Latest Ratios: P/E Ratio 30.2x · EV/EBITDA 18.8x · 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 | $131.3B | $159.4B | $155.3B | $140.5B | $106.7B | $114.1B | $79.6B | $67.4B | $43.0B | $43.9B | $28.5B |
| Enterprise Value | $143.7B | $171.9B | $165.6B | $151.2B | $117.0B | $112.3B | $80.2B | $69.2B | $44.8B | $44.6B | $29.7B |
| P/E Ratio → | 30.25 | 35.65 | 40.33 | 53.53 | 32.84 | 37.72 | 34.03 | 31.75 | 21.98 | 29.31 | 13.54 |
| P/S Ratio | 8.56 | 10.40 | 10.93 | 11.24 | 9.54 | 13.75 | 10.69 | 10.06 | 6.88 | 7.23 | 5.04 |
| P/B Ratio | 3.74 | 4.41 | 4.14 | 3.69 | 2.68 | 20.61 | 23.74 | 24.04 | 18.68 | 20.71 | 16.01 |
| P/FCF | 24.06 | 29.22 | 27.91 | 39.38 | 42.43 | 32.03 | 22.80 | 25.33 | 22.05 | 23.17 | 21.14 |
| P/OCF | 23.23 | 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 | — | 11.21 | 11.66 | 12.10 | 10.47 | 13.54 | 10.78 | 10.33 | 7.15 | 7.36 | 5.24 |
| EV / EBITDA | 18.77 | 22.45 | 24.52 | 29.28 | 19.65 | 25.53 | 20.99 | 20.18 | 14.94 | 16.16 | 8.43 |
| EV / EBIT | 22.19 | 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% | — | — | — | — | — | — | — | — | — | — |
| 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 | 3.3% | 2.8% | 2.5% | 1.9% | 3.0% | 2.7% | 2.9% | 3.1% | 4.5% | 3.4% | 7.4% |
| FCF Yield | 4.2% | 3.4% | 3.6% | 2.5% | 2.4% | 3.1% | 4.4% | 3.9% | 4.5% | 4.3% | 4.7% |
| Buyback Yield | 3.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $305M | $312M | $319M | $319M | $242M | $242M | $247M | $253M | $259M | $265M |
Debt issuance cycle sensitivity
According to current market data, SPGI trades at a forward P/E of 20.79, which appears to command a premium relative to broader financial services peers, reflecting investor confidence in the company's entrenched competitive moat and the recurring nature of its high-margin data and index licensing revenue streams.
The current valuation suggests that the market is pricing in sustained growth from the integration of IHS Markit assets and the structural shift toward passive investment vehicles. While the PEG ratio of 3.20 indicates a high price relative to near-term growth expectations, this may be justified by the company's unique ability to generate high-margin, non-transactional revenue that is less sensitive to interest rate volatility than traditional financial firms.
As reported in recent financial statements, SPGI has achieved significant margin improvement, with operating margins expanding from 28.2% in 2023Q4 to 48.0% in 2026Q1, indicating strong operating leverage inherent in its high-margin data and index licensing business model compared to historical performance.
The expansion in operating margins suggests that the company is successfully scaling its intellectual property-heavy platform without a commensurate increase in overhead. Investors should monitor whether this trend persists, as it relies heavily on the company's ability to maintain pricing power in its core ratings and data segments despite potential wage inflation for specialized financial talent.
Based on the provided financial data, SPGI's ROIC has remained relatively modest, trending between 1.3% and 3.0% over the last ten quarters, which appears to be heavily influenced by the significant goodwill and intangible assets recognized following the large-scale acquisition of IHS Markit.
While the company's underlying operations are highly profitable, the reported ROIC figures may understate the true economic returns on invested capital due to the accounting treatment of acquisition-related intangibles. Analysts should look past these GAAP-distorted metrics to evaluate the cash-on-cash returns generated by the core business units, which appear to be compounding value more effectively than the headline ROIC suggests.
According to quarterly filings, SPGI maintains a consistent DSO profile, hovering around 70 to 75 days, which suggests that the company's billing and collection processes are well-aligned with the contractual nature of its subscription-based data and ratings services across its diverse global client base.
The stability in DSO indicates that the company faces minimal credit risk from its institutional client base, reinforcing the durability of its revenue streams. The lack of significant volatility in these efficiency metrics implies that the company's working capital management is mature and unlikely to be a source of unexpected cash flow disruption.
The current ratio, which has fluctuated between 0.68 and 1.03, is frequently misapplied to SPGI as a measure of financial distress, failing to account for the company's ability to generate massive, predictable free cash flow that renders traditional short-term liquidity buffers largely irrelevant for this business model.
Investors focusing on the current ratio may incorrectly perceive a liquidity risk where none exists, as the company's business model is characterized by high cash conversion and minimal physical inventory. A more appropriate metric for assessing SPGI's financial health would be the interest coverage ratio or free cash flow yield, which better capture the company's capacity to service debt and return capital to shareholders.
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 30.2x. The historical average is 25.6x. This places it at the 66th percentile of its historical range.
S&P Global Inc.'s current EV/EBITDA is 18.8x. 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 30.2x. This is at the 66th 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 0.86% 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.