S&P Global Inc.

SPGI

S&P Global Inc., together with its subsidiaries, provides credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. It operates in six divisions: S&P Global Ratings, S&P Dow Jones Indices, S&P Global Commodity Insights, S&P Global Market Intelligence, S&P Global Mobility, and S&P Global Engineering Solutions. The S&P Global Ratings division operates as an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings, and benchmarks. The S&P Dow Jones Indices division is an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. The S&P Global Commodity Insights division offers data and insights for global energy and commodity markets and enable its customers to make decisions. The S&P Global Market Intelligence division delivers data and technology solutions for customers to provide insights for making decisions. It offers data and services that bring end-to-end workflow solutions, including capital formation, data and distribution, ESG and sustainability, leveraged loans, private markets, sector coverage, supply chain, and issuer solutions, as well as credit, risk, and regulatory solutions. The S&P Global Mobility division provides insights derived from unmatched automotive data, enabling its customers to anticipate change and make decisions. The S&P Global Engineering Solutions division offers engineering expertise and solutions in industries, such as aerospace and defense, energy, architecture, construction, and transportation. Its solutions empower business and technical leaders to transform workflows and make decisions. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

42.75%

Operating Income = $1.67B

Revenue = $3.92B

Pre-tax Profit Margini

41.65%

Income Before Tax = $1.63B

Revenue = $3.92B

Net Profit Margini

28.96%

Net Income = $1.13B

Revenue = $3.92B

Tax Metrics

Effective Tax Ratei

24.95%

Income Tax Expense = $0.41B

Income Before Tax = $1.63B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $6.23B

Financial Sector PPNR Metrics

PPNRi

$-1.13B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $1.07B

PPNR Margini

-28.75%

PPNR = $-1.13B

Revenue = $3.92B

PPNR / Avg Assetsi

-1.85%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-1.13B | avg total assets: $60.71B

Cost Efficiency Metrics

Efficiency Ratioi

27.37%

Non-Interest Expense = $1.07B

Revenue = $3.92B

Cost-to-Incomei

27.37%

Operating Expenses = $1.07B

Revenue = $3.92B

Cost-to-Assetsi

1.77%

Operating Expenses = $1.07B

Avg Total Assets = $60.71B

Operating Leverage Metrics

Operating JAWSi

17.32%

Revenue Growth = 9.02%

Expense Growth = -8.30%

Operating Margin Expansioni

6.31pp

Current Operating Margin = 42.75%

Prior Operating Margin = 36.44%

Earnings Quality Metrics

Earnings Qualityi

1.54x

Operating Cash Flow = $1.75B

Net Income = $1.13B

Accruals / Avg Assetsi

-1.01%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.13B | operating cash flow: $1.75B | avg total assets: $60.71B

Volatility Metrics

PPNR Volatilityi

0.04x

Core Revenue Volatilityi

0.04x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $15.34B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $4.29B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

$-21.51B

Tangible Assets (TA)i

$8.45B

TCE / TA Ratioi

-254.45%

🔴 Risk

TCE = $-21.51B

TA = $8.45B

Leverage

Equity / Assets (E/A)i

51.04%

Total Equity = $31.23B

Total Assets = $61.20B

Assets / Equity (A/E)i

1.96x

Total Assets = $61.20B

Total Equity = $31.23B

Capital Quality

(Goodwill + Intangibles) / Equityi

168.87%

🔴 Risk

GW+Intangibles = $52.75B

Total Equity = $31.23B

Liquidity

Liquidity Buffer (HQLA proxy)i

2.94%

🔴 Risk

Cash+ST Inv = $1.80B

Total Assets = $61.20B

Funding Structure

Wholesale Funding Ratio (Core)i

54.72%

🔴 Risk

ST+LT Debt = $13.71B

Total Liabilities = $25.05B

Securities / Assetsi

1.08%

✅ Healthy

ST+LT Inv = $0.66B

Total Assets = $61.20B

Risk-Adjusted

ATCE / TAi

0.00%

TCE ATCE = N/A

TA = $8.45B

ATCE Scissor Spreadi

-25445 bps

✅ Healthy

TCE/TA = -25445.00%

ATCE/TA = N/A

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Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

1.26x

TTM Operating Cash Flow = $5.65B

TTM Net Income = $4.47B

Cash Flow ROA (CFROA)i

9.34%

TTM Operating Cash Flow = $5.65B

Average Total Assets = $60.47B

Liquidity / Solvency

Cash Flow Adequacyi

4.13x

TTM Operating Cash Flow = $5.65B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $1.37B

OCF / Short-Term Debti

6.71x

TTM Operating Cash Flow = $5.65B

Short-Term Debt = $0.84B

Sustainability / Stability

OCF Growth Rate (YoY)i

0.46%

Current Quarter OCF = $1.75B

Same Quarter Last Year OCF = $1.74B

OCF Volatility (CV)i

0.29x

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profitability Margins

Operating Income Margini

42.75%

Operating Income = $1.67B

Revenue = $3.92B

Pre-tax Profit Margini

41.65%

Income Before Tax = $1.63B

Revenue = $3.92B

Net Profit Margini

28.96%

Net Income = $1.13B

Revenue = $3.92B

Tax Metrics

Effective Tax Ratei

24.95%

Income Tax Expense = $0.41B

Income Before Tax = $1.63B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $6.23B

Financial Sector PPNR Metrics

PPNRi

$-1.13B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $1.07B

PPNR Margini

-28.75%

PPNR = $-1.13B

Revenue = $3.92B

PPNR / Avg Assetsi

-1.85%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-1.13B | avg total assets: $60.71B

Cost Efficiency Metrics

Efficiency Ratioi

27.37%

Non-Interest Expense = $1.07B

Revenue = $3.92B

Cost-to-Incomei

27.37%

Operating Expenses = $1.07B

Revenue = $3.92B

Cost-to-Assetsi

1.77%

Operating Expenses = $1.07B

Avg Total Assets = $60.71B

Operating Leverage Metrics

Operating JAWSi

17.32%

Revenue Growth = 9.02%

Expense Growth = -8.30%

Operating Margin Expansioni

6.31pp

Current Operating Margin = 42.75%

Prior Operating Margin = 36.44%

Earnings Quality Metrics

Earnings Qualityi

1.54x

Operating Cash Flow = $1.75B

Net Income = $1.13B

Accruals / Avg Assetsi

-1.01%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.13B | operating cash flow: $1.75B | avg total assets: $60.71B

Volatility Metrics

PPNR Volatilityi

0.04x

Core Revenue Volatilityi

0.04x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $15.34B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $4.29B | employee count: N/A

Capital Adequacy

Tangible Common Equity (TCE)i

$-21.51B

Tangible Assets (TA)i

$8.45B

TCE / TA Ratioi

-254.45%

🔴 Risk

TCE = $-21.51B

TA = $8.45B

Leverage

Equity / Assets (E/A)i

51.04%

Total Equity = $31.23B

Total Assets = $61.20B

Assets / Equity (A/E)i

1.96x

Total Assets = $61.20B

Total Equity = $31.23B

Capital Quality

(Goodwill + Intangibles) / Equityi

168.87%

🔴 Risk

GW+Intangibles = $52.75B

Total Equity = $31.23B

Liquidity

Liquidity Buffer (HQLA proxy)i

2.94%

🔴 Risk

Cash+ST Inv = $1.80B

Total Assets = $61.20B

Funding Structure

Wholesale Funding Ratio (Core)i

54.72%

🔴 Risk

ST+LT Debt = $13.71B

Total Liabilities = $25.05B

Securities / Assetsi

1.08%

✅ Healthy

ST+LT Inv = $0.66B

Total Assets = $61.20B

Risk-Adjusted

ATCE / TAi

0.00%

TCE ATCE = N/A

TA = $8.45B

ATCE Scissor Spreadi

-25445 bps

✅ Healthy

TCE/TA = -25445.00%

ATCE/TA = N/A

Cash Generation Capability

Earnings Cash Contenti

1.26x

TTM Operating Cash Flow = $5.65B

TTM Net Income = $4.47B

Cash Flow ROA (CFROA)i

9.34%

TTM Operating Cash Flow = $5.65B

Average Total Assets = $60.47B

Liquidity / Solvency

Cash Flow Adequacyi

4.13x

TTM Operating Cash Flow = $5.65B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $1.37B

OCF / Short-Term Debti

6.71x

TTM Operating Cash Flow = $5.65B

Short-Term Debt = $0.84B

Sustainability / Stability

OCF Growth Rate (YoY)i

0.46%

Current Quarter OCF = $1.75B

Same Quarter Last Year OCF = $1.74B

OCF Volatility (CV)i

0.29x

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S&P Global Inc.

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)