| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 36 | 25.0x | 17.8x | Bottom tier | |
Growth | 67 | 9.7% | 7.1% | Top tier | |
Quality | 80 | — | — | Top tier | |
Safety | 73 | — | — | Top tier | |
Capital Return | 31 | 0.93% | 2.12% | Bottom tier | |
Momentum | 28 | -24.1% | 2.9% | Bottom tier | |
Sentiment | 68 | 15 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
S&P Global operates through four core divisions following the separation of Mobility Global on July 1, 2026: Ratings, Indices, Energy, and Market Intelligence. The company generates revenue from credit ratings and issuance fees; asset-linked, derivatives, and index subscription fees; Platts benchmarks and CERA data and research; as well as data subscriptions, the Capital IQ Pro, RatingsXpress, and Visible Alpha platforms, and lending solutions such as ClearPar and WSO. The benchmarks businesses, which include Ratings, Indices, Platts, and the distribution of ratings content through Market Intelligence, account for approximately two-thirds of revenue and more than 80% of operating profit.
In fiscal Q2 2026, revenue reached $4.15 billion, exceeding analysts’ estimates of $4.12 billion, while total revenue and organic constant-currency revenue grew 11%, and recurring revenue increased 8%. Adjusted operating profit grew 15% and adjusted earnings per share grew 23%, with the adjusted operating margin expanding 200 basis points to 54.3%; the expansion would have been 270 basis points excluding OSTTRA from the comparison period. This result reflects 15% revenue growth in the benchmarks businesses and a smaller 6% increase in adjusted expenses.
The growth mix in fiscal Q2 2026 was led by Ratings, where revenue increased 17% and the operating margin reached 68.5%, and Indices, where revenue increased 20% and the margin reached 71.5%. By contrast, Market Intelligence grew 6% with a 36% margin, while Energy grew only 3% with a 47.5% margin. For broader financial comparison, fiscal 2025 recorded revenue of $15.3 billion and net income of $4.5 billion, while the trailing twelve-month figures ending in 2026 were revenue of $15.7 billion, net income of $4.8 billion, and earnings per share of approximately $16.05.
The average analyst price target is $512, within a narrow range of $505 to $521, with a consensus “Buy” rating; the average is approximately 2.4% below the upper end of the 52-week range of $524.65466. The 52-week range extends from $361.03122 to $524.65466, while the data do not include a published price-to-earnings multiple that can be relied upon; therefore, the positive consensus should be weighed against fiscal 2026 adjusted earnings-per-share guidance of $17.50–$17.75, which is below the FactSet estimate of $18.50.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Ratings and Indices led growth, with their revenue increasing 17% and 20%, respectively, and both delivering record performance. Billed issuance grew 25%, while asset-linked fees and exchange-traded derivatives fees each increased 22%. As a result, company revenue grew 11%, adjusted earnings per share increased 23%, and the operating margin expanded 200 basis points to 54.3%.
The number of customers using Kensho’s LLM-ready APIs and MCP solutions exceeded 500 in fiscal Q2 2026, up more than 70% from the previous quarter. API call volume increased more than fivefold from fiscal Q1 2026, while annual contract value growth among AI customers was 60% faster than the average in Market Intelligence and approximately three times the average in Energy. Ratings is also benefiting from AI infrastructure financing, after hyperscaler infrastructure issuance reached approximately $169 billion in the first half of fiscal 2026.
The separation of Mobility Global into an independent publicly traded company was completed on July 1, 2026, so fiscal 2026 guidance excludes its contribution for the full year. S&P Global received distributions of approximately $2 billion from Mobility Global and intends to use most of the proceeds for share repurchases and approximately $500 million for debt reduction. Following the separation, the company is focused on four divisions: Ratings, Indices, Energy, and Market Intelligence, and raised its annual share repurchase target to more than $7 billion.
Automated analysis for informational purposes only — not investment advice.
The company expects approximately $11 trillion of rated debt to mature over the next four and a half years, supporting multiyear refinancing activity. It raised its fiscal 2026 hyperscaler infrastructure issuance assumption to $250–300 billion and expects double-digit growth in merger- and acquisition-related issuance. However, management expects lower year-over-year growth comparisons in the second half due to the higher comparison base, while activity remains sensitive to interest-rate levels and credit spreads.
Energy was the slowest-growing division in fiscal Q2 2026, with revenue increasing only 3%, including 1% growth in CERA and 4% growth in Platts. Sanctions negatively affected Platts growth by 120 basis points and CERA growth by 30 basis points, while the conflict with Iran pressured renewals, event attendance, and Global Trading Services. In Market Intelligence, nonrecurring revenue declined 2% and some renewal cycles lengthened, despite 6% growth in revenue and subscriptions.
The company expects organic constant-currency growth of between 6% and 8% and adjusted earnings per share of between $17.50 and $17.75 in fiscal 2026. It forecasts growth of between 5% and 8% in Ratings, between 12% and 14% in Indices, between 5.5% and 7% in Market Intelligence, and between 4.5% and 6% in Energy. It also targets consolidated margin expansion excluding OSTTRA of 75–100 basis points and adjusted free cash flow of between $2.9 billion and $3.1 billion in the second half.
