Moody’s
Moody’s returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 32.43% | 30.24% | — | 80.15% | 18.53% | 24.7 pp |
| FY 2026 Q1 | Mar 31, 2026 | 31.18% | 29.46% | 465.38% | 74.54% | 16.73% | 23.5 pp |
| FY 2025 Q4 | Dec 31, 2025 | 30.02% | 27.07% | 650.84% | 64.55% | 15.69% | 22.3 pp |
| FY 2025 Q3 | Sep 30, 2025 | 26.55% | 24.69% | — | 57.08% | 14.39% | 18.9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 26.29% | 24.06% | 36.33% | 55.18% | 13.98% | 18.6 pp |
| FY 2025 Q1 | Mar 31, 2025 | 26.71% | 24.53% | 116.72% | 57.9% | 13.99% | 19 pp |
| FY 2024 Q4 | Dec 31, 2024 | 25.66% | 23.93% | 104.35% | 59.8% | 13.66% | 18 pp |
| FY 2024 Q3 | Sep 30, 2024 | 24.98% | 23% | 65.47% | 56.45% | 13.37% | 17.3 pp |
| FY 2024 Q2 | Jun 30, 2024 | 24.43% | 21.91% | — | 53.68% | 12.51% | 16.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 22.17% | 20.41% | — | 52.06% | 11.32% | 14.5 pp |
| FY 2023 Q4 | Dec 31, 2023 | 21.32% | 17.74% | 804.84% | 55.06% | 11.09% | 13.6 pp |
| FY 2023 Q3 | Sep 30, 2023 | 19.76% | 16.35% | — | 55.56% | 10.76% | 12.1 pp |
| FY 2023 Q2 | Jun 30, 2023 | 18.18% | 15.46% | — | 52.48% | 9.84% | 10.5 pp |
| FY 2023 Q1 | Mar 31, 2023 | 17.39% | 15.17% | — | 52.11% | 9.35% | 9.7 pp |
| FY 2022 Q4 | Dec 31, 2022 | 17.47% | 15.59% | — | 52.38% | 9.47% | 9.8 pp |
| FY 2022 Q3 | Sep 30, 2022 | 20.72% | 17.8% | -137.1% | 66.38% | 10.97% | 13 pp |
| FY 2022 Q2 | Jun 30, 2022 | 25.72% | 21.34% | -12.84% | 77.05% | 12.85% | 18 pp |
| FY 2022 Q1 | Mar 31, 2022 | 29.01% | 23.96% | -1.18% | 89.33% | 14.51% | 21.3 pp |
| FY 2021 Q4 | Dec 31, 2021 | 32.4% | 25.43% | 13.03% | 103.07% | 16.35% | 24.7 pp |
| FY 2021 Q3 | Sep 30, 2021 | 32.93% | 25.72% | 10.94% | 107% | 16.11% | 25.2 pp |
| FY 2021 Q2 | Jun 30, 2021 | 38.46% | 27.52% | 70.63% | 129.78% | 17.56% | 30.8 pp |
| FY 2021 Q1 | Mar 31, 2021 | 37.78% | 27.45% | 128.89% | 155.13% | 17.02% | 30.1 pp |
| FY 2020 Q4 | Dec 31, 2020 | 37.45% | 25.76% | 32.37% | 163.04% | 15.68% | 29.7 pp |
| FY 2020 Q3 | Sep 30, 2020 | 37.94% | 28.32% | 60.62% | 185.11% | 17.24% | 30.2 pp |
| FY 2020 Q2 | Jun 30, 2020 | 36.47% | 27.44% | 64.32% | 249.02% | 16.61% | 28.8 pp |
| FY 2020 Q1 | Mar 31, 2020 | 33.05% | 25.85% | 25.7% | 435.82% | 14.76% | 25.4 pp |
| FY 2019 Q4 | Dec 31, 2019 | 34.19% | 25.32% | — | 265.32% | 14.37% | 26.5 pp |
| FY 2019 Q3 | Sep 30, 2019 | 31.7% | 26.81% | 109.31% | 300.88% | 14.66% | 24 pp |
| FY 2019 Q2 | Jun 30, 2019 | 30.66% | 24.4% | 80.21% | 417.56% | 13.56% | 23 pp |
| FY 2019 Q1 | Mar 31, 2019 | 31.63% | 25.18% | 1,527.14% | 811.15% | 14.13% | 23.9 pp |
| FY 2018 Q4 | Dec 31, 2018 | 32.77% | 26.77% | 155.02% | 1,981.24% | 14.45% | 25.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | 26.69% | 30.21% | — | 6,998.71% | 12.96% | 19 pp |
| FY 2018 Q2 | Jun 30, 2018 | 42% | 31.67% | 20.48% | — | 14.28% | 34.3 pp |
| FY 2018 Q1 | Mar 31, 2018 | 36.96% | 33.43% | 18.2% | — | 14.23% | 29.3 pp |
| FY 2017 Q4 | Dec 31, 2017 | 43.99% | 38.37% | 17.31% | — | 14.37% | 36.3 pp |
| FY 2017 Q3 | Sep 30, 2017 | 17.89% | 17.57% | -14.23% | — | 8.2% | 10.2 pp |
| FY 2017 Q2 | Jun 30, 2017 | — | 17.95% | — | — | 8.37% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 19.51% | — | — | 8.11% | — |
| FY 2016 Q4 | Dec 31, 2016 | 39.79% | 18.77% | — | — | 5.1% | 32.1 pp |
| FY 2016 Q3 | Sep 30, 2016 | — | 39.37% | — | — | 18.65% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 35.95% | — | — | 17.71% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 36.05% | — | — | 17.75% | — |
| FY 2015 Q4 | Dec 31, 2015 | 75.87% | 39.96% | — | — | 19.23% | 68.2 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 38.7% | — | — | 19.65% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 39.24% | — | 1,652.01% | 19.28% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 41.25% | — | 17,255.17% | 21.45% | — |
| FY 2014 Q4 | Dec 31, 2014 | 104.26% | 42.81% | 15.4% | 1,325.34% | 21.82% | 96.6 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 39.01% | — | 360.43% | 20.97% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 40.91% | — | 207.79% | 21.62% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 41.36% | — | 198.03% | 20.18% | — |
| FY 2013 Q4 | Dec 31, 2013 | 204.48% | 40.81% | 57.52% | 222.79% | 19.26% | 196.8 pp |
| FY 2013 Q3 | Sep 30, 2013 | 154.39% | 39.85% | 353.06% | 255.57% | 19.39% | 146.7 pp |
| FY 2013 Q2 | Jun 30, 2013 | 169.69% | 47.72% | — | 277.26% | 22.43% | 162 pp |
| FY 2013 Q1 | Mar 31, 2013 | 227.35% | 44.62% | 369.16% | 261.17% | 20.42% | 219.6 pp |
| FY 2012 Q4 | Dec 31, 2012 | 297.33% | 47.48% | 96.25% | 638.3% | 20.18% | 289.6 pp |
| FY 2012 Q3 | Sep 30, 2012 | 183.54% | 45.32% | 2.56% | 981.35% | 20.25% | 175.8 pp |
| FY 2012 Q2 | Jun 30, 2012 | 157.99% | 47.43% | -17.26% | 1,569.59% | 20.07% | 150.3 pp |
| FY 2012 Q1 | Mar 31, 2012 | 206.89% | 49.49% | 123.14% | — | 21.36% | 199.2 pp |
| FY 2011 Q4 | Dec 31, 2011 | 263.33% | 53.06% | — | — | 21.1% | 255.6 pp |
| FY 2011 Q3 | Sep 30, 2011 | 393.04% | 56.32% | 157.28% | — | 25.16% | 385.3 pp |
| FY 2011 Q2 | Jun 30, 2011 | — | 65.72% | 22.04% | — | 26.28% | — |
| FY 2011 Q1 | Mar 31, 2011 | 312.56% | 65.05% | 68.79% | — | 24.29% | 304.9 pp |
| FY 2010 Q4 | Dec 31, 2010 | 274.05% | 65.11% | 77.42% | — | 22.35% | 266.4 pp |
| FY 2010 Q3 | Sep 30, 2010 | 307.71% | 67.8% | — | — | 22.37% | 300 pp |
| FY 2010 Q2 | Jun 30, 2010 | — | 103.16% | — | — | 22.81% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MCO, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.