Financial data & stock exchanges

14 companies · $225B combined revenue · $30.2B operating profit

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The typical US-listed financial data & stock exchanges company grew revenue 9.6% and earnings 18.4% in its latest year, at a 32.2% operating margin, and 4 of 10 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

9.6%Median revenue growth
18.4%Median earnings growth
10.5%Median revenue growth, 3 yrs
15.8%Median earnings growth, 3 yrs
32.2%Median operating margin
11.8%Median ROCE
Fastest revenue growthLPL Financial LPLA37.2%Fastest earnings growthTradeweb Markets TW62.1%Highest ROCEMSCI MSCI44.2%Biggest margin gainCboe Global Markets CBOE+4.3 pts

Growth engines: the 4 Cylinders

All four working: 20% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more43%
  • Operating leverage · Operating income growing faster than a growing revenue83%
  • Margin expansion · Operating margin up 1 point or more69%
  • Debt reduction · Debt down 5% or more, or net cash25%

Combined revenue · 14 companies reporting in US dollars

Revenue
$0$100B$200B$300BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%FY21FY22FY23FY24FY25

All 14 companies

Median–9.6%18.4%32.2%11.8%0.82x
SPGIS&P Global$15.3B7.9%▼16.1%▼42.2%▲12.1%▲0.42x▲
CMECME$6.5B6.4%▼15.5%▼64.9%▲11.1%▼–
ICEIntercontinental Exchange$12.6B7.5%▼20.4%▲39%▲9.3%▼0.68x▲
MCOMoodys$7.7B8.9%▼19.5%▲43.4%▲26.1%▲1.73x▼
NDAQNasdaq$8.3B11.6%▲60.1%▲28.2%▼10.1%▼0.74x▲
MSCIMSCI$3.1B9.7%▲8.4%▼54.7%▲44.2%▲–
CBOECboe Global Markets$4.7B15.1%▲43.8%▲31.1%▼21.1%▲0.28x▲
LPLALPL Financial$17.0B37.2%▲-18.5%▼––1.36x▼
TWTradeweb Markets$2.1B18.9%▲62.1%▲40.7%▲––
EFXEquifax$6.1B6.9%▼9.3%▼18%▼11.5%▼1.11x▼
TRUTransUnion$4.6B9.4%▼60.1%▲18.7%▼8.6%▼1.15x▼
FDSFactset Research Systems$2.3B5.4%▼11.2%▼32.2%19.8%▲0.63x▲
SNEXStoneX$132B32.5%▲17.3%▼1.4%▼–0.82x
BGCBGC$2.4B34.7%▲25.8%▲13.9%▼–1.85x▼

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).