S&P Global Inc.
- Open
- 438.00
- Day high
- 441.62
- Day low
- 431.32
- Prev close
- 440.21
- Volume
- 1.9M
- Mkt cap
- $127.3B
- P/E (TTM)
- 26.3
- EPS (TTM)
- $16.43
- P/B
- 4.0
- P/S
- 7.9
- Yield
- 0.67%
- Per share
- $2.91
S&P Global Inc. (SPGI) is a Financial Services company listed on NYSE. The stock is down 20% over the past year. Drillr has 2 published research articles covering SPGI.
S&P Global Inc. (SPGI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPGI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $4.81 | $4.83 | +0.4% | $3.7B | -10.1% |
| Apr 28, 2026 | $4.84 | $4.97 | +2.7% | $4.2B | +2.1% |
| Feb 10, 2026 | $4.33 | $4.30 | -0.7% | $3.9B | +0.2% |
| Oct 30, 2025 | $4.42 | $4.73 | +7.0% | $3.9B | +1.5% |
| Jul 31, 2025 | $4.21 | $4.43 | +5.2% | $3.8B | +2.2% |
| Oct 24, 2024 | $3.64 | $3.89 | +6.9% | $3.6B | +4.1% |
| Apr 25, 2024 | $3.66 | $4.01 | +9.6% | $3.5B | +2.1% |
| Feb 8, 2024 | $3.14 | $3.13 | -0.3% | $3.2B | +0.1% |
| Nov 2, 2023 | $3.05 | $3.21 | +5.2% | $3.1B | +2.0% |
| Jul 27, 2023 | $3.12 | $3.12 | +0.0% | $3.1B | +1.4% |
| Apr 27, 2023 | $2.91 | $3.15 | +8.2% | $3.2B | +2.4% |
| Feb 9, 2023 | $2.47 | $2.54 | +2.8% | $2.9B | +2.0% |
SPGI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Thomas Darren Robertofficer: Co-Head, Market Intelligence | Tax | 227 | $411.93 |
| Aug 4, 2026 | Thomas Darren Robertofficer: Co-Head, Market Intelligence | Option | 558 | — |
| Jul 6, 2026 | Eager William Wofficer: President, S&P Global Mobility | Grant | 4,917 | — |
| Jul 6, 2026 | Eager William Wofficer: President, S&P Global Mobility | Grant | 13,286 | — |
| May 5, 2026 | Bhathena Firdausofficer: EVP, CTTO | Grant | 4,115 | — |
| May 5, 2026 | Bhathena Firdausofficer: EVP, CTTO | Grant | 2,743 | — |
| May 4, 2026 | Moritz Robert Edward Jr.director | Buy | 1,152 | $434.03 |
| May 4, 2026 | Clay Catherine Rofficer: CEO, S&P Dow Jones Indices | Buy | 2,500 | $431.39 |
| May 1, 2026 | CHEUNG MARTINAdirector, officer: CEO & President | Buy | 2,322 | $429.93 |
| Apr 2, 2026 | Craig Christopherofficer: SVP and Controller | Option | 1,480 | $425.17 |
| Apr 2, 2026 | Craig Christopherofficer: SVP and Controller | Tax | 756 | $425.17 |
| Feb 26, 2026 | Saha Saugataofficer: President, Market Intelligence | Grant | 7,551 | — |
| Feb 26, 2026 | Eager William Wofficer: President, S&P Global Mobility | Grant | 9,052 | — |
| Feb 26, 2026 | CHEUNG MARTINAdirector, officer: CEO & President | Grant | 12,273 | — |
| Feb 26, 2026 | Craig Christopherofficer: SVP and Controller | Grant | 1,508 | — |
Source: SPGI SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full SPGI insider & 13F page →SPGI research & analysis
[SPGI] S&P Global Thesis 2026: Mobility Spinoff Simplifies Focus, Capital Returns
S&P Global FY25 (Dec 31, 2025) at $15.34B revenue. Five segments: Market Intelligence $4.90B (20% OpMargin), Ratings $4.55B (66%), Energy/Platts $2.30B (41%), Indices $1.84B (69%), Mobility $1.75B (22% — being spun out). Net income $4.47B. OCF $5.65B; capex $195M (asset-light); FCF $5.14B. Capital return $6.17B = 120% of FCF (buyback $5.0B +50% YoY, div $1.17B). Mobility spinoff announced Apr 29 2025; expected mid-2026 tax-free distribution. OSTTRA divested 2025; EDM+ThinkFolio closed 2026. 12 analyst actions Feb-Apr 2026, all maintains. Wells Fargo PT $675→$530 (-$145) and Goldman $638→$498 (-$140) the largest cuts post Feb 11 earnings.
AI Data Licensing Splits Into Recurring and Archive-Based Models
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S&P Global Inc. company profile
Overview
S&P Global Inc. (NYSE:SPGI) is a leading provider of financial information services founded in 1860 and headquartered in New York. The company emerged from the 2016 spin-off from McGraw Hill Financial and significantly expanded through its 2022 merger with IHS Markit, creating one of the world's largest financial data and analytics companies. Today, S&P Global operates as a diversified information services conglomerate serving global capital markets, commodity markets, and the automotive industry through six distinct business divisions.
Business
S&P Global operates in the financial information services industry, providing essential data, analytics, and benchmarks that facilitate decision-making across global markets. The company's business is built around being the trusted source of market intelligence that investors, corporations, and governments rely on to assess risk, make investment decisions, and understand market conditions. The company operates through six main divisions, each serving different aspects of the financial ecosystem: S&P Global Ratings (approximately 25-30% of revenue) functions as one of the world's three major credit rating agencies alongside Moody's and Fitch. This division assigns credit ratings to bonds, loans, and other debt instruments, helping investors assess the likelihood that borrowers will repay their obligations. When a corporation or government wants to issue bonds, they typically need a credit rating from agencies like S&P to help investors understand the risk level. S&P Dow Jones Indices (approximately 15-20% of revenue) creates and maintains stock market indices like the famous S&P 500, which tracks the performance of 500 large U.S. companies. These indices serve as benchmarks for investment performance and are used by trillions of dollars in index funds and exchange-traded funds (ETFs) that track these benchmarks. S&P Global Market Intelligence (approximately 35-40% of revenue) provides comprehensive financial data, research, and analytics to investment professionals. This includes detailed company financials, market data, credit assessments, and analytical tools that help portfolio managers, analysts, and corporate executives make informed decisions. S&P Global Commodity Insights (approximately 15-20% of revenue) offers data and analysis for global energy and commodity markets, including oil prices, agricultural commodities, and metals. This division helps traders, energy companies, and governments understand supply and demand dynamics in these critical markets. S&P Global Mobility (approximately 8-12% of revenue) provides automotive industry data and insights, including vehicle sales data, production forecasts, and market analysis that help auto manufacturers, dealers, and suppliers make strategic decisions. S&P Global Engineering Solutions (small percentage, being divested) offers engineering software and consulting services, though this division is being spun off as it's outside the company's core financial services focus.
Revenue model
S&P Global operates multiple revenue models across its diversified business portfolio, primarily generating income through subscription-based services, transaction fees, and asset-linked fees. The subscription model forms the backbone of the business, particularly in Market Intelligence, Commodity Insights, and Mobility divisions. Customers pay recurring annual or multi-year contracts for access to data platforms, analytical tools, and research services. This creates predictable, recurring revenue streams with high switching costs, as clients become deeply integrated with S&P's data and workflows. Transaction-based revenue comes primarily from the Ratings division, where S&P charges fees each time a company or government issues rated debt securities. These fees are typically based on the size of the debt issuance, creating variable revenue that fluctuates with market conditions and debt issuance volumes. Asset-linked fees represent a significant portion of the Indices division revenue, where S&P earns ongoing fees based on the assets under management in funds that track their indices. As index fund assets grow or market values increase, S&P's revenue grows proportionally, creating a powerful compounding effect. The company's margins are influenced by several key factors. Market conditions significantly impact transaction revenue in Ratings, where economic uncertainty can reduce debt issuance activity. Asset market performance directly affects Indices revenue, as bear markets reduce asset-linked fees while bull markets boost them. Technology investments in artificial intelligence and data analytics can improve margins by automating processes and creating higher-value products, though they require substantial upfront investment. Competitive pressure in Market Intelligence from Bloomberg, Refinitiv, and other data providers can pressure pricing, while regulatory changes in financial markets can impact demand for ratings and compliance-related services. The company's subscription-heavy model provides margin stability, as recurring revenue has lower marginal costs than transaction-based services.
Competitive moat
S&P Global possesses several significant competitive advantages that create substantial barriers to entry, though the strength varies across its business divisions. The Ratings division benefits from one of the strongest moats in business - regulatory oligopoly status. Only three agencies (S&P, Moody's, and Fitch) are designated as Nationally Recognized Statistical Rating Organizations (NRSROs) by the SEC, creating an effective regulatory barrier that prevents new competitors from easily entering the market. Additionally, the ratings business exhibits strong network effects, where the value of a rating increases as more market participants recognize and rely on it. The Indices division enjoys powerful first-mover advantages and switching costs. The S&P 500 has become the de facto benchmark for U.S. equity performance, with trillions of dollars indexed to it. Once an index becomes widely adopted, it's extremely difficult for competitors to displace it, as changing benchmarks would require coordinated action across the entire investment industry. Market Intelligence and Commodity Insights benefit from data network effects and high switching costs. As more market participants contribute data to S&P's platforms, the data becomes more valuable to all users. Customers invest significant time and resources integrating S&P's data into their workflows, making switching costly and disruptive. However, the competitive landscape presents ongoing challenges. Bloomberg remains a formidable competitor with its integrated terminal offering superior real-time market data capabilities. Technology disruption poses risks, as new entrants could potentially offer more cost-effective solutions or alternative data sources. The Mobility division faces the most competitive pressure, operating in a more fragmented automotive data market without the regulatory protections or network effects of other divisions. The company's moat is moderately strong overall, with the Ratings and Indices divisions providing the most durable competitive advantages, while Market Intelligence faces more competitive pressure but benefits from significant switching costs and data advantages.
Risks & safety
S&P Global demonstrates a solid financial position with adequate margin of safety, though some metrics warrant attention. Liquidity and Solvency: • Current ratio of 0.90 indicates tight short-term liquidity, though this is typical for service companies with predictable cash flows • Cash and short-term investments of $1.47 billion provide reasonable liquidity buffer • Debt-to-equity ratio of 0.36 represents moderate leverage levels • Strong free cash flow generation of $5.6 billion annually (2024) supports debt service capabilities Valuation Metrics: • Price-to-earnings ratio of 40.3x appears elevated for current growth rates • EV/EBITDA of 24.4x suggests premium valuation • Price-to-book ratio of 4.7x reflects significant goodwill from acquisitions • Graham number analysis suggests potential overvaluation at current levels Other Considerations: • High-quality recurring revenue base provides earnings stability • Strong return on equity of 11.6% demonstrates efficient capital utilization • Substantial goodwill on balance sheet creates potential impairment risk • Subscription-based model provides revenue predictability and cash flow visibility
Recent development
Over the past few years, S&P Global has undergone significant strategic transformation through major acquisitions, leadership changes, and technology investments. The 2022 merger with IHS Markit represented the company's most significant strategic move, nearly doubling its size and expanding its capabilities in commodity insights, automotive data, and market intelligence. The integration has exceeded expectations, with cost synergies reaching $619 million by 2024, surpassing the original $600 million target. Revenue synergies have also materialized, reaching a $199 million run rate by mid-2024. Leadership transition marked another major development, with Martina Cheung succeeding Doug Peterson as CEO in late 2024 after Peterson's 11-year tenure. The company also announced several other leadership changes, including the appointment of Eric Aboaf as CFO and the creation of new roles for Chief Enterprise Data Officer and Chief Client Officer, signaling a focus on data strategy and customer relationships. Artificial Intelligence initiatives have become a central strategic focus. The company launched S&P Spark Assist, an internal AI tool, and developed Kensho-LLM-ready API for data integration. AI capabilities have been embedded across major desktop applications, and the company established an AI Academy for employee training. These investments aim to improve productivity and create new revenue opportunities. Portfolio optimization has continued with strategic divestitures and the planned spin-off of the Mobility division into a standalone public company, expected to complete within 12-18 months. This reflects management's focus on core financial services businesses while allowing Mobility to pursue independent growth strategies. Strategic acquisitions have targeted high-growth areas, including Visible Alpha (earnings estimates data), ProntoNLP (natural language processing), and World Hydrogen Leaders, while divesting non-core assets like Centriq and Prime One. The company has also established partnerships, including a strategic relationship with Amazon AWS.
SPGI company profile · for informational purposes only — not investment advice.
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