olivLaw · US equity research
S&P Global Inc. SPGI
Services-Consumer Credit Reporting, Collection Agencies · SIC 7320 · Vertical: Business services and software (SIC 73xx)
S&P Global is a global provider of benchmarks, data, analytics and workflow solutions for capital, energy and commodity markets. After the Mobility separation it focuses on four core divisions, and in the second quarter of 2026 GAAP revenue grew 10% to 4.146 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, S&P Global Inc. (SPGI) stock was 481.69 USD (+3.36% on the day), with market capitalisation 139.6 bn USD, P/E 28.6 on diluted EPS of 16.81 USD over the last 12 months, dividend yield 0.80%, beta 0.65, 52-week range 369.69–516.89 USD. Latest reported quarter (Q3 2026): revenue of 3.7 bn USD (+6.8% YoY), net income of 1.2 bn USD (+5.4% YoY), diluted EPS 4.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 393.62 – 487.11
- in the upper half of the band · %B 0.94 · band width 21.2%
- SMA 50 / 200
- 423.99 / 416.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 16.33 / 12.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.2% | −1.1% | +24.3 pp | — |
| 3 months | +17.5% | −0.5% | +17.9 pp | — |
| 6 months | +20.2% | +4.4% | +15.8 pp | — |
| Year to date | −2.6% | +12.3% | −14.9 pp | — |
| 1 year | +2.0% | +13.5% | −11.6 pp | +1.4% |
| 3 years | +33.0% | +76.4% | −43.4 pp | +22.1% |
| 5 years | +10.6% | +63.7% | −53.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.6 bn | 3.8 bn | 3.8 bn | 3.4 bn | 5.2 bn | 4.2 bn | 4.1 bn | 3.7 bn |
| Cost of revenue | 1.1 bn | 1.2 bn | 1.1 bn | 986.0 m | 1.6 bn | 1.2 bn | 1.2 bn | 1.0 bn |
| SG&A | 926.0 m | 764.0 m | 803.0 m | 693.0 m | 1.4 bn | 802.0 m | 873.0 m | 660.0 m |
| Operating income | 1.3 bn | 1.6 bn | 1.6 bn | 1.6 bn | 2.0 bn | 2.0 bn | 1.8 bn | 2.0 bn |
| Interest expense | 70.0 m | 78.0 m | 77.0 m | 79.0 m | 54.0 m | 96.0 m | 87.0 m | 87.0 m |
| Pre-tax income | 1.3 bn | 1.5 bn | 1.5 bn | 1.5 bn | 2.0 bn | 1.9 bn | 1.7 bn | 1.9 bn |
| Income tax | 287.0 m | 325.0 m | 342.0 m | 312.0 m | 489.0 m | 404.0 m | 406.0 m | 467.0 m |
| Net income | 880.0 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.4 bn | 1.2 bn | 1.2 bn |
| Diluted EPS | 2.85 ≈ | 3.54 | 3.50 | 3.86 | 3.75 ≈ | 4.69 | 4.12 | 4.25 |
| Operating cash flow | 1.7 bn | 953.0 m | 1.4 bn ≈ | 1.5 bn ≈ | 1.7 bn | 1.0 bn | 1.4 bn ≈ | — |
| Capex | 33.0 m | 43.0 m | 61.0 m ≈ | 29.0 m ≈ | 62.0 m | 27.0 m | 38.0 m ≈ | 28.0 m ≈ |
| Dividends paid | 280.0 m | 295.0 m | 294.0 m ≈ | 291.0 m ≈ | 290.0 m | 288.0 m | 287.0 m ≈ | 281.0 m ≈ |
| Share repurchases | 1.3 bn | 650.0 m | 651.0 m ≈ | 1.2 bn ≈ | 2.5 bn | 1.0 bn | 500.0 m ≈ | 2.6 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 48 percentile of its own 44-quarter history (min 12.8, median 29.3, max 52.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.3 bn | 6.7 bn | 7.4 bn | 8.3 bn | 11.2 bn | 12.5 bn | 14.2 bn | 15.3 bn |
| Revenue YoY | +3.2% | +7.0% | +11.1% | +11.5% | +34.8% | +11.8% | +13.7% | +7.9% |
| Net income | 2.0 bn | 2.1 bn | 2.3 bn | 3.0 bn | 3.2 bn | 2.6 bn | 3.9 bn | 4.5 bn |
| Net income YoY | +30.9% | +8.4% | +10.2% | +29.3% | +7.4% | −19.2% | +46.7% | +16.1% |
| Diluted EPS | 7.73 | 8.60 | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 |
| Diluted EPS YoY | +33.7% | +11.3% | +12.3% | +29.5% | −18.5% | −19.3% | +50.1% | +18.7% |
| net % | 31.3% | 31.7% | 31.4% | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% |
| Free cash flow | 2.0 bn | 2.7 bn | 3.5 bn | 3.6 bn | 2.5 bn | 3.6 bn | 5.6 bn | 5.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- 13.1 bn USD
- Net debt
- 11.4 bn USD
- Equity
- 31.2 bn USD
- Total assets
- 61.2 bn USD
- Debt / equity
- 0.42x
- Current ratio
- 0.82x
- ROE
- 13.9%
- ROA
- 7.4%
- FCF margin
- 35.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.4 bn | 8.3 bn | 11.2 bn | 12.5 bn | 14.2 bn | 15.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 2.1 bn | 2.2 bn | 3.8 bn | 4.1 bn | 4.4 bn | 4.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 5.3 bn ≈ | 6.1 bn ≈ | 7.4 bn ≈ | 8.4 bn ≈ | 9.8 bn ≈ | 10.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| SG&A | 1.5 bn | 1.7 bn | 3.4 bn | 3.2 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 3.6 bn | 4.2 bn | 4.9 bn | 4.0 bn | 5.6 bn | 6.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 206.0 m | 178.0 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 3.8 bn ≈ | 4.4 bn ≈ | 6.0 bn ≈ | 5.2 bn ≈ | 6.8 bn ≈ | 7.7 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 141.0 m | 119.0 m | 304.0 m | 334.0 m | 297.0 m | 287.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 3.2 bn | 4.2 bn | 4.7 bn | 3.7 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 694.0 m | 901.0 m | 1.2 bn | 778.0 m | 1.1 bn | 1.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 2.3 bn | 3.0 bn | 3.2 bn | 2.6 bn | 3.9 bn | 4.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 242.1 m | 241.8 m | 318.5 m | 318.9 m | 311.9 m | 305.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 2.68 | 3.08 | 3.32 | 3.60 | 3.64 | 3.84 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.1 bn | 6.5 bn | 1.3 bn | 1.3 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 28 Oct 2026verified |
| Receivables | 1.6 bn | 1.7 bn | 2.5 bn | 2.8 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 28 Oct 2026verified |
| Current assets | 6.0 bn | 8.8 bn | 5.7 bn | 5.1 bn | 5.5 bn | 6.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 284.0 m | 241.0 m | 297.0 m | 258.0 m | 265.0 m | 259.0 m | SEC (XBRL)· 28 Oct 2026verified |
| Goodwill | 3.7 bn | 3.5 bn | 34.5 bn | 34.9 bn | 34.9 bn | 27.6 bn | SEC (XBRL)· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 1.3 bn | 18.3 bn | 17.4 bn | 16.6 bn | 12.5 bn | SEC (XBRL)· 28 Oct 2026verified |
| Total assets | 12.5 bn | 15.0 bn | 61.8 bn | 60.6 bn | 60.2 bn | 61.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 233.0 m | 205.0 m | 450.0 m | 557.0 m | 553.0 m | 555.0 m | SEC (XBRL)· 28 Oct 2026verified |
| Short-term debt | — | 0 | 226.0 m | 47.0 m | 4.0 m | 718.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 4.1 bn | 4.1 bn | 10.7 bn | 11.4 bn | 11.4 bn | 12.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 3.6 bn | 3.8 bn | 6.0 bn | 6.1 bn | 6.4 bn | 7.6 bn | SEC (XBRL)· 28 Oct 2026verified |
| Total liabilities | 9.2 bn | 9.5 bn | 22.0 bn | 22.5 bn | 22.7 bn | 25.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 571.0 m | 2.1 bn | 36.5 bn | 34.3 bn | 33.3 bn | 31.2 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.6 bn | 3.6 bn | 2.6 bn | 3.7 bn | 5.7 bn | 5.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 76.0 m | 35.0 m | 89.0 m | 143.0 m | 124.0 m | 195.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 3.5 bn ≈ | 3.6 bn ≈ | 2.5 bn ≈ | 3.6 bn ≈ | 5.6 bn ≈ | 5.5 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -240.0 m | -120.0 m | 3.6 bn | 562.0 m | -255.0 m | -704.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -2.2 bn | -1.0 bn | -11.3 bn | -4.3 bn | -5.0 bn | -4.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 645.0 m | 743.0 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 1.2 bn | 0 | 12.0 bn | 3.3 bn | 3.3 bn | 5.0 bn | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 139.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet52
- Valuation53
- Quality71
- Growth89
- Returns88
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 283.79 – 652.10 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)283.79 – 465.33 (Mid 353.41)WACC 8.9% · starting FCFF 5.8 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 24.8%
- Peers: EV/EBITDA298.41 – 652.10 (Mid 425.18)19 companies used · median multiple 15.0x · quartiles 10.9x – 22.3xADBE, ADSK, APP, CPAY, CRM, CTSH, EBAY, EFX, GPN, MCO, MELI, MSCI, OMC, PYPL, SNPS, SUNB, UBER, URI, VRSK
- Peers: P/E352.11 – 590.57 (Mid 461.66)26 companies used · median multiple 27.5x · quartiles 20.9x – 35.1xACN, ADBE, ADP, ADSK, APP, CPAY, CRM, CTSH, EBAY, EFX, INTU, MA, MCO, MELI, MSCI, OMC, ORCL, PYPL, SUNB, TWLO, UBER, URI, VEEV, VRSK, VRSN, WDAY
- Dividend discount (DDM)outside the aggregate50.46 – 67.86 (Mid 57.88)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.2% | 50 (vs peers) | 10% |
| Net margin · Quality | 29.0% | 77 (vs peers) | 6% |
| FCF conversion · Quality | 111.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 11.1% | 93 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 12.9% | 86 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.2x | 44 (vs peers) | 10% |
| Interest coverage · Balance sheet | 24.0x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 28.6x | 56 (vs peers) | 10% |
| EV/EBITDA · Valuation | 16.8x | 52 (vs peers) | 10% |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 20.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth89/100 · 2/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation53/100 · 3/3 factors with a value
Memo
S&P Global Inc. (SPGI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 15.3 bn USD in 2025; YoY growth 7.9%; net margin 29.0%; ROE 18.9%; net debt/EBITDA 1.2x.
The estimated value range is 298.41–590.57 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 425.18 USD, the price of 481.69 USD leaves a potential of -11.7% (value / price − 1) and a margin of safety of -13.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 29.0%
- FCF conversion: 111.8%
- Revenue CAGR 3Y: 11.1%
- EPS CAGR 3Y: 12.9%
- Interest coverage: 24.0x
- Shareholder yield (distributions): 5.5%
- Payout ratio (FCF): 20.6%
What contradicts it
- Current ratio: 0.7x
Versus the vertical median
Business services and software (SIC 73xx) · same major group (2-digit SIC) · compared with 39 companies
Only companies with a capitalisation between 16.8 bn and 1,072.9 bn (within 8× of the company's); 575 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PLTRPalantir Technologies Inc. | 413.7 bn | 120.4 | 41.2% | 50.3% | +56.2% | +2% / +756% |
| ORCLOracle Corporation | 374.1 bn | 19.3 | 41.6% | 26.4% | +17.3% | −39% / +6% |
| CRWDCrowdStrike Holdings, Inc. | 246.8 bn | 1,120.4 | 1.3% | 1.1% | +21.7% | +89% / +307% |
| CRMSalesforce, Inc. | 186.9 bn | 20.7 | 19.4% | 22.0% | +9.6% | −1% / −10% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| SPGIS&P Global Inc. | 139.6 bn | 28.6 | 18.9% | 29.0% | +7.9% | +2% / +33% |
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| NOWServicenow, Inc. | 112.9 bn | 78.1 | 11.8% | 9.4% | +20.9% | −33% / −21% |
| SNOWSnowflake Inc. | 102.5 bn | — | -48.2% | -20.1% | +29.2% | +16% / +55% |
| ADBEAdobe Inc. | 96.7 bn | 13.9 | 61.9% | 28.0% | +10.5% | −22% / −59% |
| INTUIntuit Inc. | 95.3 bn | 21.7 | 23.6% | 21.3% | +13.9% | −44% / −38% |
| MCOMoody’s Corporation | 91.1 bn | 32.2 | 79.8% | 35.3% | +8.9% | +8% / +45% |
| CDNSCadence Design Systems, Inc. | 90.4 bn | 65.5 | 22.9% | 22.5% | +14.1% | +6% / +21% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| SNPSSynopsys Inc | 88.7 bn | 81.8 | 3.7% | 11.4% | +15.1% | +11% / −15% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| URIUnited Rentals, Inc. | 69.6 bn | 24.4 | 30.6% | 16.3% | +4.9% | +38% / +136% |
| ADSKAutodesk, Inc. | 56.4 bn | 35.0 | 53.9% | 21.1% | +17.5% | −11% / +24% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| VEEVVeeva Systems Inc. | 50.3 bn | 50.8 | 14.4% | 29.3% | +16.3% | +29% / +78% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| TTWOTake-Two Interactive Software, Inc. | 39.1 bn | — | -9.0% | -4.8% | +18.2% | −15% / +32% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −11% / +14% |
1- and 3-year price returns: for SPGI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 310.60 Total return -35% · Per year -35% | 547.47 Total return 15% · Per year 15% | 822.41 Total return 72% · Per year 72% |
| 3 years | 342.80 Total return -27% · Per year -10% | 675.85 Total return 43% · Per year 13% | 1,108.69 Total return 134% · Per year 33% |
| 5 years | 378.35 Total return -18% · Per year -4% | 834.33 Total return 79% · Per year 12% | 1,494.62 Total return 218% · Per year 26% |
- Exit P/E± 168.96
- Net margin± 118.27
- Annual revenue growth± 91.30
- Annual dilution± 9.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
S&P Global is a global provider of benchmarks, data, analytics and workflow solutions for capital, energy and commodity markets. After the Mobility separation it focuses on four core divisions, and in the second quarter of 2026 GAAP revenue grew 10% to 4.146 billion USD 3.
SWOT
Strengths
- Recognised benchmark position in ratings and indices, with global institutional clients and recurring subscription revenue.
- Diversification across capital, energy and commodity markets reduces reliance on a single economic cycle.
- Ability to return capital to shareholders and fund investment from operating cash flows.
Weaknesses
- Transaction and bond issuance revenue is sensitive to conditions in credit markets.
- Acquisition integration and restructuring costs have weighed on operating profit in recent years.
- Reliance on complex technology systems and cloud infrastructure raises operational risk.
Opportunities
- Expansion into private markets, energy and supply chain intelligence could open new revenue sources.
- Adopting AI in products could improve efficiency and the value offered to clients.
- The Mobility separation could let management concentrate resources on faster-growing divisions.
Threats
- Free public information sources could reduce demand for some products.
- Cyber attacks and data breaches could damage reputation and client relationships.
- Regulatory changes in financial services could alter the ratings business model.
Risks
- Cybersecurityhigh
The company and its vendors process confidential and material non-public information; a major incident could erode client confidence 1.
- Competition from free sourceshigh
If many clients shift to public or inexpensive information, demand for products could fall materially 1.
- Bond issuance cyclemedium
A slowdown in issuance could reduce transaction revenue at Ratings and related services 12.
- Innovation and technology adoptionmedium
New products, including AI-based offerings, may not achieve the acceptance or profitability expected 1.
- Post-separation integrationlow
The Mobility spin-off and structural changes may bring costs and operational disruption in the coming period 23.
Investment thesis
What would need to be true (bull case)
- Growing ratings and index revenue, combined with higher margins, could sustain profitability over the long term if the trend continues 23.
- The subscription base and benchmark position may provide predictable revenue across several markets.
- The expanded share repurchase programme could support per-share returns for shareholders 3.
What to watch
- Pace of revenue growth in Ratings and bond issuanceQ3 2026
- Delivery against 2026 revenue guidance excluding Mobility2026
- Development of operating margin after the Mobility separationnext 10-K
- Progress on the share repurchase plan of more than 7 billion USD2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
The business
According to the fiscal 2025 annual report, S&P Global operated five businesses: Market Intelligence, Ratings, Energy, Mobility and Indices 1. On July 1, 2026 Mobility was separated into an independent public company, Mobility Global, and the company now reports four segments: Ratings, Indices, Energy and Market Intelligence 2. In fiscal 2025 revenue was 15,336 million USD and operating profit 6,478 million USD, a 42% operating margin 1. The company had about 44,500 permanent employees at December 31, 2025 1.
Revenue relies mainly on subscriptions to data, analytics and indices, complemented by transaction fees tied to ratings such as bond issuance 1. Ratings provides credit ratings and has offices in over 25 countries 1. Indices earns asset-linked fees when investors direct funds into its indexes, notably ETFs and mutual funds 1.
The company set three strategic objectives: advance market leadership, expand high-growth adjacencies such as private markets and energy, and amplify enterprise capabilities including AI 1. In fiscal 2025 it returned about 15.1 billion USD to shareholders through buybacks and dividends 1.
Segments
Ratings
Ratings provides credit ratings, research and analytics, with revenue from transactions such as new bond issuance and from non-transaction activity such as surveillance 1. In the second quarter of 2026 revenue rose on strong investment grade issuance and surveillance activity 2.
Market context
The company serves asset managers, investment banks, commercial banks, insurers, exchanges and issuers, as well as producers, consumers and traders in energy, chemicals, shipping, metals, carbon and agriculture 1. Demand for benchmarks and data from these markets has grown in recent years 1.
Capital and commodity markets are sensitive to financing cycles and bond issuance volumes, which directly affect ratings and data revenue 2. If issuance volumes stay high, growth in these lines could continue 2.
Trends
- Bond issuance and refinancingtailwind
Strong investment grade issuance supported Ratings revenue in the first half of 2026 2. If issuance activity remains robust, it could continue to support the segment 2.
- Free or cheap data sourcesheadwind
Growth in free or relatively inexpensive public information could reduce demand for the company's products, especially if smaller or critical customers switch 1.
- Artificial intelligencemixed
AI is changing how data is gathered, protected, licensed and consumed. The company is integrating AI into products and processes, but outcomes can vary and success is not assured 13.
- Mobility separation and core focusmixed
The Mobility spin-off changed the revenue structure, and management says a sharper focus on four divisions could support profitable long-term growth 23.
Competitive position
The company operates in highly competitive markets where data, analytics and ratings providers face new and existing competitors and increasingly sophisticated products 1. Its ability to innovate against competitors is critical to keeping its position 1.
Claimed advantages include its role as a benchmark in capital markets, investor reputation and global network, but these depend on maintaining quality and adopting new technology quickly 1.
- Moody's CorporationMCO
Direct competitor in credit ratings and capital markets data
- MSCI Inc.MSCI
Index and analytics provider competing with the Indices business
- FactSet Research SystemsFDS
Competitor in financial data and analytics for finance professionals
- Free public information providers
Open or low-cost sources that can partly substitute the company's data products
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- S&P Global revises Meta's outlook to 'negative' on AI spending, cash flow worriesCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- S&P Global revises outlook on Meta to negative on cashflow concernsCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- S&P Global revises Meta's outlook to 'negative' on AI spending, cash flow concernsCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- S&P Global avertizează că șocul energetic provenit din zona Golfului Persic s-ar putea transforma într-o criză alimentară globalăCursDeGuvernare.ro · 22 Oct 2026 · RO
- S&P Global Warns Hormuz Energy Shock Could Become a Global Food CrisisOil Price · 21 Oct 2026 · EN
- Top hyperscalers likely to have more AI-linked debt than now known, S&P Global warnsCNA (Channel NewsAsia) · 19 Oct 2026 · EN
- Uniunea Africană va lansa prima agenţie de rating de pe continent, o alternativă la agenţiile globale S&P Global Ratings, Moody’s şi FitchG4Media · 07 Oct 2026 · RO
- Dragoş Damian, Terapia Cluj: Uitaţi de S&P Global Ratings, de criza politică, de devalorizarea leului, de scumpirile la energie, de insolvenţele aeriene, de grecii care aduc daruri, de pelerinajele religioase, de meciul cu Polonia. Fiţi atenţi aici o analiza excepţională despre economia RomânieiZiarul Financiar · 04 Oct 2026 · RO
- Alex Milcev (EY România), despre ratingul S&P Global: Testul din octombrie este despre credibilitate. România intră în cel mai important examen financiar al anuluiEconomedia · 30 Sept 2026 · RO
- Half Of US Public Schools Report Operating Deficits: S&P GlobalBloomberg Markets · 24 Sept 2026 · EN
- Florian Libocor/ Alertă de piață – desemnare prim-mistru & impuls S&P GlobalCursDeGuvernare.ro · 21 Sept 2026 · RO
- S&P Global Acquires OpenZeppelin In Tokenized Finance PushYahoo Finance — News · 17 Sept 2026 · EN
- Crypto data firm Kaiko secures $110 million funding round led by S&P GlobalCNA (Channel NewsAsia) · 14 Sept 2026 · EN
- S&P Global (SPGI) Could Deliver Mid-Teens EPS Growth From a Cheaper ValuationYahoo Finance — News · 03 Sept 2026 · EN
- Is S&P Global Stock Underperforming the S&P 500?Yahoo Finance — News · 02 Sept 2026 · EN
- Why S&P Global Stock Bumped Higher TodayYahoo Finance — News · 02 Sept 2026 · EN
- S&P Global’s (SPGI) Remaining Divisions Showcase Strong Profitability Post Spin-OutYahoo Finance — News · 31 Aug 2026 · EN
- BOJ needs to raise policy rate to 1.5%, former S&P Global executive saysThe Japan Times · 29 Jul 2026 · RO
- S&P Global’s Shares Drop as Company Misses Profit EstimatesBloomberg Markets · 28 Jul 2026 · EN
- România rămâne cea mai vulnerabilă economie din Europa Centrală și de Est. S&P Global Ratings estimează creștere economică zero în 2026 și deficit de 6,3%Economedia · 28 Jul 2026 · RO
SEC filings
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Oct 2026Other events · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)06 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jul 2026Material agreement · Acquisition or disposition of assets · Other events · Financial statements and exhibits
- Current report26 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / S&P Global Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / S&P Global Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / S&P Global Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.