S&P Global Inc. (SPGI) Key Metrics
SPGI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $126.66B
- Enterprise value
- $155.57B
- P/E (TTM)
- 26.1 10-yr median 31.6
- Forward P/E
- 19.9
- PEG ratio
- 1.94
- Price / sales
- 7.9 10-yr median 9.7
- Price / book
- 3.8 10-yr median 16.4
- EV / EBITDA
- 21.9 10-yr median 20.6
- Dividend yield
- 0.90% $3.88 a year
- Beta
- 1.09
SPGI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSPGI valuation Price multiples at each fiscal year-end price.
SPGI returns How much profit the business earns on the capital it uses.
SPGI per-share figures Results divided by the shares outstanding at year-end.
SPGI financial health Debt, liquidity and how easily interest is covered.
SPGI efficiency & capital use Working capital cycle and where the cash goes.
SPGI valuation history
SPGI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPGI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPGI cash returned to shareholders
SPGI price vs earnings per share
SPGI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $150.84B | $146.96B | $132.91B | $100.93B | $107.96B | $75.29B | $63.78B | $40.71B | $41.49B | $26.98B |
| Enterprise value | $163.24B | $157.21B | $143.59B | $111.28B | $106.15B | $75.93B | $65.57B | $42.62B | $42.27B | $28.34B |
| P/E ratio | 33.7 | 38.2 | 50.6 | 31.1 | 35.7 | 32.2 | 30.0 | 20.8 | 27.7 | 12.8 |
| Price / sales | 9.8 | 10.3 | 10.6 | 9.0 | 13.0 | 10.1 | 9.5 | 6.5 | 6.8 | 4.8 |
| Price / book | 4.8 | 4.4 | 3.9 | 2.8 | 53.1 | 147.9 | 133.2 | 17.7 | 54.0 | 15.1 |
| Price / free cash flow | 27.6 | 26.4 | 37.3 | 40.1 | 30.3 | 21.6 | 24.0 | 20.9 | 21.9 | 20.0 |
| Price / operating cash flow | 26.7 | 25.8 | 35.8 | 38.8 | 30.0 | 21.1 | 23.0 | 19.7 | 20.6 | 18.4 |
| EV / sales | 10.6 | 11.1 | 11.5 | 10.0 | 12.8 | 10.2 | 9.8 | 6.8 | 7.0 | 5.0 |
| EV / EBITDA | 21.2 | 23.2 | 35.7 | 18.5 | 23.8 | 21.2 | 20.0 | 14.1 | 15.2 | 8.0 |
| EV / free cash flow | 29.9 | 28.2 | 40.3 | 44.3 | 29.8 | 21.8 | 24.6 | 21.8 | 22.3 | 21.0 |
| Earnings yield | 3.0% | 2.6% | 2.0% | 3.2% | 2.8% | 3.1% | 3.3% | 4.8% | 3.6% | 7.8% |
| Free cash flow yield | 3.6% | 3.8% | 2.7% | 2.5% | 3.3% | 4.6% | 4.2% | 4.8% | 4.6% | 5.0% |
| Dividend yield | 0.8% | 0.8% | 0.9% | 1.0% | 0.7% | 0.9% | 0.9% | 1.2% | 1.0% | 1.4% |
| Shareholder yield (dividends + buybacks) | 4.1% | 3.0% | 3.3% | 12.9% | 8.6% | 2.4% | 2.8% | 5.3% | 3.4% | 5.6% |
| Share price at fiscal year-end | $494.41 | $471.17 | $416.76 | $316.88 | $446.48 | $311.00 | $258.33 | $160.78 | $160.26 | $101.74 |
| Per share | ||||||||||
| Revenue per share | $50.27 | $45.55 | $39.19 | $35.11 | $34.31 | $30.74 | $27.13 | $24.72 | $23.42 | $21.35 |
| Earnings per share | $14.65 | $12.35 | $8.23 | $10.20 | $12.51 | $9.66 | $8.60 | $7.73 | $5.78 | $7.94 |
| Operating cash flow per share | $18.52 | $18.24 | $11.63 | $8.17 | $14.88 | $14.73 | $11.24 | $8.15 | $7.79 | $5.52 |
| Free cash flow per share | $17.88 | $17.84 | $11.19 | $7.89 | $14.74 | $14.42 | $10.78 | $7.71 | $7.31 | $5.09 |
| Cash per share | $5.90 | $5.41 | $4.13 | $4.08 | $26.91 | $17.01 | $11.72 | $7.73 | $10.77 | $9.02 |
| Book value per share | $102.38 | $106.31 | $107.24 | $114.53 | $8.40 | $2.10 | $1.94 | $9.10 | $2.97 | $6.72 |
| Tangible book value per share | −$70.50 | −$58.72 | −$56.59 | −$51.41 | −$11.41 | −$18.91 | −$18.31 | −$10.88 | −$13.94 | −$10.08 |
| Dividends per share | $3.83 | $3.64 | $3.60 | $3.22 | $3.07 | $2.66 | $2.27 | $1.99 | $1.63 | $1.43 |
| Capex per share | $0.64 | $0.40 | $0.45 | $0.28 | $0.14 | $0.31 | $0.47 | $0.45 | $0.48 | $0.43 |
| Debt per share | $46.54 | $38.26 | $37.63 | $36.58 | $19.45 | $19.64 | $18.96 | $15.30 | $13.79 | $14.13 |
| Shares outstanding | 305.1M | 311.9M | 318.9M | 318.5M | 241.8M | 242.1M | 246.9M | 253.2M | 258.9M | 265.2M |
| Change in shares outstanding | −2.2% | −2.2% | +0.1% | +31.7% | −0.1% | −1.9% | −2.5% | −2.2% | −2.4% | −3.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.9% | 11.4% | 7.4% | 16.9% | 238.0% | 473.5% | 152.6% | 127.5% | 117.4% | 208.1% |
| Return on invested capital (ROIC) | 11.5% | 9.9% | 6.9% | 15.7% | 482.2% | 166.5% | 78.2% | 76.5% | 73.4% | 84.9% |
| Return on assets (ROA) | 7.4% | 6.4% | 4.3% | 8.5% | 21.9% | 19.6% | 20.4% | 20.7% | 16.5% | 25.0% |
| Return on tangible assets | 52.9% | 44.0% | 31.5% | 36.4% | 29.5% | 31.4% | 33.4% | 44.5% | 29.6% | 50.0% |
| Free cash flow margin | 35.6% | 39.2% | 28.5% | 22.5% | 42.9% | 46.9% | 39.7% | 31.2% | 31.2% | 23.8% |
| Income quality (OCF / net income) | 1.26 | 1.48 | 1.41 | 0.80 | 1.19 | 1.53 | 1.31 | 1.05 | 1.35 | 0.70 |
| Financial health | ||||||||||
| Total debt | $14.20B | $11.93B | $12.00B | $11.65B | $4.70B | $4.75B | $4.68B | $3.87B | $3.57B | $3.75B |
| Cash & short-term investments | $1.80B | $1.69B | $1.32B | $1.30B | $6.51B | $4.12B | $2.89B | $1.96B | $2.79B | $2.39B |
| Net debt | $12.40B | $10.25B | $10.68B | $10.35B | −$1.81B | $637.0M | $1.79B | $1.92B | $780.0M | $1.35B |
| Debt / equity | 0.45 | 0.36 | 0.35 | 0.32 | 2.31 | 9.34 | 9.77 | 1.68 | 4.65 | 2.10 |
| Debt / assets | 0.23 | 0.20 | 0.20 | 0.19 | 0.31 | 0.38 | 0.41 | 0.41 | 0.38 | 0.43 |
| Net debt / EBITDA | 1.61 | 1.51 | 2.66 | 1.72 | −0.40 | 0.18 | 0.55 | 0.63 | 0.28 | 0.38 |
| Current ratio | 0.82 | 0.85 | 0.84 | 0.94 | 2.31 | 1.67 | 1.52 | 1.37 | 1.35 | 1.41 |
| Quick ratio | 0.82 | 0.85 | 0.99 | 1.14 | 2.74 | 2.11 | 2.03 | 1.92 | 1.76 | 1.83 |
| Interest coverage | 22.6 | 18.8 | 12.0 | 16.3 | 35.5 | 25.7 | 22.9 | 20.8 | 17.3 | 18.5 |
| Working capital | −$1.34B | −$933.0M | −$982.0M | −$332.0M | $5.00B | $2.40B | $1.62B | $975.0M | $1.11B | $1.06B |
| Invested capital | $43.63B | $43.41B | $44.88B | $46.83B | $226.0M | $1.15B | $2.27B | $4.22B | $1.55B | $3.14B |
| Tangible asset value | −$16.59B | −$13.96B | −$14.15B | −$13.11B | $745.0M | −$1.74B | −$2.19B | −$2.75B | −$2.26B | −$2.67B |
| Net current asset value | −$18.75B | −$17.25B | −$17.35B | −$16.37B | −$680.0M | −$3.20B | −$3.83B | −$3.55B | −$2.98B | −$3.22B |
| Graham number | $183.73 | $171.88 | $140.96 | $162.11 | $48.63 | $21.38 | $19.37 | $39.79 | $19.64 | $34.64 |
| Graham net-net per share | −$67.74 | −$60.52 | −$61.19 | −$61.12 | −$10.63 | −$19.29 | −$21.29 | −$19.09 | −$16.18 | −$15.88 |
| Capital allocation | ||||||||||
| Dividends paid | $1.17B | $1.13B | $1.15B | $1.02B | $743.0M | $645.0M | $560.0M | $503.0M | $421.0M | $380.0M |
| Share buybacks (net) | $5.00B | $3.30B | $3.30B | $12.00B | $8.50B | $1.16B | $1.24B | $1.66B | $1.00B | $1.12B |
| Dividend payout ratio | 26.2% | 29.4% | 43.7% | 31.5% | 24.6% | 27.6% | 26.4% | 25.7% | 28.1% | 18.0% |
| Dividends + buybacks / free cash flow | 113.1% | 79.7% | 124.7% | 518.2% | 259.5% | 51.8% | 67.6% | 110.9% | 75.1% | 111.4% |
| Capex / revenue | 1.3% | 0.9% | 1.1% | 0.8% | 0.4% | 1.0% | 1.7% | 1.8% | 2.0% | 2.0% |
| Capex / operating cash flow | 3.5% | 2.2% | 3.9% | 3.4% | 1.0% | 2.1% | 4.1% | 5.5% | 6.1% | 7.9% |
| Capex / depreciation | 0.17 | 0.11 | 0.13 | 0.09 | 0.20 | 0.37 | 0.56 | 0.55 | 0.68 | 0.64 |
| Stock-based compensation / revenue | 1.5% | 1.7% | 1.4% | 1.9% | 1.5% | 1.2% | 1.2% | 1.5% | 1.6% | 1.3% |
| R&D / revenue | — | — | — | — | 0.2% | — | — | — | — | 0.4% |
| SG&A / revenue | 22.3% | 22.3% | 25.2% | 30.3% | 20.7% | 20.7% | 22.6% | 24.9% | 25.7% | 25.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 75.1 | 73.1 | 77.7 | 67.6 | 71.3 | 77.7 | 82.4 | 80.7 | 73.5 | 68.1 |
| Days of inventory on hand | — | — | -93.6 | -138.4 | -271.5 | -276.3 | -279.5 | -274.8 | -262.2 | -165.0 |
| Days payables outstanding | 46.5 | 46.1 | 44.5 | 31.9 | 36.7 | 36.9 | 37.0 | 40.3 | 40.7 | 40.0 |
| Cash conversion cycle (days) | 28.6 | 27.0 | -60.4 | -102.6 | -236.8 | -235.4 | -234.1 | -234.4 | -229.5 | -136.9 |
| Receivables turnover | 4.86 | 4.99 | 4.70 | 5.40 | 5.12 | 4.70 | 4.43 | 4.52 | 4.97 | 5.36 |
| Payables turnover | 7.85 | 7.91 | 8.20 | 11.46 | 9.95 | 9.90 | 9.86 | 9.05 | 8.96 | 9.12 |
| Asset turnover | 0.25 | 0.24 | 0.20 | 0.29 | 0.60 | 0.62 | 0.64 | 0.66 | 0.67 | 0.67 |
| Average receivables | $3.15B | $2.85B | $2.66B | $2.07B | $1.62B | $1.58B | $1.51B | $1.38B | $1.22B | $1.06B |
| Average payables | $581.5M | $555.0M | $503.5M | $327.5M | $219.0M | $211.5M | $200.5M | $203.0M | $189.0M | $194.5M |
| Average inventory | — | — | −$1.06B | −$1.42B | −$1.62B | −$1.58B | −$1.51B | −$1.38B | −$1.22B | −$801.5M |
| Intangibles / total assets | 86.2% | 85.5% | 86.2% | 85.5% | 31.9% | 40.6% | 44.1% | 53.5% | 46.4% | 51.4% |
Computed from SPGI's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SPGI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), S&P Global traded at 33.7 times earnings, against a 10-year median of 31.6. Based on the latest twelve months, the trailing P/E is 26.1 and the forward P/E is 19.9. S&P Global earned a return on equity of 13.9% and a return on invested capital of 11.5% in fiscal 2025. It ended the year with $14.2 billion of debt and $1.8 billion in cash and short-term investments, net debt of $12.4 billion. It returned $6.2 billion to shareholders: $1.2 billion in dividends and $5.0 billion in share buybacks, 113% of free cash flow. The share count rose 15.0% from 265.2M to 305.1M over 9 years.
See the SPGI income statement, the SPGI chart for price history, or the SPGI stock overview for the latest quote and news.
SPGI key metrics FAQ
What is S&P Global's P/E ratio?
S&P Global's trailing P/E ratio is 26.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.9. At the end of fiscal 2025 it was 33.7, compared with a 10-year median of 31.6.
What is S&P Global's EV/EBITDA?
S&P Global's enterprise value was 21.2 times EBITDA at the end of fiscal 2025 (enterprise value $163.2 billion, EBITDA $7.7 billion); the current EV/EBITDA is 21.9.
What is S&P Global's return on equity?
S&P Global's return on equity (ROE) was 13.9% in fiscal 2025: net income of $4.5 billion on average shareholders' equity of $32.2 billion.
What is S&P Global's ROIC?
S&P Global's return on invested capital was 11.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does S&P Global have?
S&P Global had total debt of $14.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.45 and $12.4 billion of net debt (1.61 times EBITDA).
What is S&P Global's dividend yield?
S&P Global's forward dividend yield is 0.90%. S&P Global paid $1.2 billion in dividends in fiscal 2025 ($3.83 per share), a payout ratio of 26.2%.
Does S&P Global buy back its shares?
Yes. S&P Global spent $5.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.2% over the year, to 305.1M..
What is S&P Global's free cash flow yield?
S&P Global generated $5.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.6% on its market value at year-end ($150.8 billion).
What is S&P Global's current ratio?
S&P Global's current ratio was 0.82 at the end of fiscal 2025: current assets were 0.82 times current liabilities.