- Price
- $18.72
- Fair value
- $32.00
- Discount
- 41.5%
- Uncertainty
- Medium
- LSEG rating
- 2.64
- Moat
- Narrow
- Next earnings
- 2026-11-12
- Next earnings is estimate
- No
- Company name
- Mobility Global
- Sector
- Automotive data & analytics
- About
- Mobility Global is the former S&P Global Mobility division, which S&P Global spun off on July 1, 2026. S&P Global shareholders received one Mobility Global share for each S&P Global share, and S&P Global kept no shares. The company sells automotive data, analytics and software, and most of its revenue comes from subscriptions. The CARFAX segment sells vehicle history reports, car listings and other products to more than 40,000 dealers, and to banks and insurers. The B2B segment sells market data, buyer predictions, sales forecasts and dealer marketing tools such as Polk, automotiveMastermind and Market Scan to car makers, suppliers, dealers and banks. In Q2 2026, CARFAX had $312 million of revenue and B2B had $156 million.
- Thesis
- The market prices Mobility Global as a new spin-off with new debt and lower reported profits. Many S&P Global shareholders received the shares without choosing them, and a new company has no track record as a standalone business. Mobility Global issued $2.0 billion of senior notes before the spin-off and used the money mainly for a dividend to S&P Global. Its GAAP operating profit fell 15% in Q2 2026 because selling and general expenses rose 31%, mostly from $34 million of higher costs to set up the standalone company. Investors also fear weak car markets and AI tools that can copy parts of data and analytics products. For the gap to close, Mobility Global must meet its 2026 guidance of $1,870 million to $1,885 million of revenue and $745 million to $760 million of adjusted EBITDA. CARFAX revenue must keep growing near the 8% of Q2 2026, and new products such as CARFAX Showroom and CARFAX Germany must add revenue. Standalone costs must stop rising, and free cash flow must cover interest and the dividend. The Q3 2026 report on November 12, 2026, is the first full quarter as a standalone company, and the Q4 report with the 2027 guidance in about February 2027 gives the next test. If growth and margins hold, the gap can close over the next four to six quarters.
- Risks
- Mobility Global is a new standalone company. It must replace services that S&P Global gave it. In Q2 2026, selling and general expenses rose $41 million, including $34 million of higher costs to set up the standalone company and higher compensation costs.
Revenue depends on car dealers and car makers. Weak car sales or fewer dealers can cut subscriptions to CARFAX and B2B products.
AI tools and other data providers can compete with parts of its data and analytics products, which can lower prices or slow growth.
The company has $2.0 billion of new debt. The credit facility has a maximum leverage ratio of 3.50 times, and higher debt costs lower the cash for dividends and investment.
- Balance sheet
- Cash: $186M
Debt: $2.0B
Net debt: $1.8B
EBITDA, last 12 months: $740M
Net debt / EBITDA: 2.5× (medium)
Undrawn credit line: $500M, to July 2031
Debt due within 12 months: $0.0M
Last debt due: 2036
Mobility Global had no long-term debt at December 31, 2025. Debt is the $2.0 billion principal of the senior notes issued on May 29, 2026: $650 million of 5.050% notes due 2029, $650 million of 5.450% notes due 2031 and $700 million of 6.050% notes due 2036, with interest paid each June 15 and December 15 from December 15, 2026. Nothing is due within 12 months. Cash is at June 30, 2026, and these results are on a carve-out basis. EBITDA is the company's adjusted EBITDA for the 12 months to June 30, 2026, from its carve-out figures. The $500 million revolving credit facility became available on July 1, 2026, and it requires a leverage ratio of not more than 3.50 times. The company pays a quarterly dividend of $0.06 per share. Free cash flow was $177 million in the first half of 2026.
As of 2026-06-30.
- Checkpoints
- Nov 12, 2026: Q3 2026 results: first full standalone quarter. Pending. Watch: Revenue growth near 7% with adjusted EBITDA on track for the $745 million to $760 million guidance passes; a guidance cut or higher standalone costs fail.
Feb 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: 2027 guidance with steady CARFAX growth and stable margins passes; slower growth or lower margins fail.
- Recent events
- 2026-10-08: Mobility Global said that it will report Q3 2026 results on November 12, 2026.
2026-08-07: Mobility Global reported Q2 2026 results, its first as a public company. Revenue rose 7% to $468 million, CARFAX revenue rose 8% and B2B revenue rose 4%. Net income fell 18% to $53 million, and adjusted EBITDA rose 7% to $202 million, a 43% margin. It gave 2026 guidance of $1,870 million to $1,885 million of revenue and $745 million to $760 million of adjusted EBITDA, and it started a quarterly dividend of $0.06 per share.
2026-07-01: S&P Global completed the spin-off of Mobility Global. S&P Global shareholders of record on June 15, 2026 received one Mobility Global share for each S&P Global share, and the shares started to trade on the New York Stock Exchange under the symbol MBGL.
2026-05-29: Mobility Global issued $2.0 billion of senior notes: $650 million at 5.050% due 2029, $650 million at 5.450% due 2031 and $700 million at 6.050% due 2036. The money stayed in escrow until the spin-off on June 30, 2026, and was used mainly for a dividend to S&P Global.
2026-05-06: Mobility Global signed a $500 million revolving credit facility, available from July 1, 2026 and due July 1, 2031.