S&P Global
SPGI stock analysis · Financials · Financial Exchanges & Data
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-04-24. Approximate; share and price dates can differ.
View share-count filing ↗Reviewed cash-flow model
Reviewed operating-business exception limited to this annual period. S&P Global supplies benchmarks, ratings, data, analytics and workflow services. Its fee-based operating business supports the general cash-flow/operating-capital proxies for this period. Consolidated CFO less capital expenditure is $5.456bn, whereas the issuer's own free-cash-flow measure also subtracts distributions to noncontrolling owners. The balance sheet carries $4.917bn redeemable and $108m other noncontrolling interests. FCF yield remains a consolidated ownership proxy; DCF and reverse DCF are withheld until these claims have a dated valuation bridge. Business description ↗
Cash-flow proxy: excluded reinvestment
Consolidated CFO less capex does not deduct cash distributions to noncontrolling interests, unlike the issuer's own free-cash-flow measure. This is a consolidated ownership proxy; per-share DCF and reverse DCF remain withheld pending a dated minority-claim bridge. Read the cash-flow statement ↗
DCF value
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Reverse DCF
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Relative valuation
7 industry peers · median 24.8×
How this is calculated ↗Historical multiples
6 annual observations · snapshot P/E 27.0× · -32.5% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Requires reported dividends, repurchases and issuance; missing values are not zero.
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 15.3B | 4.8B | 5.7B | 195M | 61.2B |
| 2024-12-31 | 14.2B | 4.2B | 5.7B | 124M | 60.2B |
| 2023-12-31 | 12.5B | 2.9B | 3.7B | 143M | 60.6B |
| 2022-12-31 | 11.2B | 3.5B | 2.6B | 89M | 61.8B |
| 2021-12-31 | 8.3B | 3.3B | 3.6B | 35M | 15B |
| 2020-12-31 | 7.4B | 2.5B | 3.6B | 76M | 12.5B |
| 2019-12-31 | 6.7B | 2.3B | 2.8B | 115M | 11.3B |
| 2018-12-31 | 6.3B | 2.1B | 2.1B | 113M | 9.4B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 15.3B | RevenueFromContractWithCustomerExcludingAssessedTax | 2026-02-11 |
| netIncome | 4.8B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-11 |
| Parent/common earnings proxy | 4.5B | NetIncomeLoss | 2026-02-11 |
| cfo | 5.7B | NetCashProvidedByUsedInOperatingActivities | 2026-02-11 |
| capex | 195M | Reviewed manual correction Reviewed consolidated cash-flow statement capital-expenditure amount retained without changing the existing PP&E proxy definition. Consolidated CFO less capex does not deduct cash distributions to noncontrolling interests, unlike the issuer's own free-cash-flow measure. This is a consolidated ownership proxy; per-share DCF and reverse DCF remain withheld pending a dated minority-claim bridge. | 2026-02-11 |
| operatingIncome | 6.5B | OperatingIncomeLoss | 2026-02-11 |
| assets | 61.2B | Assets | 2026-02-11 |
| equity | 31.2B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-11 |
| Parent book equity proxy | 31.1B | StockholdersEquity | 2026-02-11 |
| debt | 13.1B | LongTermDebt | 2026-02-11 |
| shortDebt | — | Not reported under a supported tag | — |
| cash | 1.7B | CashAndCashEquivalentsAtCarryingValue | 2026-02-11 |
| shares | 305.1M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-02-11 |
| dividends | 1.2B | PaymentsOfDividendsCommonStock | 2026-02-11 |
| buybacks | 5B | PaymentsForRepurchaseOfCommonStock | 2026-02-11 |
| issuance | — | Not reported under a supported tag | — |