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RELX

REN.AS
70
Specialty Business Services · Industrials
Price
€30.66
+0.28 (+0.92%)
Market Cap
€53.53B
Exchange
Euronext Amsterdam
Winston Score
70
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Strong
Cash Flow
Exceptional
Stability
Good
Valuation
Strong
Dividends
Good
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Share count falling — buybacks

−4.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.94B (2021) → 1.84B (2025)

Winston Score History

The full picture

RELX is a British company that sells information, data, and tools to professionals like doctors, lawyers, scientists, and risk analysts. Its main brands include Elsevier, which publishes scientific and medical research journals, LexisNexis, which provides legal research tools, and Reed Exhibitions, which runs large trade shows and conferences around the world. It is one of the largest academic and professional information providers globally.

RELX makes most of its money through subscriptions and licenses, meaning customers pay recurring fees to access its databases and research platforms. It operates primarily in North America and Europe, generating roughly $9–10 billion in annual revenue, and its deep archives of scientific and legal content are difficult for competitors to replicate. The key growth driver is its expanding use of data analytics and artificial intelligence tools built on top of its existing content, though a major risk is growing pressure from open-access publishing movements that could reduce demand for paid academic journal subscriptions.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+22.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£630M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

RELX is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
64.1%
Premium pricing power — 64.1% gross margin
Profit after running costs
Operating Margin
32.3%
Excellent — 32.3% operating margin
Return on the money invested
ROCE
31.1%
Exceptional — 31.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+1.7%
Nearly flat sales (+1.7% YoY)
Profit growth
EPS YoY
+20.2%
Earnings growing fast (+20.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
129%
Turns 129% of profit into real cash
Spare cash per sale
FCF Margin
29.9%
Converts sales into free cash efficiently (29.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
7.12
Heavy debt load (7.12)
Covers its interest
Interest Cover
16.61x
Comfortably covers interest (16.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.5x
Growth-priced — P/E 24.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.5 → 15.8)

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Dividends

Dividend
Dividend Yield
1.60%
Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+14.9%
Dividend growing fast (14.9% YoY)

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