S&P Global Inc. (NYSE:SPGI) has returned 1.41% during the last six months, as of October 15. This compares to a 21.5% return for the Insider Monkey Billionaire Index and 15.74% for the State Street SPDR S&P 500 ETF Trust.
S&P has an advantage that many AI companies would love to have: financial data that customers already pay for and depend on. The company has thus developed a moat which could translate into a long runway. It also has an opportunity to sell more of its data as AI changes how financial institutions use it. Its Q2 earnings call suggests the strategy is gaining traction.
S&P Global Inc. (NYSE:SPGI) ranks 6th in our list of 10 Best Stocks to Buy for the Next 20 Years. Click HERE to find out other stocks on the list.
Its Core Businesses Are Doing the Heavy Lifting
Revenue grew 11% year over year in Q2 2026, while adjusted EPS rose 23%. Operating margins also widened to 54.3%, thanks largely to strong results from Ratings and Indices.
These two divisions account for nearly two-thirds of revenue and more than 80% of operating profit. That’s important because S&P Global isn’t relying on unproven AI products to drive its results. Its established businesses are already generating substantial profits.
Ratings revenue rose 17%, helped by debt issuance tied to AI infrastructure and data centers, as well as mergers and acquisitions. Management also expects approximately $11 trillion in rated debt to come up for refinancing over the next four and a half years. Even if new borrowing slows, refinancing should provide a meaningful source of business.
SPGI ranked first in our list of the 10 Best Dividend Kings To Buy According to Hedge Funds. To see which other stocks were in the list, click HERE.
AI Is the Next Growth Opportunity
S&P Global is also finding new ways to sell its proprietary data through AI tools. More than 500 customers were using its Kensho AI-ready APIs and connected solutions, and usage increased more than fivefold from Q1 to Q2.
More AI usage is encouraging, but it still has to translate into revenue. Customers are watching their AI costs closely, and some are developing their own tools. S&P Global needs to find ways to charge for the growing use of its data without making it less attractive to customers.
SPGI ranked first in our list of the Top 10 Large-Cap Stocks to Invest In At 52-Week Lows. To see which other stocks were in the list, click HERE.
Is S&P Global Cheap at 19.88x Forward Earnings?
SPGI trades at 24.74x trailing earnings and 19.88x forward earnings. The average forward P/E for Moody’s, MSCI, FactSet, ICE, and Nasdaq is about 20.93x, putting S&P Global slightly below its peer group despite its strong position in ratings and indices.
