S&P Global
SPGI NYSE· Financial Exchanges & Data
Last close · Oct 26, 2026
$450.65
KIRA · Stoqly’s AI analyst, in plain words
- S&P Global had $15.3B of revenue in fiscal 2025, up 7.9% on the year before. Over five years, revenue changed +15.6% a year on average.
- Its operating margin was 42.2%, up 3.0 pts: of every 100 in sales, about 42 is left after running the business.
- S&P Global made $4.5B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 7.1% a year.
- Free cash flow was $5.5B in fiscal 2025, 35.6% of revenue.
- S&P Global returned $6.2B to shareholders in fiscal 2025, 113% of free cash flow. The diluted share count fell 2.2%.
- S&P Global owes $11.3B more than it holds in cash, about 1.5 years of operating profit.
Market cap
$134.1B
P/E
28.5x
Revenue
$15.3B
Net income
$4.5B
Free cash flow
$5.5B
Operating margin
42.2%
S&P Global in 30 seconds · fiscal 2025
Are sales growing?
+7.9%
Yes. Sales grew 7.9% last year.
Does it make a profit?
29.2%
Yes. It keeps 29.2% of every sale as profit.
Does profit turn into cash?
35.6%
Yes. 35.6% of sales ends up as free cash.
Is debt under control?
1.5x
Keep an eye on it. Repaying its debt would take 1.5 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
28.5x
One share costs 28.5 times its yearly profit per share. Typical for its sector: 13.7x.
What S&P Global does
S&P Global sells data, benchmarks, analytics and software to people in finance, energy and commodities, and the car industry. Customers include asset managers, banks, insurers, exchanges, energy traders and automakers. Most products are sold by subscription. It runs five businesses. Market Intelligence sells data, analytics and workflow software to finance professionals. Ratings issues credit ratings, which are opinions on whether a borrower can repay its debts, and earns fees from new debt issues and from ongoing monitoring. Energy sells price data and benchmarks for oil, gas, metals and other commodities. Mobility sells data and software to automakers, dealers and lenders. Indices (S&P Dow Jones Indices) maintains stock and bond indexes and earns fees tied to funds that track them and to trading in derivatives based on them. At the end of 2025 S&P Global had about 44,500 permanent employees, most of them in Asia.
Biggest risks, in its own words
- Competitors with new or better products, and free or low-cost sources of information that reduce demand.
- Growing regulation of its credit ratings business in the U.S., Europe and elsewhere.
- The planned separation of its Mobility business may not finish on time, or at all, or bring the intended benefits.
- Legal and regulatory proceedings, and liability for or reputational harm from its ratings and products.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Legal name
- S&P Global Inc.
- CIK
- 0000064040
S&P Global · SPGI
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $8.3B | $11.2B | $12.5B | $14.2B | $15.3B |
| Revenue growth | 11.5% | 34.8% | 11.8% | 13.7% | 7.9% |
| Gross margin | 73.7% | 66.4% | 66.9% | 69.3% | 70.3% |
| Operating margin | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Net income | $3.0B | $3.2B | $2.6B | $3.9B | $4.5B |
| Net margin | 36.5% | 29.1% | 21.0% | 27.1% | 29.2% |
| Diluted EPS | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 |
| Cash | |||||
| Cash from operations | $3.6B | $2.6B | $3.7B | $5.7B | $5.7B |
| Capital expenditure | $35.0M | $89.0M | $143M | $124M | $195M |
| Free cash flow | $3.6B | $2.5B | $3.6B | $5.6B | $5.5B |
| FCF margin | 42.9% | 22.5% | 28.5% | 39.2% | 35.6% |
| Dividends paid | $743M | $1.0B | $1.1B | $1.1B | $1.2B |
| Share buybacks | $0.0M | $12.0B | $3.3B | $3.3B | $5.0B |
| Share count change | −0.1% | 31.7% | 0.1% | −2.2% | −2.2% |
| Debt and strength | |||||
| Cash and short-term investments | $6.5B | $1.3B | $1.3B | $1.7B | $1.8B |
| Debt incl. finance leases | $4.1B | $11.0B | $11.5B | $11.4B | $13.1B |
| Shareholders' equity | $2.0B | $36.4B | $34.2B | $33.2B | $31.1B |
| Net debt / EBITDA | −0.5x | 1.6x | 2.0x | 1.4x | 1.5x |
| Current ratio | 2.3x | 0.9x | 0.8x | 0.9x | 0.8x |
| Interest coverage | 35.5x | 16.3x | 12.0x | 18.8x | 22.6x |
| Returns and quality | |||||
| Return on capital | — | 16.2% | 7.0% | 10.0% | 11.7% |
| Return on equity | 238.0% | 16.9% | 7.4% | 11.4% | 13.9% |
| Piotroski F-score | 9 | 4 | 5 | 8 | 7 |
| Altman Z'' | 7.6 | 3.2 | 3.0 | 3.2 | 3.1 |
Insiders bought, 12 months
$3.6M
5 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
S&P Global · SPGI
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| S&P Global SPGI | $134.1B | 7.9% | 42.2% | 35.6% | 11.7% | 28.5x | 7 |
| Intercontinental Exchange ICE | $90.6B | 7.5% | 39.0% | 33.9% | 7.7% | 22.6x | 8 |
| Nasdaq NDAQ | $59.0B | 11.7% | 28.2% | 24.1% | 9.5% | 28.6x | 9 |
| Moody's MCO | $84.0B | 8.9% | 43.4% | 33.4% | 31.1% | 29.5x | 9 |
| Coinbase COIN | $42.0B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $450.65 a share, the company is worth $134.1B: 28.5 times its earnings of the last four quarters.
S&P Global grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 1 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000064040). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.