S&P Global (SPGI)
NYSE:SPGI
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S&P Global
(NYSE:SPGI)
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Rating:67Neutral
Price Target:
$471.00
â–²(9.52% Upside)
Action:DowngradedDate: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 margins and scalable profitability
S&P Global exhibits durable scale economics: multi-year revenue growth and consistently high operating and net margins support strong cash generation and reinvestment capacity. This margin profile underpins long-term profitability resilience across its ratings, data and index franchises.
Negative Factors
Issuance and volume sensitivity in Ratings & MI
A meaningful portion of Ratings and volume-based Market Intelligence fees depends on capital markets issuance and transaction volumes. Prolonged market downturns or weaker issuance cycles can materially reduce transaction revenue and create persistent near-term headwinds to growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and scalable profitability
S&P Global exhibits durable scale economics: multi-year revenue growth and consistently high operating and net margins support strong cash generation and reinvestment capacity. This margin profile underpins long-term profitability resilience across its ratings, data and index franchises.
Read all positive factors
S&P Global (SPGI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$128.50B
Dividend Yield0.73%
Average Volume (3M)2.32M
Price to Earnings (P/E)35.6
Beta (1Y)0.81
Revenue Growth9.04%
EPS Growth21.35%
CountryUS
Employees42,350
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)4.30
Shares Outstanding298,800,000
10 Day Avg. Volume2,194,893
30 Day Avg. Volume2,320,047
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 Cap1.11
Enterprise Value/Revenue9.33
Enterprise Value/Gross Profit13.28
Enterprise Value/Ebitda18.59
Forecast
1Y Price Target
$544.25Price Target Upside26.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)19.65
Revenue Forecast (FY)$16.51B
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 Indic...
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 particip...
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 Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: S&P Global reported strong full-year results (revenue growth, margin expansion, 14% EPS growth), meaningful strategic progress (AI product launches, private markets growth, rapid With Intelligence integration), solid subscription momentum, and constructive 2026 guidance (6%–8% organic growth, margin expansion, 9%–10% EPS growth). The company also acknowledged several material near-term headwinds — sanctions, volume-driven revenue volatility (particularly bank loans and MI volume products), Energy Transition softness, integration-related expenses, and macro/geopolitical uncertainty that could weigh on issuance-sensitive businesses. Overall, executives framed these as manageable, with productivity initiatives and AI-enabled efficiencies expected to drive long-term margin and revenue benefits.Positive Updates
Strong Full-Year Financial Performance
Reported revenue grew 9% for FY2025 with organic constant-currency revenue up 8%; adjusted diluted EPS grew 14% year-over-year and finished the year at the high end of guidance.
Negative Updates
Market-Driven Headwinds and Issuance Volatility
Billed Issuance in 2025 was a record (up 11%, >$4.3T), creating a tough 2026 compare; base-case expects billed issuance up low- to mid-single digits and management warns of quarter-to-quarter volatility with potential negative billed issuance in Q4 2026 if market conditions deteriorate.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Financial Performance
Reported revenue grew 9% for FY2025 with organic constant-currency revenue up 8%; adjusted diluted EPS grew 14% year-over-year and finished the year at the high end of guidance.
Read all positive updates
Company Guidance
S&P Global guided 2026 organic constant‑currency revenue growth of 6–8% (reported ~60bps higher), adjusted operating‑margin expansion of 50–75bps excluding OSTTRA (10–35bps including OSTTRA), and adjusted diluted EPS of $19.40–$19.65 (up ~9–10% y/y). By division they expect Market Intelligence +5.5–7% (subscription revenue expected toward the top half; subscription ≈85% of MI), Ratings +4–7% (assumes Billed Issuance up low‑ to mid‑single digits; recall 2025 Billed Issuance was +11% and >$4.3T), Energy +5.5–7% (about a 60bps headwind from sanctions), Mobility +7.5–9%, and Indices +10–12% (assumes market appreciation 5–7% Jan–Dec and low‑single‑digit ETD growth). Management also noted key assumptions and actions: two U.S. Fed cuts expected in H2, 2026 guidance includes Mobility until the spin is complete, a targeted ~$1B buyback in Q1 (after >$5B repurchased in 2025), ongoing strategic investments in private markets/AI/energy, and productivity goals tied to the enterprise data office (aiming for >20% run‑rate expense reduction by end‑2027, with >50% of data workflows automated and >10% of applications eliminated).S&P Global Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| 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
Neutral
430.06
Price Trends
439.30
Negative
475.38
Negative
496.21
Negative
Market Momentum
-3.72
Negative
50.39
Neutral
88.83
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPGI, the sentiment is Neutral. The current price of 430.06 is above the 20-day moving average (MA) of 423.70, below the 50-day MA of 439.30, and below the 200-day MA of 496.21, indicating a neutral trend. The MACD of -3.72 indicates Negative momentum. The RSI at 50.39 is Neutral, neither overbought nor oversold. The STOCH value of 88.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPGI.
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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $111.38B | 24.28 | 14.48% | 3.92% | 5.84% | 8.51% | |
76 Outperform | $40.02B | 36.82 | -74.96% | 1.24% | 9.02% | 3.45% | |
72 Outperform | $94.44B | 28.00 | 11.60% | 1.19% | 8.96% | 30.16% | |
71 Outperform | $77.66B | 37.25 | 62.81% | 0.73% | 8.77% | 13.62% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $128.50B | 35.63 | 13.62% | 0.73% | 9.04% | 21.35% | |
65 Neutral | $49.11B | 26.70 | 15.03% | 1.07% | 16.41% | 68.03% |
* Financial Sector Average
SPGI
S&P Global
430.06
-40.21
-8.55%
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S&P Global Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
S&P Global Announces Q4 2025 Results and 2026 Outlook
Neutral
Feb 10, 2026
On February 10, 2026, SP 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 p...
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.