— Know what they know.
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Not Investment Advice

SPGI

NYSE · USD
S&P Global Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Martina L. Cheung Employees 44,500 R&D / revenue 0.0%
Last price
$429.64+1.14%last session
Market cap
$126.7B
P/E (TTM)
26.1x
From 52w high
−22.2%
From 52w low
+19.0%
1-year return
−8.8%
RSI 14 · vs SMA200
65.4 · −0.9%
IS score
74.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

SPGI   SPY   XLF (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107SPGI 91

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
63
Growth
52
Value
87
Momentum
100
Risk (safety)
84
Quality
62
Balance sheet
74
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for SPGI (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Network EffectsPiotroski 7 / 9Beta 1.084 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
3
$2.58M bought
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
18
Last disclosed purchase 2026-08-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−97
178 new holders, 248 closed
2,013 filers hold 88.4% · 699 added, 887 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+171
1,346 funds adding shares
1,175 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.1%
20-day avg 55.1%, 50-day avg 55.6%
Latest 12.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$15.3B
Revenue growth YoY+7.9%
Gross margin70.2%
Operating income$6.5B
Operating margin42.2%
Net income$4.5B
Net margin29.2%
EPS (diluted)$14.66
Cash flow
Operating cash flow$5.7B
Capital expenditure$195.0M
Free cash flow$5.5B
FCF conversion (FCF / OCF)96.5%
Stock-based compensation$236.0M
FCF less SBC$5.2B
Buybacks$5.0B
Dividends$1.2B
Balance sheet & returns
Cash & short-term investments$1.8B
Total debt$13.7B
Net debt$11.9B
Shareholders' equity$36.2B
Goodwill & intangibles$52.7B
Debt / equity0.50
ROE (TTM)15.5%
ROIC (TTM)10.2%
Operating margin by fiscal year
50.9%FY202144.2%FY202232.2%FY202339.3%FY202442.2%FY2025
Revenue $8.3B (FY2021) to $15.3B (FY2025), a 16.6% CAGR.

Valuation

P/E (TTM)26.1x
EV / EBITDA16.8x
Price / sales7.86x
Price / FCF22.7x
FCF yield4.40%
Buyback yield3.95%
SBC / revenue1.1%
Price / book4.01x
Forward P/E FY202624.1x
Forward P/E FY202721.3x
Forward P/E FY202818.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $502.75 across 4 analysts last quarter is theirs, not ours.

SPGI vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 70.9% 71.8% Operating margin 46.3% 38.3% Net margin 30.5% 26.4% ROIC 10.2% 13.4%
SPGI (TTM)Industry median Asset turnover 0.26 vs industry 0.26 · financial leverage 1.99

Earnings delivery

Next report 2026-10-27 · consensus EPS $4.43
75%
beat rate, 9 of 12 quarters
+5.2%
median EPS surprise
7
longest beat streak
+0+5-1+10+11+7+9+4+5+7-1+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
SPGI S&P Global Inc. $126.7B26.1x15.5%30.5%+7.9% −8.8%
CME CME Group Inc. $105.7B24.8x15.7%61.1%+5.1% +12.5%
ICE Intercontinental Exchange, I $90.7B22.7x13.9%35.9%−0.6% +5.7%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
NDAQ Nasdaq, Inc. $52.5B27.1x16.5%20.0%+7.3% +7.2%
COIN Coinbase Global, Inc. $45.7Bn/m-7.8%-29.5%−21.0% —
MSCI MSCI Inc. $41.4B31.3x-76.0%39.4%+11.6% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-07-28Earnings Release; Regulation FD; Exhibits
2026-05-26Officer/Director Change; Regulation FD; Exhibits
2026-05-21Other Events; Exhibits
2026-05-21Shareholder Vote
2026-05-20Other Events; Exhibits
2026-05-18Other Events; Exhibits

Context

Shares outstanding294,800,000
Free float99.8%
Institutional ownership88.4%
Beta1.08
Dividend yield0.90%
Last dividend$0.97 on 2026-11-25
50 / 200-day average$414.60 / $420.30
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where SPGI sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureSPGIIndustry medianIndustry percentileSector median
P/E (TTM) 25.7x 23.6x
67th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 0.82 1.40
33rd		 1.04
Price / sales 7.9x 7.9x
50th		 2.5x
Price / book 4.0x 4.0x
56th		 1.3x
Price / tangible book —
Price / free cash flow 22.7x 22.7x
50th		 11.8x
Price / operating cash flow 22.1x 22.1x
50th		 11.7x
Enterprise value $138.3B $47.6B
100th		 $3.4B
EV / sales 8.6x 8.6x
50th		 6.0x
EV / EBITDA 16.8x 17.6x
44th		 13.0x
EV / EBIT 19.7x 20.9x
33rd		 15.5x
EV / free cash flow 24.8x 24.1x
60th		 15.9x
Earnings yield 3.9% 4.0%
40th		 7.9%
FCF yield 4.4% 4.4%
50th		 6.3%
Operating cash flow yield 4.5% 4.5%
50th		 7.8%
Graham number (per share) $200.24 $81.79
100th		 $50.71

Profitability (TTM)

MeasureSPGIIndustry medianIndustry percentileSector median
Gross margin 70.9% 70.9%
50th		 71.9%
EBITDA margin 51.0% 37.4%
70th		 37.9%
Operating margin 46.3% 31.6%
80th		 23.3%
EBIT margin 43.6% 29.2%
80th		 23.3%
Net margin 30.5% 30.5%
50th		 18.7%
NOPAT margin 35.8% 25.5%
80th		 18.7%
FCF margin 34.6% 38.8%
40th		 23.3%
Operating cash flow margin 35.5% 40.7%
40th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 16.9% 22.3%
30th		 20.1%
Stock comp / revenue 1.1% 2.2%
10th		 0.7%
Effective tax rate 22.6% 22.2%
60th		 21.0%

Returns on capital

MeasureSPGIIndustry medianIndustry percentileSector median
ROE (on average equity) 15.1% 17.3%
22nd		 11.9%
ROA 8.0% 8.0%
50th		 1.4%
ROIC 13.4% 12.2%
60th		 7.8%
ROCE 13.1% 13.1%
50th		 5.8%
Return on tangible assets 11.4% 10.5%
60th		 2.0%
Cash ROIC (OCF / invested capital) 13.3% 24.9%
30th		 11.4%
Gross profitability (GP / assets) 18.2% 18.9%
40th		 10.3%
ROIC, 3-yr average 9.4% 15.3%
30th		 7.1%
ROIC, 5-yr average 9.6% 12.8%
22nd		 7.3%
ROE, 5-yr average 10.6% 13.8%
11th		 10.7%
Incremental ROIC 135.6% -41.1%
90th		 8.4%

Growth

MeasureSPGIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.7% 7.3%
70th		 7.1%
Revenue growth (QoQ) -0.6% 1.9%
30th		 2.8%
Revenue CAGR, 3 yr 10.2% 10.0%
60th		 10.8%
Revenue CAGR, 5 yr 15.5% 9.2%
90th		 11.3%
Gross profit CAGR, 3 yr 12.9% 12.9%
50th		 18.0%
Operating income CAGR, 3 yr 27.2% 17.1%
89th		 8.8%
Net income growth (TTM YoY) 22.7% 18.9%
56th		 24.7%
Net income CAGR, 3 yr 28.0% 23.2%
67th		 9.4%
EPS growth (TTM YoY) 27.1% 24.6%
56th		 25.1%
EPS CAGR, 3 yr 31.4% 22.2%
67th		 7.3%
EPS CAGR, 5 yr 10.3% 9.6%
56th		 4.2%
FCF growth (TTM YoY) 3.0% 10.8%
30th		 15.9%
FCF CAGR, 3 yr 20.5% 13.0%
70th		 8.5%
Operating cash flow CAGR, 3 yr 20.3% 10.9%
90th		 8.4%
Book value CAGR, 3 yr -1.3% 5.4%
22nd		 8.9%
Dividend CAGR, 3 yr 2.8% 2.8%
62nd		 1.9%
Sustainable growth rate 11.6% 11.6%
50th		 8.3%

Margin history & stability

MeasureSPGIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 69.6% 63.7%
70th		 63.4%
Operating margin, 3-yr average 40.8% 30.8%
70th		 21.4%
Net margin, 3-yr average 27.6% 25.9%
60th		 16.5%
FCF margin, 3-yr average 35.6% 34.9%
70th		 28.2%
Revenue stability (0-1) 0.99 0.97
70th		 0.86
Earnings stability (0-1) 0.61 0.42
70th		 0.37
Margin stability (0-1) 0.96 0.95
60th		 0.81

Liquidity (latest quarter)

MeasureSPGIIndustry medianIndustry percentileSector median
Cash & short-term investments $4.1B $1.5B
90th		 $145.5M
Net cash (− = net debt) −$11.6B −$4.8B
10th		 −$676.0M
Working capital −$416.0M $68.3M
20th		 $86.3M
Current ratio 0.95 1.02
30th		 1.19
Quick ratio 0.95 1.02
40th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.45 0.45
50th		 0.55
Defensive interval (days) 697 days 569 days
70th		 417 days

Leverage & solvency (latest quarter)

MeasureSPGIIndustry medianIndustry percentileSector median
Total debt $15.7B $6.5B
90th		 $1.2B
Debt / equity 0.50 0.73
22nd		 0.81
Net debt / equity 0.37 0.58
33rd		 0.66
Debt / assets 25.0% 33.8%
30th		 33.5%
Debt / capital 33.2% 42.3%
22nd		 44.6%
Debt / EBITDA 1.91 2.13
44th		 3.20
Net debt / EBITDA 1.41 1.60
33rd		 2.19
Interest coverage (EBIT / interest) 22.2x 9.2x
89th		 2.9x
Cash interest coverage 18.1x 11.1x
78th		 3.7x
Debt payback (years of OCF) 2.7 yrs 2.7 yrs
50th		 3.7 yrs
Liabilities / assets 41.8% 59.0%
10th		 86.2%
IS credit model rating AA- — —
Implied credit spread (bps) 100 150
10th		 175

Efficiency

MeasureSPGIIndustry medianIndustry percentileSector median
Asset turnover 0.26 0.30
40th		 0.15
Fixed asset turnover 24.96 13.70
100th		 11.68
Inventory turnover —
Receivables turnover 5.0 7.1
30th		 8.2
Days sales outstanding 73 days 51 days
70th		 43 days
Days inventory outstanding —
Days payables outstanding 44 days 34 days
70th		 39 days
Cash conversion cycle (days) 28 days 14 days
89th		 0 days
Capex / revenue 1.0% 2.4%
33rd		 0.2%
Capex / depreciation 0.13 0.39
22nd		 0.13
Operating expense ratio 21.1% 26.5%
10th		 38.9%

Cash flow & earnings quality

MeasureSPGIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.16 1.19
33rd		 1.28
FCF / net income 1.13 1.15
44th		 1.15
FCF / operating cash flow 97.3% 92.6%
56th		 98.5%
Capex / operating cash flow 2.7% 7.4%
44th		 0.6%
Accruals ratio -1.3% -2.2%
60th		 -2.0%
Sloan accruals ratio -2.5% -4.6%
70th		 -0.6%
Earnings quality score (0-1) 1.00 1.00
33rd		 0.75

Dividends & buybacks

MeasureSPGIIndustry medianIndustry percentileSector median
Dividend yield 0.9% 1.2%
30th		 2.3%
Dividend per share (TTM) $3.87 $2.04
60th		 $1.03
Payout ratio (dividends / net income) 23.5% 29.6%
22nd		 30.0%
Dividends / FCF 20.7% 23.2%
40th		 49.0%
Dividend growth (YoY) 4.0% 8.3%
0th		 6.4%
Buyback yield 4.1% 2.7%
70th		 1.7%
Shareholder yield (dividends + buybacks) 5.0% 4.0%
60th		 5.2%
Share count change (YoY) -3.5% -2.5%
40th		 -0.3%
Buybacks, last 5 years $21.1B $3.6B
100th		 $85.3M

Scores & forensic checks

MeasureSPGIIndustry medianIndustry percentileSector median
IS score 74 66
90th		 53
IS profitability 80 75
90th		 59
IS growth 63 56
70th		 57
IS value 52 52
40th		 77
IS momentum 87 84
80th		 76
IS risk (safety) 100 100
10th		 65
IS quality 84 79
90th		 71
IS balance sheet 62 52
90th		 51
IS earnings quality 74 74
40th		 74
IS cash flow 75 77
30th		 71
Piotroski F-score (0-9) 7 7
50th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −9.47 −7.92
0th		 −6.00
IS credit score 80 74
90th		 68

Per share

MeasureSPGIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $16.66 $11.07
90th		 $3.36
Book value per share $106.99 $26.87
100th		 $28.13
Tangible book per share −$52.14 −$27.93
10th		 $21.49
Revenue per share $54.55 $25.28
80th		 $17.62
FCF per share $18.86 $11.63
70th		 $1.99
Operating cash flow per share $19.39 $11.90
80th		 $2.45
Cash per share $14.01 $7.46
90th		 $1.75

Size (TTM)

MeasureSPGIIndustry medianIndustry percentileSector median
Market cap $126.7B $45.7B
100th		 $2.5B
Revenue $16.1B $5.5B
100th		 $1.0B
EBITDA $8.2B $2.1B
100th		 $269.3M
Net income $4.9B $1.4B
100th		 $168.0M
Free cash flow $5.6B $2.0B
100th		 $160.0M
Total assets $62.9B $14.7B
80th		 $8.5B
Shareholders' equity $31.6B $4.8B
100th		 $1.5B
Employees 44,500 10,973
100th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Ganesan Girish
EVP, Chief People Officer
 Option exercise 186——2,472
2026-10-01Ganesan Girish
EVP, Chief People Officer
 Tax withholding 103$388.16$39,9802,369
2026-10-01Ganesan Girish
EVP, Chief People Officer
 Option exercise 186——0
2026-08-01Thomas Darren Robert
Co-Head, Market Intelligence
 Option exercise 558——6,732
2026-08-01Thomas Darren Robert
Co-Head, Market Intelligence
 Tax withholding 227$411.93$93,5086,505
2026-08-01Thomas Darren Robert
Co-Head, Market Intelligence
 Option exercise 558——1,134
2026-07-01Thomas Darren Robert
Co-Head, Market Intelligence
 — 285——0
2026-07-01Eager William W
President, S&P Global Mobility
 Award / grant 13,286——13,286
2026-07-01Eager William W
President, S&P Global Mobility
 Award / grant 4,917——4,917
2026-07-01Eager William W
President, S&P Global Mobility
 Return to issuer 4,917——0
2026-07-01Eager William W
President, S&P Global Mobility
 Return to issuer 3,569——0
2026-05-01Bhathena Firdaus
EVP, CTTO
 Award / grant 4,115——4,115

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired425,061—
Open-market buyAcquired35,974$2.6M
Option exerciseDisposed2744—
Option exerciseAcquired2744—
Return to issuerDisposed28,486—
Tax withholdingDisposed2330$133,489
—Disposed3285—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
2025-08-08Saugata Saha2,000$1.1M
2025-08-06Edouard Tavernier1,800$999,000
2025-06-18Kelly Robert P5,000$2.5M
2025-05-12Thornburgh Richard E4,516$2.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 59 trades (37 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-27Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2026-08-19Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2026-08-13Michael McCaulHousePurchase$15,001 - $50,0002026-10-16
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2024-04-09Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002024-05-13
2024-04-09Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002024-05-12
2024-04-09Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002024-05-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.23,981,586$9.8B8.13%
VANGUARD CAPITAL MANAGEMENT LLC19,302,219$7.9B6.55%
STATE STREET CORP14,482,789$5.9B4.91%
TCI Fund Management Ltd14,081,957$5.7B4.78%
GEODE CAPITAL MANAGEMENT, LLC6,903,684$2.8B2.34%
VANGUARD PORTFOLIO MANAGEMENT LLC6,266,316$2.6B2.13%
MORGAN STANLEY5,658,620$2.3B1.92%
WELLINGTON MANAGEMENT GROUP LLP5,327,461$2.2B1.81%
NORGES BANK3,866,831$1.6B1.31%
Capital International Investors3,630,191$1.5B1.23%
FMR LLC2,679,678$1.1B0.91%
GOLDMAN SACHS GROUP INC2,628,947$1.1B0.89%
PERSHING SQUARE INC.2,593,155$1.1B0.88%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2,431,754$990.4M0.82%
Sixth Street Partners Management Company, L.P.2,431,754$990.4M0.82%

Institutional ownership by quarter

2023-092026-0693.4%
% of shares held by 13F filers
2023-092026-062,013
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,01393.4%178699887248
2026-03-312,11091.2%215761875252
2025-12-312,18693.9%314787798115
2025-09-302,03993.8%154786757130
2025-06-302,05195.8%134803792107
2025-03-312,06295.6%193819752119
2024-12-312,01996.1%265711739118
2024-09-301,91197.0%19670274081
2024-06-301,81797.0%149738641122
2024-03-311,81796.7%17870968487
2023-12-311,75098.0%27062562693
2023-09-301,60097.8%130628589103

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.4%22,409,885
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.15%$3.6B
VTI0.15%$3.6B
VTSAX0.15%$3.6B
VSMPX0.15%$3.6B
VFFSX0.18%$3.1B
VFIAX0.18%$3.1B

Share structure

Shares outstanding294,800,000
Float294,083,636
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$8.3B$11.2B$12.5B$14.2B$15.3B
Cost of revenue$2.2B$3.8B$4.1B$4.4B$4.6B
Gross profit$6.1B$7.4B$8.4B$9.8B$10.8B
R&D$0$0$0$0$0
SG&A$1.7B$3.4B$3.2B$3.2B$3.4B
Operating income$4.2B$4.9B$4.0B$5.6B$6.5B
EBITDA$4.5B$6.0B$5.1B$6.8B$7.7B
Pretax income$4.2B$4.7B$3.7B$5.3B$6.2B
Income tax$901.0M$1.2B$778.0M$1.1B$1.4B
Net income$3.0B$3.2B$2.6B$3.9B$4.5B
EPS, diluted$12.51$10.20$8.23$12.35$14.66
Diluted shares241.8M318.5M318.9M311.9M305.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$6.5B$1.3B$1.3B$1.7B$1.8B
Receivables$1.6B$2.5B$2.8B$2.9B$3.4B
Inventory$0$0$0$0$0
Total current assets$8.8B$5.7B$5.1B$5.5B$6.3B
PP&E, net$667.0M$720.0M$637.0M$678.0M$691.0M
Goodwill & intangibles$4.8B$52.9B$52.2B$51.5B$52.7B
Total assets$15.0B$61.8B$60.6B$60.2B$61.2B
Accounts payable$205.0M$450.0M$557.0M$553.0M$610.0M
Total current liabilities$3.8B$6.0B$6.1B$6.4B$7.6B
Long-term debt$4.1B$10.7B$11.4B$11.4B$12.9B
Total liabilities$9.5B$22.0B$22.5B$22.7B$25.0B
Shareholders' equity$5.5B$39.7B$38.1B$37.5B$36.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.3B$3.5B$2.9B$3.9B$4.8B
Depreciation & amortization$178.0M$1.0B$1.1B$1.2B$1.2B
Stock-based compensation$122.0M$214.0M$171.0M$247.0M$236.0M
Change in working capital−$70.0M−$74.0M−$460.0M$235.0M−$432.0M
Operating cash flow$3.6B$2.6B$3.7B$5.7B$5.7B
Capital expenditure−$35.0M−$89.0M−$143.0M−$124.0M−$195.0M
Free cash flow$3.6B$2.5B$3.6B$5.6B$5.5B
Investing cash flow−$120.0M$3.6B$562.0M−$255.0M−$704.0M
Net debt issued / repaid$0$1.7B$556.0M−$47.0M$1.7B
Buybacks$0−$12.0B−$3.3B−$3.3B−$5.0B
Dividends paid−$743.0M−$1.0B−$1.1B−$1.1B−$1.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin73.5%66.4%66.9%69.2%70.2%
Operating margin50.9%44.2%32.2%39.3%42.2%
Net margin36.5%29.1%21.0%27.1%29.2%
FCF margin42.9%22.5%28.5%39.2%35.6%
ROE238.1%16.9%7.4%11.4%13.9%
ROIC1,463.5%7.9%7.1%10.1%11.5%
ROA21.9%8.5%4.3%6.4%7.4%
Debt / equity2.310.320.350.360.45
Interest coverage35.7x16.5x12.0x18.9x22.6x
Current ratio2.310.940.840.850.82
Revenue growth+11.5%+34.7%+11.8%+13.7%+7.9%
EPS growth+29.1%−20.1%−16.7%+48.6%+19.8%
P/E at year end36.5x32.7x52.2x40.0x35.3x
EV / EBITDA at year end24.4x19.4x28.7x24.3x22.1x
FCF yield at year end3.23%2.37%2.60%3.61%3.46%
Dividend payout24.6%31.5%43.7%29.4%26.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Market Intelligence Segment$2.2B$3.8B$4.4B$4.6B$4.9B
Ratings Segment$4.1B$3.0B$3.3B$4.4B$4.7B
Commodity Insights—$1.7B$1.9B$2.1B—
Indices Segment$1.1B$1.3B$1.4B$1.6B$1.9B
Mobility—$1.1B$1.5B$1.6B$1.7B
Platts Segment$950.0M————
Engineering Solutions Segment—$323.0M$133.0M——

Revenue by region · FY2025

UNITED STATES$9.3B · 61%
Europe$3.5B · 23%
Asia$1.6B · 11%
Rest Of World$843.0M · 5%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $4.43 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$14.8B$14.8B – $14.9B$17.84$17.68 – $18.091324.1x
2027$15.6B$15.5B – $15.7B$20.22$19.90 – $20.931421.3x
2028$16.8B$16.5B – $17.3B$23.17$21.73 – $24.13618.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$4.84$4.97+2.7%$4.1B$4.2B+2.1%
2026-02-10$4.33$4.30−0.7%$3.9B$3.9B+0.2%
2025-10-30$4.42$4.73+7.0%$3.8B$3.9B+1.5%
2025-07-31$4.21$4.43+5.2%$3.7B$3.8B+2.2%
2025-04-29$4.20$4.37+4.0%$3.7B$3.8B+2.1%
2025-02-11$3.47$3.77+8.6%$3.5B$3.6B+2.7%
2024-10-24$3.64$3.89+6.9%$3.4B$3.6B+4.1%
2024-07-30$3.65$4.04+10.7%$3.4B$3.5B+3.7%
2024-04-25$3.66$4.01+9.6%$3.4B$3.5B+2.3%
2024-02-08$3.15$3.13−0.6%$3.1B$3.2B+0.7%
2023-11-02$3.05$3.21+5.2%$3.0B$3.1B+2.0%
2023-07-27$3.12$3.120.0%$3.1B$3.1B+1.4%
2023-04-27$2.91$3.15+8.2%$3.1B$3.2B+2.4%
2023-02-09$2.47$2.54+2.8%$2.9B$2.9B+2.0%
2022-10-27$2.79$2.93+5.0%$2.9B$2.9B−2.0%
2022-08-02$2.94$2.81−4.4%$3.0B$3.0B−0.2%
2022-05-03$3.00$2.89−3.7%$2.9B$2.4B−17.7%
2022-02-08$3.13$3.15+0.6%$2.1B$2.1B+1.7%
2021-10-26$3.15$3.54+12.4%$2.0B$2.1B+6.2%
2021-07-29$3.27$3.62+10.7%$2.0B$2.1B+5.3%
2021-04-29$3.03$3.39+11.9%$1.9B$2.0B+7.7%
2021-02-09$2.55$2.71+6.3%$1.8B$1.9B+6.5%
2020-10-27$2.64$2.85+8.0%$1.7B$1.8B+10.5%
2020-07-28$2.67$3.40+27.3%$1.5B$1.9B+27.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-151.806-221.606-291.207-060.907-131.007-202.007-271.008-030.908-100.908-170.708-241.408-31
Week ofNotionalSharesTrades
2026-08-31$1.4B3,063,00092,813
2026-08-24$666.8M1,528,07860,382
2026-08-17$892.2M2,102,10076,255
2026-08-10$933.1M2,259,15981,493
2026-08-03$1.0B2,496,81696,530
2026-07-27$2.0B4,699,074138,176

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.1%
DateShort shareShort volumeTotal volume
2026-10-1543.1%407,971946,133
2026-10-1443.3%188,275435,281
2026-10-1349.3%200,270406,206
2026-10-1246.7%181,422388,220
2026-10-0956.8%256,754452,413
2026-10-0858.6%345,056588,423
2026-10-0765.6%319,910487,668
2026-10-0654.6%257,225470,927
2026-10-0553.3%324,068608,072
2026-10-0245.3%383,533846,873
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+4.5Jan-2.7Feb-0.7Mar+3.3Apr+2.6May+3.4Jun+5.3Jul+1.3Aug-4.4Sep-1.4Oct+5.3Nov-0.9Dec
MonthAvg returnUp yearsYears
Jan+4.5%80%10
Feb−2.7%50%10
Mar−0.7%60%10
Apr+3.3%60%10
May+2.6%70%10
Jun+3.4%90%10
Jul+5.3%80%10
Aug+1.3%80%10
Sep−4.4%30%10
Oct−1.4%40%10
Nov+5.3%80%10
Dec−0.9%50%10
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1465.4
MFI57.8
ADX18.4
Stochastic %K / %D89.3 / 86.8
Williams %R-7.8
CCI214
TSI / signal3.1 / -11.1
Chaikin money flow0.01
ATR$8.94
Bollinger width10.8%
Volume vs 20-day avg0.94x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$402.76 (+6.7%)
SMA 50$414.90 (+3.6%)
SMA 200$433.51 (−0.9%)
EMA 21$408.70 (+5.1%)
EMA 50$412.33 (+4.2%)
EMA 200$433.90 (−1.0%)
Bollinger upper$424.56 (+1.2%)
Bollinger lower$380.96 (+12.8%)
Parabolic SAR$393.73 (+9.1%)
Open the live chart, 110+ indicators

About S&P Global Inc.

S&P Global Inc., together with its subsidiaries, provides benchmarks, data, analytics, and workflow solutions in the global capital, energy and commodity, and automotive markets. It operates through five segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, and S&P Dow Jones Indices. The S&P Global Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. This segment offers Data, Analytics & Insights, a desktop product suite that provides data, analytics, and third-party research for global finance and corporate professionals; research, reference data, market data, derived analytics, and valuation services; enterprise solutions, such as software and workflow solutions; and credit and risk solutions for selling Ratings' credit ratings and related data and research, analytics, and financial risk solutions. The S&P Global Ratings segment operates as an independent provider of credit ratings, research, and analytics offering investors information and independent benchmarks for their investment and financial decisions as well as access to the capital markets. The S&P Global Energy segment provides information and benchmark prices for the energy and commodity markets. The S&P Global Mobility segment offers solutions for the full automotive value chain, including vehicle manufacturers, automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. The S&P Dow Jones Indices segment operates as an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. It has operations in the United States, European region, Asia, and internationally. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.

https://www.spglobal.com

Key executives

NameTitlePayBorn
Eric Walter AboafCFO & Executive VP$4.9M—
Martina L. CheungPresident, Chief Executive Officer & Director$3.9M1976
Sally MooreExecutive VP, Chief Client Officer & Co-Head of Market Intelligence Kensho Data & Platforms$2.1M1976
Steven KempsExecutive Vice President & Chief Legal Officer$1.9M1965
Christopher CraigSenior Vice President, Controller & Chief Accounting Officer$1.5M1973
Christina TwomeyChief Communications Officer—1981
Darren ThomasCo-Head of Market Intelligence, Enterprise Solutions——
David ErnsbergerPresident of S&P Global Energy—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Eric Aboaf EVP, Chief Financial Officer2025$715,000$12.4M$1.7M$17.3M
Martina Cheung President and Chief Executive Officer2025$1.0M$9.0M$2.4M$12.8M
William Eager President, S&P Global Mobility2025$672,784$4.7M$931,397$6.4M
Saugata Saha President, S&P Global Market Intelligence and Chief Enterprise Data Officer2025$700,000$3.2M$1.4M$5.7M
Daniel Draper Former CEO, S&P Dow Jones Indices2025$650,000$797,408$3.6M$5.4M
Steven Kemps EVP, Chief Legal Officer2025$625,000$2.8M$1.1M$4.8M

Employees

21k201822k201923k202023k202140k202240k202342k202444k2025

Dividends

Ex-dateAmountPaid
2026-11-25$0.972026-12-10
2026-08-26$0.972026-09-10
2026-05-29$0.972026-06-10
2026-02-25$0.972026-03-11
2025-11-25$0.962025-12-10
2025-08-26$0.962025-09-10
2025-05-28$0.962025-06-11
2025-02-26$0.962025-03-12

Moat model

Narrow · Network Effects · 2026-06-30
Cost advantage52
Intangibles56
Switching costs47
Network effect80
Efficient scale80
Our component scores (0-100) and overall 60.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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