MCO vs SPGI: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: SPGI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MCO and SPGI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MCO and SPGI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Moody's is a global integrated risk-assessment company best known for credit ratings. It operates two main segments. Moody's Investors Service (MIS) rates the creditworthiness of bonds, loans, and other debt instruments issued by corporations, governments, and structured-finance vehicles, earning fees from issuers each time debt is rated. Moody's Analytics (MA) sells subscription software, data, research, and models for credit risk, economic forecasting, regulatory compliance, and increasingly ESG and supply-chain risk. Together with S&P Global, Moody's forms half of an effective duopoly in credit ratings, an industry protected by deep regulatory entrenchment, network effects, and the trust embedded in its ratings over more than a century. The ratings business is highly profitable and cyclical with debt-issuance volumes, while Moody's Analytics provides growing, recurring subscription revenue that smooths the cycle. Founded in 1909 and headquartered in New York, Moody's is a high-margin compounder tied to the global flow of capital and debt. Over the trailing twelve months to mid-2026 it generated about $8.2 billion of revenue and $2.8 billion of net income, with an operating margin near 49%.

Full MCO guide

S&P Global is a financial-information and analytics company best known for two franchises: S&P Global Ratings, one of the big three credit-rating agencies, and S&P Dow Jones Indices, which owns benchmark stock indices including the S&P 500 and the Dow Jones Industrial Average. The company makes money from rating debt issuances (a fee tied to bond issuance activity), licensing its indices to ETFs and funds (collecting fees on the assets that track them), and selling market data, analytics, and commodity-price benchmarks. Its Market Intelligence segment provides data platforms and research to financial professionals, and S&P Global Commodity Insights (formerly Platts) sets energy and commodity price benchmarks. The 2022 merger with IHS Markit broadened its data, automotive, and analytics offerings. S&P Global benefits from durable, recurring, subscription-like revenue and high margins. Headquartered in New York City, it serves banks, asset managers, corporations, and governments worldwide. As of October 16, 2026, the shares closed near $426.58, inside a 52-week range of about $361 to $522, after falling about 12% year to date. Trailing revenue is about $16.1 billion, revenue grew about 10.4% year over year in the latest quarter, and the company earned about $4.9 billion of net income over the past twelve months. In the June 2026 quarter earnings per share of about $4.87 fell short of the roughly $5.02 consensus, the first clear miss after a $4.97 beat in the March quarter.

Full SPGI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MCO drivers: Ratings duopoly and pricing power; Moody's Analytics recurring revenue.
• SPGI drivers: Index licensing and passive investing; Credit ratings and a wide moat.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The ratings segment is cyclical: debt issuance falls sharply when interest rates rise quickly or credit markets freeze, directly pressuring MIS revenue. For SPGI, ratings revenue is cyclical and tied to debt-issuance volumes, which fall when interest rates rise sharply or credit markets freeze.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick MCO if you believe its drivers more; SPGI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MCO and SPGI guides.

MCO. At about $482 a share on October 16, 2026, Moody's trades near 31x trailing and 25x forward earnings, a lower multiple than at the start of the year because earnings grew faster than the share price, which is down about 3% year to date. The valuation still embeds steady double-digit EPS growth and durable issuance volumes. Third-quarter results on October 21 are the next test.

SPGI. S&P Global still trades at a premium to the broad market, but at about 26 times trailing and 21 times forward earnings the premium is much smaller than the roughly 35x of early 2026. Consensus points to a softer second half, with Q3 2026 EPS expected near $4.41 and full-year 2026 EPS near $17.88, before growth of about 13% to roughly $20.19 in 2027. The 21-analyst mean target near $516 sits well above the October 16 price of about $427, a gap that reflects how far the multiple has fallen rather than a change in the franchise.

Headline figures (approximate, October 2026): MCO shows revenue (ttm) ~$8.2 billion, up ~15% year over year in the latest quarter, operating margin ~49%, net income (ttm) ~$2.8 billion, eps (ttm / forward) ~$15.76 / ~$18.93; SPGI shows revenue (ttm) ~$16.1 billion, revenue growth ~10.4% year over year in the latest quarter, operating margin (ttm) ~45% (gross margin ~71%), net income (ttm) ~$4.9 billion; EPS ~$16.37.

MCO and SPGI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MCO and SPGI exposure against your real portfolio. It is not an investment adviser.