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S&P Global
(NYSE:SPGI)
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Rating:79Outperform
Price Target:
$480.00
â–²(12.57% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong financial performance (high margins and robust free cash flow) and a positive earnings call with upbeat growth/margin guidance plus increased buybacks. These strengths are tempered by mixed technical positioning (below the 20-day and 200-day moving averages) and a moderate-to-rich valuation with a low dividend yield.
Positive Factors
Strong free cash flow generation
S&P Global produces high, consistent free cash flow that closely tracks earnings, supporting capital returns, strategic M&A and reinvestment. Durable FCF coverage (FCF ~97% of net income) underpins financial flexibility and funds long-term initiatives without relying on volatile market access.
Negative Factors
Rising leverage from buybacks
Management’s large repurchase program funded by incremental debt pushes leverage above target, reducing balance-sheet flexibility. Elevated leverage increases interest-rate sensitivity and limits optionality for opportunistic M&A or capital defense in a downturn until natural deleveraging by 2027.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
S&P Global produces high, consistent free cash flow that closely tracks earnings, supporting capital returns, strategic M&A and reinvestment. Durable FCF coverage (FCF ~97% of net income) underpins financial flexibility and funds long-term initiatives without relying on volatile market access.
Read all positive factors
S&P Global Key Performance Indicators (KPIs)
Any
Recurring Revenue as a Percent of Revenue
Indicates the stability and predictability of income, showcasing the strength of subscription-based or repeat business models.
Indicates the stability and predictability of income, showcasing the strength of subscription-based or repeat business models.
Data provided by:
The Fly
The FlyS&P Global (SPGI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$121.44B
Dividend Yield0.89%
Average Volume (3M)2.12M
Price to Earnings (P/E)25.1
Beta (1Y)0.79
Revenue Growth9.67%
EPS Growth26.18%
CountryUS
Employees44,500
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)16.43
Shares Outstanding294,800,000
10 Day Avg. Volume1,450,241
30 Day Avg. Volume2,123,197
Financial Highlights & Ratios
PEG Ratio1.91
Price to Book (P/B)5.10
Price to Sales (P/S)10.39
P/FCF Ratio29.19
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$523.38Price Target Upside22.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)18.08
Revenue Forecast (FY)$14.91B
S&P Global Business Overview & Revenue Model
Company Description
S&P Global Inc., together with its subsidiaries, provides benchmarks, data, analytics, and workflow solutions in the global capital, energy and commodity, and automotive markets. It operates through five segments: S&P Global Market Intelligence, S...
How the Company Makes Money
S&P Global primarily makes money by selling subscription-based and transactional information services and by charging fees for credit ratings and index-linked services across its operating segments. (1) Ratings: S&P Global Ratings generates revenu...
S&P Global Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial highlights — record quarters in Ratings and Indices, double-digit EPS growth, solid AI adoption and monetization signals, disciplined productivity enabling margin expansion, and an increased $7B+ buyback program. Lowlights were concentrated in the Energy division (short-term impacts from the Middle East conflict, sanctions and GTS volatility), some subscale/consulting softness in Market Intelligence, and temporary elongated sales cycles and slightly elevated leverage due to buybacks. Overall, positives (broad revenue and margin outperformance, AI traction, strategic M&A and capital return) materially outweigh the limited and described near-term headwinds.Positive Updates
Consolidated Revenue and EPS Growth
Total revenue grew 11% year-over-year (organic constant currency and all-in) and adjusted diluted EPS grew 23% in Q2 2026, driven by benchmark strength and margin expansion.
Negative Updates
Energy Division Headwinds from Middle East Conflict
Energy revenue grew only 3% YoY in Q2; Iran conflict complicated contract renewals and led to intentional pricing flexibility for affected customers; conference and one-time sales were pressured, and sanctions had a negative impact (estimated -120 bps to Platts and -30 bps to CERA growth in Q2).
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue and EPS Growth
Total revenue grew 11% year-over-year (organic constant currency and all-in) and adjusted diluted EPS grew 23% in Q2 2026, driven by benchmark strength and margin expansion.
Read all positive updates
Company Guidance
S&P Global introduced guidance that excludes Mobility for the full year (spin completed July 1) and calls for 6–8% organic constant‑currency revenue growth, consolidated margin expansion ex‑OSTTRA of 75–100 basis points, and adjusted EPS of $17.50–$17.75 (double‑digit growth across the range). Division guidance (recast) is: Ratings +5–8% (up 1ppt), Indices +12–14% (up 2ppt), Market Intelligence +5.5–7%, and Energy +4.5–6%. Cash flow and capital return targets include H1 adjusted FCF (including Mobility) of $2.4B, H2 adjusted FCF (ex‑Mobility) of $2.9–3.1B, a Mobility dividend of ~$2B (about $500M used for debt paydown), planned ~$2B of incremental debt to fund buybacks, and an increased share repurchase program of over $7B (more than 5% of market cap). They expect year‑end gross leverage of ~2.7–2.8x EBITDA (vs. 2.0–2.5x target) with natural deleveraging back into the target by end‑2027.S&P Global Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.12B | 15.34B | 14.21B | 12.50B | 11.18B | 8.30B |
| Gross Profit | 11.43B | 10.77B | 9.82B | 8.36B | 7.43B | 6.12B |
| EBITDA | 8.23B | 7.69B | 6.78B | 5.15B | 6.02B | 4.46B |
| Net Income | 4.92B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B |
Balance Sheet | ||||||
| Total Assets | 62.91B | 61.20B | 60.22B | 60.59B | 61.78B | 15.03B |
| Cash, Cash Equivalents and Short-Term Investments | 4.14B | 1.80B | 1.69B | 1.32B | 1.30B | 6.51B |
| Total Debt | 15.75B | 14.20B | 11.93B | 12.00B | 11.65B | 4.70B |
| Total Liabilities | 26.27B | 25.05B | 22.71B | 22.49B | 22.04B | 9.49B |
| Stockholders Equity | 31.62B | 31.23B | 33.16B | 34.20B | 36.48B | 2.03B |
Cash Flow | ||||||
| Free Cash Flow | 5.57B | 5.46B | 5.57B | 3.57B | 2.51B | 3.56B |
| Operating Cash Flow | 5.73B | 5.65B | 5.69B | 3.71B | 2.60B | 3.60B |
| Investing Cash Flow | -321.00M | -704.00M | -255.00M | 562.00M | 3.63B | -120.00M |
| Financing Cash Flow | -3.06B | -4.93B | -5.00B | -4.28B | -11.33B | -1.01B |
S&P Global Risk Analysis
S&P Global disclosed 32 risk factors in its most recent earnings report. S&P Global reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
S&P Global Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $121.44B | 25.07 | 14.80% | 0.86% | 9.67% | 26.18% | |
79 Outperform | $96.29B | 22.60 | 15.53% | 4.41% | 5.10% | 14.78% | |
78 Outperform | $82.86B | 30.26 | 79.69% | 0.84% | 11.67% | 33.94% | |
77 Outperform | $52.65B | 27.14 | 16.31% | 1.22% | 7.35% | 31.93% | |
76 Outperform | $85.60B | 21.45 | 13.81% | 1.37% | 12.60% | 35.84% | |
68 Neutral | $41.60B | 31.48 | -54.14% | 1.40% | 11.62% | 21.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
SPGI
S&P Global
411.93
-116.18
-22.00%
CME
CME Group
267.79
-8.56
-3.10%
ICE
Intercontinental Exchange
152.48
-33.59
-18.05%
MCO
Moody's
478.38
-37.16
-7.21%
MSCI
MSCI
572.24
8.08
1.43%
NDAQ
Nasdaq
94.19
-1.51
-1.58%
S&P Global Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
S&P Global Posts Strong Q2 Results After Mobility Spin-Off
Positive
Jul 28, 2026
On July 28, 2026, SP Global reported strong second-quarter 2026 results, with GAAP revenue rising 10% year on year to $4.146 billion and operating profit up 17% to $1.812 billion. Net income climbed 14% to $1.217 billion, while diluted EPS increas...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
S&P Global Restructures Market Intelligence for AI Growth
Positive
Jul 6, 2026
On July 6, 2026, SP Global unveiled a new operating model for its Market Intelligence division, structuring it into two verticals—Kensho Data Platforms and Enterprise Solutions—to deepen its AI-driven offerings and streamline client i...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
S&P Global Completes Spin-Off of Mobility Division
Positive
Jul 2, 2026
On July 1, 2026, SP Global completed the spin-off of its automotive-focused Mobility division into Mobility Global Inc., an independent company providing analytics, marketing, planning solutions, forecasts and vehicle history data to the automotiv...
Business Operations and StrategyExecutive/Board Changes
S&P Global Announces Leadership Transition and Data Reorganization
Neutral
May 26, 2026
SP Global announced on May 26, 2026, that Saugata Saha, President of SP Global Market Intelligence and Chief Enterprise Data Officer, will leave the company on July 30, 2026, after remaining through that date to support the leadership transition. ...
Executive/Board ChangesShareholder Meetings
S&P Global Shareholders Endorse Board, Pay and Auditor
Positive
May 21, 2026
At its Annual Meeting of Shareholders held on May 20, 2026, SP Global’s shareholders elected all nominated directors, including Marco Alverà, Martina Cheung, Jacques Esculier, and others, confirming continuity in board leadership and go...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
S&P Global Approves Spin-Off of Mobility Division
Positive
May 21, 2026
On May 20, 2026, SP Global’s board approved the spin-off of its Mobility division into an independent public company, Mobility Global Inc., via a pro rata distribution of all Mobility Global shares to SP Global shareholders. Investors of rec...
Business Operations and StrategyPrivate Placements and Financing
S&P Global’s Mobility Unit Prices $2 Billion Notes
Positive
May 20, 2026
On May 19, 2026, SP Global announced that Mobility Global, the newly formed holding company for its Mobility division, had priced a $2 billion private offering of senior notes ahead of a planned spin-off to shareholders. The issue comprises $650 m...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
S&P Global Advances Mobility Spin-Off with Debt Offering
Positive
May 18, 2026
On May 18, 2026, SP Global announced that Mobility Global, the newly created holding company for its Mobility division, has launched a $2 billion private offering of senior notes maturing in 2029, 2031 and 2036, alongside securing a $500 million s...
Business Operations and StrategyM&A Transactions
S&P Global Plans Spin-Off of Mobility Division
Positive
May 12, 2026
On May 12, 2026, SP Global’s Mobility division will host an Investor Day as it prepares to be separated into an independent, publicly traded company, Mobility Global Inc. The event will feature presentations from senior leadership on strateg...
Business Operations and StrategyRegulatory Filings and Compliance
S&P Global Advances Mobility Division Spin-Off Plan
Positive
May 7, 2026
On May 7, 2026, SP Global announced that Mobility Global Inc. has publicly filed a Form 10 registration statement with the U.S. Securities and Exchange Commission, advancing the previously disclosed plan to separate SP Global’s Mobility divi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.