S&P Global Inc. (SPGI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-46.4%

$255.54

vs $476.52 price

Levered DCF

$225.68

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.88

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.62×	40.29×	53.4×	32.68×	37.57×	33.85×	31.57×	21.79×
P/B	5.1×	4.68×	4.1×	2.91×	55.93×	155.65×	139.89×	67.89×
P/S	10.39×	10.92×	11.22×	9.49×	13.7×	10.65×	10×	6.81×
EV / EBITDA	22.32×	24.41×	29.33×	19.36×	25.07×	22.34×	21.01×	14.69×
Gross margin	70.2%	69.1%	66.9%	66.4%	73.7%	71.9%	70.5%	70.6%
Operating margin	42.2%	39.3%	32.2%	44.2%	50.9%	48.6%	48.2%	44.6%
Net margin	29.2%	27.1%	21.0%	29.0%	36.4%	31.4%	31.7%	31.3%
Current ratio	0.82×	0.85×	0.84×	0.94×	2.31×	1.67×	1.52×	1.37×
Debt / equity	0.45×	0.36×	0.35×	0.32×	2.31×	9.34×	9.77×	5.83×
Interest coverage	22.57×	18.79×	12.04×	16.26×	35.47×	25.65×	22.88×	20.82×
Dividend yield	0.7%	0.7%	0.8%	1.0%	0.7%	0.8%	0.8%	1.2%
Payout ratio	26.2%	29.4%	43.7%	31.5%	24.6%	27.6%	26.4%	25.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	11.6%	7.7%	8.9%	148.8%	459.5%	443.2%	311.8%
Return on invested capital	9.2%	8.1%	5.8%	6.6%	29.3%	31.4%	30.3%	32.3%
Return on assets	7.3%	6.4%	4.3%	5.3%	20.1%	18.7%	18.7%	20.7%
Free cash flow yield	3.4%	3.6%	2.5%	2.4%	3.1%	4.4%	4.0%	4.6%
Earnings yield	2.8%	2.5%	1.9%	3.1%	2.7%	3.0%	3.2%	4.6%
Enterprise value	$171.7B	$165.5B	$151B	$116.5B	$111.8B	$79.9B	$68.8B	$44.4B
Net debt / EBITDA	1.62×	1.51×	2.08×	1.72×	-0.4×	0.18×	0.55×	0.58×
Cash conversion cycle (days)	33	28	33	38	38	38	51	43