# Thomson Reuters (TRI.TO)

Canonical: https://gigainvestors.com/s/TRI.TO

Analysis as of: 2026-10-16T07:33:58.679Z. Financial observations: FY1996–FY2026.

Listing currency: CAD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 153.12 per share; close as of 2026-10-15.

Estimated value: low CAD 85.06 per share, central CAD 96.55 per share, high CAD 111.84 per share. Buy at or below the central value CAD 96.55 per share. Valuation as of 2026-10-16T07:33:58.679Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.20×

- FY2020: 0.32×

- FY2021: 0.20×

- FY2022: 0.28×

- FY2023: 0.34×

- FY2024: 0.32×

- FY2025: 0.27×

- LTM to Jun 2026: 0.28×

### moat: pass

- ROIC, median of available years: 27.2%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: -15.9 pp

- Typical gross margin (annual median): 59.9%

- Recent gross margin (lower of latest and 3-year median): 75.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 17.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 44.5%

- FY2017: 42.9%

- FY2018: 12.5%

- FY2019: 20.5%

- FY2020: 34.4%

- FY2021: 7.5%

- FY2022: 17.1%

- FY2023: 28.3%

- FY2024: 38.6%

- FY2025: 26.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $8.6B

- Net income, five-year total: $7.8B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 13.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.58×

- FY2022: 1.04×

- FY2023: 1.05×

- FY2024: 1.07×

- FY2025: 1.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 42.9% vs 28.3%

- Per-share earnings: 2.15 to 4.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.4%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: $25B

- Cumulative retained earnings: $1.7B

- Diluted shares, 10-year annual growth: -4.4%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.8%

- Per-share value change: $2.75

- Per-share value, starting three-year median: $2.15

- Per-share value, ending three-year median: $4.90

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 6.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.9B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 42.9%

- ROIC, last three-year median: 28.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.65

- FY2017: $2.15

- FY2018: $7.18

- FY2019: $4.33

- FY2020: $3.39

- FY2021: -$1.13

- FY2022: $3.94

- FY2023: $5.92

- FY2024: $4.90

- FY2025: $3.43

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.4%

- FY2017: -2.4%

- FY2018: 11.1%

- FY2019: 8.5%

- FY2020: -0.3%

- FY2021: -10.5%

- FY2022: -0.1%

- FY2023: 1.9%

- FY2024: -1.3%

- FY2025: -6.5%

## Holders

## Price story

Down 45% since Jul 2025 · "Thomson Reuters (TRI) Soars 11.4% as AI Business Attracts 1M Customers" (finance.yahoo.com, Feb 2026) · sales +4.8%

Story as of 2026-10-16T09:59:58.555Z; price observation 2026-10-15.

Price needs cash profits to grow 6.8% a year for ten years

### Sales · FY2025–2026

sales +4.8%; source https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm; observed 2026-03-05.

- FY2017: $11B 

- FY2018: $5.5B 

- FY2019: $5.9B 

- FY2020: $6.0B 

- FY2021: $6.3B 

- FY2022: $6.6B 

- FY2023: $6.8B 

- FY2024: $7.3B 

- FY2025: $7.5B 

- FY2026: $7.8B 

### Gross margin · FY2025

gross margin 75.8%; source https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm; observed 2026-03-05.

- FY2016: 26.3% 

- FY2017: 28.7% 

- FY2018: 24.9% 

- FY2019: 58.8% 

- FY2020: 62.1% 

- FY2021: 61.0% 

- FY2022: 63.7% 

- FY2023: 39.7% 

- FY2024: 79.3% 

- FY2025: 75.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 7.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm (filed 2026-03-05); FY2025: revenue 7476000000; grossProfit 5667000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRI.TO: Thomson Reuters Corporation operates as a content and technology company in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through five segments: Legal Professionals, Corporates, Tax, Audit & Accounting Professionals, Reuters News, and Global Print. The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics to law firms and governments. The Corporates segment provides a suite of content-driven technologies, including generative AI and integrated compliance workflow solutions to small businesses and multinational organizations. Tax, Audit & Accounting Professionals segment offers research and workflow products to tax, audit, and accounting firms. The Reuters News segment provides business, financial, and international news to media organizations, professional, and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products, and to financial firms. The Global Print segment offers legal and tax information primarily in print format. The company was formerly known as The Thomson Corporation and changed its name to Thomson Reuters Corporation in April 2008. The company was founded in 1799 and is headquartered in Toronto, Canada. Thomson Reuters Corporation is a subsidiary of The Woodbridge Company Limited.

### Why customers stay

Margins ranged from 39.7% to 79.3% during 2023–25; it earns 27.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 79.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,0.44537007369432874],[2017,0.42920029347028615],[2018,0.1251436598135615],[2019,0.20471231005634283],[2020,0.3443107389878027],[2021,0.07479155086158977],[2022,0.17076511872879102],[2023,0.28251464944812216],[2024,0.3863789615643965],[2025,0.26096014892550645]]; median 0.2717373991868143. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2016: growth capex 0; upkeep 905000000; owner earnings 3745000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2017: growth capex 0; upkeep 950000000; owner earnings 1908000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2018: growth capex 0; upkeep 576000000; owner earnings 3992000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2019: growth capex 0; upkeep 505000000; owner earnings 2381000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2020: growth capex 0; upkeep 504000000; owner earnings 1919800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2022: growth capex 0; upkeep 595000000; owner earnings 1969000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: growth capex 0; upkeep 544000000; owner earnings 2823000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 0; upkeep 607000000; owner earnings 2373800000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm (filed 2026-03-05); FY2025: growth capex 0; upkeep 645098506; owner earnings 1779674950. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,982000000],[2017,958000000],[2018,3206000000],[2019,701000000],[2020,732000000],[2021,775000000],[2022,837000000],[2023,892000000],[2024,949000000],[2025,1057188248]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm (filed 2026-03-05); FY2025: cash repurchases 1017505533 USD.

### Are managers owners

Insiders own 70.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRI.TO SharesStats.PercentInsiders = 70.679 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.8% yearly over ten years; actual growth was 3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Ten-year compound average after fade. Initial solved rate 0.08405316043162059. Price 153.12; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.762596050974759 → FY2025 3.993904256259793. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-11: CAD 66.33 per share

- 2016-12: CAD 67.21 per share

- 2017-01: CAD 66.72 per share

- 2017-02: CAD 64.23 per share

- 2017-03: CAD 65.78 per share

- 2017-04: CAD 70.95 per share

- 2017-05: CAD 67.39 per share

- 2017-06: CAD 68.67 per share

- 2017-07: CAD 65.31 per share

- 2017-08: CAD 65.31 per share

- 2017-09: CAD 65.48 per share

- 2017-10: CAD 68.99 per share

- 2017-11: CAD 64.99 per share

- 2017-12: CAD 62.67 per share

- 2018-01: CAD 60.88 per share

- 2018-02: CAD 57.83 per share

- 2018-03: CAD 56.95 per share

- 2018-04: CAD 59.05 per share

- 2018-05: CAD 57.66 per share

- 2018-06: CAD 60.68 per share

- 2018-07: CAD 61.74 per share

- 2018-08: CAD 66.38 per share

- 2018-09: CAD 67.41 per share

- 2018-10: CAD 70.08 per share

- 2018-11: CAD 69.71 per share

- 2018-12: CAD 68.46 per share

- 2019-01: CAD 71.35 per share

- 2019-02: CAD 74.31 per share

- 2019-03: CAD 82.11 per share

- 2019-04: CAD 85.97 per share

- 2019-05: CAD 89.20 per share

- 2019-06: CAD 87.73 per share

- 2019-07: CAD 92.05 per share

- 2019-08: CAD 95.01 per share

- 2019-09: CAD 91.95 per share

- 2019-10: CAD 91.91 per share

- 2019-11: CAD 96.45 per share

- 2019-12: CAD 96.46 per share

- 2020-01: CAD 110.48 per share

- 2020-02: CAD 103.54 per share

- 2020-03: CAD 99.56 per share

- 2020-04: CAD 101.84 per share

- 2020-05: CAD 95.76 per share

- 2020-06: CAD 95.78 per share

- 2020-07: CAD 97.05 per share

- 2020-08: CAD 103.54 per share

- 2020-09: CAD 110.34 per share

- 2020-10: CAD 107.56 per share

- 2020-11: CAD 106.90 per share

- 2020-12: CAD 108.18 per share

- 2021-01: CAD 108.28 per share

- 2021-02: CAD 114.95 per share

- 2021-03: CAD 114.32 per share

- 2021-04: CAD 118.37 per share

- 2021-05: CAD 121.27 per share

- 2021-06: CAD 127.86 per share

- 2021-07: CAD 137.28 per share

- 2021-08: CAD 153.08 per share

- 2021-09: CAD 145.43 per share

- 2021-10: CAD 154.59 per share

- 2021-11: CAD 158.72 per share

- 2021-12: CAD 157.08 per share

- 2022-01: CAD 141.70 per share

- 2022-02: CAD 133.08 per share

- 2022-03: CAD 140.94 per share

- 2022-04: CAD 133.37 per share

- 2022-05: CAD 130.00 per share

- 2022-06: CAD 139.35 per share

- 2022-07: CAD 149.31 per share

- 2022-08: CAD 150.18 per share

- 2022-09: CAD 147.25 per share

- 2022-10: CAD 150.46 per share

- 2022-11: CAD 164.48 per share

- 2022-12: CAD 160.39 per share

- 2023-01: CAD 164.36 per share

- 2023-02: CAD 171.61 per share

- 2023-03: CAD 182.60 per share

- 2023-04: CAD 185.01 per share

- 2023-05: CAD 179.25 per share

- 2023-06: CAD 178.86 per share

- 2023-07: CAD 178.00 per share

- 2023-08: CAD 173.99 per share

- 2023-09: CAD 166.16 per share

- 2023-10: CAD 166.11 per share

- 2023-11: CAD 189.58 per share

- 2023-12: CAD 193.73 per share

- 2024-01: CAD 199.61 per share

- 2024-02: CAD 214.24 per share

- 2024-03: CAD 210.80 per share

- 2024-04: CAD 207.93 per share

- 2024-05: CAD 234.54 per share

- 2024-06: CAD 230.61 per share

- 2024-07: CAD 223.75 per share

- 2024-08: CAD 230.82 per share

- 2024-09: CAD 230.69 per share

- 2024-10: CAD 227.91 per share

- 2024-11: CAD 228.44 per share

- 2024-12: CAD 230.82 per share

- 2025-01: CAD 244.23 per share

- 2025-02: CAD 258.63 per share

- 2025-03: CAD 248.33 per share

- 2025-04: CAD 256.53 per share

- 2025-05: CAD 272.66 per share

- 2025-06: CAD 273.84 per share

- 2025-07: CAD 278.08 per share

- 2025-08: CAD 243.91 per share

- 2025-09: CAD 216.10 per share

- 2025-10: CAD 214.84 per share

- 2025-11: CAD 189.55 per share

- 2025-12: CAD 181.13 per share

- 2026-01: CAD 150.45 per share

- 2026-02: CAD 131.33 per share

- 2026-03: CAD 125.56 per share

- 2026-04: CAD 129.94 per share

- 2026-05: CAD 119.54 per share

- 2026-06: CAD 115.84 per share

- 2026-07: CAD 137.52 per share

- 2026-08: CAD 148.58 per share

- 2026-09: CAD 138.48 per share

- 2026-10: CAD 149.54 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 60.53 per share, central CAD 68.19 per share, high CAD 78.39 per share

- FY2017: low CAD 47.35 per share, central CAD 53.65 per share, high CAD 62.05 per share

- FY2018: low CAD 40.89 per share, central CAD 45.57 per share, high CAD 51.81 per share

- FY2019: low CAD 64.82 per share, central CAD 73.27 per share, high CAD 84.53 per share

- FY2020: low CAD 68.89 per share, central CAD 77.50 per share, high CAD 88.95 per share

- FY2021: low CAD 67.03 per share, central CAD 75.97 per share, high CAD 87.87 per share

- FY2022: low CAD 72.15 per share, central CAD 81.63 per share, high CAD 94.25 per share

- FY2023: low CAD 78.10 per share, central CAD 88.34 per share, high CAD 101.98 per share

- FY2024: low CAD 85.64 per share, central CAD 96.69 per share, high CAD 111.40 per share

- FY2025: low CAD 78.32 per share, central CAD 88.98 per share, high CAD 103.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:45.246Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1075124/000119312526094222/tri-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.