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RELX Plc (RELX)

NYSE / Communication Services / Publishing

Share price

38.42 USD Market dataClose of Oct 15, 2026

Market capitalisation

66.76B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

23.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

24.36x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 6.89B GBPFY2016 Net income: 1.15B GBPFY2017 Revenue: 7.34B GBPFY2017 Net income: 1.65B GBPFY2018 Revenue: 7.49B GBPFY2018 Net income: 1.42B GBPFY2019 Revenue: 7.87B GBPFY2019 Net income: 1.50B GBPFY2020 Revenue: 7.11B GBPFY2020 Net income: 1.22B GBPFY2021 Revenue: 7.24B GBPFY2021 Net income: 1.47B GBPFY2022 Revenue: 8.55B GBPFY2022 Net income: 1.63B GBPFY2023 Revenue: 9.16B GBPFY2023 Net income: 1.78B GBPFY2024 Revenue: 9.43B GBPFY2024 Net income: 1.93B GBPFY2025 Revenue: 9.59B GBPFY2025 Net income: 2.06B GBP
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 24.36x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Communication Services sector (108 companies), 24.36x sits at the 60th percentile; the middle half of that group runs from 7.82x to 41.28x.

Is it good

Return on invested capital was 23.8% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Communication Services sector (85 companies), 23.8% sits at the 91st percentile; the middle half of that group runs from -2.0% to 8.8%.

Is it safe

Interest coverage was 10.16x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether RELX Plc's return on invested capital stayed above the median of the Communication Services sector, year by year. (FY2021 to FY2025, 5 fiscal years of RELX Plc with a comparable figure)
The direction
Which way RELX Plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of RELX Plc)
What could explain it
What in RELX Plc's filed statements could explain the movements. (5 readings drawn from the statement lines RELX Plc filed)
What to check next
What to check next on RELX Plc, and where in its filings. (5 questions for RELX Plc)
In one paragraph
One paragraph on RELX Plc's returns, cash, balance sheet and price. (14 of sixteen figures read for RELX Plc)

These are RELX’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research RELXPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Feb 19, 2026, accession 0001104659-26-017277.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

RELX Plc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax23.8% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Return on equity87.3% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Return on capital employed, pre-tax34.6% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Return on assets14.0% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Gross margin66.3% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Operating margin31.6% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Net margin21.5% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
RELX 21.5%
CMCSA 16.2%T 17.5%DIS 13.1%VZ 12.4%TMUS 12.4%
12.4%21.5%
Net margin: RELX against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

RELX Plc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity3.11 ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Current ratio0.49 ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Quick ratio0.49 ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Interest coverage10.16x ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Net debt7.23B ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Total assets 14.76BTotal liabilities 12.37BShareholders' equity 2.37BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What RELX Plc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Feb 19, 2026, 0001104659-26-017277).

RELX Plc: balance sheet position
Total assets14.76B FiledFY2025 20-F, filed Feb 19, 2026
Total liabilities12.37B FiledFY2025 20-F, filed Feb 19, 2026
Shareholders' equity2.37B FiledFY2025 20-F, filed Feb 19, 2026
Cash131.0M FiledFY2025 20-F, filed Feb 19, 2026
Total debt7.36B FiledFY2025 20-F, filed Feb 19, 2026
Net debt7.23B
Current ratio0.49
Debt to equity3.11

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

RELX Plc: what the market charges, each with its source
FigureValue, source and document
Price to earnings24.36x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book21.26x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Price to sales5.25x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Enterprise value to EBIT19.01x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Enterprise value to EBITDA15.23x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Price to earnings over growth2.01 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277

We publish no fair value or price target of our own. Value RELX on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for RELX Plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

RELX Plc: valuation
Share price38.42 USD
Market capitalisation66.76B USD
Enterprise value to EBITDA15.23x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like RELX Plc

  1. Comcast Corporation (CMCSA)Market cap 77.05B USD
  2. AT&T Inc. (T)Market cap 161.00B USD
  3. The Walt Disney Company (DIS)Market cap 191.10B USD
  4. Verizon Communications Inc. (VZ)Market cap 184.50B USD
  5. T-Mobile US, Inc. (TMUS)Market cap 168.40B USD

Same sector (Communication Services) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

RELX Plc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.6% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Free cash flow2.81B GBP ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Free cash flow margin29.4% ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
FY2016 Free cash flow: 1.69B GBPFY2016 Net income: 1.15B GBPFY2017 Free cash flow: 1.86B GBPFY2017 Net income: 1.65B GBPFY2018 Free cash flow: 1.93B GBPFY2018 Net income: 1.42B GBPFY2019 Free cash flow: 2.04B GBPFY2019 Net income: 1.50B GBPFY2020 Free cash flow: 1.55B GBPFY2020 Net income: 1.22B GBPFY2021 Free cash flow: 1.99B GBPFY2021 Net income: 1.47B GBPFY2022 Free cash flow: 2.37B GBPFY2022 Net income: 1.63B GBPFY2023 Free cash flow: 2.43B GBPFY2023 Net income: 1.78B GBPFY2024 Free cash flow: 2.59B GBPFY2024 Net income: 1.93B GBPFY2025 Free cash flow: 2.81B GBPFY2025 Net income: 2.06B GBP
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

RELX Plc: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
24.36xFY2025Oct 15, 2026
21.26xFY2025Oct 15, 2026
19.01xFY2025Oct 15, 2026
5.6%FY2025Oct 15, 2026
23.8%FY2025Feb 19, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
3.11FY2025Feb 19, 2026
0.49FY2025Feb 19, 2026
5.25xFY2025Oct 15, 2026
2.01FY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.88FY2025Feb 19, 2026
6/9FY2025Feb 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports RELX Plc filed with the SEC. Each year names its filing. Amounts in GBP, as filed.

RELX Plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20259.59B3.03B2.06Bn/a2.81B31.6%87.3%20-F, Feb 19, 20260001104659-26-017277
FY20249.43B2.86B1.93Bn/a2.59B30.3%55.6%20-F, Feb 20, 20250001558370-25-001178
FY20239.16B2.68B1.78Bn/a2.43B29.3%51.5%20-F, Feb 22, 20240001558370-24-001468
FY20228.55B2.32B1.63Bn/a2.37B27.2%43.3%20-F, Feb 23, 20230001558370-23-001846
FY20217.24B1.88B1.47Bn/a1.99B26.0%45.5%20-F, Feb 17, 20220001193125-22-045453
FY20207.11B1.52B1.22Bn/a1.55B21.4%58.3%20-F, Feb 18, 20210001193125-21-047466
FY20197.87B2.10B1.50Bn/a2.04B26.7%69.5%20-F, Feb 20, 20200001193125-20-042817
FY20187.49B1.96B1.42Bn/a1.93B26.2%61.1%20-F, Feb 28, 20190001193125-19-055997
FY20177.34B1.91B1.65Bn/a1.86B25.9%71.9%20-F, Feb 22, 20180001193125-18-053616
FY20166.89B1.71B1.15Bn/a1.69B24.8%50.7%20-F, Feb 22, 20180001193125-18-053616
  • Revenue, compound annual growth FY2016 to FY2025: 3.7%
  • Earnings, compound annual growth FY2016 to FY2025: 6.7%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 5.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

RELX Plc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.88 ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Piotroski F-score6/9 ComputedFY2025 20-F, filed Feb 19, 2026, 0001104659-26-017277
Named tests met3 of 30 Computed
Beta0.42 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 24 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; High return on tangibles; Cash-flow yield and ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Dividends and buybacks; P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.