Latest Ratios: P/E Ratio 31.0x · EV/EBITDA 17.1x · ROE 12.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $49.1B | $60.3B | $73.5B | $68.9B | $58.3B | $62.4B | $43.0B | $37.9B | $32.8B | $31.9B | $33.3B |
| Enterprise Value | $50.7B | $61.9B | $74.8B | $71.3B | $62.3B | $65.7B | $45.3B | $40.7B | $33.3B | $38.2B | $38.5B |
| P/E Ratio → | 30.96 | 39.42 | 33.33 | 25.19 | 45.55 | 11.06 | 36.12 | 23.74 | 463.00 | 22.90 | 33.22 |
| P/S Ratio | 6.23 | 8.06 | 10.13 | 10.15 | 8.80 | 9.82 | 7.19 | 6.42 | 5.96 | 6.02 | 2.98 |
| P/B Ratio | 4.25 | 5.06 | 6.13 | 6.23 | 4.91 | 4.51 | 4.31 | 3.97 | 3.56 | 2.35 | 2.51 |
| P/FCF | 23.38 | 29.36 | 41.76 | 37.68 | 44.55 | 27.59 | 32.91 | 188.19 | 23.26 | 20.40 | 16.22 |
| P/OCF | 18.22 | 22.34 | 31.44 | 28.92 | 31.01 | 22.74 | 23.40 | 52.81 | 16.76 | 15.18 | 11.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.27 | 10.30 | 10.49 | 9.40 | 10.35 | 7.58 | 6.89 | 6.06 | 7.21 | 3.44 |
| EV / EBITDA | 17.14 | 21.19 | 25.51 | 23.32 | 24.36 | 32.65 | 16.67 | 21.25 | 23.83 | 23.30 | 13.07 |
| EV / EBIT | 25.52 | 29.22 | 33.53 | 32.04 | 27.26 | 52.35 | 23.08 | 34.57 | 40.12 | 43.84 | 26.57 |
| EV / FCF | — | 30.14 | 42.45 | 38.96 | 47.61 | 29.07 | 34.71 | 202.01 | 23.64 | 24.41 | 18.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 75.3% | 77.0% | 76.1% | 75.1% | 80.6% | 76.1% | 81.1% | 83.7% | 81.9% |
| Operating Margin | 26.6% | 26.6% | 29.1% | 34.3% | 27.7% | 19.6% | 32.2% | 20.3% | 14.2% | 19.5% | 12.4% |
| Net Profit Margin | 20.1% | 20.1% | 30.4% | 39.7% | 20.2% | 89.6% | 18.8% | 26.5% | 71.5% | 26.3% | 27.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.6% | 12.6% | 19.2% | 23.5% | 10.4% | 47.8% | 11.5% | 16.7% | 34.5% | 10.4% | 23.5% |
| ROA | 8.3% | 8.3% | 11.9% | 13.3% | 6.1% | 28.4% | 6.4% | 9.1% | 18.1% | 5.1% | 10.9% |
| ROIC | 11.2% | 11.2% | 11.9% | 11.9% | 8.3% | 6.3% | 11.7% | 8.1% | 4.0% | 4.1% | 5.3% |
| ROCE | 13.5% | 13.5% | 13.9% | 14.5% | 10.1% | 7.1% | 13.2% | 8.4% | 4.3% | 4.6% | 5.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.26 | 0.32 | 0.42 | 0.29 | 0.41 | 0.37 | 0.35 | 0.52 | 0.56 |
| Debt / EBITDA | 0.73 | 0.73 | 1.05 | 1.16 | 1.95 | 2.01 | 1.50 | 1.87 | 2.30 | 4.29 | 2.51 |
| Net Debt / Equity | — | 0.13 | 0.10 | 0.21 | 0.34 | 0.24 | 0.24 | 0.29 | 0.06 | 0.46 | 0.39 |
| Net Debt / EBITDA | 0.55 | 0.55 | 0.42 | 0.77 | 1.57 | 1.66 | 0.86 | 1.45 | 0.38 | 3.83 | 1.74 |
| Debt / FCF | — | 0.78 | 0.69 | 1.28 | 3.06 | 1.48 | 1.80 | 13.82 | 0.38 | 4.01 | 2.50 |
| Interest Coverage | 11.57 | 11.57 | 13.23 | 10.31 | 12.33 | 6.73 | 10.37 | 6.33 | 3.29 | 2.53 | 4.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.64 | 1.02 | 0.90 | 0.57 | 0.95 | 1.50 | 0.95 | 1.68 | 0.62 | 1.02 |
| Quick Ratio | 0.64 | 0.64 | 1.01 | 0.90 | 0.57 | 0.94 | 1.49 | 0.95 | 1.67 | 0.61 | 1.01 |
| Cash Ratio | 0.17 | 0.17 | 0.55 | 0.39 | 0.24 | 0.32 | 0.88 | 0.41 | 1.02 | 0.18 | 0.54 |
| Asset Turnover | — | 0.42 | 0.39 | 0.36 | 0.31 | 0.29 | 0.33 | 0.34 | 0.32 | 0.20 | 0.40 |
| Inventory Turnover | 78.65 | 78.65 | 85.29 | 78.00 | 54.66 | 56.50 | 44.54 | 61.35 | 31.45 | 27.87 | 63.06 |
| Days Sales Outstanding | — | 54.24 | 58.03 | 64.15 | 62.62 | 64.69 | 74.17 | 76.57 | 91.70 | 100.40 | 47.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.7% | 1.2% | 1.3% | 1.4% | 1.2% | 1.8% | 1.9% | 2.6% | 3.1% | 2.9% |
| Payout Ratio | 70.1% | 70.1% | 40.7% | 33.5% | 59.9% | 13.5% | 68.5% | 45.7% | 21.7% | 71.0% | 31.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.5% | 3.0% | 4.0% | 2.2% | 9.0% | 2.8% | 4.2% | 0.2% | 4.4% | 3.0% |
| FCF Yield | 4.3% | 3.4% | 2.4% | 2.7% | 2.2% | 3.6% | 3.0% | 0.5% | 4.3% | 4.9% | 6.2% |
| Buyback Yield | 2.1% | 1.7% | 0.8% | 4.6% | 2.1% | 2.2% | 0.5% | 1.3% | 28.8% | 3.2% | 5.0% |
| Total Shareholder Yield | 4.2% | 3.4% | 2.0% | 5.9% | 3.5% | 3.5% | 2.3% | 3.2% | 31.4% | 6.4% | 7.9% |
| Shares Outstanding | — | $450M | $451M | $464M | $485M | $495M | $498M | $503M | $644M | $630M | $655M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TRI stock.
Thomson Reuters Corporation's current P/E ratio is 31.0x. The historical average is 26.1x. This places it at the 71th percentile of its historical range.
Thomson Reuters Corporation's current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.0x.
Thomson Reuters Corporation's return on equity (ROE) is 12.6%. The historical average is 14.2%.
Based on historical data, Thomson Reuters Corporation is trading at a P/E of 31.0x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Thomson Reuters Corporation's current dividend yield is 2.08% with a payout ratio of 70.1%.
Thomson Reuters Corporation has 75.8% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Thomson Reuters Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
AI-driven legal research commoditization
Premium Multiples Pricing In Durable Recurring Revenue
According to the supplied valuation data, TRI trades at 34.74 trailing P/E and 18.21 EV/EBITDA, a premium to the peer set's EV/EBITDA median of roughly 19.8x while carrying a forward P/E of 27.23 that implies the market expects earnings to grow meaningfully.
The trailing P/E of 34.74 sits above the peer median and the 4.76 PEG ratio is elevated relative to SPGI at 3.70 and FDS at 2.19, which suggests the market is paying for growth that the reported 3% revenue expansion alone does not fully justify. The gap between trailing and forward P/E points to expected earnings acceleration, a claim investors should test against the quarterly margin volatility visible in the ratio history. Pricing appears to reflect the subscription visibility and high gross margins rather than current top-line momentum.
Operating Margins Volatile Despite Stable Gross Margin
Based on reported figures, TRI's gross margin held near 75% to 76% across most quarters while operating margin swung between roughly 19% and 38%, indicating that operating-level profitability is far less stable than the cost of delivering content.
The stability of the gross margin suggests the underlying content delivery cost structure is durable, whereas the wide operating margin range points to substantial variation in operating expenses, possibly from timing of spend or non-operating adjustments. Net margin appears inflated in 2024Q2 by a 48.3% figure that is not explained by operations, which warrants investigation into the LSEG-related effects before using it as a measure of earning power. Operating margin is the more reliable proxy for core profitability here, and investors should monitor whether the 2026 gross margin shift reflects a presentation change.
Debt Rebuilt From Deleveraging Low Base
As reported in quarterly statements, TRI's D/E ratio rose from 0.18 to 0.34 over three quarters while interest coverage fell from 18.64x to 7.82x, suggesting debt service comfort is declining from a very strong starting point.
Even at 0.34 D/E and 5.86x debt-to-EBITDA, leverage remains moderate relative to typical industrial benchmarks, but the direction of travel is notable after the earlier deleveraging. Interest coverage compression from 18.64x to 7.82x suggests that new borrowing or lower operating income is absorbing a greater share of earnings, which warrants monitoring. Refinancing risk appears limited based on the supplied data, though the cash position thinning in 2026Q1 indicates the buffer was tighter than headline leverage suggests.
ROIC Compressing From Mid-Cycle Peak
According to the supplied ratio history, TRI's ROIC moved from 4.1% in 2024Q4 to 2.2% in 2026Q3, a level well below the peer median of roughly 15.5% and the 34.7% reported for MSCI, indicating returns on invested capital have decayed sharply.
The low ROIC relative to peers likely reflects the large goodwill base of roughly $7.3B to $8.1B, which inflates invested capital and dilutes return metrics, so the gap may be partly structural rather than purely operational. Compression from a 2024 peak suggests either falling operating returns or rising capital employed, and the data does not isolate which. Investors should consider adjusting for goodwill to assess whether the underlying operating business is compounding returns.
Gross Margin Ratio Misapplied to Digital Economics
Based on TRI's reported figures, the gross margin of roughly 75% is frequently treated as a pricing-power signal, but for a subscription data business it largely reflects the fixed nature of content costs and may obscure rising AI infrastructure spend.
Using gross margin as a proxy for competitive strength can mislead because most of TRI's cost base sits in editorial personnel and data maintenance that may not appear in cost of revenue at all. A high gross margin does not by itself confirm that pricing power will survive generative AI, since commoditized research could compress price without immediately affecting reported COGS. Free cash flow margin combined with ARPU trends and net renewal rates would give a more accurate read on durable economics.