SPGI
S&P Global Inc.
Financial Services · Financial Data & Stock Exchanges · United States · Stock
Score Breakdown
Scored for Dividend Income profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- The near-perfect profitability score anchors the composite, reflecting FY2025 operating and net margins of 42.2% and 29.2% respectively that rank among the strongest in the model's universe.
- Strong momentum and dividend scores further support the composite, with consistent sequential revenue and income growth and a multi-year dividend growth track record at a low 26.2% payout ratio.
- The growth factor scored in the mid-range at 12.5/20, reflecting solid but not top-tier revenue expansion of +7.9%, which tempers the overall composite below the highest tier.
Why Not Higher
- The absence of a macro theme assignment means the theme component contributes zero to the composite score, which weighs on the total relative to peers that carry active theme classifications.
- Revenue growth of +7.9% in FY2025, while healthy, was not strong enough to earn a top-tier growth score, limiting upside to the composite from the growth factor.
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from FY2024's $14,208,000,000 to FY2025's $15,336,000,000, a gain of +7.9%. Net income rose +16.1% over the same period, and diluted EPS expanded +18.7% from FY2024 to FY2025.
The model rewarded solid earnings and EPS acceleration relative to top-line growth, but the mid-range score suggests the revenue growth rate of +7.9% in FY2025 was not sufficient to earn a top-tier growth ranking under the model's methodology.
In FY2025, SPGI posted an operating margin of 42.2%, a net margin of 29.2%, and a return on equity of 14.4%.
The model rewarded the exceptionally high operating and net margins, which reflect a highly scalable, asset-light business model; the near-perfect score indicates these profitability metrics rank among the strongest in the model's universe.
Filing evidence currently available does not support a more specific explanation for this factor.
Over the last four reported quarters, revenue rose sequentially from $3,755,000,000 in 2025Q2 to $3,888,000,000 in 2025Q3, $3,916,000,000 in 2025Q4, and $4,171,000,000 in 2026Q1. Operating income followed a similar upward trajectory, moving from $1,551,000,000 in 2025Q2 to $2,002,000,000 in 2026Q1, and net income climbed from $1,072,000,000 in 2025Q2 to $1,395,000,000 in 2026Q1.
The model rewarded the consistent sequential acceleration across revenue, operating income, and net income, with 2026Q1 representing a notable step-up that signals strengthening near-term business momentum.
Dividends per share have grown each year from $3.32 in FY2022 to $3.60 in FY2023, $3.64 in FY2024, and $3.84 in FY2025, while the dividend payout ratio stood at a conservative 26.2% of net income in FY2025.
The model rewarded the consistent multi-year dividend growth trend alongside a low payout ratio, which signals both commitment to returning capital and ample room for future dividend increases without straining earnings.
SPGI is not currently assigned to any of the 24 tracked macro themes in the model.
The absence of a theme assignment is a neutral characteristic of the model's current classification; it does not reflect on the company's business quality or prospects, and the zero score for this component simply reflects that no theme-based score can be applied without an active assignment.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
S&P Global Inc. (SPGI) earned a composite score of 73.3/100 with a Low risk rating and a Dividend Candidate label, reflecting an exceptionally profitable, asset-light business paired with a consistent and growing dividend. In FY2025, the company posted an operating margin of 42.2% and a net margin of 29.2%, while revenue grew +7.9% and diluted EPS expanded +18.7% year-over-year. Quarterly momentum has been strong, with revenue climbing from $3,755M in 2025Q2 to $4,171M in 2026Q1 and operating income reaching $2,002M in 2026Q1. The dividend profile is equally compelling, with dividends per share rising each year from $3.32 in FY2022 to $3.84 in FY2025 at a conservative 26.2% payout ratio, leaving ample room for continued increases.
Plain English
SPGI is a highly profitable company that keeps growing its earnings and pays a steadily rising dividend — it makes a lot of money on each dollar of revenue, and it only pays out about a quarter of its profits as dividends, so there's plenty of room to keep raising that dividend over time.
Bull Case vs. Bear Case
Bull Case
- Exceptional profitability: SPGI's FY2025 operating margin of 42.2% and net margin of 29.2% reflect a highly scalable, asset-light business model that consistently converts revenue into profit at rates among the strongest in the model's universe.
- Accelerating momentum: Revenue rose sequentially every quarter from $3,755M in 2025Q2 to $4,171M in 2026Q1, while operating income climbed from $1,551M to $2,002M over the same span, signaling strengthening near-term business performance.
- Durable and growing dividend: Dividends per share have increased every year from $3.32 in FY2022 to $3.84 in FY2025, and the 26.2% payout ratio in FY2025 leaves substantial earnings headroom for continued dividend growth.
Bear Case
- Moderate revenue growth: FY2025 revenue growth of +7.9% year-over-year, while solid, was not sufficient to earn a top-tier growth ranking under the model's methodology, suggesting the top line is expanding at a measured rather than exceptional pace.
- No macro theme assignment: SPGI is not currently assigned to any of the 24 tracked macro themes in the model, which means it does not benefit from any theme-based score contribution to the composite.
- EPS growth outpacing revenue may reflect mix or buybacks rather than pure organic acceleration, and the mid-range growth score of 12.5/20 indicates the model views the overall growth profile as solid but not outstanding.
What Could Change the Picture
Bullish Triggers
- A sustained acceleration in revenue growth beyond the current +7.9% annual rate could push the growth factor score meaningfully higher and lift the composite score.
- Assignment to one or more of the model's 24 tracked macro themes would add a score component currently contributing zero, potentially improving the overall ranking.
Bearish Triggers
- A meaningful deceleration in the strong sequential quarterly momentum — particularly if operating income retreats from the $2,002M level reached in 2026Q1 — would weaken one of the key pillars supporting the current score.
- A significant increase in the dividend payout ratio beyond the current conservative 26.2% without a corresponding rise in earnings could signal reduced financial flexibility.
Risk Profile
Low RiskThe model assigns SPGI a Low risk rating, consistent with its strong and consistent financial momentum — revenue, operating income, and net income all rose sequentially across the last four reported quarters through 2026Q1. The company's total assets of $61.2B in FY2025 provide a substantial balance sheet foundation, and the financial health factor scored 16.0/20, further supporting the low-risk designation.
Key Catalysts to Watch
The notable step-up in 2026Q1 results — with revenue reaching $4,171M and operating income reaching $2,002M — represents a potential near-term momentum catalyst if that acceleration is sustained in subsequent quarters.
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.