S&P Global Inc
Held by 13 superinvestors (SPGI).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
S&P Global Inc (SPGI): A conservative earnings-power estimate, $148–$266 / sh; today’s price sits above it (price $440 as of 2026-07-02).
Model cautions
- The DCF result diverges from a zero-growth sanity check (over 50%).
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $148.07 – $266.17 · Greenwald zero-growth $186.09 · zero-growth base $186.09
Moat Not assessable · terminal value 43% of present value · owner-earnings yield 3% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$145.92 – $186.09 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 670% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$125.43 – $153.31 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Asset floor: Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 10% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
13 superinvestors hold it · $7.61B combined
Largest holder Chris Hohn
Held by 13 superinvestors of S&P Global Inc (SPGI); this quarter 2 opened, 3 added, 6 trimmed, 1 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
Want to see which stocks look cheap against a conservative value band?
Browse all valued stocks, ranked by value bandSuperinvestors Holding This Security
- Value$5.97BWeight (prev→now)11.5% → 13.2% ▲
- Value$747.8MWeight (prev→now)20.8% → 22.2% ▼
- Value$658.1MWeight (prev→now)5.0% → 4.4% ▼
- Value$94.7MWeight (prev→now)New · 7.5%
- Value$51.7MWeight (prev→now)New · 1.6%
- Value$50.1MWeight (prev→now)0.6% → 0.4% ▼
- Value$13.9MWeight (prev→now)0.1% → 0.1% ▼
- Value$13.8MWeight (prev→now)3.3% → 2.8% ▼
- Value$5.7MWeight (prev→now)0.8% → 1.3% ▲
- Value$3.1MWeight (prev→now)0.1% → 0.1% ▲
Show all 13 holders ▸Superinvestors Holding This Security ▾
- Value$3.0MWeight (prev→now)0.2% → 0.2% ▼
- Value$2.3MWeight (prev→now)0.0% → 0.0%
- Value$225,856Weight (prev→now)0.0% → 0.0%
Ownership overview
S&P Global Inc (SPGI) is held by 13 of the superinvestors tracked on Compounder, with a combined $7.61B in reported 13F value. The largest position belongs to Chris Hohn, where it makes up 13.2% of the portfolio.
Other notable holders by value include Dev Kantesaria (22.2% of its book), William von Mueffling (4.4% of its book) and Pat Dorsey (7.5% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in SPGI, 3 added to existing ones, 6 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 12 → 13.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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