S&P Global (SPGI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $121.2B, S&P Global's free cash flow of $5.5B (fiscal 2025) would need to grow about 6% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from S&P Global's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from SPGI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from S&P Global's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.3B | $11.2B | $12.5B | $14.2B | $15.3B |
| Net income | $3.0B | $3.2B | $2.6B | $3.9B | $4.5B |
| Free cash flow | $3.6B | $2.5B | $3.6B | $5.6B | $5.5B |
| EPS (diluted) | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 |
| Operating margin | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own SPGI
From each investor's latest 13F filing (what a 13F shows). 14 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Boykin Curry Eagle Capital Management |
Added | $1.7B | 5.1% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $568M | 0.20% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $48M | 0.36% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $17M | 0.04% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $15M | 0.02% | Q2 2026 |
| David Rolfe Wedgewood Partners |
Trimmed | $13M | 2.6% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $7M | 0.06% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $5M | 0.00% | Q2 2026 |
| Wallace Weitz Weitz Investment Management |
Added | $3M | 0.20% | Q2 2026 |
| Jay Petschek Corsair Capital Management |
Trimmed | $3M | 0.33% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $2M | 0.00% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $1M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by S&P Global's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 30, 2026 | Ro Khanna |
0 | $417.42 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $417.42 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $417.42 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $428.53 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $428.53 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $428.53 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $451.68 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $451.68 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $451.68 | — |
| Jan 14, 2026 | Rick W. Allen |
0 | $545.31 | — |
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In the full deep dive
Questions
What growth does S&P Global's stock price imply?
At a market value of $121.2B, S&P Global would need its free cash flow to grow about 6% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 16% a year.
Are S&P Global insiders buying the stock?
10 open-market insider purchases of SPGI in the last 12 months, from SEC Form 4 filings.
Which superinvestors own S&P Global?
14 of the superinvestors Investingly tracks hold SPGI in their latest 13F, including Boykin Curry, Cliff Asness, Tom Gayner.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.