S&P Global Inc.SPGI
NYSE•Financial Services•Financial Data & Stock Exchanges
S&P Global Inc., together with its subsidiaries, provides benchmarks, data, analytics, and workflow solutions in the global capital, energy and commodity, and automotive markets. It operates through five segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, and S&P Dow Jones Indices. The S&P Global Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. This segment offers Data, Analytics & Insights, a desktop product suite that provides data, analytics, and third-party research for global finance and corporate professionals; research, reference data, market data, derived analytics, and valuation services; enterprise solutions, such as software and workflow solutions; and credit and risk solutions for selling Ratings' credit ratings and related data and research, analytics, and financial risk solutions. The S&P Global Ratings segment operates as an independent provider of credit ratings, research, and analytics offering investors information and independent benchmarks for their investment and financial decisions as well as access to the capital markets. The S&P Global Energy segment provides information and benchmark prices for the energy and commodity markets. The S&P Global Mobility segment offers solutions for the full automotive value chain, including vehicle manufacturers, automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. The S&P Dow Jones Indices segment operates as an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. It has operations in the United States, European region, Asia, and internationally. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.
as of March 2026
Are revenues and earnings expanding?
$15.73B in TTM revenue grew 8.5% YoY, reaching $4.17B last quarter. TTM EBITDA of $8.09B on operating income of $2.00B shows growth is flowing through. Net income of $4.78B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 48.0% is up 6.2% YoY — cost efficiency is improving. Net margin at 33.4% and gross margin of 70.4%. ROE of 15.3% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 26.0x P/E, the stock trades in line with market averages — fairly valued. P/S of 7.9x and P/B of 4.0x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $60.79B in assets and $10.62B in long-term debt, the D/E of 0.3 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $1.01B on $1.04B in operating cash flow. The FCF / Net Income ratio of 0.2x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $1.81B provide financial flexibility. Shares outstanding declined 3.3% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 67 quarters of fundamental data
Operating margins are expanding at ~41.8%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.2% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 67 quarters
Margins are stable or improving at ~43.8% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.0% — net buybacks are reducing shares outstanding and boosting per-share value.