As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the financial exchanges & data industry, including MSCI (NYSE: MSCI) and its peers.

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%.

While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results.

Slowest Q4: MSCI (NYSE: MSCI)

Originally known as Morgan Stanley Capital International before becoming independent in 2007, MSCI (NYSE: MSCI) provides critical decision support tools, indexes, and analytics that help global investors understand risk and return factors and build more effective investment portfolios.

MSCI reported revenues of $822.5 million, up 10.6% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a narrow beat of analysts’ EBITDA estimates but revenue in line with analysts’ estimates.

Unsurprisingly, the stock is down 6.8% since reporting and currently trades at $541.96.

Is now the time to buy MSCI? Access our full analysis of the earnings results here, it’s free.

Best Q4: Morningstar (NASDAQ: MORN)

Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.

Morningstar reported revenues of $641.1 million, up 8.5% year on year, outperforming analysts’ expectations by 2.2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Morningstar pulled off the biggest analyst estimates beat among its peers. The market seems content with the results as the stock is up 1.9% since reporting. It currently trades at $156.89.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Tradeweb Markets (NASDAQ: TW)

Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.

Tradeweb Markets reported revenues of $521.2 million, up 12.5% year on year, exceeding analysts’ expectations by 0.8%. It was a satisfactory quarter as it also posted a solid beat of analysts’ EBITDA estimates.

Interestingly, the stock is up 17.1% since the results and currently trades at $118.04.

Read our full analysis of Tradeweb Markets’s results here.

FactSet (NYSE: FDS)

Founded in 1978 when financial data was still primarily delivered through paper reports, FactSet (NYSE: FDS) provides financial data, analytics, and technology solutions that investment professionals use to research, analyze, and manage their portfolios.

FactSet reported revenues of $607.6 million, up 6.9% year on year. This number beat analysts’ expectations by 1.3%. Taking a step back, it was a mixed quarter as it also logged an impressive beat of analysts’ EBITDA estimates but full-year EPS guidance slightly missing analysts’ expectations.

The stock is down 35.7% since reporting and currently trades at $190.50.

Read our full, actionable report on FactSet here, it’s free.

Moody's (NYSE: MCO)

Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE: MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.

Moody's reported revenues of $1.89 billion, up 13% year on year. This print surpassed analysts’ expectations by 1.6%. Overall, it was a strong quarter as it also produced full-year EPS guidance meeting analysts’ expectations and a beat of analysts’ EPS estimates.

The stock is up 4.3% since reporting and currently trades at $441.45.

Read our full, actionable report on Moody's here, it’s free.

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