S&P Global (SPGI)
NYSE:SPGI
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S&P Global
(NYSE:SPGI)
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Rating:78Outperform
Price Target:
$494.00
â–²(11.62% Upside)
Action:ReiteratedDate:04/29/26
The score is driven primarily by strong financial performance (high margins and strong free-cash-flow conversion) and a constructive earnings outlook with reiterated 2026 guidance and margin expansion targets. These positives are partly offset by a mixed technical picture (below longer-term moving averages) and only moderate valuation support given a premium P/E and low dividend yield.
Positive Factors
High margins and strong free cash flow conversion
S&P Global’s exceptionally high margins and near-100% FCF conversion signal durable earnings quality and strong internal funding capacity. This structural cash generation supports reinvestment, M&A, share repurchases and debt service, making the business resilient across medium-term cycles.
Negative Factors
Slowing top-line growth and Ratings cadence risk
Top-line deceleration and an expected Ratings slowdown introduce a durable growth risk: Ratings are issuance-sensitive and a negative quarter reduces transactional revenue and could compress forward organic growth. Weaker revenue momentum limits margin and cash-flow upside over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and strong free cash flow conversion
S&P Global’s exceptionally high margins and near-100% FCF conversion signal durable earnings quality and strong internal funding capacity. This structural cash generation supports reinvestment, M&A, share repurchases and debt service, making the business resilient across medium-term cycles.
Read all positive factors
S&P Global (SPGI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$132.54B
Dividend Yield0.73%
Average Volume (3M)1.91M
Price to Earnings (P/E)22.7
Beta (1Y)0.80
Revenue Growth7.95%
EPS Growth18.69%
CountryUS
Employees42,350
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)4.97
Shares Outstanding303,136,900
10 Day Avg. Volume1,606,429
30 Day Avg. Volume1,910,587
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 Cap1.07
Enterprise Value/Revenue8.99
Enterprise Value/Gross Profit12.76
Enterprise Value/Ebitda18.07
Forecast
1Y Price Target
$533.87Price Target Upside20.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)19.62
Revenue Forecast (FY)$16.48B
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: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 | 7.83B | 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 | 13.78B | 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
Neutral
442.57
Price Trends
426.17
Positive
470.46
Negative
492.79
Negative
Market Momentum
0.33
Negative
57.09
Neutral
80.89
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 442.57 is above the 20-day moving average (MA) of 424.85, above the 50-day MA of 426.17, and below the 200-day MA of 492.79, indicating a neutral trend. The MACD of 0.33 indicates Negative momentum. The RSI at 57.09 is Neutral, neither overbought nor oversold. The STOCH value of 80.89 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $132.54B | 22.66 | 13.62% | 0.73% | 7.95% | 18.69% | |
78 Outperform | $102.16B | 22.98 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $43.03B | 24.33 | -74.96% | 1.24% | 10.86% | 20.25% | |
76 Outperform | $80.49B | 29.17 | 66.74% | 0.73% | 8.95% | 20.40% | |
75 Outperform | $51.14B | 23.18 | 15.91% | 1.07% | 5.79% | 50.79% | |
72 Outperform | $88.90B | 28.00 | 11.60% | 1.19% | 10.34% | 20.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
SPGI
S&P Global
433.47
-54.43
-11.16%
CME
CME Group
284.53
22.21
8.47%
ICE
Intercontinental Exchange
156.30
-8.10
-4.93%
MCO
Moody's
457.99
14.50
3.27%
MSCI
MSCI
594.78
61.51
11.54%
NDAQ
Nasdaq
91.31
16.28
21.70%
S&P Global Corporate Events
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 ...
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.