Tearsheet

S&P Global (SPGI)

Market Price (4/19/2026): $442.57 | Market Cap: $133.6 Bil
Sector: Financials | Industry: Financial Exchanges & Data

S&P Global (SPGI)

Market Price (4/19/2026): $442.57
Market Cap: $133.6 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.7 Bil, FCF LTM is 5.5 Bil

Stock buyback support
Stock Buyback 3Y Total is 12 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Sustainable Finance, Digital & Alternative Assets, Fintech & Digital Payments, and AI in Financial Services. Show more.

Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -42%

Expensive valuation multiples
P/SPrice/Sales ratio is 8.7x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x

Key risks
SPGI key risks include [1] significant legal and regulatory challenges targeting its core ratings and indices businesses, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.7 Bil, FCF LTM is 5.5 Bil
1	Stock buyback support Stock Buyback 3Y Total is 12 Bil
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Sustainable Finance, Digital & Alternative Assets, Fintech & Digital Payments, and AI in Financial Services. Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -32%, 3Y Excs Rtn is -42%
5	Expensive valuation multiples P/SPrice/Sales ratio is 8.7x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x
6	Key risks SPGI key risks include [1] significant legal and regulatory challenges targeting its core ratings and indices businesses, Show more.

Valuation, Metrics & Events

	4/19/26	2025	2024	2023	2022
Share Price CYE	$442.57	$522.59	$498.03	$440.52	$334.94
Market Cap CYE ($ Bil)	133.6	157.7	153.7	138.9	108.6
Total Debt ($ Bil)	13.6	13.6	11.9	12.0	11.5
Total Cash ($ Bil)	1.8	1.8	1.7	1.3	1.3
Enterprise Value ($ Bil)	145.3	171.3	165.6	150.9	120.1
Valuation Ratios
P/S TTM	8.7	10.3	10.8	11.1	9.7
P/EBIT TTM	20.5	24.2	27.4	34.7	21.7
P/E TTM	29.9	35.3	39.9	52.9	33.4
P/FCF TTM	24.5	28.9	27.6	39.0	43.2
Sector Ratios
P/S TTM (Sector)	3.3	3.1	3.1	2.7	2.7
P/EBIT TTM (Sector)	6.8	6.5	8.0	7.1	6.7
P/E TTM (Sector)	11.7	11.0	11.4	9.8	9.2
P/FCF TTM (Sector)	8.9	8.6	8.9	7.7	6.4

	4/19/26	2025	2024
Share Price CYE	$442.57	$522.59	$498.03
Market Cap CYE ($ Bil)	133.6	157.7	153.7
Total Debt ($ Bil)	13.6	13.6	11.9
Total Cash ($ Bil)	1.8	1.8	1.7
Enterprise Value ($ Bil)	145.3	171.3	165.6
Valuation Ratios
P/S TTM	8.7	10.3	10.8
P/EBIT TTM	20.5	24.2	27.4
P/E TTM	29.9	35.3	39.9
P/FCF TTM	24.5	28.9	27.6
Sector Ratios
P/S TTM (Sector)	3.3	3.1	3.1
P/EBIT TTM (Sector)	6.8	6.5	8.0
P/E TTM (Sector)	11.7	11.0	11.4
P/FCF TTM (Sector)	8.9	8.6	8.9

	SPGI	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	15.3
Rev Chg Q	9.0%	7.5%
Rev Chg LTM	7.9%	6.8%
Rev Chg 3Y Avg	11.1%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	6.2
CFO LTM ($ Bil)	5.7
Net Inc LTM ($ Bil)	4.5
Op Mgn LTM	40.3%	18.6%
CFO/Rev LTM	36.8%	20.6%
Net Inc Mgn	29.2%	12.8%
VALUATION	HIGH
P/S	8.7	3.3
P/CFO	23.6	15.8
P/FCF	24.5	20.6
P/E	29.9	24.5
STABILITY	GOOD
Debt/Equity	0.10	0.20
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Recurring Revenue as a Percent of Revenue (Global Market Intelligence)	96.60%	6302025	Link
Recurring Revenue as a Percent of Revenue (Global Commodity Insights)	90.10%	6302025	Link
Recurring Revenue as a Percent of Revenue (S&P Dow Jones Indices)	81.70%	6302025	Link
Recurring Revenue as a Percent of Revenue (Global Mobility)	81.50%	6302025	Link
Private Markets Revenue	$164 million	9302025	Link
Energy Transition and Sustainability Revenue	$96 million	9302025	Link
Subscription Revenue Growth (YoY)	6%	9302025	Link
Number of Permanent Employees	more than 42,000	12312024	Link
Reduction in Scope 1 Emissions Intensity	52%	12312024	Link
Reduction in Scope 2 Emissions Intensity	70%	12312024	Link

Upcoming
4/28/2026	Earnings Release	Rev: $4.0 Bil (E) EPS: $4.84 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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S&P Global (SPGI) stock has lost about 15% since 12/31/2025 because of the following key factors:

1. Disappointing 2026 Earnings Guidance.

S&P Global's stock plunged following its Q4 2025 earnings report on February 10, 2026, primarily due to weaker-than-expected 2026 adjusted earnings per share (EPS) guidance. The company projected adjusted EPS for 2026 to be in the range of $19.40 to $19.65, which fell short of the consensus analyst estimate of $19.96. This guidance gap triggered a significant sell-off, with shares declining approximately 12% to 18% in pre-market trading.

2. Q4 2025 Earnings and Revenue Miss.

The company's reported Q4 2025 financial results, announced on February 10, 2026, also contributed to the negative sentiment. S&P Global reported adjusted EPS of $4.30 and revenue of $3.92 billion, missing analyst consensus estimates of $4.42 for EPS and $3.98 billion for revenue. Although revenue slightly exceeded a lower consensus estimate in some reports, the EPS miss was a clear disappointment.

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Stock Movement Drivers

Fundamental Drivers

The -15.1% change in SPGI stock from 12/31/2025 to 4/18/2026 was primarily driven by a -20.6% change in the company's P/E Multiple.

(LTM values as of)	12312025	4182026	Change
Stock Price ($)	521.38	442.57	-15.1%
Change Contribution By:
Total Revenues ($ Mil)	15,012	15,336	2.2%
Net Income Margin (%)	28.1%	29.2%	3.8%
P/E Multiple	37.6	29.9	-20.6%
Shares Outstanding (Mil)	304	302	0.8%
Cumulative Contribution			-15.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/18/2026

	Return	Correlation
SPGI	-15.1%
Market (SPY)	-5.4%	28.7%
Sector (XLF)	-4.3%	45.2%

Fundamental Drivers

The -8.7% change in SPGI stock from 9/30/2025 to 4/18/2026 was primarily driven by a -19.1% change in the company's P/E Multiple.

(LTM values as of)	9302025	4182026	Change
Stock Price ($)	484.63	442.57	-8.7%
Change Contribution By:
Total Revenues ($ Mil)	14,699	15,336	4.3%
Net Income Margin (%)	27.3%	29.2%	6.8%
P/E Multiple	36.9	29.9	-19.1%
Shares Outstanding (Mil)	306	302	1.4%
Cumulative Contribution			-8.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/18/2026

	Return	Correlation
SPGI	-8.7%
Market (SPY)	-2.9%	18.5%
Sector (XLF)	-2.3%	46.1%

Fundamental Drivers

The -12.2% change in SPGI stock from 3/31/2025 to 4/18/2026 was primarily driven by a -26.0% change in the company's P/E Multiple.

(LTM values as of)	3312025	4182026	Change
Stock Price ($)	504.11	442.57	-12.2%
Change Contribution By:
Total Revenues ($ Mil)	14,207	15,336	7.9%
Net Income Margin (%)	27.1%	29.2%	7.5%
P/E Multiple	40.4	29.9	-26.0%
Shares Outstanding (Mil)	309	302	2.3%
Cumulative Contribution			-12.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/18/2026

	Return	Correlation
SPGI	-12.2%
Market (SPY)	16.3%	49.2%
Sector (XLF)	6.3%	61.5%

Fundamental Drivers

The 31.5% change in SPGI stock from 3/31/2023 to 4/18/2026 was primarily driven by a 37.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312023	4182026	Change
Stock Price ($)	336.43	442.57	31.5%
Change Contribution By:
Total Revenues ($ Mil)	11,180	15,336	37.2%
Net Income Margin (%)	29.1%	29.2%	0.4%
P/E Multiple	33.6	29.9	-11.0%
Shares Outstanding (Mil)	324	302	7.4%
Cumulative Contribution			31.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/18/2026

	Return	Correlation
SPGI	31.5%
Market (SPY)	63.3%	52.8%
Sector (XLF)	70.3%	59.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SPGI Return	45%	-28%	33%	14%	6%	-16%	39%
Peers Return	36%	-25%	31%	13%	-17%	-14%	7%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	87%
Monthly Win Rates [3]
SPGI Win Rate	67%	33%	58%	58%	67%	50%
Peers Win Rate	65%	38%	62%	55%	42%	35%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SPGI Max Drawdown	-7%	-39%	-3%	-7%	-12%	-25%
Peers Max Drawdown	-12%	-35%	-6%	-11%	-28%	-24%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MCO, MSCI, FDS, VRSK, MORN. See SPGI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)

How Low Can It Go

Unique Key	Event	SPGI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	640 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-38.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	62.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	56 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	35.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	106 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-75.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	313.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,711 days	1,480 days

Compare to MCO, MSCI, FDS, VRSK, MORN

In The Past

S&P Global's stock fell -40.2% during the 2022 Inflation Shock from a high on 12/15/2021. A -40.2% loss requires a 67.1% gain to breakeven.

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About S&P Global (SPGI)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

S&P Global Inc., together with its subsidiaries, provides credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. It operates in six divisions: S&P Global Ratings, S&P Dow Jones Indices, S&P Global Commodity Insights, S&P Global Market Intelligence, S&P Global Mobility, and S&P Global Engineering Solutions. The S&P Global Ratings division operates as an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings, and benchmarks. The S&P Dow Jones Indices division is an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. The S&P Global Commodity Insights division offers data and insights for global energy and commodity markets and enable its customers to make decisions. The S&P Global Market Intelligence division delivers data and technology solutions for customers to provide insights for making decisions. It offers data and services that bring end-to-end workflow solutions, including capital formation, data and distribution, ESG and sustainability, leveraged loans, private markets, sector coverage, supply chain, and issuer solutions, as well as credit, risk, and regulatory solutions. The S&P Global Mobility division provides insights derived from unmatched automotive data, enabling its customers to anticipate change and make decisions. The S&P Global Engineering Solutions division offers engineering expertise and solutions in industries, such as aerospace and defense, energy, architecture, construction, and transportation. Its solutions empower business and technical leaders to transform workflows and make decisions. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.

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S&P Global is like:

The Experian or TransUnion for companies and countries, providing essential credit ratings.
The Nielsen Ratings for global financial markets, creating the key benchmarks like the S&P 500 index.
A specialized Google for professionals in finance, energy, and automotive, offering deep industry data and analytics.

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Credit Ratings and Analytics: Provides independent credit ratings, research, and analytics for investors and market participants.
Index Benchmarks: Offers a range of valuation and index benchmarks for investment advisors, wealth managers, and institutional investors.
Commodity Market Data and Insights: Delivers data and insights for global energy and commodity markets.
Financial Market Data and Solutions: Provides data and technology solutions for customers to gain insights and enable end-to-end workflow solutions.
Automotive Data and Insights: Offers insights derived from comprehensive automotive data, enabling customers to anticipate change.
Engineering Solutions: Supplies engineering expertise and solutions across industries such as aerospace, energy, and construction.

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Martina L. Cheung, President and Chief Executive Officer

Martina L. Cheung became the President and Chief Executive Officer of S&P Global, effective November 1, 2024. She joined the company in 2010 and has held various leadership positions, including President of S&P Global Ratings and President of S&P Global Market Intelligence. Before her tenure at S&P Global, Ms. Cheung worked as a consultant and analyst at Accenture and was a partner at Mitchell Madison Consulting. She played a key role in significant mergers and acquisitions for S&P Global, notably the IHS Markit merger in 2022 and the SNL Financial acquisition in 2015.

Eric Aboaf, Executive Vice President and Chief Financial Officer

Eric Aboaf assumed the role of Executive Vice President and Chief Financial Officer of S&P Global in February 2025. Prior to joining S&P Global, he served as CFO for State Street Corporation for nearly eight years, where he also held the position of Vice Chairman since 2022. Mr. Aboaf's experience also includes serving as CFO at Citizens Financial Group and holding senior financial roles, including Treasurer, during his twelve years at Citigroup. Earlier in his career, he was a partner at Bain & Company, where he co-led its U.S. financial services consulting practice.

Yann Le Pallec, President, S&P Global Ratings

Yann Le Pallec became President of S&P Global Ratings, effective November 1, 2024. Previously, he was the Executive Managing Director, Head of Global Ratings Services. In his role, Mr. Le Pallec oversees Analytics, Research, and Operations for the S&P Global Ratings division.

Saugata Saha, President, S&P Global Market Intelligence; Chief Enterprise Data Officer

Saugata Saha is the President of S&P Global Market Intelligence and Chief Enterprise Data Officer, with his role leading Market Intelligence effective November 1, 2024. He previously served as President of S&P Global Commodity Insights.

Dave Ernsberger, Co-President, S&P Global Commodity Insights

Dave Ernsberger became Co-President of S&P Global Commodity Insights, effective November 1, 2024. Prior to this, he was the Head of Market Reporting & Trading Solutions.

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Key Risks to S&P Global (SPGI)

Regulatory Scrutiny and Challenges: S&P Global, particularly its core S&P Global Ratings and S&P Dow Jones Indices divisions, operates in highly regulated environments. The company faces significant legal and regulatory challenges, as regulatory changes can increase operating costs, impact business operations, and alter the economics of the credit ratings business. Compliance risk, including exposure to legal and financial risk for failing to adhere to laws, regulations, and internal policies, is a continuous concern.
Technological Disruption and Competition: S&P Global faces risks from technological disruption, especially from advancements in artificial intelligence (AI), which could threaten to undermine its Market Intelligence products and reduce demand for traditional financial data services. Competitors are increasingly deploying AI, and the availability of "off-the-shelf" AI models may empower new and existing players to develop competing products and services. Additionally, the Market Intelligence segment faces challenges from large clients accelerating vendor consolidation, which could impact its market share and performance.
Macroeconomic Sensitivity and Market Cyclicality: A significant portion of S&P Global's revenue, particularly within its Ratings division, is tied to transaction-based services which are inherently cyclical and dependent on the volume of debt issuance. Economic downturns, tightening financial conditions, and broader macroeconomic headwinds can lead to reduced debt issuance and trading activity, thereby impacting revenue growth. Geopolitical risks and market volatility also contribute to economic uncertainty, potentially affecting S&P Global's diverse revenue streams.

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Here are the addressable market sizes for S&P Global's main products and services:

S&P Global Ratings (Credit Ratings, Research, and Analytics): The global credit rating market size was approximately USD 6.5 billion in 2023, with projections to reach around USD 11.2 billion by 2032.
S&P Dow Jones Indices (Index Provider): While a direct "market size for financial indices" is not readily available as indices are foundational benchmarks for various financial products, the global equity market capitalization was USD 126.7 trillion in 2024. S&P Global itself highlights that benchmarks constitute the majority of its revenue and over 70% of its operating income, underscoring the significant financial market that relies on these indices.
S&P Global Commodity Insights (Data and Insights for Global Energy and Commodity Markets): The global commodity services market was valued at approximately USD 12 billion in 2023 and is projected to reach USD 18 billion by 2032.
S&P Global Market Intelligence (Data and Technology Solutions, Workflow Solutions): The global financial data services market was valued at USD 28.1 billion in 2025 and is projected to reach USD 59 billion by the end of 2035.
S&P Global Mobility (Automotive Data and Insights): The global market for big data in the automotive industry is anticipated to exceed USD 27.15 billion by 2033. This segment focuses on insights derived from automotive data, which aligns with the "big data in the automotive industry" market.
S&P Global Engineering Solutions (Engineering Expertise and Solutions): The global engineering software market size was valued at USD 53.92 billion in 2025 and is expected to reach approximately USD 246.51 billion by 2034.

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S&P Global (NYSE: SPGI) is expected to drive future revenue growth over the next two to three years through several strategic initiatives and market tailwinds, according to recent company statements and analyst insights.

Here are 3-5 expected drivers of future revenue growth:

Expansion into High-Growth Adjacencies, including Private Markets and Energy Transition: S&P Global is actively pursuing growth in high-growth adjacent markets. This includes a strong focus on private markets, enhanced by the integration of "With Intelligence" data, which strengthens its position in private credit ratings, indices, and data workflows. Private market fundraising saw 11% growth in 2025. Additionally, the company is targeting growth within its Energy division (formerly Commodity Insights), which provides data and insights for global energy and commodity markets.
Leveraging Artificial Intelligence (AI) for Enhanced Products and Customer Value: The company is making significant investments in artificial intelligence to amplify its enterprise capabilities, enhance productivity, and expand margins. S&P Global is embedding AI into its products, such as Chat IQ, Chart Explainer, and Document Intelligence, and has launched MCP connectors with leading AI platforms like Anthropic, OpenAI, Microsoft Copilot, and Google's Gemini. Early adoption of these AI-enabled solutions has shown promising results, with customers experiencing double the revenue growth and higher retention rates.
Strengthening Core Market Leadership in Benchmarks and Differentiated Data: S&P Global aims to reinforce its position as a leading provider of essential benchmarks, differentiated data, and solutions across its core divisions. Both S&P Global Ratings and S&P Dow Jones Indices are projected to be significant growth contributors. The index business, which includes widely used benchmarks like the S&P 500, is expected to grow at an annual rate of 10%-12% over the next 3-5 years. This ongoing demand for their proprietary benchmarks and data underpins consistent revenue growth.
Increased Bond Issuance Activity in the Ratings Division: A key driver for the S&P Global Ratings division is the anticipated increase in bond issuance activity. The company expects growth to be influenced by factors such as a larger "three-year cumulative maturity wall," which grew 9% from the prior year and is likely to drive refinancing activity. Furthermore, substantial capital expenditures announced for hyperscale data centers, estimated around $700 billion, could contribute an additional 1-4 points of revenue growth to the Ratings division.

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Share Repurchases

S&P Global made significant share repurchases, totaling $5.001 billion in 2025, $3.301 billion in 2024, and $3.301 billion in 2023.
The company executed share buybacks of $2.501 billion during the quarter ending December 31, 2025.
On November 13, 2025, S&P Global announced a new share repurchase program authorizing the buyback of up to 30,000,000 shares.

Outbound Investments

In October 2025, S&P Global acquired With Intelligence, a provider of data, insights, and events for the alternative investment industry, for $1.8 billion.
S&P Global completed 6 acquisitions in 2023 and 3 acquisitions in 2025.
Notable recent acquisitions include TeraHelix (June 2025), Prontonlp (January 2025), World Hydrogen Leaders (May 2024), and Visible Alpha (February 2024).

Capital Expenditures

S&P Global's Capital Expenditures were -$195 million USD for the fiscal year ending December 31, 2025.
Annual capital expenditures were -$1383 million in 2024, $121 million in 2023, and $107 million in 2022.
In Q4 2025, capital expenditures amounted to $46.0 million.

Interactive Breakdown

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Better Bets vs. S&P Global (SPGI)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

COIN (39.3% | 7.7x)

Coinbase Global

VIRT (16.2% | 1.2x)

Virtu Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

VIRT (16.2% | 2.3x)

Virtu Financial

Higher Rev Chg LTM (Value for SPGI: 7.9%)

CBOE (15.1%)

Cboe Global Markets

NDAQ (11.7%)

Nasdaq

MSCI (9.7%)

MSCI

COIN (9.4%)

Coinbase Global

MCO (8.9%)

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

JPM (12.8% | 4.7x)

JPMorgan Chase

RY (11.4% | 3.7x)

Royal Bank of Canada

COF (16.8% | 2.4x)

Capital One Financial

CB (11.9% | 2.2x)

Chubb

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

APO (66.8% | 9.0x)

Apollo Global Management

AON (11.3% | 15.2x)

Aon

XYZ (11.8% | 14.2x)

Block

IBKR (38.4% | 4.1x)

Interactive Brokers

LPLA (25.8% | 16.4x)

LPL Financial

Higher Rev Chg LTM (Value for SPGI: 7.9%)

MA (16.4%)

Mastercard

MS (14.5%)

Morgan Stanley

V (12.5%)

Visa

RY (12.0%)

Royal Bank of Canada

GS (8.9%)

Goldman Sachs

Higher Rev Chg 3Y Avg (Value for SPGI: 11.1%)

BRK-B (27.0%)

Berkshire Hathaway

COF (16.8%)

Capital One Financial

MA (13.8%)

Mastercard

JPM (12.8%)

JPMorgan Chase

RY (11.4%)

Royal Bank of Canada

Higher Op Mgn LTM (Value for SPGI: 40.3%)

V (67.0%)

Visa

CME (64.9%)

CME

MA (59.5%)

Mastercard

HOOD (46.9%)

Robinhood Markets

MCO (44.9%)

Moodys

Higher CFO/Rev LTM (Value for SPGI: 36.8%)

RY (91.5%)

Royal Bank of Canada

V (59.1%)

Visa

MA (53.8%)

Mastercard

COF (51.9%)

Capital One Financial

SCHW (38.9%)

Charles Schwab

Higher FCF/Rev LTM (Value for SPGI: 35.6%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

COF (48.9%)

Capital One Financial

SCHW (36.6%)

Charles Schwab

Higher Total Yield (Value for SPGI: 4.2%)

BAC (7.7%)

Bank of America

JPM (6.7%)

JPMorgan Chase

BRK-B (6.5%)

Berkshire Hathaway

GS (6.0%)

Goldman Sachs

MS (5.7%)

Morgan Stanley

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

AMZN (11.7% | 3.7x)

Amazon.com

META (19.9% | 8.6x)

Meta Platforms

GE (18.3% | 7.0x)

GE Aerospace

UNH (11.4% | 0.7x)

UnitedHealth

AMGN (11.9% | 5.2x)

Amgen

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

META (19.9% | 20.9x)

Meta Platforms

MU (45.3% | 18.2x)

Micron Technology

UNH (11.4% | 15.5x)

UnitedHealth

AMGN (11.9% | 21.1x)

Amgen

BKNG (16.5% | 16.6x)

Booking

Higher Rev Chg LTM (Value for SPGI: 7.9%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for SPGI: 11.1%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for SPGI: 40.3%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

LLY (45.6%)

Eli Lilly

AVGO (41.5%)

Broadcom

META (41.4%)

Meta Platforms

Higher CFO/Rev LTM (Value for SPGI: 36.8%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for SPGI: 35.6%)

ANET (47.2%)

Arista Networks

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

ADI (38.8%)

Analog Devices

Higher Total Yield (Value for SPGI: 4.2%)

XOM (7.4%)

Exxon Mobil

JNJ (6.9%)

Johnson & Johnson

MU (4.8%)

Micron Technology

MSFT (4.6%)

Microsoft

ORCL (4.4%)

Oracle

Best Bets in Financials

What You Pay

P/EBIT (Value for SPGI: 20.5x)

FG (7.3x)

F&G Annuities & Life

MTG (6.4x)

MGIC Investment

CME (18.8x)

CME

KNSL (12.9x)

Kinsale Capital

NHI (21.0x)

National Health Investors

NMIH (5.8x)

NMI

ENVA (9.9x)

Enova International

TW (21.4x)

Tradeweb Markets

FNF (8.2x)

Fidelity National Financial

MA (24.2x)

Mastercard

P/E (Value for SPGI: 29.9x)

FG (13.4x)

F&G Annuities & Life

MTG (8.4x)

MGIC Investment

CME (25.4x)

CME

KNSL (16.5x)

Kinsale Capital

NHI (28.7x)

National Health Investors

NMIH (7.9x)

NMI

ENVA (13.1x)

Enova International

TW (31.0x)

Tradeweb Markets

FNF (22.4x)

Fidelity National Financial

MA (31.2x)

Mastercard

What You Get

Rev Chg 3Y Avg (Value for SPGI: 11.1%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NHI (10.6%)

National Health Investors

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

Rev Chg LTM (Value for SPGI: 7.9%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NHI (12.1%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

Rev Chg Q (Value for SPGI: 9.0%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NHI (23.4%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

FCF/Rev 3Y Avg (Value for SPGI: 34.4%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NHI (60.1%)

National Health Investors

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	S&P Global Stock Capital Return Hits $29 Bil	04/18/2026
2	The Bear Case: How SPGI Behaves During Market Shocks	03/12/2026
3	SPGI Stock Surges 8.2% With A 9-day Winning Spree On Increased Dividend	03/09/2026
4	SPGI Stock Surges 12% With A 9-day Winning Spree On Strong Guidance & Dividend Hike	03/07/2026
5	SPGI Stock Surges 11% With A 8-day Winning Spree On Technical Breakout	03/06/2026
6	Where Does S&P Global Stock Rank Among Competitors?	03/05/2026
7	SPGI Stock Surges 10% With A 7-day Winning Spree On Sustained Institutional Buying	03/05/2026
8	SPGI Stock Surges 9.7% With A 6-day Winning Spree On Technical Breakout	03/04/2026
9	SPGI Stock Surges 9.5% With A 5-day Winning Spree On Analyst Buy Ratings	03/03/2026
10	Virtu Financial or S&P Global: Which Stock Has More Upside?	02/25/2026
11	ARTICLES
12	S&P Global Stock Pays Out $29 Bil – Investors Take Note	04/18/2026
13	S&P Global Stock Hits Key Support – Buying Opportunity?	04/09/2026
14	Why MCO, SPGI Could Outperform CME Stock	03/31/2026
15	Stronger Bet Than CME Stock: MCO, SPGI Deliver More	03/17/2026
16	MCO, SPGI Look Smarter Buy Than CME Stock	03/07/2026

	Title
0	DASHBOARDS
1	S&P Global Stock Capital Return Hits $29 Bil
2	The Bear Case: How SPGI Behaves During Market Shocks
3	SPGI Stock Surges 8.2% With A 9-day Winning Spree On Increased Dividend
4	SPGI Stock Surges 12% With A 9-day Winning Spree On Strong Guidance & Dividend Hike
5	SPGI Stock Surges 11% With A 8-day Winning Spree On Technical Breakout
6	Where Does S&P Global Stock Rank Among Competitors?
7	SPGI Stock Surges 10% With A 7-day Winning Spree On Sustained Institutional Buying
8	SPGI Stock Surges 9.7% With A 6-day Winning Spree On Technical Breakout
9	SPGI Stock Surges 9.5% With A 5-day Winning Spree On Analyst Buy Ratings
10	Virtu Financial or S&P Global: Which Stock Has More Upside?
11	ARTICLES
12	S&P Global Stock Pays Out $29 Bil – Investors Take Note
13	S&P Global Stock Hits Key Support – Buying Opportunity?
14	Why MCO, SPGI Could Outperform CME Stock
15	Stronger Bet Than CME Stock: MCO, SPGI Deliver More
16	MCO, SPGI Look Smarter Buy Than CME Stock

Trade Ideas

Select ideas related to SPGI.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%
SPGI_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02132026	SPGI	S&P Global	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	4.1%	4.1%	-1.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AMC	AMC Entertainment	1.0	15.5%	19.2%
ABTC	American Bitcoin	1.2	15.0%	-23.5%
PLSE	Pulse Biosciences	1.6	14.1%	70.4%
BAND	Bandwidth	0.7	12.7%	48.9%
FBYD	Falcons Beyond Global	0.5	12.6%	-9.6%
MXL	MaxLinear	2.3	12.5%	50.7%
LION	Lionsgate Studios	3.6	12.5%	36.4%
ROAD	Construction Partners	7.0	12.0%	15.7%
MSTR	Strategy	49.0	11.8%	9.6%
KMTS	Kestra Medical Technologies	1.3	11.8%	-14.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BMI	Badger Meter	3.4	-24.1%	-33.6%
PBF	PBF Energy	4.3	-12.8%	38.1%
DK	Delek US	2.2	-12.3%	26.4%
LYB	LyondellBasell Industries	21.3	-12.0%	54.9%
DOW	Dow	25.6	-10.8%	54.1%
IPI	Intrepid Potash	0.5	-10.4%	26.9%
CVI	CVR Energy	3.0	-10.4%	15.7%
PARR	Par Pacific	2.8	-10.0%	63.1%
NFLX	Netflix	411.5	-9.7%	3.8%
CF	CF Industries	17.6	-9.6%	46.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	73.6%	119.2%
CAR	Avis Budget	17.4	64.7%	284.9%
IONQ	IonQ	16.0	60.1%	2.7%
RVMD	Revolution Medicines	28.9	54.1%	86.6%
QBTS	D-Wave Quantum	7.7	52.2%	-17.1%
NN	NextNav	3.1	49.4%	37.2%
HIMS	Hims & Hers Health	6.5	48.3%	-11.2%
TSHA	Taysha Gene Therapies	2.3	43.2%	16.9%
BAND	Bandwidth	0.7	42.6%	48.9%
SYRE	Spyre Therapeutics	5.4	42.3%	122.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-54.4%	-77.7%
IIIN	Insteel Industries	0.5	-28.0%	-17.1%
BMI	Badger Meter	3.4	-25.6%	-33.6%
SENEA	Seneca Foods	1.0	-16.2%	26.8%
HPK	HighPeak Energy	0.7	-15.7%	12.8%
REPX	Riley Exploration Permian	0.7	-15.4%	28.6%
LCID	Lucid	2.4	-14.9%	-30.9%
KMX	CarMax	6.0	-12.5%	5.8%
WINA	Winmark	1.4	-12.3%	-3.6%
ALLO	Allogene Therapeutics	0.5	-12.1%	74.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	17.4	386.5%	284.9%
SATL	Satellogic	0.9	134.1%	270.6%
AEHR	Aehr Test Systems	2.5	131.0%	315.4%
APLS	Apellis Pharmaceuticals	5.2	128.6%	62.8%
CBIO	Crescent Biopharma	0.6	105.6%	79.4%
KOD	Kodiak Sciences	2.4	103.4%	60.6%
FBYD	Falcons Beyond Global	0.5	103.1%	-9.6%
YSS	York Space Systems	4.5	96.3%	6.3%
FLY	Firefly Aerospace	7.0	88.5%	95.4%
LWLG	Lightwave Logic	1.7	88.0%	287.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PIPR	Piper Sandler Cos	6.1	-69.4%	8.7%
REPL	Replimune	0.2	-67.9%	-77.7%
VRDN	Viridian Therapeutics	1.4	-46.6%	-52.4%
MAZE	Maze Therapeutics	1.3	-42.0%	-32.2%
BUR	Burford Capital	1.1	-39.7%	-44.4%
WVE	WAVE Life Sciences	1.4	-37.1%	-55.9%
TE	T1 Energy	0.8	-31.4%	-24.7%
BTU	Peabody Energy	3.1	-29.3%	-13.4%
CSIQ	Canadian Solar	0.9	-28.7%	-44.5%
LCID	Lucid	2.4	-26.6%	-30.9%

Peer Comparisons

Peers to compare with:

Financials

	SPGI	MCO	MSCI	FDS	VRSK	MORN	Median
Name	S&P Glob.	Moodys	MSCI	FactSet .	Verisk A.	Mornings.
Mkt Price	442.57	455.35	568.55	232.73	178.07	184.28	337.65
Mkt Cap	133.6	81.0	42.4	8.6	24.8	7.4	33.6
Rev LTM	15,336	7,718	3,134	2,401	3,073	2,446	3,104
Op Inc LTM	6,176	3,462	1,714	749	1,344	504	1,529
FCF LTM	5,456	2,575	1,459	683	1,192	443	1,325
FCF 3Y Avg	4,863	2,325	1,330	619	978	363	1,154
CFO LTM	5,651	2,901	1,588	799	1,436	590	1,512
CFO 3Y Avg	5,017	2,630	1,442	711	1,211	499	1,326

Growth & Margins

	SPGI	MCO	MSCI	FDS	VRSK	MORN	Median
Name	S&P Glob.	Moodys	MSCI	FactSet .	Verisk A.	Mornings.
Rev Chg LTM	7.9%	8.9%	9.7%	6.5%	6.6%	7.5%	7.7%
Rev Chg 3Y Avg	11.1%	12.3%	11.7%	6.1%	7.2%	9.4%	10.2%
Rev Chg Q	9.0%	13.0%	10.6%	7.1%	5.9%	8.5%	8.7%
QoQ Delta Rev Chg LTM	2.2%	2.9%	2.6%	1.7%	1.4%	2.1%	2.1%
Op Inc Chg LTM	12.7%	16.3%	12.1%	5.8%	7.2%	19.7%	12.4%
Op Inc Chg 3Y Avg	27.4%	20.5%	12.4%	6.4%	-0.5%	46.6%	16.4%
Op Mgn LTM	40.3%	44.9%	54.7%	31.2%	43.7%	20.6%	42.0%
Op Mgn 3Y Avg	37.1%	41.5%	54.3%	31.0%	43.2%	16.8%	39.3%
QoQ Delta Op Mgn LTM	0.1%	1.0%	0.5%	-0.6%	-0.7%	0.9%	0.3%
CFO/Rev LTM	36.8%	37.6%	50.7%	33.3%	46.7%	24.1%	37.2%
CFO/Rev 3Y Avg	35.5%	38.0%	50.7%	31.3%	41.9%	21.9%	36.8%
FCF/Rev LTM	35.6%	33.4%	46.5%	28.4%	38.8%	18.1%	34.5%
FCF/Rev 3Y Avg	34.4%	33.6%	46.8%	27.3%	33.8%	15.8%	33.7%

Valuation

	SPGI	MCO	MSCI	FDS	VRSK	MORN	Median
Name	S&P Glob.	Moodys	MSCI	FactSet .	Verisk A.	Mornings.
Mkt Cap	133.6	81.0	42.4	8.6	24.8	7.4	33.6
P/S	8.7	10.5	13.5	3.6	8.1	3.0	8.4
P/Op Inc	21.6	23.4	24.7	11.5	18.4	14.8	20.0
P/EBIT	20.5	23.7	24.9	11.1	18.4	13.8	19.5
P/E	29.9	32.9	35.2	14.6	27.3	19.9	28.6
P/CFO	23.6	27.9	26.7	10.8	17.2	12.6	20.4
Total Yield	4.2%	3.9%	4.2%	8.7%	4.7%	6.1%	4.5%
Dividend Yield	0.9%	0.9%	1.3%	1.9%	1.0%	1.0%	1.0%
FCF Yield 3Y Avg	3.2%	2.8%	3.0%	5.1%	2.9%	3.3%	3.1%
D/E	0.1	0.1	0.1	0.2	0.2	0.2	0.2
Net D/E	0.1	0.1	0.1	0.1	0.1	0.1	0.1

Returns

	SPGI	MCO	MSCI	FDS	VRSK	MORN	Median
Name	S&P Glob.	Moodys	MSCI	FactSet .	Verisk A.	Mornings.
1M Rtn	3.9%	4.5%	2.2%	11.4%	-11.7%	-0.0%	3.0%
3M Rtn	-18.8%	-15.3%	-5.3%	-18.9%	-19.0%	-13.6%	-17.1%
6M Rtn	-6.1%	-2.9%	7.2%	-18.1%	-23.0%	-13.6%	-9.9%
12M Rtn	-3.6%	8.0%	5.4%	-44.7%	-38.8%	-32.9%	-18.3%
3Y Rtn	28.8%	54.0%	8.1%	-42.3%	-5.8%	-10.0%	1.1%
1M Excs Rtn	-3.8%	-3.8%	-5.4%	4.4%	-20.4%	-6.7%	-4.6%
3M Excs Rtn	-21.3%	-18.0%	-7.1%	-21.9%	-22.2%	-16.9%	-19.7%
6M Excs Rtn	-14.8%	-11.3%	-2.6%	-24.1%	-33.5%	-22.5%	-18.6%
12M Excs Rtn	-37.3%	-26.6%	-28.5%	-77.9%	-71.2%	-66.6%	-52.0%
3Y Excs Rtn	-41.8%	-17.6%	-63.1%	-115.7%	-79.7%	-81.9%	-71.4%

Comparison Analyses

	Title
0	SPGI Could Deliver 31% Returns And Outperform FDS

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/11/2026	2/11/2026	2/11/2025	2/9/2024	2/10/2023	2/8/2022	2/9/2021
Key Financials
Total Revenue	15,336	15,336	14,208	12,497	11,181	8,297	7,442
EBITDA	7,695	7,693	6,778	5,148	6,019	4,461	3,575
Operating Income	6,176	6,177	5,478	4,054	3,019	4,210	3,601
Net Income	4,472	4,471	3,852	2,626	3,248	3,024	2,339
EPS	14.67	14.67	12.36	8.25	10.25	12.56	9.71
Growth Rates
Total Revenue Growth	7.9%	7.9%	13.7%	11.8%	34.8%	11.5%	11.1%
EBITDA Growth	13.5%	13.5%	31.7%	-14.5%	34.9%	24.8%	9.2%
Operating Income Growth	12.7%	12.8%	35.1%	34.3%	-28.3%	16.9%	13.3%
Net Income Growth	16.1%	16.1%	46.7%	-19.2%	7.4%	29.3%	10.2%
Margins
EBITDA Margin	50.2%	50.2%	47.7%	41.2%	53.8%	53.8%	48.0%
Operating Income Margin	40.3%	40.3%	38.6%	32.4%	27.0%	50.7%	48.4%
Net Income Margin	29.2%	29.2%	27.1%	21.0%	29.0%	36.4%	31.4%
Cash & Debt
Total Cash	1,801	1,801	1,686	1,316	1,300	6,508	4,117
Total Debt	13,582	13,582	11,933	12,000	11,533	4,702	4,754
Net Debt / (Cash)	11,781	11,781	10,247	10,684	10,233	-1,806	637
Cash Flows
Net Cash from Operations	5,651	5,651	5,689	3,710	2,603	3,598	3,567
Free Cash from Operations	5,456	5,456	5,565	3,567	2,514	3,563	3,491
Returns to Shareholders
Dividends	1,170	1,170	1,134	1,147	1,024	743	645
Share Repurchases	5,001	5,001	3,301	3,301	12,004	-0	1,164

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/11/2026	10/30/2025	8/1/2025	4/29/2025	2/11/2025	10/25/2024	7/30/2024	4/25/2024	2/9/2024	11/2/2023	7/27/2023	4/27/2023
Key Financials Quarterly
Total Revenue	3,916	3,888	3,755	3,777	3,592	3,575	3,549	3,491	3,152	3,084	3,101	3,160
Ebitda	1,982	1,971	1,875	1,867	1,624	1,726	1,747	1,681	1,160	1,361	1,207	1,420
Operating Income	1,404	1,668	1,537	1,567	1,259	1,402	1,439	1,379	888	1,066	1,019	1,080
Net Income	1,134	1,176	1,072	1,090	880	971	1,011	991	579	742	511	795
EPS	3.76	3.86	3.50	3.55	2.85	3.12	3.23	3.16	1.84	2.34	1.60	2.47
Key Financials TTM
Total Revenue TTM	15,336	15,012	14,699	14,493	14,207	13,767	13,276	12,828	12,497	12,282	12,059	11,951
Ebitda TTM	7,695	7,337	7,092	6,964	6,778	6,314	5,949	5,409	5,148	4,970	4,801	5,379
Operating Income TTM	6,176	6,031	5,765	5,667	5,479	5,108	4,772	4,352	4,053	3,874	3,657	3,553
Net Income TTM	4,472	4,218	4,013	3,952	3,853	3,552	3,323	2,823	2,627	2,481	2,347	2,808
Growth Rates Quarterly
Total Revenue Growth	9.0%	8.8%	5.8%	8.2%	14.0%	15.9%	14.4%	10.5%	7.3%	7.8%	3.6%	32.3%
EBITDA Growth	22.0%	14.2%	7.3%	11.1%	40.0%	26.8%	44.7%	18.4%	18.1%	14.2%	-32.4%	-31.1%
Operating Income Growth	11.5%	19.0%	6.8%	13.6%	41.8%	31.5%	41.2%	27.7%	25.2%	25.6%	11.4%	98.2%
Net Income Growth	28.9%	21.1%	6.0%	10.0%	52.0%	30.9%	97.8%	24.7%	33.7%	22.0%	-47.4%	-35.6%
Margins Quarterly
EBITDA Margin	50.6%	50.7%	49.9%	49.4%	45.2%	48.3%	49.2%	48.2%	36.8%	44.1%	38.9%	44.9%
Operating Income Margin	35.9%	42.9%	40.9%	41.5%	35.1%	39.2%	40.5%	39.5%	28.2%	34.6%	32.9%	34.2%
Net Income Margin	29.0%	30.2%	28.5%	28.9%	24.5%	27.2%	28.5%	28.4%	18.4%	24.1%	16.5%	25.2%
Cash & Debt
Total Cash	1,801	1,672	1,847	1,469	1,686	1,696	2,038	1,543	1,316	1,645	1,561	1,402
Total Debt	13,582	11,866	11,900	11,913	11,933	11,929	11,920	12,229	12,000	12,005	12,048	12,229
Net Debt / (Cash)	11,781	10,194	10,053	10,444	10,247	10,233	9,882	10,686	10,684	10,360	10,487	10,827
Cash Flows Quarterly
FCF from Operations	1,748	1,505	1,445	953	1,740	1,445	1,556	948	1,334	1,013	769	594
Cash Flows TTM
FCF from Operations TTM	5,651	5,643	5,583	5,694	5,689	5,283	4,851	4,064	3,710	3,489	3,290	2,975
Returns to Shareholders Quarterly
Dividends	290	291	294	295	280	282	286	286	283	286	288	290
Share Repurchases	2,500	1,200	651	650	1,300	1,501	-0	500	1,300	500	1,001	500
Return on Invested Capital (ROIC) Quarterly
ROIC	35.8%	51.8%	47.2%	47.0%	37.9%	42.2%	45.9%	41.9%	27.0%	33.7%	26.8%	32.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	40.6%	46.1%	44.4%	42.2%	42.0%	39.6%	38.9%	32.1%	29.9%	29.3%	27.3%	26.1%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Market Intelligence	29,478	29,674	29,852	3,368	3,762
Mobility	13,222	13,495	13,416
Commodity Insights	8,636	8,746	8,781	891
Corporate	4,629	4,411	4,127	7,697	5,331
Indices	3,200	3,222	3,271	1,501	1,443
Ratings	1,056	1,041	1,039	1,248	1,088
Assets of businesses held for sale			1,298	321
Engineering Solutions			0
Platts					913
Total	60,221	60,589	61,784	15,026	12,537

Price Behavior

Price Behavior

Market Price	$442.57
Market Cap ($ Bil)	133.6
First Trading Date	12/29/2006
Distance from 52W High	-21.1%
	50 Days	200 Days
DMA Price	$426.17	$492.79
DMA Trend	down	down
Distance from DMA	3.8%	-10.2%
	3M	1YR
Volatility	41.0%	27.2%
Downside Capture	0.80	0.41
Upside Capture	92.32	56.00
Correlation (SPY)	26.2%	29.7%

SPGI Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.29	0.59	0.93	0.46	0.76	0.80
Up Beta	-0.27	-1.77	-0.40	0.04	0.72	0.78
Down Beta	-0.69	-0.95	0.38	0.09	0.81	0.79
Up Capture	41%	102%	102%	48%	49%	53%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	12	22	35	72	136	417
Down Capture	83%	182%	170%	94%	97%	96%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	10	20	28	54	115	332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SPGI
SPGI	-5.3%	27.2%	-0.21	-
Sector ETF (XLF)	12.1%	15.3%	0.55	50.5%
Equity (SPY)	21.1%	12.9%	1.32	31.4%
Gold (GLD)	50.9%	27.5%	1.49	-15.2%
Commodities (DBC)	25.2%	16.2%	1.40	-14.5%
Real Estate (VNQ)	17.5%	13.7%	0.93	28.9%
Bitcoin (BTCUSD)	-7.8%	42.6%	-0.08	17.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SPGI
SPGI	4.5%	24.4%	0.16	-
Sector ETF (XLF)	10.0%	18.7%	0.42	58.7%
Equity (SPY)	10.8%	17.1%	0.49	63.2%
Gold (GLD)	22.6%	17.8%	1.04	6.7%
Commodities (DBC)	11.6%	18.8%	0.51	11.2%
Real Estate (VNQ)	4.4%	18.8%	0.14	58.7%
Bitcoin (BTCUSD)	5.2%	56.5%	0.31	21.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SPGI
SPGI	17.5%	25.9%	0.64	-
Sector ETF (XLF)	13.4%	22.2%	0.55	64.2%
Equity (SPY)	14.0%	17.9%	0.67	70.8%
Gold (GLD)	14.3%	15.9%	0.75	3.7%
Commodities (DBC)	8.5%	17.6%	0.40	20.7%
Real Estate (VNQ)	5.6%	20.7%	0.24	58.9%
Bitcoin (BTCUSD)	68.4%	66.9%	1.07	18.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	3.6 Mil
Short Interest: % Change Since 3152026	-3.8%
Average Daily Volume	2.2 Mil
Days-to-Cover Short Interest	1.7 days
Basic Shares Quantity	301.8 Mil
Short % of Basic Shares	1.2%

Returns Analyses

	Title
0	The Bear Case: How SPGI Behaves During Market Shocks
1	Can S&P Global Stock Recover If Markets Fall?
2	SPGI YTD Stock Return Of 17% Outperforms MORN by 31% and Underperforms MCO by -5.6%
3	S&P Global Stock Return Comparison
4	S&P Global Total Shareholder Return (TSR): -28.3% in 2022 and 7.9% 3-yr returns (below peer average)
5	[9/28/2021] S&P Global (SPGI) Stock Price Forecast: AI Forecasts SPGI Stock Price To Be Around $445 In A Month (Up 4.4%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/10/2026	-9.7%	-7.6%	-3.2%
10/30/2025	3.9%	5.1%	4.9%
7/31/2025	4.1%	6.3%	3.6%
4/29/2025	2.6%	5.5%	6.9%
2/11/2025	4.9%	5.5%	-7.0%
10/24/2024	-3.5%	-4.9%	0.1%
7/30/2024	-0.3%	-3.6%	3.4%
4/25/2024	0.5%	0.7%	5.6%
...
SUMMARY STATS
# Positive	13	13	16
# Negative	11	11	8
Median Positive	3.3%	4.0%	5.2%
Median Negative	-1.7%	-4.9%	-6.8%
Max Positive	7.0%	10.0%	20.4%
Max Negative	-9.7%	-10.5%	-10.5%

	Forward Returns
2/10/2026	-9.7%	-7.6%	-3.2%
10/30/2025	3.9%	5.1%	4.9%
7/31/2025	4.1%	6.3%	3.6%
4/29/2025	2.6%	5.5%	6.9%
2/11/2025	4.9%	5.5%	-7.0%
10/24/2024	-3.5%	-4.9%	0.1%
7/30/2024	-0.3%	-3.6%	3.4%
4/25/2024	0.5%	0.7%	5.6%
2/8/2024	-5.0%	-8.4%	-6.7%
11/2/2023	7.0%	10.0%	20.4%
7/27/2023	-7.6%	-8.0%	-9.7%
4/27/2023	4.6%	2.9%	5.6%
2/9/2023	-0.6%	0.5%	-10.5%
10/27/2022	2.5%	-0.3%	15.2%
8/2/2022	-1.7%	0.5%	-5.2%
5/3/2022	-2.1%	-10.5%	-9.4%
2/8/2022	-1.3%	-5.9%	-3.2%
10/26/2021	3.9%	3.5%	2.5%
7/29/2021	2.9%	6.8%	6.4%
4/29/2021	3.3%	3.2%	0.3%
2/9/2021	2.1%	4.0%	6.1%
10/27/2020	-0.8%	-1.7%	0.4%
7/28/2020	-1.1%	-0.2%	2.2%
4/28/2020	1.6%	-1.9%	8.6%
SUMMARY STATS
# Positive	13	13	16
# Negative	11	11	8
Median Positive	3.3%	4.0%	5.2%
Median Negative	-1.7%	-4.9%	-6.8%
Max Positive	7.0%	10.0%	20.4%
Max Negative	-9.7%	-10.5%	-10.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/11/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	04/29/2025	10-Q
12/31/2024	02/11/2025	10-K
09/30/2024	10/25/2024	10-Q
06/30/2024	07/30/2024	10-Q
03/31/2024	04/25/2024	10-Q
12/31/2023	02/09/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	07/27/2023	10-Q
03/31/2023	04/27/2023	10-Q
12/31/2022	02/10/2023	10-K
09/30/2022	10/28/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	05/04/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/10/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Organic, Constant Currency Revenue growth	6.0%	7.0%	8.0%	-6.7%	-0.5%	Lower New	Actual: 7.5% for 2025
2026 Reported Revenue growth (GAAP)	6.6%	7.6%	8.6%	1.3%	0.1%	Higher New	Actual: 7.5% for 2025
2026 Diluted EPS	19.4	19.5	19.6	10.2%		Higher New	Actual: 17.7 for 2025
2026 Capital expenditures (GAAP)	215.00 Mil	220.00 Mil	225.00 Mil

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Share Repurchases		2.50 Bil		92.3%		Raised	Guidance: 1.30 Bil for 2025
2025 Revenue Growth	7.0%	7.5%	8.0%	25.0%	1.5%	Raised	Guidance: 6.0% for 2025
2025 GAAP Diluted EPS	14.8	14.9	15.1	3.1%		Raised	Guidance: 14.5 for 2025
2025 Adjusted Diluted EPS	17.6	17.7	17.9	3.5%		Raised	Guidance: 17.1 for 2025
2025 Free Cash Flow	5.60 Bil	5.50 Bil	5.80 Bil	-3.5%		Lowered	Guidance: 5.70 Bil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Saha, Saugata	President, Market Intelligence	Direct	Sell	8122025	561.12	2,000	1,122,240	1,767,528	Form
2	Tavernier, Edouard	President, S&P Global Mobility	Direct	Sell	8082025	555.00	1,799	998,526	9,511,509	Form
3	Moore, Sally	EVP, Chief Client Officer	Direct	Sell	5072025	510.43	500	255,148	2,618,929	Form
4	Kemps, Steven J	EVP, Chief Legal Officer	Direct	Sell	5072025	508.82	2,000	1,017,640	3,688,436	Form
5	Peterson, Douglas L		Direct	Sell	5022025	502.35	19,173	9,631,629	24,535,963	Form

SPGI Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing SPGI?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What SPGI Makes & Who Pays

TTM figures based on

SPGI Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

S&P Global (SPGI)

Market Price (4/19/2026): $442.57 | Market Cap: $133.6 BilSector: Financials | Industry: Financial Exchanges & Data

S&P Global (SPGI)

Market Price (4/19/2026): $442.57Market Cap: $133.6 BilSector: FinancialsIndustry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About S&P Global (SPGI)

Key Risks to S&P Global (SPGI)

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. S&P Global (SPGI)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

Higher Rev Chg LTM (Value for SPGI: 7.9%)

Higher Rev Chg 3Y Avg (Value for SPGI: 11.1%)

Higher Op Mgn LTM (Value for SPGI: 40.3%)

Higher CFO/Rev LTM (Value for SPGI: 36.8%)

Higher FCF/Rev LTM (Value for SPGI: 35.6%)

Higher Total Yield (Value for SPGI: 4.2%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

Higher Rev Chg LTM (Value for SPGI: 7.9%)

Higher Rev Chg 3Y Avg (Value for SPGI: 11.1%)

Higher Op Mgn LTM (Value for SPGI: 40.3%)

Higher CFO/Rev LTM (Value for SPGI: 36.8%)

Higher FCF/Rev LTM (Value for SPGI: 35.6%)

Higher Total Yield (Value for SPGI: 4.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPGI: 11.1% | 8.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPGI: 11.1% | 21.6x)

Higher Rev Chg LTM (Value for SPGI: 7.9%)

Higher Rev Chg 3Y Avg (Value for SPGI: 11.1%)

Higher Op Mgn LTM (Value for SPGI: 40.3%)

Higher CFO/Rev LTM (Value for SPGI: 36.8%)

Higher FCF/Rev LTM (Value for SPGI: 35.6%)

Higher Total Yield (Value for SPGI: 4.2%)

Best Bets in Financials

P/EBIT (Value for SPGI: 20.5x)

P/E (Value for SPGI: 29.9x)

Rev Chg 3Y Avg (Value for SPGI: 11.1%)

Rev Chg LTM (Value for SPGI: 7.9%)

Rev Chg Q (Value for SPGI: 9.0%)

FCF/Rev 3Y Avg (Value for SPGI: 34.4%)

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Financials

Market Price (4/19/2026): $442.57 | Market Cap: $133.6 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (4/19/2026): $442.57
Market Cap: $133.6 Bil
Sector: Financials
Industry: Financial Exchanges & Data