S&P Global (SPGI) Financials

$471.68 +6.54 (+1.41%)

As of 04/14/2025 03:58 PM Eastern

Annual Income Statements for S&P Global

This table shows S&P Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,156	2,106	1,496	1,958	2,123	2,339	3,024	3,248	2,626	3,852
Consolidated Net Income / (Loss)	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Net Income / (Loss) Continuing Operations	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Total Pre-Tax Income	1,815	3,188	2,461	2,681	2,930	3,228	4,164	4,702	3,671	5,308
Total Operating Income	1,917	3,341	2,583	2,790	3,226	3,617	4,221	4,944	4,020	5,580
Total Gross Profit	3,595	3,888	4,369	4,420	4,723	5,348	6,117	7,428	8,356	9,817
Total Revenue	5,313	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208
Operating Revenue	5,313	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208
Total Cost of Revenue	1,718	1,773	1,694	1,838	1,976	2,094	2,180	3,753	4,141	4,391
Operating Cost of Revenue	1,718	1,773	1,694	1,838	1,976	2,094	2,180	3,753	4,141	4,391
Total Operating Expenses	1,678	547	1,786	1,630	1,497	1,731	1,896	2,511	4,372	4,280
Selling, General & Admin Expense	1,532	1,467	1,606	1,424	1,342	1,541	1,729	3,396	3,159	3,166
Depreciation Expense	90	85	82	84	82	83	82	108	101	96
Amortization Expense	67	96	98	122	122	123	96	905	1,042	1,077
Other Operating Expenses / (Income)	-	-1,101	-	0.00	-	-	-11	-1,898	70	-59
Total Other Income / (Expense), net	-102	-153	-122	-109	-296	-389	-57	-215	-313	-229
Interest Expense	102	181	149	134	198	420	119	312	334	297
Interest & Investment Income	-	-	-	-	-	0.00	0.00	27	36	43
Other Income / (Expense), net	-	28	27	25	-98	31	62	70	-15	25
Income Tax Expense	547	960	823	560	627	694	901	1,180	778	1,141
Net Income / (Loss) Attributable to Noncontrolling Interest	112	122	142	163	180	195	239	274	267	315
Basic Earnings per Share	$4.26	$8.02	$5.84	$7.80	$8.65	$9.71	$12.56	$10.25	$8.25	$12.36
Weighted Average Basic Shares Outstanding	271.60M	262.80M	256.30M	250.90M	245.40M	241M	240.80M	316.90M	318.40M	311.60M
Diluted Earnings per Share	$4.21	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35
Weighted Average Diluted Shares Outstanding	274.60M	265.20M	258.90M	253.20M	246.90M	242.10M	241.80M	318.50M	318.90M	311.90M
Weighted Average Basic & Diluted Shares Outstanding	271.40M	0.00	0.00	0.00	0.00	240.70M	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$1.32	$1.44	$1.64	$2.00	$2.28	$2.68	$3.08	$3.32	-	$3.64

This table shows S&P Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	608	433	795	511	742	578	991	1,011	971	879
Consolidated Net Income / (Loss)	678	494	860	575	814	644	1,068	1,085	1,047	967
Net Income / (Loss) Continuing Operations	678	494	860	575	814	644	1,068	1,085	1,047	967
Total Pre-Tax Income	823	621	1,048	834	995	794	1,316	1,378	1,360	1,254
Total Operating Income	853	720	1,144	911	1,074	891	1,385	1,452	1,434	1,309
Total Gross Profit	1,872	1,930	2,072	2,075	2,089	2,120	2,371	2,464	2,503	2,479
Total Revenue	2,861	2,938	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,593
Operating Revenue	2,861	2,938	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,593
Total Cost of Revenue	989	1,008	1,088	1,026	995	1,032	1,120	1,085	1,072	1,114
Operating Cost of Revenue	989	1,008	1,088	1,026	995	1,032	1,120	1,085	1,072	1,114
Total Operating Expenses	1,025	1,220	942	1,175	1,023	1,232	992	1,025	1,080	1,183
Selling, General & Admin Expense	725	945	705	771	741	942	705	734	808	919
Depreciation Expense	31	15	25	24	22	30	23	25	22	26
Amortization Expense	267	260	262	261	260	259	264	266	271	276
Other Operating Expenses / (Income)	2.00	-	-50	119	0.00	1.00	0.00	0.00	-21	-38
Total Other Income / (Expense), net	-24	-89	-82	-66	-71	-94	-63	-61	-63	-42
Interest Expense	67	79	85	88	84	77	78	77	72	70
Interest & Investment Income	6.00	7.00	14	11	8.00	3.00	6.00	13	11	13
Other Income / (Expense), net	37	-17	-11	11	5.00	-20	9.00	3.00	-2.00	15
Income Tax Expense	145	127	188	259	181	150	248	293	313	287
Net Income / (Loss) Attributable to Noncontrolling Interest	70	61	65	64	72	66	77	74	76	88
Basic Earnings per Share	$1.84	$1.05	$2.47	$1.60	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85
Weighted Average Basic Shares Outstanding	329.60M	316.90M	321.30M	319.30M	317.50M	318.40M	313.60M	313M	311.20M	311.60M
Diluted Earnings per Share	$1.84	$1.03	$2.47	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85
Weighted Average Diluted Shares Outstanding	330.90M	318.50M	322.10M	319.80M	318M	318.90M	314M	313.20M	311.50M	311.90M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of S&P Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-857	911	300	-821	928	1,236	2,383	-5,218	4.00	375
Net Cash From Operating Activities	227	1,560	2,016	2,064	2,776	3,567	3,598	2,603	3,710	5,689
Net Cash From Continuing Operating Activities	356	1,560	2,020	2,064	2,776	3,567	3,598	2,603	3,710	5,689
Net Income / (Loss) Continuing Operations	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Consolidated Net Income / (Loss)	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Depreciation Expense	90	85	82	84	82	83	82	108	101	96
Amortization Expense	67	96	98	122	122	123	96	905	1,042	1,077
Non-Cash Adjustments To Reconcile Net Income	132	-986	211	60	481	580	412	-1,304	867	659
Changes in Operating Assets and Liabilities, net	-1,201	137	-9.00	-323	-212	247	-255	-628	-1,193	-310
Net Cash From Investing Activities	-2,525	1,171	-209	-513	-131	-240	-120	3,628	562	-255
Net Cash From Continuing Investing Activities	-2,525	1,171	-209	-513	-131	-240	-120	3,628	562	-255
Purchase of Property, Plant & Equipment	-139	-115	-123	-113	-115	-76	-35	-89	-143	-124
Acquisitions	-2,396	-177	-83	-401	-91	-201	-99	210	-296	-305
Purchase of Investments	-4.00	-1.00	-5.00	-5.00	-10	19	-2.00	-2.00	-13	6.00
Divestitures	-	-	-	-	-	-	-	3,509	1,014	168
Net Cash From Financing Activities	1,441	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998
Net Cash From Continuing Financing Activities	1,349	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998
Repayment of Debt	143	-564	0.00	-403	-868	-1,394	0.00	-3,730	-188	-47
Repurchase of Common Equity	-974	-1,123	-1,001	-1,685	-1,240	-1,164	0.00	-12,004	-3,301	-3,301
Payment of Dividends	-467	-496	-532	-657	-703	-839	-970	-1,294	-1,427	-1,421
Issuance of Debt	2,674	493	0.00	489	1,086	1,276	0.00	5,395	744	0.00
Issuance of Common Equity	-	-	-	-	-	0.00	0.00	410	0.00	0.00
Other Financing Activities, net	65	28	26	-32	-26	-45	-43	-103	-108	-229
Effect of Exchange Rate Changes	-	-158	-	-84	34	75	-82	-123	12	-61
Cash Interest Paid	65	150	139	151	162	159	130	240	369	391
Cash Income Taxes Paid	260	683	709	558	659	683	883	1,555	1,279	1,159

This table details how cash moves in and out of S&P Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-2,184	-102	118	157	84	-355	253	495	-342	-31
Net Cash From Operating Activities	814	1,113	594	769	1,013	1,334	948	1,556	1,445	1,740
Net Cash From Continuing Operating Activities	814	1,113	594	769	1,013	1,334	948	1,556	1,445	1,740
Net Income / (Loss) Continuing Operations	678	494	860	575	814	644	1,068	1,086	1,046	967
Consolidated Net Income / (Loss)	678	494	860	575	814	644	1,068	1,086	1,046	967
Depreciation Expense	31	15	25	24	22	30	23	25	22	26
Amortization Expense	266	260	262	260	260	260	264	267	272	274
Non-Cash Adjustments To Reconcile Net Income	176	151	75	147	89	556	129	87	-39	482
Changes in Operating Assets and Liabilities, net	-337	193	-628	-237	-172	-156	-536	91	144	-9.00
Net Cash From Investing Activities	-56	-61	-253	909	-49	-45	-20	-299	57	7.00
Net Cash From Continuing Investing Activities	-56	-61	-253	909	-49	-45	-20	-299	57	7.00
Purchase of Property, Plant & Equipment	-21	-28	-28	-31	-36	-48	-24	-32	-35	-33
Acquisitions	-33	-32	-272	-14	-7.00	-3.00	-1.00	-260	-3.00	-41
Purchase of Investments	-6.00	-	-3.00	2.00	-8.00	-4.00	5.00	-3.00	-3.00	7.00
Divestitures	-	-	-	-	2.00	10	-	-	98	74
Net Cash From Financing Activities	-2,860	-1,198	-230	-1,517	-855	-1,678	-657	-748	-1,875	-1,718
Net Cash From Continuing Financing Activities	-2,860	-1,198	-230	-1,517	-855	-1,678	-657	-748	-1,875	-1,718
Repurchase of Common Equity	-2,500	-1,001	-500	-1,001	-500	-1,300	-500	-	-1,501	-1,300
Payment of Dividends	-348	-348	-368	-350	-357	-352	-359	-346	-362	-354
Other Financing Activities, net	-12	-22	-72	-8.00	-2.00	-26	-48	-105	-12	-64
Effect of Exchange Rate Changes	-82	44	7.00	-4.00	-25	34	-18	-14	31	-60

This table presents S&P Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	8,183	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221
Total Current Assets	3,296	3,671	4,324	3,587	4,712	5,988	8,810	5,667	5,143	5,459
Cash & Equivalents	1,481	2,392	2,777	1,917	2,866	4,108	6,497	1,286	1,290	1,666
Restricted Cash	-	-	2.00	41	20	14	8.00	1.00	1.00	0.00
Short-Term Investments	6.00	8.00	12	18	28	9.00	11	14	26	20
Accounts Receivable	991	1,122	1,319	1,449	1,577	1,593	1,650	2,494	2,826	2,867
Prepaid Expenses	206	149	214	162	221	264	323	574	1,000	906
Plant, Property, & Equipment, net	270	271	275	270	320	284	241	297	258	265
Plant, Property & Equipment, gross	855	808	829	866	942	871	861	1,156	1,052	1,088
Accumulated Depreciation	585	537	554	596	622	587	620	859	794	823
Total Noncurrent Assets	4,617	4,727	4,826	5,584	6,316	6,265	5,975	55,820	55,188	54,497
Long-Term Investments	-	-	-	-	-	-	165	1,752	1,787	1,774
Goodwill	2,882	2,949	2,989	3,535	3,575	3,735	3,506	34,545	34,850	34,917
Intangible Assets	1,522	1,506	1,388	1,524	1,424	1,352	1,285	18,306	17,398	16,556
Employee Benefit Assets	-	-	-	-	-	297	359	232	238	246
Other Noncurrent Operating Assets	213	272	449	525	1,317	881	660	985	915	1,004
Total Liabilities & Shareholders' Equity	8,183	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221
Total Liabilities	7,020	6,888	7,307	7,137	8,544	9,185	9,490	22,040	22,489	22,713
Total Current Liabilities	2,908	2,611	3,214	2,630	3,093	3,587	3,815	5,999	6,125	6,392
Short-Term Debt	143	0.00	399	-	-	-	0.00	226	47	4.00
Accounts Payable	206	183	195	211	190	233	205	450	557	553
Current Deferred Revenue	1,421	1,509	1,613	1,641	1,928	2,168	2,217	3,126	3,461	3,694
Current Deferred & Payable Income Tax Liabilities	56	95	77	73	68	84	90	116	121	199
Current Employee Benefit Liabilities	383	409	472	354	446	551	607	753	906	1,073
Other Current Liabilities	372	359	351	351	461	551	547	1,094	1,033	869
Total Noncurrent Liabilities	4,112	4,277	4,093	4,507	5,451	5,598	5,675	16,041	16,364	16,321
Long-Term Debt	3,468	3,564	3,170	3,662	3,948	4,110	4,114	10,730	11,412	11,394
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	147	4,065	3,690	3,397
Noncurrent Employee Benefit Liabilities	276	274	244	229	259	291	262	180	199	180
Other Noncurrent Operating Liabilities	368	439	679	616	1,244	1,197	1,152	1,066	1,063	1,350
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	920	1,080	1,352	1,620	2,268	2,781	3,429	3,267	3,800	4,252
Total Equity & Noncontrolling Interests	243	701	766	684	536	571	2,107	36,477	34,300	33,256
Total Preferred & Common Equity	194	650	709	628	479	509	2,032	36,388	34,200	33,159
Total Common Equity	194	650	709	628	479	509	2,032	36,388	34,200	33,159
Common Stock	887	914	937	1,127	1,197	1,240	1,325	44,837	44,646	44,736
Retained Earnings	7,636	9,210	10,023	11,284	12,205	13,367	15,017	17,784	18,728	20,977
Treasury Stock	-7,729	-8,701	-9,602	-11,041	-12,299	-13,461	-13,469	-25,347	-	-31,671
Accumulated Other Comprehensive Income / (Loss)	-600	-773	-649	-742	-624	-637	-841	-886	-763	-883
Noncontrolling Interest	49	51	57	56	57	62	75	89	100	97

This table presents S&P Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	61,813	61,784	62,024	60,695	60,561	60,589	60,477	60,956	60,368	60,221
Total Current Assets	4,178	5,667	5,822	4,720	4,804	5,143	5,428	5,642	5,202	5,459
Cash & Equivalents	1,387	1,286	1,402	1,561	1,645	1,290	1,543	2,038	1,696	1,666
Restricted Cash	2.00	1.00	3.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00
Short-Term Investments	-	14	-	-	-	26	-	-	-	20
Accounts Receivable	2,213	2,494	2,478	2,545	2,547	2,826	2,979	2,709	2,635	2,867
Prepaid Expenses	576	574	626	613	611	1,000	845	832	832	906
Plant, Property, & Equipment, net	305	297	281	258	254	258	247	248	252	265
Plant, Property & Equipment, gross	-	1,156	-	-	-	1,052	-	-	-	1,088
Accumulated Depreciation	-	859	-	-	-	794	-	-	-	823
Total Noncurrent Assets	57,330	55,820	55,921	55,717	55,503	55,188	54,802	55,066	54,914	54,497
Long-Term Investments	1,889	1,752	1,750	1,792	1,791	1,787	1,775	1,795	1,800	1,774
Goodwill	34,499	34,545	34,817	34,827	34,785	34,850	34,748	34,975	34,991	34,917
Intangible Assets	19,524	18,306	18,168	17,912	17,635	17,398	17,120	17,099	16,848	16,556
Employee Benefit Assets	-	232	-	-	-	238	-	-	-	246
Other Noncurrent Operating Assets	1,418	985	1,186	1,186	1,292	915	1,159	1,197	1,275	1,004
Total Liabilities & Shareholders' Equity	61,813	61,784	62,024	60,695	60,561	60,589	60,477	60,956	60,368	60,221
Total Liabilities	21,414	22,040	22,252	21,626	21,537	22,489	22,228	21,972	21,977	22,713
Total Current Liabilities	5,048	5,999	6,394	6,030	5,218	6,125	5,877	5,500	5,505	6,392
Short-Term Debt	52	226	936	825	47	47	301	4.00	4.00	4.00
Accounts Payable	371	450	456	488	458	557	458	477	475	553
Current Deferred Revenue	2,870	3,126	3,175	3,148	3,022	3,461	3,535	3,406	3,288	3,694
Current Deferred & Payable Income Tax Liabilities	171	116	219	127	59	121	179	180	188	199
Current Employee Benefit Liabilities	531	753	385	507	655	906	419	583	823	1,073
Other Current Liabilities	1,053	1,094	971	935	977	1,033	975	837	720	869
Total Noncurrent Liabilities	16,366	16,041	15,858	15,596	16,319	16,364	16,351	16,472	16,472	16,321
Long-Term Debt	10,734	10,730	10,727	10,676	11,415	11,412	11,404	11,401	11,398	11,394
Noncurrent Deferred & Payable Income Tax Liabilities	4,336	4,065	3,906	3,693	3,671	3,690	3,631	3,540	3,415	3,397
Noncurrent Employee Benefit Liabilities	259	180	183	185	183	199	197	196	199	180
Other Noncurrent Operating Liabilities	1,037	1,066	1,042	1,042	1,050	1,063	1,119	1,335	1,460	1,350
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	3,159	3,267	3,402	3,510	3,510	3,800	3,825	4,014	4,305	4,252
Total Equity & Noncontrolling Interests	37,240	36,477	36,370	35,559	35,514	34,300	34,424	34,970	34,086	33,256
Total Preferred & Common Equity	37,167	36,388	36,275	35,468	35,419	34,200	34,327	34,881	33,992	33,159
Total Common Equity	37,167	36,388	36,275	35,468	35,419	34,200	34,327	34,881	33,992	33,159
Common Stock	44,644	44,837	44,744	44,708	44,854	44,646	44,710	44,822	44,688	44,736
Retained Earnings	17,735	17,784	18,171	18,279	18,725	18,728	19,433	19,957	20,364	20,977
Treasury Stock	-24,174	-25,347	-	-	-	-	-	-	-	-31,671
Accumulated Other Comprehensive Income / (Loss)	-1,038	-886	-861	-813	-846	-763	-825	-839	-714	-883
Noncontrolling Interest	73	89	95	91	95	100	97	89	94	97

This table displays calculated financial ratios and metrics derived from S&P Global's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.19%	6.55%	7.10%	3.22%	7.05%	11.09%	11.49%	34.76%	11.77%	13.69%
EBITDA Growth	739.68%	71.17%	-21.41%	8.28%	10.29%	15.67%	15.75%	35.10%	-14.58%	31.66%
EBIT Growth	1,596.46%	75.74%	-22.53%	7.85%	11.12%	16.62%	17.41%	17.07%	-20.12%	39.95%
NOPAT Growth	435.08%	74.34%	-26.37%	28.39%	14.88%	11.98%	16.49%	11.96%	-14.45%	38.27%
Net Income Growth	9,853.85%	75.71%	-26.48%	29.49%	8.58%	10.03%	28.77%	7.94%	-17.86%	44.04%
EPS Growth	1,102.38%	88.60%	-27.20%	33.74%	11.25%	12.33%	29.50%	-18.47%	-19.31%	50.06%
Operating Cash Flow Growth	-81.22%	587.22%	29.23%	2.38%	34.50%	28.49%	0.87%	-27.65%	42.53%	53.34%
Free Cash Flow Firm Growth	-253.62%	218.60%	-25.70%	-37.04%	141.43%	24.51%	5.21%	-1,266.25%	111.19%	17.32%
Invested Capital Growth	939.89%	-1.51%	-1.66%	37.78%	-3.81%	-13.21%	-6.39%	1,435.63%	-2.98%	-2.17%
Revenue Q/Q Growth	1.61%	0.44%	3.22%	-0.82%	3.06%	1.81%	2.74%	8.23%	1.74%	3.20%
EBITDA Q/Q Growth	331.19%	13.75%	-5.97%	3.04%	3.51%	-3.77%	5.46%	0.38%	3.69%	7.33%
EBIT Q/Q Growth	457.27%	14.79%	-6.32%	2.93%	3.89%	-4.00%	5.99%	-4.04%	4.38%	8.79%
NOPAT Q/Q Growth	14,527.29%	14.05%	-13.69%	13.09%	3.11%	-4.61%	7.48%	-4.63%	4.96%	7.03%
Net Income Q/Q Growth	645.88%	15.14%	-14.20%	13.48%	1.54%	-3.10%	7.65%	-6.45%	5.47%	8.40%
EPS Q/Q Growth	1,654.17%	16.59%	-15.00%	15.03%	2.14%	-3.30%	7.84%	-14.72%	10.77%	9.00%
Operating Cash Flow Q/Q Growth	273.28%	-24.75%	33.86%	-6.78%	14.00%	3.99%	-5.29%	7.12%	6.33%	7.69%
Free Cash Flow Firm Q/Q Growth	11.04%	-10.40%	8.15%	-18.19%	18.70%	7.20%	-5.40%	-0.84%	18.52%	11.38%
Invested Capital Q/Q Growth	-16.06%	-0.27%	-12.51%	2.28%	-6.30%	-15.69%	-5.72%	-0.05%	-1.26%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.66%	68.68%	72.06%	70.63%	70.50%	71.86%	73.73%	66.43%	66.86%	69.09%
EBITDA Margin	39.04%	62.71%	46.02%	48.27%	49.74%	51.79%	53.77%	53.90%	41.19%	47.71%
Operating Margin	36.08%	59.02%	42.60%	44.58%	48.16%	48.60%	50.87%	44.22%	32.17%	39.27%
EBIT Margin	36.08%	59.51%	43.05%	44.98%	46.69%	49.02%	51.62%	44.84%	32.05%	39.45%
Profit (Net Income) Margin	23.87%	39.36%	27.02%	33.89%	34.38%	34.05%	39.33%	31.50%	23.15%	29.33%
Tax Burden Percent	69.86%	69.89%	66.56%	79.11%	78.60%	78.50%	78.36%	74.90%	78.81%	78.50%
Interest Burden Percent	94.68%	94.63%	94.29%	95.24%	93.67%	88.49%	97.22%	93.78%	91.66%	94.70%
Effective Tax Rate	30.14%	30.11%	33.44%	20.89%	21.40%	21.50%	21.64%	25.10%	21.19%	21.50%
Return on Invested Capital (ROIC)	101.69%	78.68%	58.87%	64.11%	64.78%	79.21%	102.58%	14.52%	6.72%	9.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.13%	71.53%	50.50%	57.11%	47.68%	18.92%	106.24%	8.18%	3.38%	6.91%
Return on Net Nonoperating Assets (RNNOA)	-0.73%	72.68%	25.15%	31.82%	25.39%	3.11%	-29.15%	1.03%	0.72%	1.49%
Return on Equity (ROE)	100.96%	151.36%	84.02%	95.93%	90.17%	82.33%	73.42%	15.56%	7.43%	11.02%
Cash Return on Invested Capital (CROIC)	-67.12%	80.20%	60.54%	32.33%	68.67%	93.36%	109.18%	-161.02%	9.74%	11.73%
Operating Return on Assets (OROA)	25.64%	39.98%	28.85%	29.84%	30.09%	30.55%	31.08%	13.06%	6.55%	9.28%
Return on Assets (ROA)	16.96%	26.44%	18.11%	22.48%	22.16%	21.22%	23.68%	9.17%	4.73%	6.90%
Return on Common Equity (ROCE)	27.41%	43.39%	29.29%	29.00%	19.54%	13.21%	20.99%	13.20%	6.74%	9.82%
Return on Equity Simple (ROE_SIMPLE)	653.61%	342.77%	231.03%	337.74%	480.79%	497.84%	160.58%	9.68%	8.46%	12.57%
Net Operating Profit after Tax (NOPAT)	1,339	2,335	1,719	2,207	2,536	2,839	3,308	3,703	3,168	4,381
NOPAT Margin	25.21%	41.25%	28.36%	35.27%	37.85%	38.15%	39.87%	33.12%	25.35%	30.83%
Net Nonoperating Expense Percent (NNEP)	116.82%	7.15%	8.36%	7.00%	17.11%	60.29%	-3.66%	6.34%	3.34%	2.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.81%	6.92%	9.81%
Cost of Revenue to Revenue	32.34%	31.32%	27.94%	29.37%	29.50%	28.14%	26.27%	33.57%	33.14%	30.91%
SG&A Expenses to Revenue	28.83%	25.91%	26.49%	22.75%	20.03%	20.71%	20.84%	30.37%	25.28%	22.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.58%	9.66%	29.46%	26.05%	22.35%	23.26%	22.85%	22.46%	34.98%	30.12%
Earnings before Interest and Taxes (EBIT)	1,917	3,369	2,610	2,815	3,128	3,648	4,283	5,014	4,005	5,605
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,074	3,550	2,790	3,021	3,332	3,854	4,461	6,027	5,148	6,778
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	126.30	39.95	57.42	64.66	134.00	150.70	54.71	2.95	4.05	4.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.61	4.59	6.71	6.49	9.58	10.31	13.40	9.59	11.08	10.88
Price to Earnings (P/E)	21.20	12.33	27.21	20.74	30.23	32.79	36.76	33.02	52.73	40.12
Dividend Yield	1.46%	1.44%	1.03%	1.24%	0.87%	0.84%	0.67%	1.01%	0.82%	0.73%
Earnings Yield	4.72%	8.11%	3.67%	4.82%	3.31%	3.05%	2.72%	3.03%	1.90%	2.49%
Enterprise Value to Invested Capital (EV/IC)	9.23	9.60	14.81	11.02	17.60	23.88	35.95	2.47	3.24	3.67
Enterprise Value to Revenue (EV/Rev)	5.19	4.99	7.08	7.03	10.08	10.69	13.51	10.60	12.06	11.74
Enterprise Value to EBITDA (EV/EBITDA)	13.31	7.96	15.38	14.55	20.27	20.64	25.13	19.66	29.28	24.61
Enterprise Value to EBIT (EV/EBIT)	14.39	8.39	16.44	15.62	21.59	21.80	26.17	23.63	37.64	29.76
Enterprise Value to NOPAT (EV/NOPAT)	20.60	12.10	24.95	19.92	26.64	28.01	33.89	32.00	47.58	38.08
Enterprise Value to Operating Cash Flow (EV/OCF)	121.56	18.12	21.28	21.30	24.33	22.30	31.16	45.53	40.63	29.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.87	24.26	39.50	25.13	23.77	31.84	0.00	32.81	30.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.10	2.00	1.69	1.59	1.41	1.23	0.74	0.28	0.30	0.30
Long-Term Debt to Equity	2.98	2.00	1.50	1.59	1.41	1.23	0.74	0.27	0.30	0.30
Financial Leverage	0.05	1.02	0.50	0.56	0.53	0.16	-0.27	0.13	0.21	0.22
Leverage Ratio	5.95	5.72	4.64	4.27	4.07	3.88	3.10	1.70	1.57	1.60
Compound Leverage Factor	5.64	5.42	4.38	4.06	3.81	3.43	3.02	1.59	1.44	1.51
Debt to Total Capital	75.64%	66.68%	62.76%	61.38%	58.47%	55.08%	42.63%	21.61%	23.12%	23.31%
Short-Term Debt to Total Capital	3.00%	0.00%	7.02%	0.00%	0.00%	0.00%	0.00%	0.45%	0.09%	0.01%
Long-Term Debt to Total Capital	72.64%	66.68%	55.74%	61.38%	58.47%	55.08%	42.63%	21.16%	23.03%	23.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.30%	21.16%	24.78%	28.09%	34.43%	38.10%	36.31%	6.62%	7.87%	8.89%
Common Equity to Total Capital	4.06%	12.16%	12.47%	10.53%	7.09%	6.82%	21.06%	71.77%	69.01%	67.80%
Debt to EBITDA	1.74	1.00	1.28	1.21	1.18	1.07	0.92	1.82	2.23	1.68
Net Debt to EBITDA	1.02	0.33	0.28	0.56	0.31	-0.01	-0.58	1.31	1.62	1.17
Long-Term Debt to EBITDA	1.67	1.00	1.14	1.21	1.18	1.07	0.92	1.78	2.22	1.68
Debt to NOPAT	2.70	1.53	2.08	1.66	1.56	1.45	1.24	2.96	3.62	2.60
Net Debt to NOPAT	1.59	0.50	0.45	0.76	0.41	-0.01	-0.78	2.13	2.64	1.81
Long-Term Debt to NOPAT	2.59	1.53	1.84	1.66	1.56	1.45	1.24	2.90	3.60	2.60
Altman Z-Score	4.88	5.83	6.53	6.86	7.68	8.29	10.32	3.76	4.53	5.09
Noncontrolling Interest Sharing Ratio	72.85%	71.33%	65.14%	69.76%	78.33%	83.95%	71.41%	15.15%	9.32%	10.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.13	1.41	1.35	1.36	1.52	1.67	2.31	0.94	0.84	0.85
Quick Ratio	0.85	1.35	1.28	1.29	1.45	1.59	2.14	0.63	0.68	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,007	2,380	1,768	1,113	2,688	3,346	3,521	-41,060	4,594	5,390
Operating Cash Flow to CapEx	181.60%	0.00%	1,666.12%	1,928.97%	9,253.33%	6,150.00%	18,936.84%	2,924.72%	2,594.41%	4,587.90%
Free Cash Flow to Firm to Interest Expense	-19.67	13.15	11.87	8.31	13.57	7.97	29.59	-131.60	13.75	18.15
Operating Cash Flow to Interest Expense	2.23	8.62	13.53	15.40	14.02	8.49	30.24	8.34	11.11	19.15
Operating Cash Flow Less CapEx to Interest Expense	1.00	16.26	12.72	14.60	13.87	8.35	30.08	8.06	10.68	18.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.67	0.67	0.66	0.64	0.62	0.60	0.29	0.20	0.24
Accounts Receivable Turnover	5.53	5.36	4.97	4.52	4.43	4.70	5.12	5.40	4.70	4.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.32	20.93	22.21	22.97	22.71	24.64	31.61	41.57	45.03	54.33
Accounts Payable Turnover	8.65	9.12	8.96	9.05	9.86	9.90	9.95	11.46	8.22	7.91
Days Sales Outstanding (DSO)	66.05	68.12	73.48	80.72	82.44	77.74	71.33	67.64	77.69	73.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	42.17	40.04	40.72	40.31	37.04	36.87	36.67	31.85	44.38	46.13
Cash Conversion Cycle (CCC)	23.88	28.08	32.75	40.41	45.40	40.87	34.67	35.79	33.31	26.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,990	2,945	2,896	3,990	3,838	3,331	3,118	47,881	46,455	45,446
Invested Capital Turnover	4.03	1.91	2.08	1.82	1.71	2.08	2.57	0.44	0.26	0.31
Increase / (Decrease) in Invested Capital	3,346	-45	-49	1,094	-152	-507	-213	44,763	-1,426	-1,009
Enterprise Value (EV)	27,595	28,260	42,898	43,969	67,544	79,529	112,104	118,501	150,733	166,826
Market Capitalization	24,502	25,965	40,711	40,607	64,185	76,707	111,167	107,242	138,478	154,539
Book Value per Share	$0.72	$2.51	$2.78	$2.50	$1.96	$2.12	$8.43	$111.69	$107.95	$106.86
Tangible Book Value per Share	($15.58)	($14.69)	($14.38)	($17.66)	($18.49)	($19.03)	($11.45)	($50.53)	($56.97)	($59.02)
Total Capital	4,774	5,345	5,687	5,966	6,752	7,462	9,650	50,700	49,559	48,906
Total Debt	3,611	3,564	3,569	3,662	3,948	4,110	4,114	10,956	11,459	11,398
Total Long-Term Debt	3,468	3,564	3,170	3,662	3,948	4,110	4,114	10,730	11,412	11,394
Net Debt	2,124	1,164	778	1,686	1,034	-21	-2,567	7,903	8,355	7,938
Capital Expenditures (CapEx)	125	-1,383	121	107	30	58	19	89	143	124
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-956	-1,340	-1,282	-1,019	-1,295	-1,730	-1,521	-1,407	-2,252	-2,615
Debt-free Net Working Capital (DFNWC)	531	1,060	1,509	957	1,619	2,401	4,995	-106	-935	-929
Net Working Capital (NWC)	388	1,060	1,110	957	1,619	2,401	4,995	-332	-982	-933
Net Nonoperating Expense (NNE)	71	107	81	86	233	305	45	181	275	214
Net Nonoperating Obligations (NNO)	1,827	1,164	778	1,686	1,034	-21	-2,418	8,137	8,355	7,938
Total Depreciation and Amortization (D&A)	157	181	180	206	204	206	178	1,013	1,143	1,173
Debt-free, Cash-free Net Working Capital to Revenue	-17.99%	-23.67%	-21.14%	-16.28%	-19.33%	-23.25%	-18.33%	-12.58%	-18.02%	-18.41%
Debt-free Net Working Capital to Revenue	9.99%	18.72%	24.89%	15.29%	24.17%	32.26%	60.20%	-0.95%	-7.48%	-6.54%
Net Working Capital to Revenue	7.30%	18.72%	18.31%	15.29%	24.17%	32.26%	60.20%	-2.97%	-7.86%	-6.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.26	$8.02	$5.84	$7.80	$8.65	$9.71	$12.56	$10.25	$8.25	$12.36
Adjusted Weighted Average Basic Shares Outstanding	271.60M	262.80M	256.30M	250.90M	245.40M	241M	240.80M	316.90M	318.40M	311.60M
Adjusted Diluted Earnings per Share	$4.21	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35
Adjusted Weighted Average Diluted Shares Outstanding	274.60M	265.20M	258.90M	253.20M	246.90M	242.10M	241.80M	318.50M	318.90M	311.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.65	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	265.30M	258.40M	253.90M	0.00	243.80M	240.70M	241.10M	322M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,332	2,335	1,719	2,207	2,497	2,827	3,308	3,703	3,168	4,381
Normalized NOPAT Margin	25.06%	41.25%	28.36%	35.27%	37.28%	37.98%	39.87%	33.12%	25.35%	30.83%
Pre Tax Income Margin	34.16%	56.32%	40.59%	42.84%	43.74%	43.38%	50.19%	42.05%	29.38%	37.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.79	18.61	17.52	21.01	15.80	8.69	35.99	16.07	11.99	18.87
NOPAT to Interest Expense	13.13	12.90	11.54	16.47	12.81	6.76	27.80	11.87	9.49	14.75
EBIT Less CapEx to Interest Expense	17.57	26.25	16.70	20.21	15.65	8.55	35.83	15.79	11.56	18.45
NOPAT Less CapEx to Interest Expense	11.90	20.54	10.73	15.67	12.65	6.62	27.64	11.58	9.06	14.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.83%	22.26%	32.48%	30.98%	30.53%	33.11%	29.73%	36.74%	49.33%	34.10%
Augmented Payout Ratio	113.64%	72.67%	93.59%	110.42%	84.37%	79.05%	29.73%	377.57%	163.43%	113.32%

This table displays calculated financial ratios and metrics derived from S&P Global's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.09%	40.71%	32.27%	3.61%	7.79%	7.28%	10.47%	14.45%	15.92%	13.99%
EBITDA Growth	3.49%	2.41%	-31.57%	-32.51%	14.66%	18.71%	18.38%	44.86%	26.82%	39.88%
EBIT Growth	-19.46%	-23.09%	-41.54%	-37.83%	21.24%	23.90%	23.04%	57.81%	32.72%	52.01%
NOPAT Growth	-19.06%	-23.40%	-28.57%	-43.91%	25.03%	26.18%	19.73%	82.02%	25.65%	39.68%
Net Income Growth	-21.25%	-32.97%	-33.80%	-45.29%	20.06%	30.36%	24.19%	88.70%	28.62%	50.16%
EPS Growth	-44.24%	-63.08%	-44.74%	-44.06%	26.63%	77.67%	27.94%	101.88%	33.48%	55.74%
Operating Cash Flow Growth	-15.82%	18.40%	167.57%	69.38%	24.45%	19.86%	59.60%	102.34%	42.65%	30.43%
Free Cash Flow Firm Growth	-3,002.85%	-4,699.48%	102.40%	103.59%	103.96%	104.86%	186.28%	14.09%	6.53%	-6.06%
Invested Capital Growth	1,348.65%	1,435.63%	-0.23%	-1.96%	-1.79%	-2.98%	-3.89%	-1.37%	-1.59%	-2.17%
Revenue Q/Q Growth	-4.41%	2.69%	7.56%	-1.87%	-0.55%	2.20%	10.76%	1.66%	0.73%	0.50%
EBITDA Q/Q Growth	-33.58%	-17.61%	45.19%	-15.07%	12.85%	-14.70%	44.79%	3.93%	-1.20%	-5.91%
EBIT Q/Q Growth	-39.99%	-21.01%	61.17%	-18.62%	17.03%	-19.28%	60.05%	4.38%	-1.58%	-7.54%
NOPAT Q/Q Growth	-37.24%	-18.49%	63.91%	-33.10%	39.89%	-17.75%	55.53%	1.71%	-3.44%	-8.57%
Net Income Q/Q Growth	-35.49%	-27.14%	74.09%	-33.14%	41.57%	-20.88%	65.84%	1.59%	-3.50%	-7.64%
EPS Q/Q Growth	-35.66%	-44.02%	139.81%	-35.22%	45.63%	-21.46%	72.68%	2.22%	-3.72%	-8.36%
Operating Cash Flow Q/Q Growth	79.30%	36.73%	-46.63%	29.46%	31.73%	31.69%	-28.94%	64.14%	-7.13%	20.42%
Free Cash Flow Firm Q/Q Growth	-0.43%	-0.67%	102.38%	49.28%	10.61%	23.73%	41.85%	-40.51%	3.28%	9.11%
Invested Capital Q/Q Growth	-0.52%	-0.05%	1.36%	-2.71%	-0.35%	-1.26%	0.35%	-0.17%	-0.57%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.43%	65.69%	65.57%	66.91%	67.74%	67.26%	67.92%	69.43%	70.01%	69.00%
EBITDA Margin	41.49%	33.29%	44.94%	38.89%	44.13%	36.83%	48.15%	49.23%	48.28%	45.20%
Operating Margin	29.81%	24.51%	36.20%	29.38%	34.82%	28.27%	39.67%	40.91%	40.11%	36.43%
EBIT Margin	31.11%	23.93%	35.85%	29.73%	34.99%	27.63%	39.93%	41.00%	40.06%	36.85%
Profit (Net Income) Margin	23.70%	16.81%	27.22%	18.54%	26.39%	20.43%	30.59%	30.57%	29.29%	26.91%
Tax Burden Percent	82.38%	79.55%	82.06%	68.94%	81.81%	81.11%	81.16%	78.74%	76.99%	77.11%
Interest Burden Percent	92.47%	88.34%	92.50%	90.46%	92.22%	91.16%	94.40%	94.71%	94.97%	94.71%
Effective Tax Rate	17.62%	20.45%	17.94%	31.06%	18.19%	18.89%	18.85%	21.26%	23.01%	22.89%
Return on Invested Capital (ROIC)	9.91%	8.55%	7.31%	5.12%	7.37%	6.07%	8.68%	9.12%	9.11%	8.69%
ROIC Less NNEP Spread (ROIC-NNEP)	9.04%	5.79%	6.20%	4.34%	6.54%	5.12%	8.03%	8.38%	8.39%	8.17%
Return on Net Nonoperating Assets (RNNOA)	1.14%	0.73%	1.06%	0.72%	1.28%	1.08%	1.76%	1.69%	1.73%	1.76%
Return on Equity (ROE)	11.05%	9.28%	8.37%	5.84%	8.65%	7.16%	10.44%	10.81%	10.84%	10.45%
Cash Return on Invested Capital (CROIC)	-159.01%	-161.02%	7.09%	7.94%	8.16%	9.74%	11.01%	9.63%	10.37%	11.73%
Operating Return on Assets (OROA)	8.47%	6.97%	6.69%	5.74%	7.02%	5.64%	8.36%	8.95%	9.12%	8.67%
Return on Assets (ROA)	6.45%	4.90%	5.08%	3.58%	5.30%	4.17%	6.41%	6.67%	6.67%	6.33%
Return on Common Equity (ROCE)	9.47%	7.87%	7.66%	5.34%	7.90%	6.49%	9.45%	9.74%	9.72%	9.31%
Return on Equity Simple (ROE_SIMPLE)	10.13%	0.00%	8.50%	7.35%	7.74%	0.00%	9.03%	10.35%	11.31%	0.00%
Net Operating Profit after Tax (NOPAT)	703	573	939	628	879	723	1,124	1,143	1,104	1,009
NOPAT Margin	24.56%	19.49%	29.71%	20.25%	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%
Net Nonoperating Expense Percent (NNEP)	0.87%	2.75%	1.11%	0.79%	0.83%	0.95%	0.65%	0.74%	0.71%	0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	1.21%	-	-	-	1.58%	-	-	-	2.26%
Cost of Revenue to Revenue	34.57%	34.31%	34.43%	33.09%	32.26%	32.74%	32.08%	30.57%	29.99%	31.00%
SG&A Expenses to Revenue	25.34%	32.16%	22.31%	24.86%	24.03%	29.89%	20.19%	20.68%	22.60%	25.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.83%	41.52%	29.81%	37.89%	33.17%	39.09%	28.42%	28.88%	30.21%	32.93%
Earnings before Interest and Taxes (EBIT)	890	703	1,133	922	1,079	871	1,394	1,455	1,432	1,324
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,187	978	1,420	1,206	1,361	1,161	1,681	1,747	1,726	1,624
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.70	2.95	3.03	3.59	3.26	4.05	3.92	4.00	4.76	4.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	9.70	9.59	9.18	10.57	9.39	11.08	10.48	10.51	11.75	10.88
Price to Earnings (P/E)	28.72	33.02	39.09	54.32	46.48	52.73	47.66	42.01	45.54	40.12
Dividend Yield	1.08%	1.01%	1.01%	0.88%	0.98%	0.82%	0.85%	0.81%	0.70%	0.73%
Earnings Yield	3.48%	3.03%	2.56%	1.84%	2.15%	1.90%	2.10%	2.38%	2.20%	2.49%
Enterprise Value to Invested Capital (EV/IC)	2.32	2.47	2.51	2.95	2.70	3.24	3.15	3.25	3.76	3.67
Enterprise Value to Revenue (EV/Rev)	10.74	10.60	10.19	11.55	10.34	12.06	11.44	11.39	12.64	11.74
Enterprise Value to EBITDA (EV/EBITDA)	18.48	19.66	22.67	29.06	25.57	29.28	27.14	25.42	27.55	24.61
Enterprise Value to EBIT (EV/EBIT)	21.23	23.63	28.93	38.17	33.09	37.64	34.41	31.51	33.77	29.76
Enterprise Value to NOPAT (EV/NOPAT)	28.57	32.00	36.53	48.96	42.06	47.58	43.76	39.10	42.51	38.08
Enterprise Value to Operating Cash Flow (EV/OCF)	45.65	45.53	40.94	42.32	36.39	40.63	36.12	31.17	32.94	29.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	35.33	36.78	32.75	32.81	28.01	33.49	35.96	30.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.28	0.29	0.29	0.29	0.30	0.31	0.29	0.30	0.30
Long-Term Debt to Equity	0.27	0.27	0.27	0.27	0.29	0.30	0.30	0.29	0.30	0.30
Financial Leverage	0.13	0.13	0.17	0.17	0.20	0.21	0.22	0.20	0.21	0.22
Leverage Ratio	1.67	1.70	1.54	1.53	1.54	1.57	1.57	1.56	1.56	1.60
Compound Leverage Factor	1.54	1.50	1.43	1.38	1.42	1.43	1.48	1.48	1.48	1.51
Debt to Total Capital	21.07%	21.61%	22.68%	22.74%	22.70%	23.12%	23.43%	22.63%	22.90%	23.31%
Short-Term Debt to Total Capital	0.10%	0.45%	1.82%	1.63%	0.09%	0.09%	0.60%	0.01%	0.01%	0.01%
Long-Term Debt to Total Capital	20.97%	21.16%	20.86%	21.11%	22.61%	23.03%	22.83%	22.63%	22.89%	23.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.31%	6.62%	6.80%	7.12%	7.14%	7.87%	7.85%	8.14%	8.83%	8.89%
Common Equity to Total Capital	72.61%	71.77%	70.53%	70.14%	70.16%	69.01%	68.72%	69.22%	68.27%	67.80%
Debt to EBITDA	1.80	1.82	2.17	2.40	2.31	2.23	2.16	1.92	1.81	1.68
Net Debt to EBITDA	1.25	1.31	1.58	1.70	1.62	1.62	1.55	1.27	1.25	1.17
Long-Term Debt to EBITDA	1.79	1.78	2.00	2.23	2.30	2.22	2.11	1.92	1.80	1.68
Debt to NOPAT	2.78	2.96	3.50	4.04	3.80	3.62	3.49	2.95	2.79	2.60
Net Debt to NOPAT	1.93	2.13	2.55	2.86	2.66	2.64	2.50	1.96	1.93	1.81
Long-Term Debt to NOPAT	2.76	2.90	3.22	3.75	3.78	3.60	3.40	2.95	2.78	2.60
Altman Z-Score	3.41	3.53	3.61	4.18	3.90	4.36	4.36	4.57	5.19	4.86
Noncontrolling Interest Sharing Ratio	14.26%	15.15%	8.44%	8.51%	8.61%	9.32%	9.51%	9.87%	10.34%	10.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.94	0.91	0.78	0.92	0.84	0.92	1.03	0.95	0.85
Quick Ratio	0.71	0.63	0.61	0.68	0.80	0.68	0.77	0.86	0.79	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-43,897	-44,190	1,052	1,570	1,737	2,149	3,011	1,791	1,850	2,018
Operating Cash Flow to CapEx	4,788.24%	3,975.00%	0.00%	2,480.65%	2,813.89%	2,779.17%	3,950.00%	4,862.50%	4,128.57%	5,272.73%
Free Cash Flow to Firm to Interest Expense	-655.18	-559.37	12.37	17.84	20.67	27.90	38.60	23.26	25.69	28.83
Operating Cash Flow to Interest Expense	12.15	14.09	6.99	8.74	12.06	17.32	12.15	20.21	20.07	24.86
Operating Cash Flow Less CapEx to Interest Expense	11.90	13.73	7.25	8.39	11.63	16.70	11.85	19.79	19.58	24.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.29	0.19	0.19	0.20	0.20	0.21	0.22	0.23	0.24
Accounts Receivable Turnover	5.65	5.40	4.88	5.16	5.16	4.70	4.70	5.05	5.31	4.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	36.83	41.57	38.00	40.88	43.95	45.03	48.59	52.47	54.42	54.33
Accounts Payable Turnover	10.80	11.46	9.45	9.42	9.93	8.22	9.13	8.77	9.24	7.91
Days Sales Outstanding (DSO)	64.62	67.64	74.87	70.67	70.72	77.69	77.64	72.22	68.69	73.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	33.79	31.85	38.62	38.76	36.75	44.38	39.97	41.61	39.52	46.13
Cash Conversion Cycle (CCC)	30.83	35.79	36.24	31.91	33.98	33.31	37.66	30.61	29.18	26.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	47,907	47,881	48,532	47,216	47,049	46,455	46,645	46,568	46,303	45,446
Invested Capital Turnover	0.40	0.44	0.25	0.25	0.26	0.26	0.27	0.28	0.29	0.31
Increase / (Decrease) in Invested Capital	44,600	44,763	-113	-942	-858	-1,426	-1,887	-648	-746	-1,009
Enterprise Value (EV)	110,938	118,501	121,782	139,241	126,957	150,733	146,806	151,227	174,006	166,826
Market Capitalization	100,198	107,242	109,777	127,493	115,327	138,478	134,498	139,553	161,702	154,539
Book Value per Share	$111.45	$111.69	$112.66	$110.56	$111.31	$107.95	$109.46	$111.48	$108.60	$106.86
Tangible Book Value per Share	($50.54)	($50.53)	($51.89)	($53.84)	($53.43)	($56.97)	($55.93)	($54.95)	($57.02)	($59.02)
Total Capital	51,185	50,700	51,435	50,570	50,486	49,559	49,954	50,389	49,793	48,906
Total Debt	10,786	10,956	11,663	11,501	11,462	11,459	11,705	11,405	11,402	11,398
Total Long-Term Debt	10,734	10,730	10,727	10,676	11,415	11,412	11,404	11,401	11,398	11,394
Net Debt	7,508	7,903	8,508	8,147	8,025	8,355	8,386	7,571	7,905	7,938
Capital Expenditures (CapEx)	17	28	-22	31	36	48	24	32	35	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,207	-1,407	-1,041	-2,047	-2,013	-2,252	-1,692	-1,893	-1,996	-2,615
Debt-free Net Working Capital (DFNWC)	-818	-106	364	-485	-367	-935	-148	146	-299	-929
Net Working Capital (NWC)	-870	-332	-572	-1,310	-414	-982	-449	142	-303	-933
Net Nonoperating Expense (NNE)	25	79	79	53	65	79	56	58	57	42
Net Nonoperating Obligations (NNO)	7,508	8,137	8,760	8,147	8,025	8,355	8,396	7,584	7,912	7,938
Total Depreciation and Amortization (D&A)	297	275	287	284	282	290	287	292	294	300
Debt-free, Cash-free Net Working Capital to Revenue	-21.36%	-12.58%	-8.71%	-16.97%	-16.39%	-18.02%	-13.19%	-14.26%	-14.50%	-18.41%
Debt-free Net Working Capital to Revenue	-7.92%	-0.95%	3.05%	-4.02%	-2.99%	-7.48%	-1.15%	1.10%	-2.17%	-6.54%
Net Working Capital to Revenue	-8.42%	-2.97%	-4.79%	-10.86%	-3.37%	-7.86%	-3.50%	1.07%	-2.20%	-6.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.84	$1.05	$2.47	$1.60	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85
Adjusted Weighted Average Basic Shares Outstanding	329.60M	316.90M	321.30M	319.30M	317.50M	318.40M	313.60M	313M	311.20M	311.60M
Adjusted Diluted Earnings per Share	$1.84	$1.03	$2.47	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85
Adjusted Weighted Average Diluted Shares Outstanding	330.90M	318.50M	322.10M	319.80M	318M	318.90M	314M	313.20M	311.50M	311.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	320.80M	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	703	573	939	628	879	723	1,124	1,143	1,104	1,009
Normalized NOPAT Margin	24.56%	19.49%	29.71%	20.25%	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%
Pre Tax Income Margin	28.77%	21.14%	33.16%	26.89%	32.26%	25.19%	37.70%	38.83%	38.04%	34.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.28	8.90	13.33	10.48	12.85	11.31	17.87	18.90	19.89	18.91
NOPAT to Interest Expense	10.49	7.25	11.04	7.14	10.46	9.39	14.41	14.85	15.33	14.42
EBIT Less CapEx to Interest Expense	13.03	8.54	13.59	10.13	12.42	10.69	17.56	18.48	19.40	18.44
NOPAT Less CapEx to Interest Expense	10.23	6.90	11.30	6.79	10.03	8.76	14.10	14.43	14.85	13.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.55%	36.74%	46.09%	54.24%	51.88%	49.33%	45.73%	39.16%	36.91%	34.10%
Augmented Payout Ratio	323.80%	377.57%	224.52%	246.11%	161.32%	163.43%	152.18%	102.85%	122.79%	113.32%

Frequently Asked Questions About S&P Global's Financials

When does S&P Global's fiscal year end?

According to the most recent income statement we have on file, S&P Global's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has S&P Global's net income changed over the last 9 years?

S&P Global's net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2024, rising from $1.27 billion in 2015. The previous period was $2.89 billion in 2023.

What is S&P Global's operating income?

S&P Global's total operating income in 2024 was $5.58 billion, based on the following breakdown:

Total Gross Profit: $9.82 billion
Total Operating Expenses: $4.28 billion

How has S&P Global revenue changed over the last 9 years?

Over the last 9 years, S&P Global's total revenue changed from $5.31 billion in 2015 to $14.21 billion in 2024, a change of 167.4%.

How much debt does S&P Global have?

S&P Global's total liabilities were at $22.71 billion at the end of 2024, a 1.0% increase from 2023, and a 223.5% increase since 2015.

How much cash does S&P Global have?

In the past 9 years, S&P Global's cash and equivalents has ranged from $1.29 billion in 2022 to $6.50 billion in 2021, and is currently $1.67 billion as of their latest financial filing in 2024.

How has S&P Global's book value per share changed over the last 9 years?

Over the last 9 years, S&P Global's book value per share changed from 0.72 in 2015 to 106.86 in 2024, a change of 14,789.4%.

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This page (NYSE:SPGI) was last updated on 4/15/2025 by MarketBeat.com Staff

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S&P Global (SPGI) Financials

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