S&P Global SPGI shares have jumped 3.2% over the past three months, outpacing the industry’s 2.3% return.
SPGI’s revenues are anticipated to increase 7.6% and 7.1% year over year in 2026 and 2027, respectively. Earnings are estimated to rise 10% in 2026 and 12.5% in 2027.
Factors That Augur Well for SPGI’s Success
S&P Global’s subscription-based revenue model is driven by its inherent resilience and compelling growth drivers, bolstering the company’s strength. In the first quarter of 2026, subscription product revenues jumped 6% year over year, a primary contributor to the overall 10% rise in its top line. These recurring revenues generated across SPGI’s segments stem from a low churn rate.
SPGI has shown a consistent recovery in its revenue per employee following the IHS Markit buyout. It demonstrated the company’s strong capability to incorporate and optimize its workforce.
Over the past years, SPGI’s RPE has consistently increased. However, after the IHS Markit acquisition in 2022, RPE dipped 29% as the employee count increased. Moving on, the company witnessed a 20% increase in RPE from 2022 to 2025, highlighting SPGI’s efficiency in utilizing human capital to fuel top-line growth.
In 2025, S&P Global paid out $1.2 billion as dividends and $5 billion as repurchases. In 2024, SPGI paid out $1.1 billion as dividends and $3.3 billion as repurchases. In 2023, the company paid out $1.1 billion as dividends and $3.3 billion as repurchases. In 2022, S&P Global paid out $1 billion as dividends and $12 billion as repurchases. These initiatives not only instill investors’ confidence but also positively impact earnings per share.
Risks Faced by S&P Global
The market for credit ratings, financial research, investment advisory services, market data, index-based products and commodities price assessments is fiercely competitive. Industry pioneers, Moody's Corp. and Fitch Ratings, through their investor-friendly moves, garner the ability to hurt SPGI’s market share, and, in turn, weigh on the top line and weaken margins.
SPGI’s current ratio (a measure of liquidity) at the end of the first quarter of 2026 was 0.68, lower than the industry's 1.01. The metric has dipped marginally from the preceding quarter due to a reduction in cash and cash equivalents. A current ratio of less than 1 does not bode well.
SPGI’s Zacks Rank & Stocks to Consider
The company has a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks from the broader Zacks Finance sector are Northern Trust NTRS and UMB Financial UMBF,each currently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Northern Trust has a long-term earnings growth expectation of 13.1%. NTRS delivered a trailing four-quarter earnings surprise of 7.9%, on average.
UMB Financial has a long-term earnings growth expectation of 11.5%. UMBF delivered a trailing four-quarter earnings surprise of 17.4%, on average.
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This article originally published on Zacks Investment Research (zacks.com).