# S&P Global Moat

Status: published. Policy: company-analysis-1.

The supplied passages support a narrow moat from proprietary information, trusted benchmarks and established customer use. Exchange licensing, substantial index-linked assets and expanding enterprise subscriptions provide operating support beyond management's brand claims. Improved contract terms demonstrate some pricing power, although price effects are not quantified separately. A wide moat is not established: competitive coverage, replacement costs and long-term durability are insufficiently documented. Mobility separated on July 1, 2026, so its results do not establish SPGI's continuing advantages.

## intangible_assets

Proprietary price assessments, indices and information products have established commercial use through exchange licensing, index-linked investment products and enterprise subscriptions. These relationships support an intangible-asset advantage; management's assertion that reputation is a competitive strength is corroborated partially by actual product adoption and continuing demand.

Durability: Enterprise expansion, subscription growth and substantial index-linked ETF assets support persistence, but the passages do not establish exceptional durability, exclusive rights or regulatory barriers. Ratings' improved contract terms provide additional evidence of current commercial strength.

Risks: Free information and AI could substitute for paid analysis or weaken intellectual-property protection. Benchmark integrity depends partly on third-party inputs. Index-linked revenue also benefits from asset values and trading activity, which cannot be attributed entirely to competitive strength.

Invalidation: The assessment would fail if enterprise customers persistently reduced paid product use, proprietary assessments lost exchange licensing demand, or index-linked products experienced sustained customer migration to substitutes. Repeated deterioration in contract terms alongside those losses would invalidate the pricing-power component.

Competitors: Not established
- [https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm](https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm) · 2026-02-11
- [https://www.sec.gov/Archives/edgar/data/64040/000006404026000045/spgi-20260630.htm](https://www.sec.gov/Archives/edgar/data/64040/000006404026000045/spgi-20260630.htm) · 2026-07-28
- [https://www.sec.gov/Archives/edgar/data/64040/000110465926037380/tm261443-1_def14a.htm](https://www.sec.gov/Archives/edgar/data/64040/000110465926037380/tm261443-1_def14a.htm) · 2026-03-31

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