olivLaw · European equity research
RELX PLC REL.L
United Kingdom · London Stock Exchange · ISIN GB00B2B0DG97 · Vertical: Listed companies from United Kingdom
RELX is a global information and analytics group serving legal, government, academic and business professionals through LexisNexis and RX. It matters now because its AI strategy, centred on Lexis+ AI and Protégé, has accelerated growth in the legal division, where revenue reached £1,806m in 2025.
At the close of 05 Nov 2026, RELX PLC (REL.L) stock was 30.84 GBP (+0.85% on the day), with market capitalisation 56.6 bn GBP, P/E 27.5 on diluted EPS of 1.12 GBP over the last 12 months, beta 0.26, 52-week range 20.13–33.16 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 27.26 – 31.30
- in the upper half of the band · %B 0.89 · band width 13.8%
- SMA 50 / 200
- 27.02 / 25.57
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.01 / 0.99
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.0% | −0.6% | +20.6 pp | — |
| 3 months | +18.5% | −4.2% | +22.6 pp | — |
| 6 months | +24.0% | +4.3% | +19.7 pp | — |
| Year to date | +2.1% | +7.5% | −5.4 pp | — |
| 1 year | −9.7% | +9.9% | −19.7 pp | +5.8% |
| 3 years | +8.0% | +49.8% | −41.8 pp | +26.3% |
| 5 years | +31.2% | +42.8% | −11.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 27.0, median 33.2, max 35.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 9.2 bn | 9.4 bn | 9.6 bn |
| Revenue YoY | unavailable | +3.0% | +1.7% |
| Net income | 1.8 bn | 1.9 bn | 2.1 bn |
| Net income YoY | unavailable | +8.6% | +6.8% |
| Diluted EPS | 0.94 | 1.03 | 1.12 |
| Diluted EPS YoY | unavailable | +10.1% | +8.6% |
| net % | 19.4% | 20.5% | 21.5% |
| Free cash flow | 2.4 bn | 2.6 bn | 2.8 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 131.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.4 bn GBP
- Total assets
- 14.8 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 0.49x
- ROE
- 70.1%
- ROA
- 13.8%
- FCF margin
- 29.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 9.2 bn | 9.4 bn | 9.6 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 3.2 bn | 3.3 bn | 3.2 bn | esef· 04 Mar 2026verified |
| Gross profit | 5.9 bn | 6.1 bn | 6.4 bn | esef· 04 Mar 2026verified |
| Operating income | 2.7 bn | 2.9 bn | 3.0 bn | esef· 04 Mar 2026verified |
| Interest expense | 323.0 m | 304.0 m | 298.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | 2.3 bn | 2.6 bn | 2.8 bn | esef· 04 Mar 2026verified |
| Income tax | 507.0 m | 613.0 m | 672.0 m | esef· 04 Mar 2026verified |
| Net income | 1.8 bn | 1.9 bn | 2.1 bn | esef· 04 Mar 2026verified |
| Diluted EPS | 0.94 | 1.03 | 1.12 | esef· 04 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 155.0 m | 119.0 m | 131.0 m | esef· 04 Mar 2026verified |
| Current assets | — | 3.0 bn | 3.0 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | — | 82.0 m | 72.0 m | esef· 04 Mar 2026verified |
| Goodwill | — | 8.2 bn | 7.9 bn | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 3.2 bn | 3.1 bn | esef· 04 Mar 2026verified |
| Total assets | — | 15.1 bn | 14.8 bn | esef· 04 Mar 2026verified |
| Accounts payable | — | 4.1 bn | 4.3 bn | esef· 04 Mar 2026verified |
| Current liabilities | — | 5.7 bn | 6.0 bn | esef· 04 Mar 2026verified |
| Total liabilities | — | 11.6 bn | 12.4 bn | esef· 04 Mar 2026verified |
| Equity | 3.4 bn | 3.5 bn | 2.4 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 1.9 bn | 1.9 bn | 1.8 bn | esef· 04 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.5 bn | 2.6 bn | 2.8 bn | esef· 04 Mar 2026verified |
| Capex | 30.0 m | 20.0 m | 21.0 m | esef· 04 Mar 2026verified |
| Free cash flow | 2.4 bn ≈ | 2.6 bn ≈ | 2.8 bn ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -569.0 m | -575.0 m | -770.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | -2.1 bn | -2.1 bn | -2.1 bn | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 56.6 bn GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.5% | 74 (vs peers) | 15% |
| FCF conversion · Quality | 136.3% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.2x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 27.5x | 11 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.0% | 62 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation34/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RELX PLC (REL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.6 bn GBP in 2025; YoY growth 1.7%; net margin 21.5%; ROE 70.6%.
The estimated value range is 12.64–19.50 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.16 GBP, the price of 30.84 GBP leaves a potential of -47.6% (value / price − 1) and a margin of safety of -90.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.5%
- FCF conversion: 136.3%
- Interest coverage: 10.2x
What contradicts it
- Current ratio: 0.5x
- P/E (TTM): 27.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| REL.LRelx PLC | 56.6 bn | 27.5 | 70.6% | 21.5% | +1.7% | +2% / +1% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for REL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.80 Total return -42% · Per year -42% | 31.52 Total return 2% · Per year 2% | 47.54 Total return 54% · Per year 54% |
| 3 years | 16.30 Total return -47% · Per year -19% | 32.57 Total return 6% · Per year 2% | 54.07 Total return 75% · Per year 21% |
| 5 years | 14.93 Total return -52% · Per year -14% | 33.65 Total return 9% · Per year 2% | 61.51 Total return 99% · Per year 15% |
- Exit P/E± 8.14
- Net margin± 5.70
- Annual revenue growth± 4.81
- Annual dilution± 0.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
RELX is a global information and analytics group serving legal, government, academic and business professionals through LexisNexis and RX. It matters now because its AI strategy, centred on Lexis+ AI and Protégé, has accelerated growth in the legal division, where revenue reached £1,806m in 2025 1.
SWOT
Strengths
- The legal platform combines verified content with AI tools, and the company has long invested in proprietary technology and data.
- Most legal revenue comes from subscriptions, often multi-year, which gives visibility on future revenue.
- The product range covers law firms, governments, universities and companies, diversifying the customer base.
Weaknesses
- The Exhibitions division depends on physical events, which are sensitive to the economic cycle and to company marketing spend.
- Some trade show revenue is tied to events not held annually, making annual results harder to predict.
- Continuous investment in AI and content could weigh on short-term margins.
Opportunities
- Extending Protégé and General AI to more regions and products could deepen customer adoption.
- Emerging markets and higher growth sectors offer room for new events and digital products in RX.
- Data and digital products in exhibitions could raise the share of non-physical revenue in the commercial divisions.
Threats
- Large competitors in legal and business information could erode the current edge if they offer comparable AI capabilities.
- An economic slowdown could reduce B2B marketing budgets and demand for exhibitions.
- AI, data security and privacy regulation could raise compliance costs for products.
Risks
- Competition in legal AImedium
Rivals could offer comparable agentic tools, which could reduce pricing power or market share for Lexis+ AI and Protégé.
- Economic cycle in exhibitionshigh
Demand for trade shows depends on B2B budgets and corporate profitability, so an economic slowdown could directly affect the RX division.
- AI regulationmedium
New requirements on AI use, transparency or data protection could raise development and compliance costs.
- Data security and privacymedium
Legal and government clients demand high security standards. An incident could damage trust and contract renewals.
- Volatility of non-annual eventslow
Some trade shows are not held every year, which can make one year's revenue hard to compare with the previous year's.
Investment thesis
What would need to be true (bull case)
- If underlying growth in the legal division continues and converts into higher operating profit, the company could demonstrate the advantage of its content and AI platform.
- Multi-year subscriptions and strong renewals could provide a stable revenue base even when the economic cycle fluctuates.
- Digital and data products at RX could increase the share of recurring revenue relative to physical events.
What would break the thesis
- If competitors offer comparable AI capabilities, the platform's current edge could fade and pricing pressure could increase.
- The Exhibitions division remains exposed to the economic cycle, and a slowdown in B2B spending could cut revenue quickly.
- Continuous investment in AI and content could keep margins under pressure if revenue does not grow as fast.
What to watch
- Development of underlying revenue growth in the legal division against the sustained growth the company expects for 20262026
- Adoption of Protégé and General AI among legal clients and law firmsnext 10-K
- Development of RX revenue and the share of digital and data products in the total2026
- Competitive pressure from Thomson Reuters, Wolters Kluwer and Bloomberg in legal AI research2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
RELX reports two main divisions in 2025: Legal, served by LexisNexis, and Exhibitions, served by RX. The legal division mainly sells subscriptions, often under multi-year contracts, to law firms, companies, governments and universities, and its revenue was £1,806m in 2025 1. The Exhibitions division runs trade shows and face-to-face events, complemented by digital tools and data, with revenue of £1,186m in 2025 1.
Growth in the legal division is supported by a shift toward higher-value legal analytics and tools, particularly the AI-enabled legal research platform. The company says it expects continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding underlying revenue growth 1.
Divisions outside legal play a secondary role in total revenue but add diversification. Government, academic and news and business customers represent around 30% of LexisNexis revenue 1.
Segments
Legal (LexisNexis)
The legal division posted revenue of £1,806m in 2025 and underlying revenue growth of 9%, a further step up from 2024. Underlying adjusted operating profit growth was 12%, supported by adoption of Lexis+ AI and the Protégé agentic assistant among law firms and corporate legal departments 1.
Exhibitions (RX)
RX reported revenue of £1,186m in 2025, compared with £1,239m in 2024, and ran 274 face-to-face events across 25 countries. Electronic revenue accounted for 8% of the total, showing digital and data products becoming a more important part of the offer 1.
Market context
In legal markets, demand is supported by the extension of analytics and decision tools, and the company notes that renewals and new sales are strong across all key segments 1. In exhibitions, growth depends on business-to-business marketing spend and business investment, which have tended to follow corporate profitability and GDP growth, while emerging markets and higher growth sectors offer additional opportunities 1.
In US legal markets, principal competitors are Westlaw (Thomson Reuters), CCH (Wolters Kluwer) and Bloomberg, while in news and business information the key competitors are Bloomberg, Factiva and Reuters News. Significant international competitors include Thomson Reuters, Wolters Kluwer and Factiva 1.
Trends
- AI adoption in legal practicetailwind
Lexis+ AI and Protégé are among the fastest-adopted products in the company's history, and law firms report efficiency gains in research and drafting. If adoption continues, it could support growth in analytics revenue, though it also requires constant investment in technology and content.
- Shift from information to agentic toolsmixed
Protégé uses agentic AI to carry out complex legal workflows with user control. This direction could raise product value, but it demands careful governance, security and compliance.
- Demand for physical and digital eventsheadwind
Exhibition growth depends on B2B marketing budgets and company investment, which react to the economic cycle. If economic activity slows, demand for trade shows could fall, and the non-annual event cycle makes annual results volatile.
- Expansion of data and digital tools in exhibitionstailwind
RX's digital and data products give customers value before, during and after an event. If this component keeps growing, it could diversify the Exhibitions division's revenue beyond physical events.
Competitive position
In US legal markets LexisNexis faces Westlaw (Thomson Reuters), CCH (Wolters Kluwer) and Bloomberg, and in news and business information it competes with Bloomberg, Factiva and Reuters News. Significant international competitors are Thomson Reuters, Wolters Kluwer and Factiva 1.
LexisNexis differentiates through verified legal content integrated with AI tools and the Shepard's citation validation, an advantage that matters most for clients seeking trustworthy results. Competition in legal AI could erode the current edge if rivals offer comparable capabilities.
- Thomson Reuters (Westlaw)
Main competitor in US legal research and a significant international competitor cited by the company.
- Wolters Kluwer (CCH)
Competitor in US legal and tax markets and in the international competition the company cites.
- Bloomberg
Competitor both in US legal research and in news and business information.
- Factiva (News Corporation)
Competitor in news and business information, cited both in the US market and internationally.
News & filings
In the press
- Evaluating RELX PLC’s (RELX) Enterprise Advantages in the AI EraYahoo Finance — News · 24 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / RELX PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.