S&P Global Inc. (SPGI) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: S&P Global Inc.

Updated on October 28, 2026 · accounts published on October 27, 2026

A highly profitable, cash-generative business with widening margins

S&P Global trades at a P/E of 27.8× over the last 12 months, 21 % below its ten-year median of 35.0×, with a 46 % operating margin.

• Is S&P Global expensive or cheap? S&P Global's P/E of 27.8× is 21 % below its ten-year median of 35.0× but 115 % above its sector median.
• How is the business doing? EPS grew 19 % over the last 12 months on 8 % revenue growth, and the operating margin of 46 % beats its 41 % 2014-2025 average.
• How strong is the balance sheet? Debt to equity is 0.50 over the last 12 months, and the dividend has risen for 11 straight fiscal years on a 26 % payout.
• What to expect from the next earnings? Analysts expect EPS of $4.01 for the quarter reported on February 9, 2027; 24 of 28 rate the stock a buy.
• Is it a scalable, lightly leveraged business? S&P Global passes all six financial-services checks, with revenue per share up 10 % a year in fiscal 2020-2025.

Is S&P Global expensive or cheap?

Over the last 12 months S&P Global trades at a P/E of 27.8×, 21 % below its ten-year median of 35.0×. In the past decade the stock traded at a lower multiple only 25 % of the time, within a range of 16.0× to 65.4×. Against its five-year average of 39.9×, the current P/E sits under the 90 % line that marks a cheap reading in financial services. The sector comparison points the other way: the median of 321 peers is 12.9×, so S&P Global carries a 115 % premium. The share price is down 4 % over 12 months and 14 % below its 52-week high of $546.35.

How is the business doing?

Revenue rose 8 % over the last 12 months while EPS climbed 19 %, so earnings are growing more than twice as fast as sales. The operating margin over the same period reached 46 %, above the 42 % of fiscal 2025 and well above the 41 % average for fiscal 2014-2025. Margins that widen as revenue grows suggest each extra dollar of sales costs little to serve. The net margin stands at 31 % over the last 12 months, and ROE at 15.5 %, a solid but not outstanding return on the equity the company holds.

How strong is the balance sheet?

Debt to equity stands at 0.50 over the last 12 months, right at the 0.5 limit considered prudent for financial services, so leverage is moderate with little margin to spare. Shareholder returns rest on a low payout: the dividend took 26 % of earnings in fiscal 2025, the 11th consecutive fiscal year of higher dividends per share. The dividend yield is a modest 0.8 % over the last 12 months, well below the 3.9 % free cash flow yield, which means most of the cash the business generates is not paid out as dividends.

What to expect from the next earnings?

On October 27, 2026 S&P Global reported EPS of $4.58 against $4.43 expected, a 3.4 % beat, and it has topped EPS estimates in 7 of the last 8 quarters. Analysts expect EPS of $4.01 for the next quarter, due on February 9, 2027. Expectations are steady: the 2026 EPS consensus barely moved in the last 30 days, from $17.87 to $17.84 across 11 analysts, and the revenue consensus was flat too. Of the 28 analysts covering the company, 24 recommend buying, 4 holding and none selling. With that track record, the market is used to beats.

Is it a scalable, lightly leveraged business?

Asset managers, brokers, fintechs and exchanges are not banks, so the checks focus on revenue growth, fee-driven margins and cash quality. S&P Global grew revenue per share 10 % a year in fiscal 2020-2025, above the 6 % healthy threshold. Its fiscal 2025 operating margin of 42 % clears the 30 % bar, and free cash flow equalled 122 % of net income against a 90 % minimum, so profits turn into cash. Two checks pass only narrowly: ROE of 15.5 % over the last 12 months against a 15 % threshold, and debt to equity of 0.50 at the 0.5 limit.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.