Thomson Reuters - Public Comps and Valuation Multiples

Thomson Reuters Overview

About Thomson Reuters

Thomson Reuters is a leading global provider of business information services, delivering trusted data, technology, and expertise to professionals across legal, tax, accounting, risk, compliance, and the news and media sectors. Headquartered in Toronto, Canada, the company combines deep domain knowledge with data and software solutions to help clients make informed decisions, manage complexity, and drive efficiency. Thomson Reuters serves legal and accounting/tax professionals, corporations, and governments worldwide, but around 75% of revenue is generated in the US. The company is known for flagship products such as Westlaw, UltraTax CS, and Reuters News.

Founded

1977

HQ

Employees

26.4K+

Website

thomsonreuters.com

Sectors

Market Research
Financial Data & Information
Financial Services Software
BI & Analytics Software
B2B SaaS
Vertical SaaS
Service Providers
FinTech

Financials

LTM Revenue $7.4B

LTM EBITDA $2.9B

EV

$73.2B

Valuation Multiples

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Thomson Reuters Financials

As of September 2025, Thomson Reuters reported last 12-month revenue of $7.4B and EBITDA of $2.9B.

In the same period, Thomson Reuters achieved $1.8B in LTM net income.

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Thomson Reuters P&L

In the most recent fiscal year, Thomson Reuters reported revenue of $5.2B and EBITDA of $2.2B.

Thomson Reuters expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Thomson Reuters valuation multiples based on analyst estimates

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$7.4B	XXX	$5.2B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$3.9B	XXX	XXX	XXX
Gross Margin	n/a	XXX	75%	XXX	XXX	XXX
EBITDA	$2.9B	XXX	$2.2B	XXX	XXX	XXX
EBITDA Margin	39%	XXX	42%	XXX	XXX	XXX
EBIT	$2.2B	XXX	$1.4B	XXX	XXX	XXX
EBIT Margin	30%	XXX	26%	XXX	XXX	XXX
Net Profit	$1.8B	XXX	$1.6B	XXX	XXX	XXX
Net Margin	25%	XXX	30%	XXX	XXX	XXX
Net Debt	XXX	XXX	$689M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Thomson Reuters including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $7.4B. EBITDA for the last twelve months was $2.9B. In the most recent fiscal year, Thomson Reuters achieved $5.2B in revenue and $2.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$7.4B	Analyst estimates available to subscribers	$5.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$3.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	75.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.9B	Analyst estimates available to subscribers	$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	38.9% EBITDA margin	Analyst estimates available to subscribers	42.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.2B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	29.5% EBIT margin	Analyst estimates available to subscribers	26.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.8B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	24.7% net profit margin	Analyst estimates available to subscribers	30.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$689M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Thomson Reuters

This financial data table provides comprehensive performance metrics for Thomson Reuters, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Thomson Reuters generated $7.4B in revenue over the last twelve months.
The company achieved $2.9B in EBITDA over the last twelve months.
Net income over the last twelve months reached $1.8B.

Fiscal Year Performance

In the most recent fiscal year, Thomson Reuters reported $5.2B in total revenue.
Fiscal year EBITDA was $2.2B.
The company maintained a gross profit margin of 75.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 42.1%.
Net profit margin reached 30.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Thomson Reuters. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Thomson Reuters Stock Performance

Thomson Reuters has current market cap of CAD 101B (or $71.8B), and EV of CAD 103B (or $73.2B).

Market Cap Evolution

Thomson Reuters Stock Data

As of October 16, 2025, Thomson Reuters's stock price is CAD 224 (or $159).

See Thomson Reuters trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$73.2B	$71.8B	XXX	XXX	XXX	XXX	$3.83

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Thomson Reuters Valuation Multiples

Thomson Reuters's trades at 14.2x EV/Revenue multiple, and 33.7x EV/EBITDA.

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Thomson Reuters Financial Valuation Multiples

As of October 16, 2025, Thomson Reuters has market cap of $71.8B and EV of $73.2B.

Equity research analysts estimate Thomson Reuters's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Thomson Reuters has a P/E ratio of 39.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$71.8B	XXX	$71.8B	XXX	XXX	XXX
EV (current)	$73.2B	XXX	$73.2B	XXX	XXX	XXX
EV/Revenue	9.9x	XXX	14.2x	XXX	XXX	XXX
EV/EBITDA	25.5x	XXX	33.7x	XXX	XXX	XXX
EV/EBIT	33.6x	XXX	54.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	39.5x	XXX	45.6x	XXX	XXX	XXX
EV/FCF	38.9x	XXX	55.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Thomson Reuters Margins & Growth Rates

Thomson Reuters's last 12 month revenue growth is 6%

Thomson Reuters's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Thomson Reuters's rule of 40 is 49% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Thomson Reuters's rule of X is 54% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Thomson Reuters Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	24%	XXX	XXX	XXX
EBITDA Margin	39%	XXX	42%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	17%	XXX	XXX	XXX
Rule of 40	49%	XXX	48%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	54%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	49%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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