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S&P Global
S&P 500
$125.2B
Market Cap
35.4
P/E
2.36
PEG
10.4%
ROCE
13.1%
ROE
0.38
D/E
42.2%
OPM
-18.5%
% from 52W High
32
α RS
🔍 SPGI is showing a high-conviction setup because it matches 8 of 39 tracked screener presets, it's within 18.5% of its 52-week high, and fcf_machines preset's Backtest win rate is 56% over 90 days. Net: Broad signal stack, not a recommendation. ? Conviction 52W High Backtest
Sources
Conviction 8/39 · 18.5% from 52W high · Backtest win rate 56%
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🌏 Global Investor Returns
Currency-adjusted total returns for SPGI including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

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 four segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, 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 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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding SPGI
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Manager Shares Value % of Fund Period
Li Lu Himalaya Capital Management 121.5K $51.7M 1.61% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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🎙 Management Tone Confident Specific ~ Volatile 5 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$3.678B
+11% YoY
Operating Income
$1.998B
+15% YoY
Operating Margin
54.3%
+2.0pp YoY
Net Income
$1.205B
+22% YoY
What Went Right
  • Ratings delivered a record quarter with revenue up 17% YoY, helped by 25% billed issuance growth and 60% private markets growth.
  • S&P Dow Jones Indices posted a 13th consecutive record quarter, revenue up 20%, with best-ever quarterly net inflows.
  • Adjusted EPS rose 23% to $4.83, and the company raised 2026 buyback target by nearly $3B to more than $7B.
What to Watch
  • Energy growth slowed to 3% due to Iran-conflict-related renewal pressure, sanctions, and dampened global trading services activity.
  • Market Intelligence had elongated renewal cycles with large customers and some softness in smaller, subscale products.
  • Management sees a slower second-half issuance comp due to last year's pattern, and prudent hyperscaler issuance assumptions of $250-$300B for the full year.
Management Guidance
  • Full-year 2026 revenue growth of 5.9%-7.9% and organic constant-currency growth of 6.0%-8.0% (both excluding Mobility).
  • Full-year adjusted EPS of $17.50-$17.75 and adjusted operating margin expansion ex-OSTTRA of 75-100 bps.
  • Division guidance: Ratings revenue +5%-8%, Indices +12%-14%, Market Intelligence +5.5%-7%, Energy +4.5%-6%; more than $7B of buybacks planned.
Investor Lens
The thesis is stronger after this call. Record Ratings and Indices results drove an 11% revenue beat, 200 bps of margin expansion, and 23% adjusted EPS growth, while management raised both guidance and buybacks. AI adoption is accelerating, with Kensho LLM-ready API call volume up more than 5x sequentially. The main caveats remain Energy's conflict-related headwinds and Market Intelligence's elongated renewal cycles, but the benchmark-led model continues to compound.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG S&P Global delivered a strong quarter with 11% revenue growth and 23% EPS growth
Revenue
Pro forma revenue rose 11% to $3.678B. Ratings grew 17% and Indices grew 20%, while Energy grew only 3% and Market Intelligence grew 6% on a reported and organic constant-currency basis.
Profitability
Adjusted operating profit increased 15% to $1.998B. Pro forma net income rose 22% to $1.205B, and adjusted diluted EPS climbed 23% to $4.83.
Margins
Adjusted operating margin expanded 200 bps to 54.3%. Ratings margin expanded 310 bps to 68.5%, Indices improved 90 bps to 71.5%, Market Intelligence expanded 120 bps to 36%, and Energy expanded 70 bps to 47.5% despite revenue headwinds.
Balance Sheet
The company generated $2.4B of adjusted free cash flow in the first half including Mobility and expects $2.9B-$3.1B in the second half excluding Mobility. It received roughly $2B in Mobility dividends, plans $2B of H2 debt issuance, and expects year-end gross leverage of 2.7x-2.8x EBITDA.
Key Risks
Management flagged the Iran conflict and sanctions-based drag on Energy renewals and GTS. Market Intelligence faces longer customer renewal cycles and a few subscale product headwinds, while second-half Ratings comps are tougher and hyperscaler issuance could slow.
Outlook
Full-year adjusted EPS is guided to $17.50-$17.75 with organic constant-currency revenue growth of 6%-8% and margin expansion ex-OSTTRA of 75-100 bps. Management expects to repurchase more than $7B of shares in 2026.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Q2 2026 saw 11% revenue and 23% adjusted EPS growth, driven by strong performance in Ratings and Indices, rapid AI adoption, and strategic acquisitions. Guidance for 2026 includes 6%-8% revenue growth, double-digit EPS growth, and $7B in share repurchases.
Q1 2026 Q1 2026 2026-04-28
Q1 saw 10% revenue growth and 14% adjusted EPS growth, with margin expansion across all divisions despite macro volatility. Guidance for 2026 is reiterated, except for Energy, which is lowered due to the Iran conflict. AI adoption and product innovation are driving higher customer engagement and retention.
Q4 2025 Q4 2025 2026-02-10
Strong 2025 results featured robust revenue and EPS growth, margin expansion, and record shareholder returns. 2026 guidance anticipates continued organic growth, margin improvement, and EPS gains, supported by strategic investments in AI, private markets, and energy, despite macroeconomic uncertainties.
Q3 2025 Q3 2025 2025-10-30
Record Q3 results with 9% revenue growth and 22% adjusted EPS increase, driven by strong performance across all divisions and significant margin expansion. Raised full-year guidance, announced major acquisitions, and continued portfolio optimization, while navigating market headwinds and regulatory risks.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw 6% revenue growth, strong margin expansion, and robust performance across all divisions, especially Market Intelligence. Full-year guidance was raised for Ratings, Indices, and Mobility, with continued investment in AI and private markets driving future growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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