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Stock

S&P Global

SPGI
73
Financial - Data & Stock Exchanges · Financial Services
Also trades as: 0KYY.L GBP 4.53 (+2.43%)
Price
$453.10
+9.94 (+2.24%)
Market Cap
$133.57B
Winston Score
73
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
27/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Weak
1/5

73 of 100 counted points = Winston Score 73.

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Share count rising — dilution

+26.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 241.8M (2021) → 305.1M (2025)

§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

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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)
27.6x
Growth-priced — P/E 27.6

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

Cheaper or dearer next year
P/E vs Forward
+8.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.6 → 18.8)

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Dividends

Dividend
Dividend Yield
0.90%
Small dividend — 0.90% yield

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

Dividend record
Dividend Growth
+1.0%
Dividend flat
Payout Ratio
23%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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