S&P Global Inc. (SPGI) intrinsic value & 10-year financials
S&P Global Inc. (SPGI) has a Graham intrinsic value of $285.84 per share. At $429.64 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue grew 11.7% a year to $15.3B, with an average return on invested capital of 123.6%.
- Graham intrinsic value
- $285.84
- Share price (Oct 17, 2026)
- $429.64
- Price vs Graham value
- 50% above
- Market cap
- $131.1B
- Revenue (FY2025)
- $15.3B
- Revenue growth (10-yr CAGR)
- 11.7%
- ROIC (10-yr avg)
- 123.6%
- Free cash flow (FY2025)
- $5.5B
SPGI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.3B | $4.5B | $14.66 | $5.5B | 42.2% | 11.5% |
| FY2024 | $14.2B | $3.9B | $12.35 | $5.6B | 39.3% | 9.8% |
| FY2023 | $12.5B | $2.6B | $8.23 | $3.6B | 32.2% | 6.8% |
| FY2022 | $11.2B | $3.2B | $10.20 | $2.5B | 44.2% | 15.6% |
| FY2021 | $8.3B | $3.0B | $12.51 | $3.6B | 50.9% | 543.8% |
| FY2020 | $7.4B | $2.3B | $9.66 | $3.5B | 48.6% | 172.4% |
| FY2019 | $6.7B | $2.1B | $8.60 | $2.7B | 48.2% | 109.4% |
| FY2018 | $6.3B | $2.0B | $7.73 | $2.0B | 44.6% | 124.9% |
| FY2017 | $6.1B | $1.5B | $5.78 | $1.9B | 43.0% | 115.2% |
| FY2016 | $5.7B | $2.1B | $7.94 | $1.3B | 59.5% | 127.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
S&P Global is a consistent compounder, expanding top-line revenue at 11.7% annually over the past decade.
S&P Global has earned high returns on invested capital, averaging 52.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, S&P Global shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, S&P Global is modeled at 7.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $285.84 per share.