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Thomson Reuters Corporation

TRI
62
Specialty Business Services · Industrials
Also trades as: TRI.TO CAD 154.15 (+0.67%)
Price
$109.01
+1.12 (+1.04%)
Market Cap
$47.23B
Exchange
NASDAQ
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Mixed
6/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

62 of 100 counted points = Winston Score 62.

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Share count falling — buybacks

−9.1% over 4y

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

Diluted shares outstanding: 494.5M (2021) → 449.5M (2025)

§Winston Score History

The full picture

Thomson Reuters is a Canadian company that sells information, software, and tools to professionals in law, tax, accounting, and government. Its best-known products include Westlaw (a legal research database), Checkpoint (a tax research tool), and Reuters News. The main customers are lawyers, accountants, tax professionals, and government agencies around the world.

The company makes most of its money through subscriptions, meaning customers pay a recurring fee to access its databases and software platforms. Thomson Reuters operates globally but earns the majority of its revenue in North America, and it generates roughly $7 billion in annual revenue. Its moat comes from deeply embedded products that professionals rely on daily, making it costly and disruptive to switch to a competitor. The key growth driver is artificial intelligence — Thomson Reuters is integrating AI tools into its legal and tax products to help professionals work faster, though this also brings the risk that newer AI-native competitors could eventually challenge its dominance.

Growth Profile

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

Revenue Growth

+6.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+43.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

71.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Thomson Reuters Corporation is growing revenue at 7% 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
25.2%
Modest — 25.2% gross margin
Profit after running costs
Operating Margin
25.2%
Excellent — 25.2% operating margin
Return on the money invested
ROCE
14.8%
Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+6.3%
Slow sales growth (+6.3% YoY)
Profit growth
EPS YoY
+3.6%
Modest earnings growth (+3.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
174%
Turns 174% of profit into real cash
Spare cash per sale
FCF Margin
28.5%
Converts sales into free cash efficiently (28.5%)

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
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
12.32x
Comfortably covers interest (12.3x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
29.3x
Growth-priced — P/E 29.3

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

Cheaper or dearer next year
P/E vs Forward
+4.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (29.3 → 25.0)

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Dividends

Dividend
Dividend Yield
2.43%
Moderate income — 2.43% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+42.9%
Dividend growing fast (42.9% YoY)
Payout Ratio
64%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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