Thomson Reuters Corporation (TRI) Key Metrics
TRI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $47.23B
- Enterprise value
- $45.37B
- P/E (TTM)
- 28.6 10-yr median 24.5
- Forward P/E
- 19.7
- PEG ratio
- 1.22
- Price / sales
- 6.0 10-yr median 7.5
- Price / book
- 3.8 10-yr median 4.3
- EV / EBITDA
- 13.6 10-yr median 21.7
- Dividend yield
- 2.40% $2.62 a year
- Beta
- 0.20
TRI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTRI valuation Price multiples at each fiscal year-end price.
TRI returns How much profit the business earns on the capital it uses.
TRI per-share figures Results divided by the shares outstanding at year-end.
TRI financial health Debt, liquidity and how easily interest is covered.
TRI efficiency & capital use Working capital cycle and where the cash goes.
TRI valuation history
TRI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TRI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TRI cash returned to shareholders
TRI price vs earnings per share
TRI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $59.29B | $72.37B | $67.84B | $57.44B | $61.43B | $42.35B | $37.36B | $32.31B | $28.53B | $29.80B |
| Enterprise value | $60.80B | $73.56B | $70.12B | $61.25B | $64.49B | $43.81B | $39.51B | $32.77B | $34.71B | $34.74B |
| P/E ratio | 39.5 | 32.7 | 25.2 | 42.9 | 10.8 | 37.7 | 23.9 | 8.2 | 20.5 | 9.6 |
| Price / sales | 7.9 | 10.0 | 10.0 | 8.7 | 9.7 | 7.1 | 6.3 | 5.9 | 5.4 | 2.7 |
| Price / book | 5.0 | 6.0 | 6.1 | 4.8 | 4.4 | 4.2 | 3.9 | 3.5 | 2.2 | 2.3 |
| Price / free cash flow | 28.9 | 41.1 | 37.1 | 43.5 | 47.8 | 34.1 | 189.7 | 22.9 | 18.2 | 14.5 |
| Price / operating cash flow | 22.0 | 30.9 | 28.5 | 30.0 | 34.6 | 24.3 | 53.2 | 16.5 | 13.6 | 10.1 |
| EV / sales | 8.1 | 10.1 | 10.3 | 9.2 | 10.2 | 7.3 | 6.7 | 6.0 | 6.6 | 3.1 |
| EV / EBITDA | 20.0 | 24.1 | 23.8 | 20.3 | 31.8 | 15.9 | 20.9 | 22.6 | 23.5 | 11.6 |
| EV / free cash flow | 29.6 | 41.8 | 38.3 | 46.4 | 50.2 | 35.3 | 200.6 | 23.2 | 22.2 | 16.9 |
| Earnings yield | 2.5% | 3.1% | 4.0% | 2.3% | 9.3% | 2.6% | 4.2% | 12.2% | 4.9% | 10.4% |
| Free cash flow yield | 3.5% | 2.4% | 2.7% | 2.3% | 2.1% | 2.9% | 0.5% | 4.4% | 5.5% | 6.9% |
| Dividend yield | 1.8% | 1.2% | 1.3% | 1.5% | 1.3% | 1.7% | 1.9% | 2.7% | 3.5% | 3.3% |
| Shareholder yield (dividends + buybacks) | 3.5% | 2.1% | 6.0% | 3.7% | 3.5% | 2.2% | 3.2% | 31.9% | 7.1% | 8.8% |
| Share price at fiscal year-end | $131.89 | $160.38 | $146.22 | $118.45 | $124.22 | $85.04 | $74.35 | $50.17 | $45.26 | $45.46 |
| Per share | ||||||||||
| Revenue per share | $16.63 | $16.08 | $14.64 | $13.67 | $12.84 | $12.02 | $11.75 | $8.54 | $8.40 | $17.04 |
| Earnings per share | $3.34 | $4.90 | $5.81 | $2.76 | $11.50 | $2.25 | $3.11 | $6.11 | $2.21 | $4.73 |
| Operating cash flow per share | $6.00 | $5.18 | $5.14 | $3.95 | $3.59 | $3.50 | $1.40 | $3.04 | $3.33 | $4.50 |
| Free cash flow per share | $4.57 | $3.90 | $3.94 | $2.72 | $2.60 | $2.49 | $0.39 | $2.19 | $2.48 | $3.13 |
| Cash per share | $1.35 | $4.18 | $2.72 | $2.46 | $1.79 | $4.82 | $2.70 | $4.28 | $1.34 | $3.73 |
| Book value per share | $26.50 | $26.61 | $23.85 | $24.51 | $27.98 | $20.04 | $19.02 | $14.30 | $20.75 | $19.49 |
| Tangible book value per share | −$1.66 | $0.35 | −$0.12 | $3.87 | $7.57 | −$0.51 | −$1.41 | −$0.15 | −$13.86 | −$13.37 |
| Dividends per share | $2.35 | $2.00 | $1.96 | $1.73 | $1.57 | $1.47 | $1.39 | $1.33 | $1.57 | $1.48 |
| Capex per share | $1.44 | $1.28 | $1.19 | $1.23 | $0.98 | $1.01 | $1.00 | $0.85 | $0.85 | $1.36 |
| Debt per share | $4.71 | $6.82 | $7.63 | $10.30 | $8.00 | $7.74 | $6.98 | $4.99 | $11.15 | $11.27 |
| Shares outstanding | 449.5M | 451.2M | 464.0M | 484.9M | 494.5M | 498.0M | 502.5M | 644.1M | 630.3M | 655.5M |
| Change in shares outstanding | −0.4% | −2.7% | −4.3% | −1.9% | −0.7% | −0.9% | −22.0% | +2.2% | −3.8% | −4.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.6% | 19.2% | 23.5% | 10.4% | 47.8% | 11.5% | 16.7% | 35.3% | 10.8% | 24.4% |
| Return on invested capital (ROIC) | 11.6% | 15.9% | 13.9% | 9.5% | 6.8% | 15.7% | 11.2% | 2.9% | 5.6% | 7.4% |
| Return on assets (ROA) | 8.3% | 11.9% | 13.3% | 6.1% | 28.4% | 6.4% | 9.1% | 18.1% | 5.1% | 10.9% |
| Return on tangible assets | 28.4% | 33.5% | 35.6% | 11.4% | 47.2% | 14.7% | 22.3% | 50.8% | 30.0% | 49.0% |
| Free cash flow margin | 27.5% | 24.3% | 26.9% | 19.9% | 20.3% | 20.7% | 3.3% | 25.6% | 29.5% | 18.4% |
| Income quality (OCF / net income) | 1.80 | 1.06 | 0.88 | 1.43 | 0.31 | 1.56 | 0.45 | 0.50 | 1.51 | 0.95 |
| Financial health | ||||||||||
| Total debt | $2.12B | $3.08B | $3.54B | $5.00B | $3.96B | $3.85B | $3.51B | $3.22B | $7.03B | $7.39B |
| Cash & short-term investments | $605.0M | $1.89B | $1.26B | $1.19B | $886.0M | $2.40B | $1.36B | $2.76B | $846.0M | $2.44B |
| Net debt | $1.51B | $1.19B | $2.28B | $3.80B | $3.07B | $1.46B | $2.15B | $458.0M | $6.18B | $4.95B |
| Debt / equity | 0.18 | 0.26 | 0.32 | 0.42 | 0.29 | 0.39 | 0.37 | 0.35 | 0.54 | 0.58 |
| Debt / assets | 0.12 | 0.17 | 0.19 | 0.23 | 0.18 | 0.22 | 0.20 | 0.19 | 0.27 | 0.27 |
| Net debt / EBITDA | 0.50 | 0.39 | 0.77 | 1.26 | 1.52 | 0.53 | 1.13 | 0.32 | 4.19 | 1.65 |
| Current ratio | 0.64 | 1.02 | 0.90 | 0.57 | 0.95 | 1.50 | 0.95 | 1.68 | 0.62 | 1.02 |
| Quick ratio | 0.64 | 1.01 | 0.90 | 0.57 | 0.94 | 1.49 | 0.95 | 1.67 | 0.61 | 1.01 |
| Interest coverage | 10.9 | 12.5 | 10.8 | 9.9 | 6.7 | 10.2 | 6.4 | 3.1 | 3.0 | 4.0 |
| Working capital | −$1.23B | $54.0M | −$312.0M | −$2.08B | −$128.0M | $1.32B | −$148.0M | $1.83B | −$1.82B | $72.0M |
| Invested capital | $13.43B | $13.19B | $13.34B | $15.69B | $16.90B | $11.44B | $11.71B | $9.67B | $19.26B | $17.72B |
| Tangible asset value | −$746.0M | $157.0M | −$56.0M | $1.88B | $3.74B | −$253.0M | −$711.0M | −$69.0M | −$8.25B | −$8.28B |
| Net current asset value | −$3.80B | −$2.94B | −$4.70B | −$7.01B | −$5.86B | −$3.93B | −$4.66B | −$3.29B | −$9.93B | −$9.96B |
| Graham number | $44.64 | $54.15 | $55.83 | $39.01 | $85.10 | $31.87 | $36.50 | $44.32 | $32.14 | $45.52 |
| Graham net-net per share | −$10.18 | −$8.13 | −$11.75 | −$16.02 | −$13.39 | −$9.29 | −$10.93 | −$6.21 | −$17.37 | −$16.84 |
| Capital allocation | ||||||||||
| Dividends paid | $1.06B | $903.4M | $908.4M | $837.0M | $775.0M | $732.0M | $701.0M | $856.9M | $992.5M | $970.2M |
| Share buybacks (net) | $1.02B | $608.3M | $3.18B | $1.28B | $1.40B | $200.0M | $488.0M | $9.45B | $1.04B | $1.65B |
| Dividend payout ratio | 70.4% | 40.9% | 33.7% | 62.6% | 13.6% | 65.2% | 44.8% | 21.8% | 71.1% | 31.3% |
| Dividends + buybacks / free cash flow | 101.1% | 85.8% | 223.5% | 160.5% | 169.1% | 75.1% | 603.6% | 731.2% | 129.7% | 127.7% |
| Capex / revenue | 8.6% | 8.0% | 8.2% | 9.0% | 7.7% | 8.4% | 8.6% | 9.9% | 10.2% | 8.0% |
| Capex / operating cash flow | 23.9% | 24.7% | 23.2% | 31.1% | 27.5% | 28.9% | 71.9% | 27.9% | 25.6% | 30.3% |
| Capex / depreciation | 0.69 | 0.70 | 0.76 | 0.82 | 0.63 | 0.64 | 0.70 | 0.88 | 0.89 | 0.58 |
| Stock-based compensation / revenue | — | — | 1.2% | 1.3% | −99.4% | −8.2% | −2.7% | 0.9% | 1.1% | 1.3% |
| R&D / revenue | — | — | 6.5% | 6.7% | — | — | — | — | — | — |
| SG&A / revenue | 36.3% | 36.6% | 37.3% | 40.3% | 43.3% | 42.1% | 45.1% | 49.8% | 53.7% | 55.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 55.3 | 59.0 | 62.6 | 60.4 | 63.5 | 70.7 | 78.8 | 94.2 | 100.7 | 53.4 |
| Days of inventory on hand | 4.4 | 4.2 | 5.7 | 6.6 | 6.2 | 7.7 | 7.2 | 11.3 | 13.3 | 5.9 |
| Days payables outstanding | 127.5 | 36.4 | 48.9 | 184.2 | 319.9 | 438.6 | 219.8 | 111.3 | 130.5 | 53.6 |
| Cash conversion cycle (days) | -67.8 | 26.8 | 19.4 | -117.2 | -250.2 | -360.2 | -133.7 | -5.9 | -16.6 | 5.7 |
| Receivables turnover | 6.60 | 6.18 | 5.83 | 6.04 | 5.75 | 5.16 | 4.63 | 3.88 | 3.63 | 6.83 |
| Payables turnover | 2.86 | 10.03 | 7.46 | 1.98 | 1.14 | 0.83 | 1.66 | 3.28 | 2.80 | 6.81 |
| Inventory turnover | 82.23 | 87.37 | 63.67 | 55.61 | 58.59 | 47.27 | 50.39 | 32.44 | 27.43 | 62.09 |
| Asset turnover | 0.41 | 0.39 | 0.34 | 0.30 | 0.32 | 0.34 | 0.34 | 0.25 | 0.20 | 0.39 |
| Average receivables | $1.13B | $1.17B | $1.17B | $1.10B | $1.10B | $1.16B | $1.27B | $1.42B | $1.46B | $1.64B |
| Average payables | $632.0M | $178.5M | $209.0M | $800.0M | $1.39B | $1.39B | $849.5M | $316.5M | $309.0M | $296.5M |
| Average inventory | $22.0M | $20.5M | $24.5M | $28.5M | $27.0M | $24.5M | $28.0M | $32.0M | $31.5M | $32.5M |
| Intangibles / total assets | 70.6% | 64.3% | 59.5% | 46.1% | 45.6% | 57.2% | 59.4% | 54.6% | 82.4% | 77.3% |
Computed from TRI's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TRI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Thomson Reuters traded at 39.5 times earnings, against a 10-year median of 24.5. Based on the latest twelve months, the trailing P/E is 28.6 and the forward P/E is 19.7. Thomson Reuters earned a return on equity of 12.6% and a return on invested capital of 11.6% in fiscal 2025. It ended the year with $2.1 billion of debt and $605.0 million in cash and short-term investments, net debt of $1.5 billion. It returned $2.1 billion to shareholders: $1.1 billion in dividends and $1.0 billion in share buybacks, 101% of free cash flow. The share count fell 31.4% from 655.5M to 449.5M over 9 years.
See the TRI income statement, the TRI chart for price history, or the TRI stock overview for the latest quote and news.
TRI key metrics FAQ
What is Thomson Reuters's P/E ratio?
Thomson Reuters's trailing P/E ratio is 28.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.7. At the end of fiscal 2025 it was 39.5, compared with a 10-year median of 24.5.
What is Thomson Reuters's EV/EBITDA?
Thomson Reuters's enterprise value was 20.0 times EBITDA at the end of fiscal 2025 (enterprise value $60.8 billion, EBITDA $3.0 billion); the current EV/EBITDA is 13.6.
What is Thomson Reuters's return on equity?
Thomson Reuters's return on equity (ROE) was 12.6% in fiscal 2025: net income of $1.5 billion on average shareholders' equity of $12.0 billion.
What is Thomson Reuters's ROIC?
Thomson Reuters's return on invested capital was 11.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Thomson Reuters have?
Thomson Reuters had total debt of $2.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.18 and $1.5 billion of net debt (0.50 times EBITDA).
What is Thomson Reuters's dividend yield?
Thomson Reuters's forward dividend yield is 2.40%. Thomson Reuters paid $1.1 billion in dividends in fiscal 2025 ($2.35 per share), a payout ratio of 70.4%.
Does Thomson Reuters buy back its shares?
Yes. Thomson Reuters spent $1.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.4% over the year, to 449.5M..
What is Thomson Reuters's free cash flow yield?
Thomson Reuters generated $2.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($59.3 billion).
What is Thomson Reuters's current ratio?
Thomson Reuters's current ratio was 0.64 at the end of fiscal 2025: current assets were 0.64 times current liabilities.