S&P Global Inc.

S&P Global Inc. is a global provider of financial data, credit ratings, commodity price benchmarks, and indices, generating $15.3 billion in GAAP revenue in fiscal 2025 across five operating segments. The company sits at the intersection of nearly every major capital markets activity: its Ratings division grades roughly $4.3 trillion in billed debt issuance annually, its benchmarks underpin the S&P 500 and Dow Jones Industrial Average, its Energy price assessments serve as the reference for physical and financial commodity contracts worldwide, and its Market Intelligence business pipes data and analytics into the desktops of investment professionals across the globe.

This is a story about a collection of extraordinarily durable information-services franchises whose collective economics — mid-40s operating margins, asset-light capital intensity, and a subscription base that provides roughly half of total revenue — make it one of the highest-quality compounders in the S&P 500. The central tension is how much of that quality is already priced in, particularly as the company has just completed the spin-off of its Mobility segment and faces an evolving regulatory landscape for its Ratings franchise. The file turns on two questions: whether Ratings' transaction-revenue cycle can sustain its current altitude, and whether the remaining four segments can collectively deliver enough organic growth to justify a premium multiple on post-spin earnings.