SPGI
S&P Global Inc.
SPGI's fundamentals are strong and it looks cheap: trading at 28x earnings, below its usual 37x. Analysts expect earnings growth.
SPGI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
SPGI's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like SPGI.
SPGI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $469 | — |
| Cheap | 28x | $474 | +1.2% |
| Current | 28x | $469 | — |
| Fair | 36x | $613 | +31% |
| Expensive | 48x | $807 | +72% |
Historical ranges are pointers, not guarantees.
SPGI's PE is in its cheap range at 28x. If earnings grow as analysts expect, today's price would be 24x next year's earnings.
SPGI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect SPGI's earnings to grow and its profitability to improve, with its revenue holding steady.
SPGI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.42 | +15% |
| Q3 2026 | $16.82 | +22% |
| Q2 2026 | $16.43 | +26% |
| Q1 2026 | $15.81 | +24% |
| Q4 2025 | $14.66 | +19% |
| Q3 2025 | $13.75 | +21% |
| Q2 2025 | $13.00 | +23% |
| Q1 2025 | $12.73 | +43% |
| Q4 2024 | $12.35 | +50% |
SPGI's earnings per share have climbed steadily: $16.82 over the past year, up 22% from the year before, and higher year over year for 11 quarters in a row.
SPGI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | -5.4% |
| Q2 2026 | $4.1B | +10% |
| Q1 2026 | $4.2B | +10% |
| Q4 2025 | $3.9B | +9% |
| Q3 2025 | $3.9B | +8.8% |
| Q2 2025 | $3.8B | +5.8% |
| Q1 2025 | $3.8B | +8.2% |
| Q4 2024 | $3.6B | +14% |
SPGI's revenue is growing: $3.7B last quarter, down 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 53% | +10 points |
| Q2 2026 | 44% | +2.4 points |
| Q1 2026 | 48% | +6.2 points |
| Q4 2025 | 43% | +6.3 points |
| Q3 2025 | 43% | +3 points |
| Q2 2025 | 41% | +0.4 points |
| Q1 2025 | 42% | +2.1 points |
| Q4 2024 | 36% | +8.2 points |
SPGI's operating margin was 53% last quarter, up 10 points from the same quarter a year ago.
SPGI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -21% |
| Q2 2026 | $1.4B | +1.2% |
| Q1 2026 | $1B | +11% |
| Q4 2025 | $1.7B | -0.3% |
| Q3 2025 | $1.5B | +3.5% |
| Q2 2025 | $1.4B | -9.2% |
| Q1 2025 | $910M | -1.5% |
| Q4 2024 | $1.7B | +33% |
SPGI's free cash flow was $5.3B over the past year, down 3.5% from the year before. Free cash flow isn't a meaningful measure for financial services companies like SPGI.
SPGI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -3.9M shares |
| 1 year | -4.2% | -12.9M shares |
| 3 years | -8.3% | -26.4M shares |
| 5 years | +21% | +49.9M shares |
| Available history | +18% | +44.7M shares |
SPGI has 292M diluted shares, down 4.2% from a year ago, with $6.6B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.6B |
| Q2 2026 | $500M |
| Q1 2026 | $1B |
| Q4 2025 | $2.5B |
| Q3 2025 | $1.2B |
| Q2 2025 | $651M |
| Q1 2025 | $650M |
| Q4 2024 | $1.3B |
SPGI spent $6.6B buying back its own shares over the past year, up 74% from the year before.
SPGI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
SPGI's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like SPGI.
SPGI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 85.6 | Overbought |
SPGI's weekly RSI is 60 (neutral) and its Stochastic is 86 (overbought).
SPGI PE vs Financial Services Sector
| Metric | SPGI | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 114% above |
| PE % | 15 | 63 | 48 pts below |
SPGI is trading at 28x earnings, a 114% premium to the Financial Services sector's median of 13x.
SPGI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $435.0 | 7.7% above |
| 20 week MA | $430.0 | 9% above |
| 50 week MA | $442.2 | 6% above |
| 100 week MA | $475.5 | 1.5% below |
| 200 week MA | $448.6 | 4.4% above |
SPGI's trend is mixed: it's above four of its five weekly moving averages, and 4.4% above its 200-week average.
SPGI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $274.3 | $316.6 | +15% |
| 2021 | $316.6 | $473.7 | +50% |
| 2022 | $473.7 | $332.9 | -30% |
| 2023 | $332.9 | $440.5 | +32% |
| 2024 | $440.5 | $501.8 | +14% |
| 2025 | $501.8 | $529.5 | +5.5% |
| 2026 YTD | $529.5 | $468.5 | -12% |
SPGI has finished higher in five of the last six years. It's down 12% so far in 2026.