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.
S&P Global Inc. (SPGI) reported trailing twelve months revenue of $15.73B as of March 2026, a 8.5% increase year-over-year. Quarterly revenue reached $4.17B, reflecting continued top-line momentum.
S&P Global Inc. generated $4.78B in TTM net income, with quarterly EBITDA of $2.28B. The operating margin expanded from 41.8% to 48.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (48.0%) and net margin (33.4%) indicates moderate non-operating costs. Net margin has improved from 28.9% a year ago, signaling stronger bottom-line efficiency.
SPGI trades at a P/E of 26.0x (in line with broad market averages) and a P/S of 7.9x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company generated $1.01B in free cash flow over the trailing twelve months, a 11.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $60.79B in total assets with $10.62B in long-term debt against $31.17B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation