Evenly matched
12 companies value 551 bn revenue 68 bn margin 32.0% free cash flow 25 bn avg. score 6.2
SPGI holds 22.9% of the group's value, 1.2x the runner-up
| Rank | Ticker | Company | Share | Value | Revenue | Margin | FCF | 5 years | FCF/px | Yield | What it does · why it is here |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SPGI | S&P Global United States · score 6.6 | 23% | 126 bn | 16 bn | 30.5% | 5.6 bn | 4.4% | 0.9% | Credit ratings, S&P indices and market data · World's largest rating agency + S&P indexes; a duopoly with Moody's | |
| 2 | CME | CME Group United States · score 8.1 | 19% | 106 bn | 6.8 bn | 63.3% | 4.2 bn | 4.0% | 3.9% | Futures and options exchange for rates, currencies and commodities · World's largest derivatives exchange; a practical monopoly in US interest-rate and index contracts | |
| 3 | ICE | Intercontinental Exchange United States · score 6.6 | 16% | 89 bn | 13 bn | 30.1% | 5.1 bn | 5.7% | 1.3% | New York Stock Exchange, energy derivatives and data · Owner of the New York Stock Exchange and the largest US mortgage database | |
| 4 | MCO | Moody's United States · score 6.5 | 15% | 83 bn | 8.2 bn | 34.3% | 3.0 bn | 3.6% | 0.8% | Credit rating agency and credit analytics · The other half of the ratings duopoly; margins above 40% | |
| 5 | NDAQ | Nasdaq Inc. United States · score 6.2 | 10% | 52 bn | 8.7 bn | 22.5% | 1.9 bn | 3.7% | 1.2% | Nasdaq exchange, market technology and data · Exchange + anti-fraud and capital markets software | |
| 6 | MSCI | MSCI Inc. United States · score 5.2 | 7% | 41 bn | 3.3 bn | 40.7% | 1.6 bn | 3.9% | 1.4% | Indexes, risk analytics and ESG data · Indexes that benchmark trillions in ETFs; subscription revenue | |
| 7 | CBOE | Cboe Global Markets United States · score 7.3 | 6% | 32 bn | 5.1 bn | 26.7% | 1.9 bn | 5.9% | 0.9% | Options and derivatives exchange · Owner of the VIX and SPX indexes and options; a near-monopoly in those contracts | |
| 8 | FDS | FactSet Research Systems United States · score 7.0 | 2% | 11 bn | 2.5 bn | 21.5% | 0.7 bn | 6.6% | 1.5% | Financial data and analytics for asset managers and banks · Financial data terminal, a direct Bloomberg competitor | |
| 9 | MORN | Morningstar United States · score 6.7 | 1% | 7.7 bn | 2.6 bn | 16.4% | 0.5 bn | 6.4% | 1.0% | Investment data, research and ratings · Fund data, ratings and indexes; the go-to reference for individual investors | |
| 10 | MIAX | MIAMI INTERNATIONAL HOLDINGS, INC. United States · score 6.9 | 1% | 3.1 bn | 1.5 bn | 9.7% | 0.3 bn | 8.0% | — | Regulated multi-asset-class exchanges · New Jersey — assets of $1.6bn | |
| 11 | VALU | VALUE LINE INC United States · score 7.0 | 0% | 0.4 bn | 0.0 bn | 60.3% | 0.0 bn | 4.5% | 3.2% | Investment research publishing, from New York · New York — assets of $153m | |
| 12 | ATHR | Aether Holdings, Inc. United States · score 0.0 | 0% | 0.0 bn | 0.0 bn | -378.6% | -0.0 bn | -18.6% | — | Analytics and data platform for stock traders · New York — assets of $5m |
Other industries in the same sector
- Sector overview
- Global banks (US) 4 companies
- Payments 7 companies
- International banks 22 companies
- Diversified holding companies 36 companies
- Continental European banks 5 companies
- Asian banks 6 companies
- Investment banks 13 companies
- Property and casualty insurance 27 companies
- Life insurance and annuities 24 companies
- Alternative assets and private equity 21 companies
- Traditional asset management 22 companies
- Insurance brokerage 27 companies
and 31 industries more
- Regional banks — US South 94 companies
- Regional banks — US Midwest 64 companies
- Brokerage and custody 16 companies
- Regional banks — US Northeast 75 companies
- UK banks 3 companies
- Indian banks 2 companies
- Payments infrastructure and fintech 26 companies
- Consumer credit and cards 18 companies
- Specialty insurance 29 companies
- Listed infrastructure 5 companies
- Custody and asset servicing 3 companies
- Digital and crypto brokerages 14 companies
- Digital banks 8 companies
- Regional banks — US West 50 companies
- Reinsurance 8 companies
- Crypto treasuries 50 companies
- Consumer lending fintech 22 companies
- BDCs (private credit) 50 companies
- Mortgage REITs (mREITs) 40 companies
- Crypto mining 34 companies
- Mortgage origination 11 companies
- Electronic trading platforms 3 companies
- Boutique investment banks 11 companies
- Stablecoins and crypto infrastructure 20 companies
- Title insurance 5 companies
- Cross-border remittances 5 companies
- Auto finance 4 companies
- Latin American fintech 3 companies
- Government-backed mortgage finance 3 companies
- Insurtech 4 companies
- Financial services (diversified) 3 companies
What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.
The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.