NYSE · Financial Services

S&P Global Inc.

SPGI · Financial Data & Stock Exchanges

$426.38

▲ 0.32 (0.08%)

Data cached · refreshes every 10 min

Mr. Market is currently offering S&P Global Inc. at $426.38.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 70.2%

Operating Margin 40.3%

Net Income Margin 29.2%

Fin. Health F

Years to Pay Off Debt 3.0 yrs

Working Capital vs Long-Term Debt -$13.7B

Working Capital -$1.3B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.05x

Cash Flow A

Free Cash Flow $5.5B

CapEx % of Net Income 4.4%

Owner Earnings $5.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $126.2B

Enterprise Value $143.2B

P/E (TTM) 26.97

Dividend Yield 0.90%

Exchange NYSE

Key Margins

Gross Profit 70.2%

Operating Margin 40.3%

Net Margin 29.2%

Company Info

Sector Financial Services

Industry Financial Data & Stock Exchanges

Employees 44500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering S&P Global Inc. at $426.38.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $426.38, the stock trades at a 129% premium to its Graham Number of $186.24. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About S&P Global Inc.

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 five segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, 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 Global Mobility segment offers solutions for the full automotive value chain, including vehicle manufacturers, automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. 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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	70.2% ▲	69.3%	66.9%	66.4%	N/A
Operating Margin %	40.3% ▲	38.6%	32.4%	27.0%	N/A
Net Income %	29.2% ▲	27.1%	21.0%	29.0%	N/A
Diluted EPS	14.66 ▲	12.35	8.23	10.20	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$61.2B	$60.2B	$60.6B	$61.8B	N/A
Total Debt	$13.6B ↑	$11.9B	$12.0B	$11.5B	N/A
Working Capital	-$1.3B ▼	-$933M	-$982M	-$332M	N/A
Years to Pay Debt	3.04	3.10	4.57	3.55	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$5.5B ▼	$5.6B	$3.6B	$2.5B	N/A
Owner Earnings	$5.8B	$5.1B	$3.9B	$4.3B	N/A
CapEx % of Net Income	4.4%	3.2%	5.4%	2.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	64,848	12,898	-18,020	489,199
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,406,000	6,718,000	5,233,000	4,070,000
Total Unusual Items	287,000	60,000	-85,000	1,949,000
Total Unusual Items Excluding Goodwill	287,000	60,000	-85,000	1,949,000
Net Income From Continuing Operation Net Minority Interest	4,471,000	3,852,000	2,626,000	3,248,000
Reconciled Depreciation	1,179,000	1,173,000	1,143,000	1,013,000
Reconciled Cost Of Revenue	4,563,000	4,361,000	4,141,000	3,753,000
EBITDA	7,693,000	6,778,000	5,148,000	6,019,000
EBIT	6,514,000	5,605,000	4,005,000	5,006,000
Net Interest Income	-287,000	-297,000	-334,000	-304,000
Interest Expense	287,000	297,000	334,000	304,000
Normalized Income	4,248,848	3,804,898	2,692,980	1,788,199
Net Income From Continuing And Discontinued Operation	4,471,000	3,852,000	2,626,000	3,248,000
Total Expenses	9,159,000	8,730,000	8,443,000	8,162,000
Total Operating Income As Reported	6,478,000	5,580,000	4,020,000	4,944,000
Diluted Average Shares	305,100	311,900	318,900	318,500
Basic Average Shares	304,800	311,600	318,400	316,900
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,471,000	3,852,000	2,626,000	3,248,000
Net Income Common Stockholders	4,471,000	3,852,000	2,626,000	3,248,000
Net Income	4,471,000	3,852,000	2,626,000	3,248,000
Minority Interests	-349,000	-315,000	-267,000	-274,000
Net Income Including Noncontrolling Interests	4,820,000	4,167,000	2,893,000	3,522,000
Net Income Continuous Operations	4,820,000	4,167,000	2,893,000	3,522,000
Tax Provision	1,407,000	1,141,000	778,000	1,180,000
Pretax Income	6,227,000	5,308,000	3,671,000	4,702,000
Other Income Expense	337,000	127,000	-49,000	1,987,000
Other Non Operating Income Expenses	22,000	24,000		11,000	45,000
Special Income Charges	273,000	59,000	-70,000	1,890,000
Gain On Sale Of Business	273,000	59,000	-70,000	1,898,000
Other Special Charges				8,000
Earnings From Equity Interest	28,000	43,000	36,000	27,000
Gain On Sale Of Security	14,000	1,000	-15,000	59,000
Net Non Operating Interest Income Expense	-287,000	-297,000	-334,000	-304,000
Interest Expense Non Operating	287,000	297,000	334,000	304,000
Operating Income	6,177,000	5,478,000	4,054,000	3,019,000
Operating Expense	4,596,000	4,369,000	4,302,000	4,409,000
Depreciation Amortization Depletion Income Statement	1,179,000	1,173,000	1,143,000	1,013,000
Depreciation And Amortization In Income Statement	1,179,000	1,173,000	1,143,000	1,013,000
Amortization	1,069,000	1,077,000	1,042,000	905,000
Amortization Of Intangibles Income Statement	1,069,000	1,077,000	1,042,000	905,000
Depreciation Income Statement	110,000	96,000	101,000	108,000
Selling General And Administration	3,417,000	3,196,000	3,159,000	3,396,000
Gross Profit	10,773,000	9,847,000	8,356,000	7,428,000
Cost Of Revenue	4,563,000	4,361,000	4,141,000	3,753,000
Total Revenue	15,336,000	14,208,000	12,497,000	11,181,000
Operating Revenue	15,336,000	14,208,000	12,497,000	11,181,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	116,200	107,200	100,200	86,000
Ordinary Shares Number	298,800	307,800	314,800	329,000
Share Issued	415,000	415,000	415,000	415,000
Net Debt	11,343,000	9,732,000	10,169,000	9,670,000
Total Debt	13,582,000	11,933,000	12,000,000	11,533,000
Tangible Book Value	-21,619,000	-18,314,000	-18,048,000	-16,463,000
Invested Capital	44,215,000	44,557,000	45,659,000	47,344,000
Working Capital	-1,341,000	-933,000	-982,000	-332,000
Net Tangible Assets	-21,619,000	-18,314,000	-18,048,000	-16,463,000
Capital Lease Obligations	494,000	535,000	541,000	577,000
Common Stock Equity	31,127,000	33,159,000	34,200,000	36,388,000
Total Capitalization	43,497,000	44,553,000	45,612,000	47,118,000
Total Equity Gross Minority Interest	36,152,000	37,508,000	38,100,000	39,744,000
Minority Interest	5,025,000	4,349,000	3,900,000	3,356,000
Stockholders Equity	31,127,000	33,159,000	34,200,000	36,388,000
Gains Losses Not Affecting Retained Earnings	-697,000	-883,000	-763,000	-886,000
Other Equity Adjustments	-697,000	-883,000	-763,000	-886,000
Treasury Stock	36,374,000	31,671,000	28,411,000	25,347,000
Retained Earnings	23,666,000	20,977,000	18,728,000	17,784,000
Additional Paid In Capital	44,117,000	44,321,000	44,231,000	44,422,000
Capital Stock	415,000	415,000	415,000	415,000
Common Stock	415,000	415,000	415,000	415,000
Total Liabilities Net Minority Interest	25,048,000	22,713,000	22,489,000	22,040,000
Total Non Current Liabilities Net Minority Interest	17,411,000	16,321,000	16,364,000	16,041,000
Other Non Current Liabilities	1,107,000	815,000	522,000	489,000
Employee Benefits	178,000	180,000	199,000	180,000
Non Current Pension And Other Postretirement Benefit Plans	178,000	180,000	199,000	180,000
Non Current Deferred Liabilities	3,262,000	3,397,000	3,690,000	4,065,000
Non Current Deferred Taxes Liabilities	3,262,000	3,397,000	3,690,000	4,065,000
Long Term Debt And Capital Lease Obligation	12,864,000	11,929,000	11,953,000	11,307,000
Long Term Capital Lease Obligation	494,000	535,000	541,000	577,000
Long Term Debt	12,370,000	11,394,000	11,412,000	10,730,000
Current Liabilities	7,637,000	6,392,000	6,125,000	5,999,000
Other Current Liabilities	1,053,000	869,000	1,033,000	1,328,000
Current Deferred Liabilities	4,088,000	3,694,000	3,461,000	3,126,000
Current Deferred Revenue	4,088,000	3,694,000	3,461,000	3,126,000
Current Debt And Capital Lease Obligation	718,000	4,000	47,000	226,000
Current Capital Lease Obligation				118,000	96,000
Current Debt	718,000	4,000	47,000	226,000
Other Current Borrowings		4,000	47,000	226,000
Pensionand Other Post Retirement Benefit Plans Current	988,000	1,073,000	906,000	753,000
Payables And Accrued Expenses	790,000	752,000	678,000	566,000
Payables	790,000	752,000	678,000	566,000
Total Tax Payable	180,000	199,000	121,000	116,000
Income Tax Payable	180,000	199,000	121,000	116,000
Accounts Payable	610,000	553,000	557,000	450,000
Total Assets	61,200,000	60,221,000	60,589,000	61,784,000
Total Non Current Assets	54,904,000	54,762,000	55,446,000	56,117,000
Other Non Current Assets	610,000	591,000	536,000	562,000
Defined Pension Benefit	254,000	246,000	238,000	232,000
Investments And Advances	603,000	1,774,000	1,787,000	1,752,000
Long Term Equity Investment	603,000	1,774,000	1,787,000	1,752,000
Investmentsin Subsidiariesat Cost	603,000	1,774,000	1,787,000	1,752,000
Goodwill And Other Intangible Assets	52,746,000	51,473,000	52,248,000	52,851,000
Other Intangible Assets	16,271,000	16,556,000	17,398,000	18,306,000
Goodwill	36,475,000	34,917,000	34,850,000	34,545,000
Net PPE	691,000	678,000	637,000	720,000
Accumulated Depreciation	-861,000	-823,000	-794,000	-859,000
Gross PPE	1,552,000	1,501,000	1,431,000	1,579,000
Other Properties	413,000	413,000	379,000	423,000
Machinery Furniture Equipment	695,000	655,000	628,000	688,000
Properties	444,000	433,000	424,000	468,000
Current Assets	6,296,000	5,459,000	5,143,000	5,667,000
Other Current Assets	858,000	906,000	1,000,000	574,000
Assets Held For Sale Current	196,000	0	0	1,298,000
Restricted Cash	0	0	1,000	1,000
Prepaid Assets				574,000	323,000
Receivables	3,441,000	2,867,000	2,826,000	2,494,000
Accounts Receivable	3,441,000	2,867,000	2,826,000	2,494,000
Allowance For Doubtful Accounts Receivable	-50,000	-44,000	-54,000	-48,000
Gross Accounts Receivable	3,491,000	2,911,000	2,880,000	2,542,000
Cash Cash Equivalents And Short Term Investments	1,801,000	1,686,000	1,316,000	1,300,000
Other Short Term Investments	56,000	20,000	26,000	14,000
Cash And Cash Equivalents	1,745,000	1,666,000	1,290,000	1,286,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	5,456,000	5,565,000	3,567,000	2,514,000
Repurchase Of Capital Stock	-5,001,000	-3,301,000	-3,301,000	-12,004,000
Repayment Of Debt	-4,000	-47,000	0	-3,730,000
Issuance Of Debt	993,000	0	744,000	5,395,000
Capital Expenditure	-195,000	-124,000	-143,000	-89,000
Interest Paid Supplemental Data	390,000	391,000	369,000	240,000
Income Tax Paid Supplemental Data	1,502,000	1,159,000	1,279,000	1,555,000
End Cash Position	1,745,000	1,666,000	1,291,000	1,287,000
Beginning Cash Position	1,666,000	1,291,000	1,287,000	6,505,000
Effect Of Exchange Rate Changes	62,000	-61,000	12,000	-123,000
Changes In Cash	17,000	436,000	-8,000	-5,095,000
Financing Cash Flow	-4,930,000	-4,998,000	-4,280,000	-11,326,000
Cash Flow From Continuing Financing Activities	-4,930,000	-4,998,000	-4,280,000	-11,326,000
Net Other Financing Charges	-463,000	-516,000	-388,000	37,000
Proceeds From Stock Option Exercised			13,000	7,000	13,000
Cash Dividends Paid	-1,170,000	-1,134,000	-1,147,000	-1,024,000
Common Stock Dividend Paid	-1,170,000	-1,134,000	-1,147,000	-1,024,000
Net Common Stock Issuance	-5,001,000	-3,301,000	-3,301,000	-12,004,000
Common Stock Payments	-5,001,000	-3,301,000	-3,301,000	-12,004,000
Net Issuance Payments Of Debt	1,704,000	-47,000	556,000	1,665,000
Net Short Term Debt Issuance	715,000	0	-188,000	-32,000
Short Term Debt Payments		0	-188,000	-32,000	0
Net Long Term Debt Issuance	989,000	-47,000	744,000	1,697,000
Long Term Debt Payments	-4,000	-47,000	0	-3,698,000
Long Term Debt Issuance	993,000	0	744,000	5,395,000
Investing Cash Flow	-704,000	-255,000	562,000	3,628,000
Cash Flow From Continuing Investing Activities	-704,000	-255,000	562,000	3,628,000
Net Investment Purchase And Sale	-35,000	6,000	-13,000	-2,000
Net Business Purchase And Sale	-474,000	-137,000	718,000	3,719,000
Sale Of Business	1,549,000	168,000	1,014,000	3,719,000
Purchase Of Business	-2,023,000	-305,000	-296,000		-99,000
Capital Expenditure Reported	-195,000	-124,000	-143,000	-89,000
Operating Cash Flow	5,651,000	5,689,000	3,710,000	2,603,000
Cash Flow From Continuing Operating Activities	5,651,000	5,689,000	3,710,000	2,603,000
Change In Working Capital	-432,000	235,000	-460,000	-238,000
Change In Other Working Capital	172,000	374,000	265,000	107,000
Change In Other Current Liabilities	-81,000	-418,000	-277,000	-166,000
Change In Payables And Accrued Expense	-55,000	245,000	328,000	43,000
Change In Payable	-55,000	245,000	328,000	43,000
Change In Account Payable	-55,000	245,000	328,000	43,000
Change In Prepaid Assets	132,000	113,000	-485,000	-258,000
Change In Receivables	-600,000	-79,000	-291,000	36,000
Changes In Account Receivables	-600,000	-79,000	-291,000	36,000
Other Non Cash Items	324,000	206,000	246,000	319,000
Stock Based Compensation	236,000	247,000	171,000	214,000
Provisionand Write Offof Assets	39,000	43,000	28,000	24,000
Asset Impairment Charge				132,000	31,000
Deferred Tax	-242,000	-323,000	-381,000	-353,000
Deferred Income Tax	-242,000	-323,000	-381,000	-353,000
Depreciation Amortization Depletion	1,179,000	1,173,000	1,143,000	1,013,000
Depreciation And Amortization	1,179,000	1,173,000	1,143,000	1,013,000
Amortization Cash Flow	1,069,000	1,077,000	1,042,000	905,000
Amortization Of Intangibles	1,069,000	1,077,000	1,042,000	905,000
Depreciation	110,000	96,000	101,000	108,000
Operating Gains Losses	-273,000	-59,000	70,000	-1,898,000
Gain Loss On Sale Of Business	-273,000	-59,000	70,000	-1,898,000
Net Income From Continuing Operations	4,820,000	4,167,000	2,893,000	3,522,000

These metrics estimate what S&P Global Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$186.24

Margin of Safety

Market Cap ÷ Company Value

1.20

P/B Ratio

4.05

Warren's Owner Earnings

$5.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$15.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.82x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.90%

vs Uninterrupted dividends

✅ Earnings Growth

+43.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.05x P/B (P/E×P/B: 109.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-63.35

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$231.87

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	4.4%	3.2%	5.4%	2.7%	N/A
Repurchase of Capital Stock	-$5.0B	-$3.3B	-$3.3B	-$12.0B	N/A
Free Cash Flow	$5.5B ▼	$5.6B ▲	$3.6B ▲	$2.5B •	N/A •
Warren's Owner Earnings	$5.8B	$5.1B	$3.9B	$4.3B	N/A

Peers & Industry

No auto-detected peers for Financial Data & Stock Exchanges. You can manually compare SPGI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.34%

Low — management has little skin in the game

Return on Equity (ROE)

14.4%

Adequate — returns are moderate

Return on Assets (ROA)

7.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$5.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Martina Cheung

President, CEO & Director

Age 49

Pay: $3,850,628

0.086% of net income

Saugata Saha

Chief Enterprise Data Officer & President of S&P Global Market Intelligence

Age 49

Pay: $2,436,206

0.054% of net income

Eric Walter Aboaf

CFO & Executive VP

Pay: $4,905,668

0.110% of net income

William Eager

President of S&P Global Mobility

Age 54

Pay: $1,765,245

0.039% of net income

David Ernsberger

President of S&P Global Energy

Age 50

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.26%	30,374,366
Blackrock Inc.	8.72%	25,812,891
State Street Corporation	4.82%	14,259,690
TCI Fund Management Ltd	3.98%	11,790,310
Morgan Stanley	2.82%	8,333,099
Geode Capital Management, LLC	2.32%	6,857,575
Wellington Management Group, LLP	1.62%	4,781,879
NORGES BANK	1.55%	4,590,579

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.10

Moderate volatility — moves slightly more than market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.38x

Conservative balance sheet — low financial risk

Current Ratio

0.68x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $381.61 Current: $426.38 High: $579.05

Currently at 23% of 52-week range

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