# S&P Global (SPGI.US)

Canonical: https://gigainvestors.com/s/SPGI

Analysis as of: 2026-10-16T07:32:03.823Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $424.81 per share; close as of 2026-10-15.

Estimated value: low $221.85 per share, central $250.78 per share, high $289.29 per share. Buy at or below the central value $250.78 per share. Valuation as of 2026-10-16T07:32:03.823Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.43×

- FY2018: 0.45×

- FY2019: 0.48×

- FY2020: 0.49×

- FY2021: 0.51×

- FY2022: 0.44×

- FY2023: 0.32×

- FY2024: 0.39×

- FY2025: 0.42×

- LTM to Jun 2026: 0.46×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 50.4%

- ROIC, second-lowest year: 31.6%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 70.6%

- Recent gross margin (lower of latest and 3-year median): 70.2%

- Years with nonpositive capital: 4

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 57.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 40.2%

- FY2018: >100%

- FY2019: 49.2%

- FY2020: 53.9%

- FY2021: 49.1%

- FY2022: 30.4%

- FY2023: 31.6%

- FY2024: 51.6%

- FY2025: 71.1%

- LTM to Jun 2026: 84.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $21B

- Net income, five-year total: $17B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, change between three-year averages: 18.4 pp

- Working capital / revenue, final three-year average: 15.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 1.28×

- FY2023: 1.38×

- FY2024: 1.25×

- FY2025: 1.20×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 322.7% vs 51.6%

- Per-share earnings: 5.47 to 11.68 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: 4.7%

- Market cap gain: $136B

- Cumulative retained earnings: $14B

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 4.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.0%

- Per-share value change: $6.22

- Per-share value, starting three-year median: $5.47

- Per-share value, ending three-year median: $11.68

- Buybacks concentrated in cheaper years (correlation): 0.16

- Average buyback yield: 3.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $50B

- Cumulative net income, 10 years: $27B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 51.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $7.51

- FY2017: $5.47

- FY2018: $7.32

- FY2019: $8.13

- FY2020: $9.14

- FY2021: $11.83

- FY2022: $9.65

- FY2023: $7.79

- FY2024: $11.68

- FY2025: $13.86

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.69×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.4%

- FY2017: -5.5%

- FY2018: -1.1%

- FY2019: -5.8%

- FY2020: -9.8%

- FY2021: -3.8%

- FY2022: 1.0%

- FY2023: -1.8%

- FY2024: -3.1%

- FY2025: -1.9%

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Pat Dorsey](https://gigainvestors.com/DA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dev Kantesaria](https://gigainvestors.com/VFC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Rolfe](https://gigainvestors.com/WP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ackman](https://gigainvestors.com/psc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chris Hohn](https://gigainvestors.com/tci): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 23% since Jul 2025 · sales +7.9%

Story as of 2026-10-16T09:59:37.147Z; price observation 2026-10-15.

Price needs cash profits to grow 7.8% a year for ten years

### Sales · FY2024–2025

sales +7.9%; source https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm; observed 2026-02-11.

- FY2016: $5.7B 

- FY2017: $6.1B 

- FY2018: $6.3B 

- FY2019: $6.7B 

- FY2020: $7.4B 

- FY2021: $8.3B 

- FY2022: $11B 

- FY2023: $12B 

- FY2024: $14B 

- FY2025: $15B 

### Gross margin · FY2025

gross margin 70.2%; source https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm; observed 2026-02-11.

- FY2016: 68.7% 

- FY2017: 72.1% 

- FY2018: 70.6% 

- FY2019: 70.5% 

- FY2020: 71.9% 

- FY2021: 73.7% 

- FY2022: 66.4% 

- FY2024: 69.1% 

- FY2025: 70.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial data & stock exchanges; annual sales are USD 15.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm#000006404026000013 (filed 2026-02-11); FY2025: revenue 15336000000; grossProfit 10773000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPGI.US: 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 four segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, and S&P Dow Jones Indices. The S&P Global Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. This segment offers Data, Analytics & Insights, a desktop product suite that provides data, analytics, and third-party research for global finance and corporate professionals; research, reference data, market data, derived analytics, and valuation services; enterprise solutions, such as software and workflow solutions; and credit and risk solutions for selling Ratings' credit ratings and related data and research, analytics, and financial risk solutions. The S&P Global Ratings segment operates as an independent provider of credit ratings, research, and analytics offering investors information and independent benchmarks for their investment and financial decisions as well as access to the capital markets. The S&P Global Energy segment provides information and benchmark prices for the energy and commodity markets. The S&P Dow Jones Indices segment operates as an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. It has operations in the United States, European region, Asia, and internationally. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 69.1% to 100% during 2023–25; it earns 50.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 69.1%.

- Source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 70.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,12.486241856158456],[2017,0.4018702986790282],[2018,3.226947918098118],[2019,0.4915018454114781],[2020,0.5394959928103915],[2021,0.4911889555261313],[2022,0.30369594853428344],[2023,0.3157301133650356],[2024,0.5160244167215643],[2025,0.711145394003272]]; median 0.5037631310665212. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 0; upkeep 115000000; owner earnings 2172000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 123000000; owner earnings 1553000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 0; upkeep 113000000; owner earnings 2051000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 115000000; owner earnings 2212000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 76000000; owner earnings 2458996053.670087. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 0; upkeep 35000000; owner earnings 3167000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 0; upkeep 89000000; owner earnings 4172000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 143000000; owner earnings 3626000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 0; upkeep 124000000; owner earnings 4821701943.844492. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 195000000; owner earnings 5383751867.219917. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,380000000],[2017,421000000],[2018,503000000],[2019,560000000],[2020,645000000],[2021,743000000],[2022,1024000000],[2023,1147000000],[2024,1134000000],[2025,1170000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm (filed 2026-02-11); FY2025: cash repurchases 5001000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPGI.US SharesStats.PercentInsiders = 0.106 percentage points; cache date 2026-10-16.

### What could break it

"We rely on the products and services of other suppliers" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm (filed 2026-02-11); We rely on the products and services of other suppliers

### What the price says

The price assumes cash profits grow 7.8% yearly over ten years; actual growth was 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.09853130709557678. Price 424.81; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.039280648474754 → FY2025 16.694285656051225. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $121.85 per share

- 2016-11: $118.99 per share

- 2016-12: $107.54 per share

- 2017-01: $120.18 per share

- 2017-02: $129.47 per share

- 2017-03: $130.74 per share

- 2017-04: $134.19 per share

- 2017-05: $142.81 per share

- 2017-06: $145.99 per share

- 2017-07: $153.59 per share

- 2017-08: $154.33 per share

- 2017-09: $156.31 per share

- 2017-10: $156.47 per share

- 2017-11: $165.48 per share

- 2017-12: $169.40 per share

- 2018-01: $181.10 per share

- 2018-02: $191.80 per share

- 2018-03: $191.06 per share

- 2018-04: $188.60 per share

- 2018-05: $197.50 per share

- 2018-06: $203.89 per share

- 2018-07: $200.44 per share

- 2018-08: $207.05 per share

- 2018-09: $195.39 per share

- 2018-10: $182.32 per share

- 2018-11: $182.86 per share

- 2018-12: $169.94 per share

- 2019-01: $191.65 per share

- 2019-02: $200.37 per share

- 2019-03: $210.55 per share

- 2019-04: $220.66 per share

- 2019-05: $213.88 per share

- 2019-06: $227.79 per share

- 2019-07: $244.95 per share

- 2019-08: $260.19 per share

- 2019-09: $244.98 per share

- 2019-10: $257.99 per share

- 2019-11: $264.65 per share

- 2019-12: $273.05 per share

- 2020-01: $293.73 per share

- 2020-02: $265.91 per share

- 2020-03: $245.05 per share

- 2020-04: $292.88 per share

- 2020-05: $325.02 per share

- 2020-06: $329.48 per share

- 2020-07: $350.25 per share

- 2020-08: $366.42 per share

- 2020-09: $360.60 per share

- 2020-10: $322.73 per share

- 2020-11: $351.78 per share

- 2020-12: $328.73 per share

- 2021-01: $317.00 per share

- 2021-02: $329.36 per share

- 2021-03: $352.87 per share

- 2021-04: $390.39 per share

- 2021-05: $379.47 per share

- 2021-06: $410.45 per share

- 2021-07: $428.72 per share

- 2021-08: $443.82 per share

- 2021-09: $424.89 per share

- 2021-10: $474.16 per share

- 2021-11: $455.73 per share

- 2021-12: $471.93 per share

- 2022-01: $415.22 per share

- 2022-02: $375.70 per share

- 2022-03: $410.18 per share

- 2022-04: $376.50 per share

- 2022-05: $349.48 per share

- 2022-06: $337.06 per share

- 2022-07: $376.93 per share

- 2022-08: $352.18 per share

- 2022-09: $305.35 per share

- 2022-10: $321.25 per share

- 2022-11: $352.80 per share

- 2022-12: $334.94 per share

- 2023-01: $374.94 per share

- 2023-02: $341.20 per share

- 2023-03: $344.77 per share

- 2023-04: $362.58 per share

- 2023-05: $367.43 per share

- 2023-06: $400.89 per share

- 2023-07: $394.51 per share

- 2023-08: $390.86 per share

- 2023-09: $365.41 per share

- 2023-10: $349.31 per share

- 2023-11: $415.83 per share

- 2023-12: $440.52 per share

- 2024-01: $448.35 per share

- 2024-02: $428.38 per share

- 2024-03: $425.45 per share

- 2024-04: $415.83 per share

- 2024-05: $427.51 per share

- 2024-06: $446.00 per share

- 2024-07: $484.73 per share

- 2024-08: $513.24 per share

- 2024-09: $516.62 per share

- 2024-10: $480.36 per share

- 2024-11: $522.51 per share

- 2024-12: $498.03 per share

- 2025-01: $521.41 per share

- 2025-02: $533.74 per share

- 2025-03: $508.10 per share

- 2025-04: $500.05 per share

- 2025-05: $512.86 per share

- 2025-06: $527.29 per share

- 2025-07: $551.10 per share

- 2025-08: $548.44 per share

- 2025-09: $486.71 per share

- 2025-10: $487.21 per share

- 2025-11: $498.83 per share

- 2025-12: $522.59 per share

- 2026-01: $527.79 per share

- 2026-02: $441.88 per share

- 2026-03: $425.34 per share

- 2026-04: $431.23 per share

- 2026-05: $424.00 per share

- 2026-06: $407.26 per share

- 2026-07: $411.93 per share

- 2026-08: $435.84 per share

- 2026-09: $394.47 per share

- 2026-10: $409.99 per share

## Annual estimated value (USD per share)

- FY2016: low $56.84 per share, central $63.55 per share, high $72.50 per share

- FY2017: low $71.78 per share, central $80.33 per share, high $91.71 per share

- FY2018: low $72.31 per share, central $81.34 per share, high $93.36 per share

- FY2019: low $101.41 per share, central $114.08 per share, high $130.96 per share

- FY2020: low $119.27 per share, central $133.75 per share, high $153.01 per share

- FY2021: low $141.98 per share, central $158.13 per share, high $179.64 per share

- FY2022: low $123.15 per share, central $139.68 per share, high $161.70 per share

- FY2023: low $136.74 per share, central $155.20 per share, high $179.77 per share

- FY2024: low $163.79 per share, central $185.83 per share, high $215.17 per share

- FY2025: low $186.77 per share, central $211.93 per share, high $245.42 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:49.004Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.