S&P Global Inc. (SPGI)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$453.10
▲ +9.94 (2.24%)
Fair valueFair
$477 +5.2% to fair value
$238fair band $406–$578$715
Day's range
$444.65 – $456.78
52-week range
$381.61 – $552.25
About S&P Global Inc.
S&P Global supplies credit ratings, benchmarks, analytics and data to participants in financial and commodity markets. Its ratings business assesses the creditworthiness of companies and governments that issue debt, while its market intelligence arm provides data and software to banks, asset managers and corporations. It also publishes commodity price assessments and licenses stock market indices through its index business. Customers include issuers, investors, financial institutions and energy firms.
Revenue comes from subscriptions to data and analytics, fees paid by debt issuers for ratings, and licensing fees linked to indices. The company reported revenue of $15.7 billion for the last twelve months, with growth of 11.1% a year over the last three years. Its operating margin is 43.9%, and net debt is 1.8 times EBITDA. It pays a dividend with a yield of 0.9%. On the site's X-Ray Score it receives 48 out of 100.
Price chart
52-wk range $381.61 – $552.25Volume 2,932,937Daily, split-adjusted
Vitals
Market cap$134.8B
52-week range$381.61 – $552.25
Volume (last day)2,932,937
P/E (TTM)28.8
EBIT / EV yield4.7%
Free-cash-flow yield4.1%
Dividend yield0.9%
Revenue (TTM)$15.7B
Net income (TTM)$4.8B
Operating margin43.9%
Return on capital12.4%
Debt incl. leases$13.9B
Cash & securities$1.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$477middle half of models $420 – $541
Fair
+5.2% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $453
Undervalued < $406Fair $406 – $578Overvalued > $578
P/E multiple
$480
P/B multiple
$440
P/S multiple
$519
EV/EBITDA multiple
$499
EV/EBIT multiple
$534
EV/revenue multiple
$503
10-year DCF, EBITDA exit
$566
5-year DCF, EBITDA exit
$559
10-year DCF, revenue exit
$554
5-year DCF, revenue exit
$549
10-year DCF, growth exit
$400
5-year DCF, growth exit
$371
Dividend discount, stable
$291
Dividend discount, multi-stage
$495
Earnings power value
$392
Growth the price implies
7.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
34/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.7%
Free-cash-flow yield4.1%
Fair value vs price1.1×
Growth
Fair
68/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)11.1%
EPS growth (3y)12.9%
Growth consistency100%
Profitability
Fair
51/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital12.4%
Operating margin43.9%
Gross profitability18.2%
Financial health
Weak
44/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA1.8×
Interest cover22.6×
Dividends
Weak
45/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.9%
Dividends vs free cash flow21%
Dividend growth4.5%
Quarterly results: last 6 quarters
+14.0%
Dec '24
+8.2%
Mar '25
+5.8%
Jun '25
+8.8%
Sep '25
+9.0%
Dec '25
+10.4%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.2B, diluted EPS $4.69.
Compare with peers
MCO Moodys Corp61 MSCI MSCI Inc.58 CBOE Cboe Global Markets, I...58 FDS Factset Research Syste...58Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: S&P Global Inc.
Strengthsinside the company
- Revenue has grown 11.1% a year over three years (median 9.7% for industry peers).
- Earnings per share have compounded at 12.9% a year over three years.
- Operating profit covers interest 23x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare SPGI with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): CME 42, ICE 52, MCO 61, NDAQ 44, MSCI 58, COIN 38.
| Metric | SPGI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 48 | 55 | 50 |
| Valuation | 33 | 25 | 52 |
| Growth | 68 | 62 | 54 |
| Profitability | 51 | 64 | 48 |
| Financial health | 44 | 49 | 51 |
| Dividends | 45 | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
SPGI ranks #47 of 71 in Financials and #6 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for SPGI
Each factor is rated by where SPGI stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 10 Average · 6 Bad of 22
Growth: 1 · 2 · 0
Profitability: 3 · 2 · 0
Financial strength: 0 · 3 · 1
Valuation: 0 · 0 · 5
Cash flow: 2 · 2 · 0
Efficiency: 0 · 1 · 0
| Factor | SPGI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.1% | Good beats 68% | +8.3% | – | – |
| Revenue growth, last year | +7.9% | Average beats 64% | +6.9% | +11.8% | ▼ Worse |
| EPS growth, 3 years a year | +12.9% | Average beats 51% | +12.7% | – | – |
| Profitability | |||||
| Gross margin | 70.5% | Good beats 82% | 47.1% | 69.3% | ≈ In line |
| Operating margin | 43.9% | Good beats 78% | 29.1% | 42.2% | ≈ In line |
| Net margin | 30.4% | Good beats 81% | 21.8% | 29.0% | ≈ In line |
| Return on invested capital | 12.4% | Average beats 45% | 13.5% | – | – |
| Return on equity | 15.3% | Average beats 49% | 15.7% | 11.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 1.8x | Average beats 35% | 1.1x | 1.5x | ≈ In line |
| Interest cover | 22.6x | Average beats 40% | 50.0x | 18.8x | ▲ Better |
| Current ratio | 0.68 | Bad beats 7% | 1.05 | 0.85 | ▼ Worse |
| Piotroski F-score | 7 / 9 | Average beats 55% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 28.2x | Bad beats 15% | 13.8x | 35.7x | ▲ Better |
| Price / book | 4.3x | Bad beats 21% | 2.2x | 4.4x | ≈ In line |
| Price / sales | 8.6x | Bad beats 16% | 3.1x | 10.3x | ▲ Better |
| EV / EBITDA | 21.3x | Bad beats 13% | 10.8x | 23.2x | ≈ In line |
| Free cash flow yield | 4.1% | Bad beats 26% | 5.8% | 3.3% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 35.3% | Good beats 74% | 23.2% | 35.6% | ≈ In line |
| Cash from operations / net income | 1.20 | Average beats 47% | 1.25 | 1.26 | ≈ In line |
| Free cash flow growth, 3 years a year | +29.5% | Good beats 82% | +12.7% | – | – |
| Accruals (lower is better) | −1.6% | Average beats 59% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 81 days | Average beats 34% | 53 days | 81 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 8 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 47/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $8.3B | $11.2B | $12.5B | $14.2B | $15.3B |
| Operating income | $4.2B | $4.9B | $4.0B | $5.6B | $6.5B |
| Net income | $3.0B | $3.2B | $2.6B | $3.9B | $4.5B |
| Operating cash flow | $3.6B | $2.6B | $3.7B | $5.7B | $5.7B |
| Operating margin | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Free cash flow | $3.6B | $2.5B | $3.6B | $5.6B | $5.5B |
| Diluted EPS | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 425.5 | Bullish |
| EMA 10 | 428.7 | Bullish |
| SMA 20 | 410.0 | Bullish |
| EMA 20 | 419.5 | Bullish |
| SMA 50 | 417.4 | Bullish |
| EMA 50 | 415.8 | Bullish |
| SMA 100 | 414.8 | Bullish |
| EMA 100 | 416.0 | Bullish |
| SMA 200 | 417.4 | Bullish |
| EMA 200 | 422.9 | Bullish |
Oscillators (daily)
| RSI (14) | 74.68 | Bearish |
| MACD (12, 26) | 8.30 | Bullish |
| Momentum (12) | 14.38 | Bullish |
| Stochastic %K (14) | 94.94 | Bearish |
| Williams %R (14) | -5.06 | Bearish |
| CCI (20) | 182.5 | Bearish |
Pivot points (classic, last session)
S3 434.1 | S2 439.4 | S1 446.2 | Pivot 451.5 | R1 458.4 | R2 463.6 | R3 470.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.87 USD
Yield on today's price
0.85%
Frequency
Quarterly
Next ex-dividend date
25 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.9700 |
| 0.9700 | |
| 0.9700 | |
| 0.9700 | |
| 0.9600 | |
| 0.9600 | |
| 0.9600 | |
| 0.9600 | |
| 0.9100 | |
| 0.9100 | |
| 0.9100 | |
| 0.9100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold SPGI
| ETF | Share of the fund |
|---|---|
| EAGL The 2023 ETF Series | 4.68% |
| IYF iShares U.S. Financials | 1.86% |
| XLF Financial Select Sector SPDR | 1.63% |
| VFH Vanguard Financials | 1.58% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.40% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.32% |
| NULV Nuveen ESG Large-Cap Value | 1.26% |
| FQAL Fidelity Quality Factor | 0.66% |
The eight funds with the largest weight in SPGI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
SPGI stock splits
SPGI has split its stock 3 times since 1996. The latest was a 2-for-1 split on 18 May 2005.
Full SPGI stock split history →SPGI SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement; Completed an acquisition or disposal
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.