Latest Ratios: P/E Ratio 27.4x · EV/EBITDA 16.9x · ROE 12.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $137.9B | $159.4B | $155.3B | $140.5B | $106.7B | $114.1B | $79.6B | $67.4B | $43.0B | $43.9B | $28.5B |
| Enterprise Value | $150.4B | $171.9B | $165.6B | $151.2B | $117.0B | $112.3B | $80.2B | $69.2B | $44.8B | $44.6B | $29.7B |
| P/E Ratio → | 27.36 | 35.65 | 40.33 | 53.53 | 32.84 | 37.72 | 34.03 | 31.75 | 21.98 | 29.31 | 13.54 |
| P/S Ratio | 8.85 | 10.59 | 11.17 | 11.55 | 9.81 | 13.95 | 10.90 | 10.28 | 7.03 | 7.42 | 5.20 |
| P/B Ratio | 3.95 | 4.41 | 4.14 | 3.69 | 2.68 | 20.61 | 23.74 | 24.04 | 18.68 | 20.71 | 16.01 |
| P/FCF | 24.45 | 29.22 | 27.91 | 39.38 | 42.43 | 32.03 | 22.80 | 25.33 | 22.05 | 23.17 | 21.14 |
| P/OCF | 24.40 | 28.21 | 27.30 | 37.87 | 40.98 | 31.72 | 22.31 | 24.29 | 20.85 | 21.75 | 19.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.42 | 11.90 | 12.43 | 10.76 | 13.73 | 10.99 | 10.56 | 7.31 | 7.55 | 5.42 |
| EV / EBITDA | 16.93 | 22.45 | 24.52 | 29.28 | 19.65 | 25.53 | 20.99 | 20.18 | 14.94 | 16.16 | 8.43 |
| EV / EBIT | 23.21 | 26.39 | 29.55 | 37.75 | 23.38 | 26.22 | 23.81 | 22.54 | 15.91 | 17.11 | 8.81 |
| EV / FCF | — | 31.51 | 29.76 | 42.39 | 46.56 | 31.52 | 22.98 | 26.02 | 22.95 | 23.59 | 22.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.6% | 71.6% | 70.6% | 68.7% | 68.3% | 74.8% | 73.3% | 72.0% | 72.2% | 73.9% | 70.9% |
| Operating Margin | 43.0% | 43.0% | 40.1% | 33.1% | 45.5% | 51.6% | 49.5% | 49.2% | 45.6% | 43.7% | 61.0% |
| Net Profit Margin | 29.7% | 29.7% | 27.7% | 21.6% | 29.9% | 37.0% | 32.0% | 32.4% | 32.0% | 25.3% | 38.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | 10.2% | 6.7% | 14.3% | 68.0% | 76.0% | 83.1% | 88.6% | 76.7% | 143.1% |
| ROA | 7.4% | 7.4% | 6.4% | 4.3% | 8.5% | 21.9% | 19.6% | 20.4% | 20.7% | 16.5% | 25.0% |
| ROIC | 9.7% | 9.7% | 8.4% | 5.9% | 12.0% | 34.5% | 34.8% | 36.0% | 35.9% | 35.1% | 49.5% |
| ROCE | 12.1% | 12.1% | 10.3% | 7.3% | 14.8% | 41.9% | 42.0% | 42.8% | 42.8% | 42.1% | 59.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.32 | 0.31 | 0.29 | 0.85 | 1.42 | 1.67 | 1.59 | 1.69 | 2.00 |
| Debt / EBITDA | 1.85 | 1.85 | 1.77 | 2.32 | 1.96 | 1.07 | 1.24 | 1.36 | 1.22 | 1.29 | 1.01 |
| Net Debt / Equity | — | 0.34 | 0.27 | 0.28 | 0.26 | -0.32 | 0.19 | 0.65 | 0.76 | 0.37 | 0.66 |
| Net Debt / EBITDA | 1.63 | 1.63 | 1.52 | 2.07 | 1.74 | -0.41 | 0.17 | 0.53 | 0.58 | 0.29 | 0.33 |
| Debt / FCF | — | 2.28 | 1.84 | 3.00 | 4.12 | -0.50 | 0.19 | 0.68 | 0.89 | 0.42 | 0.87 |
| Interest Coverage | 22.70 | 22.70 | 18.87 | 11.99 | 16.47 | 35.99 | 23.89 | 21.78 | 21.01 | 17.52 | 18.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.85 | 0.84 | 0.94 | 2.31 | 1.67 | 1.52 | 1.37 | 1.35 | 1.41 |
| Quick Ratio | 0.82 | 0.82 | 0.85 | 0.84 | 0.94 | 2.31 | 1.67 | 1.52 | 1.37 | 1.35 | 1.41 |
| Cash Ratio | 0.23 | 0.23 | 0.26 | 0.21 | 0.21 | 1.70 | 1.15 | 0.93 | 0.73 | 0.86 | 0.92 |
| Asset Turnover | — | 0.25 | 0.23 | 0.20 | 0.18 | 0.54 | 0.58 | 0.58 | 0.65 | 0.63 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.7% | 0.7% | 0.8% | 1.0% | 0.7% | 0.8% | 0.8% | 1.2% | 1.0% | 1.3% |
| Payout Ratio | 26.2% | 26.2% | 29.4% | 43.7% | 31.5% | 24.6% | 27.6% | 26.4% | 25.7% | 28.1% | 18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 2.8% | 2.5% | 1.9% | 3.0% | 2.7% | 2.9% | 3.1% | 4.5% | 3.4% | 7.4% |
| FCF Yield | 4.1% | 3.4% | 3.6% | 2.5% | 2.4% | 3.1% | 4.4% | 3.9% | 4.5% | 4.3% | 4.7% |
| Buyback Yield | 3.6% | 3.1% | 2.1% | 2.3% | 11.3% | 0.0% | 1.5% | 1.9% | 3.9% | 2.3% | 3.9% |
| Total Shareholder Yield | 4.4% | 3.9% | 2.9% | 3.2% | 12.2% | 0.7% | 2.3% | 2.8% | 5.0% | 3.2% | 5.3% |
| Shares Outstanding | — | $305M | $312M | $319M | $319M | $242M | $242M | $247M | $253M | $259M | $265M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SPGI stock.
S&P Global Inc.'s current P/E ratio is 27.4x. The historical average is 25.6x. This places it at the 52th percentile of its historical range.
S&P Global Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
S&P Global Inc.'s return on equity (ROE) is 12.1%. The historical average is 43.2%.
Based on historical data, S&P Global Inc. is trading at a P/E of 27.4x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
S&P Global Inc.'s current dividend yield is 0.82% with a payout ratio of 26.2%.
S&P Global Inc. has 71.6% gross margin and 43.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
S&P Global Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Ratings cyclicality and debt issuance
Metrics are mathematically derived from official filings.
Premium Multiple Prices Franchise Durability
Based on reported figures, SPGI trades at 3.99 times book and 32.22 times trailing earnings, a premium that the peer set of MCO at 22.05 times book and ICE at 3.43 times book helps frame, since bank-style book multiples are poorly suited to a fee-based data business. The multiple signals investor confidence in durable fee streams rather than a commodity balance sheet. Book value here is distorted by buybacks and acquisition accounting, so price-to-book understates true franchise economics and investors should weigh earnings-based and cash-flow-based multiples more heavily. The forward P/E of 26.34 implies expected earnings growth that the market is pricing in, and this expectation warrants monitoring against issuance-cycle recovery.
The premium relative to ICE and the tangible-book metrics suggests the market is valuing SPGI as an intellectual-property and brand-licensing platform instead of a balance sheet. Because tangible book value per share is negative in every reported quarter, a return-on-tangible-equity framing is not meaningful here and valuation should rest on earnings and free cash flow. The forward multiple compressing relative to trailing indicates that the market expects earnings recovery, which investors should monitor against the cyclicality of debt issuance.
Fee Income Drives Returns Entirely
According to the reported quarterly figures, non-interest income equals roughly 102% of revenue across all ten quarters, so ROE of 4.0% in 2026Q3 reflects a fee-driven earnings base rather than leverage-driven bank economics.
Because net interest margin is negative and not a meaningful contributor, the standard bank DuPont framing of NIM times asset utilization times leverage does not apply, and returns must be read through fee revenue relative to equity. ROE has moved from 2.3% in 2024Q4 to 4.0% in 2026Q3, a trajectory that appears driven by the rise in earnings rather than by changes in leverage. The reported ROE and ROA values are modest in absolute terms, so the strength of profitability should be judged alongside the cash conversion and operating margin figures rather than against a bank return benchmark.
Efficiency Gains Mask Reporting Ambiguity
Based on SPGI's reported figures, the efficiency ratio fell from 33.2% in 2024Q4 to 19.2% in 2026Q3, a sustained compression that suggests strong operating leverage though the expense capture definition warrants review.
The efficiency ratio decline is consistent with a high-margin model where incremental revenue carries little incremental cost, which supports the view that operating leverage is genuine. However, the negative net interest margin and the large provision line mean the efficiency metric's denominator and numerator are not conventional, so the trend should be validated against operating margin data before treating it as proof of cost discipline. Investors should monitor whether the compression persists through a slower issuance environment.
Shrinking Equity Base Raises Questions
As reported in the balance sheet data, equity fell from about 34.9 billion dollars in 2024Q2 to 19.7 billion in 2026Q3, and the equity-to-assets ratio declined from 0.64 to 0.52, a movement that appears linked to repurchase activity.
Regulatory capital ratios such as CET1 are not applicable to this entity as it is not a depository institution, so capacity for capital return must be judged through cash generation and equity erosion. The shrinking equity base reflects large buybacks funded by operating cash flow, which suggests the company is returning capital faster than it retains it. Investors should monitor whether this pattern is sustainable if fee revenue cycles downward, since a thinner equity cushion leaves less room for absorbing earnings volatility.
P/B Misleads for Fee-Based Data Business
Price-to-book is commonly misapplied to SPGI, since the reported book value is depressed by buybacks and acquisition accounting, and it obscures the return economics that drive the stock's premium valuation.
Using P/B as the primary valuation anchor makes SPGI look expensive at 3.99 times while peers such as ICE trade near 3.43 times, yet this comparison ignores that the equity base has been shrinking through repurchases and that intangible-heavy acquisitions depress book value. A more informative approach pairs earnings yield, free cash flow yield, and return on invested capital, where SPGI's 22.5% ROIC for peer MCO and SPGI's margin profile suggest the franchise is valued on cash economics. Investors should treat the book multiple as a secondary reference rather than a decisive valuation signal.