S&P Global

SPGI

Financial - Data & Stock Exchanges · Financial Services

Price

$450.84

-6.54 (-1.43%)

Market Cap

$133.45B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

Politician Trades

47 trades / 12mo

29 Congressional buys and 18 sells on SPGI in the last 12 months.

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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

+32.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Gross Margin

70.4%

Premium pricing power — 70.4% gross margin

Operating Margin

48.0%

Excellent — 48.0% operating margin

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.5%

Steady sales growth (8.5% YoY)

EPS YoY

+24.0%

Earnings growing fast (24.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

120%

Turns 120% of profit into real cash

FCF Margin

35.3%

Converts sales into free cash efficiently (35.3%)

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

Debt / Equity

0.44

Conservative — low debt load (0.44)

Interest Cover

22.56x

Comfortably covers interest (22.6x)

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

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Valuation

P/E Ratio (TTM)

28.5x

Growth-priced — P/E 28.5

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

P/E vs Forward

+9.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.5 → 19.0)

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Dividends

Dividend Yield

0.86%

Small dividend — 0.86% yield

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

Dividend Growth

+2.1%

Dividend flat

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