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Operator of the London Stock Exchange plus a financial-data/analytics business (Workspace/Refinitiv), clearing (LCH) and index provider (FTSE Russell).
Operator of the London Stock Exchange plus a financial-data/analytics business (Workspace/Refinitiv), clearing (LCH) and index provider (FTSE Russell).
Subscriptions to data and analytics carry the business and are its largest division, while exchange and clearing fees follow trading and clearing volumes and index licences earn fees tied to assets tracking its indices. The 2021 purchase of Refinitiv turned it from an exchange operator into mainly a data company. Microsoft is a shareholder and technology partner.
In one line: UK's Intercontinental Exchange combined with a smaller Bloomberg.
Moat: wide (network effects, switching costs, installed base). Trading, clearing and data terminals each carry high switching costs and deep liquidity/network effects.
Headquarters: London, UK · Founded: 1801 · Employees: 28,516
Size London Stock Exchange (LSEG.L) is a United Kingdom Financials company (Financial Publishing/Services) with a market value of $60.9B, the 17th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £9,462 on 6 Nov 2026.
Performance Over six months the shares gained 1.2%, against +10.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +9.0%); the operating margin is 26.1% (peer median 31.0%).
Valuation It trades at 19.6× forward earnings against a peer median of 18.8× (5th most expensive of 11).
Credit London Stock Exchange has 3 bonds outstanding ($1.78B), rated A by the agencies and trading like A at a weighted spread of 66 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £9.67B | £9.34B | £8.90B | £8.38B | £7.74B |
| Revenue growth | — | +5% | +6% | +8% | — |
| Gross profit | £6.35B | £6.00B | £5.51B | £5.12B | £4.81B |
| EBITDA | £4.75B | £4.42B | £4.14B | £3.86B | £3.56B |
| Net income | £1.41B | £1.25B | £685M | £761M | £848M |
| Free cash flow | £3.78B | £3.50B | £3.35B | £2.83B | £2.56B |
| Capital expenditure | £1.92B | £1.91B | £1.01B | £1.08B | £966M |
| Total debt | n/a | £11.7B | £9.96B | £9.70B | £8.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| London Stock Exchange LSEG.L | $60.9B | +1% | +6% | 26% | 19.6× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Deutsche Boerse DB1.DE | $63.8B | +32% | +7% | 41% | 24.7× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| S&P Global SPGI | $136B | +18% | +6% | 46% | 24.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LSEG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | +9.9% | 5th highest of 12 |
| 6-month return | +1.2% | +10.2% | 5th lowest of 12 |
| Distance from 52-week high | -6.7% | -7.1% | 6th highest of 12 |
| Revenue growth (TTM) | +5.8% | +9.0% | 4th lowest of 12 |
| Operating margin | 26.1% | 31.0% | 4th lowest of 12 |
| Forward P/E | 19.6× | 18.8× | 5th most expensive of 11 |
| Bond spread | 66 bp | 91 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| London Stock Exchange LSEG.L | United Kingdom | $60.9B | +1% | +6% | 26% | 19.6× | n/a | n/a |
| MSCI MSCI | United States | $45.8B | +10% | +12% | 56% | 29.5× | n/a | n/a |
| Moody's MCO | United States | $87.2B | +12% | +9% | 46% | 28.1× | n/a | n/a |
| S&P Global SPGI | United States | $136B | +18% | +6% | 46% | 24.1× | n/a | n/a |
| FactSet FDS | United States | $11.6B | +47% | +7% | 31% | 16.7× | n/a | n/a |
| Morningstar MORN | United States | $9.06B | +38% | +9% | 24% | 17.3× | n/a | n/a |
| NICE Information Service 030190.KS | South Korea | $754M | +17% | +9% | 18% | 11.2× | n/a | n/a |
| CARE Ratings CARERATING.NS | India | $499M | -5% | +19% | 40% | 23.3× | n/a | n/a |
| ICRA ICRA.NS | India | $452M | -18% | +31% | 30% | 19.6× | n/a | n/a |
| Enento ENENTO.HE | Finland | $438M | +10% | +4% | 24% | 17.3× | n/a | n/a |
| Korea Ratings 034950.KS | South Korea | $330M | -5% | +1% | 31% | n/a | n/a | n/a |
| Credit Bureau Asia TCU.SI | Singapore | $179M | -20% | +1% | 47% | 18.1× | n/a | n/a |
London Stock Exchange has 3 bonds outstanding with $1.78B face value. The agencies rate it A; its bonds trade like A. Weighted yield 4.28%, a spread of 66 bp over government bonds.