S&P Global (SPGI)
Financials · $119B market cap · SEC CIK 0000064040
fundamentals score out of 100
Next reports on Oct 22, 2026, before the open, with analysts expecting $4.52 in earnings per share.
The case for SPGI
- 31% of revenue drops through to net profit.
- Revenue growing 9.7% year over year.
- Earnings per share up 26.2%.
- A PEG of 0.92: a P/E of 24.2× is low for EPS growing 26%.
- Has compounded revenue at 15.6% a year over five years.
- Return on equity of 16%.
The case against
- Priced at 7.4× sales with revenue growing only 9.7%.
- The price trend is weak (37/100): -15.7% over a year, +4.0% over three months, 26% of the way up its 52-week range.
- Stability is weak (40/100): beta 1.06, a 31% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 36 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 75 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 79 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 40 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 24.2× |
|---|---|
| Price / book | 3.81× |
| Price / sales | 7.4× |
| Revenue growth (YoY) | +9.7% |
| EPS growth (YoY) | +26.2% |
| Gross margin | 64% |
| Operating margin | 44% |
| Net margin | 31% |
| Return on equity | 16% |
| Debt / equity | 0.48× |
| Current ratio | 0.95 |
| Dividend yield | 0.87% |
| Beta | 1.06 |
| 52-week range | $361.03 – $522.47 |
| Position in that range | 26% of the way up |
| 3-month return | +4.0% |
| 1-year return | -15.7% |
Five years of financials, as filed
Pulled from S&P Global's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.3B | $14.2B | $12.5B | $11.2B | $8.3B |
| Operating income | $6.5B | $5.6B | $4.0B | $4.9B | $4.2B |
| Net income | $4.5B | $3.9B | $2.6B | $3.2B | $3.0B |
| Operating cash flow | $5.7B | $5.7B | $3.7B | $2.6B | $3.6B |
| Capital expenditure | $195M | $124M | $143M | $89.0M | $35.0M |
| Total assets | $61.2B | $60.2B | $60.6B | $61.8B | $15.0B |
| Total liabilities | $25.0B | $22.7B | $22.5B | $22.0B | $9.5B |
| Shareholder equity | $31.1B | $33.2B | $34.2B | $36.4B | $2.0B |
| Cash | $1.7B | $1.7B | $1.3B | $1.3B | $6.5B |
| Long-term debt | $12.4B | $11.4B | $11.4B | $10.7B | $4.1B |
| Free cash flow | $5.5B | $5.6B | $3.6B | $2.5B | $3.6B |
| Operating margin | 42.2% | 39.3% | 32.2% | 44.2% | 50.9% |
| Net margin | 29.2% | 27.1% | 21.0% | 29.0% | 36.4% |
| Diluted shares | 305M | 312M | 319M | 319M | 242M |
Share count is up 26.2% over 4 years. Your slice has been diluted.
What S&P Global says it does
Overview S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the "Company," the "Registrant," "we," "us" or "our") is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels. We were incorporated in December of 1925 under the laws of the state of New…
Risk factors SPGI lists in its 10-K
- Cybersecurity, Technology and Innovation Risks
- Our inability to innovate and compete with new or enhanced products and services of our competitors could have a material adverse effect on our business, financial condition or results of operations
- Our inability to successfully develop, adapt, or implement new and improved processes and technology could materially adversely impact our business, financial condition or results of operations
- Artificial Intelligence ("AI") presents new and evolving risks, and our approach to AI may not be successful, which could materially and adversely affect our business, financial condition or results of operations
- Our use of open source software could result in litigation or impose unanticipated restrictions on our ability to commercialize our products and services
- Our inability to adequately obtain, protect and maintain our intellectual property and other proprietary rights could impact our competitive position
- We have been, and may in the future be, subject to intellectual property disputes, which are costly to defend and could harm our business and operating results
- We rely heavily on network systems and the Internet and any failures or disruptions may adversely affect our ability to serve our customers
- Our operations and infrastructure may malfunction or fail, which could have a material adverse effect on our business, financial condition or results of operations
- Exposure to litigation and government and regulatory proceedings, investigations and inquiries could have a material adverse effect on our business, financial condition or results of operations
- Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Consolidated Financial Statements and Supplementary Data
- Future legislation, regulatory reform or policy changes, especially abrupt changes, could have a material adverse effect on our business, financial condition or results of operations
- We may become subject to liability or face reputational harm due to our offerings