$26.80B	$2.08B	14.8×	-0.3×	Dec 31, 2018
2017	$28.19B	$2.16B	15.1×	-8.2×	Dec 31, 2017
2016	$17.99B	$821.40M	23.3×	+10.1×	Dec 31, 2016
2015	$19.77B	$1.59B	13.2×	-0.3×	Dec 31, 2015
2014	$19.78B	$1.54B	13.4×	+1.0×	Dec 31, 2014
2013	$16.82B	$1.35B	12.5×	+3.0×	Dec 31, 2013
2012	$11.22B	$1.18B	9.4×	+1.4×	Dec 31, 2012
2011	$7.48B	$988.20M	8.0×	+0.2×	Dec 31, 2011
2010	$6.08B	$844.00M	7.9×	-1.3×	Dec 31, 2010
2009	$6.34B	$767.50M	9.2×	+2.2×	Dec 31, 2009
2008	$4.73B	$845.70M	7.0×	-0.8×	Dec 31, 2008
2007	$8.83B	$1.22B	7.8×	-6.7×	Dec 31, 2007
2006	$19.03B	$1.30B	14.5×	-3.5×	Dec 31, 2006
2005	$17.84B	$974.80M	18.0×	+2.7×	Dec 31, 2005
2004	$12.90B	$820.50M	15.3×	+2.3×	Dec 31, 2004
2003	$9.03B	$695.70M	13.0×	+1.5×	Dec 31, 2003
2002	$6.11B	$562.70M	11.6×	-3.6×	Dec 31, 2002
2001	$6.15B	$415.50M	15.1×	—	Dec 31, 2001


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for Moody's (MCO)

EV/EBITDA daily chart for Moody's (MCO)

Historical EV/EBITDA for Moody's (MCO) from 2001 to 2025

About EV/EBITDA at Moody's (MCO)

Moody's EV/EBITDA by Year

Moody's EV/EBITDA 2025: 24.6×

Moody's EV/EBITDA 2024: 27.4×

Moody's EV/EBITDA 2023: 31.0×

Moody's EV/EBITDA 2022: 26.6×

Moody's EV/EBITDA 2021: 24.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Moody's (MCO) Key Financials

EV/EBITDA daily chart for Moody's (MCO)

Historical EV/EBITDA for Moody's (MCO) from 2001 to 2025

About EV/EBITDA at Moody's (MCO)

Moody's EV/EBITDA by Year

Moody's EV/EBITDA 2025: 24.6×

Moody's EV/EBITDA 2024: 27.4×

Moody's EV/EBITDA 2023: 31.0×

Moody's EV/EBITDA 2022: 26.6×

Moody's EV/EBITDA 2021: 24.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Moody's's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Moody's?

+Is Moody's's EV/EBITDA ratio high or low?

+What is Moody's's historical EV/EBITDA ratio range?

+What was Moody's's EV/EBITDA ratio in 2025?

+Why does Moody's's EV/EBITDA ratio change over time?

Moody's (MCO) Key Financials