Bread Financial Holdings, Inc. vs S&P Global Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Bread Financial is a balance-sheet card lender taking consumer credit risk; S&P Global is a ratings-index-and-data toll that never lends, and the contrast is total: S&P nets 30.4% of revenue and earns 7.9% on assets at near-monopoly economics, Bread nets 13.6% and earns 2.5% on assets taking loan losses. The multiples price them at 25.8 and 8.7 times, S&P's premium buying the toll-booth durability, Bread's discount reflecting credit-cycle risk. S&P carries 0.51 turns of debt, Bread none; both pay small dividends. The pair prices a lender against the infrastructure of credit markets; Bread's single-digit multiple is the market pricing a downturn, S&P's premium the market pricing permanence.
Comparison updated 2026-07-11.
| Metric | BFH | SPGI |
|---|---|---|
| Price | $106.19 | $408.17 |
| Market cap | $4.6B | $121.5B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +14.6% |
| P/E | 8.7 | 25.8 |
| P/B | 1.38 | 3.88 |
| P/S | 1.11 | 7.72 |
| EV/EBITDA | 12.2 | 16.8 |
| Revenue growth | +2.5% | +8.5% |
| Operating margin | — | 48.0% |
| Net margin | 13.6% | 30.4% |
| Return on equity | 16.9% | 15.3% |
| Return on assets | 2.5% | 7.9% |
| Dividend yield | 0.8% | 0.9% |
| Debt / equity | 0.00 | 0.51 |
| Current ratio | — | 0.68 |
| Altman Z (solvency) | 0.43 | 3.84 |
| Piotroski F (quality) | 9 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.