RELX PLC REL
LondonInformation servicesFinancials to Jun 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| £B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.1 | 0.2 |
| Securities | 0.0 | 0.0 |
| Debt | 7.2 | 8.8 |
| Net cash | -7.0 | -8.6 |
| Equity | 2.4 | 1.2 |
- Debt / EBITDA
- 2.27×
- Debt / equity
- 7.10×
- Leases (6/30/26)
- £119M
- Diluted shares
- 1,794M
- Book value / share
- £0.69
- Price / book
- 36.7×
- Net cash / share
- −£4.78
- Market cap
- £45.4B
- Enterprise value
- £54.0B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 2.7% | +0.6 pts | |
| Operating margin | 32.5% | +1.1 pts | |
| FCF margin | 24.0% | -0.5 pts | |
| Capex / revenue | 6.0% | +0.6 pts | |
| Risk underlying revenue growth | +8% | – | |
| STM underlying revenue growth | +6% | – | |
| Legal underlying revenue growth | +10% | – | |
| Elsevier article submissions · 12/31/25 | ≥4.2M | – | |
| Elsevier articles published · 12/31/25 | ≥795,000 | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About REL
RELX sells data, research content and decision tools to insurers, banks, scientists, clinicians and legal professionals, alongside trade exhibitions and declining print products. Risk is its largest business.
- Data Network Effects
Fraud/identity and insurance risk decisioning improve with large proprietary and contributory datasets; RELX describes industry-wide insurance data and broad risk datasets as core to timely benchmarking and analytics.
- Data Workflow Lockin
Products are designed to integrate into customer workflows and infrastructure (e.g., underwriting/claims, fraud prevention, AML screening), increasing switching costs and enabling expansion within accounts.
- Content Rights Currency
Ownership/control of a large portfolio of journals and authoritative reference content (distributed via owned platforms) underpins subscription and publishing revenues and strengthens bargaining position with institutions.
- Data Workflow Lockin
Research intelligence and database/tools (e.g., Scopus, SciVal, Pure) integrate into institutional research management and evaluation workflows, increasing switching costs and enabling cross-sell.
- Sep 3, 2026
RELX completed its Doctrine acquisition, adding a European legal AI platform used by 27,000 professionals across five countries and extending research, analysis and drafting tools.
- Aug 2026
LexisNexis took three Nexis services offline after unusual activity at a third-party vendor. Service disruption exposes the trust and supplier-security risk in embedded professional workflows; confirmed data theft and financial costs were not disclosed.
- Jan 13, 2026
The FTC issued its final GM and OnStar data-consent order, limiting a supplier’s sale of driver-behaviour data and showing how privacy rules can restrict insurance risk inputs.
- Dec 31, 2020 · Full year · One-off charge −£61M
Pandemic event cancellations left unrecovered event costs.
- Dec 31, 2020 · Full year · Restructuring charge −£82M
The pandemic caused a one-time programme to reduce Exhibition costs, mainly severance.
Ownership
Go deeper on REL
- Compare stock research toolsFundamentals, valuation and screening platforms for REL.19 tools
- See REL's price chartNo price chart here yet. See price history and indicators.17 tools
- Read REL's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (£) | |||||||||||||
| Revenue | 3.31 | 3.61 | 3.76 | 4.03 | 3.67 | 3.74 | 4.43 | 4.81 | 5.03 | 5.20 | 5.42 | +5.1%/yr | |
| Cash flow | 0.84 | 0.94 | 1.00 | 1.07 | 0.82 | 1.04 | 1.24 | 1.29 | 1.39 | 1.54 | 1.61 | +7.0%/yr | |
| Earnings | 0.55 | 0.81 | 0.71 | 0.77 | 0.63 | 0.76 | 0.85 | 0.94 | 1.03 | 1.12 | 1.26 | +8.2%/yr | |
| Free cash flow | 0.68 | 0.77 | 0.82 | 0.87 | 0.64 | 0.87 | 1.02 | 1.04 | 1.13 | 1.25 | 1.29 | +7.1%/yr | |
| Capex | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.17 | 0.23 | 0.25 | 0.26 | 0.28 | 0.31 | +6.6%/yr | |
| Dividends | 0.33 | 0.37 | 0.40 | 0.43 | 0.45 | 0.47 | 0.51 | 0.56 | 0.60 | 0.64 | 0.67 | +7.7%/yr | |
| Book value | 1.09 | 1.13 | 1.17 | 1.11 | 1.08 | 1.67 | 1.96 | 1.82 | 1.85 | 1.28 | 0.69 | +1.8%/yr | |
| Diluted shares (M) | 2,080 | 2,035 | 1,991 | 1,956 | 1,938 | 1,939 | 1,929 | 1,903 | 1,877 | 1,844 | 1,794 | -1.3%/yr | |
| Totals (£B) | |||||||||||||
| Revenue | 6.9 | 7.3 | 7.5 | 7.9 | 7.1 | 7.2 | 8.6 | 9.2 | 9.4 | 9.6 | 9.7 | +3.7%/yr | |
| Operating income | 1.7 | 1.9 | 2.0 | 2.1 | 1.5 | 1.9 | 2.3 | 2.7 | 2.9 | 3.0 | 3.1 | +6.6%/yr | |
| Net income | 1.2 | 1.6 | 1.4 | 1.5 | 1.2 | 1.5 | 1.6 | 1.8 | 1.9 | 2.1 | 2.3 | +6.7%/yr | |
| Free cash flow | 1.4 | 1.6 | 1.6 | 1.7 | 1.2 | 1.7 | 2.0 | 2.0 | 2.1 | 2.3 | 2.3 | +5.7%/yr | |
| Buybacks | 0.7 | 0.7 | 0.7 | 0.6 | 0.2 | 0.0 | 0.5 | 0.8 | 1.0 | 1.5 | 2.3 | +8.8%/yr | |
| Dividends | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | 1.1 | 1.1 | 1.2 | 1.2 | +6.3%/yr | |
| Net cash | -4.7 | -4.8 | -5.9 | -5.9 | -6.8 | -5.8 | -6.2 | -6.2 | -6.3 | -7.0 | -8.6 | −£2.4B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 63.9 | 64.2 | 64.7 | 65.0 | 65.0 | 64.6 | 64.4 | 64.9 | 65.0 | 66.3 | 66.4 | +2.4 pts | |
| Operating margin | 24.8 | 26.0 | 26.2 | 26.7 | 21.4 | 26.0 | 27.2 | 29.3 | 30.3 | 31.6 | 32.1 | +6.8 pts | |
| Net margin | 16.7 | 22.4 | 19.0 | 19.1 | 17.2 | 20.3 | 19.1 | 19.4 | 20.5 | 21.5 | 23.3 | +4.8 pts | |
| FCF margin | 20.4 | 21.3 | 21.7 | 21.7 | 17.4 | 23.2 | 23.0 | 21.6 | 22.5 | 24.1 | 23.9 | +3.7 pts | |
| ROIC | 18.8 | 20.7 | 18.3 | 19.8 | 13.2 | 15.9 | 17.8 | 21.2 | 22.3 | 24.6 | 24.3 | +5.8 pts | |
| Return on equity | 50.7 | 71.9 | 61.1 | 69.5 | 58.3 | 45.5 | 43.3 | 51.5 | 55.6 | 87.3 | 182.7 | +36.6 pts | |
| Stock pay % of revenue | 0.6 | 0.5 | 0.5 | 0.4 | 0.4 | 0.6 | 0.5 | 0.6 | 0.7 | 0.7 | 0.7 | +0.1 pts | |
| Capex % of revenue | 4.8 | 4.8 | 4.8 | 4.8 | 5.1 | 4.7 | 5.1 | 5.2 | 5.1 | 5.5 | 5.8 | +0.6 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.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- strong
- Risk36.3%2 claims
- Scientific, Technical & Medical28.3%2 claims
- Legal18.8%2 claims
- Exhibitions12.4%No moat
- Print and print-related activities4.2%No moat
Moat claims
- Applies to
- Risk
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 8, 2026
Fraud/identity and insurance risk decisioning improve with large proprietary and contributory datasets; RELX describes industry-wide insurance data and broad risk datasets as core to timely benchmarking and analytics.
The Digital Identity Network analysed more than 116bn transactions in 2025, up from more than 109bn in 2024, expanding shared fraud signals; model accuracy and retention are not disclosed.
- Risk underlying revenue growth+8%
- Digital Identity Network transactions≥116.00B+6%
- Data privacy/localisation rules reduce data availability or cross-border linkage
- Data breach or model failures reduce trust and trigger churn
- Large platforms/banks develop in-house decisioning stacks using cloud ML and first-party data
- SourceRELX Annual Report 2025 - Market segments - RiskFeb 19, 2026
- SourceRELX Annual Report 2025 - Market segments - RiskFeb 19, 2026
- SourceRELX AGM Trading Update - April 2026Apr 23, 2026
- Applies to
- Risk
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Products are designed to integrate into customer workflows and infrastructure (e.g., underwriting/claims, fraud prevention, AML screening), increasing switching costs and enabling expansion within accounts.
Risk underlying revenue rose 8% in H1 2026 as tools became more deeply embedded in customer decisions, but no numerical retention measure is published.
- Risk underlying revenue growth+8%
- API standardisation makes vendor swaps easier
- Procurement pressure forces unbundling of platforms into commodity data feeds
- Model/feature parity reduces differentiation over time
- SourceRELX Annual Report 2025 - Market segments - RiskFeb 19, 2026
- SourceRELX Annual Report 2025 - Market segments - Risk (Insurance workflow integration)Feb 19, 2026
- Applies to
- Scientific, Technical & Medical
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
Ownership/control of a large portfolio of journals and authoritative reference content (distributed via owned platforms) underpins subscription and publishing revenues and strengthens bargaining position with institutions.
Elsevier published more than 795,000 articles in 2025 and received more than 4.2m submissions, sustaining content scale while open access and research-integrity costs limit its pricing freedom.
- STM underlying revenue growth+6%
- Elsevier article submissions≥4,200,000
- Elsevier articles published≥795,000
- Open access mandates and funding models compress publisher economics
- Library consortia push back on pricing ('big deal' renegotiations/cancellations)
- Preprints and alternative dissemination reduce reliance on traditional journals
- Applies to
- Scientific, Technical & Medical
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Research intelligence and database/tools (e.g., Scopus, SciVal, Pure) integrate into institutional research management and evaluation workflows, increasing switching costs and enabling cross-sell.
STM underlying revenue rose 6% in H1 2026 with AI tool adoption and new sales; no paid-user or renewal series separates AI demand from existing subscriptions.
- STM underlying revenue growth+6%
- Standards-based interoperability reduces integration advantage
- Institutional preference for open bibliometrics/analytics alternatives
- Data quality challenges or bias concerns reduce trust in analytics outputs
- Applies to
- Legal
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Editorial guidance, licensed secondary material and Shepard’s citation history differentiate verified legal answers. Much primary law is public, so the advantage rests on trusted curation and analysis rather than ownership of statutes and court decisions.
Legal underlying revenue rose 10% in H1 2026 and renewals were strong; authoritative secondary content and citation tools remain differentiated even though much primary law is public.
- Legal underlying revenue growth+10%
- Courts/governments improve free access and APIs for primary law
- Litigation/regulation around AI outputs, privacy, or content licensing
- Content parity narrows if competitors secure similar primary/secondary rights
- Applies to
- Legal
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 8, 2026
Lexis+ and Lexis+AI are positioned as core online research/drafting platforms; integration into document management and firm workflows increases switching costs and enables upsell of analytics and AI assistants.
Legal underlying revenue rose 10% in H1 2026 as Lexis+ with Protégé adoption expanded, while the September Doctrine acquisition extends European research and drafting workflows.
- Legal underlying revenue growth+10%
- Law firms adopt multi-platform AI copilots that abstract away the underlying research vendor
- Interoperability standards make switching easier across document management and citation tools
- New entrants bundle research + drafting at lower price points
- SourceRELX Annual Report 2025 - Market segments - Legal (Protege integration)Feb 19, 2026
- SourceRELX Annual Report 2025 - Market segments - Legal (Lexis+ platform)Feb 19, 2026
- SourceRELX AGM Trading Update - April 2026Apr 23, 2026
Profile change log
- Oct 8, 2026 · analyst revision
Exhibitions and print have no verified protection across their full portfolios: fragmented event competition and electronic substitution support verified no-moat status. These segments now contribute zero to the revenue-weighted score instead of being excluded.
- Oct 8, 2026 · analyst revision
FY2025 revenue weights replace H1 weights. Profit shares no longer treat central costs as print profit. Six claim trajectories, sourced debate, management and full-scope end markets now test the information and workflow advantages.
- Oct 8, 2026 · business change
RELX completed its Doctrine acquisition, adding a European legal AI platform used by 27,000 professionals across five countries and extending research, analysis and drafting tools.
- Oct 8, 2026 · business change
LexisNexis took three Nexis services offline after unusual activity at a third-party vendor. Service disruption exposes the trust and supplier-security risk in embedded professional workflows; confirmed data theft and financial costs were not disclosed.
- Oct 8, 2026 · business change
The FTC issued its final GM and OnStar data-consent order, limiting a supplier’s sale of driver-behaviour data and showing how privacy rules can restrict insurance risk inputs.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global risk information and decision analytics
Data and analytical tools for fraud, identity, financial-crime compliance, insurance decisions, government programmes and specialised industry intelligence worldwide. Excludes insurance underwriting by the provider and consumer credit monitoring.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| REL | 81 | 66.4% | 32.1% | |
| Industry median | 8 | 80 | 66.4% | 24.2% |
| Sector median | 88 | 76 | 37.3% | 18.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Digital payments and remote onboarding create more identity checks and more opportunities for fraud.
- Insurance shopping, underwriting and claims create recurring demand for contributory policy and loss records.
- Financial-crime rules increase demand for entity screening, sanctions checks and verified ownership information.
- AI can make linked identity and behavioural signals more useful, while integration places decisions inside customer workflows.
- Interest rates and economic conditions change lending, insurance shopping and trade activity; mandatory compliance remains less cyclical.
- Privacy, consent and data-localisation rules can remove inputs or prevent linking records across borders.
- Cyber breaches, inaccurate consumer reports and biased decisions can cause penalties, customer claims and lost trust.
- Verisk, credit bureaus, specialists and customer-built tools compete within different niches; no vendor leads every part of this broad market.
- API standards and multi-sourcing can let large banks and insurers replace individual data feeds.
- Currency movements change translated revenue for global vendors; a stronger pound reduces the GBP value of U.S. sales.
Bulls & bears
Can trusted data and content keep driving paid AI and workflow expansion faster than open alternatives, privacy limits and higher product-development costs erode it?
Arguments
What to watch
- 1Risk underlying revenue and Digital Identity Network transactions
- 2Legal and STM underlying revenue, paid AI adoption and renewal outcomes
- 3Capitalised development spending, operating cash flow and net debt
Next check: Read FY2026 results when the company announces its date; separate Legal and Risk subscription growth from exhibition timing and monitor AI-product adoption versus pricing concessions.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 8, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 81/100 by <a href="https://www.findmymoat.com/stocks/XLON:REL">Find My Moat</a> (as of September 2026)Curation & Accuracy
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