S&P Global (SPGI)财务
NYSE · Financial Services · Financial - Data & Stock Exchanges · 员工44,500人 · CEO Martina L. Cheung
- 股价
- $466.55 +1.28%
- 市值
- $1350亿
- 企业价值
- $1460亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-02-09 EPS预期 $4.04
营收(TTM)$159亿+6.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)48.6%+7.9 百分点 对比去年同期营业利润 $77.4亿
净利润(TTM)$49.9亿+18.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$56.4亿+3.3% 对比去年同期资本支出 $1.39亿
稀释EPS(TTM)$16.81+22.3% 对比去年同期最近4个季度之和
净现金-$111亿-9.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1350亿 EV $1460亿
- 营收
- $159亿 过去12个月
- 营收增速
- -3% FY2026年一致预期
- 净利润率
- 31.3% 净利润 / 营收,TTM
- P/E
- 27.7× 预期 26.0×(FY2026)
- P/S
- 8.5× 股价 / 营收,TTM
- EV / EBITDA
- 17.3× TTM
- 自由现金流
- $56.4亿 过去12个月
- 净利润
- $49.9亿 过去12个月
- 营收预期
- $149亿 FY2026年一致预期
- 盈利
- 2027-02-09 营收预期 $36.2亿
- 股息
- $3.87 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收超预期1.0%,EPS 超预期3.4%营收$36.8亿,预期$36.4亿(+1.0%);EPS $4.58,预期$4.43(+3.4%)。
- 营收增长放缓:同比-5.4%Q3 '26营收$36.8亿,此前四个季度的平均值为9.7%。
- 营业利润率48.6%(TTM),较去年同期+7.9 百分点营收增长6.0%,营业利润增长26.6%。
- 资本支出占营收的0.9%(去年为1.2%)最近4个季度投入$1.39亿(同比-23.6%)。自由现金流$56.4亿,相当于净利润的113.1%。
- 股东回报$102亿 = 自由现金流的181.7%回购$91亿(去年为$13.6亿),股息$11.5亿,股权激励$1.08亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少4.2%Q3 '26稀释股数2.92亿,一年前为3.05亿。
- 净债务 $111亿现金 + 短期投资 $24.4亿,含租赁债务 $136亿;一年前净债务 $102亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $36.8亿 | $38.9亿 | -5.4% |
| 毛利率 | 71.9% | 71.2% | +0.7 百分点 |
| 营业利润 | $19.6亿 | $16.8亿 | +16.8% |
| 营业利润率 | 53.2% | 43.1% | +10.1 百分点 |
| 净利润 | $12.4亿 | $11.8亿 | +5.4% |
| 稀释EPS | $4.25 | $3.86 | +10.1% |
| 经营现金流 | $15.6亿 | $15.1亿 | +3.4% |
| 资本支出 | $2800万 | $4500万 | -37.8% |
| 自由现金流 | $15.3亿 | $14.6亿 | +4.7% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $7500万 | -100.0% |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $36.8亿 | $36.4亿 | +1.0% |
| EPS(一致预期口径) | $4.58 | $4.43 | +3.4% |
来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Market Intelligence Segment | $12.6亿 | +2.2% | 40.9% | – | – | |
| Ratings | – | – | – | – | – | |
| Market Intelligence | – | – | – | – | – | |
| Ratings Segment | $12.7亿 | +2.5% | 41.2% | – | – | |
| Mobility | – | – | – | – | – | |
| Energy | – | – | – | – | – | |
| Indices Segment | $5.54亿 | +19.9% | 17.9% | – | – | |
| Indices | – | – | – | – | – | |
| Intersegment Elimination | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $21.8亿 | -7.9% | 59.2% | $96.8亿 | +6.0% | |
| Europe | $8.73亿 | -1.4% | 23.7% | $36.5亿 | +6.1% | |
| Asia | $4.45亿 | +3.5% | 12.1% | $17.4亿 | +8.5% | |
| Rest Of World | $1.84亿 | -12.8% | 5.0% | $8.42亿 | +1.1% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Market Intelligence Segment | – | – | $3.01亿 | +19.4% | – | – | $12.9亿 |
| Ratings Segment | – | – | $8.34亿 | +2.0% | – | – | $33.5亿 |
| Commodity Insights | – | – | – | – | – | – | – |
| Mobility | – | – | – | – | – | – | – |
| Indices Segment | – | – | $3.88亿 | +24.0% | – | – | $14.7亿 |
| Engineering Solutions Segment | – | – | – | – | – | – | – |
| Corporate (unallocated) | – | – | $3600万 | -56.6% | – | – | $1.28亿 |
| Energy Segment | – | – | $4.69亿 | +88.4% | – | – | $12亿 |
| Mobility Segment | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $57.8亿
- 资本支出
- -$1.39亿
- 股票回购
- -$91亿
- 股息
- -$11.5亿
- 收购
- -$20亿
- 债务净发行
- $36.6亿
- 股权激励费用
- $1.08亿
- 自由现金流
- $56.4亿
- 股东回报 / FCF
- 181.7%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 27.7× | 39.9× | 32.7× – 53.4× |
| EV / EBITDA | 17.3× | 24.1× | 19.4× – 29.3× |
| EV / 营收 | 9.2× | 11.8× | 10.4× – 13.5× |
| 股价 / FCF | 24.0× | 34.1× | 27.9× – 42.2× |
| 股价 / 净资产 | 6.9× | 14.5× | 2.9× – 55.9× |
| FCF收益率 | 4.2% | 3.0% | 2.4% – 3.6% |
| 投入资本回报率 | 14.1% | 11.8% | 5.8% – 29.3% |
| 净资产收益率 | 17.5% | 38.3% | 7.7% – 148.8% |
分析师
一致目标价 $512.14 (+9.8%)
区间 $490.00 – $531.00 · 评级 Buy
强烈买入0
买入24
持有4
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $149亿 | -2.9% | $17.93 | +22.3% | 26.0× | 12 |
| FY2027 | $157亿 | +5.4% | $20.20 | +12.7% | 23.1× | 14 |
| FY2028 | $168亿 | +7.1% | $22.77 | +12.7% | 20.5× | 7 |
| FY2029 | $179亿 | +6.2% | $25.08 | +10.1% | 18.6× | 2 |
| FY2030 | $189亿 | +5.7% | $26.96 | +7.5% | 17.3× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
S&P Global Inc.在近期10-Q / 10-K文件中标记的全部299项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.07亿 | $4.18亿 | +21.3% | $6.1亿 | $5.53亿 | +10.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $31亿 | $28.6亿 | +8.5% | $34.4亿 | $28.7亿 | +20.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $5400万 | $4500万 | +20.0% | $5000万 | $4400万 | +13.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $900万 | $800万 | +12.5% | $3900万 | $4300万 | -9.3% |
| Accrued Income Taxes, Current | $2.47亿 | $1.97亿 | +25.4% | $1.8亿 | $1.99亿 | -9.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.75亿 | $8.43亿 | -8.1% | $8.61亿 | $8.23亿 | +4.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$8.02亿 | -$7.98亿 | -0.5% | -$6.97亿 | -$8.83亿 | +21.1% |
| Additional Paid in Capital, Common Stock | $440亿 | $444亿 | -0.7% | $441亿 | $443亿 | -0.5% |
| Advertising Expense | – | – | – | $2.52亿 | $2.29亿 | +10.0% |
| Amortization of Intangible Assets | $1.99亿 | $1.9亿 | +4.7% | $10.7亿 | $10.8亿 | -0.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | -$400万 | $7100万 | -105.6% | $1.41亿 | $1.61亿 | -12.4% |
| Assets | $480亿 | $597亿 | -19.6% | $612亿 | $602亿 | +1.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $2.54亿2025-12-31 | $2.46亿 | +3.3% | $2.54亿 | $2.46亿 | +3.3% |
| Assets Held-for-sale, Not Part of Disposal Group, Current | $0 | – | – | $02023-12-31 | $13亿 | -100.0% |
| Assets, Current | $64.2亿 | $56.5亿 | +13.5% | $63亿 | $54.6亿 | +15.3% |
| Capitalized Computer Software, Accumulated Amortization | $2.37亿2025-12-31 | $2.04亿 | +16.2% | $2.37亿 | $2.04亿 | +16.2% |
| Capitalized Computer Software, Gross | $4.19亿2025-12-31 | $3.38亿 | +24.0% | $4.19亿 | $3.38亿 | +24.0% |
| Capitalized Contract Cost, Net | $3.34亿 | $3.14亿 | +6.4% | $3.49亿 | $2.91亿 | +19.9% |
| Cash and Cash Equivalents, at Carrying Value | $24.4亿 | $16.7亿 | +46.0% | $17.5亿 | $16.7亿 | +4.7% |
| Cash Provided by (Used in) Financing Activities, Discontinued Operations | – | – | – | $02015-12-31 | $0 | – |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | – | – | – | $02016-12-31 | $0 | – |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | – | – | – | $02017-12-31 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $24.4亿 | $16.3亿 | +49.5% | $17.5亿 | $16.7亿 | +4.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$16.6亿 | -$1.87亿 | -788.8% | $7900万 | $3.75亿 | -78.9% |
| Commercial Paper, at Carrying Value | $7.15亿2025-12-31 | $0 | – | $7.15亿 | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $0.97 | $0.96 | +1.0% | $3.84 | $3.64 | +5.5% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 6亿 | 6亿 | 0.0% | 6亿 | 6亿 | 0.0% |
| Common Stock, Shares, Issued | 4.15亿 | 4.15亿 | 0.0% | 4.15亿 | 4.15亿 | 0.0% |
| Common Stock, Shares, Outstanding | 2.9亿 | 3.03亿 | -4.4% | 2.99亿 | 3.08亿 | -2.9% |
| Common Stock, Value, Issued | $4.15亿 | $4.15亿 | 0.0% | $4.15亿 | $4.15亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $12.1亿 | $11.7亿 | +3.2% | $46.6亿 | $37.3亿 | +24.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $13.2亿 | $12.6亿 | +4.4% | $50.1亿 | $40.5亿 | +23.7% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $9000万 | $8100万 | +11.1% | $8900万 | $6900万 | +29.0% |
| Contract with Customer, Liability, Current | $37.7亿 | $36.3亿 | +3.9% | $40.9亿 | $36.9亿 | +10.7% |
| Contract with Customer, Liability, Revenue Recognized | $7亿2025-09-30 | $6亿 | +16.7% | $28亿2023-12-31 | $15亿 | +86.7% |
| Cost of Revenue | $10.3亿 | $9.86亿 | +4.9% | $45.6亿 | $43.6亿 | +4.6% |
| Costs and Expenses | $19.2亿 | $18.9亿 | +1.5% | $91.6亿 | $87.3亿 | +4.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $9.09亿 | $7.4亿 | +22.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.48亿 | $4.72亿 | -5.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.92亿 | $2.52亿 | +15.9% |
| Debt, Current | $24.5亿 | $300万 | +81,500.0% | $7.18亿 | $400万 | +17,850.0% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $1200万2025-09-30 | $1200万 | 0.0% | $1200万2023-12-31 | $2000万 | -40.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.1亿 | -$1.31亿 | +16.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$5200万 | -$1.61亿 | +67.7% |
| Deferred Income Tax Expense (Benefit) | $0 | -$7400万 | +100.0% | -$2.42亿 | -$3.23亿 | +25.1% |
| Deferred Income Tax Liabilities, Net | $21.8亿 | $30.3亿 | -28.1% | $32.6亿 | $34亿 | -4.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$8000万 | -$3100万 | -158.1% |
| Deferred Tax Assets, Gross | $16.2亿2025-12-31 | $15.8亿 | +2.3% | $16.2亿 | $15.8亿 | +2.3% |
| Deferred Tax Assets, in Process Research and Development | $4.2亿2025-12-31 | $3.5亿 | +20.0% | $4.2亿 | $3.5亿 | +20.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $7100万2025-12-31 | $7300万 | -2.7% | $7100万 | $7300万 | -2.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $6.36亿2025-12-31 | $6.95亿 | -8.5% | $6.36亿 | $6.95亿 | -8.5% |
| Deferred Tax Assets, Other | $4.34亿2025-12-31 | $4.23亿 | +2.6% | $4.34亿 | $4.23亿 | +2.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.28亿2025-12-31 | $1.14亿 | +12.3% | $1.28亿 | $1.14亿 | +12.3% |
| Deferred Tax Assets, Valuation Allowance | $3.02亿2025-12-31 | $3.13亿 | -3.5% | $3.02亿 | $3.13亿 | -3.5% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $43.2亿2025-12-31 | $43.5亿 | -0.6% | $43.2亿 | $43.5亿 | -0.6% |
| Deferred Tax Liabilities, Gross | $45.1亿2025-12-31 | $45.9亿 | -1.9% | $45.1亿 | $45.9亿 | -1.9% |
| Deferred Tax Liabilities, Net | $31.9亿2025-12-31 | $33.2亿 | -4.0% | $31.9亿 | $33.2亿 | -4.0% |
| Deferred Tax Liabilities, Other | $1.86亿2025-12-31 | $2.45亿 | -24.1% | $1.86亿 | $2.45亿 | -24.1% |
| Defined Benefit Plan, Amortization of Gain (Loss) | -$200万 | -$100万 | -100.0% | – | – | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01