NYSE: SPGI · Financial Exchanges & Data
S&P Global
S&P Global, based in New York, provides credit ratings, benchmarks, data and analytics. 2025 revenue was $15,336M: Market Intelligence $4,902M, Ratings $4,549M, Energy $2,299M, Indices $1,839M and Mobility $1,747M. Operating margin reached 42%. It spun off Mobility as Mobility Global on July 1, 2026, sold its Enterprise Data Management and thinkFolio businesses in January 2026, and bought With Intelligence in November 2025.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:28 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 15.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 42.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.5x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.26x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 28.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.83
Higher than 82% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 92% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 46% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 44% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 32% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$479.68close on 2026-11-04
Market cap$143.33B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 28.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 20.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.8%
At FY2025 year-end: 33.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 4.7x
Book value at FY2025 year-end
At FY2025 year-end: 20.8x
EBITDA for FY2025
At FY2025 year-end: 3.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.44B → $3.68B (vs. a year earlier)↑ +6.8%$3.44B → $3.68B (vs. a year earlier)
- Operating margin45.2% → 53.2% (vs. a year earlier)↑ +8.0 pts45.2% → 53.2% (vs. a year earlier)
- Net income$1.18B → $1.24B (vs. a year earlier)↑ +5.4%$1.18B → $1.24B (vs. a year earlier)
- Diluted EPS$3.86 → $4.25 (vs. a year earlier)↑ +10.1%$3.86 → $4.25 (vs. a year earlier)
- Cash$4.13B → $2.44B (vs. previous quarter-end)↓ −41.0%$4.13B → $2.44B (vs. previous quarter-end)
- Long-term debt$15.17B → $13.06B (vs. previous quarter-end)↓ −13.9%$15.17B → $13.06B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
2026 guidance calls for revenue growth of 7.4%–8.4%. Source sentence
2026 guidance calls for revenue growth of 7.4% to 8.4%, and organic constant currency growth of 7.5% to 8.5%.
Key changes
Q3 revenue $3.678B, up 7%. Source sentence
The Company reported third-quarter 2026 revenue of $3.678 billion, an increase of 7% compared to the third quarter of 2025.
GAAP net income up 20% to $1.298B. Source sentence
Third quarter GAAP net income increased 20% to $1.298 billion and GAAP diluted earnings per share increased 26% to $4.45.
Repurchased $2.6B of shares in Q3. Source sentence
In the third quarter, the Company executed $2.6 billion in share repurchases, and has repurchased more than $4 billion in shares year-to-date.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- S&P Global Inc.
- Headquarters
- NEW YORK, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: SPGI
- Industry
- Financial Exchanges & Data
- CIK
- 64040
- Website
- https://www.spglobal.com/ ↗
Workforce (as of FY2025 year-end)
Employees
44,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 39–42 days after quarter end (Feb 10, 2026; Feb 11, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–42 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 10, 2026 (+41 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 11, 2025 10-K (+42 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 25, 2024 10-Q (+25 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 9, 2024 10-K (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Ratings
Credit ratings
Independent credit ratings.
Indices
S&P Dow Jones Indices
Benchmarks licensed to ETFs and funds.
Market Intelligence
Data and analytics
Data, analytics and workflow software.
Energy
S&P Global Energy
Energy data and price assessments.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
No market share figure is stated in the 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Revenue from continuing operations $3,678M; net income $1,240M (vs $1,176M).
Source: Form 10-Q (quarter ended 2026-09-30)
Mobility spin-off
Completed July 1, 2026 as Mobility Global Inc.
Source: Form 8-K (2026-07-02) — Items 1.01, 2.01 Mobility Global separation
Portfolio
Sold EDM and thinkFolio in January 2026; bought With Intelligence November 2025.
Source: Form 10-Q (quarter ended 2026-09-30)
Capex ÷ D&A (FY2025)
0.17x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$195M ÷ $1,179M = 0.17x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.71B
Latest year: $2.02B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $76M in FY2020 to $195M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$15.34B
As reported in the 10-K
Revenue CAGR (5 years)
+15.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($15,336M ÷ $7,442M) ^ (1÷5) − 1 = 15.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
42.2%▼caution
-6.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$6,478M ÷ $15,336M × 100 = 42.2%
ROE (FY2025)
13.9%▲favorable
6-year average: 124.5%
As reported in the 10-K
P/B (FY2025 end)
4.75x
formulafiscal year-end closing price ÷ book value per share
e.g.$494.41 ÷ $104.17 = 4.75x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
20.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($147,729M + $13,088M − $1,745M) ÷ ($6,478M + $1,179M) = 20.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +15.6% a year over 5 years (strong growth)
From $7.44B in FY2020 to $15.34B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 48.6% → 42.2%
How much operating profit is left per $100 of revenue. It moved -6.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 50.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 124.5% over 6 years (latest: 13.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- CME Group
07 · what it does
Key activities
- Credit ratings
- Data, analytics and workflow solutions
- Benchmarks and energy price assessments
06 · what it draws on
Key resources
- Benchmarks and proprietary data
- Data quality, analytical capabilities and research
- S&P Dow Jones Indices brands
02 · why customers buy
Value propositions
- Benchmarks, data, analytics and workflow solutions described as highly differentiated.
04 · how it keeps them
Customer relationships
- Recurring subscriptions and asset-linked fees.
03 · how it reaches them
Channels
- Ratings fees from debt issuers, data subscriptions, and asset-linked and licensing fees from index products.
01 · who it serves
Customer segments
- Debt issuers and investors
- Financial institutions
- Energy and other corporates
09 · where money goes
Cost structure
FY2025, share of revenue ($15.34B)
- Cost of revenue29.8%
- Selling, general & administrative22.3%
- Other operating costs5.7%
Operating profit left: 42.2% of revenue. Depreciation & amortization (inside the costs above): $1.18B. Capital spending: $195M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $15,336M (2025)
- Market Intelligence $4,902M; Ratings $4,549M
- Indices asset-linked fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns fees for rating debt, subscription fees for data and analytics, and asset-linked fees from indices.
01 what it draws on
Inputs & resources
- Benchmarks and proprietary data
- Data quality, analytical capabilities and research
- S&P Dow Jones Indices brands
02 what it does
Activities
- Credit ratings
- Data, analytics and workflow solutions
- Benchmarks and energy price assessments
03 who it serves
Customers
- Debt issuers and investors
- Financial institutions
- Energy and other corporates
04 how money comes in
How it earns
- Revenue $15,336M (2025)
- Market Intelligence $4,902M; Ratings $4,549M
- Indices asset-linked fees
How the business makes money
- No customer above 10% of revenue.
- U.S. revenue $9,322M of the total.
- Quarterly dividend raised to $0.97 in January 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Ratings is a regulated activity.
Approvals & licenses
Ratings regulators
Ratings operations face regulatory and governmental inquiries.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Market Intelligence
4,902 (32%)Ratings
4,549 (30%)Energy
2,299 (15%)Indices
1,839 (12%)Mobility (spun off 2026)
1,747 (11%)
Source: Form 10-K (FY2025) External revenue. Mobility became a separate company on July 1, 2026.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
U.S. — 61% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S.
9,322 (61%)European region
3,531 (23%)Asia
1,640 (11%)Rest of the world
843 (5%)
Source: Form 10-K (FY2025)
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
CME Group
S&P Dow Jones Indices is a joint venture between S&P Global and CME Group.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Issuers, investors and corporates.
Named by the company
What the filings disclose
Suppliers
Not a material disclosure in the 10-K.
Named by the company
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Proxy names a performance peer group.
Competitors named in the 10-K
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
TSR peer group: Moody’s, CME Group, MSCI, FactSet, Verisk and Intercontinental Exchange.
- Moody'ssite ↗
- CME Groupsite ↗
- MSCIsite ↗
- FactSetsite ↗
- Verisk Analyticssite ↗
- Intercontinental Exchangesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 7,442 | 8,297 | 11,181 | 12,497 | 14,208 | 15,336 |
| Operating income | 3,617 | 4,221 | 4,944 | 4,020 | 5,580 | 6,478 |
| Pretax income | 3,228 | 4,164 | 4,702 | 3,671 | 5,308 | 6,227 |
| Net income (attributable) | 2,339 | 3,024 | 3,248 | 2,626 | 3,852 | 4,471 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.5% | 34.8% | 11.8% | 13.7% | 7.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 48.6% | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 31.4% | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% |
| Balance sheet ($M) | ||||||
| Total assets | 12,537 | 15,026 | 61,784 | 60,589 | 60,221 | 61,200 |
| Total equity | 571 | 2,107 | 36,477 | 34,300 | 33,256 | 31,235 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,110 | 4,114 | 10,956 | 11,459 | 11,398 | 13,088 |
| Equity ratio | 4.1% | 13.5% | 58.9% | 56.4% | 55.1% | 50.9% |
| ROE | 459.5% | 238.0% | 16.9% | 7.4% | 11.4% | 13.9% |
| Cash flow ($M) | ||||||
| Operating CF | 3,567 | 3,598 | 2,603 | 3,710 | 5,689 | 5,651 |
| Investing CF | -240 | -120 | 3,628 | 562 | -255 | -704 |
| Financing CF | -2,166 | -1,013 | -11,326 | -4,280 | -4,998 | -4,930 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,491 | 3,563 | 2,514 | 3,567 | 5,565 | 5,456 |
| Cash and equivalents | 4,108 | 6,497 | 1,286 | 1,290 | 1,666 | 1,745 |
| Per share & other | ||||||
| EPS ($) | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 |
| BVPS ($) | 2.12 | 8.43 | 113.04 | 108.88 | 107.73 | 104.17 |
| Dividend per share ($) | 2.68 | 3.08 | 3.32 | 3.60 | 3.64 | 3.84 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 27.7% | 24.6% | 32.5% | 43.7% | 29.5% | 26.2% |
| P/E (x) | 32.2 | 35.7 | 31.1 | 50.6 | 38.2 | 33.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 19.6 | 23.9 | 18.7 | 27.3 | 22.9 | 20.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 147.01 | 52.95 | 2.80 | 3.83 | 4.37 | 4.75 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $3.68B+6.8% | $1.96B+25.7% | $1.24B+5.4% | $4.25 |
| 2026-06-30 | $4.15B+10.4% | $1.81B+16.8% | $1.22B+13.5% | $4.12 |
| 2026-03-31 | $4.17B+10.4% | $2B+26.9% | $1.4B+28.0% | $4.69 |
| 2025-12-31 † | $4.36B+21.4% | $1.79B+37.0% | $1.13B+28.9% | — |
| 2025-09-30 | $3.44B | $1.56B | $1.18B | $3.86 |
| 2025-06-30 | $3.76B | $1.55B | $1.07B | $3.50 |
| 2025-03-31 | $3.78B | $1.58B | $1.09B | $3.54 |
| 2024-12-31 † | $3.59B | $1.31B | $879M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
11.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$6,478M × (1 − 22%) ÷ $44,489M × 100 = 11.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.88%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $147.73B ÷ ($147.73B + $13.09B) = 91.9%
e.g.Debt weight: $13.09B ÷ ($147.73B + $13.09B) = 8.1%
e.g.WACC: 9.5% × 91.9% + 2.2% × (1 − 22%) × 8.1% = 8.88%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.3%–10.8% and ROIC − WACC runs +0.5 to +4.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.88% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.83 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.52%
- Cost of debt
- 2.19%
- Tax rate
- 22% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 92% : 8%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.88%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.83 (price-derived adjusted beta. Raw β 0.74, R² 0.17, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.743 + 0.33 = 0.828
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.83 × 5.5% = 9.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.9% − 3.5%
Past FCF growth (FY2020–FY2025)
+9.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+15.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $5.46B (operating CF − capex); enterprise value $154.62B = market cap $143.33B (latest close, 2026-11-04) + debt $13.09B − cash and short-term investments $1.8B; r = WACC of 8.9% using this page’s default assumptions (β 0.83, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$155.89B
FCF $5.46B ÷ (8.9% − 5.4%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.9% | 7.9% | 8.9% | 9.9% | 10.9% |
|---|---|---|---|---|---|
| 0% | 0.51x | 0.45x | 0.40x | 0.36x | 0.32x |
| 2% | 0.72x | 0.60x | 0.51x | 0.45x | 0.40x |
| 4% | 1.22x | 0.90x | 0.72x | 0.60x | 0.51x |
| 6% | 3.92x | 1.86x | 1.22x | 0.90x | 0.72x |
| 8% | — | — | 3.92x | 1.86x | 1.22x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.28x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 104%
Most profit comes from core operations.
- ✓
Days sales outstanding: 78 → 75 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,651M ÷ $4,471M = 1.26x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$6,478M ÷ $6,227M × 100 = 104%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,867M + $3,441M) ÷ 2 ÷ $15,336M × 365 = 75 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 88.0%
- Directors & officers (shares)
- —
- Everyone else (est.)
- 12.0%
- Directors & officers (voting power)
- —
- Institutional-ownership rank
- 223 of 416
- Beta (adjusted)
- 0.83
individuals and other non-13F holders
no proxy statement yet
1 = most institutional; 53% of covered companies have more
above 1 = swings more than the market
- 259.5M shares reported by 2,018 13F filers ÷ 294.8M shares outstanding on 2026-07-24. Option positions are excluded.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Margin expansion
Operating margin rose from 32% (2023) to 42% (2025).
Evidence: Form 10-K (FY2025)
2. Earnings growth
Net income $4,471M in 2025 vs $2,626M in 2023.
Evidence: Form 10-K (FY2025)
3. Dividend growth
Dividend per share rose from $2.68 (2020) to $3.84 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Debt-market dependence
Ratings revenue depends on issuance.
Evidence: Form 10-K (FY2025)
2. Higher debt
Debt rose to $13,088M in 2025.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
33.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.78%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
26%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.7%
(Operating CF − capex) ÷ market cap
1. Essential benchmarks
Ratings and indices are 42% of 2025 revenue combined.
- What has to hold
- Markets stay active.
- The other side
- Issuance swings.
Evidence: Form 10-K (FY2025)
2. Focus
Spun off Mobility.
- What has to hold
- Focus lifts growth.
- The other side
- Separation costs.
Evidence: Form 8-K (2026-07-02) — Items 1.01, 2.01 Mobility Global separation
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.5x
$1.8B vs. $718M
Interest coverage (operating income ÷ interest expense)
22.6x
$6.48B vs. $287M
Free cash flow ÷ dividends paid
4.7x
$5.46B vs. $1.17B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -18.7% in FY2023 ($4.94B → $4.02B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
2020
Net income of $2,339M in 2020.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
S&P Global discloses a class action in Australia.
1 open matter (1 flagged as major)
Australian ratings class action
PendingClass actionMajorInvestors; S&P Global
Filed August 7, 2020 against the company and a subsidiary over alleged losses on CDOs rated before the financial crisis.
Source: Form 10-K (FY2025)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-11-05. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
New products
- Company disclosure (summarized from the 10-K)
- Failure to innovate against competitors could hurt results.
- Company’s stated mitigation
- In order to maintain a competitive position, we invest in innovation, new offerings and enhancements, including new ways to deliver our products and services.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
Debt issuance
- Company disclosure (summarized from the 10-K)
- Ratings revenue varies with market conditions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Law & regulation
Ratings regulation
- Company disclosure (summarized from the 10-K)
- Ratings are subject to regulators and inquiries.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Portfolio change
- Company disclosure (summarized from the 10-K)
- Mobility separation and With Intelligence integration.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Information security
Data and systems
- Company disclosure (summarized from the 10-K)
- Data and technology are central to its services.
- Company’s stated mitigation
- Central to this organization is our cyber incident response team, which is responsible for the Company’s protection, detection and response capabilities.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• AI technologies used in our products and processes may incorporate or reproduce third-party content in their outputs, which may expose us to risks associated with infringing, misappropriating or otherwise violating others’ intellectual property rights, including the trademarks, copyrights, patents and other intellectual property rights of third parties, including from our competitors or nonpracticing entities which may expose us to protracted and expensive litigation and may materially and adversely affect our business going forward. We may also be unable to protect our data from unintended use or access by third-party AI systems.
• Our approach for managing our clients’ use of our data is influenced by AI. Read more
Our approach must effectively balance protecting our data and enabling our clients to leverage our data for their needs. Given the evolving nature of AI, at this time we are unable to predict if our approach will be successful. If our approach is ultimately inadequate, we could materially dilute the value of our data and/or lose significant market share or revenue.
Our inability to adequately obtain, protect and maintain our intellectual property and other proprietary rights could impact our competitive position.
• We consider many of our products and services to be proprietary, and our success depends, in part, on protecting our intellectual property, proprietary information, and technology. Read more
We rely on a variety of measures to maintain, protect and enforce our intellectual property portfolio, including trademark and patent protection, trade secret laws, legal misappropriation doctrines, confidentiality procedures and contractual restrictions, all of which provide only limited protection. In particular, such measures may not prevent infringement, violation, misuse or misappropriation of our intellectual property rights or proprietary or confidential information. For example, we routinely face unauthorized use of our indices and price assessments, and our efforts to stop such uses require significant time and expense, and are not always successful.
• There can be no assurance that any future patent, trademark, or other intellectual property registrations will be issued for our pending or future applications or that any of our current or future patents, trademarks or other intellectual property rights will be valid, enforceable, sufficiently broad in scope, provide adequate protection of our technology or other proprietary rights, or provide us with any competitive advantage. Any additional investment in protecting our intellectual property rights through additional trademark, patent or other intellectual property filings could be time consuming and expensive, both in terms of application and maintenance costs. We make business decisions about whether and where to seek patent, copyright, and trademark protection for a particular technology and when to rely upon trade secret protection, and the approach we select may ultimately…
• We cannot guarantee that we will be successful in maintaining, protecting, or enforcing the confidentiality of our trade secrets or that our confidentiality and non-disclosure agreements for such trade secrets will provide sufficient protection of our trade secrets, know-how, or other proprietary information in the event of any unauthorized use, misappropriation, or other disclosure. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret or know-how is difficult, fact-intensive, expensive, and time-consuming, and the outcome is unpredictable. In addition, trade secrets and know-how can be difficult to protect and some courts inside and outside the U.S. are less willing or unwilling to protect trade secrets and know-how. Further, these agreements do not prevent our competitors from independently developing product or service offerings that are…
our competitive position would be materially and adversely harmed. Read more
The loss of trade secret protection could make it easier for third parties to compete with our products and services by copying functionality, and pervasive data leakage could render our capabilities redundant over time.
We have been, and may in the future be, subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
No longer in the text (4)
• In addition, a number of our customers entrust us with storing and securing their data and information on our servers. Read more
Although we have disaster recovery plans that include backup facilities for our primary data centers, our systems are not always fully redundant, and our disaster planning may not always be sufficient or effective. As such, these disruptions may affect our ability to store, handle and secure such data and information.
• On May 30, 2024, we experienced an outage caused by an erroneous internal modification of code in an enterprise technology tool. Read more
The outage resulted in loss of access to a significant amount of our products and services for various periods of time, ranging from approximately 1 hour to approximately 52 hours. Although this outage did not have a material adverse effect on the Company, it called our attention to certain deficiencies in our controls and system architecture. While we have taken steps to address these deficiencies, we may experience outages or other disruptions in the future, and such outages or disruptions may have a material adverse effect on the Company.
• Failure to comply with privacy and data protection requirements could result in significant penalties. Read more
The EU’s comprehensive General Data Privacy Regulation (“GDPR”), for example, is a comprehensive regulation applying across all EU member states, providing for penalties of up to the greater of €20 million or 4% of worldwide revenue, and the average GDPR penalties increased in 2023 compared to prior years.
◦ increases in taxes or changes in U.S. or foreign tax laws (for example, the Pillar Two international tax framework established by the Organisation for Economic Co-operation and Development, which includes a global minimum tax of 15%),
7 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 11, 2026 ↗ with the 10-K filed Feb 11, 2025 ↗.
26
What to watch going forwardSite analysis
- Revenue after Mobility.
- Issuance volumes.
- Australian class action.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:28 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent S&P Global’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.