# Financial Data & Stock Exchanges — company-by-company sector analysis

> Financial Data & Stock Exchanges: S&P Global Inc. owns the largest revenue base; TransUnion has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Financial Data & Stock Exchanges has underperformed S&P 500 by 23.4% over 52 weeks and 0.6% over 13 weeks. 2 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 14 beat the sector itself. S&P Global Inc. leads with income of $15,730 million, based on 9 of 14 comparable companies through Mar 2026.

### Is the Financial Data & Stock Exchanges sector outperforming S&P 500?

Financial Data & Stock Exchanges has underperformed S&P 500 by 23.4% over 52 weeks and 0.6% over 13 weeks. 2 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 14 beat the sector itself.

### Which Financial Data & Stock Exchanges company is largest by income?

S&P Global Inc. leads with income of $15,730 million, based on 9 of 14 comparable companies through Mar 2026.

### Which Financial Data & Stock Exchanges company is growing fastest?

TransUnion has the fastest current income growth at 11%, across 9 of 14 comparable companies.

### Which Financial Data & Stock Exchanges company has the strongest 4-Factor Sector Score?

TransUnion ranks first at 66.6/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Financial Data & Stock Exchanges company has the lowest comparable P/BV-to-ROE?

TransUnion has the lowest comparable P/BV ÷ ROE at 0.32, among 10 of 14 companies that pass the metric’s comparability rules.

### How much history does this Financial Data & Stock Exchanges comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Financial Data & Stock Exchanges has underperformed S&P 500 by 23.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.6%. 2 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. MarketWise, Inc. is the strongest against the sector itself at +21.2%.

13-week sector return versus NIFTY 500: -0.6%
52-week sector return versus NIFTY 500: -23%
Stocks leading NIFTY: 2/14
Stocks leading sector: 8/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹6.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. TransUnion (TRU): 67/100 — Favorable setup; evidence 76%
   - Growth & earnings 26.0/35 | Capital efficiency 15.4/25 | Valuation 9.9/20 | Relative strength 15.3/20
   - Exact sum: 26 + 15.4 + 9.9 + 15.3 = 66.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cboe Global Markets, Inc. (CBOE): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 25.8/35 | Capital efficiency 16.3/25 | Valuation 6.5/20 | Relative strength 12.7/20
   - Exact sum: 25.8 + 16.3 + 6.5 + 12.7 = 61.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Moody's Corporation (MCO): 57/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 21.9/35 | Capital efficiency 20.3/25 | Valuation 3.0/20 | Relative strength 11.3/20
   - Exact sum: 21.9 + 20.3 + 3 + 11.3 = 56.5
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. FactSet Research Systems Inc. (FDS): 51/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 11.3/35 | Capital efficiency 15.8/25 | Valuation 6.2/20 | Relative strength 17.3/20
   - Exact sum: 11.3 + 15.8 + 6.2 + 17.3 = 50.6
   - Decision use: Price leads the evidence: RS versus the benchmark is -1.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Nasdaq, Inc. (NDAQ): 51/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 18.4/35 | Capital efficiency 13.1/25 | Valuation 4.9/20 | Relative strength 14.1/20
   - Exact sum: 18.4 + 13.1 + 4.9 + 14.1 = 50.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Morningstar, Inc. (MORN): 49/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.9/35 | Capital efficiency 15.5/25 | Valuation 4.8/20 | Relative strength 9.8/20
   - Exact sum: 18.9 + 15.5 + 4.8 + 9.8 = 49
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. S&P Global Inc. (SPGI): 45/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 21.9/35 | Capital efficiency 13.6/25 | Valuation 4.2/20 | Relative strength 4.8/20
   - Exact sum: 21.9 + 13.6 + 4.2 + 4.8 = 44.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Intercontinental Exchange, Inc. (ICE): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.5/35 | Capital efficiency 10.1/25 | Valuation 7.5/20 | Relative strength 5.7/20
   - Exact sum: 20.5 + 10.1 + 7.5 + 5.7 = 43.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. MarketWise, Inc. (MKTW): 41/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 8.0/35 | Capital efficiency 6.0/25 | Valuation 9.8/20 | Relative strength 17.0/20
   - Exact sum: 8 + 6 + 9.8 + 17 = 40.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Value Line, Inc. (VALU): 37/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 9.6/35 | Capital efficiency 9.7/25 | Valuation 8.1/20 | Relative strength 9.8/20
   - Exact sum: 9.6 + 9.7 + 8.1 + 9.8 = 37.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. CME Group Inc. (CME): 32/100 — Adverse evidence; evidence 60%
   - Growth & earnings 15.6/35 | Capital efficiency 8.3/25 | Valuation 5.9/20 | Relative strength 2.5/20
   - Exact sum: 15.6 + 8.3 + 5.9 + 2.5 = 32.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Coinbase Global, Inc. (COIN): 25/100 — Adverse evidence; evidence 64%
   - Growth & earnings 7.0/35 | Capital efficiency 5.5/25 | Valuation 9.8/20 | Relative strength 2.3/20
   - Exact sum: 7 + 5.5 + 9.8 + 2.3 = 24.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. MSCI Inc. (MSCI): 53/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 21.8/35 | Capital efficiency 14.4/25 | Valuation 9.8/20 | Relative strength 7.3/20
   - Exact sum: 21.8 + 14.4 + 9.8 + 7.3 = 53.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Securitize Corp. (SECZ): 35/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 17.5/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 17.5 + 4.9 + 10 + 3 = 35.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: S&P Global Inc. is the scale leader at $15,730 million, 20.3% ahead of Intercontinental Exchange, Inc.. TransUnion's growth is 11% from a $4,727 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: S&P Global Inc. is the scale benchmark; TransUnion is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: S&P Global Inc.'s growth falls below TransUnion's for two consecutive comparable reports while operating margin also compresses.

Evidence: S&P Global Inc. · $15,730 million | 20.3% versus #2 · Intercontinental Exchange, Inc. | 8/8 recent comparable periods | 9/14 companies · 248 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. S&P Global Inc. (SPGI): ₹15.7K Cr
2. Intercontinental Exchange, Inc. (ICE): ₹13.1K Cr
3. Coinbase Global, Inc. (COIN): ₹6.6K Cr
4. Cboe Global Markets, Inc. (CBOE): ₹4.8K Cr
5. TransUnion (TRU): ₹4.7K Cr

### Income growth — fastest growers
1. TransUnion (TRU): 11%
2. Cboe Global Markets, Inc. (CBOE): 11%
3. S&P Global Inc. (SPGI): 8.5%
4. Morningstar, Inc. (MORN): 8.4%
5. Intercontinental Exchange, Inc. (ICE): 7.3%

### 20-quarter Income history
- SPGI: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- CME: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- ICE: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- MCO: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- NDAQ: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- COIN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹808 Cr | Sep 2022 ₹590 Cr | Dec 2022 ₹629 Cr | Mar 2023 ₹773 Cr | Jun 2023 ₹708 Cr | Sep 2023 ₹674 Cr | Dec 2023 ₹954 Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- MSCI: Sep 2021 ₹517 Cr | Dec 2021 ₹550 Cr | Mar 2022 ₹560 Cr | Jun 2022 ₹552 Cr | Sep 2022 ₹561 Cr | Dec 2022 ₹576 Cr | Mar 2023 ₹592 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹625 Cr | Dec 2023 ₹690 Cr | Mar 2024 ₹680 Cr | Jun 2024 ₹708 Cr | Sep 2024 ₹725 Cr | Dec 2024 ₹744 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹773 Cr | Sep 2025 ₹793 Cr | Dec 2025 ₹823 Cr | Mar 2026 ₹851 Cr | Jun 2026 —
- CBOE: Sep 2021 ₹817 Cr | Dec 2021 ₹866 Cr | Mar 2022 ₹975 Cr | Jun 2022 ₹986 Cr | Sep 2022 ₹994 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹988 Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹909 Cr | Dec 2023 ₹969 Cr | Mar 2024 ₹957 Cr | Jun 2024 ₹974 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- TRU: Sep 2021 ₹743 Cr | Dec 2021 ₹790 Cr | Mar 2022 ₹921 Cr | Jun 2022 ₹948 Cr | Sep 2022 ₹938 Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹940 Cr | Jun 2023 ₹968 Cr | Sep 2023 ₹969 Cr | Dec 2023 ₹954 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- FDS: Sep 2021 ₹412 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹489 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹505 Cr | Mar 2023 ₹515 Cr | Jun 2023 ₹530 Cr | Sep 2023 ₹536 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹546 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹562 Cr | Dec 2024 ₹569 Cr | Mar 2025 ₹571 Cr | Jun 2025 ₹586 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹608 Cr | Mar 2026 ₹611 Cr | Jun 2026 ₹623 Cr
- MORN: Sep 2021 ₹429 Cr | Dec 2021 ₹462 Cr | Mar 2022 ₹457 Cr | Jun 2022 ₹470 Cr | Sep 2022 ₹468 Cr | Dec 2022 ₹475 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹505 Cr | Sep 2023 ₹516 Cr | Dec 2023 ₹539 Cr | Mar 2024 ₹543 Cr | Jun 2024 ₹572 Cr | Sep 2024 ₹569 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹617 Cr | Dec 2025 ₹641 Cr | Mar 2026 ₹645 Cr | Jun 2026 —
- VALU: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- MKTW: Sep 2021 ₹141 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹77 Cr | Jun 2026 —

### 20-quarter Income growth history
- SPGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 37% | Dec 2022 41% | Mar 2023 32% | Jun 2023 3.6% | Sep 2023 7.8% | Dec 2023 7.3% | Mar 2024 10% | Jun 2024 14% | Sep 2024 16% | Dec 2024 14% | Mar 2025 8.2% | Jun 2025 5.8% | Sep 2025 8.8% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 —
- CME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.9% | Sep 2022 11% | Dec 2022 5.3% | Mar 2023 7.1% | Jun 2023 9.9% | Sep 2023 9.0% | Dec 2023 19% | Mar 2024 3.2% | Jun 2024 13% | Sep 2024 18% | Dec 2024 6.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 -2.9% | Dec 2025 8.1% | Mar 2026 14% | Jun 2026 —
- ICE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 4.8% | Dec 2022 2.1% | Mar 2023 0.5% | Jun 2023 -3.2% | Sep 2023 1.8% | Dec 2023 12% | Mar 2024 13% | Jun 2024 24% | Sep 2024 25% | Dec 2024 14% | Mar 2025 15% | Jun 2025 13% | Sep 2025 -0.9% | Dec 2025 3.7% | Mar 2026 14% | Jun 2026 —
- MCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -16% | Dec 2022 -16% | Mar 2023 -3.4% | Jun 2023 8.2% | Sep 2023 15% | Dec 2023 15% | Mar 2024 22% | Jun 2024 22% | Sep 2024 23% | Dec 2024 13% | Mar 2025 7.7% | Jun 2025 4.5% | Sep 2025 11% | Dec 2025 13% | Mar 2026 8.1% | Jun 2026 —
- NDAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.9% | Sep 2022 15% | Dec 2022 7.8% | Mar 2023 -0.1% | Jun 2023 -7.7% | Sep 2023 -6.8% | Dec 2023 4.1% | Mar 2024 9.2% | Jun 2024 25% | Sep 2024 31% | Dec 2024 23% | Mar 2025 25% | Jun 2025 17% | Sep 2025 2.9% | Dec 2025 4.6% | Mar 2026 2.0% | Jun 2026 —
- COIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 -55% | Dec 2022 -75% | Mar 2023 -34% | Jun 2023 -12% | Sep 2023 14% | Dec 2023 52% | Mar 2024 112% | Jun 2024 105% | Sep 2024 79% | Dec 2024 138% | Mar 2025 24% | Jun 2025 3.2% | Sep 2025 55% | Dec 2025 -22% | Mar 2026 -31% | Jun 2026 —
- MSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 8.5% | Dec 2022 4.7% | Mar 2023 5.7% | Jun 2023 13% | Sep 2023 11% | Dec 2023 20% | Mar 2024 15% | Jun 2024 14% | Sep 2024 16% | Dec 2024 7.8% | Mar 2025 9.7% | Jun 2025 9.2% | Sep 2025 9.4% | Dec 2025 11% | Mar 2026 14% | Jun 2026 —
- CBOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 22% | Dec 2022 16% | Mar 2023 1.3% | Jun 2023 -7.9% | Sep 2023 -8.6% | Dec 2023 -3.6% | Mar 2024 -3.1% | Jun 2024 7.3% | Sep 2024 16% | Dec 2024 14% | Mar 2025 25% | Jun 2025 21% | Sep 2025 8.1% | Dec 2025 8.7% | Mar 2026 6.5% | Jun 2026 —
- TRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 26% | Dec 2022 14% | Mar 2023 2.1% | Jun 2023 2.1% | Sep 2023 3.3% | Dec 2023 5.8% | Mar 2024 8.6% | Jun 2024 7.5% | Sep 2024 12% | Dec 2024 8.7% | Mar 2025 7.4% | Jun 2025 9.5% | Sep 2025 7.8% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 19% | Mar 2023 19% | Jun 2023 8.4% | Sep 2023 7.4% | Dec 2023 7.3% | Mar 2024 6.0% | Jun 2024 4.3% | Sep 2024 4.9% | Dec 2024 5.0% | Mar 2025 4.6% | Jun 2025 6.0% | Sep 2025 6.2% | Dec 2025 6.9% | Mar 2026 7.0% | Jun 2026 6.3%
- MORN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 9.1% | Dec 2022 2.8% | Mar 2023 5.0% | Jun 2023 7.5% | Sep 2023 10% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 10% | Dec 2024 9.7% | Mar 2025 7.2% | Jun 2025 5.8% | Sep 2025 8.4% | Dec 2025 8.5% | Mar 2026 11% | Jun 2026 —
- VALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -10% | Jun 2024 -10% | Sep 2024 -10% | Dec 2024 -10% | Mar 2025 0.0% | Jun 2025 -11% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -11% | Jun 2026 —
- MKTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.9% | Sep 2022 -15% | Dec 2022 -13% | Mar 2023 -8.0% | Jun 2023 -19% | Sep 2023 -12% | Dec 2023 -13% | Mar 2024 -13% | Jun 2024 1.0% | Sep 2024 -8.5% | Dec 2024 -13% | Mar 2025 -23% | Jun 2025 -24% | Sep 2025 -16% | Dec 2025 -14% | Mar 2026 -8.3% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: S&P Global Inc. leads with $5,153 million of TTM profit, 29.1% above Intercontinental Exchange, Inc.. TransUnion shows 86% growth from a $718 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: S&P Global Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: S&P Global Inc. · $5,153 million | 29.1% versus #2 · Intercontinental Exchange, Inc. | 8/8 recent comparable periods | 9/14 companies · 248 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. S&P Global Inc. (SPGI): ₹5.2K Cr
2. Intercontinental Exchange, Inc. (ICE): ₹4.0K Cr
3. Cboe Global Markets, Inc. (CBOE): ₹1.2K Cr
4. Coinbase Global, Inc. (COIN): ₹801 Cr
5. TransUnion (TRU): ₹718 Cr

### Profit growth — fastest growers
1. TransUnion (TRU): 86%
2. Cboe Global Markets, Inc. (CBOE): 53%
3. Intercontinental Exchange, Inc. (ICE): 41%
4. S&P Global Inc. (SPGI): 21%
5. FactSet Research Systems Inc. (FDS): 6.4%

### 20-quarter Net profit history
- SPGI: Sep 2021 ₹861 Cr | Dec 2021 ₹736 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹678 Cr | Dec 2022 ₹494 Cr | Mar 2023 ₹860 Cr | Jun 2023 ₹575 Cr | Sep 2023 ₹814 Cr | Dec 2023 ₹644 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹967 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CME: Sep 2021 ₹926 Cr | Dec 2021 ₹625 Cr | Mar 2022 ₹711 Cr | Jun 2022 ₹663 Cr | Sep 2022 ₹680 Cr | Dec 2022 ₹638 Cr | Mar 2023 ₹884 Cr | Jun 2023 ₹778 Cr | Sep 2023 ₹750 Cr | Dec 2023 ₹815 Cr | Mar 2024 ₹855 Cr | Jun 2024 ₹883 Cr | Sep 2024 ₹913 Cr | Dec 2024 ₹875 Cr | Mar 2025 ₹956 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹908 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ICE: Sep 2021 ₹637 Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹667 Cr | Jun 2022 ₹566 Cr | Sep 2022 ₹-175 Cr | Dec 2022 ₹440 Cr | Mar 2023 ₹674 Cr | Jun 2023 ₹815 Cr | Sep 2023 ₹559 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹639 Cr | Sep 2024 ₹671 Cr | Dec 2024 ₹709 Cr | Mar 2025 ₹812 Cr | Jun 2025 ₹865 Cr | Sep 2025 ₹831 Cr | Dec 2025 ₹862 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- MCO: Sep 2021 ₹474 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹498 Cr | Jun 2022 ₹327 Cr | Sep 2022 ₹303 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹501 Cr | Jun 2023 ₹377 Cr | Sep 2023 ₹390 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹577 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹395 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹647 Cr | Dec 2025 ₹611 Cr | Mar 2026 ₹661 Cr | Jun 2026 —
- NDAQ: Sep 2021 ₹288 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹307 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹240 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹233 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹423 Cr | Dec 2025 ₹518 Cr | Mar 2026 ₹519 Cr | Jun 2026 —
- COIN: Sep 2021 ₹406 Cr | Dec 2021 ₹840 Cr | Mar 2022 ₹-430 Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-545 Cr | Dec 2022 ₹-557 Cr | Mar 2023 ₹-79 Cr | Jun 2023 ₹-97 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹433 Cr | Dec 2025 ₹-667 Cr | Mar 2026 ₹-394 Cr | Jun 2026 —
- MSCI: Sep 2021 ₹170 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹217 Cr | Dec 2022 ₹215 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹260 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹406 Cr | Jun 2026 —
- CBOE: Sep 2021 ₹120 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹-185 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹210 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹386 Cr | Jun 2026 —
- TRU: Sep 2021 ₹97 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹-314 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹401 Cr | Jun 2026 —
- FDS: Sep 2021 ₹101 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹133 Cr | Jun 2026 ₹127 Cr
- MORN: Sep 2021 ₹49 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- VALU: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- MKTW: Sep 2021 ₹-366 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SPGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -21% | Dec 2022 -33% | Mar 2023 -34% | Jun 2023 -45% | Sep 2023 20% | Dec 2023 30% | Mar 2024 24% | Jun 2024 89% | Sep 2024 29% | Dec 2024 50% | Mar 2025 9.6% | Jun 2025 6.9% | Sep 2025 21% | Dec 2025 27% | Mar 2026 28% | Jun 2026 —
- CME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 -27% | Dec 2022 2.1% | Mar 2023 24% | Jun 2023 17% | Sep 2023 10% | Dec 2023 28% | Mar 2024 -3.3% | Jun 2024 14% | Sep 2024 22% | Dec 2024 7.4% | Mar 2025 12% | Jun 2025 16% | Sep 2025 -0.6% | Dec 2025 35% | Mar 2026 21% | Jun 2026 —
- ICE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -55% | Sep 2022 -127% | Dec 2022 -71% | Mar 2023 1.1% | Jun 2023 44% | Sep 2023 — | Dec 2023 -11% | Mar 2024 16% | Jun 2024 -22% | Sep 2024 20% | Dec 2024 82% | Mar 2025 3.7% | Jun 2025 35% | Sep 2025 24% | Dec 2025 22% | Mar 2026 76% | Jun 2026 —
- MCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 -36% | Dec 2022 -42% | Mar 2023 0.6% | Jun 2023 15% | Sep 2023 29% | Dec 2023 38% | Mar 2024 15% | Jun 2024 47% | Sep 2024 37% | Dec 2024 16% | Mar 2025 8.3% | Jun 2025 4.7% | Sep 2025 21% | Dec 2025 55% | Mar 2026 5.8% | Jun 2026 —
- NDAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10.0% | Sep 2022 2.1% | Dec 2022 -7.3% | Mar 2023 6.4% | Jun 2023 -13% | Sep 2023 0.0% | Dec 2023 -18% | Mar 2024 -23% | Jun 2024 -17% | Sep 2024 3.7% | Dec 2024 81% | Mar 2025 70% | Jun 2025 104% | Sep 2025 39% | Dec 2025 46% | Mar 2026 31% | Jun 2026 —
- COIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -168% | Sep 2022 -234% | Dec 2022 -166% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 373% | Mar 2025 -94% | Jun 2025 3,869% | Sep 2025 477% | Dec 2025 -152% | Mar 2026 -697% | Jun 2026 —
- MSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 28% | Dec 2022 11% | Mar 2023 4.8% | Jun 2023 17% | Sep 2023 20% | Dec 2023 87% | Mar 2024 7.1% | Jun 2024 8.1% | Sep 2024 8.1% | Dec 2024 -24% | Mar 2025 13% | Jun 2025 14% | Sep 2025 16% | Dec 2025 -6.9% | Mar 2026 40% | Jun 2026 —
- CBOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -275% | Sep 2022 25% | Dec 2022 -3.6% | Mar 2023 57% | Jun 2023 — | Sep 2023 39% | Dec 2023 33% | Mar 2024 21% | Jun 2024 -17% | Sep 2024 5.3% | Dec 2024 -7.1% | Mar 2025 20% | Jun 2025 68% | Sep 2025 37% | Dec 2025 59% | Mar 2026 54% | Jun 2026 —
- TRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -18% | Dec 2022 -16% | Mar 2023 9.6% | Jun 2023 -42% | Sep 2023 -493% | Dec 2023 -69% | Mar 2024 23% | Jun 2024 58% | Sep 2024 — | Dec 2024 610% | Mar 2025 119% | Jun 2025 24% | Sep 2025 39% | Dec 2025 48% | Mar 2026 162% | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.0% | Dec 2022 27% | Mar 2023 20% | Jun 2023 80% | Sep 2023 -38% | Dec 2023 8.8% | Mar 2024 6.8% | Jun 2024 17% | Sep 2024 37% | Dec 2024 0.7% | Mar 2025 2.8% | Jun 2025 -5.7% | Sep 2025 73% | Dec 2025 2.0% | Mar 2026 -8.3% | Jun 2026 -15%
- MORN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.1% | Sep 2022 -118% | Dec 2022 -95% | Mar 2023 -117% | Jun 2023 20% | Sep 2023 — | Dec 2023 2,367% | Mar 2024 — | Jun 2024 92% | Sep 2024 208% | Dec 2024 58% | Mar 2025 23% | Jun 2025 29% | Sep 2025 -23% | Dec 2025 -1.7% | Mar 2026 35% | Jun 2026 —
- VALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -33% | Dec 2022 -56% | Mar 2023 -17% | Jun 2023 0.0% | Sep 2023 25% | Dec 2023 -25% | Mar 2024 20% | Jun 2024 25% | Sep 2024 20% | Dec 2024 100% | Mar 2025 -17% | Jun 2025 -20% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 20% | Jun 2026 —
- MKTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -22% | Mar 2023 35% | Jun 2023 -71% | Sep 2023 -29% | Dec 2023 -93% | Mar 2024 -26% | Jun 2024 110% | Sep 2024 92% | Dec 2024 1,200% | Mar 2025 -26% | Jun 2025 -29% | Sep 2025 -22% | Dec 2025 -46% | Mar 2026 -106% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/14 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Intercontinental Exchange, Inc. (ICE): ₹21.0K Cr
2. S&P Global Inc. (SPGI): ₹13.8K Cr
3. Nasdaq, Inc. (NDAQ): ₹9.2K Cr
4. Coinbase Global, Inc. (COIN): ₹7.8K Cr
5. Moody's Corporation (MCO): ₹7.5K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- SPGI: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹12.1K Cr | Jun 2022 ₹11.4K Cr | Sep 2022 ₹11.4K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹12.0K Cr | Sep 2023 ₹12.0K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹11.9K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹11.9K Cr | Mar 2025 ₹11.9K Cr | Jun 2025 ₹11.9K Cr | Sep 2025 ₹11.9K Cr | Dec 2025 ₹13.6K Cr | Mar 2026 ₹13.8K Cr | Jun 2026 —
- CME: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.4K Cr
- ICE: Sep 2021 ₹14.5K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹14.5K Cr | Jun 2022 ₹18.4K Cr | Sep 2022 ₹18.4K Cr | Dec 2022 ₹18.4K Cr | Mar 2023 ₹18.4K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹23.6K Cr | Dec 2023 ₹22.9K Cr | Mar 2024 ₹22.3K Cr | Jun 2024 ₹22.1K Cr | Sep 2024 ₹21.5K Cr | Dec 2024 ₹20.7K Cr | Mar 2025 ₹20.6K Cr | Jun 2025 ₹19.7K Cr | Sep 2025 ₹19.5K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹21.0K Cr | Jun 2026 —
- MCO: Sep 2021 ₹8.0K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹8.3K Cr | Jun 2022 ₹8.2K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹7.5K Cr
- NDAQ: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹10.1K Cr | Dec 2023 ₹10.9K Cr | Mar 2024 ₹10.4K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.3K Cr | Dec 2024 ₹9.9K Cr | Mar 2025 ₹9.7K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.5K Cr | Mar 2026 ₹9.4K Cr | Jun 2026 ₹9.2K Cr
- COIN: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 —
- MSCI: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.5K Cr
- CBOE: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- TRU: Sep 2021 ₹3.4K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- FDS: Sep 2021 ₹866 Cr | Dec 2021 ₹856 Cr | Mar 2022 ₹839 Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.6K Cr
- MORN: Sep 2021 ₹527 Cr | Dec 2021 ₹532 Cr | Mar 2022 ₹671 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹904 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- VALU: Sep 2021 ₹11 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- MKTW: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

## Return On Assets

What the numbers say: MSCI Inc. leads roa at 7.3%; Moody's Corporation leads roa change at +1.2 percentage points.

Investor read: MSCI Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: MSCI Inc. · 7.3% | 40.4% versus #2 · Moody's Corporation | 7/8 recent comparable periods | 14/14 companies · 251 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. MSCI Inc. (MSCI): 7.3%
2. Moody's Corporation (MCO): 5.2%
3. Cboe Global Markets, Inc. (CBOE): 3.8%
4. FactSet Research Systems Inc. (FDS): 3.2%
5. Morningstar, Inc. (MORN): 3.1%

### ROA change — fastest improvers
1. Moody's Corporation (MCO): +1.2 pp
2. MSCI Inc. (MSCI): +1.0 pp
3. Cboe Global Markets, Inc. (CBOE): +0.8 pp
4. Morningstar, Inc. (MORN): +0.7 pp
5. S&P Global Inc. (SPGI): +0.6 pp

### 20-quarter ROA history
- SPGI: Sep 2021 6.8% | Dec 2021 5.4% | Mar 2022 3.3% | Jun 2022 2.9% | Sep 2022 1.8% | Dec 2022 1.5% | Mar 2023 1.4% | Jun 2023 1.0% | Sep 2023 1.4% | Dec 2023 1.2% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 2.2% | Dec 2025 2.1% | Mar 2026 2.6% | Jun 2026 —
- CME: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 0.5%
- ICE: Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- MCO: Sep 2021 4.0% | Dec 2021 3.1% | Mar 2022 3.9% | Jun 2022 2.8% | Sep 2022 2.3% | Dec 2022 1.6% | Mar 2023 3.7% | Jun 2023 2.9% | Sep 2023 3.0% | Dec 2023 2.6% | Mar 2024 4.1% | Jun 2024 4.0% | Sep 2024 3.7% | Dec 2024 2.8% | Mar 2025 4.4% | Jun 2025 4.0% | Sep 2025 4.4% | Dec 2025 4.4% | Mar 2026 4.7% | Jun 2026 5.2%
- NDAQ: Sep 2021 1.7% | Dec 2021 1.5% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.3% | Mar 2023 1.5% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 0.9% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.8% | Mar 2026 1.7% | Jun 2026 1.9%
- COIN: Sep 2021 3.6% | Dec 2021 6.4% | Mar 2022 -2.5% | Jun 2022 -1.5% | Sep 2022 -0.7% | Dec 2022 -1.0% | Mar 2023 -0.1% | Jun 2023 -0.1% | Sep 2023 0.0% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 -0.1% | Sep 2024 0.1% | Dec 2024 4.8% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 0.3% | Dec 2025 0.8% | Mar 2026 -0.1% | Jun 2026 —
- MSCI: Sep 2021 5.1% | Dec 2021 4.6% | Mar 2022 5.7% | Jun 2022 5.1% | Sep 2022 5.0% | Dec 2022 4.8% | Mar 2023 5.6% | Jun 2023 5.8% | Sep 2023 6.0% | Dec 2023 6.1% | Mar 2024 5.6% | Jun 2024 5.9% | Sep 2024 6.1% | Dec 2024 6.2% | Mar 2025 6.1% | Jun 2025 6.3% | Sep 2025 6.8% | Dec 2025 6.1% | Mar 2026 8.8% | Jun 2026 7.3%
- CBOE: Sep 2021 1.9% | Dec 2021 2.6% | Mar 2022 1.5% | Jun 2022 -2.3% | Sep 2022 2.1% | Dec 2022 2.5% | Mar 2023 2.2% | Jun 2023 2.3% | Sep 2023 2.8% | Dec 2023 3.0% | Mar 2024 2.5% | Jun 2024 1.8% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 3.0% | Jun 2025 2.6% | Sep 2025 2.9% | Dec 2025 3.3% | Mar 2026 3.8% | Jun 2026 —
- TRU: Sep 2021 1.7% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 1.5% | Sep 2022 1.3% | Dec 2022 0.6% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 -2.2% | Dec 2023 -0.9% | Mar 2024 1.2% | Jun 2024 1.2% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 1.8% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 2.0% | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 5.1% | Mar 2022 4.9% | Jun 2022 2.7% | Sep 2022 3.8% | Dec 2022 4.8% | Mar 2023 4.5% | Jun 2023 3.5% | Sep 2023 1.8% | Dec 2023 4.0% | Mar 2024 3.8% | Jun 2024 4.2% | Sep 2024 2.4% | Dec 2024 4.0% | Mar 2025 3.8% | Jun 2025 3.8% | Sep 2025 3.4% | Dec 2025 3.7% | Mar 2026 3.6% | Jun 2026 3.2%
- MORN: Sep 2021 1.9% | Dec 2021 2.0% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 2.4% | Dec 2022 0.2% | Mar 2023 -2.3% | Jun 2023 1.4% | Sep 2023 1.5% | Dec 2023 2.3% | Mar 2024 2.0% | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 3.8% | Mar 2025 2.4% | Jun 2025 2.8% | Sep 2025 2.7% | Dec 2025 3.4% | Mar 2026 3.1% | Jun 2026 —
- VALU: Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 1.7% | Jun 2022 1.7% | Sep 2022 1.5% | Dec 2022 1.9% | Mar 2023 1.7% | Jun 2023 1.6% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 0.8% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 0.8% | Jun 2025 0.5% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 0.5% | Jun 2026 —
- MKTW: Sep 2021 -109% | Dec 2021 8.5% | Mar 2022 3.9% | Jun 2022 5.4% | Sep 2022 4.8% | Dec 2022 6.3% | Mar 2023 7.0% | Jun 2023 2.0% | Sep 2023 2.4% | Dec 2023 0.3% | Mar 2024 5.3% | Jun 2024 5.4% | Sep 2024 5.8% | Dec 2024 7.2% | Mar 2025 5.3% | Jun 2025 5.4% | Sep 2025 7.0% | Dec 2025 5.6% | Mar 2026 -0.6% | Jun 2026 —

### 20-quarter ROA change history
- SPGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 −3.9 pp | Mar 2023 −1.9 pp | Jun 2023 −1.9 pp | Sep 2023 −0.4 pp | Dec 2023 −0.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.9 pp | Sep 2024 +0.4 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.6 pp | Jun 2026 —
- CME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 −0.1 pp
- ICE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −1.5 pp | Mar 2023 −0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.7 pp | Dec 2023 +1.0 pp | Mar 2024 +0.4 pp | Jun 2024 +1.1 pp | Sep 2024 +0.7 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.7 pp | Dec 2025 +1.6 pp | Mar 2026 +0.3 pp | Jun 2026 +1.2 pp
- NDAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 −0.4 pp | Mar 2024 −0.3 pp | Jun 2024 −0.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.5 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 +0.2 pp | Jun 2026 +0.4 pp
- COIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 −7.4 pp | Mar 2023 +2.4 pp | Jun 2023 +1.4 pp | Sep 2023 +0.7 pp | Dec 2023 +1.5 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +4.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −4.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- MSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +1.0 pp | Dec 2023 +1.3 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.4 pp | Sep 2025 +0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +2.7 pp | Jun 2026 +1.0 pp
- CBOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.1 pp | Mar 2023 +0.7 pp | Jun 2023 +4.6 pp | Sep 2023 +0.7 pp | Dec 2023 +0.5 pp | Mar 2024 +0.3 pp | Jun 2024 −0.5 pp | Sep 2024 −0.2 pp | Dec 2024 −0.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +0.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- TRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.2 pp | Mar 2023 0.0 pp | Jun 2023 −0.5 pp | Sep 2023 −3.5 pp | Dec 2023 −1.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +3.2 pp | Dec 2024 +2.0 pp | Mar 2025 +0.6 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.8 pp | Sep 2023 −2.0 pp | Dec 2023 −0.8 pp | Mar 2024 −0.7 pp | Jun 2024 +0.7 pp | Sep 2024 +0.6 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 +1.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 −0.6 pp
- MORN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −1.8 pp | Mar 2023 −3.8 pp | Jun 2023 0.0 pp | Sep 2023 −0.9 pp | Dec 2023 +2.1 pp | Mar 2024 +4.3 pp | Jun 2024 +1.1 pp | Sep 2024 +1.2 pp | Dec 2024 +1.5 pp | Mar 2025 +0.4 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- VALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.8 pp | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −0.5 pp | Jun 2025 −0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- MKTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +114.1 pp | Dec 2022 −2.2 pp | Mar 2023 +3.1 pp | Jun 2023 −3.4 pp | Sep 2023 −2.4 pp | Dec 2023 −6.0 pp | Mar 2024 −1.7 pp | Jun 2024 +3.4 pp | Sep 2024 +3.4 pp | Dec 2024 +6.9 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.2 pp | Dec 2025 −1.6 pp | Mar 2026 −5.9 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Moody's Corporation leads roe at 24.2%; MSCI Inc. leads roe change at +18.4 percentage points.

Investor read: Moody's Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Moody's Corporation · 24.2% | 178.2% versus #2 · TransUnion | 5/8 recent comparable periods | 14/14 companies · 251 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Moody's Corporation (MCO): 24%
2. TransUnion (TRU): 8.7%
3. Morningstar, Inc. (MORN): 8.2%
4. Cboe Global Markets, Inc. (CBOE): 7.9%
5. FactSet Research Systems Inc. (FDS): 6.1%

### ROE change — fastest improvers
1. MSCI Inc. (MSCI): +18.4 pp
2. Moody's Corporation (MCO): +9.8 pp
3. MarketWise, Inc. (MKTW): +7.1 pp
4. TransUnion (TRU): +5.2 pp
5. Morningstar, Inc. (MORN): +3.0 pp

### 20-quarter ROE history
- SPGI: Sep 2021 21% | Dec 2021 17% | Mar 2022 5.5% | Jun 2022 4.5% | Sep 2022 3.0% | Dec 2022 2.2% | Mar 2023 2.1% | Jun 2023 1.4% | Sep 2023 2.0% | Dec 2023 1.7% | Mar 2024 2.7% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 3.0% | Sep 2025 3.3% | Dec 2025 3.3% | Mar 2026 4.1% | Jun 2026 —
- CME: Sep 2021 3.4% | Dec 2021 2.3% | Mar 2022 2.6% | Jun 2022 2.4% | Sep 2022 2.4% | Dec 2022 2.4% | Mar 2023 3.2% | Jun 2023 2.8% | Sep 2023 2.7% | Dec 2023 3.0% | Mar 2024 3.1% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 3.3% | Mar 2025 3.5% | Jun 2025 3.7% | Sep 2025 3.2% | Dec 2025 4.3% | Mar 2026 4.2% | Jun 2026 3.8%
- ICE: Sep 2021 3.1% | Dec 2021 7.2% | Mar 2022 3.1% | Jun 2022 2.6% | Sep 2022 -0.8% | Dec 2022 1.9% | Mar 2023 2.9% | Jun 2023 3.5% | Sep 2023 2.3% | Dec 2023 1.6% | Mar 2024 3.2% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 2.7% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 5.0% | Jun 2026 —
- MCO: Sep 2021 22% | Dec 2021 18% | Mar 2022 21% | Jun 2022 14% | Sep 2022 12% | Dec 2022 8.8% | Mar 2023 18% | Jun 2023 13% | Sep 2023 14% | Dec 2023 11% | Mar 2024 17% | Jun 2024 15% | Sep 2024 14% | Dec 2024 11% | Mar 2025 17% | Jun 2025 14% | Sep 2025 16% | Dec 2025 15% | Mar 2026 19% | Jun 2026 24%
- NDAQ: Sep 2021 4.7% | Dec 2021 4.0% | Mar 2022 4.6% | Jun 2022 4.9% | Sep 2022 4.8% | Dec 2022 3.8% | Mar 2023 4.9% | Jun 2023 4.4% | Sep 2023 4.8% | Dec 2023 2.3% | Mar 2024 2.7% | Jun 2024 2.6% | Sep 2024 3.5% | Dec 2024 3.2% | Mar 2025 3.5% | Jun 2025 4.0% | Sep 2025 3.7% | Dec 2025 4.4% | Mar 2026 4.4% | Jun 2026 4.3%
- COIN: Sep 2021 13% | Dec 2021 23% | Mar 2022 -9.8% | Jun 2022 -21% | Sep 2022 -9.9% | Dec 2022 -9.4% | Mar 2023 -1.3% | Jun 2023 -1.7% | Sep 2023 0.0% | Dec 2023 4.7% | Mar 2024 17% | Jun 2024 0.5% | Sep 2024 1.0% | Dec 2024 16% | Mar 2025 0.7% | Jun 2025 14% | Sep 2025 3.5% | Dec 2025 -5.3% | Mar 2026 -3.3% | Jun 2026 —
- MSCI: Sep 2021 -51% | Dec 2021 -64% | Mar 2022 -34% | Jun 2022 -30% | Sep 2022 -32% | Dec 2022 -37% | Mar 2023 -27% | Jun 2023 -22% | Sep 2023 -24% | Dec 2023 -46% | Mar 2024 -33% | Jun 2024 -28% | Sep 2024 -31% | Dec 2024 -36% | Mar 2025 -36% | Jun 2025 -38% | Sep 2025 -24% | Dec 2025 -16% | Mar 2026 -22% | Jun 2026 -19%
- CBOE: Sep 2021 3.5% | Dec 2021 4.8% | Mar 2022 3.1% | Jun 2022 -5.5% | Sep 2022 4.4% | Dec 2022 4.5% | Mar 2023 4.9% | Jun 2023 4.8% | Sep 2023 5.9% | Dec 2023 5.7% | Mar 2024 5.5% | Jun 2024 3.7% | Sep 2024 5.5% | Dec 2024 4.8% | Mar 2025 5.9% | Jun 2025 5.4% | Sep 2025 6.6% | Dec 2025 6.7% | Mar 2026 7.9% | Jun 2026 —
- TRU: Sep 2021 3.6% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 2.8% | Sep 2022 2.2% | Dec 2022 0.8% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 -7.6% | Dec 2023 0.2% | Mar 2024 1.6% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.7% | Mar 2025 3.5% | Jun 2025 2.5% | Sep 2025 2.2% | Dec 2025 2.4% | Mar 2026 8.7% | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 11% | Mar 2022 10% | Jun 2022 6.5% | Sep 2022 8.9% | Dec 2022 11% | Mar 2023 9.3% | Jun 2023 9.2% | Sep 2023 4.4% | Dec 2023 9.4% | Mar 2024 8.3% | Jun 2024 8.9% | Sep 2024 5.1% | Dec 2024 8.1% | Mar 2025 7.5% | Jun 2025 7.3% | Sep 2025 7.5% | Dec 2025 7.3% | Mar 2026 6.4% | Jun 2026 6.1%
- MORN: Sep 2021 3.8% | Dec 2021 4.2% | Mar 2022 3.4% | Jun 2022 2.3% | Sep 2022 -0.7% | Dec 2022 0.3% | Mar 2023 -0.6% | Jun 2023 2.9% | Sep 2023 3.2% | Dec 2023 5.8% | Mar 2024 5.0% | Jun 2024 5.2% | Sep 2024 8.5% | Dec 2024 7.9% | Mar 2025 5.2% | Jun 2025 5.8% | Sep 2025 5.9% | Dec 2025 8.1% | Mar 2026 8.2% | Jun 2026 —
- VALU: Sep 2021 9.3% | Dec 2021 13% | Mar 2022 7.9% | Jun 2022 5.2% | Sep 2022 5.9% | Dec 2022 5.5% | Mar 2023 6.5% | Jun 2023 4.9% | Sep 2023 5.9% | Dec 2023 4.2% | Mar 2024 6.9% | Jun 2024 5.5% | Sep 2024 6.6% | Dec 2024 6.2% | Mar 2025 5.5% | Jun 2025 4.1% | Sep 2025 6.6% | Dec 2025 5.6% | Mar 2026 5.7% | Jun 2026 —
- MKTW: Sep 2021 54% | Dec 2021 -5.4% | Mar 2022 184% | Jun 2022 -19% | Sep 2022 -4.3% | Dec 2022 -7.8% | Mar 2023 -25% | Jun 2023 -3.2% | Sep 2023 -4.2% | Dec 2023 -0.6% | Mar 2024 -8.5% | Jun 2024 -8.2% | Sep 2024 -9.2% | Dec 2024 -10% | Mar 2025 -6.9% | Jun 2025 -6.2% | Sep 2025 -7.6% | Dec 2025 -6.5% | Mar 2026 0.2% | Jun 2026 —

### 20-quarter ROE change history
- SPGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.2 pp | Dec 2022 −14.4 pp | Mar 2023 −3.4 pp | Jun 2023 −3.1 pp | Sep 2023 −1.0 pp | Dec 2023 −0.5 pp | Mar 2024 +0.6 pp | Jun 2024 +1.4 pp | Sep 2024 +0.7 pp | Dec 2024 +0.9 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +0.7 pp | Mar 2026 +1.0 pp | Jun 2026 —
- CME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 +0.3 pp | Dec 2023 +0.6 pp | Mar 2024 −0.1 pp | Jun 2024 +0.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.3 pp | Mar 2025 +0.4 pp | Jun 2025 +0.5 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +0.7 pp | Jun 2026 +0.1 pp
- ICE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 −5.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.9 pp | Sep 2023 +3.1 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 −1.0 pp | Sep 2024 +0.2 pp | Dec 2024 +1.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +0.5 pp | Dec 2025 +0.3 pp | Mar 2026 +2.0 pp | Jun 2026 —
- MCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.0 pp | Dec 2022 −9.5 pp | Mar 2023 −2.9 pp | Jun 2023 −0.5 pp | Sep 2023 +1.5 pp | Dec 2023 +2.2 pp | Mar 2024 −0.8 pp | Jun 2024 +2.3 pp | Sep 2024 +0.9 pp | Dec 2024 0.0 pp | Mar 2025 −0.5 pp | Jun 2025 −0.9 pp | Sep 2025 +1.4 pp | Dec 2025 +4.4 pp | Mar 2026 +2.4 pp | Jun 2026 +9.8 pp
- NDAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.2 pp | Mar 2023 +0.3 pp | Jun 2023 −0.5 pp | Sep 2023 0.0 pp | Dec 2023 −1.5 pp | Mar 2024 −2.2 pp | Jun 2024 −1.8 pp | Sep 2024 −1.3 pp | Dec 2024 +0.9 pp | Mar 2025 +0.8 pp | Jun 2025 +1.4 pp | Sep 2025 +0.2 pp | Dec 2025 +1.2 pp | Mar 2026 +0.9 pp | Jun 2026 +0.3 pp
- COIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −22.7 pp | Dec 2022 −32.3 pp | Mar 2023 +8.5 pp | Jun 2023 +19.3 pp | Sep 2023 +9.9 pp | Dec 2023 +14.1 pp | Mar 2024 +18.4 pp | Jun 2024 +2.2 pp | Sep 2024 +1.0 pp | Dec 2024 +10.9 pp | Mar 2025 −16.4 pp | Jun 2025 +13.5 pp | Sep 2025 +2.5 pp | Dec 2025 −20.9 pp | Mar 2026 −4.0 pp | Jun 2026 —
- MSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.1 pp | Dec 2022 +27.2 pp | Mar 2023 +6.8 pp | Jun 2023 +8.0 pp | Sep 2023 +7.5 pp | Dec 2023 −9.5 pp | Mar 2024 −6.2 pp | Jun 2024 −5.5 pp | Sep 2024 −6.8 pp | Dec 2024 +9.8 pp | Mar 2025 −2.9 pp | Jun 2025 −9.8 pp | Sep 2025 +6.8 pp | Dec 2025 +20.6 pp | Mar 2026 +14.1 pp | Jun 2026 +18.4 pp
- CBOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −0.3 pp | Mar 2023 +1.8 pp | Jun 2023 +10.3 pp | Sep 2023 +1.5 pp | Dec 2023 +1.2 pp | Mar 2024 +0.6 pp | Jun 2024 −1.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.9 pp | Mar 2025 +0.4 pp | Jun 2025 +1.7 pp | Sep 2025 +1.1 pp | Dec 2025 +1.9 pp | Mar 2026 +2.0 pp | Jun 2026 —
- TRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.3 pp | Mar 2023 −0.2 pp | Jun 2023 −1.5 pp | Sep 2023 −9.8 pp | Dec 2023 −0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.8 pp | Sep 2024 +9.3 pp | Dec 2024 +1.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +0.7 pp | Mar 2026 +5.2 pp | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 −0.7 pp | Jun 2023 +2.7 pp | Sep 2023 −4.5 pp | Dec 2023 −1.2 pp | Mar 2024 −1.0 pp | Jun 2024 −0.3 pp | Sep 2024 +0.7 pp | Dec 2024 −1.3 pp | Mar 2025 −0.8 pp | Jun 2025 −1.6 pp | Sep 2025 +2.4 pp | Dec 2025 −0.8 pp | Mar 2026 −1.1 pp | Jun 2026 −1.2 pp
- MORN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 −3.9 pp | Mar 2023 −4.0 pp | Jun 2023 +0.6 pp | Sep 2023 +3.9 pp | Dec 2023 +5.5 pp | Mar 2024 +5.6 pp | Jun 2024 +2.3 pp | Sep 2024 +5.3 pp | Dec 2024 +2.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.6 pp | Sep 2025 −2.6 pp | Dec 2025 +0.2 pp | Mar 2026 +3.0 pp | Jun 2026 —
- VALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 −7.0 pp | Mar 2023 −1.4 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 −1.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.7 pp | Dec 2024 +2.0 pp | Mar 2025 −1.4 pp | Jun 2025 −1.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.6 pp | Mar 2026 +0.2 pp | Jun 2026 —
- MKTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −58.1 pp | Dec 2022 −2.4 pp | Mar 2023 −209.0 pp | Jun 2023 +16.0 pp | Sep 2023 +0.1 pp | Dec 2023 +7.2 pp | Mar 2024 +16.5 pp | Jun 2024 −5.0 pp | Sep 2024 −5.0 pp | Dec 2024 −9.8 pp | Mar 2025 +1.6 pp | Jun 2025 +2.0 pp | Sep 2025 +1.6 pp | Dec 2025 +3.9 pp | Mar 2026 +7.1 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/14 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: TransUnion has the lowest comparable P/BV ÷ ROE at 0.32×, 43.9% below Value Line, Inc.. Only 10 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: TransUnion · 0.32× | 43.9% versus #2 · Value Line, Inc. | 0/8 recent comparable periods | 10/14 companies · 199 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. TransUnion (TRU): 0.3
2. Value Line, Inc. (VALU): 0.6
3. Intercontinental Exchange, Inc. (ICE): 0.6
4. Cboe Global Markets, Inc. (CBOE): 0.7
5. FactSet Research Systems Inc. (FDS): 0.7

### P/BV — lowest P/BV
1. MSCI Inc. (MSCI): -15.1
2. MarketWise, Inc. (MKTW): -3.9
3. TransUnion (TRU): 2.8
4. CME Group Inc. (CME): 3.0
5. Intercontinental Exchange, Inc. (ICE): 3.0

### 20-quarter P/BV ÷ ROE history
- SPGI: Sep 2021 2.6 | Dec 2021 3.4 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.9 | Dec 2022 1.3 | Mar 2023 1.5 | Jun 2023 2.6 | Sep 2023 1.6 | Dec 2023 2.4 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.0 | Jun 2026 —
- CME: Sep 2021 0.8 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 0.8
- ICE: Sep 2021 1.0 | Dec 2021 0.5 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 — | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 1.1 | Dec 2023 1.8 | Mar 2024 0.9 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.6 | Jun 2026 —
- MCO: Sep 2021 1.2 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.6 | Sep 2022 1.7 | Dec 2022 2.3 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 2.0 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 2.2 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 1.1
- NDAQ: Sep 2021 1.1 | Dec 2021 1.4 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 0.9
- COIN: Sep 2021 0.7 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4 | Mar 2024 0.5 | Jun 2024 13.2 | Sep 2024 5.1 | Dec 2024 0.4 | Mar 2025 6.0 | Jun 2025 0.5 | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CBOE: Sep 2021 1.1 | Dec 2021 0.8 | Mar 2022 1.1 | Jun 2022 — | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- TRU: Sep 2021 2.1 | Dec 2021 5.3 | Mar 2022 3.3 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 3.3 | Mar 2023 2.2 | Jun 2023 2.7 | Sep 2023 — | Dec 2023 16.6 | Mar 2024 2.4 | Jun 2024 1.7 | Sep 2024 2.9 | Dec 2024 2.5 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 0.3 | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.8 | Sep 2022 1.4 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 2.3 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 1.7 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 0.7
- MORN: Sep 2021 2.1 | Dec 2021 2.5 | Mar 2022 2.6 | Jun 2022 3.9 | Sep 2022 — | Dec 2022 25.4 | Mar 2023 — | Jun 2023 2.3 | Sep 2023 2.5 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 1.7 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 1.6 | Jun 2025 1.5 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- VALU: Sep 2021 0.5 | Dec 2021 0.3 | Mar 2022 0.9 | Jun 2022 1.5 | Sep 2022 1.8 | Dec 2022 1.2 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- MKTW: Sep 2021 — | Dec 2021 — | Mar 2022 0.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- SPGI: Sep 2021 55.5 | Dec 2021 56.0 | Mar 2022 3.5 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 3.0 | Mar 2023 3.1 | Jun 2023 3.6 | Sep 2023 3.3 | Dec 2023 4.1 | Mar 2024 3.9 | Jun 2024 4.0 | Sep 2024 4.7 | Dec 2024 4.6 | Mar 2025 4.7 | Jun 2025 4.8 | Sep 2025 4.5 | Dec 2025 5.0 | Mar 2026 4.0 | Jun 2026 —
- CME: Sep 2021 2.6 | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 2.6 | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 2.8 | Mar 2024 2.9 | Jun 2024 2.6 | Sep 2024 2.8 | Dec 2024 3.2 | Mar 2025 3.5 | Jun 2025 3.6 | Sep 2025 3.5 | Dec 2025 3.4 | Mar 2026 4.0 | Jun 2026 3.0
- ICE: Sep 2021 3.0 | Dec 2021 3.4 | Mar 2022 3.3 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.9 | Mar 2024 3.0 | Jun 2024 2.9 | Sep 2024 3.4 | Dec 2024 3.1 | Mar 2025 3.5 | Jun 2025 3.7 | Sep 2025 3.4 | Dec 2025 3.2 | Mar 2026 3.0 | Jun 2026 —
- MCO: Sep 2021 27.2 | Dec 2021 26.6 | Mar 2022 26.0 | Jun 2022 21.8 | Sep 2022 19.8 | Dec 2022 20.3 | Mar 2023 19.4 | Jun 2023 20.3 | Sep 2023 18.1 | Dec 2023 21.5 | Mar 2024 20.1 | Jun 2024 20.3 | Sep 2024 22.0 | Dec 2024 23.9 | Mar 2025 22.7 | Jun 2025 22.8 | Sep 2025 21.5 | Dec 2025 22.4 | Mar 2026 25.5 | Jun 2026 25.9
- NDAQ: Sep 2021 5.1 | Dec 2021 5.5 | Mar 2022 4.9 | Jun 2022 4.3 | Sep 2022 4.7 | Dec 2022 4.9 | Mar 2023 4.3 | Jun 2023 3.9 | Sep 2023 3.7 | Dec 2023 3.1 | Mar 2024 3.4 | Jun 2024 3.2 | Sep 2024 3.8 | Dec 2024 4.0 | Mar 2025 3.8 | Jun 2025 4.4 | Sep 2025 4.2 | Dec 2025 4.5 | Mar 2026 4.0 | Jun 2026 3.7
- COIN: Sep 2021 9.1 | Dec 2021 8.6 | Mar 2022 6.5 | Jun 2022 1.8 | Sep 2022 2.6 | Dec 2022 1.5 | Mar 2023 2.8 | Jun 2023 3.0 | Sep 2023 3.0 | Dec 2023 6.7 | Mar 2024 8.1 | Jun 2024 6.6 | Sep 2024 5.1 | Dec 2024 6.1 | Mar 2025 4.2 | Jun 2025 7.4 | Sep 2025 5.7 | Dec 2025 4.1 | Mar 2026 3.4 | Jun 2026 —
- MSCI: Sep 2021 -179.1 | Dec 2021 -309.0 | Mar 2022 -46.4 | Jun 2022 -32.3 | Sep 2022 -31.4 | Dec 2022 -36.9 | Mar 2023 -49.7 | Jun 2023 -31.1 | Sep 2023 -38.7 | Dec 2023 -60.5 | Mar 2024 -68.3 | Jun 2024 -51.7 | Sep 2024 -60.8 | Dec 2024 -49.6 | Mar 2025 -45.8 | Jun 2025 -50.4 | Sep 2025 -22.3 | Dec 2025 -15.9 | Mar 2026 -14.2 | Jun 2026 -15.1
- CBOE: Sep 2021 3.8 | Dec 2021 3.9 | Mar 2022 3.4 | Jun 2022 3.7 | Sep 2022 3.8 | Dec 2022 3.8 | Mar 2023 4.0 | Jun 2023 4.0 | Sep 2023 4.4 | Dec 2023 4.7 | Mar 2024 4.8 | Jun 2024 4.4 | Sep 2024 5.1 | Dec 2024 4.8 | Mar 2025 5.3 | Jun 2025 5.2 | Sep 2025 5.3 | Dec 2025 5.1 | Mar 2026 5.5 | Jun 2026 —
- TRU: Sep 2021 7.5 | Dec 2021 5.8 | Mar 2022 4.9 | Jun 2022 3.8 | Sep 2022 2.8 | Dec 2022 2.6 | Mar 2023 2.8 | Jun 2023 3.5 | Sep 2023 3.5 | Dec 2023 3.3 | Mar 2024 3.8 | Jun 2024 3.5 | Sep 2024 4.8 | Dec 2024 4.3 | Mar 2025 3.7 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 3.7 | Mar 2026 2.8 | Jun 2026 —
- FDS: Sep 2021 — | Dec 2021 16.1 | Mar 2022 12.7 | Jun 2022 11.4 | Sep 2022 12.4 | Dec 2022 12.0 | Mar 2023 9.9 | Jun 2023 8.8 | Sep 2023 10.2 | Dec 2023 10.2 | Mar 2024 9.8 | Jun 2024 8.1 | Sep 2024 8.4 | Dec 2024 9.4 | Mar 2025 8.5 | Jun 2025 8.1 | Sep 2025 6.4 | Dec 2025 4.8 | Mar 2026 3.7 | Jun 2026 4.3
- MORN: Sep 2021 8.1 | Dec 2021 10.4 | Mar 2022 9.0 | Jun 2022 8.9 | Sep 2022 7.7 | Dec 2022 7.6 | Mar 2023 7.2 | Jun 2023 6.8 | Sep 2023 8.0 | Dec 2023 9.2 | Mar 2024 9.5 | Jun 2024 8.8 | Sep 2024 8.7 | Dec 2024 9.6 | Mar 2025 8.5 | Jun 2025 8.5 | Sep 2025 6.7 | Dec 2025 7.5 | Mar 2026 6.8 | Jun 2026 —
- VALU: Sep 2021 4.3 | Dec 2021 4.3 | Mar 2022 7.1 | Jun 2022 7.8 | Sep 2022 10.4 | Dec 2022 6.3 | Mar 2023 5.9 | Jun 2023 5.2 | Sep 2023 5.9 | Dec 2023 4.5 | Mar 2024 4.7 | Jun 2024 3.8 | Sep 2024 4.7 | Dec 2024 4.7 | Mar 2025 3.7 | Jun 2025 3.9 | Sep 2025 3.4 | Dec 2025 3.3 | Mar 2026 3.3 | Jun 2026 —
- MKTW: Sep 2021 -3.6 | Dec 2021 -3.8 | Mar 2022 0.3 | Jun 2022 -2.1 | Sep 2022 -2.4 | Dec 2022 -2.3 | Mar 2023 -3.3 | Jun 2023 -4.5 | Sep 2023 -4.1 | Dec 2023 -8.9 | Mar 2024 -7.0 | Jun 2024 -1.9 | Sep 2024 -1.4 | Dec 2024 -1.8 | Mar 2025 -1.5 | Jun 2025 -3.0 | Sep 2025 -2.8 | Dec 2025 -3.1 | Mar 2026 -3.9 | Jun 2026 —

## Market action

Cboe Global Markets, Inc. has the strongest one-year price move in Financial Data & Stock Exchanges at +19.7%. MarketWise, Inc. leads on Mansfield relative strength against the S&P 500 at +13.7%. 2 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Cboe Global Markets, Inc. (CBOE): 20%
2. MarketWise, Inc. (MKTW): 11%
3. MSCI Inc. (MSCI): 3.9%
4. Nasdaq, Inc. (NDAQ): 0.8%
5. Value Line, Inc. (VALU): 0.5%

### Strongest relative strength versus NIFTY 500
1. MarketWise, Inc. (MKTW): 14%
2. Cboe Global Markets, Inc. (CBOE): 1.8%
3. Nasdaq, Inc. (NDAQ): -0.7%
4. FactSet Research Systems Inc. (FDS): -1.2%
5. TransUnion (TRU): -1.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- S&P Global Inc. (SPGI) — market value ₹1.3 L Cr; latest fundamentals Mar 2026
- CME Group Inc. (CME) — market value ₹93.5K Cr; latest fundamentals Jun 2026
- Intercontinental Exchange, Inc. (ICE) — market value ₹86.5K Cr; latest fundamentals Mar 2026
- Moody's Corporation (MCO) — market value ₹83.9K Cr; latest fundamentals Jun 2026
- Nasdaq, Inc. (NDAQ) — market value ₹53.6K Cr; latest fundamentals Jun 2026
- Coinbase Global, Inc. (COIN) — market value ₹44.2K Cr; latest fundamentals Mar 2026
- MSCI Inc. (MSCI) — market value ₹42.1K Cr; latest fundamentals Jun 2026
- Cboe Global Markets, Inc. (CBOE) — market value ₹31.1K Cr; latest fundamentals Mar 2026
- TransUnion (TRU) — market value ₹16.1K Cr; latest fundamentals Mar 2026
- FactSet Research Systems Inc. (FDS) — market value ₹10.1K Cr; latest fundamentals Jun 2026
- Morningstar, Inc. (MORN) — market value ₹7.4K Cr; latest fundamentals Mar 2026
- Securitize Corp. (SECZ) — market value ₹1.2K Cr; latest fundamentals unavailable
- Value Line, Inc. (VALU) — market value ₹344 Cr; latest fundamentals Mar 2026
- MarketWise, Inc. (MKTW) — market value ₹321 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Financial Data & Stock Exchanges company is the biggest?

S&P Global Inc. is the largest, with trailing-twelve-month income of $15,730 million, ahead of Intercontinental Exchange, Inc. at $13,077 million. That covers 9 of 14 companies with comparable reporting through Mar 2026.

### Which Financial Data & Stock Exchanges company is growing fastest?

TransUnion has the fastest income growth at 11% year on year, across 9 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Financial Data & Stock Exchanges company makes the most profit?

S&P Global Inc. earns the most, at $5,153 million of trailing-twelve-month net profit, from 9 of 14 comparable companies. TransUnion has the fastest profit growth at 86%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Financial Data & Stock Exchanges company earns the highest return on capital?

MSCI Inc. leads on return on assets at 7.3%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Financial Data & Stock Exchanges stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — TransUnion screens cheapest at 0.32×. Only 10 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Financial Data & Stock Exchanges sector beating the market?

Financial Data & Stock Exchanges has underperformed S&P 500 by 23.4% over the last 52 weeks and 0.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Financial Data & Stock Exchanges stock has the strongest price momentum?

MarketWise, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Financial Data & Stock Exchanges company scores highest for research priority?

TransUnion scores 66.6 out of 100 with 76% evidence confidence, from 26 points on growth and earnings, 15.4 on capital efficiency, 9.9 on valuation and 15.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Financial Data & Stock Exchanges companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Financial Data & Stock Exchanges sector?

The 14 Financial Data & Stock Exchanges companies on this page carry $595,983 million of combined market value. S&P Global Inc. is the largest at $125,602 million, about 21% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Financial Data & Stock Exchanges sector's P/B ratio?

The median price-to-book ratio across the 14 Financial Data & Stock Exchanges companies on this page is 3.7×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Financial Data & Stock Exchanges sector performing?

2 of the 14 covered Financial Data & Stock Exchanges companies are beating S&P 500 on Mansfield relative strength. The sector itself is 23.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Financial Data & Stock Exchanges stocks are listed in the US?

This comparison covers 14 listed Financial Data & Stock Exchanges companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/financial-data-stock-exchanges