Nasdaq vs S&P Global
S&P Global is the larger business, with $15.34bn of revenue in fiscal 2025 against $8.26bn for Nasdaq (1.9 times as much). Nasdaq grew faster (11.6% against 7.9%). S&P Global kept more of each dollar of sales as profit: a net margin of 29.2% against 21.6%.
| Latest fiscal year | NasdaqNDAQ, 2025 | S&P GlobalSPGI, 2025 |
|---|---|---|
| Revenue | $8.26bn | $15.34bn |
| Revenue growth | 11.6% | 7.9% |
| Net income | $1.79bn | $4.47bn |
| Operating margin | — | 42.2% |
| Net margin | 21.6% | 29.2% |
| Return on equity | 15.3% | 13.9% |
| Free cash flow | $1.99bn | $5.46bn |
| Cash | $604m | $1.71bn |
| Total debt | $9.00bn | $13.09bn |
| Debt to equity | — | 42.0% |
| Dividend per share | $1.05 | $3.84 |
| Dividend yield | 1.1% | 0.8% |
| Share buybacks | $616m | $5.00bn |
| Employees | — | 44,500 |
| Market value | $59.69bn | $134.89bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 70 (Moderate) | 84 (Strong) |
| Insider trades, 12 months | 3 buys, 32 sales | 6 buys, 0 sales |