S&P Global management check
SPGI · Financials · Financial Exchanges & Data · CEO Martina Cheung
Filings as of
6 good · 1 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $166, against $155 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.66 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$12.8m of reported pay in fiscal 2025, against $4.8bn of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 27,518 shares, directly or through trusts (unvested awards not counted): about 0.9 years of pay. 3 insiders bought $2.6m on the open market in the last six months, with their own money, near the lows.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.2% a year over the last three fiscal years. Stock-based pay was 1.5% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Martina Cheung. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 59 | 49 | |
| Pay for performance | 83 | 83 | |
| CEO cost | 98 | 67 | |
| Skin in the game | 53 | 51 | |
| Dilution | 77 | 69 | |
| Stable leadership | 75 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Financial Exchanges & Data, by management score. S&P Global is 22nd of 72 in its sector.
- 84SPGIS&P Global78
- 201ICEIntercontinental Exchange68
- 221CMECME Group67
- 222CBOECboe Global Markets67
- 230MCOMoody's Corporation66
- 234NDAQNasdaq, Inc.66
- 241MSCIMSCI65
- 366COINCoinbase57
- 404FDSFactSet53
Pay versus performance
From the proxy statement filed March 31, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Martina Cheung | $12.8m | $16.6m | $6.9m | $166 | $155 | $4.8bn |
| 2024 | — | $24.0m | $54.9m | $4.7m | $157 | $148 | $4.2bn |
| 2023 | — | $19.5m | $31.0m | $5.6m | $138 | $128 | $2.9bn |
| 2022 | — | $28.6m | −$9.2m | $11.3m | $104 | $98 | $3.5bn |
| 2021 | — | $16.1m | $45.6m | $5.1m | $145 | $128 | $3.3bn |
The board says pay is tied most to Adjusted Diluted EPS. Its other key measures: Adjusted Revenue Growth, Adjusted EBITA Margin.
Insiders and the CEO's stake
Martina Cheung (CEO & President) held 27,518 shares directly after their latest Form 4 on Apr 29, 2026, roughly $11.8m at that filing's price.
3 insiders bought $2.6m on the open market in the last six months, with their own money, near the lows.
- BoughtCatherine R ClayCEO, S&P Dow Jones Indices$1.1mMay 1, 2026
- BoughtMartina CheungCEO & President$998kApr 29, 2026
- BoughtRobert Edward Jr. MoritzDirector$500kApr 30, 2026
Leadership and governance on file
- Jul 6, 2026Leadership change8-K 5.02
- May 26, 2026Leadership change8-K 5.02
- Jan 14, 2026Leadership change8-K/A 5.02
- Dec 16, 2025Leadership change8-K 5.02
- Nov 10, 2025Leadership change8-K 5.02
- Oct 17, 2024Leadership change8-K 5.02
- Oct 15, 2024Leadership change8-K 5.02
- Jun 27, 2024Leadership change8-K 5.02
- Feb 2, 2024Leadership change8-K 5.02
- Dec 7, 2023Leadership change8-K 5.02
- Dec 8, 2022Leadership change8-K 5.02
- Jun 28, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 21, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $28.8bn returned to owners in buybacks and dividends, 167% of net income, and $990.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.3bn | $11.2bn | $12.5bn | $14.2bn | $15.3bn |
| Net income | $3.0bn | $3.2bn | $2.6bn | $3.9bn | $4.5bn |
| Stock-based pay | $122.0m | $214.0m | $171.0m | $247.0m | $236.0m |
| Buybacks | $0 | $12.0bn | $3.3bn | $3.3bn | $5.0bn |
| Dividends | $743.0m | $1.0bn | $1.1bn | $1.1bn | $1.2bn |
| Diluted shares | 242m | 319m | 319m | 312m | 305m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.