S&P Global

SPGI

Financial - Data & Stock Exchanges · Financial Services

Also trades as: 0KYY.L

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

S&P Global is a financial data and analytics company best known for two things: its credit ratings and its market indexes. The credit ratings business grades the financial health of governments and corporations, telling lenders how risky it is to loan them money. The company also owns the S&P 500 index, one of the most widely followed stock market benchmarks in the world, along with Platts (commodity data) and Market Intelligence (financial data tools for professionals).

S&P Global earns money through a mix of ratings fees, subscriptions, and licensing — companies pay to have their debt rated, and asset managers pay to license the S&P 500 name for funds and ETFs. It operates globally, with significant revenue from the U.S. and Europe, and its 2022 merger with IHS Markit made it one of the largest financial data providers in the world. Its biggest moat is the near-mandatory nature of its ratings in debt markets, though regulatory scrutiny of the ratings industry remains a persistent risk.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.7% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.8B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

S&P Global is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

71.9%

Premium pricing power — 71.9% gross margin

Profit after running costs

Operating Margin

50.8%

Excellent — 50.8% operating margin

Return on the money invested

ROCE

15.8%

Strong — 15.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.7%

Steady sales growth (+9.7% YoY)

Profit growth

EPS YoY

+26.2%

Earnings growing fast (+26.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

116%

Turns 116% of profit into real cash

Spare cash per sale

FCF Margin

34.6%

Converts sales into free cash efficiently (34.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

23.60x

Comfortably covers interest (23.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.3x

no trend

Growth-priced — P/E 26.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.3 → 17.9)

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Dividends

Dividend

Dividend Yield

0.94%

no trend

Small dividend — 0.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+2.1%

no trend

Dividend flat

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