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S&P Global
(NYSE:SPGI)
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Rating:77Outperform
Price Target:
$471.00
â–²(6.42% Upside)
Action:Reiterated
Date:07/02/26
SPGI scores well primarily on financial performance—exceptional margins and strong free-cash-flow conversion—supported by constructive earnings-call guidance that reiterates mid-single-digit organic growth with margin expansion and highlights strong segment performance and AI traction. Offsetting this, technical indicators are mixed (negative MACD and below the 200-day average) and valuation is not cheap (P/E ~26 with a low dividend yield), which tempers the overall score.
Positive Factors
High Profitability & Margins
S&P Global’s very high and stable margins reflect pricing power and scale in ratings, indices and data subscriptions. Persistently wide gross and operating margins support durable cash generation, allow reinvestment and shareholder returns, and insulate earnings through moderate demand swings.
Negative Factors
Decelerating Top-Line Momentum
Slowing revenue growth constrains operating leverage and future margin expansion. With growth rates below historical highs, management must rely more on margin improvement and M&A to hit targets, increasing execution risk and making sustained EPS upside more dependent on non-organic levers.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
S&P Global’s very high and stable margins reflect pricing power and scale in ratings, indices and data subscriptions. Persistently wide gross and operating margins support durable cash generation, allow reinvestment and shareholder returns, and insulate earnings through moderate demand swings.
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
$130.21B
Dividend Yield0.73%
Average Volume (3M)2.07M
Price to Earnings (P/E)27.8
Beta (1Y)0.81
Revenue Growth8.54%
EPS Growth24.07%
CountryUS
Employees44,500
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)15.81
Shares Outstanding296,000,000
10 Day Avg. Volume2,041,963
30 Day Avg. Volume2,068,103
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 Cap1.04
Enterprise Value/Revenue8.63
Enterprise Value/Gross Profit12.25
Enterprise Value/Ebitda16.69
Forecast
1Y Price Target
$532.64Price Target Upside20.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)18.57
Revenue Forecast (FY)$16.52B
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:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong underlying operational momentum: double-digit reported revenue growth, robust adjusted EPS growth (+14%), broad-based margin expansion across divisions, substantial AI adoption and product traction (rapid API and AI feature usage), and continued shareholder returns and portfolio optimization. Headwinds were concentrated in Energy due to the Iran conflict (supply chain disruption, sanctions, and near-term demand suppression), a notable decline in bank loan volumes, and elevated expenses related to strategic investments and acquisitions. Management reiterated enterprise guidance (6%–8% organic growth) but lowered Energy guidance and highlighted second-half and Ratings cadence risks. Overall, the positive indicators (revenue, margins, AI-driven engagement, indices and ratings strength, capital returns, and successful product launches) materially outweigh the near-term energy- and timing-related challenges.Positive Updates
Revenue Growth
Reported revenue increased 10% year-over-year (9% organic constant currency).
Negative Updates
Energy Market Disruption from Geopolitical Conflict
Conflict in Iran created the largest energy shock since the 1970s per management, elevating volatility, raising energy and commodity prices, disrupting supply chains and pressuring Energy client demand; Energy guidance reduced by 1 percentage point to 4.5%–6% organic constant currency revenue growth for the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Reported revenue increased 10% year-over-year (9% organic constant currency).
Read all positive updates
Company Guidance
S&P Global reiterated consolidated 2026 organic constant-currency revenue guidance of 6–8% and continued to target 50–75 basis points of adjusted margin expansion (excluding OSTTRA), with adjusted EPS guidance unchanged; key macro assumptions include global GDP of 3.2%, U.S. GDP 2.2%, U.S. CPI 3.2% and one U.S. rate cut, and the outlook assumes the Iran conflict stabilizes by end‑of‑Q2. Division-level changes were limited: Energy was trimmed to 4.5–6.0% organic revenue growth (1 percentage point lower), Indices guidance was unchanged but now assumes roughly flat equity markets and low‑double‑digit ETD volume growth, Ratings are expected to hold strong in 2Q then moderate in 3Q and turn negative in 4Q, and Market Intelligence should see subscription acceleration in 2Q. Near‑term margin cadence: Ratings and Indices expected to expand above the enterprise full‑year range in Q2, Mobility and Energy slightly below, and MI within range. Guidance assumes Mobility contributions for the full year (excludes stranded costs) until the planned mid‑2026 spin after which S&P Global will recast results and issue updated guidance excluding Mobility; the company expects to issue ~ $2 billion of Mobility debt in the spin, sees leverage moving from ~2.3x to ~2.4x TTM EBITDA (target 2.0–2.5x), and plans to raise share repurchases to at least 100% of adjusted free cash flow (~$4.5 billion) funded in part by spin proceeds.S&P Global Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
78
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.73B | 15.34B | 14.21B | 12.50B | 11.18B | 8.30B |
| Gross Profit | 11.09B | 10.77B | 9.82B | 8.36B | 7.43B | 6.12B |
| EBITDA | 8.14B | 7.69B | 6.78B | 5.15B | 6.02B | 4.46B |
| Net Income | 4.78B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B |
Balance Sheet | ||||||
| Total Assets | 60.79B | 61.20B | 60.22B | 60.59B | 61.78B | 15.03B |
| Cash, Cash Equivalents and Short-Term Investments | 1.81B | 1.80B | 1.69B | 1.32B | 1.30B | 6.51B |
| Total Debt | 13.90B | 14.20B | 11.93B | 12.00B | 11.65B | 4.70B |
| Total Liabilities | 24.59B | 25.05B | 22.71B | 22.49B | 22.04B | 9.49B |
| Stockholders Equity | 31.17B | 31.23B | 33.16B | 34.20B | 36.48B | 2.03B |
Cash Flow | ||||||
| Free Cash Flow | 5.56B | 5.46B | 5.57B | 3.57B | 2.51B | 3.56B |
| Operating Cash Flow | 5.74B | 5.65B | 5.69B | 3.71B | 2.60B | 3.60B |
| Investing Cash Flow | -334.00M | -704.00M | -255.00M | 562.00M | 3.63B | -120.00M |
| Financing Cash Flow | -5.06B | -4.93B | -5.00B | -4.28B | -11.33B | -1.01B |
S&P Global Technical Analysis
Positive
442.57
Price Trends
397.47
Positive
399.80
Positive
436.27
Positive
Market Momentum
2.52
Negative
69.34
Neutral
54.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPGI, the sentiment is Positive. The current price of 442.57 is above the 20-day moving average (MA) of 395.57, above the 50-day MA of 397.47, and above the 200-day MA of 436.27, indicating a bullish trend. The MACD of 2.52 indicates Negative momentum. The RSI at 69.34 is Neutral, neither overbought nor oversold. The STOCH value of 54.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $85.73B | 20.05 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $130.21B | 27.82 | 14.80% | 0.73% | 8.54% | 24.07% | |
77 Outperform | $75.21B | 19.27 | 13.57% | 1.19% | 14.25% | 42.14% | |
77 Outperform | $43.91B | 34.66 | -64.13% | 1.24% | 10.86% | 20.25% | |
76 Outperform | $85.69B | 35.04 | 66.74% | 0.73% | 8.95% | 20.40% | |
71 Outperform | $47.88B | 25.20 | 15.91% | 1.07% | 5.79% | 50.79% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
SPGI
S&P Global
439.89
-57.41
-11.54%
CME
CME Group
236.60
-35.37
-13.00%
ICE
Intercontinental Exchange
132.99
-47.79
-26.44%
MCO
Moody's
490.51
-7.69
-1.54%
MSCI
MSCI
603.11
23.21
4.00%
NDAQ
Nasdaq
84.66
-4.76
-5.32%
S&P Global Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
S&P Global Releases Q1 2026 Results and Outlook
Neutral
Apr 28, 2026
On April 28, 2026, SP Global Inc. reported its financial results and operating performance for the first quarter ended March 31, 2026, and discussed its financial condition for the period. The company also provided selected guidance for full-year ...
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.