One-glance verdict
Within fair range
$372.77 our estimate vs market $410.71
Wall Street consensus: $520.30 (39.6% higher than our fair-value estimate)
10% above our estimate
Fundamentals snapshot
S&P Global Inc.
SPGI · NYQ · Financial Services · Financial Data & Stock Exchanges
Current price
$410.71
52-week range
$361.03 - $522.47
Market cap
$121.08B
Balance sheet
Watch
21.52x Strong cushion
Net debt $11.61B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 2.6% last year.
- Reward Returns 14.3% on equity, ahead of 20% of its peers.
- Risk Net debt grew 15.1% over 3 years.
- Risk Insider ownership is only 0.1% (peer median: 3.6%).
What this company does
S&P Global Inc.
S&P Global acts as a key scorekeeper for the financial world, providing influential credit ratings (grades on the ability of companies and governments to repay debt) and managing famous stock market indexes like the S&P 500. It primarily earns money by charging fees for access to its essential data and analysis, which investors and banks rely on to make decisions. Because its products are deeply embedded in how finance works, the company often enjoys consistent and predictable business.
How the company got here
S&P Global's story starts way back in 1860 when Henry Varnum Poor began publishing information about railroad companies, which were the hot technology of that era. A key moment came in 1941 when Poor's Publishing merged with Standard Statistics to form Standard & Poor's. Another major turning point was the creation of the S&P 500 in 1957, which became a famous benchmark (a standard used to measure the performance of investments) for the U.S. stock market. More recently, in 2022, the company completed a massive merger with IHS Markit, a deal that significantly expanded its data and analytics businesses, especially in the energy and automotive industries.
What it actually does
Think of S&P Global as a company that sells crucial information that the financial world relies on to make big decisions. It provides the scorecards for companies and governments when they borrow money, creates the famous S&P 500 stock market index that you hear about on the news, and sells detailed data and research to professional investors. Essentially, if a big company, an investment manager, or a government needs to understand financial risks, check the health of the market, or get data on a specific industry, they often turn to S&P Global.
S&P Global Market Intelligence
This is the company's largest division, making up over a third of its business. It provides a huge menu of financial data, research, and software tools to investment professionals, governments, and corporations. Customers pay subscription fees to access platforms like Capital IQ Pro, which helps them analyze companies, understand industries, and assess credit risk (the chance that a borrower won't repay a loan). Because this information is deeply integrated into their customers' daily work, this segment brings in steady, recurring revenue.
S&P Global Ratings
This is one of the most well-known parts of the company and a major revenue source. When a company or government wants to borrow money by issuing bonds (a form of IOU), they pay S&P Global Ratings to get a credit rating, which is like a grade (from 'AAA' to 'D') on their ability to pay the money back. Investors all over the world use these independent ratings to make decisions about which bonds are safe to buy. This business does well when lots of companies and governments are borrowing money.
S&P Dow Jones Indices
This division creates and manages famous stock market yardsticks, like the S&P 500 and the Dow Jones Industrial Average. It makes money by charging licensing fees to investment firms that create products like ETFs (Exchange-Traded Funds, which are baskets of stocks that trade like a single stock) and mutual funds that track these indices. Every time someone invests in an S&P 500 index fund, for example, S&P Global gets a small piece of the fee, which adds up to a significant and growing business.
S&P Global Energy
Formerly known as Commodity Insights and Platts, this segment provides essential information and benchmark prices for the energy and commodities markets, like oil, natural gas, metals, and agriculture. Traders, risk managers, and planners in these industries pay for this data to understand market trends, price their products, and make informed decisions. For example, the price you hear for a barrel of Brent crude oil is often based on a benchmark set by this division.
What management is betting on now
The company is heavily focused on integrating its massive 2022 merger with IHS Markit to cross-sell more products to a wider range of customers. They are also pushing into high-growth areas like private markets (investments in companies that aren't publicly traded on a stock exchange) and data related to the global energy transition. A major priority is embedding artificial intelligence (AI) and new technology into their products to help customers analyze data and get insights faster. The strategy is to become even more essential to their clients by providing unique data and making it easier to use in their daily workflows.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$1.52B
FY2024 Q3
$1.41B
FY2024 Q4
$1.71B
FY2025 Q1
$910.00M
FY2025 Q2
$1.38B
FY2025 Q3
$1.46B
FY2025 Q4
$1.70B
FY2026 Q1
$1.01B
Revenue
$4.17B
Net income
$1.40B
Diluted EPS
4.69
Operating cash flow
$1.04B
Free cash flow
$1.01B
Fetching…
Sources
Revenue
$3.92B
Net income
$1.13B
Diluted EPS
3.76
Operating cash flow
$1.75B
Free cash flow
$1.70B
Fetching…
Sources
Revenue
$3.89B
Net income
$1.18B
Diluted EPS
3.86
Operating cash flow
$1.50B
Free cash flow
$1.46B
Fetching…
Sources
Revenue
$3.75B
Net income
$1.07B
Diluted EPS
3.50
Operating cash flow
$1.45B
Free cash flow
$1.38B
Fetching…
Sources
Revenue
$3.78B
Net income
$1.09B
Diluted EPS
3.54
Operating cash flow
$953.00M
Free cash flow
$910.00M
Fetching…
Sources
Revenue
$3.59B
Net income
$879.00M
Diluted EPS
2.85
Operating cash flow
$1.74B
Free cash flow
$1.71B
Fetching…
Sources
Revenue
$3.58B
Net income
$971.00M
Diluted EPS
3.11
Operating cash flow
$1.45B
Free cash flow
$1.41B
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Sources
Revenue
$3.55B
Net income
$1.01B
Diluted EPS
3.23
Operating cash flow
$1.56B
Free cash flow
$1.52B
Fetching…
Sources
Is it cheap or expensive?
Fair value $372.77 vs current price $410.71
Wall Street consensus is the average analyst price target: $520.30 (39.6% higher than our fair-value estimate).
Our most-likely fair value is $372.77 a share — about 9.2% away from today's price of $410.71, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $11.6B. Interest coverage 21.5x.
Net debt
$11.61B
Interest coverage
21.52x
S&P Global Inc.'s profit covers its interest bill about 21.5 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
SPGI
BASELINE
S&P Global Inc.
Total debt $15.75B Interest coverage 21.52x This is the baseline the peer rows are being compared against.
Total debt $7.62B Interest coverage 12.32x -43% vs SPGI Carries about 1.7x less debt cushion than SPGI.
Total debt $6.54B Interest coverage 8.16x -62% vs SPGI Carries about 2.6x less debt cushion than SPGI.
Total debt $20.53B Interest coverage 6.23x -71% vs SPGI Carries about 3.5x less debt cushion than SPGI.
Total debt $3.87B Interest coverage 24.39x +13% vs SPGI Has roughly the same debt cushion as SPGI.
Total debt $9.32B Interest coverage 6.87x -68% vs SPGI Carries about 3.1x less debt cushion than SPGI.
What you should know
The case for and against SPGI
3 Rewards
2 Risks
Rewards
-
Revenue grew 2.6% last year.
-
Returns 14.3% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 15.1% over 3 years.
-
Insider ownership is only 0.1% (peer median: 3.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
25.00x
Forward P/E
20.31x
P/B
3.84x
P/S
7.51x
EV/EBITDA
16.93x
PEG ratio
1.96x
Profitability
How much profit each dollar creates
Gross margin
70.9%
Operating margin
44.8%
Net margin
30.5%
ROE
14.3%
ROA
7.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.43x
Current ratio
0.95x
Quick ratio
0.83x
Total debt
$15.75B
Total cash
$4.13B
Growth
How the business has been compounding
Revenue TTM
$15.73B
Revenue 5Y CAGR
19.8%
EPS TTM
16.43
EPS 5Y CAGR
12.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$5.74B
Free CF TTM
$5.46B
FCF margin
34.7%
Dividend
Shareholder payout
Yield
0.9%
Payout ratio
23.5%
Last ex-div date
2026-08-26