Thomson Reuters Corporation (TRI) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Specialty Business Services
EV/EBITDA
↓
14.12
↓-44% vs avg
5yr avg: 25.37
30Y Low7.1·High32.7
P/FCF
↑
19.50
↓-46% vs avg
5yr avg: 36.19
30Y Low14.1·High188.2
P/B Ratio
↑
3.46
↓-35% vs avg
5yr avg: 5.37
30Y Low1.2·High6.2
ROE
↓
12.8%
↑-44% vs avg
5yr avg: 22.7%
30Y Low-8%·High48%
Debt/EBITDA
↓
0.72
↓-48% vs avg
5yr avg: 1.38
30Y Low0.7·High7.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TRI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Thomson Reuters Corporation trades at 27.0x earnings, 13% below its 5-year average of 30.9x, sitting at the 41st percentile of its historical range. This is roughly in line with the Industrials sector median P/E of 25.9x. On a free-cash-flow basis, the stock trades at 19.5x P/FCF, 46% below the 5-year average of 36.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $40.0B | $60.3B | $73.5B | $68.9B | $58.3B | $62.4B | $43.0B | $37.9B | $32.8B | $31.9B | $33.3B |
| Enterprise Value | $41.6B | $61.9B | $74.8B | $71.3B | $62.3B | $65.7B | $45.3B | $40.7B | $33.3B | $38.2B | $38.5B |
| P/E Ratio → | 26.99 | 39.42 | 33.33 | 25.17 | 45.49 | 11.06 | 36.46 | 23.75 | 70.87 | 22.94 | 31.78 |
| P/S Ratio | 5.26 | 7.92 | 10.13 | 10.15 | 8.80 | 9.82 | 7.19 | 6.42 | 5.96 | 6.02 | 2.98 |
| P/B Ratio | 3.46 | 5.06 | 6.13 | 6.23 | 4.91 | 4.51 | 4.31 | 3.97 | 3.56 | 2.35 | 2.51 |
| P/FCF | 19.50 | 29.36 | 41.76 | 37.68 | 44.55 | 27.59 | 32.91 | 188.19 | 23.26 | 20.40 | 16.22 |
| P/OCF | 14.83 | 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
TRI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Thomson Reuters Corporation's enterprise value stands at 14.1x EBITDA, 44% below its 5-year average of 25.4x. This is roughly in line with the Industrials sector median of 13.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.13 | 10.30 | 10.49 | 9.40 | 10.35 | 7.58 | 6.89 | 6.06 | 7.21 | 3.44 |
| EV / EBITDA | 14.12 | 20.98 | 25.51 | 23.32 | 24.36 | 32.65 | 16.67 | 21.25 | 23.83 | 23.30 | 13.07 |
| EV / EBIT | 20.79 | 29.27 | 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 |
TRI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Thomson Reuters Corporation earns an operating margin of 26.3%, significantly above the Industrials sector average of 4.7%. Operating margins have compressed from 34.3% to 26.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.8% is modest. ROIC of 11.2% represents solid returns on invested capital versus a sector median of 6.4%.
Margins
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 | 36.4% | 36.4% | 75.3% | 77.0% | 76.1% | 75.1% | 80.6% | 76.1% | 81.1% | 83.7% | 81.9% |
| Operating Margin | 26.3% | 26.3% | 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% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 19.2% | 23.5% | 10.4% | 47.8% | 11.5% | 16.7% | 34.5% | 10.4% | 23.5% |
| ROA | 8.4% | 8.4% | 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 | 13.6% | 13.6% | 13.9% | 14.5% | 10.1% | 7.1% | 13.2% | 8.4% | 4.3% | 4.6% | 5.9% |
TRI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Thomson Reuters Corporation carries a Debt/EBITDA ratio of 0.7x, which is very conservative (77% below the sector average of 3.1x). Net debt stands at $1.6B ($2.1B total debt minus $511M cash). Interest coverage of 14.5x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 0.72 | 0.72 | 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 | 14.52 | 14.52 | 13.23 | 10.31 | 12.33 | 6.73 | 10.37 | 6.33 | 3.29 | 2.53 | 4.16 |
TRI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.64x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.90x to 0.64x over the past 3 years.
| 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 | — | — | 85.29 | 78.00 | 54.66 | 56.50 | 44.54 | 61.35 | 31.45 | 27.87 | 63.06 |
| Days Sales Outstanding | — | 54.84 | 58.03 | 64.15 | 62.62 | 64.69 | 74.17 | 76.57 | 91.70 | 100.40 | 47.89 |
TRI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Thomson Reuters Corporation returns 5.1% to shareholders annually — split between a 2.6% dividend yield and 2.5% buyback yield. A payout ratio of 68.9% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.6% | 1.7% | 1.2% | 1.3% | 1.4% | 1.2% | 1.8% | 1.9% | 2.6% | 3.1% | 2.9% |
| Payout Ratio | 68.9% | 68.9% | 40.7% | 33.5% | 59.9% | 13.5% | 68.5% | 45.7% | 21.7% | 71.0% | 31.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 2.5% | 3.0% | 4.0% | 2.2% | 9.0% | 2.7% | 4.2% | 1.4% | 4.4% | 3.1% |
| FCF Yield | 5.1% | 3.4% | 2.4% | 2.7% | 2.2% | 3.6% | 3.0% | 0.5% | 4.3% | 4.9% | 6.2% |
| Buyback Yield | 2.5% | 1.7% | 0.8% | 4.6% | 2.1% | 2.2% | 0.5% | 1.3% | 28.8% | 3.2% | 5.0% |
| Total Shareholder Yield | 5.1% | 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 |
Peer Comparison
Compare TRI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TRIYou | $40B | 27.0 | 14.1 | 19.5 | 36.4% | 26.3% | 12.8% | 11.2% | 0.7 |
 SPGI | $125B | 28.9 | 18.0 | 23.0 | 70.2% | 42.2% | 12.1% | 9.7% | 1.9 |
 MCO | $80B | 32.8 | 21.5 | 30.9 | 68.2% | 44.8% | 62.0% | 22.5% | 1.9 |
 ICE | $87B | 26.6 | 16.5 | 20.3 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 MSCI | $42B | 37.4 | 24.9 | 27.4 | 82.4% | 54.7% | — | 34.9% | 3.3 |
 FDS | $9B | 13.6 | 11.0 | 14.8 | 52.7% | 32.2% | 29.1% | 15.5% | 1.7 |
 RELX | $65B | 25.5 | 17.1 | 18.4 | 65.0% | 30.3% | 55.7% | 21.8% | 2.1 |
 IHS | $3B | 19.5 | 8.4 | 6.6 | 54.6% | 16.8% | — | 7.1% | 5.4 |
 VRSK | $22B | 26.3 | 15.0 | 18.8 | 67.3% | 44.6% | 437.9% | 33.0% | 3.0 |
 LSE | $84M | 10.4 | 9.9 | 5.9 | 23.2% | 10.9% | 22.4% | 17.3% | 0.2 |
 WK | $3B | -109.6 | — | 21.2 | 78.5% | -4.8% | — | -7.0% | — |
| Industrials Median | — | 25.9 | 13.7 | 21.0 | 33.0% | 4.7% | 8.2% | 6.4% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonTRI — Frequently Asked Questions
Quick answers to the most common questions about buying TRI stock.
What is Thomson Reuters Corporation's P/E ratio?
Thomson Reuters Corporation's current P/E ratio is 27.0x. The historical average is 30.0x. This places it at the 41th percentile of its historical range.
What is Thomson Reuters Corporation's EV/EBITDA?
Thomson Reuters Corporation's current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.0x.
What is Thomson Reuters Corporation's ROE?
Thomson Reuters Corporation's return on equity (ROE) is 12.8%. The historical average is 14.2%.
Is TRI stock overvalued?
Based on historical data, Thomson Reuters Corporation is trading at a P/E of 27.0x. This is at the 41th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Thomson Reuters Corporation's dividend yield?
Thomson Reuters Corporation's current dividend yield is 2.55% with a payout ratio of 68.9%.
What are Thomson Reuters Corporation's profit margins?
Thomson Reuters Corporation has 36.4% gross margin and 26.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Thomson Reuters Corporation have?
Thomson Reuters Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.