SPGINYSEServices-Consumer Credit Reporting, Collection AgenciesFiscal year ends December 31
S&P Global Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$427.83−1.81 (-0.42%)
Close on Oct 19, 2026
- Market cap
- $127.32B
- P/E (TTM)
- 27.1
- Dividend yield
- 0.90%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
70.2%−1.6 pts over 5 years
Operating margin
42.2%−6.4 pts over 5 years
Net margin
29.2%−2.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.9% | +11.1% | +15.6% | +11.2% | |
| Gross profit | +9.4% | +13.2% | +15.0% | +11.6% | |
| Operating income | +16.1% | +9.4% | +12.4% | +12.9% | |
| Net income | +16.1% | +11.2% | +13.8% | +14.5% | |
| EPS, diluted | +18.7% | +12.9% | +8.7% | +13.3% | |
| Free cash flow | -2.0% | +29.5% | +9.3% | +38.1% | |
| Dividend per share | +5.5% | +5.0% | +41.8% | +11.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 499.1% | 473.5% | 13.9% | |
| Return on assets | 25.0% | 19.6% | 7.4% | |
| Current ratio | 1.41 | 1.67 | 0.82 | |
| Debt to equity | 5.48 | 8.07 | 0.42 | |
| Net debt to EBITDA | 0.33× | -0.00× | 1.48× | |
| Interest coverage | 18.5× | 25.7× | 22.6× | |
| Capex to revenue | 2.0% | 1.0% | 1.3% | |
| Diluted shares | 265M | 242M | 305M |
Where the cash went
Fiscal 2021 to 2025, five years combined
S&P Global generated $21.25B from operations and spent $29.41B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
$21.25B
Used
$29.41B
Capital expenditure$586.00M2%Dividends$5.22B18%Share buybacks$23.61B80%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin29.2%
×Asset turnover0.25×
×Equity multiplier1.89×
=Return on equity, FY202513.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.2% | 0.25× | 1.89× | 13.9% |
| FY2024 | 27.1% | 0.24× | 1.79× | 11.4% |
| FY2023 | 21.0% | 0.20× | 1.73× | 7.4% |
| FY2022 | 29.0% | 0.29× | 2.00× | 16.9% |
| FY2021 | 36.4% | 0.60× | 10.85× | 238.0% |
| FY2020 | 31.4% | 0.62× | 24.18× | 473.5% |
| FY2019 | 31.7% | 0.64× | 18.78× | 383.6% |
| FY2018 | 31.3% | 0.66× | 14.11× | 292.9% |
| FY2017 | 24.7% | 0.67× | 13.31× | 220.2% |
| FY2016 | 37.2% | 0.67× | 19.97× | 499.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$4.47B
- Cash generatingOperating cash flow above zero$5.65B
- Return on assets improvedROA up on the prior year6.4% → 7.4%
- Earnings backed by cashOperating cash flow above net income$5.65B vs $4.47B
- Less leverageLong-term debt to assets fell18.9% → 20.2%
- Better liquidityCurrent ratio rose0.85 → 0.82
- No dilutionShare count did not rise312M → 305M
- Gross margin improvedGross margin up on the prior year69.31% → 70.25%
- More efficientAsset turnover rose0.23 → 0.25