United States Research
US coverage is now active with S&P Global as the first fully refreshed company. The page uses the post-Mobility structure, Q2 2026 evidence and a dated price rather than carrying forward an old chat conclusion.
Published US company research
The AI risk is analysed by segment rather than applied indiscriminately to the whole company.
S&P Global (SPGI)
The market is right that AI can compress some Capital IQ desktop and document-search economics, but wrong to treat all of S&P Global as a replaceable research interface. Ratings, Indices and Energy generated about 78% of 2025 adjusted segment profit, while Q2 2026 Market Intelligence still delivered 6% revenue growth, 10% adjusted operating-profit growth and margin expansion. At $439.83, approximately 25x the midpoint of 2026 adjusted EPS guidance, the business quality is validated but the base-case return is only about 11%, below a 15% hurdle.
- Portfolio role
- Quality financial-data compounder
- Quality
- 4.8/5
- Valuation
- 3/5
- Base IRR
- ≈11%
Why the ranking is withheld
A one-company table would not answer where capital is most attractive within a US universe. Additional candidates must use comparable price dates, normalized earnings, free-cash-flow treatment and quality scoring before a US ranking is published.
Next US research requirements
- Refresh additional long-duration compounders and financial platforms.
- Use a common price date where practical.
- Normalize acquisition amortisation, stock compensation and capital intensity consistently.
- Record portfolio concentration, US withholding tax and currency exposure where material.
No artificial comparison added
No SPGI peer comparison is published in this update because Moody’s, MSCI, LSEG or FactSet have not yet been refreshed to the same standard. A comparison will be created only when the competing investments and real capital-allocation question are current.
View ranking status →