Start here if you're new
what it is
S&P Global sells the scores, data, and indexes that investors and companies use to price the modern financial system.
how it gets paid
Last year S&P Global made $15.3B in revenue. Market Intelligence was the main engine at $4.90B, or 32% of sales.
why it's growing
Revenue grew 7.9% last year. Third-quarter results were also strong, primarily driven by good growth in the ratings and market intelligence segments.
what just happened
Last quarter EPS came in at $4.30 versus a $4.42 estimate, a 2.71% miss.
At a glance
A balance sheet — strong enough to weather a downturn
90/100 earnings predictability — you can trust these numbers
29.4x trailing p/e — priced about right
0.8% dividend yield — cash in your pocket every quarter
11.5% return on capital — reasonable for a mature data & ratings franchise
xvary composite: 73/100 — average
What they do
S&P Global sells the scores, data, and indexes that investors and companies use to price the modern financial system.
This business sits where money needs permission. If a company wants to sell bonds, track an index, or buy market data, S&P Global is often already in the workflow. That habit shows up in numbers: a 48.5% operating margin means nearly 49 cents of every revenue dollar stays after core costs, so what: you are owning a business customers keep paying before they question the bill.
How they make money
$15.3B
annual revenue · their business grew +7.9% last year
Ratings
$4.74B
Market Intelligence
$4.90B
Commodity Insights
$2.30B
Indices
$1.68B
Mobility
$1.68B
The products that matter
grades debt risk
credit ratings
inside a $15.3B business
this sits inside the same $15.3B revenue machine that produced a 35.1% net margin. When companies issue debt, someone has to judge the risk, and that judgment gets monetized.
issuer toll booth
licenses benchmarks
indices
priced for consistency
the stock trades at 29.4x trailing earnings because benchmark businesses tend to be sticky. Once money is indexed to a benchmark, it rarely leaves in a hurry.
recurring-like
sells market data
price assessments and analytics
7.9% growth last year
market participants pay for data they trust. In a business that grew 7.9% last year, the quiet part is that trust is usually more durable than raw volume.
information moat
Key numbers
48.5%
operating margin
Operating margin → money left after running the business → so what: S&P Global keeps nearly half of each sales dollar before interest and taxes.
29.4x
trailing p/e
P/E → price compared with last year's profit → so what: you are paying a premium for a business expected to grow earnings 8.5%, not 30%.
$11.4B
long-term debt
Long-term debt → money owed over many years → so what: debt is just 7% of capital, which is small for a company with a balance sheet grade of A.
90
earnings predictability
Earnings predictability → how steady profit has been historically → so what: this business has been unusually consistent for a financial stock.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 85 / 100
- long-term debt $11.4B (7% of capital)
- net profit margin 35.1% — keeps 35 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
A with balance sheet grade and risk rank standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in SPGI 3 years ago → it's now worth $14,120.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Last quarter EPS came in at $4.30 versus a $4.42 estimate, a 2.71% miss.
The miss was small, but the bigger picture stayed strong. Management commentary framed 2025 as likely the company’s best four quarters ever, with first-half revenue up about 9% in its two largest segments and operating profit up 16% as corporate costs rose only 2%.
~$3.8B
qtr revenue (approx.)
$4.30
eps (Q)
48.5%
operating margin
the number that mattered
The 2% increase in corporate expenses mattered most because it helped convert 9% top-line growth in the biggest segments into 16% operating profit growth.
-
s&p global likely had its best four quarters ever during 2025.
-
record first-half results came despite geopolitical and economic concerns.third-quarter results were also strong, primarily driven by good growth in the ratings and market intelligence segments.
-
combined, these groups contributed 64% of the company's revenues, and posted 9% vs. prior year top-line growth.revenue drivers included demand for risk and esg (environmental, social and governance) scores, as well as robust growth in high-yield and structured finance debt rating activities.
-
moreover, given that corporate expenses were only up 2% during the period, operating profits climbed 16%.
-
earnings per share were also boosted by stock repurchases, which reduced shares outstanding by 2%.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is a slowdown in debt issuance and refinancing activity.
med
debt issuance slowdown
When fewer companies issue or refinance debt, ratings activity cools. This snapshot does not break out ratings exposure by segment, so we are not pretending to precision we do not have.
With the stock at 29.4x trailing earnings, a slower version of the recent 7.9% growth story can pressure both earnings expectations and the multiple.
med
index and data pricing pressure
This business earns premium margins because customers trust the benchmarks and data. If price increases get harder or clients push back on fees, the model loses some of its magic.
A hit to pricing power matters quickly in a company running a 35.1% net margin. High-margin businesses look safest right until they are not.
med
post-merger scrutiny and integration drag
The 2021 IHS Markit deal added scale, but big integrations come with regulatory conditions and execution risk. Scale is part of the moat here, which also means complexity is part of the bill.
If integration friction shows up, it can get in the way of the $16B revenue setup the market is already underwriting for fy2026.
This is a premium-multiple stock attached to a high-margin information franchise. If growth or pricing slip, you feel it twice — in earnings and in valuation.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings print
watch whether quarterly margin holds near the recent 29.2% level. For this stock, steady profitability is the headline.
risk
debt issuance backdrop
ratings demand follows financing activity. If issuance stays soft, one of SPGI's most important toll booths gets less traffic.
trend
institutional flow
910 buyers versus 868 sellers in 3q2025 is positive, but barely. That is sponsorship, not a stampede.
metric
eps versus revenue growth
Revenue grew 7.9% last year while full-year EPS grew 14%. If that spread narrows, the premium multiple gets less comfortable.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think the stock is fine, just not doing anything dramatic.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. That fits the business model.
chart momentum
average
technical score 3 — the chart is moving with the market, not sending a strong signal either way.
earnings predictability
90 / 100
management tends to deliver what the street expects. In premium-multiple land, that matters more than a flashy story.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 910 buyers vs. 868 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$453
$814
$528
current price
$634
target midpoint · +20% from current · 3-5yr high: $705 (+35% · 8% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive