Question 1

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

Accepted Answer

Moody's (MCO) P/B ratio is 28.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Moody's specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Moody's's P/B ratio of 28.5× is above its own 5-year average of 22.3× and above the sector median of 1.7×. That places the current reading at the 89th 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/B ratio range?

Accepted Answer

In the available daily series, Moody's (MCO) P/B ratio has ranged from a low of 17.4× in 2023 to a high of 757.2× in 2006. The 5-year average is 22.3× and the 5-year median is 21.8×.

Question 7

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

Accepted Answer

Moody's (MCO) P/B ratio at the end of 2025 was 22.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$4.05B	22.4×	-1.7×	Dec 31, 2025
2024	$86.1B	$3.57B	24.1×	+2.6×	Dec 31, 2024
2023	$71.4B	$3.32B	21.5×	+1.2×	Dec 31, 2023
2022	$51B	$2.52B	20.3×	-6.3×	Dec 31, 2022
2021	$72.6B	$2.73B	26.6×	-8.1×	Dec 31, 2021
2020	$54.4B	$1.57B	34.7×	-38.3×	Dec 31, 2020
2019	$44.7B	$612M	73.0×	+14.7×	Dec 31, 2019
2018	$26.8B	$459M	58.4×	—	Dec 31, 2018
2017	$28.2B	-$328M	—	—	Dec 31, 2017
2016	$18B	-$1.23B	—	—	Dec 31, 2016
2015	$19.8B	-$565M	—	—	Dec 31, 2015
2014	$19.8B	-$188M	—	—	Dec 31, 2014
2013	$16.8B	$337M	49.9×	+20.8×	Dec 31, 2013
2012	$11.2B	$385M	29.1×	—	Dec 31, 2012
2011	$7.48B	-$169M	—	—	Dec 31, 2011
2010	$6.08B	-$310M	—	—	Dec 31, 2010
2009	$6.34B	-$606M	—	—	Dec 31, 2009
2008	$4.73B	-$994M	—	—	Dec 31, 2008
2007	$8.83B	-$784M	—	—	Dec 31, 2007
2006	$19B	$167M	113.7×	+56.0×	Dec 31, 2006
2005	$17.8B	$309M	57.7×	+17.0×	Dec 31, 2005
2004	$12.9B	$318M	40.6×	—	Dec 31, 2004
2003	$9.03B	-$32.1M	—	—	Dec 31, 2003
2002	$6.11B	-$327M	—	—	Dec 31, 2002


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

P/B Ratio for Moody's (MCO) 2004-2026

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

Historical P/B Ratio for Moody's (MCO) from 2002 to 2025

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

Moody's P/B Ratio by Year

Moody's P/B Ratio 2025: 22.4×

Moody's P/B Ratio 2024: 24.1×

Moody's P/B Ratio 2023: 21.5×

Moody's P/B Ratio 2022: 20.3×

Moody's P/B Ratio 2021: 26.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Moody's (MCO) Key Financials