S&P Global Inc.
$473.59
+5.08 (+1.08%) · delayed · Nov 13, 2026
Five-year price
52w $361.03 to $522.47
- Market cap
- $137.3B
- Enterprise value
- $148.6B
- P/E
- 32.3×
- 40.3× on 3y avg EPS
- EV / EBIT
- 22.9×
- FCF yield
- 4.0%
- ROIC
- 11.8%
- Debt / equity
- 0.42
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 9.3%
- ●ROE > 15% (5y avg)5y avg ROE 38.3%
- ○Stable operating marginsMargin volatility 6.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 120% (5y avg)
- ●Growing revenueRevenue CAGR 5y 15.6%
- ○Shrinking share countDiluted shares 26.0% over 5y
Value
0
- ○P/E below 15P/E 32.3
- ○EV/EBIT below 12EV/EBIT 22.9
- ○FCF yield above 6%FCF yield 4.0%
- ○Price below Graham NumberGraham Number $188.19
- ○P/B below 3P/B 4.4
Safety
80
- ●Debt / equity below 0.5D/E 0.42
- ●Debt payable in < 4 yrs of earningsNet debt $11.3B
- ●Interest coverage > 8xCoverage 22.6x
- ○Current ratio > 1.5Current ratio 0.82
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $15.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.82
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 64%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 40.3
- ○P/E × P/B ≤ 22.5Product 177.8
Valuation lab
What do you have to believe?
At $473.59, the market is pricing in about 9.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $11.3B · 290M shares · 5y revenue CAGR 15.6%
Intrinsic value
$783.19
Price
$473.59
Margin of safety
40%
What the price implies
The market is paying for 9.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
67% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,661 | 6,063 | 6,258 | 6,699 | 7,442 | 8,297 | 11,181 | 12,497 | 14,208 | 15,336 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 3,341 | 2,583 | 2,790 | 3,226 | 3,617 | 4,221 | 4,944 | 4,020 | 5,580 | 6,478 |
| Operating margin | 59.0% | 42.6% | 44.6% | 48.2% | 48.6% | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Pre-tax income | 3,188 | 2,461 | 2,681 | 2,930 | 3,228 | 4,164 | 4,702 | 3,671 | 5,308 | 6,227 |
| Income tax | 960 | 823 | 560 | 627 | 694 | 901 | 1,180 | 778 | 1,141 | 1,407 |
| Net income | 2,106 | 1,496 | 1,958 | 2,123 | 2,339 | 3,024 | 3,248 | 2,626 | 3,852 | 4,471 |
| EPS (diluted) | 7.94 | 5.78 | 7.73 | 8.60 | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 |
| Diluted shares | 265 | 259 | 253 | 247 | 242 | 242 | 319 | 319 | 312 | 305 |
Who owns it