Explain this page
Arphra AIPlain-English read on S&P Global Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $155.19B | $159.29B | — | — | — | — |
| Enterprise value | — | — | — | $165.45B | $171.74B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 11.65 | 11.20 | — | — | — | — |
| EV / FCF | — | — | — | 29.73 | 31.48 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +2.48% | +2.81% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.59% | +3.43% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +73.73% | +66.43% | +66.86% | +69.09% | +70.25% | +69.25% | +66.75% | +69.79% | +70.43% |
| Operating margin | +50.87% | +44.22% | +32.17% | +39.27% | +42.24% | +37.89% | +37.31% | +38.21% | +38.46% |
| EBITDA margin | +53.77% | +53.83% | +41.19% | +47.71% | +50.16% | +47.23% | +45.45% | +45.43% | +47.33% |
| EBIT margin | +51.62% | +44.77% | +32.05% | +39.45% | +42.48% | +37.76% | +38.13% | +38.52% | +38.43% |
| Pre-tax margin | +50.19% | +42.05% | +29.38% | +37.36% | +40.60% | +36.16% | +35.80% | +36.16% | +35.75% |
| Net margin | +36.45% | +29.05% | +21.01% | +27.11% | +29.15% | +25.92% | +25.57% | +25.44% | +26.43% |
| Cost structure | |||||||||
| Cost of revenue / sales | +26.27% | +33.57% | +33.14% | +30.91% | +29.75% | +31.19% | +30.57% | +31.46% | +30.96% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +20.84% | +30.37% | +25.28% | +22.28% | +22.28% | +22.98% | +23.91% | +23.78% | +23.26% |
| Effective tax rate | +21.64% | +25.10% | +21.19% | +21.50% | +22.60% | +21.73% | +22.37% | +21.35% | +21.42% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +54.62% | +8.17% | +6.89% | +10.27% | +12.37% | +9.63% | +9.70% | +9.26% | +10.15% |
| Return on assets (ROA) | +20.13% | +5.26% | +4.33% | +6.40% | +7.31% | +5.95% | +5.81% | +5.87% | +6.07% |
| Return on capital (ROC) | +41.23% | +9.62% | +8.02% | +11.29% | +12.87% | +10.48% | +10.46% | +10.44% | +11.00% |
| Return on invested capital (ROIC) | +29.54% | +6.32% | +5.24% | +7.79% | +8.88% | +7.17% | +7.17% | +6.95% | +7.56% |
| Asset turnover | +55.22% | +18.10% | +20.63% | +23.59% | +25.06% | +22.96% | +22.70% | +23.06% | +22.97% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +36.45% | +29.05% | +21.01% | +27.11% | +29.15% | +25.92% | +25.57% | +25.44% | +26.43% |
| Asset turnover (× revenue / assets) | +55.22% | +18.10% | +20.63% | +23.59% | +25.06% | +22.96% | +22.70% | +23.06% | +22.97% |
| Equity multiplier (× assets / equity) | +271.42% | +155.45% | +159.03% | +160.56% | +169.29% | +161.86% | +167.07% | +157.90% | +167.26% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.55 | 0.18 | 0.21 | 0.24 | 0.25 | 0.23 | 0.23 | 0.23 | 0.23 |
| Fixed-asset turnover | 12.44 | 15.53 | 19.62 | 20.96 | 22.19 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.03 | 4.48 | 4.42 | 4.96 | 4.46 | — | — | — | — |
| Payables turnover | 10.63 | 8.34 | 7.43 | 7.94 | 7.48 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 72.59 | 81.42 | 82.54 | 73.65 | 81.90 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 34.32 | 43.76 | 49.10 | 45.97 | 48.79 | — | — | — | — |
| Cash conversion cycle | 38.26 | 37.65 | 33.44 | 27.68 | 33.10 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.19 | 0.80 | 1.41 | 1.48 | 1.26 | 1.40 | 1.39 | 1.41 | 1.37 |
| FCF / Net income | 1.18 | 0.77 | 1.36 | 1.44 | 1.22 | 1.37 | 1.37 | 1.33 | 1.31 |
| FCF margin | +42.94% | +22.48% | +28.54% | +39.17% | +35.58% | +35.43% | +35.11% | +33.91% | +34.50% |
| OCF margin | +43.37% | +23.28% | +29.69% | +40.04% | +36.85% | +36.25% | +35.54% | +35.75% | +36.32% |
| CapEx / Revenue | +0.42% | +0.80% | +1.14% | +0.87% | +1.27% | +1.07% | +1.13% | +1.12% | +1.10% |
| CapEx / D&A | 0.20 | 0.09 | 0.13 | 0.11 | 0.17 | — | — | — | — |
| Stock-based comp / Revenue | +1.47% | +1.91% | +1.37% | +1.74% | +1.54% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 | 19.62 | 22.23 | 25.36 | 27.57 |
| EPS · basic | 12.56 | 10.25 | 8.25 | 12.36 | 14.67 | 19.41 | 22.30 | 25.33 | 27.45 |
| Book value / share | 22.89 | 124.78 | 119.47 | 120.26 | 118.49 | 146.93 | 152.46 | 172.57 | 170.23 |
| Tangible BV / share | 3.08 | -41.15 | -44.37 | -44.77 | -54.39 | 146.93 | 152.46 | 172.57 | 170.23 |
| Sales / share | 34.31 | 35.11 | 39.19 | 45.55 | 50.27 | 54.61 | 57.83 | 62.85 | 65.39 |
| Operating CF / share | 14.88 | 8.17 | 11.63 | 18.24 | 18.52 | 19.80 | 20.55 | 22.47 | 23.75 |
| Free cash flow / share | 14.74 | 7.89 | 11.19 | 17.84 | 17.88 | 19.35 | 20.30 | 21.31 | 22.56 |
| Dividends / share | 3.07 | 3.22 | 3.60 | 3.64 | 3.83 | 4.58 | 4.86 | 5.16 | 5.46 |
| Payout ratio | +24.57% | +31.53% | +43.68% | +29.44% | +26.17% | +32.38% | +32.84% | +32.26% | +31.61% |
| Retention ratio | +75.43% | +68.47% | +56.32% | +70.56% | +73.83% | +67.62% | +67.16% | +67.74% | +68.39% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +34.76% | +11.77% | +13.69% | +7.94% | +7.66% | +7.17% | +7.34% | +5.45% | +11.65% |
| Gross profit · YoY | — | +21.43% | +12.49% | +17.48% | +9.74% | +6.13% | +3.31% | +12.23% | +6.42% | +11.01% |
| Profit | ||||||||||
| Operating income · YoY | — | +17.13% | -18.69% | +38.81% | +16.09% | -3.44% | +5.54% | +9.95% | +6.14% | +7.81% |
| EBITDA · YoY | — | +34.92% | -14.47% | +31.66% | +13.50% | +1.37% | +3.12% | +7.29% | +9.86% | +9.88% |
| Net income · YoY | — | +7.41% | -19.15% | +46.69% | +16.07% | -4.29% | +5.75% | +6.76% | +9.58% | +7.25% |
| Operating | ||||||||||
| EBIT · YoY | — | +16.88% | -20.00% | +39.95% | +16.22% | -4.29% | +8.21% | +8.46% | +5.19% | +7.60% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -18.47% | -19.31% | +50.06% | +18.70% | +33.86% | +13.29% | +14.06% | +8.71% | +10.38% |
| EPS · basic · YoY | — | -18.39% | -19.51% | +49.82% | +18.69% | +32.30% | +14.91% | +13.60% | +8.34% | +10.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $4.7B | $11.65B | $12B | $11.93B | $14.2B | $15.28B | $16.47B | $17.39B | $17.88B |
| Net debt | -$1.8B | $10.37B | $10.71B | $10.27B | $12.46B | $13.42B | $14.49B | $15.32B | $15.7B |
| Net debt / EBITDA | -0.40 | 1.72 | 2.08 | 1.51 | 1.62 | 1.72 | 1.80 | 1.78 | 1.66 |
| Debt / equity | 0.85 | 0.29 | 0.31 | 0.32 | 0.39 | 0.34 | 0.35 | 0.33 | 0.34 |
| Debt / assets | +31.29% | +18.86% | +19.81% | +19.82% | +23.20% | +21.26% | +21.14% | +21.11% | +20.50% |
| Equity / assets | +36.84% | +64.33% | +62.88% | +62.28% | +59.07% | +61.78% | +59.85% | +63.33% | +59.79% |
| Coverage | |||||||||
| EBITDA / interest expense | 37.49 | 19.80 | 15.41 | 22.82 | 26.80 | 20.97 | 20.23 | 20.39 | 20.97 |
| Operating income / interest | 35.47 | 16.26 | 12.04 | 18.79 | 22.57 | 16.82 | 16.61 | 17.15 | 17.04 |
| Interest expense | $119M | $304M | $334M | $297M | $287M | $371.98M | $397.44M | $423.19M | $452.08M |
| Liquidity | |||||||||
| Current ratio | 2.31 | 0.94 | 0.84 | 0.85 | 0.82 | — | — | — | — |
| Quick ratio | 2.14 | 0.63 | 0.68 | 0.71 | 0.69 | — | — | — | — |
| Cash ratio | 1.70 | 0.21 | 0.21 | 0.26 | 0.23 | — | — | — | — |
| Working capital | $5B | -$332M | -$982M | -$933M | -$1.34B | — | — | — | — |
| Working capital / revenue | +60.20% | -2.97% | -7.86% | -6.57% | -8.74% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 11.20x | 11.65x |
| Earnings yield | 2.8% | 2.5% |
| FCF yield | 3.4% | 3.6% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 14.3% | 11.6% |
| ROA | 7.3% | 6.4% |
| ROIC | 9.2% | 8.1% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 1.62 | 1.51 |
| Interest coverage | — | — |
| Current ratio | 0.82x | 0.85x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).