Latest Ratios: P/E Ratio 27.7x · EV/EBITDA 17.3x · 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 | $119.8B | $159.4B | $155.3B | $140.5B | $106.7B | $114.1B | $79.6B | $67.4B | $43.0B | $43.9B | $28.5B |
| Enterprise Value | $132.3B | $171.9B | $165.6B | $151.2B | $117.0B | $112.3B | $80.2B | $69.2B | $44.8B | $44.6B | $29.7B |
| P/E Ratio → | 27.73 | 35.65 | 40.33 | 53.53 | 32.84 | 37.72 | 34.03 | 31.75 | 21.98 | 29.31 | 13.54 |
| P/S Ratio | 7.96 | 10.59 | 11.17 | 11.55 | 9.81 | 13.95 | 10.90 | 10.28 | 7.03 | 7.42 | 5.20 |
| P/B Ratio | 3.43 | 4.41 | 4.14 | 3.69 | 2.68 | 20.61 | 23.74 | 24.04 | 18.68 | 20.71 | 16.01 |
| P/FCF | 21.96 | 29.22 | 27.91 | 39.38 | 42.43 | 32.03 | 22.80 | 25.33 | 22.05 | 23.17 | 21.14 |
| P/OCF | 21.21 | 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 | 17.28 | 22.45 | 24.52 | 29.28 | 19.65 | 25.53 | 20.99 | 20.18 | 14.94 | 16.16 | 8.43 |
| EV / EBIT | 20.42 | 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 | 70.2% | 70.2% | 69.1% | 66.9% | 66.4% | 73.7% | 71.9% | 70.5% | 70.6% | 72.1% | 68.7% |
| Operating Margin | 42.2% | 42.2% | 39.3% | 32.2% | 44.2% | 50.9% | 48.6% | 48.2% | 44.6% | 42.6% | 59.0% |
| Net Profit Margin | 29.2% | 29.2% | 27.1% | 21.0% | 29.0% | 36.4% | 31.4% | 31.7% | 31.3% | 24.7% | 37.2% |
| 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 | 0.24 | 0.21 | 0.18 | 0.55 | 0.59 | 0.59 | 0.66 | 0.64 | 0.65 |
| 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 | 0.9% | 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 | 3.6% | 2.8% | 2.5% | 1.9% | 3.0% | 2.7% | 2.9% | 3.1% | 4.5% | 3.4% | 7.4% |
| FCF Yield | 4.6% | 3.4% | 3.6% | 2.5% | 2.4% | 3.1% | 4.4% | 3.9% | 4.5% | 4.3% | 4.7% |
| Buyback Yield | 4.2% | 3.1% | 2.1% | 2.3% | 11.3% | 0.0% | 1.5% | 1.9% | 3.9% | 2.3% | 3.9% |
| Total Shareholder Yield | 5.1% | 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 27.7x. 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 17.3x. 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 27.7x. 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 0.94% with a payout ratio of 26.2%.
S&P Global Inc. has 70.2% gross margin and 42.2% 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 regulatory scrutiny
Metrics are mathematically derived from official filings.
Premium Multiple for a Durable Franchise
SPGI trades at 28.1x trailing earnings and 3.5x book, a premium to ICE but below MCO's 35x, reflecting its entrenched index and ratings moats. According to recent market data, the forward P/E of 22.8x implies continued double-digit earnings growth.
The P/B of 3.48 is misleading given the substantial intangible assets from the IHS Markit merger; tangible book is negative, so P/TBV is not meaningful. The market appears to price SPGI as a high-quality compounder, with the forward multiple suggesting expectations of sustained margin expansion and resilient fee-based revenue. Relative to MSCI's 36.8x earnings, SPGI's discount may reflect its heavier exposure to cyclical debt issuance, but the diversified model warrants a narrower gap.
Fee-Driven ROE Understated by GAAP
ROE of 3.3% in 2026Q2 appears low, but this is a non-deposit, fee-based model where equity is inflated by acquisition intangibles. As reported in financial statements, net margin is 51.2%, and the DuPont decomposition shows asset utilization of 2.0% and leverage of 1.7x.
The traditional bank DuPont does not apply; SPGI's ROE is depressed by a large equity base from the IHS Markit acquisition, not by weak profitability. Adjusted for intangibles, return on tangible equity would be significantly higher, likely in the high teens or low twenties. The 100% fee income and negative NIM confirm that profitability is driven by subscription and transaction fees, not interest spreads.
Negative NIM, Superior Efficiency
NIM is consistently negative at -0.1%, reflecting a non-lending model, while the efficiency ratio improved to 21.1% in 2026Q2 from 28.5% in 2024Q1. Based on reported figures, this operating leverage stems from scale and the post-spin focus on core divisions.
The negative NIM is immaterial; SPGI's profitability hinges on fee generation and cost discipline. The efficiency ratio decline indicates strong cost control, with the spin-off of Mobility likely removing lower-margin operations. Investors should monitor whether AI investments and restructuring in Market Intelligence sustain this efficiency trend or introduce execution risk.
Equity-Rich Balance Sheet Supports Returns
Equity-to-assets stood at 50.2% in 2026Q2, a fortress-like level for a non-bank, with cash and equivalents of $4.1B. As reported in financial statements, this capital base underpins a $787M quarterly capital return program.
While regulatory capital ratios are not applicable, the high equity ratio provides ample buffer for debt-funded acquisitions or share repurchases. The negative tangible book value, however, highlights that reported equity is largely intangible, so capital adequacy should be assessed on cash generation and free cash flow, not book value. The consistent buyback and dividend growth suggest management confidence in underlying cash flows.
Minimal Credit Risk in Fee Model
With no loan book, asset quality is defined by receivables and intangibles; provisions of $1.1B in 2026Q2 are likely for trade receivables, not credit losses. According to recent filings, these provisions are stable, indicating low credit risk.
The absence of traditional lending means credit risk is limited to counterparty defaults on subscription receivables, which appear well-managed. The larger asset-quality concern is the $30B+ of goodwill and intangibles; any impairment would hit equity, but current cash flows support their carrying value. Investors should monitor the amortization run-rate, which depresses GAAP earnings but not cash flow.
P/E Distorted by Amortization
The most misapplied ratio for SPGI is P/E, as GAAP earnings are depressed by significant amortization of intangibles from the IHS Markit merger. As reported in financial statements, this non-cash charge inflates the P/E, obscuring true earning power.
Investors should use P/E on adjusted earnings (excluding amortization) or EV/EBITDA, which for SPGI is a meaningful metric given its asset-light model. The trailing P/E of 28.1x overstates valuation; on adjusted earnings, the multiple is likely in the low 20s. Additionally, P/B is meaningless due to negative tangible book, so focus on cash-flow-based multiples and ROIC.