Financials · Financial Exchanges & Data · US stock · price as of 22 Oct 2026
Key indicators
Price
$453.10
52-week range
$381.61 – $552.25
Market cap
$134.8B
P/E (trailing)
28.8×
EV / EBITDA
21.2×
Free-cash-flow yield
4.1%
Dividend yield
0.9%
Revenue (last 12 months)
$15.7B
Revenue growth (3y a year)
11.1%
Operating margin
43.9%
Return on invested capital
12.4%
Net debt / EBITDA
1.8×
Fair value
Fair value (average of valid models)$476.71 middle half of models $420 – $541
Versus priceFair+5% to fair value
P/E multiple
$480.37
P/B multiple
$440.26
P/S multiple
$518.67
EV/EBITDA multiple
$498.52
EV/EBIT multiple
$533.73
EV/revenue multiple
$502.56
10-year DCF, EBITDA exit
$565.67
5-year DCF, EBITDA exit
$558.57
10-year DCF, revenue exit
$553.75
5-year DCF, revenue exit
$548.85
10-year DCF, growth exit
$400.39
5-year DCF, growth exit
$370.72
Dividend discount, stable
$291.46
Dividend discount, multi-stage
$494.81
Earnings power value
$392.33
Model uncertainty
Medium
X-Ray Score
48/ 100 · High confidence · ahead of 34% of sector peers
Valuation33
Growth68
Profitability51
Financial health44
Dividends45
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives S&P Global Inc. an X-Ray Score of 48 out of 100 (high confidence), ahead of 34% of the S&P 500 stocks in its sector. Its strongest lens is growth (68) and its weakest is valuation (33).
Our fair value (the average of the valid models) is $476.71 (range $420.33 to $541.29). At $453.10 the stock trades 5% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
S&P Global Inc. (SPGI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$428.69
$307.01
$407.69
$464.50
$491.01
$453.10
Market cap
$103.7B
$97.8B
$130.0B
$144.9B
$149.8B
$134.8B
P/E
34.3×
30.1×
49.5×
37.6×
33.5×
28.8×
EV / revenue
12.2×
9.6×
11.2×
10.9×
10.5×
9.3×
EV / EBITDA
23.0×
18.1×
27.2×
22.9×
21.1×
21.2×
Price / free cash flow
29.1×
38.9×
36.4×
26.0×
27.5×
24.3×
Free-cash-flow yield
3.4%
2.6%
2.7%
3.8%
3.6%
4.1%
Price / book
51.0×
2.7×
3.8×
4.4×
4.8×
4.3×
Dividend yield
0.72%
1.08%
0.88%
0.78%
0.78%
0.85%
Fundamentals checklist ● 4 Good · ● 8 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.6%Average
Free-cash-flow yield4.1%Bad
Risk models
Altman Z score3.1×Average
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)12.9%Average
Free-cash-flow growth (3y)29.5%Good
Revenue growth (3y)11.1%Good
Growth consistency100%Good
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA1.8×Average
Interest cover22.6×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield4.7%Bad
Profitability
Return on invested capital12.4%Average
Operating margin43.9%Good
Gross profitability18.2%Bad
XStocksXray
S&P Global Inc. (SPGI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
8,297
11,181
12,497
14,208
15,336
15,730
Gross profit
6,117
7,428
8,356
9,847
10,773
11,085
Operating income
4,221
4,944
4,020
5,580
6,478
6,902
Net income
3,024
3,248
2,626
3,852
4,471
4,777
Diluted EPS ($)
12.51
10.20
8.23
12.35
14.66
15.75
Free cash flow
3,563
2,514
3,567
5,565
5,456
5,556
Gross margin
73.7%
66.4%
66.9%
69.3%
70.2%
70.5%
Operating margin
50.9%
44.2%
32.2%
39.3%
42.2%
43.9%
Net margin
36.4%
29.0%
21.0%
27.1%
29.2%
30.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
15,026
61,784
60,589
60,221
61,200
60,792
Cash
6,497
1,286
1,290
1,666
1,745
1,810
Total debt
4,114
10,956
11,459
11,398
13,088
13,318
Equity
2,032
36,388
34,200
33,159
31,127
31,173
Dividend per share ($)
3.08
3.32
3.60
3.64
3.84
3.85
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
