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Provides credit ratings, financial market indices (S&P 500) and data/analytics for capital and commodity markets.
Provides credit ratings, financial market indices (S&P 500) and data/analytics for capital and commodity markets.
Earns fees from issuers for rating their debt, so revenue follows bond issuance; subscription fees for data and analytics; and licensing fees on indices such as the S&P 500, which scale with money invested in funds tracking them. The 2022 merger with IHS Markit widened its data business.
Moat: wide (brand, regulatory licence, network effects). Duopoly-like ratings brand trusted by regulators/investors; S&P 500 index licensing is deeply embedded.
Headquarters: New York, New York, US · Founded: 1860 · Employees: 44,500
Size S&P Global (SPGI) is a United States Financials company (Financial Publishing/Services) with a market value of $136B, the 89th largest of 3,117 United States companies the cockpit tracks. Shares closed at $467.80 on 6 Nov 2026.
Performance Over six months the shares gained 18.0%, against +9.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 12 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +9.0%); the operating margin is 45.5% (peer median 30.5%).
Valuation It trades at 24.1× forward earnings against a peer median of 18.8× (3rd most expensive of 11).
Backlog Backlog (remaining performance obligations) was $6.00B at 30 Sep 2026, up 22% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit S&P Global has 11 bonds outstanding ($6.14B), rated A- by the agencies and trading like A at a weighted spread of 67 bp.
Short interest Short interest is 1.5% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.9B | $15.3B | $14.2B | $12.5B | $11.2B |
| Revenue growth | — | +8% | +14% | +12% | — |
| Gross profit | $10.2B | $9.59B | $8.64B | $7.21B | $6.40B |
| EBITDA | $8.39B | $7.61B | $6.91B | $5.63B | $4.45B |
| Net income | $4.99B | $4.47B | $3.85B | $2.63B | $3.25B |
| Free cash flow | $5.64B | $5.46B | $5.57B | $3.57B | $2.51B |
| Capital expenditure | $139M | $195M | $124M | $143M | $89.0M |
| Total debt | $13.6B | $13.7B | $12.0B | $12.1B | $11.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| S&P Global SPGI | $136B | +18% | +6% | 46% | 24.1× | n/a |
| Moody's MCO | $87.2B | +12% | +9% | 46% | 28.1× | n/a |
| MSCI MSCI | $45.8B | +10% | +12% | 56% | 29.5× | n/a |
| London Stock Exchange LSEG.L | $60.9B | +1% | +6% | 26% | 19.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPGI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.2% | +9.9% | 2nd highest of 12 |
| 6-month return | +18.0% | +9.9% | 3rd highest of 12 |
| Distance from 52-week high | -10.1% | -6.7% | 5th lowest of 12 |
| Revenue growth (TTM) | +6.0% | +9.0% | 5th lowest of 12 |
| Operating margin | 45.5% | 30.5% | 4th highest of 12 |
| Forward P/E | 24.1× | 18.8× | 3rd most expensive of 11 |
| Bond spread | 67 bp | 91 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| S&P Global SPGI | United States | $136B | +18% | +6% | 46% | 24.1× | n/a | n/a |
| Moody's MCO | United States | $87.2B | +12% | +9% | 46% | 28.1× | n/a | n/a |
| London Stock Exchange LSEG.L | United Kingdom | $60.9B | +1% | +6% | 26% | 19.6× | n/a | n/a |
| MSCI MSCI | United States | $45.8B | +10% | +12% | 56% | 29.5× | n/a | n/a |
| FactSet FDS | United States | $11.6B | +47% | +7% | 31% | 16.7× | n/a | n/a |
| Morningstar MORN | United States | $9.06B | +38% | +9% | 24% | 17.3× | n/a | n/a |
| NICE Information Service 030190.KS | South Korea | $754M | +17% | +9% | 18% | 11.2× | n/a | n/a |
| CARE Ratings CARERATING.NS | India | $499M | -5% | +19% | 40% | 23.3× | n/a | n/a |
| ICRA ICRA.NS | India | $452M | -18% | +31% | 30% | 19.6× | n/a | n/a |
| Enento ENENTO.HE | Finland | $438M | +10% | +4% | 24% | 17.3× | n/a | n/a |
| Korea Ratings 034950.KS | South Korea | $330M | -5% | +1% | 31% | n/a | n/a | n/a |
| Credit Bureau Asia TCU.SI | Singapore | $179M | -20% | +1% | 47% | 18.1× | n/a | n/a |
S&P Global has 11 bonds outstanding with $6.14B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.42%, a spread of 67 bp over government bonds.
S&P Global reported $6.00B of remaining performance obligations at 30 Sep 2026, up 22% from a year earlier and up 3% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.05.