Moody's Corporation

Track record is strong: disciplined M&A (Bureau van Dijk earlier, RMS cat‑risk in 2021, CAPE Analytics agreement in 2025) to deepen data moats; consistent dividend growth (2025 quarterly dividend raised to $0.94); opportunistic buybacks with authorization expanded by $4 billion in October 2025. YTD 2025 repurchases total ~2.4 million shares across Q1–Q3; diluted share count continues to trend down, offsetting stock‑based compensation.

Integration execution in analytics has improved margins while sustaining ARR growth. We note management avoids large, dilutive transactions outside core adjacencies.