CME vs SPGI: CME and S&P Global compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- S&P Global is the larger company, worth $124.8B, about 1.3 times CME.
- S&P Global grew revenue faster over the last year (+10.4% vs +0.8%).
- CME keeps more of each dollar of revenue as operating profit (65.1% vs 43.9%).
- On earnings, CME is the cheaper stock (23.2x vs 26.7x).
- CME's price assumes faster free cash flow growth: about 7% a year, against 7% for S&P Global (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CME | SPGI |
|---|---|---|
| Market cap | $98.5B | $124.8B |
| Share price | $270.27 | $407.82 |
| Revenue (last fiscal year) | $6.5B | $15.3B |
| Free cash flow (last fiscal year) | $4.2B | $5.5B |
| Revenue growth, last year | +0.8% | +10.4% |
| Revenue growth per year, last 5 fiscal years | +8.6% | +16.6% |
| Operating margin | 65.1% | 43.9% |
| Net margin | 63.1% | 30.4% |
| Return on equity | 16.1% | 15.3% |
| P/E (trailing) | 23.2x | 26.7x |
| Price / free cash flow | 23.5x | 22.9x |
| EV / EBITDA | 16.8x | 17.3x |
| FCF growth the price implies | 7.1% | 6.7% |
| Dividend yield | 1.9% | 0.93% |
| Debt / equity | 6.34x | 0.79x |
| Fundamental grade | C | B |
| Superinvestors holding it | 10 | 14 |
| Insider purchases, last 12 months | 9 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CME
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | $2.3B | 56.4% |
| 2022 | $5.0B | $3.0B | 60.1% |
| 2023 | $5.6B | $3.4B | 61.6% |
| 2024 | $6.1B | $3.6B | 64.1% |
| 2025 | $6.5B | $4.2B | 64.9% |
S&P Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $3.6B | 50.9% |
| 2022 | $11.2B | $2.5B | 44.2% |
| 2023 | $12.5B | $3.6B | 32.2% |
| 2024 | $14.2B | $5.6B | 39.3% |
| 2025 | $15.3B | $5.5B | 42.2% |
Where the revenue comes from
CME · by products, 2025
Clearing and Transaction Fees$5.3B81%
MarketData$803M12%
OtherRevenue$436M7%
S&P Global · by segments, 2025
Market Intelligence$4.9B32%
Ratings$4.5B30%
Energy$2.3B15%
Indices$1.8B12%
Mobility$1.7B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CME in InvestinglyQuestions
Which is bigger, CME or S&P Global?
S&P Global (SPGI), at $124.8B against $98.5B.
Is CME or SPGI cheaper?
By trailing P/E, CME (23.2x) is cheaper than S&P Global (26.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CME or SPGI?
S&P Global: revenue grew +10.4% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.