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London Stock Exchange Group plc LSEG

LondonExchanges and financial dataFinancials to Sep 30, 2026 · Updated Nov 11, 2026

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LSEG financials
Moat score
76
ROIC
7.3%
P/E
31.9
EV/EBIT
21.5
FCF yield
4.5%
Dividend yield
1.7%
Market cap
£45.0B

Moat ranks

Score rankTied #193 of 396
Durabilitymedium
Market structureOligopoly
Pricing powermoderate

Balance sheet

6/30/26
£BDec 31Jun 30
Cash3.94.1
Securities0.10.2
Debt11.112.9
Net cash-7.0-8.7
Equity19.818.7
Leverage
Debt / EBITDA
2.73×
Debt / equity
0.69×
Leases (6/30/26)
£614M
Capital
Diluted shares
499M
Book value / share
£37.48
Price / book
2.4×
Net cash / share
−£17.37
Market cap
£45.0B
Enterprise value
£53.7B

Per-share record

Fiscal years and TTM
Scale
£0£5£10£15£20'16'17'18'19'20'21'22'23'2417.73'2519.36TTM
Revenue per shareCash flow per share

Key indicators

Latest: H1 '26
IndicatorLatestVs year agoLast 8 halves
Revenue growth6.7%+0.3 pts
Operating margin28.6%+5.9 pts
FCF margin26.6%+4.5 pts
Capex / revenue9.2%-0.4 pts
Annual subscription value growth+6%+0 pts
Subscription revenue retention92.8%+0.2 pts
FTSE Russell-linked ETF assets2,193+37%
Tradeweb average daily volume3.2M+25%
SwapClear client trades3.3M+24%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About LSEG

LSEG combines financial data, indices, risk screening, trading and clearing. Embedded data workflows, benchmark licensing and regulated clearing networks support its moat, while data competitors, venue competition and customer budget pressure remain meaningful.

Revenue mix
Data & Analytics 46.4%Markets 36.7%FTSE Russell 10.4%Risk Intelligence 6.4%
  • Data Workflow Lockin

    Workspace and enterprise feeds are built into customer analysis and systems.

  • De Facto Standard

    Benchmarks become part of investment mandates and funds.

  • Data Workflow Lockin

    World-Check screening is integrated into onboarding, payments and compliance checks.

  • Two Sided Network

    Tradeweb and FX venues connect dealers with customers.

Timeline
  1. Oct 22, 2026

    Q3 total income including recoveries GBP2.501 bn, cost of sales294 m and gross profit2.207 bn are now recorded. Organic growth excluding recoveries was 8.8%, subscriptions 6.6%. FY2026 growth guidance rose to at least 8%, EBITDA margin expansion100–120 bps and equity FCF at leastGBP2.8 bn. Planned Octus and Trumid acquisitions expand fixed-income data/trading but remain integration and regulatory risks. Workspace AI Search reached47,000 users and Deep Research exceeded11,000; usage is not yet a disclosed renewal or revenue result. Source: https://www.lseg.com/en/media-centre/press-releases/2026/london-stock-exchange-group-plc-q3-2026-trading-update

  2. Dec 31, 2025 · Full year · Restructuring charge −£133M

    Integration, separation and restructuring costs reduced profit as acquired businesses were combined and operations changed. These costs persisted across several years.

  3. Dec 31, 2024 · Full year · Impairment charge −£216M

    Software assets were written down after review. The charge reflects investment that could no longer support its carrying value.

  4. Dec 31, 2024 · Full year · Restructuring charge −£226M

    Integration, separation and restructuring costs reduced profit as acquired businesses were combined and operations changed. These costs persisted across several years.

  5. Dec 31, 2023 · Full year · One-off charge −£85M

    Transaction costs for acquisitions reduced operating profit. They are separate from recurring amortisation of purchased assets.

Ownership

CEO
David Schwimmer
Since 2018 · 8 yrs
Professional CEOSingle share class

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share (£)
Revenue4.665.546.056.565.7312.0813.8315.2116.5617.7319.36+16.0%/yr
Cash flow0.681.872.052.372.754.814.895.346.356.877.87+29.4%/yr
Earnings0.431.431.361.181.195.782.331.381.282.372.83+21.0%/yr
Free cash flow0.271.331.501.822.193.643.163.374.463.264.03+32.0%/yr
Capex0.410.540.550.550.551.171.731.971.883.623.84+27.4%/yr
Dividends0.360.450.540.630.730.791.011.111.201.361.52+15.8%/yr
Book value8.739.149.479.7910.4843.7046.4243.2143.0137.5337.48+17.6%/yr
Diluted shares (M)356353353353354541560551535527499+4.5%/yr
Totals (£B)
Revenue1.72.02.12.32.06.57.78.48.99.39.7+21.2%/yr
Operating income0.40.60.80.70.61.11.41.41.52.12.5+19.5%/yr
Net income0.20.50.50.40.43.11.30.80.71.21.4+26.4%/yr
Free cash flow0.10.50.50.60.82.01.81.92.41.72.0+37.9%/yr
Buybacks0.00.20.00.00.00.00.31.21.02.13.7–
Dividends0.10.20.20.20.30.40.60.60.60.70.8+20.9%/yr
Net cash0.1-0.6-0.6-0.5-0.1-5.0-4.7-5.5-5.9-7.0-8.7−£7.1B
Margins & returns (%)
Gross margin89.589.089.490.989.886.986.386.486.888.188.7-1.4 pts
Operating margin25.832.035.231.927.716.318.316.416.522.825.8-3.0 pts
Net margin9.225.822.518.020.747.916.89.17.713.414.6+4.2 pts
FCF margin5.724.024.727.738.230.122.922.227.018.420.8+12.6 pts
ROIC11.213.315.114.911.93.03.73.74.16.47.3-4.9 pts
Return on equity4.915.614.412.111.313.25.03.23.06.37.6+1.4 pts
Stock pay % of revenue2.31.91.71.52.42.22.01.71.81.91.9-0.4 pts
Capex % of revenue8.89.79.18.49.79.712.512.911.420.419.8+11.6 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = two half years to Sep 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 19.9% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score76
Strength
Confidence
Structure
Oligopoly
Durability
medium
Trajectory
stable
Pricing power
moderate
Segments
  • Data & Analytics46.4%
    1 claim
  • FTSE Russell10.4%
    1 claim
  • Risk Intelligence6.4%
    1 claim
  • Markets36.7%
    2 claims

Moat claims

Applies to
Data & Analytics
Confidence
Durability
medium
Trajectory
stableas of Oct 5, 2026
Why it holds

Workspace and enterprise feeds are built into customer analysis and systems. Group subscription retention supports continued use, but it does not measure this division separately.

Why stable

Gross subscription retention reached 92.8%, but Workflow growth of 2.8% and no separate division retention leave stronger switching costs unproven.

Indicators
  • Annual subscription value growth+6%
  • Subscription revenue retention92.8%+0.2 pts
Risks
  • AI interfaces can replace parts of the desktop and make rival datasets easier to combine.
  • Banks can cut seats when employment or trading budgets weaken.
  • Cloud partners and content owners can capture more of the value.

Profile change log

  1. Nov 11, 2026 · business change

    Q3 total income including recoveries GBP2.501 bn, cost of sales294 m and gross profit2.207 bn are now recorded. Organic growth excluding recoveries was 8.8%, subscriptions 6.6%. FY2026 growth guidance rose to at least 8%, EBITDA margin expansion100–120 bps and equity FCF at leastGBP2.8 bn. Planned Octus and Trumid acquisitions expand fixed-income data/trading but remain integration and regulatory risks. Workspace AI Search reached47,000 users and Deep Research exceeded11,000; usage is not yet a disclosed renewal or revenue result. Source: https://www.lseg.com/en/media-centre/press-releases/2026/london-stock-exchange-group-plc-q3-2026-trading-update

  2. Oct 5, 2026 · analyst revision

    Completed the acquisition and disposal comparisons: added Refinitiv transaction and integration charges, the GBP 171 m 2021 tax-rate charge, and the BETA disposal gain of GBP 618 m with GBP 164 m tax in 2022. These explain reported earnings without removing recurring amortisation.

  3. Oct 5, 2026 · analyst revision

    Added the issuer's currency sensitivity and newer product-specific clearing competition: Eurex reached 3.0% EUR OIS and 7.7% Euribor IRS share in Q2 2025. Retained stable clearing trajectory and existing moat strength.

  4. Oct 5, 2026 · analyst revision

    Added dated market capitalisation and four linked end-market profiles with market scope, competitors, rates, asset-price sensitivity, AI and regulation. No comparable whole trading-and-clearing revenue market size or public vendor shares were found.

  5. Oct 5, 2026 · analyst revision

    Added ten years of reported GBP financials, six half-year periods, twelve revenue-only quarters and moat KPIs. Recorded re-presented continuing results and cash classifications, tax/disposal gains, integration charges and software impairment; kept recurring acquisition amortisation in earnings.

  6. Oct 5, 2026 · analyst revision

    Added sourced trajectories, management and the bull/bear debate. FTSE Russell mandates and trading activity support widening adoption; workflow and clearing advantages remain stable under AI and regulatory pressure.

  7. Oct 5, 2026 · analyst revision

    Replaced the unverified 40,000 Risk Intelligence customer count with the division's sourced 10,000-plus count. Broadened its competitive assessment to reflect the disclosed screening and due-diligence vendor landscape; moat strength is unchanged.

  8. Oct 5, 2026 · analyst revision

    Corrected H1 2026 revenue weights to customer-contract revenue: Data & Analytics GBP 2,247 m, FTSE Russell GBP 504 m, Risk Intelligence GBP 310 m and Markets GBP 1,777 m. Recoveries belong to revenue; clearing treasury income does not. Removed adjusted-profit weights that were not reported shares.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianLSEGFDSICETRIMSCINDAQCBOE

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Financial market data and analysis

As of Oct 9, 2026
OligopolyMedium cyclicalityUSD 49B in 2025

Global vendor services supplying financial market prices, reference data, research, analytics, desktops and enterprise feeds to institutions and corporates. This broad spending pool is not just terminal seats and can overlap with index/data products; it must not be added to adjacent market sizes.

  1. Bloomberg
  2. FactSet
  3. Morningstar
  4. S&P Global
2024 leaders, no comparable shares · Burton-Taylor 2025 Company Reports
StocksMoatGross m.Op. m.
LSEG7688.7%25.8%
Industry median178262.9%41.6%
Sector median497361.5%35.0%
All stocks median3987653.1%20.0%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • More automated investing and risk analysis increase demand for reliable, licensed feeds. AI can increase data consumption even when the user interface changes.
  • Data rights, provenance and accurate identifiers matter when financial institutions put AI outputs into regulated processes.
  • Financial employment, investment-banking activity and technology budgets affect seats and new contracts. Wealth platforms broaden access, while existing essential subscriptions and longer enterprise terms reduce short-term cyclicality. Volatility increases the need for analysis but does not automatically increase contracted seat revenue.
  • Most large vendors sell dollar-based data but pay staff and cloud costs in several currencies. Exchange rates can move operating costs as well as translated sales. Interest rates mainly affect debt expense and client hiring or investment budgets; exposure differs by vendor.
Risks
  • AI and cloud tools can reduce dependence on a proprietary desktop and give competing datasets easier access to users.
  • Bloomberg, S&P, FactSet and specialist vendors compete for the same budgets; customers can buy from several suppliers.
  • Content royalties, skilled staff, cloud computing and cyber-security costs can rise faster than customer prices.
  • Outages, inaccurate data and licence disputes threaten renewals and create financial losses. Lawsuits or open-identifier rules can constrain proprietary security-identifier fees; integration and data rights remain separate competitive advantages.
  • Execution-derived data providers can depend on an affiliated distributor or trading volumes. Contracts can support revenue visibility while renewal pricing and alternative datasets still determine long-term protection.

Bulls & bears

Key question · as of Oct 5, 2026

Can LSEG grow retained subscription revenue and cash after investment as AI changes how customers use financial data?

Arguments

3 forFaded: weakening or settled5 against

What to watch

  1. 1Group ASV growth and gross subscription retention
  2. 2Workflow versus Data Feeds organic growth and paid AI contracts
  3. 3New FTSE Russell mandates and linked ETF assets
  4. 4Tradeweb product share and SwapClear client activity versus rival CCPs
  5. 5Reported operating cash flow, software investment and corporate debt

Next check: FY 2026 results: test upgraded income/cash guidance, annual ASV and retention, AI monetization, and funding and regulatory progress for Octus and Trumid.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.

Cite or reuse this data

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Moat Score 76/100 by <a href="https://www.findmymoat.com/stocks/XLON:LSEG">Find My Moat</a> (as of September 2026)

Curation & Accuracy

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