SPGI

S&P Global Inc. ↗ website

CIK: 0000064040 · Financial Services / Financial Data & Stock Exchanges · 19d ago

$450.84 -6.54 (-1.43%)

Market Cap $133B P/E 28.5 EV/EBITDA 20.7x P/B 4.3 Div Yield 0.85% 52W $361 – $548

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Growth

Compounded Sales Growth

10 Years	11%
5 Years	16%
3 Years	11%
TTM	9%

Compounded Profit Growth

10 Years	14%
5 Years	14%
3 Years	11%
TTM	21%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	91%
5 Years	9%
3 Years	10%
Last Year	12%

Return on Equity

10 Years	194%
5 Years	38%
3 Years	11%
Last Year	14%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	126%
5 Years	145%
3 Years	114%
Last Year	125%

Dividend Growth (DPS)

10 Years	11%
5 Years	8%
3 Years	7%

Performance

Stock Price CAGR

10 Years	16%
5 Years	3%
3 Years	7%
1 Year	-13%

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
NOPAT	1,339	2,335	1,719	2,207	2,536	2,839	3,308	3,703	3,168	4,381	5,014
Invested capital (ops)	1,055	1,210	1,399	1,508	1,707	1,644	1,686	2,341	2,527	2,579	3,109
Reinvestment rate %	N/A	6.6%	11.0%	4.9%	7.8%	-2.2%	1.3%	17.7%	5.9%	1.2%	10.6%
ROIC (Ops) % ⓘ	126.9%	206.2%	131.8%	151.9%	157.7%	169.5%	198.7%	183.9%	130.2%	171.6%	176.3%
Invested capital (All-Capital)	2,175	1,814	1,088	2,314	1,513	488	-370	46,043	44,342	42,871	42,414
ROIC (All-Capital) % ⓘ	61.6%	117.1%	118.5%	129.8%	132.5%	283.8%	—	8.0%	7.0%	10.0%	11.8%
Capital return ratio %	N/A	74.5%	103.9%	111.7%	87.3%	72.5%	24.1%	364.6%	130.8%	91.3%	125.0%
Acquisition intensity %	29.2%	12.2%	0.9%	4.2%	0.1%	1.3%	0.6%	5.7%	0.7%	0.2%	0.8%
Profit & Loss (USD millions)
Revenue	5,313	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208	15,336
Revenue growth %	N/A	6.5%	7.1%	3.2%	7.0%	11.1%	11.5%	34.8%	11.8%	13.7%	7.9%
Gross profit	3,595	3,888	4,369	4,420	4,723	5,348	6,117	7,428	8,356	9,847	10,773
Gross margin %	67.7%	68.7%	72.1%	70.6%	70.5%	71.9%	73.7%	66.4%	66.9%	69.3%	70.2%
Gross profit growth %	N/A	8.2%	12.4%	1.2%	6.9%	13.2%	14.4%	21.4%	12.5%	17.8%	9.4%
Operating income	1,917	3,341	2,583	2,790	3,226	3,617	4,221	4,944	4,020	5,580	6,478
Operating margin %	36.1%	59.0%	42.6%	44.6%	48.2%	48.6%	50.9%	44.2%	32.2%	39.3%	42.2%
Operating income growth %	N/A	74.3%	-22.7%	8.0%	15.6%	12.1%	16.7%	17.1%	-18.7%	38.8%	16.1%
EBITDA	2,074	3,522	2,763	2,996	3,430	3,823	4,399	5,957	5,163	6,753	7,657
EBITDA growth %	N/A	69.8%	-21.6%	8.4%	14.5%	11.5%	15.1%	35.4%	-13.3%	30.8%	13.4%
EBITDA margin %	39.0%	62.2%	45.6%	47.9%	51.2%	51.4%	53.0%	53.3%	41.3%	47.5%	49.9%
Interest expense	102	181	149	134	141	141	119	304	334	297	287
Interest coverage (x)	20.3x	19.5x	18.5x	22.4x	24.3x	27.1x	37.0x	19.6x	15.5x	22.7x	26.7x
Net income	1,156	2,106	1,496	1,958	2,123	2,339	3,024	3,248	2,626	3,852	4,471
Net margin %	21.8%	37.2%	24.7%	31.3%	31.7%	31.4%	36.4%	29.0%	21.0%	27.1%	29.2%
Net income growth %	N/A	82.2%	-29.0%	30.9%	8.4%	10.2%	29.3%	7.4%	-19.2%	46.7%	16.1%
EPS (diluted, $)	4.21	7.94	5.78	7.73	8.60	9.66	12.51	10.20	8.23	12.35	14.66
EPS growth %	N/A	88.6%	-27.2%	33.7%	11.3%	12.3%	29.5%	-18.5%	-19.3%	50.1%	18.7%
Balance Sheet (USD millions)
Total assets	8,183	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221	61,200
Total debt	3,468	3,564	3,170	3,662	3,948	4,110	4,114	10,956	11,459	11,398	13,088
Shareholders' equity	194	650	709	628	479	509	2,032	36,388	34,200	33,159	31,127
Cash & equivalents	1,487	2,400	2,791	1,976	2,914	4,131	6,516	1,301	1,317	1,686	1,801
Shares outstanding (M)	265	258	254	248	244	241	241	322	314	308	299
Cash Flow (USD millions)
Operating cash flow	356	1,560	2,016	2,064	2,776	3,567	3,598	2,603	3,710	5,689	5,651
Capex	139	115	123	113	115	76	35	89	143	124	195
Free cash flow	217	1,445	1,893	1,951	2,661	3,491	3,563	2,514	3,567	5,565	5,456
FCF margin %	4.1%	25.5%	31.2%	31.2%	39.7%	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%
FCF growth %	N/A	565.9%	31.0%	3.1%	36.4%	31.2%	2.1%	-29.4%	41.9%	56.0%	-2.0%
Owner Earnings	N/A	2,018	1,368	1,937	2,063	2,496	3,082	3,573	3,401	4,856	4,938
Owner Earnings margin %	N/A	35.6%	22.6%	31.0%	30.8%	33.5%	37.1%	32.0%	27.2%	34.2%	32.2%
Owner Earnings growth %	N/A	N/A	-32.2%	41.6%	6.5%	21.0%	23.5%	15.9%	-4.8%	42.8%	1.7%
Unlevered Owner Earnings	1,357	2,401	1,776	2,300	2,625	2,969	3,451	4,627	4,168	5,430	5,998
Investing cash flow	-2,525	1,171	-209	-513	-131	-240	-120	3,628	562	-255	-704
Financing cash flow	1,349	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998	-4,930
Dividends paid	363	380	421	503	560	645	743	1,024	1,147	1,134	1,170
Share buybacks	974	1,123	1,001	1,660	1,240	1,164	0	12,004	3,301	3,301	5,001
Buyback yield %	4.3%	4.7%	2.7%	4.4%	2.1%	1.6%	—	12.1%	2.6%	2.3%	3.4%
D&A	157	181	180	206	204	206	178	1,013	1,143	1,173	1,179
CFO / Op. Income %	18.6%	46.7%	78.0%	74.0%	86.1%	98.6%	85.2%	52.6%	92.3%	102.0%	87.2%
Working Capital (USD millions)
Accounts receivable	991	1,122	1,319	1,449	1,577	1,593	1,650	2,494	2,826	2,867	3,441
Inventory	0	0	0	0	0	0	0	0	0	0	0
Accounts payable	206	183	195	211	190	233	205	450	557	553	610
Net PPE	270	271	275	270	320	284	241	297	258	265	278
Key Ratios
ROE %	595.9%	324.0%	211.0%	311.8%	443.2%	459.5%	148.8%	8.9%	7.7%	11.6%	14.4%
ROA %	14.1%	24.3%	15.9%	20.7%	18.7%	18.7%	20.1%	5.3%	4.3%	6.4%	7.3%
ROCE %	36.3%	55.2%	41.6%	41.0%	39.1%	40.4%	37.7%	8.9%	7.4%	10.4%	12.1%
Debt / Equity	17.88	5.48	4.47	5.83	8.24	8.07	2.02	0.30	0.34	0.34	0.42
Net Debt / EBITDA (x)	1.0x	0.3x	0.1x	0.6x	0.3x	-0.0x	-0.5x	1.6x	2.0x	1.4x	1.5x
Debtor days	68	72	79	85	86	78	73	81	83	74	82
Inventory days	—	—	—	—	—	—	—	—	—	—	—
Days payable (DPO)	44	38	42	42	35	41	34	44	49	46	49
Cash conv. cycle	24	35	37	43	51	38	38	38	33	27	33

Metric	FY24 Q2 Jun 24	FY24 Q3 Sep 24	FY24 Q4 Dec 24	FY25 Q1 Mar 25	FY25 Q2 Jun 25	FY25 Q3 Sep 25	FY25 Q4 Dec 25	FY26 Q1 Mar 26
Profit & Loss (USD millions)
Revenue	3,549	3,575	3,593	3,777	3,755	3,888	3,916	4,171
Gross profit	2,471	2,510	2,486	2,624	2,636	2,767	2,746	2,936
Gross margin %	69.6%	70.2%	69.2%	69.5%	70.2%	71.2%	70.1%	70.4%
Operating income	1,452	1,434	1,309	1,578	1,551	1,675	1,674	2,002
Net income	1,011	971	879	1,090	1,072	1,176	1,133	1,395
Net margin %	28.5%	27.2%	24.5%	28.9%	28.5%	30.2%	28.9%	33.4%
EPS (diluted, $)	3.23	3.11	2.86	3.54	3.50	3.86	3.79	4.69
Balance Sheet (USD millions, end of quarter)
Total assets	60,956	60,368	60,221	59,889	60,395	59,749	61,200	60,792
Total debt	11,405	11,402	11,398	11,391	11,388	11,385	13,088	13,318
Shareholders' equity	34,881	33,992	33,159	33,371	33,390	33,133	31,127	31,173
Cash & equivalents	2,039	1,697	1,686	1,469	1,847	1,672	1,801	1,810
Cash Flow (USD millions)
Operating cash flow	1,556	1,445	1,740	953	1,445	1,505	1,748	1,037
Capex	32	35	33	43	61	45	46	27
Free cash flow	1,524	1,410	1,707	910	1,384	1,460	1,702	1,010

Asset Linked Fees

Non Subscription Transaction

Non Transaction

Sales Usage Based Royalties

Subscription

Recurring Variable Revenue

Segment	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Asset Linked Fees	400 7%	484 8%+21%	542 9%+12%	623 9%+15%	648 9%+4%	800 10%+23%	862 8%+8%	859 7%-0%	1,046 7%+22%	1,206 8%+15%
Non Subscription Transaction	1,460 26%	1,574 26%+8%	1,401 22%-11%	1,625 24%+16%	2,030 27%+25%	2,320 28%+14%	1,807 16%-22%	2,093 17%+16%	2,986 21%+43%	3,144 21%+5%
Non Transaction	1,357 24%	1,473 24%+9%	1,533 24%+4%	1,536 23%+0%	1,637 22%+7%	1,844 22%+13%	1,809 16%-2%	1,907 15%+5%	2,044 14%+7%	2,254 15%+10%
Sales Usage Based Royalties	178 3%	188 3%+6%	225 4%+20%	200 3%-11%	227 3%+14%	224 3%-1%	286 3%+28%	348 3%+22%	393 3%+13%	444 3%+13%
Subscription	2,364 42%	2,454 40%+4%	2,682 43%+9%	2,843 42%+6%	3,037 41%+7%	3,255 39%+7%	6,201 55%+91%	6,963 56%+12%	7,346 52%+6%	7,865 51%+7%
Recurring Variable Revenue	—	—	—	—	—	—	385 3%	504 4%+31%	579 4%+15%	623 4%+8%
Total (check)	5,759	6,173	6,383	6,827	7,579	8,443	11,350	12,674	14,394	15,536

Source: SEC EDGAR XBRL · Full breakdown ↗

Market Intelligence

Ratings

Commodity Insights

Indices

Mobility

Engineering Solutions

Commodities Commercial

Standard And Poor Capital Iq

Standard And Poors Indices

Standard And Poors

Marketand Commodities Intelligence Segment

Platts Segment

Commodity Insights Segment

Commodity Insights 1

Mobility 1

Energy Segment

Segment	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Market Intelligence	1,124	1,170 +4%	1,237 +6%	1,405 26%+14%	1,661 29%+18%	1,683 28%+1%	1,833 29%+9%	1,959 29%+7%	2,046 27%+4%	2,185 26%+7%	3,811 34%+74%	4,376 35%+15%	4,645 33%+6%	4,916 32%+6%
Ratings	2,034	2,274 +12%	2,455 +8%	2,428 46%-1%	2,535 45%+4%	2,988 49%+18%	2,883 46%-4%	3,106 46%+8%	3,606 48%+16%	4,097 49%+14%	3,050 27%-26%	3,332 27%+9%	4,370 31%+31%	4,724 31%+8%
Commodity Insights	793	841 +6%	893 +6%	971 18%+9%	925 16%-5%	774 13%-16%	815 13%+5%	844 13%+4%	938 13%+11%	1,012 12%+8%	1,685 15%+67%	1,946 16%+15%	2,142 15%+10%	2,299 15%+7%
Indices	388	493 +27%	552 +12%	597 11%+8%	638 11%+7%	728 12%+14%	837 13%+15%	918 14%+10%	989 13%+8%	1,149 14%+16%	1,339 12%+17%	1,403 11%+5%	1,628 11%+16%	1,850 12%+14%
Mobility	—	—	—	—	—	—	—	—	0 0%	0 0%	1,142 10%	1,484 12%+30%	1,609 11%+8%	1,747 11%+9%
Engineering Solutions	—	—	—	—	—	—	—	—	0 0%	0 0%	323 3%	133 1%-59%	0 0%-100%	0 0%
Commodities Commercial	793	841 +6%	893 +6%	971 18%+9%	—	—	—	—	—	—	—	—	—	—
Standard And Poor Capital Iq	1,124	1,170 +4%	1,237 +6%	1,405 26%+14%	—	—	—	—	—	—	—	—	—	—
Standard And Poors Indices	388	493 +27%	552 +12%	597 11%+8%	—	—	—	—	—	—	—	—	—	—
Standard And Poors	2,034	2,274 +12%	2,455 +8%	2,428 46%-1%	—	—	—	—	—	—	—	—	—	—
Marketand Commodities Intelligence Segment	—	—	2,130	2,376 45%+12%	2,585 46%+9%	2,452 40%-5%	—	—	—	—	—	—	—	—
Platts Segment	—	—	—	—	925 16%	774 13%-16%	815 13%+5%	844 13%+4%	878 12%+4%	950 11%+8%	—	—	—	—
Commodity Insights Segment	—	—	—	—	—	—	—	—	938 13%	1,012 12%+8%	1,685 15%+67%	1,946 16%+15%	2,142 15%+10%	—
Commodity Insights 1	—	—	—	—	—	—	—	—	—	—	1,685 15%	1,946 16%+15%	2,142 15%+10%	—
Mobility 1	—	—	—	—	—	—	—	—	—	—	1,142 10%	1,484 12%+30%	1,609 11%+8%	1,747 11%+9%
Energy Segment	—	—	—	—	—	—	—	—	—	—	—	1,946 16%	2,142 15%+10%	2,299 15%+7%
Total (check)	8,678	9,556	12,404	13,178	9,269	9,399	7,183	7,671	9,395	10,405	15,862	19,996	22,429	19,582
Operating Margin %
Market Intelligence	+16.3%	+16.2%	+18.4%	+16.2%	+43.9%	+27.2%	+27.3%	+28.9%	+27.8%	+30.9%	+65.3%	+16.3%	+18.8%	+20.2%
Ratings	+39.8%	+38.8%	-23.7%	+44.4%	+49.5%	+50.8%	+53.9%	+57.4%	+61.6%	+64.2%	+54.8%	+55.9%	+61.9%	+63.8%
Commodity Insights	+27.6%	+33.3%	+32.5%	+36.8%	+117.8%	+42.1%	+49.2%	+54.1%	—	—	—	—	—	—
Indices	+52.1%	+54.0%	+62.9%	+65.7%	+64.7%	+65.7%	+67.6%	+68.8%	+67.3%	+69.5%	+69.2%	+65.9%	+67.8%	+68.7%
Mobility	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Engineering Solutions	—	—	—	—	—	—	—	—	—	—	+4.6%	+14.3%	—	—
Commodities Commercial	+27.6%	+33.3%	+32.5%	+36.8%	—	—	—	—	—	—	—	—	—	—
Standard And Poor Capital Iq	+16.3%	+16.2%	+18.4%	+16.2%	—	—	—	—	—	—	—	—	—	—
Standard And Poors Indices	+52.1%	+54.0%	+62.9%	+65.7%	—	—	—	—	—	—	—	—	—	—
Standard And Poors	+39.8%	+38.8%	-23.7%	+44.4%	—	—	—	—	—	—	—	—	—	—
Marketand Commodities Intelligence Segment	—	—	+24.3%	+24.6%	+70.5%	+32.3%	—	—	—	—	—	—	—	—
Platts Segment	—	—	—	—	+117.8%	+42.1%	+49.2%	+54.1%	+52.2%	+54.4%	—	—	—	—
Commodity Insights Segment	—	—	—	—	—	—	—	—	+51.0%	+53.8%	—	—	—	—
Commodity Insights 1	—	—	—	—	—	—	—	—	—	—	+35.1%	+36.2%	+39.4%	—
Mobility 1	—	—	—	—	—	—	—	—	—	—	+18.7%	+17.5%	+19.4%	+21.6%
Energy Segment	—	—	—	—	—	—	—	—	—	—	—	+36.2%	+39.4%	+41.0%

Source: SEC EDGAR XBRL · Full breakdown ↗

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