A Business at a Glance
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S&P Global Inc.
SPGI
$130.0B
Mkt Cap
$426.40
+1.52%
S&P Global Inc. (SPGI) has a current P/E ratio of 29.1, compared to its historical median P/E of 31.5. The stock is currently considered Fair based on its historical valuation range.
S&P Global Inc. (SPGI) has a 5-year average return on invested capital (ROIC) of 11.1%. This indicates solid capital allocation.
S&P Global Inc. (SPGI) has a market capitalization of $126.2B. It is classified as a large-cap stock.
Yes, S&P Global Inc. (SPGI) pays a dividend with a trailing twelve-month yield of 0.92%. The company also returns capital through share buybacks, with a buyback yield of 4.24%.
Based on historical P/E analysis, S&P Global Inc. (SPGI) appears fair. The current P/E of 29.1 is 8% below its historical median of 31.5. The estimated fair value CAGR (P/E method) is 5.4%.
S&P Global Inc. (SPGI) operates in the Services-Consumer Credit Reporting, Collection Agencies industry, within the Industrials sector.
S&P Global Inc. (SPGI) reported annual revenue of $15.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
S&P Global is a diversified, global provider of benchmarks, data, analytics, and workflow solutions serving capital markets, energy and commodity markets, and automotive sectors. The company operates five business segments: Market Intelligence (multi-asset-class data and analytics with desktop products, enterprise solutions, and credit risk offerings), Ratings (independent credit ratings and research for corporate, government, and structured finance issuers), Energy (price assessments, market data, and analytics for energy and commodity markets), Mobility (automotive solutions for manufacturers, suppliers, dealers, and financial institutions), and Indices (benchmark indexes and asset-linked fee products for investment vehicles and derivatives). Revenue is generated through subscription-based offerings (data feeds, software licenses, and recurring analytics), transaction-based fees (ratings issuance, bank loans, and trading volumes), asset-linked fees (ETFs and mutual funds), and non-subscription services (advisory, consulting, and events). The business model is asset-light with high-margin subscription revenue representing over 95% of total revenue tied to proprietary benchmarks and differentiated data, distributed globally through both proprietary platforms and third-party channels to institutional and professional customers across more than 25 countries. The company maintains competitive advantages through its long-established market position, regulatory infrastructure role, extensive customer relationships, and integrated workflow solutions that create switching costs and recurring revenue streams.
【Strategic separation and margin expansion】 Management is executing a planned separation of the Mobility segment into an independent publicly traded company, expected to complete mid-2026, while maintaining focus on organic growth and operational efficiency across the remaining four divisions. The company expects organic constant currency revenue growth of 6%-8% in 2026 with 50-75 basis points of margin expansion, supported by strong subscription business momentum and disciplined expense management. Capital allocation priorities include returning at least 100% of adjusted free cash flow to shareholders through share repurchases and debt reduction, with Mobility expected to issue approximately $2 billion in debt to fund a cash payment to S&P Global. Management remains confident in medium-term profitable growth targets despite near-term macroeconomic uncertainties, including geopolitical disruptions affecting energy markets and evolving central bank policy expectations.
| Metric | Target | Period |
|---|---|---|
| Organic constant currency revenue growth | 6%-8% | FY2026 |
| Adjusted operating margin expansion | 50-75 basis points | FY2026 |
| Energy division organic constant currency revenue growth | 4.5%-6% | FY2026 |
| Share repurchases | at least $4.5 billion | FY2026 |
| Mobility debt issuance | approximately $2 billion | FY2026 |
Organic constant currency revenue growth (FY2026): “At the consolidated level, we are reiterating our guidance for organic constant currency revenue growth in the range of 6%-8%.”
Adjusted operating margin expansion (FY2026): “We are also reiterating our guidance for 50 basis points-75 basis points of margin expansion in 2026, excluding the impact of Astra.”
Energy division organic constant currency revenue growth (FY2026): “we currently expect to deliver organic constant currency revenue growth in the range of 4.5%-6%, 1 percentage point lower than the previous guidance.”
Share repurchases (FY2026): “we believe the current share price reflects an attractive opportunity to increase our repurchases from the expected 85% of adjusted free cash flow to at least 100% or to roughly $4.5 billion for the year.”
Mobility debt issuance (FY2026): “we expect to issue approximately $2 billion in debt at Mobility in conjunction with the spin.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.7B | 15.3B | 14.2B | 12.5B | 11.2B | 8.3B |
| Net Income | 4.8B | 4.5B | 3.9B | 2.6B | 3.2B | 3.0B |
| EPS | $15.89 | $14.66 | $12.35 | $8.23 | $10.20 | $12.51 |
| Free Cash Flow | 5.6B | 5.5B | 5.6B | 3.6B | 2.5B | 3.6B |
| ROIC | 12.3% | 11.6% | 10.0% | 6.9% | 15.9% | 1439.0% |
| Gross Margin | - | 70.2% | 69.3% | 66.9% | 66.4% | 73.7% |
| Debt/Equity | 0.43 | 0.46 | 0.36 | 0.35 | 0.33 | 2.31 |
| Dividends/Share | $3.93 | $3.84 | $3.64 | $3.60 | $3.32 | $3.08 |
| Operating Income | 6.9B | 6.5B | 5.6B | 4.0B | 4.9B | 4.2B |
| Operating Margin | 43.9% | 42.2% | 39.3% | 32.2% | 44.2% | 50.9% |
| ROE | 15.3% | 13.9% | 11.4% | 7.4% | 16.9% | 238.0% |
| Shares Outstanding | 296M | 305M | 312M | 319M | 318M | 242M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.1B | 5.3B | 5.7B | 6.1B | 6.3B | 6.7B | 7.4B | 8.3B | 11.2B | 12.5B | 14.2B | 15.3B | 15.7B |
| Gross Margin | 67.3% | 67.7% | 68.7% | 72.1% | 70.6% | 70.5% | 71.9% | 73.7% | 66.4% | 66.9% | 69.3% | 70.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.1B | 1.5B | 1.5B | 1.6B | 1.4B | 1.3B | 1.5B | 1.7B | 3.4B | 3.2B | 3.2B | 3.4B | 3.5B |
| EBIT | 113M | 1.9B | 3.3B | 2.6B | 2.8B | 3.2B | 3.6B | 4.2B | 4.9B | 4.0B | 5.6B | 6.5B | 6.9B |
| Op. Margin | 2.2% | 36.1% | 59.0% | 42.6% | 44.6% | 48.2% | 48.6% | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% | 43.9% |
| Net Income | -115M | 1.2B | 2.1B | 1.5B | 2.0B | 2.1B | 2.3B | 3.0B | 3.2B | 2.6B | 3.9B | 4.5B | 4.8B |
| Net Margin | -2.3% | 21.8% | 37.2% | 24.7% | 31.3% | 31.7% | 31.4% | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% | 30.4% |
| Non-Recurring | -9.0M | 11M | 1.1B | 0 | 0 | 49M | 16M | 11M | 1.9B | -70M | 59M | 273M | 273M |
| Returns on Capital | |||||||||||||
| ROIC | 7.6% | 52.9% | 113.0% | 108.8% | 114.8% | 109.8% | N/M | N/M | 15.9% | 6.9% | 10.0% | 11.6% | 12.3% |
| ROE | -12.9% | 339.0% | 499.1% | 220.2% | 292.9% | 383.6% | 473.5% | 238.0% | 16.9% | 7.4% | 11.4% | 13.9% | 15.3% |
| ROA | -1.8% | 15.5% | 25.0% | 16.5% | 20.8% | 20.4% | 19.6% | 21.9% | 8.5% | 4.3% | 6.4% | 7.4% | 7.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.2B | 356M | 1.6B | 2.0B | 2.1B | 2.8B | 3.6B | 3.6B | 2.6B | 3.7B | 5.7B | 5.7B | 5.7B |
| Free Cash Flow | 1.1B | 217M | 1.4B | 1.9B | 2.0B | 2.7B | 3.5B | 3.6B | 2.5B | 3.6B | 5.6B | 5.5B | 5.6B |
| Owner Earnings | 975M | 121M | 1.3B | 1.7B | 1.8B | 2.5B | 3.3B | 3.3B | 1.4B | 2.4B | 4.3B | 4.2B | 4.3B |
| CapEx | 92M | 139M | 115M | 123M | 113M | 115M | 76M | 35M | 89M | 143M | 124M | 195M | 179M |
| Maint. CapEx | 134M | 157M | 181M | 180M | 206M | 204M | 206M | 178M | 1.0B | 1.1B | 1.2B | 1.2B | 1.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 134M | 157M | 181M | 180M | 206M | 204M | 206M | 178M | 1.0B | 1.1B | 1.2B | 1.2B | 1.2B |
| CapEx/OCF | 7.6% | 71.3% | 7.4% | 6.1% | 5.5% | 4.1% | 2.1% | 1.0% | 3.4% | 3.9% | 2.2% | 3.5% | 3.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 326M | 363M | 380M | 421M | 503M | 560M | 645M | 743M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B |
| Dividend Yield | 1.6% | 1.5% | 1.4% | 1.2% | 1.1% | 1.0% | 0.9% | 0.8% | 0.9% | 1.0% | 0.8% | 0.8% | 0.9% |
| Share Buybacks | 362M | 974M | 1.1B | 1.0B | 1.7B | 1.2B | 1.2B | 0 | 12.0B | 3.3B | 3.3B | 5.0B | 5.4B |
| Buyback Yield | 1.6% | 4.0% | 4.2% | 2.4% | 4.1% | 1.9% | 1.6% | N/A | 11.8% | 2.4% | 2.1% | 3.1% | 4.2% |
| Stock-Based Comp | 100M | 78M | 76M | 99M | 94M | 78M | 90M | 122M | 214M | 171M | 247M | 236M | 228M |
| Debt Repayment | 0 | 2.7B | 143M | 0 | 0 | 0 | 0 | 0 | 142M | 188M | 0 | 715M | 715M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.7B | 2.3B | 1.0B | 780M | 1.7B | 1.8B | 637M | -1.8B | 10.5B | 10.8B | 10.4B | 12.6B | 11.7B |
| Cash & Equiv. | 2.5B | 1.5B | 2.4B | 2.8B | 1.9B | 2.9B | 4.1B | 6.5B | 1.3B | 1.3B | 1.7B | 1.7B | 1.8B |
| Long-Term Debt | 795M | 3.5B | 3.6B | 3.2B | 3.7B | 3.9B | 4.1B | 4.1B | 10.7B | 11.4B | 11.4B | 12.4B | 10.6B |
| Debt/Equity | 1.63 | 19.35 | 5.26 | 5.03 | 5.83 | 9.77 | 9.34 | 2.31 | 0.33 | 0.35 | 0.36 | 0.46 | 0.43 |
| Interest Coverage | 1.9 | 18.8 | 18.5 | 17.3 | 20.8 | 22.9 | 25.7 | 35.5 | 16.3 | 12.0 | 18.8 | 22.6 | 215.7 |
| Equity | 488M | 194M | 650M | 709M | 628M | 479M | 509M | 2.0B | 36.4B | 34.2B | 33.2B | 31.1B | 31.2B |
| Total Assets | 6.8B | 8.2B | 8.7B | 9.4B | 9.4B | 11.3B | 12.5B | 15.0B | 61.8B | 60.6B | 60.2B | 61.2B | 60.8B |
| Total Liabilities | 5.4B | 7.0B | 6.9B | 7.3B | 7.1B | 8.5B | 9.2B | 9.5B | 22.0B | 22.5B | 22.7B | 25.0B | 24.6B |
| Intangibles | 1.0B | 1.5B | 1.5B | 1.4B | 1.5B | 1.4B | 1.4B | 1.3B | 18.3B | 17.4B | 16.6B | 16.3B | 16.0B |
| Retained Earnings | 6.9B | 7.6B | 9.2B | 10.0B | 11.3B | 12.2B | 13.4B | 15.0B | 17.8B | 18.7B | 21.0B | 23.7B | 24.8B |
| Working Capital | 42M | 388M | 1.1B | 1.1B | 957M | 1.6B | 2.4B | 5.0B | -332M | -982M | -933M | -1.3B | -3.0B |
| Current Assets | 4.0B | 3.3B | 3.7B | 4.3B | 3.6B | 4.7B | 6.0B | 8.8B | 5.7B | 5.1B | 5.5B | 6.3B | 6.3B |
| Current Liabilities | 3.9B | 2.9B | 2.6B | 3.2B | 2.6B | 3.1B | 3.6B | 3.8B | 6.0B | 6.1B | 6.4B | 7.6B | 9.3B |
| Per Share Data | |||||||||||||
| EPS | -0.42 | 4.21 | 7.94 | 5.78 | 7.73 | 8.60 | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 | 15.89 |
| Owner EPS | 3.56 | 0.44 | 4.91 | 6.71 | 6.96 | 10.10 | 13.51 | 13.64 | 4.32 | 7.51 | 13.69 | 13.89 | 14.45 |
| Book Value | 1.78 | 0.71 | 2.45 | 2.74 | 2.48 | 1.94 | 2.10 | 8.41 | 114.27 | 107.18 | 106.31 | 102.06 | 105.31 |
| Cash Flow/Share | 4.42 | 1.30 | 5.88 | 7.79 | 8.15 | 11.25 | 14.73 | 14.88 | 8.17 | 11.63 | 18.24 | 18.53 | 20.29 |
| Dividends/Share | 1.20 | 1.32 | 1.44 | 1.64 | 2.00 | 2.28 | 2.68 | 3.08 | 3.32 | 3.60 | 3.64 | 3.84 | 3.93 |
| Shares Out. | 273.8M | 274.6M | 265.2M | 258.8M | 253.3M | 246.9M | 242.1M | 241.7M | 318.4M | 319.1M | 311.9M | 305.0M | 296.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 21.0 | 12.6 | 27.3 | 20.5 | 30.3 | 31.5 | 36.6 | 31.5 | 52.8 | 40.2 | 36.0 | 26.8 |
| P/FCF | 19.7 | 111.9 | 18.3 | 21.6 | 20.5 | 24.2 | 21.1 | 31.1 | 40.6 | 38.8 | 27.9 | 29.5 | 22.7 |
| EV/EBIT | 180.1 | 13.9 | 8.2 | 16.3 | 15.0 | 20.4 | 20.5 | 25.8 | 22.8 | 37.1 | 29.6 | 26.8 | 20.0 |
| Price/Book | 45.2 | 125.2 | 40.8 | 57.7 | 63.8 | 134.2 | 144.8 | 54.5 | 2.8 | 4.1 | 4.7 | 5.2 | 4.0 |
| Price/Sales | 3.9 | 4.6 | 4.7 | 5.7 | 7.3 | 8.0 | 9.8 | 11.2 | 10.1 | 9.4 | 10.1 | 10.1 | 8.0 |
| FCF Yield | 5.1% | 0.9% | 5.5% | 4.6% | 4.9% | 4.1% | 4.7% | 3.2% | 2.5% | 2.6% | 3.6% | 3.4% | 4.4% |
| Market Cap | 22.1B | 24.3B | 26.5B | 40.9B | 40.1B | 64.3B | 73.7B | 110.8B | 102.2B | 138.5B | 155.0B | 161.1B | 126.2B |
| Avg. Price | 72.65 | 89.06 | 99.38 | 133.36 | 179.35 | 217.43 | 301.44 | 385.19 | 353.03 | 367.42 | 460.11 | 506.66 | 426.40 |
| Year-End Price | 80.53 | 88.45 | 99.94 | 157.97 | 158.17 | 260.34 | 304.39 | 458.26 | 320.80 | 434.20 | 496.96 | 528.22 | 426.40 |
S&P Global Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
S&P Global Inc. trades at 29.1x trailing earnings, compared to its 15-year median P/E of 31.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 23.8x vs a median of 26.0x. The company's 5-year average ROIC is 11.1% with a gross margin of 69.3%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is +6.4%.
S&P Global Inc. (SPGI) has a net profit margin of 29.2%. This is a strong margin indicating high profitability.
S&P Global Inc. (SPGI) generated $5.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
S&P Global Inc. (SPGI) has a debt-to-equity ratio of 0.46. This indicates a conservatively financed balance sheet.
S&P Global Inc. (SPGI) reported earnings per share (EPS) of $14.66 in its most recent fiscal year.
S&P Global Inc. (SPGI) has a return on equity (ROE) of 13.9%. This indicates moderate shareholder returns.
S&P Global Inc. (SPGI) has a 5-year average gross margin of 69.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for S&P Global Inc. (SPGI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
S&P Global Inc. (SPGI) has a book value per share of $102.06, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a planned separation of the Mobility segment into an independent publicly traded company, expected to complete mid-2026, while maintaining focus on organic growth and operational efficiency across the remaining four divisions. The company expects organic constant currency revenue growth of 6%-8% in 2026 with 50-75 basis points of margin expansion, supported by strong subscription business momentum and disciplined expense management. Capital allocation priorities include returning at least 100% of adjusted free cash flow to shareholders through share repurchases and debt reduction, with Mobility expected to issue approximately $2 billion in debt to fund a cash payment to S&P Global. Management remains confident in medium-term profitable growth targets despite near-term macroeconomic uncertainties, including geopolitical disruptions affecting energy markets and evolving central bank policy expectations.
Based on recent SEC filings and earnings calls, S&P Global Inc. (SPGI) has provided the following forward guidance: Organic constant currency revenue growth: 6%-8% (FY2026); Adjusted operating margin expansion: 50-75 basis points (FY2026); Energy division organic constant currency revenue growth: 4.5%-6% (FY2026); Share repurchases: at least $4.5 billion (FY2026); Mobility debt issuance: approximately $2 billion (FY2026).