Latest Ratios: P/E Ratio 21.9x · EV/EBITDA 13.5x · ROE 70.1%. (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 | $57.6B | $74.5B | $85.2B | $75.5B | $53.5B | $63.2B | $47.8B | $49.4B | $40.9B | $48.2B | $37.4B |
| Enterprise Value | $67.2B | $81.7B | $91.7B | $81.8B | $59.9B | $69.3B | $54.8B | $55.7B | $47.1B | $53.0B | $42.1B |
| P/E Ratio → | 21.88 | 36.09 | 44.10 | 42.19 | 32.61 | 42.91 | 39.14 | 32.82 | 28.90 | 29.26 | 32.09 |
| P/S Ratio | 4.49 | 7.77 | 9.04 | 8.24 | 6.25 | 8.73 | 6.72 | 6.28 | 5.45 | 6.56 | 5.42 |
| P/B Ratio | 18.93 | 31.23 | 24.33 | 21.94 | 14.25 | 19.62 | 22.74 | 22.57 | 17.32 | 20.32 | 15.85 |
| P/FCF | 15.29 | 26.47 | 32.94 | 38.11 | 27.22 | 37.67 | 38.72 | 28.93 | 25.17 | 32.29 | 27.70 |
| P/OCF | 15.17 | 26.27 | 32.68 | 30.71 | 22.27 | 31.37 | 29.94 | 23.66 | 20.58 | 26.10 | 22.22 |
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 | — | 8.52 | 9.72 | 8.93 | 7.00 | 9.57 | 7.71 | 7.08 | 6.29 | 7.21 | 6.10 |
| EV / EBITDA | 13.51 | 21.97 | 29.07 | 24.07 | 19.27 | 26.57 | 23.15 | 20.01 | 18.01 | 20.70 | 18.23 |
| EV / EBIT | 16.84 | 27.41 | 32.30 | 31.52 | 26.31 | 36.06 | 33.55 | 25.94 | 24.57 | 27.87 | 25.52 |
| EV / FCF | — | 29.02 | 35.42 | 41.32 | 30.47 | 41.27 | 44.43 | 32.60 | 29.02 | 35.48 | 31.17 |
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 | 66.3% | 66.3% | 65.0% | 64.9% | 64.4% | 64.6% | 65.0% | 65.0% | 64.7% | 64.2% | 63.9% |
| Operating Margin | 31.1% | 31.1% | 30.3% | 29.3% | 27.2% | 26.0% | 21.4% | 26.7% | 26.2% | 25.9% | 24.8% |
| Net Profit Margin | 21.5% | 21.5% | 20.5% | 19.4% | 19.1% | 20.3% | 17.2% | 19.1% | 19.0% | 22.6% | 16.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 70.1% | 70.1% | 55.7% | 49.5% | 46.8% | 55.2% | 57.0% | 66.2% | 60.1% | 70.1% | 51.2% |
| ROA | 13.8% | 13.8% | 12.9% | 11.6% | 11.0% | 10.5% | 8.8% | 10.8% | 10.8% | 13.0% | 9.5% |
| ROIC | 22.9% | 22.9% | 21.8% | 20.2% | 17.9% | 15.3% | 13.0% | 18.5% | 18.7% | 20.1% | 19.7% |
| ROCE | 32.8% | 32.8% | 30.4% | 26.7% | 22.4% | 19.0% | 17.3% | 25.4% | 23.9% | 24.2% | 22.8% |
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 | 3.07 | 3.07 | 1.87 | 1.89 | 1.79 | 1.91 | 3.39 | 2.93 | 2.70 | 2.06 | 2.05 |
| Debt / EBITDA | 1.97 | 1.97 | 2.08 | 1.91 | 2.17 | 2.36 | 3.01 | 2.30 | 2.43 | 1.91 | 2.10 |
| Net Debt / Equity | — | 3.01 | 1.83 | 1.84 | 1.70 | 1.88 | 3.35 | 2.87 | 2.65 | 2.01 | 1.99 |
| Net Debt / EBITDA | 1.93 | 1.93 | 2.04 | 1.87 | 2.06 | 2.32 | 2.97 | 2.25 | 2.39 | 1.86 | 2.03 |
| Debt / FCF | — | 2.55 | 2.48 | 3.20 | 3.25 | 3.61 | 5.70 | 3.67 | 3.85 | 3.20 | 3.47 |
| Interest Coverage | 10.23 | 10.23 | 10.10 | 8.65 | 11.10 | 12.81 | 9.34 | 6.84 | 8.83 | 10.23 | 8.12 |
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 | 0.49 | 0.49 | 0.52 | 0.52 | 0.59 | 0.63 | 0.52 | 0.41 | 0.44 | 0.48 | 0.44 |
| Quick Ratio | 0.44 | 0.44 | 0.47 | 0.47 | 0.53 | 0.56 | 0.52 | 0.37 | 0.40 | 0.43 | 0.40 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.03 | 0.06 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Asset Turnover | — | 0.65 | 0.62 | 0.61 | 0.54 | 0.52 | 0.50 | 0.57 | 0.54 | 0.60 | 0.52 |
| Inventory Turnover | 10.97 | 10.97 | 9.97 | 10.11 | 9.85 | 10.13 | — | 12.70 | 12.47 | 13.36 | 11.90 |
| Days Sales Outstanding | — | 93.77 | 95.45 | 80.84 | 102.63 | 98.76 | 98.92 | 95.82 | 87.26 | 82.38 | 106.67 |
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 | 2.6% | 1.6% | 1.3% | 1.4% | 1.8% | 1.5% | 1.8% | 1.7% | 1.9% | 1.6% | 1.8% |
| Payout Ratio | 55.9% | 55.9% | 58.0% | 59.5% | 60.2% | 62.5% | 71.9% | 55.9% | 56.0% | 45.9% | 58.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 2.8% | 2.3% | 2.4% | 3.1% | 2.3% | 2.6% | 3.0% | 3.5% | 3.4% | 3.1% |
| FCF Yield | 6.5% | 3.8% | 3.0% | 2.6% | 3.7% | 2.7% | 2.6% | 3.5% | 4.0% | 3.1% | 3.6% |
| Buyback Yield | 3.6% | 2.1% | 1.2% | 1.1% | 1.0% | 0.0% | 0.4% | 1.3% | 1.8% | 1.5% | 2.0% |
| Total Shareholder Yield | 6.1% | 3.6% | 2.5% | 2.5% | 2.9% | 1.5% | 2.2% | 3.0% | 3.8% | 3.1% | 3.8% |
| Shares Outstanding | — | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.1B |
Elevated leverage and liquidity
According to current market data, RELX trades at a forward P/E of 22.33, which suggests investors are pricing in the durability of its high-margin analytics business despite the broader industrial sector's lower multiples and the company's own recent deceleration in top-line revenue growth rates.
The current valuation appears to reflect a shift in market perception, moving away from traditional publishing toward a high-moat data analytics firm. However, the PEG ratio of 1.74 warrants caution, as it implies that current growth expectations may be aggressive relative to the recent moderation in organic revenue expansion.
Based on reported figures, RELX has demonstrated a consistent upward trend in ROIC, rising from 7.2% in 2021Q2 to 11.9% in 2025Q4, which indicates that management is successfully compounding capital by pivoting toward high-margin digital platforms that require minimal incremental investment to scale.
This improvement in capital efficiency appears to be driven by the successful integration of bolt-on acquisitions into existing proprietary datasets. Investors should monitor whether this trend can persist as the company faces increased competition for AI-driven talent and potential regulatory headwinds in its core data segments.
As reported in recent financial statements, RELX maintains a negative cash conversion cycle of -148 days in 2025Q4, a structural advantage that allows the company to collect subscription payments well in advance of service delivery, effectively utilizing customer capital to fund its ongoing operations.
This negative CCC is a hallmark of a high-quality subscription model, providing a significant buffer against operational volatility. The stability of this metric suggests that the company's pricing power remains intact, as customers continue to prioritize these essential professional tools despite broader economic uncertainty.
Based on the latest quarterly filings, RELX's debt-to-equity ratio has reached 3.07x, a notable increase from historical levels that suggests the company's balance sheet is becoming increasingly constrained by debt-funded capital returns and acquisitions in a higher interest rate environment.
While the interest coverage ratio of 19.57 remains comfortable, the rising debt load may limit management's ability to pursue larger, transformative acquisitions without further straining the balance sheet. Investors should monitor whether this leverage profile begins to impact the company's ability to maintain its current dividend and buyback pace.
The price-to-book ratio of 18.35 is frequently misapplied to RELX, as it fails to account for the significant value of internally generated intangible assets and proprietary data archives that are not fully captured on the balance sheet under current accounting standards.
Relying on P/B for a business model that derives its value from intellectual property and network effects is fundamentally flawed, as it obscures the true earning power of the company's digital assets. Analysts should instead focus on EV/EBITDA or FCF yield to better assess the company's valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RELX stock.
RELX Plc's current P/E ratio is 21.9x. The historical average is 40.8x.
RELX Plc's current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.2x.
RELX Plc's return on equity (ROE) is 70.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 36.6%.
Based on historical data, RELX Plc is trading at a P/E of 21.9x. Compare with industry peers and growth rates for a complete picture.
RELX Plc's current dividend yield is 2.56% with a payout ratio of 55.9%.
RELX Plc has 66.3% gross margin and 31.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
RELX Plc's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.