S&P Global Inc. SPGI

FinancialsProfessional & Commercial ServicesUnited States of America

Last close 466.55 USD on Nov 1, 2026, −5.0% year to date

Quant rating

Quant rating A Rank 70 of 799 in Financials

Growth B 292 of 799
Valuation C 391 of 799
Quality A 6 of 799
Revisions B 314 of 799
Momentum B 227 of 799

Wall Street consensus Buy (1.81)Average target 527.31 USD +13.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 135.3B
Enterprise value: 151.3B
52-week range: 361.02 – 522.30
3-year range: 332.37 – 533.61
Dividend yield: 0.83%
Beta (5 years): 1.06
Shares outstanding: 290M
Next earnings: Feb 10, 2027

About the company

S&P Global Inc. provides essential intelligence. The Company's operations consist of four segments: S&P Global Market Intelligence (Market Intelligence), S&P Global Ratings (Ratings), S&P Global Energy (Energy), and S&P Dow Jones Indices (Indices). The Market Intelligence segment is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. The Ratings segment is an independent provider of credit ratings, research, and analytics. The Energy segment is an independent provider of information and benchmark prices for the energy and commodity markets. Energy segment provides essential price data, analytics, industry insights and software and services, enabling the energy and commodity markets to perform with transparency and efficiency. Indices segment is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,336	14,208	12,497	11,181	8,297	–
Revenue growth	7.9%	13.7%	11.8%	34.8%	11.5%	15.6%
EPS (basic, normalized)	17.83	15.70	12.60	11.19	13.70	–
EPS growth	13.6%	24.6%	12.6%	−18.3%	–	–
Gross margin	70.2%	69.1%	66.9%	66.3%	73.5%	69.2%
Net margin	29.2%	27.1%	21.0%	29.0%	36.4%	28.6%
ROE	13.9%	11.4%	7.4%	16.9%	238.0%	57.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,441
Current ratio	0.74x
Long-term debt (mil)	10,614
Net debt (mil)	16,089
Total equity (mil)	19,710
Net debt / equity	0.82x
Net debt / EBITDA	2.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	15,336	+7.9%	9.9x	7,800	+11.0%	19.4x	17.83	+13.6%	26.2x
2026	14,862	−3.1%	10.2x	8,013	+2.7%	18.9x	17.87	+0.2%	26.1x
2027	15,699	+5.6%	9.6x	8,523	+6.4%	17.8x	20.14	+12.7%	23.2x
2028	16,808	+7.1%	9.0x	9,265	+8.7%	16.3x	22.78	+13.1%	20.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,862	−0.1%	−0.2%	−10.0%	17.87	−0.3%	−0.5%	−8.9%
2027	15,699	+0.3%	+0.2%	−11.4%	20.14	−0.5%	−0.4%	−9.2%
2028	16,808	+0.2%	+0.2%	−11.4%	22.78	−1.2%	−1.1%	−10.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,491	3,549	3,575	3,592	3,777	3,755	3,888	3,916	4,171	3,678
Sales mean (mil)	3,419	3,421	3,431	3,503	3,698	3,669	3,829	3,907	4,070	3,851
Surprise	+2.1%	+3.7%	+4.2%	+2.5%	+2.1%	+2.3%	+1.5%	+0.2%	+2.5%	−4.5%
EPS reported	4.01	4.04	3.89	3.77	4.37	4.43	4.73	4.30	4.97	4.83
EPS mean	3.66	3.65	3.64	3.48	4.19	4.22	4.41	4.33	4.81	4.76
Surprise	+9.4%	+10.7%	+6.8%	+8.4%	+4.4%	+4.9%	+7.3%	−0.7%	+3.3%	+1.5%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SPGI S&P Global Inc.	135.3B	2.06x	29.2%	6.86x	26.1x	23.2x	18.9x	17.8x
V Visa Inc.	768.7B	0.26x	49.6%	20.24x	27.5x	24.1x	21.6x	19.4x
ADP Automatic Data Processing Inc	116.2B	0.26x	20.1%	22.83x	23.8x	21.7x	16.9x	15.7x
WM Waste Management Inc	92.8B	3.05x	10.7%	9.41x	28.8x	26.1x	14.2x	13.3x
CTAS Cintas Corporation	87.3B	0.70x	17.7%	16.87x	39.7x	35.6x	26.2x	24.0x
MCO Moody's Corporation	85.2B	1.38x	31.9%	26.06x	29.5x	26.5x	20.6x	19.1x
Mean		1.29x	26.5%	17.05x	29.2x	26.2x	19.7x	18.2x
Median		1.04x	24.6%	18.56x	28.2x	25.1x	19.8x	18.4x

Technical analysis

1M+17.8%
3M+10.2%
1Y+0.8%
3Y+47.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, S&P Global Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	15,336	14,208	12,497	11,181	8,297	7,442
Cost of revenue	4,563	4,391	4,141	3,766	2,195	2,092
Gross profit	10,773	9,817	8,356	7,415	6,102	5,350
Selling, general & administrative expenses	3,013	2,867	2,614	2,113	1,411	1,310
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,179	1,173	1,143	1,013	178	206
Interest expense (income), operating	−28.0	−43.0	−36.0	−27.0	–	–
Unusual expense (income)	131	240	615	−620	292	499
Other operating expenses	0	0	0	0	0	0
Operating income	6,478	5,580	4,020	4,936	4,221	3,335
Net interest income (expense)	−273	−296	−349	−245	−102	−142
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	22.0	24.0	0	11.0	45.0	35.0
Net income before taxes	6,227	5,308	3,671	4,702	4,164	3,228
Provision for taxes	1,407	1,141	778	1,180	901	694
Minority interest	−349	−315	−267	−274	−239	−195
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,471	3,852	2,626	3,248	3,024	2,339
Extraordinary items	–	–	–	–	–	–
Net income	4,471	3,852	2,626	3,248	3,024	2,339
EBIT, normalized	6,581	5,777	4,599	4,289	4,513	3,834
EBITDA, normalized	7,760	6,950	5,742	5,302	4,691	4,040
Basic EPS, normalized	17.83	15.70	12.60	11.19	13.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, S&P Global Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,801	1,686	1,316	1,300	6,508	4,117
Receivables	3,441	2,867	2,826	2,494	1,650	1,593
Total inventory	–	–	–	–	–	–
Prepaid expenses	858	906	1,000	574	323	264
Other current assets	196	0	1.0	1,299	329	14.0
Total current assets	6,296	5,459	5,143	5,667	8,810	5,988
Property, plant & equipment	691	678	637	720	667	778
Goodwill	36,475	34,917	34,850	34,545	3,506	3,735
Intangibles	16,271	16,556	17,398	18,306	1,285	1,352
Long-term investments	603	1,774	1,787	1,752	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	864	837	774	794	758	684
Total assets	61,200	60,221	60,589	61,784	15,026	12,537
Liabilities
Accounts payable	610	553	557	450	205	233
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,112	1,182	1,011	871	703	651
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	718	4.0	47.0	226	–	–
Other current liabilities	5,197	4,653	4,510	4,452	2,907	2,703
Total current liabilities	7,637	6,392	6,125	5,999	3,815	3,587
Long-term debt	12,370	11,394	11,412	10,730	4,114	4,110
Minority interest	5,025	4,349	3,900	3,356	3,504	2,843
Other liabilities	5,041	4,927	4,952	5,311	1,561	1,488
Total liabilities	30,073	27,062	26,389	25,396	12,994	12,028
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	415	415	415	415	294	294
Additional paid-in capital	44,117	44,321	44,231	44,422	1,031	946
Retained earnings (accumulated deficit)	23,666	20,977	18,728	17,784	15,017	13,367
Treasury stock	−36,374	−31,671	−28,411	−25,347	−13,469	−13,461
Other equity	−697	−883	−763	−886	−841	−637
Total equity	31,127	33,159	34,200	36,388	2,032	509
Total liabilities & shareholders' equity	61,200	60,221	60,589	61,784	15,026	12,537

Cash flow statement in millions of USD, fiscal years

Cash flow statement, S&P Global Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,820	4,167	2,893	3,522	3,263	2,534
Depreciation, depletion & amortization	1,179	1,173	1,143	1,013	178	206
Deferred taxes	−242	−323	−381	−353	13.0	−31.0
Non-cash items	326	437	515	−1,505	214	611
Changes in working capital	−432	235	−460	−74.0	−70.0	247
Cash from operations	5,651	5,689	3,710	2,603	3,598	3,567
Investing activities
Capital expenditures	−195	−124	−143	−89.0	−35.0	−76.0
Other investing cash flows	−509	−131	705	3,717	−85.0	−164
Cash from investing	−704	−255	562	3,628	−120	−240
Financing activities
Financing cash flow items	−463	−516	−401	30.0	−283	−255
Cash dividends paid	−1,170	−1,134	−1,147	−1,024	−743	−645
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,297	−3,348	−2,732	−10,332	13.0	−1,266
Cash from financing	−4,930	−4,998	−4,280	−11,326	−1,013	−2,166
Foreign exchange effects	62.0	−61.0	12.0	−123	−82.0	75.0
Net change in cash	79.0	375	4.0	−5,218	2,383	1,236
Free cash flow	5,456	5,565	3,567	2,514	3,563	3,491

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.