SLM Corp vs S&P Global Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Net margin favors the lender here, and by a lot: SLM (Sallie Mae) at 49.8% against S&P Global's 30.4%, private student-loan spreads out-fattening even the ratings monopoly's take. But S&P earns it risk-free while SLM takes credit risk, and the market pays for the safety, 25.8 times earnings against SLM's 7.1. S&P's 15.3% return on equity trails SLM's 30.7%, the lender's leverage lifting it. S&P carries 0.51 turns of debt against SLM's 2.53; both pay small dividends near 1-2%. A student lender with the fatter margin trades at a quarter of the ratings monopoly's multiple, the market pricing student-debt policy risk against financial-infrastructure permanence, and permanence wins the valuation by a mile.
Comparison updated 2026-07-11.
| Metric | SLM | SPGI |
|---|---|---|
| Price | $25.47 | $408.17 |
| Market cap | $5.0B | $121.5B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +14.6% |
| P/E | 7.1 | 25.8 |
| P/B | 2.07 | 3.88 |
| P/S | 3.35 | 7.72 |
| EV/EBITDA | 1397.9 | 16.8 |
| Revenue growth | +2.3% | +8.5% |
| Operating margin | — | 48.0% |
| Net margin | 49.8% | 30.4% |
| Return on equity | 30.7% | 15.3% |
| Return on assets | 2.5% | 7.9% |
| Dividend yield | 2.0% | 0.9% |
| Debt / equity | 2.53 | 0.51 |
| Current ratio | — | 0.68 |
| Altman Z (solvency) | 0.40 | 3.84 |
| Piotroski F (quality) | 6 / 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.