S&P Global's third-quarter revenue grew 7% organically to $3.63 billion. Adjusted operating margins grew to 53.5% from 52.9% last year. The firm raised its 2026 ratings and index revenue outlook and its firmwide EPS outlook. S&P announced a strategic review of its Capital IQ and related businesses.
Ratings revenue, which has high incremental margins, has often surprised to the upside, such as in 2020, 2021, and 2024. In addition, refinancing walls could support stronger than expected issuance.
Higher interest rates, corporate deleveraging, and increased spreads could lead to a decline in bond issuance, which would weigh on ratings revenue. Notably, spreads in 2024 and 2025 for high-yield were lower than usual, indicating relatively loose credit conditions.
|
Metric
|
SPGI
|
MSCI
|
FDS
|
|---|---|---|---|
Price/Earnings (Normalized) | 23.79 | 30.12 | 18.41 |
Price/Book Value | 6.56 | — | 5.50 |
Price/Sales | 8.89 | 12.84 | 4.58 |
Price/Cash Flow | 22.49 | 26.16 | 13.59 |
|
Metric
|
SPGI
|
MSCI
|
FDS
|
|---|---|---|---|
Quick Ratio | 0.83 | 0.71 | 0.52 |
Current Ratio | 0.95 | 0.82 | 0.60 |
Interest Coverage | 22.80 | 6.78 | 12.81 |
|
Metric
|
SPGI
|
MSCI
|
FDS
|
|---|---|---|---|
Return on Assets (Normalized) | 8.44% | 26.79% | 15.65% |
Return on Equity (Normalized) | 16.06% | — | 31.35% |
Return on Invested Capital (Normalized) | 10.72% | 45.67% | 19.15% |
|
1-Day Chart
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Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
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CME
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MSCI
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TRU
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FDS
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United States