S&P Global (SPGI) AI Stock Analysis

• Market Cap: $125.41B
• Dividend Yield: 0.73%
• Average Volume (3M): 3.42M
• Price to Earnings (P/E): 35.6
• Beta (1Y): 0.75
• Revenue Growth: 9.04%
• EPS Growth: 21.35%
• Country: US
• Employees: 42,350
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 4.30
• Shares Outstanding: 298,800,000
• 10 Day Avg. Volume: 2,555,755
• 30 Day Avg. Volume: 3,417,689
• PEG Ratio: 1.91
• Price to Book (P/B): 5.10
• Price to Sales (P/S): 10.39
• P/FCF Ratio: 29.19
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: 9.10
• Enterprise Value/Gross Profit: 12.95
• Enterprise Value/Ebitda: 18.13
• 1Y Price Target: $543.44
• Price Target Upside: 29.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): 19.63
• Revenue Forecast (FY): $16.49B

• Rating: 67 Neutral
• Price Target: $465.00 ▲(10.79% Upside)
• Action: Downgraded Date: 02/11/26
• Date: Action: Downgraded 02/11/26

The score is driven by strong financial performance and a solid, upbeat 2026 outlook from the earnings call (growth, margin expansion, and buybacks), but is held back by very weak technical momentum and a premium valuation with a low dividend yield.

Positive Factors

High recurring subscription mix

A high subscription mix (≈85% in Market Intelligence) creates durable, predictable revenue and lowers volatility from transaction cycles. Recurring contracts support steady cash flows, enable long-term product investment and cross-sell (e.g., With Intelligence), and underpin multi-year revenue resilience.

Strong, scalable profitability and margins

S&P Global's consistently high operating margins reflect pricing power, scale in data/indices, and efficient workflows. Margin expansion demonstrates durable operating leverage: high margins fund R&D, strategic AI/product investments, and shareholder returns while supporting resilience across business cycles.

Robust cash generation and capital returns

Consistent positive operating and free cash flow has funded sizable buybacks and steady dividend increases, signaling disciplined capital allocation. Strong cash conversion historically supports strategic M&A, AI investments, and shareholder returns without depending solely on new equity issuance.

Negative Factors

High sensitivity to issuance and capital markets

Revenue from Ratings and certain MI products is issuance-driven, making top-line and transaction fees cyclical. A downturn in capital markets or issuance can rapidly reduce transaction revenue and pressure growth, creating structural earnings volatility despite strong recurring segments.

Recent uptick in leverage and softer cash conversion

A rise in leverage and a 2025 FCF decline weaken financial flexibility. If cash conversion stays soft, the company may face harder choices between buybacks, acquisitions, or debt reduction. Elevated leverage also increases sensitivity to rate moves and constrains incremental strategic optionality.

Mobility spin and integration expense uncertainty

Uncertain timing of the Mobility spin delays pro forma clarity and may complicate financial comparability. Combined with elevated near-term integration and acquisition-related expenses, this raises forecasting risk and could pressure margins and guidance visibility for several quarters.

S&P Global Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

SPGI primarily earns revenue through subscriptions, licensing/royalties, and transaction-based and service fees across its operating segments. (1) S&P Global Ratings: Generates revenue by charging issuers (and, in some cases, other market participants) for credit ratings and related services. This includes fees associated with rating new debt issuance and other rated transactions, as well as revenue from surveillance/monitoring of outstanding ratings and from analytics and research products. Revenue tends to be influenced by overall debt issuance and refinancing activity in capital markets. (2) S&P Global Market Intelligence: Earns most of its revenue from recurring subscriptions to data platforms, desktop products, feeds, and software/workflow solutions used for investment research, risk management, and corporate decision-making. Customers typically pay under term licenses/contracts, creating recurring revenue; additional revenue can come from implementation, training, or other professional services tied to the platforms. (3) S&P Global Commodity Insights: Makes money largely from subscriptions to commodity and energy information products, including price assessments/benchmarks, market news, analytics, and data feeds used by producers, traders, and financial institutions. Many products are sold under recurring licenses, with some revenue linked to usage or enterprise licensing of data and benchmarks. (4) S&P Dow Jones Indices: Earns revenue by licensing its indices to asset managers, ETF sponsors, and other financial product issuers; this often includes recurring fees and royalties that can be tied to assets under management (AUM) in index-linked products. It also generates revenue from data and index subscriptions, custom indices, and licensing indices for exchange-traded and over-the-counter derivatives. Significant drivers of earnings include the level and growth of AUM benchmarked to its indices, market levels/volatility affecting AUM and trading activity, and the breadth of licensing relationships with asset managers, exchanges, and other financial institutions.

S&P Global Financial Statement Overview

Summary

Strong overall fundamentals supported by high, scalable profitability and material multi-year revenue growth. Balance sheet leverage is currently moderate but has ticked up recently, and cash-flow momentum softened in 2025 with some cash-conversion data limitations, creating modest quality-of-trend uncertainty.

Income Statement

SPGI shows strong, scalable profitability with consistently high operating and net margins across 2020–2025. Revenue has grown materially over the period (from ~$7.4B in 2020 to ~$15.3B in 2025), though the latest year’s growth rate decelerated versus prior years. Profitability remains a clear strength, but the trajectory is not perfectly smooth—2022 had notably higher operating profitability than 2023–2024, and the 2025 gross margin appears unusually high versus history (potentially mix/accounting-driven), which adds some quality-of-trend uncertainty.

Balance Sheet

Leverage looks manageable in recent years, with debt-to-equity in a moderate range in 2022–2025 (~0.32–0.43) and equity remaining sizable relative to total assets. Returns on equity improved from 2022–2025, indicating better earnings power on the capital base. The main weakness is historical balance-sheet volatility (very high leverage in 2020–2021) and a recent uptick in leverage in 2025 versus 2024, which is worth monitoring even though absolute levels remain reasonable for the business.

Cash Flow

Cash generation is solid: operating cash flow and free cash flow are consistently positive and generally track reported earnings well in most years (free cash flow close to net income in 2020–2024). However, free cash flow declined in 2025 (negative growth), and key cash-conversion ratios for 2025 are shown as 0.0 in the provided data, limiting confidence in the latest-year cash-flow quality assessment. Overall, cash flow remains a strength, but recent momentum is softer and 2025 data quality is a constraint.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.34B	14.21B	12.50B	11.18B	8.30B
Gross Profit	10.77B	9.82B	8.36B	7.43B	6.12B
EBITDA	7.69B	6.78B	5.15B	6.02B	4.46B
Net Income	4.47B	3.85B	2.63B	3.25B	3.02B
Balance Sheet
Total Assets	61.20B	60.22B	60.59B	61.78B	15.03B
Cash, Cash Equivalents and Short-Term Investments	1.80B	1.69B	1.32B	1.30B	6.51B
Total Debt	14.20B	11.93B	12.00B	11.65B	4.70B
Total Liabilities	25.05B	22.71B	22.49B	22.04B	9.49B
Stockholders Equity	31.23B	33.16B	34.20B	36.48B	2.03B
Cash Flow
Free Cash Flow	5.46B	5.57B	3.57B	2.51B	3.56B
Operating Cash Flow	5.65B	5.69B	3.71B	2.60B	3.60B
Investing Cash Flow	-704.00M	-255.00M	562.00M	3.63B	-120.00M
Financing Cash Flow	-4.93B	-5.00B	-4.28B	-11.33B	-1.01B

S&P Global Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 419.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPGI, the sentiment is Negative. The current price of 419.7 is below the 20-day moving average (MA) of 427.73, below the 50-day MA of 477.15, and below the 200-day MA of 503.44, indicating a bearish trend. The MACD of -8.76 indicates Negative momentum. The RSI at 36.76 is Neutral, neither overbought nor oversold. The STOCH value of 26.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPGI.

S&P Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CME	85 Outperform	$111.60B	24.28	14.48%	3.92%	5.84%	8.51%
MSCI	76 Outperform	$39.41B	36.82	-74.96%	1.24%	9.02%	3.45%
ICE	72 Outperform	$90.07B	28.00	11.60%	1.19%	8.96%	30.16%
MCO	71 Outperform	$75.61B	37.25	62.81%	0.73%	8.77%	13.62%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SPGI	67 Neutral	$125.41B	35.63	13.62%	0.73%	9.04%	21.35%
NDAQ	65 Neutral	$47.78B	26.70	15.03%	1.07%	16.41%	68.03%

S&P Global Corporate Events

S&P Global Announces Q4 2025 Results and 2026 Outlook

On February 10, 2026, S&P Global Inc. reported its results of operations and financial condition for the fourth quarter and full fiscal year ended December 31, 2025. The company also released guidance for 2026, offering investors and other market participants updated insight into its expected financial and operational trajectory for the coming year.

The disclosure was made via an earnings release furnished with a Form 8-K, with S&P Global specifying that this information is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934. The company further clarified that the release will only be incorporated into other securities filings if explicitly referenced, signaling a standard regulatory approach to managing liability and use of the disclosed data.

The most recent analyst rating on (SPGI) stock is a Buy with a $627.00 price target. To see the full list of analyst forecasts on S&P Global stock, see the SPGI Stock Forecast page.

S&P Global Appoints Hubert Joly as New Director

On December 10, 2025, S&P Global‘s Board of Directors appointed Hubert Joly as a Director, effective January 2, 2026, expanding the Board from ten to eleven members. Mr. Joly will join the Compensation and Leadership Development Committee and Audit Committee, receiving standard compensation for non-employee Directors and participating in the company’s deferred stock and compensation plans, indicating a strategic move to strengthen governance and leadership.

The most recent analyst rating on (SPGI) stock is a Buy with a $640.00 price target. To see the full list of analyst forecasts on S&P Global stock, see the SPGI Stock Forecast page.