S&P Global Inc

SPGI · NYSE · Financial Data

Current price

$408.57

▼ −$1.42 (0.35%) today

Share price

Live market data

▼ -44.92 (-9.91%)2025-10-13 — 2026-10-14

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ET&A View

Last reviewed 16 September 2026

Buy

ET&A sees significant upside from the current price with an attractive risk/reward profile.

Fair Value

Members

12M Price Target

Members

Preferred Entry

Members

ET&A Score

8.9/ 10Strong overall

Members see what we think S&P Global Inc is worth today, our 12-month Price Target, the price we would prefer to buy at and the return we expect. See membership

S&P Global is one of the highest-quality information-services businesses in global markets, built around exceptionally strong competitive positions in credit ratings, financial data, benchmarks and energy intelligence.

Is it expensive?

Read our full view

Why we like it

Turns about 34% of its sales into spare cash.
Very profitable — keeps about 45% of its sales as profit.
Sales are growing quickly (+8% a year).

What worries us

The share price has been weak recently.

Members see every risk we are watching. See membership

Business Health

Is the business financially healthy?

Yes — healthy

Revenue, earnings, margins, cash generation and the balance sheet stand out.

Overall

Strong

Revenue
$16.1bn · ↑ +8% last year
Growth Strong
Earnings
$4.9bn · ↑ +16% last year
Growth Strong
Margins
Keeps 45% of sales as operating profit
Excellent
Cash generation
$5.5bn spare cash a year · 34% of sales
Excellent
Balance sheet
Debt ≈ 1.4 years of earnings
Strong
Dividend
0.9% yield · Pays out 23% of earnings · covered 4.3×
Yield Weak

Financial and earnings trends

Investor View

More on S&P Global Inc

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.Members

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

Our View in full
What could drive it higher / go wrong
Fair Value & Preferred Entry
How our view has changed

Explore Insight →Included with Insight

What could drive it higher — and what could go wrongThe catalysts and risks we are watching.Members

Members see every catalyst and risk we are watching. See membership

Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.Members

Members see where the price sits against our valuation, its history and its peers. See membership

Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.

Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.

Year	Revenue	Growth	Operating margin	Net income	EPS	Free cash flow
FY2025	$15.3bn	+7.9%	40.3%	$4.5bn	$14.66	$5.5bn
FY2024	$14.2bn	+13.7%	38.6%	$3.9bn	$12.35	$5.6bn
FY2023	$12.5bn	+11.8%	32.4%	$2.6bn	$8.23	$3.6bn
FY2022	$11.2bn	—	27.0%	$3.2bn	$10.20	$2.5bn

Next earningsTue, 27 Oct 2026Earnings calendar →

Who it suitsStrategy suitability and investment style.

Long-term growth investors

Also suits: Investors who want a mix of growth and stability

Investment styleQualityGrowthET&A strategies: Balanced, Growth · what these mean

How it compares with peersOther companies we cover in Financial Data.

CME Group IncCME
ET&A sees limited reason to buy aggressively or sell at the current price.
HoldET&A Score 8.8Compare →
Moody’s CorporationMCO
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.8Compare →
Intercontinental Exchange IncICE
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.5Compare →

Compare S&P Global Inc with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

S&P Global Inc. is one of the world’s leading providers of credit ratings, benchmarks, data, analytics, and workflow solutions for financial markets, commodity markets, energy markets, and the automotive sector. The company operates across major businesses including S&P Global Market Intelligence, S&P Global Ratings, S&P Global Commodity Insights, S&P Dow Jones Indices, and S&P Global Mobility, serving investors, banks, governments, corporations, exchanges, asset managers, and other market participants.

S&P Global’s strength comes from its trusted brands, proprietary data, embedded customer workflows, and central role in market infrastructure. Its ratings business supports global debt markets, its indices underpin major investment products, and its data and analytics platforms help clients assess risk, value assets, track markets, and make informed decisions. This gives S&P Global a strong position across capital markets, passive investing, commodity intelligence, credit analysis, and financial technology, making it one of the most important information providers in global finance.

Financial Data · USA

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.Open

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue: $16.1bnMarket data
Gross profit: $11.4bnMarket data
EBITDA: $8.1bnMarket data
Operating profit (EBIT): $6.2bnMarket data
Net income: $4.9bnMarket data
Earnings per share (EPS): $16.43Market data

Growth

Revenue growth, latest year: Good7.9%Calculated
Revenue growth, 3-year average: Strong11.1%Calculated
Earnings growth, latest year: Strong16.1%Calculated
Earnings growth, 3-year average: Strong11.2%Calculated
Revenue growth, latest quarter vs a year earlier: 10.4%Market data
Earnings growth, latest quarter vs a year earlier: 17.7%Market data

Margins & returns

Gross margin: Excellent70.9%Market data
EBITDA margin: 50.5%Market data
Operating margin: Excellent44.8%Market data
Net margin: Excellent30.5%Market data
Return on equity (ROE): Good14.3%Market data
Return on assets (ROA): 7.0%Market data

Cash flow

Operating cash flow: $5.7bnMarket data
Free cash flow: $5.5bnMarket data
Free-cash-flow margin: Excellent33.8%Calculated
Free cash flow ÷ net income: 1.1×Calculated

Balance sheet

Cash: $4.1bnMarket data
Total debt: $15.7bnMarket data
Net debt: $11.6bnMarket data
Net debt ÷ EBITDA: Strong1.4×Calculated
Debt ÷ equity: 0.4×Market data
Current ratio: 1.0×Market data

Shares & dividends

Shares outstanding: 294.8mMarket data
Market capitalisation: $120.4bnMarket data
Dividend per share: $3.86Market data
Dividend yield: Weak0.9%Market data
Payout ratio: 23.5%Market data

Market data — the live feed (Yahoo Finance)
Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales: Members
EV / EBITDA: Members
Price / Book: Members
Forward P/E: Members

Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live

Price$408.57

Day−$1.42 (−0.35%)

52-week range$369.69 – $516.89

vs 52-week low+10.52%

vs 52-week high−20.96%

As of 14 October 2026

P/E Ratio: 24.87x

Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

Measure	Today	Source
P/E	Members
Forward P/E	Members
EV/EBITDA	Members
Price/Sales	Members
FCF Yield	Members

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book: Members

Historical dataValuation history, how our view has changed, and the share-price history.

Valuation history

Members see how the valuation compares with its history. See membership

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus): $20.19Market data
Expected EPS growth, next year: Below Average0.2%Market data
Expected revenue growth, next year: −3.7%Market data

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value S&P Global Inc

1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

Read the full ET&A methodology →

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

Business quality
Financial performance
Growth outlook
Debt and financial strength
Valuation
Risk
What could drive it higher

Buy: ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate: ET&A likes the company but would prefer investors to build exposure gradually.
Hold: ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce: ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell: ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

Favourable

Highly profitable · Sound · Weak

Profitability & margins · Highly profitable10.0

Balance sheet · Sound6.4

Price momentum · Weak2.4

Context — not part of the score

Valuation multiplesPriced on the high side
Share-price steadinessHigh volatility
IncomeLow yield

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility: Members
Max drawdown (1y): Members
12-month return: Members
3-month return: Members
P/E: Members
Price / Sales: Members
EV / EBITDA: Members
EBITDA margin: Members
Net debt / EBITDA: Members
Dividend yield: Members

The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (45% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

Area	Based on	Score	Rating
Revenue	Revenue growth, 3-year average 11.1% → 7.2 Rated on 3-year average revenue growth, on ET&A's growth scale.	7.2 / 10	Strong
Earnings	Earnings growth, 3-year average 11.2% → 7.2 Rated on 3-year average earnings growth, on ET&A's growth scale.	7.2 / 10	Strong
Margins	Operating margin 44.8% → 9.5 Net margin 30.5% → 9.0 The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak).	9.3 / 10	Excellent
Cash generation	Free-cash-flow margin 33.8% → 9.5 Free cash flow as a share of sales, on ET&A's cash-generation scale.	9.5 / 10	Excellent
Balance sheet	Net debt ÷ EBITDA 1.4× → 7.1 Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale.	7.1 / 10	Strong
Dividend	Dividend yield 0.9% → 2.9 Dividend yield on ET&A's income scale. Not part of the overall health rating.	2.9 / 10	Weak
Overall	Average of the 5 rated areas	8.1 / 10	Strong

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

Measure	Excellent	Strong	Good	Average	Below Average	Weak
GrowthStructural Growth (Fundamental Conviction)	18%+	10%+	5.0%+	1.7%+	−2.5%+	below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)	29%+	20%+	13%+	7.5%+	0%+	below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)	23%+	15%+	9.8%+	6.0%+	0%+	below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)	15%+	8.5%+	3.8%+	1.3%+	−2.5%+	below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)	net cash	≤ 1.5×	≤ 2.8×	≤ 3.6×	≤ 5.0×	above 5.0×
Return on equity (banks & insurers)Bank and insurer quality	16%+	12%+	9.0%+	6.7%+	2.7%+	below 2.7%
Equity ÷ assetsBank capital	7.5%+	6.0%+	4.7%+	4.0%+	any	—
Dividend yieldIncome factor (ET&A Quant Score)	5.8%+	4.0%+	2.5%+	1.8%+	1.0%+	below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.Members

Members see how we calculate the Fair Value and Preferred Entry. See membership

Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.Members

Members see the peer set behind our valuation. See membership

Detailed assumptionsEvery input the valuation model used, with its source.Members

Members see the assumptions behind our valuation. See membership

Research notesNo research notes published yet.

No research notes have been published for S&P Global Inc yet.

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