Thomson Reuters Corporation (TRI.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+147.1%

CA$421.01

vs CA$170.41 price

Levered DCF

CA$520.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.97

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.4×	33.32×	25.83×	30.78×	-108.63×	24.34×	16.77×	8.29×
P/B	5.06×	6.11×	6.16×	4.86×	4.33×	4.13×	3.8×	3.55×
P/S	8.05×	10.11×	10.04×	8.77×	9.44×	6.89×	6.16×	5.96×
EV / EBITDA	20.31×	24.45×	23.91×	20.53×	31.09×	15.68×	20.47×	22.95×
Gross margin	75.8%	79.3%	39.7%	63.7%	61.0%	62.1%	58.8%	24.9%
Operating margin	26.6%	31.6%	34.3%	27.7%	19.6%	32.2%	20.3%	14.2%
Net margin	20.4%	30.4%	39.7%	28.5%	-8.7%	28.3%	36.7%	71.8%
Current ratio	0.64×	1.02×	0.9×	0.57×	0.95×	1.5×	0.95×	1.84×
Debt / equity	0.2×	0.26×	0.32×	0.4×	0.27×	0.38×	0.34×	0.35×
Interest coverage	13.67×	9.45×	9.84×	9.36×	6.34×	9.89×	7.36×	3×
Dividend yield	1.8%	1.3%	1.3%	1.4%	1.3%	1.8%	1.9%	9.8%
Payout ratio	69.2%	42.9%	33.1%	44.4%	-140.1%	43.2%	32.3%	81.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.9%	18.4%	24.4%	15.8%	-4.0%	17.0%	22.7%	42.8%
Return on invested capital	10.1%	14.3%	11.6%	9.0%	-3.3%	12.1%	8.1%	3.9%
Return on assets	8.5%	12.0%	14.4%	8.7%	-2.5%	9.5%	12.5%	23.2%
Free cash flow yield	3.4%	2.5%	2.6%	2.3%	2.1%	3.0%	0.5%	4.5%
Earnings yield	2.5%	3.0%	4.0%	3.2%	-0.9%	4.1%	6.0%	12.1%
Enterprise value	CA$62.1B	CA$74.6B	CA$70.5B	CA$61.8B	CA$62.9B	CA$43.2B	CA$38.8B	CA$33.3B
Net debt / EBITDA	0.65×	0.4×	0.79×	1.23×	1.49×	0.72×	1.28×	0.35×
Cash conversion cycle (days)	34	20	42	26	30	38	33	45