Question 1

What is Moody's's P/FCF ratio?

Accepted Answer

Moody's (MCO) P/FCF ratio is 26.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Moody's?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Moody's specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Moody's's P/FCF ratio high or low?

Accepted Answer

Moody's's P/FCF ratio of 26.7× is below its own 5-year average of 35.7× and above the sector median of 11.1×. That places the current reading at the 2th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Moody's (MCO) P/FCF ratio has ranged from a low of 8.8× in 2010 to a high of 58.1× in 2017. The 5-year average is 35.7× and the 5-year median is 37.0×.

Question 7

What was Moody's's P/FCF ratio in 2025?

Accepted Answer

Moody's (MCO) P/FCF ratio at the end of 2025 was 32.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Moody's's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$2.82B	32.2×	-1.9×	Dec 31, 2025
2024	$86.06B	$2.52B	34.1×	-3.8×	Dec 31, 2024
2023	$71.36B	$1.88B	38.0×	-4.9×	Dec 31, 2023
2022	$51.04B	$1.19B	42.9×	+4.0×	Dec 31, 2022
2021	$72.57B	$1.87B	38.9×	+12.2×	Dec 31, 2021
2020	$54.45B	$2.04B	26.7×	-1.2×	Dec 31, 2020
2019	$44.70B	$1.61B	27.8×	+8.3×	Dec 31, 2019
2018	$26.80B	$1.37B	19.6×	-22.9×	Dec 31, 2018
2017	$28.19B	$664.00M	42.5×	+26.3×	Dec 31, 2017
2016	$17.99B	$1.11B	16.2×	-2.4×	Dec 31, 2016
2015	$19.77B	$1.06B	18.6×	-2.4×	Dec 31, 2015
2014	$19.78B	$944.00M	21.0×	+1.9×	Dec 31, 2014
2013	$16.82B	$884.50M	19.0×	+4.6×	Dec 31, 2013
2012	$11.22B	$778.10M	14.4×	+4.3×	Dec 31, 2012
2011	$7.48B	$735.60M	10.2×	-0.4×	Dec 31, 2011
2010	$6.08B	$574.30M	10.6×	-0.9×	Dec 31, 2010
2009	$6.34B	$553.10M	11.5×	+1.0×	Dec 31, 2009
2008	$4.73B	$450.30M	10.5×	-0.5×	Dec 31, 2008
2007	$8.83B	$802.20M	11.0×	-15.4×	Dec 31, 2007
2006	$19.03B	$721.40M	26.4×	+0.0×	Dec 31, 2006
2005	$17.84B	$676.60M	26.4×	+0.5×	Dec 31, 2005
2004	$12.90B	$498.40M	25.9×	+5.8×	Dec 31, 2004
2003	$9.03B	$450.50M	20.0×	+0.7×	Dec 31, 2003
2002	$6.11B	$316.70M	19.3×	-1.3×	Dec 31, 2002
2001	$6.15B	$299.30M	20.6×	—	Dec 31, 2001


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Moody's (MCO)

P/FCF Ratio daily chart for Moody's (MCO)

Historical P/FCF Ratio for Moody's (MCO) from 2001 to 2025

About P/FCF Ratio at Moody's (MCO)

Moody's P/FCF Ratio by Year

Moody's P/FCF Ratio 2025: 32.2×

Moody's P/FCF Ratio 2024: 34.1×

Moody's P/FCF Ratio 2023: 38.0×

Moody's P/FCF Ratio 2022: 42.9×

Moody's P/FCF Ratio 2021: 38.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Moody's (MCO) Key Financials

P/FCF Ratio daily chart for Moody's (MCO)

Historical P/FCF Ratio for Moody's (MCO) from 2001 to 2025

About P/FCF Ratio at Moody's (MCO)

Moody's P/FCF Ratio by Year

Moody's P/FCF Ratio 2025: 32.2×

Moody's P/FCF Ratio 2024: 34.1×

Moody's P/FCF Ratio 2023: 38.0×

Moody's P/FCF Ratio 2022: 42.9×

Moody's P/FCF Ratio 2021: 38.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Moody's's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Moody's?

+Is Moody's's P/FCF ratio high or low?

+What is Moody's's historical P/FCF ratio range?

+What was Moody's's P/FCF ratio in 2025?

+Why does Moody's's P/FCF ratio change over time?

Moody's (MCO) Key Financials