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TRIThomson Reuters Corporation
$112.57$49.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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TRI logo

Thomson Reuters Corporation

TRI
NASDAQ · Consulting & Data Services
$112.57
At close - Nov 6, 4:00 PM EST - USD
Market Cap$49.14B
P/E31.0x
52W High$144.35
Volume1.28M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Fortress Balance Sheet Faces AI Pricing Pressure Risk

Thomson Reuters combines a mid-70s gross margin, with reported gross margins of roughly 74% to 76% through 2024 and 2025, with a balance sheet that has deleveraged, as total debt fell from $3.2B in 2024Q3 to $2.1B in 2025Q4 and D/E declined from 0.27 to 0.18.

GrowthExpanding
ProfitabilityStrong
ValuationReview
TechnicalsHealthy
Explore valuation models
MARKET ACTION

TRI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

+13% Peers

P/E is 13% above peer median

03

Market leadership

RS 84 · Leader

High momentum (Outperforming 84% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Feb 3
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has been mid-single-digit and uneven, ranging from roughly 0.8% to 9.8% across recent quarters, while operating margins swung between about 19% and 38%, suggesting operating leverage that is present but inconsistent.

Analyst Consensus+4.8% target
Buy(27 analysts)
14 Buy10 Hold3 Sell

The Bull Case

Upside Catalysts

Recurring revenue strength

Thomson Reuters reported 77% of its Q1 2026 revenue as recurring, demonstrating stable cash flow from long-term customer contracts.

Undervalued market position

The stock trades near five-year lows with an estimated 8% undervaluation, presenting a potential buying opportunity despite strong fundamentals.

AI product enhancements

Innovations like CoCounsel AI are enhancing product offerings, creating new monetization opportunities and competitive advantages.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TRI-9.68%
S&P 500 (^GSPC)+7.63%
1-Year Return
TRI-17.46%
S&P 500 (^GSPC)+9.69%
3-Year Return
TRI-7.58%
S&P 500 (^GSPC)+62.61%
5-Year Return
TRI+2.01%
S&P 500 (^GSPC)+50.83%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
31.0x
Forward P/EExpansion
27.5x
EV/EBITDA0th %ile
17.1x
FCF YieldCash Flow
4.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
31.0x
33.3x
40th· Fair
EV/EBITDA
17.1x
24.4x
0th· Low
Price/FCF
23.4x
37.7x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$53.51-52.5%
Base (Fair)$95.57-15.1%
Bull$142.82+26.9%
$53.51 Bear$95.57 Base$142.82 Bull
Current Market Price: $112.57
Trades at a 17.8% premium to Base DCF ($95.57)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$7.48B+3.0% YoY
Net income FY25
$1.5B-32.0% YoY
Free cash flow FY25
$2.05B+16.5% YoY
Operating margin FY25
26.6%-2.5 pts YoY
ROIC (FY25)11.2%
Avg ROIC 5Y9.9%
ROE (TTM)13.7%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 3, 2026
$0.81-9.0%
vs $0.89
$1.8B+0.1%
vs $1.8B
Q3 2026
Aug 5, 2026
$0.99+3.1%
vs $0.96
$1.9B+2.2%
vs $1.9B
Q2 2026
May 5, 2026
$1.23+4.2%
vs $1.18
$2.0B+2.0%
vs $2.0B
Q1 2026
Feb 5, 2026
$1.07-1.8%
vs $1.09
$2.0B-0.5%
vs $2.0B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·2d ago
Falling Knives Or Buying Opportunities? Canadian Stocks Down In A Strong Market

Over the past 12 months, the TSX gained about 20%. Some well-known Canadian companies went the other way, with double-digit losses. So are they falling knives that will cut you or good buying opportunities? Some of them are in my portfolio. FirstService is not in my portfolio, but it caught my attention. It is down about 11% over the past 12 months, even after a bounce on its third-quarter results.

Zacks Investment Research·3d ago
TRI Q3 Earnings & Revenues Miss Estimates, Stock Declines 9.9%

Thomson Reuters' Q3 earnings & revenues miss estimates despite double-digit growth, as rising AI adoption is offset by margin pressure and weak cash flow.

The Motley Fool·3d ago
Thomson Reuters: 3 Key Takeaways for Long-Term Investors

Organic revenue grew 10% during the third quarter. Generative AI products reached 34% of annualized contract value.

Seeking Alpha·4d ago
Thomson Reuters Corporation (TRI:CA) Q3 2026 Earnings Call Transcript

Thomson Reuters Corporation ( TRI:CA ) Q3 2026 Earnings Call November 3, 2026 8:30 AM EST Company Participants Gary Bisbee - Head of Investor Relations Stephen Hasker - President, CEO & Director Gary Bischoping - Chief Financial Officer Conference Call Participants Drew McReynolds - RBC Capital Markets, Research Division Keen Fai Tong - Goldman Sachs Group, Inc., Research Division Aravinda Galappatthige - Canaccord Genuity Corp., Research Division Manav Patnaik - Barclays Bank PLC, Research Division Tim Casey - BMO Capital Markets Equity Research Kevin McVeigh - UBS Investment Bank, Research Division Stephanie Price - CIBC Capital Markets, Research Division Vince Valentini - TD Cowen, Research Division Maher Yaghi - Scotiabank Global Banking and Markets, Research Division Toni Kaplan - Morgan Stanley, Research Division Jason Haas - Wells Fargo Securities, LLC, Research Division Douglas Arthur - Huber Research Partners, LLC Curtis Nagle - BofA Securities, Research Division Surinder Thind - Jefferies LLC, Research Division Presentation Operator Good day, everyone, and welcome to the Thomson Reuters Third Quarter Earnings Call. Today's conference is being recorded.

Filtered for Thomson Reuters CorporationMore Headlines
04

Compare before deciding

Benchmark TRI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Thomson Reuters Corporation (TRI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRI logoTRIThomson Reuters CorporationCurrent
$112.57$49.14B30.963%20.02%13.69%2.08%
SPGI logoSPGIS&P Global Inc.
$467.80$137.91B27.368.18%31.99%14.88%0.82%
MCO logoMCOMoody's Corporation
$505.67$87.58B30.409.37%36.16%82.81%0.77%
ICE logoICEIntercontinental Exchange, Inc.
$172.27$97.15B23.379.27%33.78%14.05%1.12%
MSCI logoMSCIMSCI Inc.
$641.01$46.6B33.499.51%43.87%—1.12%
FDS logoFDSFactSet Research Systems Inc.
$327.89$11.66B21.866.89%22.28%25.61%1.37%

Compare TRI vs Peers

Thomson Reuters Corporation (TRI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SPGI

Most directly comparable listed peer for TRI.

Scale Benchmark

vs MSFT

Larger-name benchmark to compare TRI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SPGI, MCO, ICE, MSCI

Get notified when TRI posts new earnings or crosses analyst targets

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TRI Frequently Asked Questions

Thomson Reuters Corporation (TRI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Thomson Reuters Corporation's revenue?

Thomson Reuters Corporation (TRI) reported $7.88B in revenue over the trailing twelve months. Revenue was $7.48B in fiscal year 2025. That is 3% less than the $7.72B of fiscal year 1996.

How fast is Thomson Reuters Corporation growing?

Thomson Reuters Corporation (TRI) grew revenue by 6.9% over the trailing twelve months, compared with the twelve months before.

Is TRI profitable?

Yes. Thomson Reuters Corporation (TRI) earned $1.58B in net income over the trailing twelve months (a 20.0% net margin).

Dividend & Returns
Does TRI pay dividends?

Yes. Thomson Reuters Corporation (TRI) pays a dividend that yields 2.08% at the current price, a moderate yield.

What is TRI's return on equity?

Thomson Reuters Corporation (TRI) had a return on equity (ROE) of 13.7% over the trailing twelve months. That is in line with the market's typical 10-15%.

What is Thomson Reuters Corporation's free cash flow?

Thomson Reuters Corporation (TRI) generated $2.10B in free cash flow over the trailing twelve months.

What if you invested $1,000 in TRI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →