Latest Ratios: P/E Ratio 26.7x · EV/EBITDA 14.1x · 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 | $39.6B | $60.3B | $73.5B | $68.9B | $58.3B | $62.4B | $43.0B | $37.9B | $32.8B | $31.9B | $33.3B |
| Enterprise Value | $41.2B | $61.9B | $74.8B | $71.3B | $62.3B | $65.7B | $45.3B | $40.7B | $33.3B | $38.2B | $38.5B |
| P/E Ratio → | 26.69 | 39.42 | 33.33 | 25.19 | 45.55 | 11.06 | 36.12 | 23.74 | 463.00 | 22.90 | 33.22 |
| P/S Ratio | 5.30 | 8.06 | 10.13 | 10.15 | 8.80 | 9.82 | 7.19 | 6.42 | 5.96 | 6.02 | 2.98 |
| P/B Ratio | 3.42 | 5.06 | 6.13 | 6.23 | 4.91 | 4.51 | 4.31 | 3.97 | 3.56 | 2.35 | 2.51 |
| P/FCF | 19.31 | 29.36 | 41.76 | 37.68 | 44.55 | 27.59 | 32.91 | 188.19 | 23.26 | 20.40 | 16.22 |
| P/OCF | 14.69 | 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 | 14.12 | 21.19 | 25.51 | 23.32 | 24.36 | 32.65 | 16.67 | 21.25 | 23.83 | 23.30 | 13.07 |
| EV / EBIT | 20.73 | 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 | — | — | 85.29 | 78.00 | 54.66 | 56.50 | 44.54 | 61.35 | 31.45 | 27.87 | 63.06 |
| Days Sales Outstanding | — | 55.80 | 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 | 2.6% | 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 | 3.7% | 2.5% | 3.0% | 4.0% | 2.2% | 9.0% | 2.8% | 4.2% | 0.2% | 4.4% | 3.0% |
| FCF Yield | 5.2% | 3.4% | 2.4% | 2.7% | 2.2% | 3.6% | 3.0% | 0.5% | 4.3% | 4.9% | 6.2% |
| Buyback Yield | 2.6% | 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 |
AI-driven data commoditization
Based on current market data, TRI trades at a forward P/E of 19.66, which appears to price in a premium for its recurring revenue model compared to broader industrial peers, though it remains below the multiples commanded by pure-play financial data and analytics competitors like MSCI.
The current valuation suggests investors are increasingly confident in the company's ability to monetize AI-enabled workflow tools. However, the PEG ratio of 3.38 warrants caution, as it implies that significant future earnings growth is already baked into the share price, leaving little room for execution errors.
As reported in recent financial statements, TRI's ROIC has fluctuated between 2.1% and 4.1% over the last ten quarters, a trend that appears suppressed by the substantial goodwill balance resulting from the company's historical acquisition-heavy growth strategy within the professional services sector.
While the core business generates high margins, the return on invested capital remains modest when accounting for the total capital base. Investors should monitor whether management can improve these returns by driving higher organic growth from existing assets rather than relying on further bolt-on acquisitions.
According to quarterly filings, the company's DSO has remained relatively consistent, hovering around 50 to 55 days, which suggests that TRI maintains effective control over its accounts receivable despite the complexity of its multi-year subscription contracts across diverse legal and tax professional segments.
The stability in collection cycles indicates that the company's customer base remains creditworthy and that billing processes are well-integrated. Any material extension in DSO would be a negative signal, potentially indicating that clients are facing budgetary pressures or delaying contract renewals.
Based on the latest quarterly data, the current ratio of 0.60 in 2026Q1 reflects a deliberate shift toward capital efficiency, as management prioritizes debt reduction and shareholder returns over maintaining large cash buffers on the balance sheet, according to recent financial disclosures.
While a current ratio below 1.0 might appear strained in other industries, it is less concerning here given the highly predictable, subscription-based nature of the revenue. The company's ability to generate consistent free cash flow provides a sufficient safety net to meet short-term obligations without needing excessive liquid assets.
The P/E ratio is frequently misapplied to TRI because it fails to account for the significant non-operating noise generated by the company's remaining stake in LSEG, which can distort net income and lead to misleading conclusions about the underlying operational earning power of the business.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the cash-generating capacity of the core professional services segments. Relying on P/E risks misinterpreting market-driven fluctuations in investment assets as fundamental changes in the company's operational performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TRI stock.
Thomson Reuters Corporation's current P/E ratio is 26.7x. The historical average is 26.1x. This places it at the 52th percentile of its historical range.
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.
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 26.7x. This is at the 52th 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 2.58% 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.