# S&P Global Inc. (SPGI)

> S&P Global sells credit ratings, financial and commodity data, and investment benchmarks.

- Exchange: NYSE · Sector: Financials · Industry: Financial Data and Stock Exchanges
- Headquarters: New York City, New York, USA
- Founded: 1925
- Employees: approximately 44,500 (December 31, 2025)
- SEC CIK: 0000064040 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000064040))
- Full page: https://inspectstocks.com/stocks/spgi
- Data as of: price 2026-09-28; newest filing used 2026-04-28; latest fiscal period ended 2026-03-31

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $15.7B | $12B |
| Revenue growing recently | passed | $15.7B | $15.3B |
| Free cash flow positive | passed | $5.6B |  |
| Free cash flow growing overall | passed | $5.6B | $2.9B |
| Free cash flow growing recently | passed | $5.6B | $5.5B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 30.4% |  |
| Healthy profit margin | passed | 30.4% |  |
| Strong operating margin | passed | 43.9% |  |
| Good return on equity | passed | 15.3% |  |
| Debt under control | passed | 0.44 |  |
| Turns sales into cash | passed | 35.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $15.7B |
| Net income, trailing twelve months | $4.8B |
| Free cash flow, trailing twelve months | $5.6B |
| Net margin | 30.4% |
| Operating margin | 43.9% |
| Return on equity | 15.3% |
| Debt to equity | 0.44 |
| Diluted EPS, trailing twelve months | $15.81 |
| Share price | $395.95 |
| Market value | $117.2B |
| Price / earnings | 25.0x |
| Price / sales | 7.5x |

## What the business does

S&P Global sells information and tools used by investors, companies, governments, and people in energy markets. Its four current divisions provide credit ratings and research, investment indexes, energy and commodity prices and data, and financial data and software. Its automotive data business separated into an independent company on July 1, 2026.

### How it makes money

- **Subscriptions** (51.3% (year ended December 31, 2025)) — Customers pay recurring fees for access to data, research, analytics, and software. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.
- **Transaction fees** (20.5% (year ended December 31, 2025)) — Fees are charged for ratings of newly issued corporate, government, and structured debt, and for bank loan ratings. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.
- **Non-transaction fees** (13.4% (year ended December 31, 2025)) — Revenue includes fees for monitoring existing credit ratings, customer programs, entity ratings, research, and some advisory and event services. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.
- **Asset-linked fees** (7.9% (year ended December 31, 2025)) — Investment funds and other products using the company's indexes pay fees linked to the assets they manage. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.
- **Recurring variable fees** (4.1% (year ended December 31, 2025)) — Contract fees vary with measures such as trades processed, assets under management, or positions valued. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.
- **Sales-usage royalties** (2.9% (year ended December 31, 2025)) — The company licenses index and commodity-price data, and earns fees tied to use or trading activity. This reported mix is for the company before its Mobility separation and does not reconcile to consolidated revenue.

### Products

- **S&P Global Ratings** — Credit opinions on the ability and willingness of companies and governments to repay debt, along with related research and analysis.
- **S&P 500 and other S&P Dow Jones Indices** — Indexes that track groups of investments and are used as yardsticks for funds, financial products, and market performance.
- **Platts price assessments** — Published assessments and benchmarks for prices of energy and other commodities, used by market participants in pricing and trading.
- **Capital IQ Pro** — A research and data service for finance and business professionals, with information on companies, markets, and investments.
- **Kensho LLM-ready application programming interfaces** — Data feeds designed to let customers connect S&P Global information to artificial-intelligence systems and ask questions of that data.
- **ClearPar and Wall Street Office** — Software used by financial institutions to manage lending and other financial work, including loan trading and related records.

### Customers

- Companies, governments, and municipalities that pay for ratings when they issue debt, and may pay recurring fees to maintain ratings.
- Banks, investment managers, insurers, and other financial firms that subscribe to company data, research, analytics, and software.
- Fund providers that use S&P Dow Jones indexes and pay fees linked to assets in investment products.
- Energy and commodity producers, consumers, traders, and exchanges that buy data, price assessments, software, or licenses to use market-price information.
- Corporations, government agencies, and professional-services firms that use company and industry data for analysis and decision-making.

### Competitors

- Moody's Corporation (MCO) — Credit ratings, credit research, and financial data.
- MSCI Inc. (MSCI) — Investment indexes, market data, and analytics used by asset managers and investors.
- FactSet Research Systems Inc. (FDS) — Financial data, research, analytics, and software used by investment professionals.
- London Stock Exchange Group plc (LSEG) — Financial data, analytics, and services for capital markets.

### What it depends on

- The business depends on access to proprietary and third-party data, and on being able to collect, process, license, and distribute that information.
- Ratings transaction revenue varies with debt issuance, while index fees can change with investment assets and trading activity; energy data and services are also affected by commodity-market conditions.
- Customers rely on the company's websites, software, networks, and data feeds to receive information and use its tools.

### What could go wrong

- Lower bond issuance or changes in credit-market activity can reduce fees for ratings of new debt; changes in financial-market activity can also affect index-linked and trading-related revenue.
- Privacy, data-localization, data-protection, and ratings, index, or energy-market rules may change how the company collects, uses, and publishes data and benchmarks, or increase compliance costs.
- A cyberattack, system failure, or problem with a third-party data or software provider could interrupt service, delay or corrupt information, or expose confidential customer data.

## More on this company

- [Overview](https://inspectstocks.com/stocks/spgi)
- [Financial statements](https://inspectstocks.com/stocks/spgi/financials)
- [Competitors](https://inspectstocks.com/stocks/spgi/peers)
- [Earnings](https://inspectstocks.com/stocks/spgi/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.