Upside case
Bull case
$331+260.4%
TRI would need investors to value it at roughly 75x earnings — about 54x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Thomson Reuters Corporation (TRI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
27
analysts
14 bullish · 2 bearish · 27 covering TRI
Strong Buy
0
Buy
14
Hold
11
Sell
2
Strong Sell
0
Consensus Target
$147
+60.3% vs today
Scenario Range
$100 – $331
Model bear to bull value window
Coverage
27
Published analyst ratings
Valuation Context
20.8x
Forward P/E · Market cap $40.0B
TRI price targets
Three scenarios for where TRI stock could go
Current
~$92
Confidence
57 / 100
Updated
May 1, 2026
Where we are now
Current · $92
Bear
$100
Base
$93
Bull
$331
Market caseClosest to today
Base case
$93+1.5%
This is close to how the market is already pricing TRI — at roughly 21x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$100+8.5%
The bear case assumes sentiment or fundamentals disappoint enough to push TRI down roughly 8% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Thomson Reuters Corporation
TRI · NASDAQIndustrialsSpecialty Business ServicesDecember year-end
Thomson Reuters is a global provider of specialized information, software, and workflow solutions primarily for legal, tax, regulatory, and news professionals. It generates revenue through subscription-based software and information services across its core segments—Legal Professionals (~40% of revenue), Corporates (~30%), Tax & Accounting Professionals (~20%), with Reuters News and Global Print making up the remainder. The company's competitive advantage lies in its deep domain expertise, trusted content brands like Westlaw and Checkpoint, and high switching costs created by embedding its tools into critical professional workflows.
Market Cap
$40.0B
Revenue TTM
$7.7B
Net Income TTM
$1.5B
Net Margin
19.9%
TRI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
75%Exceptional
vs consensus estimates
Avg EPS Surprise
+6.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.87/$0.83
Revenue
$1.8B/$1.8B
Q4 2025
EPS
$0.85/$0.81
Revenue
$1.8B/$1.8B
Q1 2026
EPS
$1.07/$1.09
Revenue
$2.0B/$2.0B
Q2 2026
EPS
$1.21/$1.18
Revenue
$2.0B/$2.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.87/$0.83 | +4.8% | $1.8B/$1.8B | -0.3% |
| Q4 2025 | $0.85/$0.81 | +4.9% | $1.8B/$1.8B | +1.3% |
| Q1 2026 | $1.07/$1.09 | -1.8% | $2.0B/$2.0B | -0.5% |
| Q2 2026 | $1.21/$1.18 | +2.5% | $2.0B/$2.0B | +2.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$8.0B
+4.9% YoY
FY2
$8.5B
+5.5% YoY
EPS Outlook
FY1
$3.58
+2.6% YoY
FY2
$3.45
-3.5% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 22.7%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
TRI beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
TRI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $7.0B
Product Mix
Latest annual revenue by segment or product family
Electronic Software And Services
100.0%
+3.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Electronic Software And Services is the largest disclosed segment at 100.0% of FY 2025 revenue, up 3.7% YoY.
TRI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $106 — implies +12.2% from today's price.
Upside to Fair Value
12.2%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
TRI
27.0x
vs
S&P 500
25.2x
+7% premium
vs Industrials Trailing P/E
TRI
27.0x
vs
Industrials
25.9x
In line with benchmark
vs TRI 5Y Avg P/E
Today
27.0x
vs
5Y Average
30.9x
13% discount
Forward PE
20.8x
S&P 500
19.1x
+9%
Industrials
20.8x
+0%
5Y Avg
—
—
Trailing PE
27.0x
S&P 500
25.2x
+7%
Industrials
25.9x
+4%
5Y Avg
30.9x
-13%
PEG Ratio
3.60x
S&P 500
1.75x
+106%
Industrials
1.59x
+126%
5Y Avg
—
—
EV/EBITDA
14.1x
S&P 500
15.3x
-7%
Industrials
13.9x
+2%
5Y Avg
25.4x
-44%
Price/FCF
19.5x
S&P 500
21.3x
-9%
Industrials
20.6x
-6%
5Y Avg
36.2x
-46%
Price/Sales
5.3x
S&P 500
3.1x
+68%
Industrials
1.6x
+231%
5Y Avg
9.4x
-44%
Dividend Yield
2.55%
S&P 500
1.88%
+36%
Industrials
1.24%
+106%
5Y Avg
1.38%
+86%
| Metric | TRI | S&P 500 | Industrials | 5Y Avg TRI |
|---|---|---|---|---|
| Forward PE | 20.8x | 19.1x | 20.8x | — |
| Trailing PE | 27.0x | 25.2x | 25.9x | 30.9x-13% |
| PEG Ratio | 3.60x | 1.75x+106% | 1.59x+126% | — |
| EV/EBITDA | 14.1x | 15.3x | 13.9x | 25.4x-44% |
| Price/FCF | 19.5x | 21.3x | 20.6x | 36.2x-46% |
| Price/Sales | 5.3x | 3.1x+68% | 1.6x+231% | 9.4x-44% |
| Dividend Yield | 2.55% | 1.88% | 1.24% | 1.38% |
TRI trades above S&P 500 benchmarks on 2 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolTRI Financial Health
Verdict
Strong
TRI generates $1.7B in free cash flow at a 22.7% margin — 11.2% ROIC signals a durable competitive advantage · returns 5.1% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$7.7B
Revenue Growth
TTM vs prior year
+5.4%
Gross Margin
Gross profit as a share of revenue
53.7%
Operating Margin
Operating income divided by revenue
28.8%
Net Margin
Net income divided by revenue
19.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.49
Free Cash Flow (TTM)
Cash generation after capex
$1.7B
FCF Margin
FCF as share of revenue — the primary cash quality signal
22.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.2%
ROA
Return on assets, trailing twelve months
8.5%
Cash & Equivalents
Liquid assets on the balance sheet
$511M
Net Debt
Total debt minus cash
$1.6B
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.9× FCF
~0.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
12.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.1%
Dividend
2.6%
Buyback
2.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.0B
Dividend / Share
Annualized trailing dividend per share
$2.34
Payout Ratio
Share of earnings distributed as dividends
68.9%
Shares Outstanding
Declining as buybacks retire shares
436M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageTRI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Government Business Headwinds
Recent downgrades in the federal efficiency programs are expected to hinder organic revenue growth. A significant portion of TRI’s revenue comes from government contracts, making it vulnerable to policy changes and budget cuts.
High Risk
Weak Growth & Momentum
TRI has struggled to deliver compelling growth relative to its valuation, with forward EPS GAAP growth significantly below sector peers. Investors are questioning the company’s ability to accelerate earnings, which could pressure share price.
High Risk
Challenging Economic Environment
Inflationary pressures and higher-for-longer interest rates are weighing on corporate spending, potentially softening demand for premium data and legal services. This macro backdrop could reduce revenue growth and compress margins.
Medium
AI Startup Disruptions
The stock has reacted negatively to broader market fears regarding potential disruptions from AI startups. Emerging competitors could erode TRI’s market share in data and analytics services.
Medium
Interest Rate Risks
TRI’s investments in bonds are subject to interest rate risks, which could erode portfolio returns if rates rise further. Rising rates also increase borrowing costs for the company.
Medium
Valuation Concerns
Some analysts suggest TRI may be undervalued, while others point to a lack of earnings growth to justify its P/E ratio. This valuation uncertainty could lead to volatility in the stock price.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why TRI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Solid Financial Performance
Thomson Reuters has shown robust financial health with notable EBITDA growth and a marginal improvement in margins. Its recurring revenues have risen organically, driven by strong demand in key business segments.
Recurring Revenue & Market Position
The company enjoys a high degree of recurring revenue supported by high switching costs and deeply embedded client workflows. This creates a defensible long‑term growth trajectory, especially within its legal, tax, and accounting verticals.
AI Integration as Enhancement
AI is viewed as an enhancement rather than a threat, with Thomson Reuters actively integrating tools like CoCounsel. These AI‑driven solutions command higher pricing appreciation, positioning the firm to capture a larger total addressable market.
Shareholder Value Commitment
Thomson Reuters has a 33‑year streak of annual dividend increases and runs significant share buyback programs, underscoring its commitment to returning value to shareholders.
Undervaluation & Growth Prospects
The stock trades near 5‑year lows and below its fair‑value estimate from DCF analysis, suggesting undervaluation. The company is expected to achieve strong organic revenue growth driven by international expansion and AI‑driven product penetration.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
TRI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$91.75
52W Range Position
8%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$79.71
+15.1% from the low
52-Week High
$221.97
-58.7% from the high
1 Month
+1.25%
3 Month
+4.18%
YTD
-28.5%
1 Year
-51.5%
3Y CAGR
-10.5%
5Y CAGR
-1.9%
10Y CAGR
+6.9%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
TRI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.8x
vs 21.6x median
-3% below peer median
Revenue Growth
+4.9%
vs +7.8% median
-37% below peer median
Net Margin
19.9%
vs — median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
TRI TRI Thomson Reuters Corporation | $40.0B | 20.8x | +4.9% | 19.9% | Buy | +60.3% |
SPG SPGI S&P Global Inc. | $125.4B | 21.6x | +7.8% | — | Buy | +29.4% |
MCO MCO Moody's Corporation | $79.5B | 26.9x | +7.9% | — | Buy | +21.4% |
ICE ICE Intercontinental Exchange, Inc. | $86.9B | 19.1x | +1.2% | — | Buy | +27.6% |
MSC MSCI MSCI Inc. | $42.4B | 29.7x | +10.2% | — | Buy | +15.8% |
FDS FDS FactSet Research Systems Inc. | $9.1B | 11.9x | +5.7% | — | Hold | +31.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
TRI Dividend and Capital Return
TRI returns 5.1% total yield, led by a 2.55% dividend, raised 7 consecutive years. Buybacks add another 2.5%.
Dividend WatchFCF Adequate
Total Shareholder Yield
5.1%
Dividend + buyback return per year
Buyback Yield
2.5%
Dividend Yield
2.55%
Payout Ratio
68.9%
How TRI Splits Its Return
Div 2.55%
Buyback 2.5%
Dividend 2.55%Buybacks 2.5%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.34
Growth Streak
Consecutive years of dividend increases
7Y
3Y Div CAGR
8.8%
5Y Div CAGR
8.6%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.0B
Estimated Shares Retired
11M
Approx. Share Reduction
2.5%
Shares Outstanding
Current diluted share count from the screening snapshot
436M
At 2.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.66 | — | — | — |
| 2025 | $2.38 | +10.2% | 1.7% | 3.4% |
| 2024 | $2.16 | -67.6% | 0.8% | 2.0% |
| 2023 | $6.67 | +260.7% | 4.6% | 5.9% |
| 2022 | $1.85 | +9.9% | 2.1% | 3.5% |
FAQ
7 questionsTRI Investor Questions
Common questions answered from live analyst data and company financials.
01Is Thomson Reuters Corporation (TRI) stock a buy or sell in 2026?
Thomson Reuters Corporation (TRI) is rated Buy by Wall Street analysts as of 2026. Of 27 analysts covering the stock, 14 rate it Buy or Strong Buy, 11 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $147, implying +60.3% from the current price of $92. The bear case scenario is $100 and the bull case is $331.
02What is the TRI stock price target for 2026?
The Wall Street consensus price target for TRI is $147 based on 27 analyst estimates. The high-end target is $183 (+99.5% from today), and the low-end target is $87 (-5.2%). The base case model target is $93.
03Is Thomson Reuters Corporation (TRI) stock overvalued in 2026?
TRI trades at 20.8x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Thomson Reuters Corporation (TRI) stock in 2026?
The primary risks for TRI in 2026 are: (1) Government Business Headwinds — Recent downgrades in the federal efficiency programs are expected to hinder organic revenue growth. (2) Weak Growth & Momentum — TRI has struggled to deliver compelling growth relative to its valuation, with forward EPS GAAP growth significantly below sector peers. (3) Challenging Economic Environment — Inflationary pressures and higher-for-longer interest rates are weighing on corporate spending, potentially softening demand for premium data and legal services. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Thomson Reuters Corporation's revenue and earnings forecast?
Analyst consensus estimates TRI will report consensus revenue of $8.0B (+4.9% year-over-year) and EPS of $3.58 (+2.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $8.5B in revenue.
06When does Thomson Reuters Corporation (TRI) report its next earnings?
A confirmed upcoming earnings date for TRI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Thomson Reuters Corporation generate?
Thomson Reuters Corporation (TRI) generated $1.7B in free cash flow over the trailing twelve months — a free cash flow margin of 22.7%. TRI returns capital to shareholders through dividends (2.6% yield) and share repurchases ($1.0B TTM).