S&P Global Inc.

Services-Consumer Credit Reporting, Collection Agencies

SPGIStrained9 of 11 basics passed

$407.57

+1.20%

Market cap $120B

$407.57

+1.20%

Market cap $120B

S&P Global provides data and benchmarks to capital and commodity market participants. Its ratings business is the largest credit rating agency in the world and S&P's largest segment by profitability.

It is a $120B financial services company. Revenue grew 9.7% over the last year, and it keeps 31¢ of every dollar of sales as profit. It trades at 24.4× earnings — near the lowest of its own history.

Website: spglobal.com
Location: New York, NY
Employees: 44 500
Sector: Financial Services

Share price · 3 years

$369.58 → $407.57+10.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $16.1B
Profit: keeps 31¢ of every $1 sold; $4.92B
Free cash flow: cash left after running the business; $5.57B
Net debt: debt minus cash on hand; $11.3B
P/E: years of profit in the price; 24.4
EPS: earnings per share, TTM; $16.14
Dividend: pays out 23% of profit · 21% of FCF; 0.96%
Shares: up 15% since 2016 — dilution; 305.1M
Volatility: beta vs the market — under 1 swings less; 1.07

Revenue, last 10 years

52-week range

Low $386.27$407.57High $546.35

Today's price is 13% of the way from the year's low to its high.

P/E vs its history5y

24.4×median 39.5×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

24.4×

99%

P/S

7.5×

99%

EV/EBITDA

18.7×

99%

P/B

3.3×

74%

FCF yield

4.6%

98%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$120Btop 13%
Revenue growth+11%top 42%
Net margin31%top 17%
Return on equity16%top 41%
P/E24.4×top 75%
Dividend yield0.96%top 82%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability, quality and moat; Health lags behind.

Valuation61

P/E vs own history1th pct · 25/25
FCF yield4.6% · 12/25
P/S7.5x · 12/25
EV/EBITDA16.2x · 12/25

Growth72

Revenue CAGR16.6% · 20/25
Net income CAGR10.3% · 20/25
EPS CAGR ~5Y8.7% · 12/25
Fwd implied growth18.5% · 20/25

Profitability82

ROIC10.5% · 12/25
ROE15.5% · 20/25
Net margin30.5% · 25/25
Operating margin44.4% · 25/25

Health43

Altman Zn/a · 0/25
Current ratio0.95 · 6/25
Interest coverage26.4x · 25/25
Net cash / debtD/A 19% · 12/25

Quality79

Piotroski F7/9 · 22/25
Beneish M-2.48 · 20/25
FCF conversion113% · 25/25
Margin stabilityσ 8.5% · 12/25

Moat88

ROIC >12% years6/9 yrs · 13/25
Median gross margin71.0% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 21.0% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$4.47B net income
FY2022Financial
Revenue crossed $10B
$11.2B for the year
FY2021Financial
Became debt-free
cash now exceeds total debt
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$5.66B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

#17 largest of 129 Financial Services companies by market cap

$10 000 invested in 2021 would be worth ~$9 025 today — price return only

$15.3B revenue in FY2025

Revenue up 9.7% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

44 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (63.6%)
Strongly profitable — 30.5% net margin
Strong cash conversion — FCF is 34.6% of revenue
Interest covered 26.4× by operating earnings
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+9.7% YoY
Profitable — makes more than it spends$4.92B TTM
Profit growing — earnings are higher than last year+12.8% YoY
Generates cash — cash left after running and investing$5.57B TTM
Debt under control — could handle its obligations~2.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$120B market cap
Not printing shares — share count not ballooning — you keep your slice+26.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 31/100
Pays a dividend — returns cash to shareholdersyield 0.96%
Valuation not extreme — price not wildly above earningsP/E 24.4

Peer comparisonS&P Global Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SPGI this company	$120.2B	24.4	+9.7%	30.5%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: SPGI vs BRK.A · SPGI vs BRK.B · SPGI vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 10Buy 19Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $16.1B · net income $4.92B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$16.1B

YoY 9.7%

Net income (TTM)

$4.92B

Margin 30.5%

Gross margin

63.6%

Operating margin

44.4%

P/E ratio

24.4

Dividend yield

0.96%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.4	8.3	11.2	12.5	14.2	15.3
Gross profit	5.3	6.1	7.4	8.4	9.8	10.8
Operating income (EBIT)	3.6	4.2	4.9	4.0	5.6	6.5
Net income	2.3	3.0	3.2	2.6	3.9	4.5
EPS (diluted)	9.66	12.51	10.20	8.23	12.35	14.65

Cash flowFree cash flow $5.57B · operating cash flow $5.73B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$5.57B

Margin 34.6%

Operating cash flow (TTM)

$5.73B

FCF margin

34.6%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	3.6	3.6	2.6	3.7	5.7	5.7
Capital expenditure	-0.1	-0.0	-0.1	-0.1	-0.1	-0.2
Free cash flow	3.5	3.6	2.5	3.6	5.6	5.5
FCF margin	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%

Balance sheetAssets $61.2B · net debt $11.3B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $61.2B of assets is financed

45%

55%

Liabilities $25.0B — borrowed moneyEquity $31.1B — owners' stake

Cash vs debt

Total debt $13.1B − cash $1.76B = net debt $11.3B

Cash on hand covers 13% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

26.4x

EBIT ÷ interest expense

ROE

15.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	4.1	6.5	1.3	1.3	1.7	1.8
Total assets	12.5	15.0	61.8	60.6	60.2	61.2
Total liabilities	9.2	9.5	22.0	22.5	22.7	25.0
Total debt	4.1	4.1	11.0	11.5	11.4	13.1
Equity	0.5	2.0	36.4	34.2	33.2	31.1
Net debt	0.0	-2.4	9.6	10.1	9.7	11.3

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SPGI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $407.57 · market cap $120B.