CluenexS&P Global SPGI
S&P Global scores good on business quality (6.6 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What S&P Global does
S&P Global makes money by selling financial market data, benchmarks, and credit ratings to global banks, asset managers, and corporations who rely on its indices to price assets.
- What it does best
S&P Global dominates debt ratings and financial benchmarking, anchoring a business model where switching costs are nearly absolute. Its operating margin of 43.5% outpaces peers like Nasdaq at 30.4%, protected by entrenched index standards.
- The main risk
Sovereign credit rating downgrades and geopolitical freezes directly threaten rating issuance volumes. With net debt sitting at $11.3B against cash of $1.8B, any prolonged macroeconomic credit drought squeezes transactional fee generation.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins stand at 43.5% with an FCF margin ranking in the top quartile of its sector at 76th percentile. High scalability allows revenue gains to drop straight to the bottom line efficiently.
The credit ratings and index ecosystem locks in global financial institutions. Operating margins sit in the top decile of its sector at 87th percentile, creating high barriers against new market entrants.
Revenue grew to $16.1B, up from $15.3B previously, maintaining a steady expansion pace. This reflects stable demand across core financial intelligence segments without dramatic acceleration.
Total debt is $13.1B with interest coverage at 22.2x, making debt servicing manageable despite $11.3B in net debt. Free cash flow reached $5.6B, showing solid conversion. The balance sheet is holding steady.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on SPGI
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
S&P Global scores good on the Cluenex quality check (6.6 of 10), measured against its own industry. Profitability is strong, moat strong, growth steady and financial health fair.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 27, 2026, before the open.
See SPGI today
- Today's verdict on SPGI, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “S&P Global (SPGI)”, https://cluenex.com/stocks/spgi/, data as of Oct 10, 2026.