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British information-analytics group selling scientific journals, legal research, risk/fraud data and trade exhibitions.
British information-analytics group selling scientific journals, legal research, risk/fraud data and trade exhibitions.
Sells mostly on subscription and recurring contracts for its journals, legal databases and risk-screening tools, while exhibitions earn booth and ticket fees at each event. North America is the largest region. Over two decades it has shed print magazines and moved toward electronic data and analytics that customers use in daily work.
In one line: UK's Thomson Reuters plus a trade-show business.
Moat: wide (data, switching costs, network effects). Proprietary data sets (case law, identity/risk records, journal archives) embedded in customer workflows.
Headquarters: London, UK · Founded: 1993 · Employees: 37,000
Size Relx (REL.L) is a United Kingdom Industrials company (Miscellaneous Commercial Services) with a market value of $70.4B, the 15th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £3,016 on 6 Nov 2026.
Performance Over six months the shares gained 22.9%, against +15.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 8 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +6.0%); the operating margin is 32.1% (peer median 17.4%).
Valuation It trades at 21.3× forward earnings against a peer median of 24.1× (3rd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.3 points above its cost of capital (7.2% WACC).
Backlog Backlog (remaining performance obligations) was £35.0M at 31 Dec 2025, down 36% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Relx has 9 bonds outstanding ($6.57B), rated A- by the agencies and trading like A- at a weighted spread of 96 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £9.72B | £9.59B | £9.43B | £9.16B | £8.55B |
| Revenue growth | — | +2% | +3% | +7% | — |
| Gross profit | £6.21B | £6.11B | £5.88B | £5.67B | £5.21B |
| EBITDA | £3.87B | £3.79B | £3.67B | £3.48B | £3.15B |
| Net income | £2.26B | £2.06B | £1.93B | £1.78B | £1.63B |
| Free cash flow | £2.90B | £2.85B | £2.62B | £2.45B | £2.40B |
| Capital expenditure | £562M | £525M | £484M | £477M | £436M |
| Total debt | n/a | £7.27B | £6.54B | £6.50B | £6.73B |
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 |
|---|---|---|---|---|---|---|
| Relx REL.L | $70.4B | +23% | +2% | 32% | 21.3× | 1.8% |
| Thomson Reuters TRI.TO | $49.1B | +25% | +6% | 26% | 24.8× | 2.7% |
| Wolters Kluwer WKL.AS | $22.0B | +54% | 0% | 26% | 15.9× | -3.0% |
| Clarivate CLVT | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% |
| Verisk Analytics VRSK | $26.6B | +19% | +5% | 45% | 24.3× | 5.0% |
| 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 | REL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.2% | +9.4% | 4th highest of 9 |
| 6-month return | +22.9% | +15.7% | 2nd highest of 8 |
| Distance from 52-week high | -12.5% | -11.8% | 5th highest of 9 |
| Revenue growth (TTM) | +1.9% | +6.0% | lowest of 9 |
| Operating margin | 32.1% | 17.4% | 2nd highest of 9 |
| Forward P/E | 21.3× | 24.1× | 3rd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | 12.9% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +6.2% | +6.6% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | -4.4 pp | +2.6 pp | least demanding of 9 |
| ROIC minus cost of capital | +16.3 pp | +10.0 pp | 2nd highest of 8 |
| EV / EBITDA | 15.8× | 14.0× | 3rd most expensive of 9 |
| Net debt / EBITDA | 2.2× | 0.9× | 2nd most indebted of 9 |
| Bond spread | 96 bp | 95 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Relx REL.L | United Kingdom | $70.4B | +23% | +2% | 32% | 21.3× | 1.8% | +6.2% |
| Cintas CTAS | United States | $88.3B | +34% | +10% | 24% | 38.9× | 18.2% | +9.6% |
| Vylor VYLR | United States | $46.8B | n/a | +3% | 15% | 25.6× | 26.2% | +2.9% |
| Experian EXPN.L | United Kingdom | $36.1B | +16% | +7% | 25% | 20.5× | 14.6% | +8.9% |
| Universal Music UMG.AS | Netherlands | $35.3B | -15% | +5% | 16% | 16.9× | 7.1% | +11.0% |
| Adyen ADYEN.AS | Netherlands | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% | -6.0% |
| Sgs SGSN.SW | Switzerland | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% | +4.4% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
Relx has 9 bonds outstanding with $6.57B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 4.05%, a spread of 96 bp over government bonds.
Relx reported £35.0M of remaining performance obligations at 31 Dec 2025, down 36% from a year earlier. That is 0.0 years of trailing revenue already under contract.