# 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.

## Reported holder observations

- [Glenn Greenberg](https://gigainvestors.com/CCM): 1,401 SPGI shares; USD 571,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.
- [Pat Dorsey](https://gigainvestors.com/DA): 316,413 SPGI shares; USD 128,862,000 reported position value; 8.25% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 5,200 SPGI shares; USD 2,118,012 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 351,920 SPGI shares; USD 143,323,000 reported position value; 1.38% of portfolio; new; quarter 2026 Q2.
- [Nick Train](https://gigainvestors.com/LT): 7,400 SPGI shares; USD 3,014,000 reported position value; 0.11% of portfolio; add; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 117,690 SPGI shares; USD 47,930,000 reported position value; 0.37% of portfolio; hold; quarter 2026 Q2.
- [Bill Ruane](https://gigainvestors.com/RC): 531 SPGI shares; USD 216,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 45,989 SPGI shares; USD 18,729,000 reported position value; 2.12% of portfolio; new; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 116,700 SPGI shares; USD 47,527,000 reported position value; 4.24% of portfolio; new; quarter 2026 Q2.
- [Dev Kantesaria](https://gigainvestors.com/VFC): 1,524,036 SPGI shares; USD 620,679,000 reported position value; 19.92% of portfolio; reduce; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 7,150 SPGI shares; USD 2,912,000 reported position value; 0.2% of portfolio; add; quarter 2026 Q2.
- [David Rolfe](https://gigainvestors.com/WP): 31,339 SPGI shares; USD 12,763,000 reported position value; 2.63% of portfolio; reduce; quarter 2026 Q2.
- [William Von Mueffling](https://gigainvestors.com/cc): 71,249 SPGI shares; USD 29,017,000 reported position value; 4.36% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 2,593,155 SPGI shares; USD 1,056,088,000 reported position value; 5.43% of portfolio; new; quarter 2026 Q2.
- [Chris Hohn](https://gigainvestors.com/tci): 14,081,957 SPGI shares; USD 5,735,018,000 reported position value; 10.87% of portfolio; add; quarter 2026 Q2.

# SPGI — S&P Global Inc.

Held by 15 investors · USD 7,848,767,012 total · 2026 Q2 · reported price USD 407.26 (split-adjusted).
Page: https://gigainvestors.com/s/SPGI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Chris Hohn (https://gigainvestors.com/tci) | USD 5,735,018,000 | 11% | add +0.33% |
| Bill Ackman (https://gigainvestors.com/psc) | USD 1,056,088,000 | 5.4% | new |
| Dev Kantesaria (https://gigainvestors.com/VFC) | USD 620,679,000 | 20% | reduce -13.31% |
| John Armitage (https://gigainvestors.com/EC) | USD 143,323,000 | 1.4% | new |
| Pat Dorsey (https://gigainvestors.com/DA) | USD 128,862,000 | 8.3% | add +42.09% |
| Li Lu (https://gigainvestors.com/HC) | USD 51,663,072 | 0.0% | sold |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 47,930,000 | 0.4% | hold |
| Stuart McLaughlin (https://gigainvestors.com/TFP) | USD 47,527,000 | 4.2% | new |
| William Von Mueffling (https://gigainvestors.com/cc) | USD 29,017,000 | 4.4% | reduce -95.4% |
| Christopher Bloomstran (https://gigainvestors.com/SA) | USD 18,729,000 | 2.1% | new |
| David Rolfe (https://gigainvestors.com/WP) | USD 12,763,000 | 2.6% | reduce -3.19% |
| Nick Train (https://gigainvestors.com/LT) | USD 3,014,000 | 0.1% | add +1.37% |
| Wallace Weitz (https://gigainvestors.com/WIM) | USD 2,912,000 | 0.2% | add +1.42% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 2,118,012 | 0.0% | reduce -3.7% |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 571,000 | <0.1% | new |
| Bill Ruane (https://gigainvestors.com/RC) | USD 216,000 | 0.0% | hold |

## Total held by quarter

- 2006 Q4: USD 33,030,512 · 1 holder · USD 68.02
- 2007 Q1: USD 30,471,648 · 1 holder · USD 62.88
- 2007 Q2: USD 32,869,024 · 1 holder · USD 68.08
- 2007 Q3: USD 24,579,348 · 1 holder · USD 50.91
- 2007 Q4: USD 21,142,706 · 1 holder · USD 43.81
- 2008 Q1: USD 17,026,560 · 1 holder · USD 36.95
- 2008 Q2: USD 13,672,896 · 1 holder · USD 40.12
- 2008 Q3: USD 6,954,200 · 1 holder · USD 31.61
- 2008 Q4: USD 5,101,800 · 1 holder · USD 23.19
- 2009 Q1: USD 5,031,400 · 1 holder · USD 22.87
- 2009 Q2: USD 6,624,200 · 1 holder · USD 30.11
- 2009 Q3: USD 4,902,300 · 1 holder · USD 25.14
- 2009 Q4: USD 5,696,700 · 1 holder · USD 33.51
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 76,165,542 · 1 holder · USD 52.08
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 426,450,484 · 2 holders · USD 78.20
- 2014 Q1: USD 843,781,481 · 2 holders · USD 76.30
- 2014 Q2: USD 1,044,811,907 · 2 holders · USD 83.03
- 2014 Q3: USD 923,253,594 · 2 holders · USD 84.45
- 2014 Q4: USD 665,583,035 · 2 holders · USD 88.98
- 2015 Q1: USD 571,468,949 · 3 holders · USD 103.40
- 2015 Q2: USD 459,290,850 · 3 holders · USD 100.45
- 2015 Q3: USD 178,622,414 · 2 holders · USD 86.50
- 2015 Q4: USD 345,894,152 · 2 holders · USD 98.58
- 2016 Q1: USD 408,624,875 · 2 holders · USD 98.98
- 2016 Q2: USD 604,008,733 · 3 holders · USD 107.26
- 2016 Q3: USD 761,037,932 · 3 holders · USD 126.56
- 2016 Q4: USD 590,338,894 · 3 holders · USD 107.54
- 2017 Q1: USD 724,704,240 · 4 holders · USD 130.74
- 2017 Q2: USD 831,626,488 · 4 holders · USD 145.99
- 2017 Q3: USD 822,716,583 · 4 holders · USD 156.31
- 2017 Q4: USD 947,309,194 · 4 holders · USD 169.40
- 2018 Q1: USD 1,001,475,190 · 4 holders · USD 191.06
- 2018 Q2: USD 1,010,251,299 · 4 holders · USD 203.89
- 2018 Q3: USD 870,449,163 · 4 holders · USD 195.39
- 2018 Q4: USD 1,000,676,905 · 4 holders · USD 169.94
- 2019 Q1: USD 2,656,097,515 · 7 holders · USD 210.55
- 2019 Q2: USD 2,574,622,671 · 7 holders · USD 227.79
- 2019 Q3: USD 2,401,632,033 · 7 holders · USD 244.98
- 2019 Q4: USD 2,108,064,653 · 7 holders · USD 273.05
- 2020 Q1: USD 1,712,049,772 · 8 holders · USD 245.05
- 2020 Q2: USD 2,180,463,360 · 8 holders · USD 329.48
- 2020 Q3: USD 2,383,094,311 · 8 holders · USD 360.60
- 2020 Q4: USD 2,203,151,262 · 7 holders · USD 328.73
- 2021 Q1: USD 3,782,463,466 · 7 holders · USD 352.87
- 2021 Q2: USD 4,386,715,964 · 7 holders · USD 410.45
- 2021 Q3: USD 4,083,814,601 · 7 holders · USD 424.89
- 2021 Q4: USD 3,840,775,049 · 7 holders · USD 471.93
- 2022 Q1: USD 4,639,399,360 · 7 holders · USD 410.18
- 2022 Q2: USD 4,177,184,361 · 6 holders · USD 337.06
- 2022 Q3: USD 3,778,303,252 · 6 holders · USD 305.35
- 2022 Q4: USD 4,303,375,872 · 6 holders · USD 334.94
- 2023 Q1: USD 4,493,431,153 · 7 holders · USD 344.77
- 2023 Q2: USD 5,382,247,141 · 7 holders · USD 400.89
- 2023 Q3: USD 4,798,935,708 · 7 holders · USD 365.41
- 2023 Q4: USD 5,750,442,682 · 7 holders · USD 440.52
- 2024 Q1: USD 5,680,975,771 · 11 holders · USD 425.45
- 2024 Q2: USD 6,346,221,765 · 10 holders · USD 446.00
- 2024 Q3: USD 7,339,745,922 · 11 holders · USD 516.62
- 2024 Q4: USD 7,100,950,512 · 10 holders · USD 498.03
- 2025 Q1: USD 7,181,507,949 · 11 holders · USD 508.12
- 2025 Q2: USD 7,811,346,047 · 10 holders · USD 527.29
- 2025 Q3: USD 7,248,264,368 · 9 holders · USD 486.71
- 2025 Q4: USD 8,104,763,567 · 10 holders · USD 522.59
- 2026 Q1: USD 7,594,521,116 · 11 holders · USD 425.34
- 2026 Q2: USD 7,848,767,012 · 15 holders · USD 407.26