olivLaw · European equity research
London Stock Exchange Group plc LSEG.L
United Kingdom · London Stock Exchange · ISIN GB00B0SWJX34 · Vertical: Listed companies from United Kingdom
London Stock Exchange Group is a global multi-asset financial markets infrastructure and data provider serving customers across the full trade lifecycle, from data and indices to clearing. In 2025 total income excluding recoveries reached £9.0 billion, and the group relies on largely recurring revenue that may provide stability in a volatile environment.
At the close of 03 Nov 2026, London Stock Exchange Group plc (LSEG.L) stock was 94.54 GBP (−0.73% on the day), with market capitalisation 49.5 bn GBP, P/E 39.9 on diluted EPS of 2.37 GBP over the last 12 months, beta 0.24, 52-week range 71.70–99.92 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)
- 65.2
- strong (55–70)
- Bollinger (20, 2)
- 81.16 – 98.15
- in the upper half of the band · %B 0.79 · band width 19.0%
- SMA 50 / 200
- 86.50 / 87.01
- mixed trend
- MACD (12, 26, 9)
- 2.76 / 2.22
- 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 | +16.9% | −1.0% | +17.9 pp | — |
| 3 months | +11.2% | −3.9% | +15.1 pp | — |
| 6 months | −1.3% | +7.2% | −8.5 pp | — |
| Year to date | +5.6% | +6.6% | −0.9 pp | — |
| 1 year | −0.6% | +9.1% | −9.7 pp | +5.2% |
| 3 years | +14.0% | +47.9% | −34.0 pp | +28.6% |
| 5 years | +33.5% | +43.3% | −9.8 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 37.8, median 67.2, max 88.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.1 bn | 8.6 bn | 9.1 bn |
| Revenue YoY | unavailable | +6.4% | +5.9% |
| Net income | 948.0 m | 685.0 m | 1.2 bn |
| Net income YoY | unavailable | −27.7% | +82.3% |
| Diluted EPS | 1.38 | 1.28 | 2.37 |
| Diluted EPS YoY | unavailable | −7.3% | +85.2% |
| net % | 11.8% | 8.0% | 13.8% |
| Free cash flow | unavailable | 3.3 bn | 3.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.9 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 22.2 bn GBP
- Total assets
- 796.7 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.00x
- ROE
- 5.3%
- ROA
- 0.2%
- FCF margin
- 38.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.1 bn | 8.6 bn | 9.1 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 1.1 bn | 1.2 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Gross profit | 7.2 bn | 7.7 bn | 8.2 bn | esef· 18 Mar 2026verified |
| Operating income | 1.4 bn | 1.5 bn | 2.1 bn | esef· 18 Mar 2026verified |
| Interest expense | 335.0 m | 380.0 m | 340.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 1.2 bn | 1.3 bn | 2.0 bn | esef· 18 Mar 2026verified |
| Income tax | 247.0 m | 337.0 m | 463.0 m | esef· 18 Mar 2026verified |
| Net income | 948.0 m | 685.0 m | 1.2 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 1.38 | 1.28 | 2.37 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.6 bn | 3.5 bn | 3.9 bn | esef· 18 Mar 2026verified |
| Receivables | 2.1 bn | 1.7 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Current assets | 769.6 bn | 698.0 bn | 763.6 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 716.0 m | 681.0 m | — | esef· 15 Apr 2025verified |
| Total assets | 805.0 bn | 732.8 bn | 796.7 bn | esef· 18 Mar 2026verified |
| Accounts payable | 1.9 bn | 1.9 bn | 2.3 bn | esef· 18 Mar 2026verified |
| Current liabilities | 768.6 bn | 696.5 bn | 763.5 bn | esef· 18 Mar 2026verified |
| Total liabilities | 779.1 bn | 707.7 bn | 774.5 bn | esef· 18 Mar 2026verified |
| Equity | 25.9 bn | 25.2 bn | 22.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 682.5 m | 531.8 m | 523.9 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 3.4 bn | 3.6 bn | esef· 18 Mar 2026verified |
| Capex | 122.0 m | 74.0 m | 124.0 m | esef· 18 Mar 2026verified |
| Free cash flow | — | 3.3 bn ≈ | 3.5 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | — | -1.3 bn | -2.0 bn | esef· 18 Mar 2026verified |
| Financing cash flow | -1.1 bn | -2.2 bn | -1.1 bn | esef· 18 Mar 2026verified |
| Share repurchases | 1.2 bn | 1.0 bn | 2.1 bn | esef· 18 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 49.5 bn GBP
Key indicators
Coverage and freshness
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.8% | 57 (vs peers) | 13% |
| FCF conversion · Quality | 280.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.3x | 73 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 39.9x | 0 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.1% | 88 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partial60/100 · 1/2 factors with a value
- Valuation39/100 · 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
LONDON STOCK EXCHANGE GROUP PLC (LSEG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.1 bn GBP in 2025; YoY growth 5.9%; net margin 13.8%; ROE 5.8%.
The estimated value range is 26.08–39.79 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 35.90 GBP, the price of 94.54 GBP leaves a potential of -62.0% (value / price − 1) and a margin of safety of -163.4% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 280.1%
- Interest coverage: 6.3x
- FCF yield: 7.1%
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 39.9x
- 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, 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. | 100.2 bn | 13.0 | 16.5% | 30.3% | −1.0% | +2% / +80% |
| LSEG.LLondon Stock Exchange Group PLC | 49.5 bn | 39.9 | 5.8% | 13.8% | +5.9% | +6% / +6% |
| ABF.LAssociated British Foods PLC | 13.8 bn | 13.4 | 9.2% | 5.3% | −3.1% | −11% / −20% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.3 bn | 25.4 | 34.7% | 4.1% | +7.2% | −8% / +165% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −15% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +168% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| BME.LB&M European Value Retail PLC | 2.7 bn | 16.8 | 21.2% | 2.8% | +3.7% | +62% / −52% |
| AJB.LAj Bell PLC | 2.4 bn | 23.0 | 49.9% | 33.1% | +18.0% | +9% / +130% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.1 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 659.6 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.3 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| 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 | 355.1 m | — | -93.4% | -39.2% | −20.6% | −43% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.5 m | — | — | — | −81.9% | +350% / +900% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −15% / +141% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +77% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +52% / +55% |
1- and 3-year price returns: for LSEG.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 | 56.98 Total return -40% · Per year -40% | 100.66 Total return 6% · Per year 6% | 151.54 Total return 60% · Per year 60% |
| 3 years | 56.81 Total return -40% · Per year -16% | 112.79 Total return 19% · Per year 6% | 186.21 Total return 97% · Per year 25% |
| 5 years | 56.64 Total return -40% · Per year -10% | 126.37 Total return 34% · Per year 6% | 228.82 Total return 142% · Per year 19% |
- Exit P/E± 28.20
- Net margin± 19.74
- Annual revenue growth± 15.99
- Annual dilution± 1.66
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
London Stock Exchange Group is a global multi-asset financial markets infrastructure and data provider serving customers across the full trade lifecycle, from data and indices to clearing. In 2025 total income excluding recoveries reached £9.0 billion, and the group relies on largely recurring revenue that may provide stability in a volatile environment 1.
SWOT
Strengths
- Strong market positions in several divisions, long-standing institutional customer relationships and deep industry partnerships.
- Largely recurring revenue and solid free cash flow generation, which support investment and shareholder returns.
- Diversification across products, asset classes and geographies, which reduces reliance on any single economic cycle.
Weaknesses
- Transactional components are more sensitive to market volatility than recurring revenue, which can make results more variable from year to year.
- Integrating several acquisitions and a broad asset portfolio can complicate execution and cost management.
- Rising spending on products and technology could pressure margins if revenue does not grow at the same pace.
Opportunities
- Demand for AI-enhanced data and analytics could expand sales of the Workspace and Analytics platforms.
- Private markets and asset tokenisation through new platforms could open additional revenue sources.
- Partnerships with cloud infrastructure providers could make it easier for clients to access data within their existing workflows.
Threats
- Competition in data and trading infrastructure could pressure pricing and reduce share in certain segments.
- Regulatory changes or restrictions on data flows could limit how the company sells its products.
- A major geopolitical or macroeconomic shock could reduce trading volumes and client activity.
Risks
- Trading volume volatilitymedium
Revenue from trading and clearing could fall if markets become calmer, which could weigh on profitability in some periods.
- Concentration on large clientsmedium
Some important contracts are with large financial institutions; losing a key client could affect recurring revenue.
- Regulation and compliancemedium
Changes to the regulatory framework could impose additional costs or alter how data and services can be provided.
- Execution risk of transformation programmesmedium
Platform migrations and new products such as DMI could be delayed or cost more than planned.
- Cyber and operational riskhigh
Critical infrastructure depends on complex systems; a major outage could affect client confidence and financial results.
Investment thesis
What would need to be true (bull case)
- If demand for data and analytics keeps growing, recurring revenue and improving margins could support steady profit growth.
- Leading positions in several niches and divisional diversification could reduce the impact of any single market shock on results.
- Solid free cash flow generation could allow continued share buybacks and dividends without sacrificing investment.
What would break the thesis
- If trading volumes fall in a calm market, transactional revenue could slow faster than the recurring base.
- Strong competition in data and technology could limit the company's ability to raise prices or hold market share.
- If investment in new platforms does not quickly generate additional revenue, cost and margin pressure could persist.
What to watch
- Trend in total income excluding recoveries and EBITDA margin in the quarterly reportQ1 2027
- Pace of Workspace and AI product adoption within Data & Analytics2027
- Progress of the Digital Markets Infrastructure and Private Securities Market platforms2027
- Level of share buybacks and total dividend announced in the next annual reportnext 10-K
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
LSEG is a multi-asset class financial markets infrastructure and data provider organised into four divisions: Data & Analytics, FTSE Russell, Risk Intelligence and Markets. The group states its purpose as driving financial stability, empowering economies and enabling sustainable growth, through services its customers describe as business-critical 1. The company operates in more than 170 countries, with operations in over 60 of them 1.
Segments
Data & Analytics
The division provides an open platform of trusted data feeds, analytics and workflow solutions used across trading, investing and risk management. In 2025 the company retired Eikon in favour of the Workspace platform and widened Analytics distribution through partnerships with Snowflake and Databricks 1.
FTSE Russell
The division supplies global benchmarks, indices and data solutions for portfolio construction, asset allocation and risk analysis. The company reported solid growth across subscription and asset-based revenue, with a record number of new equity ETFs launched during the year as a sign of commercial momentum 1.
Markets
The division runs venues and platforms for capital issuance and secondary trading, plus clearing and post-trade services. According to the report, Tradeweb grew strongly with record volumes, while the transactional revenue is seen as high quality but more exposed to market activity 1.
Market context
The group operates in financial data, trading infrastructure and clearing markets, where demand is supported by the growing use of data in decision-making, the digitalisation of markets and increasing regulation 1. The report describes its addressable markets as offering at least mid-single-digit annual growth, but the source does not give an aggregate market size 1.
Trends
- AI-driven data demandtailwind
Demand for data is rising with AI adoption, and LSEG Everywhere and integrations with third-party platforms could widen distribution of its services. The effect depends on how quickly clients adopt these tools and how much competition concentrates on the same channels 1.
- Electronification of tradingmixed
The shift to electronic trading and the digitalisation of markets support Tradeweb and the group's digital infrastructure. If volumes move further onto new platforms the group could benefit, but margin pressure may also rise 1.
- Rising regulationtailwind
Regulatory and compliance requirements increase demand for screening and identity verification solutions in Risk Intelligence. Regulatory change can, however, also reduce or complicate certain activity flows 1.
- Macroeconomic and geopolitical volatilityheadwind
The company argues its diversified model protects it from macro shocks, yet periods of extreme volatility can hit trading volumes and market-linked revenue, which is not fully recurring 1.
Competitive position
The source describes LSEG as a top-three global player in all of its major businesses and a clear leader in real-time data, interest rate swaps clearing, electronic fixed income trading and counterparty screening 1. The report does not name specific competitors, so statements about competition rest on the company's own positioning 1.
- Competitors not named in the source
The annual report does not identify competitors by name, so no company names or tickers are listed from this document.
News & filings
In the press
- LSEG Seals $3.5 Billion Octus Deal as Group Fights Back AI FearsBloomberg Markets · 22 Oct 2026 · EN
- LSEG taps Nvidia for faster historical market data processingCNA (Channel NewsAsia) · 14 Oct 2026 · EN
- LSEG teams up with NVIDIA for faster market data processingCNA (Channel NewsAsia) · 14 Oct 2026 · EN
- LSEG in Talks to Buy Permira-Owned Credit Firm OctusBloomberg Markets · 13 Oct 2026 · EN
- London Stock Exchange to lose three more firms after takeover offersThe Guardian World · 01 Sept 2026 · EN
- LSEG CEO Wants UK Stamp Duty on Shares to 'Go Away'Bloomberg Markets · 30 Jul 2026 · EN
- LSEG Continues to Improve Margin, CEO Schwimmer SaysBloomberg Markets · 30 Jul 2026 · EN
- LSEG Boosts Guidance as AI Rollout Adds to Record First HalfBloomberg Markets · 30 Jul 2026 · EN
- LSEG Reviews US Investment Grade Fund Flow Data After JPMorgan Flags ErrorBloomberg Markets · 24 Jul 2026 · EN
- London Stock Exchange to Introduce Nonstop Trading Next YearBloomberg Markets · 21 Jul 2026 · EN
- Paddy Power owner Flutter to scrap listing on London Stock ExchangeThe Guardian World · 12 Jun 2026 · RO
- From data to decisions: how LSEG is scaling trusted AIOpenAI Blog · 10 Jun 2026 · EN
- Centrul de tehnologie din România al grupului britanic London Stock Exchange, LSEG Business Services, a ajuns la afaceri record de aproape 700 mil. lei în 2025 şi la peste 1.350 de angajaţiZiarul Financiar · 02 Jun 2026 · RO
- Broadcom finds a VMware customer willing to stick around: London Stock ExchangeThe Register · 19 May 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / London Stock Exchange Group 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.