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Friday 6 November 2026 Export SPGI’s income statement to Excel — free account

S&P Global Inc.

SPGI Financial Financial Data & Stock Exchanges

Revenue
+6.83%
EPS
+19.8%
Free cash flow
+30.0%
Total debt
+14.7%

Quarter to September 2026, against a year earlier

467.72 4.69 −0.99%
Market cap
$137.0B
P/E
27.6×
Fwd P/E
28.2×
Dividend yield
0.82%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
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S&P Global Inc. (SPGI) valuation and DCF model

What the price implies · reverse DCF

At $467.72 the price implies 26.2% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 11.1% a year over the last ten years, 7.1% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 196.6% over ten years; the price implies 47.2% for good.

In December 2017 the price assumed 24.3% a year; S&P Global Inc. went on to grow the dividend a share 14.3% a year to FY2025.

Price implies
26.2%
Last 5 years, reported
7.1%
Last 10 years, reported
11.1%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
26.2% a year for ten years
$467.72
today’s price
Its base case
11.1% a year for five years, then 6.7%
$131.64
71.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record S&P Global Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 26.2% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against S&P Global Inc.’s own cost of capital: risk-free 4.3% + beta 1.03 × equity premium 4.5% = 8.9% cost of equity; weighted, 8.9%.

Use 8.9%
Base case value per share $131.64 ten years discounted, and what follows
Current price $467.72 market price per share
Below today’s price 71.9% downside at the base case’s assumptions

How we got there$52.86 10 years of dividends+$78.78 terminal value=$131.64 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 27.60× 37.04× 33.59× 18% below 24.85× 11% above
P/FCF 23.63× 31.86× 28.13× 16% below 20.23× 17% above
P/B 6.96× 4.67× 45.14× 85% below 4.56× 53% above
EV/EBITDA — 22.83× 18.99× — 3.38× —
EV/Sales — 11.09× 9.38× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
23.98×32.70×41.41×50.13×10Y avg 33.59×2017201820192020202120222023202420252026

SPGI trades at 27.60× P/E, against a 10-year average of 33.59× (range 21.32×–51.90×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $569.21 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.