S&P Global at 19.88x forward earnings, below peers' 20.93x

S&P Global's Q2 2026 results show revenue growth of 11% and adjusted EPS growth of 23%, with operating margins widening to 54.3%. The company's Ratings and Indices divisions account for nearly two-thirds of revenue and more than 80% of operating profit, so the earnings growth is anchored in established businesses rather than unproven AI products. Ratings revenue rose 17%, helped by debt issuance tied to AI infrastructure and data centers, as well as mergers and acquisitions.

On the AI side, more than 500 customers were using its Kensho AI-ready APIs and connected solutions, and usage increased more than fivefold from Q1 to Q2. That usage still has to translate into revenue, and customers are watching their AI costs closely, with some developing their own tools.

Against that backdrop, the stock's 19.88x forward earnings multiple sits slightly below the roughly 20.93x average for Moody's, MSCI, FactSet, ICE, and Nasdaq. Whether that discount persists may depend on how S&P Global converts growing AI data usage into paid revenue without making its data less attractive to customers.