Question 1

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

Accepted Answer

Moody's (MCO) EV/EBITDA ratio is 23.0× as of July 22, 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 10.2×.

Question 5

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

Accepted Answer

Moody's's EV/EBITDA ratio of 23.0× is below its own 5-year average of 26.0× and above the sector median of 10.2×. That places the current reading at the 22th 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 26.0× and the 5-year median is 26.6×.

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	$90.9B	$3.89B	24.6×	-2.8×	Dec 31, 2025
2024	$86.1B	$3.31B	27.4×	-3.6×	Dec 31, 2024
2023	$71.4B	$2.47B	31.0×	+4.5×	Dec 31, 2023
2022	$51B	$2.15B	26.6×	+2.4×	Dec 31, 2022
2021	$72.6B	$3.25B	24.2×	+1.8×	Dec 31, 2021
2020	$54.4B	$2.62B	22.4×	+0.7×	Dec 31, 2020
2019	$44.7B	$2.25B	21.7×	+6.9×	Dec 31, 2019
2018	$26.8B	$2.08B	14.8×	-0.3×	Dec 31, 2018
2017	$28.2B	$2.16B	15.1×	-8.2×	Dec 31, 2017
2016	$18B	$821M	23.3×	+10.1×	Dec 31, 2016
2015	$19.8B	$1.59B	13.2×	-0.3×	Dec 31, 2015
2014	$19.8B	$1.54B	13.4×	+1.0×	Dec 31, 2014
2013	$16.8B	$1.35B	12.5×	+3.0×	Dec 31, 2013
2012	$11.2B	$1.18B	9.4×	+1.4×	Dec 31, 2012
2011	$7.48B	$988M	8.0×	+0.2×	Dec 31, 2011
2010	$6.08B	$844M	7.9×	-1.3×	Dec 31, 2010
2009	$6.34B	$768M	9.2×	+2.2×	Dec 31, 2009
2008	$4.73B	$846M	7.0×	-0.8×	Dec 31, 2008
2007	$8.83B	$1.22B	7.8×	-6.7×	Dec 31, 2007
2006	$19B	$1.3B	14.5×	-3.5×	Dec 31, 2006
2005	$17.8B	$975M	18.0×	+2.7×	Dec 31, 2005
2004	$12.9B	$821M	15.3×	+2.3×	Dec 31, 2004
2003	$9.03B	$696M	13.0×	+1.5×	Dec 31, 2003
2002	$6.11B	$563M	11.6×	—	Dec 31, 2002


Arch Capital Group (ACGL)	4.3×
M&T Bank (MTB)	3.8×
1st Source (SRCE)	3.5×
Allstate (ALL)	3.4×
Mercury General (MCY)	3.2×
AXIS Capital Holdings (AXS)	2.2×
Commerce Bancshares (CBSH)	2.2×
American International Group (AIG)	1.9×
United Bankshares (UBSI)	1.7×
Atlantic Union Bankshares (AUB)	1.1×
W. R. Berkley (WRB)	0.2×
KeyCorp (KEY)	-0.4×
Capital One Financial (COF)	-0.5×
Everest Group (EG)	-0.7×
Aflac (AFL)	-1.1×
Northern Trust (NTRS)	-2.6×
Regions Financial (RF)	-3.1×
Principal Financial Group (PFG)	-4.1×
Fifth Third Bank (FITB)	-4.4×
JPMorgan Chase (JPM)	-5.2×
BancFirst (BANF)	-5.5×
Wells Fargo (WFC)	-6.9×
Ames National (ATLO)	-16.7×
Apollo Global Management (APO)	-17.2×
MetLife (MET)	-46.3×

EV/EBITDA for Moody's (MCO) 2002-2026

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

Historical EV/EBITDA for Moody's (MCO) from 2002 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