Thomson Reuters Corp (TRI)
NEUTRALファンダメンタル
56
株価
$104.95
時価総額
$45.72B
パート1 · 企業の価値
概要
Thomson Reuters sells information and software that legal, tax, accounting and corporate professionals rely on to do their jobs — legal research through Westlaw, tax and audit tools through Checkpoint, and case and matter management software layered with AI assistants. Its Reuters news agency licenses text, video and images to media outlets and, increasingly, to AI companies training language models. A shrinking print-publishing business, mostly bound legal volumes, still generates real cash but is not where the company is investing.
収益の仕組み
Most revenue is subscription-based — about 84% is recurring — so law firms, accounting practices and corporations pay annual or multi-year fees for continuous access rather than one-off purchases. On top of that sit transaction and usage fees tied to how much a customer actually uses a tool. Selling AI features as an add-on to an existing subscription, rather than as a separate product, is how the company is trying to raise revenue per customer without adding new logos.
セグメント別売上高
Westlaw legal research, practical guidance and case/matter management software sold to law firms, corporate legal departments and courts.
Compliance, contract and legal-workflow software sold directly to corporate legal, risk and compliance departments rather than to law firms.
Checkpoint tax research and preparation software for accounting firms, corporate tax departments and government tax authorities.
The Reuters news agency, licensing text, pictures and video to media organizations and, increasingly, to AI developers.
Bound legal reference volumes and other printed publications, a structurally declining legacy business.
競争優位性（moat）
特許・ライセンス · 狭いWestlaw's value comes from decades of case law, annotations and editorial links that a new entrant cannot recreate quickly, and switching a law firm's research workflow is disruptive on its own. The company itself warns that AI could let a rival combine off-the-shelf language models with enough content to match that expertise faster than in the past, which is why the advantage is treated as narrow rather than unassailable.
需要を左右する要因
ディフェンシブLawyers keep researching cases, accountants keep filing taxes and companies keep managing compliance regardless of the economic cycle, which is why subscription revenue held up even in past downturns. The one genuinely cyclical piece is Global Print, which is shrinking for structural reasons — the shift to digital — rather than because of the economy.
主なリスク
- AI-native competitors — The company warns that rivals incorporating AI into legal, tax and accounting products faster or more effectively could win customers away, undermining a content-and-expertise advantage built over decades.
- Structural decline in print — Global Print revenue is shrinking as customers move to digital research tools, and the segment offsets rather than adds to overall growth.
- Content used to train AI without compensation — AI developers can draw on published legal and news content to train models, raising the risk that the company's proprietary material is used without a licensing fee flowing back.
- Currency and international exposure — As a Canadian company with revenue collected in multiple currencies, results can be moved by exchange-rate swings that have nothing to do with underlying demand.
強気材料
Buyers argue that the Big 3 segments are compounding at high-single-digit organic growth, that decades of proprietary legal and tax content give any AI feature more credibility than a generic chatbot, and that Global Print's decline is now a small enough drag to be irrelevant.
弱気材料
Sellers fear that large language models trained cheaply on public legal text will erode the pricing power of a subscription built on being the only credible source, and that a company built around defending proprietary content is structurally slow to compete with AI-native rivals.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$7.83B
直近12か月（2026/6/30まで）
純利益
$1.66B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.11B
自己資本合計
$11.13B
負債合計
$3.21B
流動比率
0.51
利払い倍率
-
負債/EBITDA
1.40
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$101.36
現在株価
$104.95
安全マージン
-3.5%
適正価値レンジ
$76.59 - $126.14
推定方法
バリュエーション指標
P/E レシオ
27.77
ROE
14.2%
P/B レシオ
4.11
P/FCF
21.68
粗利益率
39.7%
ROIC
12.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
12.2%
WACC
7.6%
ROIC − WACC
+4.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（10）
- Price CAGR 8.79%
- ROIC 12.2%
- Gross Margin 39.7%
- P/FCF 21.68
- Debt/Equity ratio
- Positive Free Cash Flow
- Debt/EBITDA
- ROE 14.3%
- Analyst Consensus 73% Buy
- Earnings Quality (OCF/NI) 1.92
不合格（9）
- P/B Ratio 4.11
- CapEx intensity
- Current Ratio
- DCF valuation (Overvalued)
- Revenue Growth 5Y 4.5%
- Earnings Surprise avg 1.6%
- PEG Ratio 3.63
- Net Margin Trend 20.1% vs 30.4%
- Piotroski F-Score 2/9
データなし（8）
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Stephen John Hasker B.Com., M.B.A. | President, CEO & Director | 55 |
| Ms. Kirsty Roth | Chief Operations Officer | 50 |
| Mr. David Wong | Chief Product Officer | 40 |
| Mr. Paul J. Bascobert | President of Reuters News | 61 |
| Mr. Gary Edward Bischoping Jr. | Chief Financial Officer | 57 |
| Mr. Gary Elftman Bisbee C.F.A. | Head of Investor Relations | - |
| Ms. Norie C. Campbell | Chief Legal Officer & Company Secretary | 53 |
| Ms. Amy Messano | Chief Marketing & Communications Officer | 54 |
| Mr. Jason Williams | Chief People Officer | - |
| Mr. Taneli D. Ruda | Chief Strategy Officer | 50 |
監査リスク
4
取締役会リスク
9
報酬リスク
5
株主権利リスク
8
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for TRI, sourced from Markets Gazette.
- 7/14/2026NEUTRALThomson Reuters to Sell Stake in Legal, Tax Business to KKR
Thomson Reuters Corp. has agreed to divest a 51% controlling stake in its Legal and Tax publishing division to private equity firm KKR & Co. for $500 million. This strategic move aims to streamline Thomson Reuters' focus on its core information services for legal and tax professionals. The transaction is expected to unlock value by allowing KKR to invest in and grow the divested business. For investors, this represents a significant portfolio adjustment for Thomson Reuters, with the proceeds potentially being reinvested or returned, while KKR gains a substantial foothold in the legal and tax information sector.
- 5/5/2026NEGATIVEFresh AI Disruption Selloff Hits Thomson Reuters Despite Strong Results
Thomson Reuters Corp. experienced a selloff in its shares despite reporting strong first-quarter results. The decline was triggered by Anthropic PBC's announcement of new artificial intelligence agents capable of performing a wider array of financial services tasks. This competitive advancement in AI, particularly in areas relevant to financial data and services, is perceived by the market as a potential threat to Thomson Reuters' existing business model and future growth prospects, overshadowing its current financial performance.
- 4/30/2026NEGATIVEThomson Family to See $1 Billion Payout as AI Hits Reuters Stock
The Thomson family is poised to receive nearly $1 billion from Thomson Reuters, despite the company's stock facing significant headwinds from the advancement of artificial intelligence. While the payout highlights a substantial return for the founding family, the underlying business is grappling with the disruptive potential of AI, which could impact future revenue streams and market position. Investors should monitor how the company adapts its strategy to integrate AI and mitigate potential threats to its core operations and profitability.
- 3/10/2026NEUTRALAssessing Thomson Reuters: Insights From 11 Financial Analysts
Thomson Reuters Corporation (TRI) has received a series of analyst rating updates. In February 2022, Morgan Stanley maintained an 'Equal-Weight' rating. In the same month, RBC Capital upgraded the stock from 'Sector Perform' to 'Outperform'. Earlier in January 2022, National Bank Financial Inc. also upgraded TRI from 'Sector Perform' to 'Outperform'. These actions reflect varied analyst sentiment, with two upgrades suggesting potential upside while one maintains a neutral stance. Investors should consider these differing views when evaluating the stock.
- 3/7/2026POSITIVEWhy Thomson Reuters Stock Zoomed Nearly 16% Higher This Week
Thomson Reuters Corporation experienced a significant surge this week, with its stock price climbing nearly 16%. This upward momentum was primarily fueled by the company's optimistic revenue guidance for 2026, signaling strong future growth prospects. Additionally, another dividend increase further enhanced its appeal to investors, underscoring financial health and commitment to shareholder returns. These factors collectively contributed to the media company becoming a favored investment, suggesting continued positive sentiment and potential for further gains.
- 2/24/2026POSITIVEAnthropic Shout-Out Makes Thomson Reuters Stock Latest AI Winner
Markets Gazette highlights a significant uplift for Thomson Reuters Corp., positioning it as the latest beneficiary of the artificial intelligence boom. The company received a notable endorsement from AI giant Anthropic PBC for its legal tools. This recognition has captured the attention of investors, who are increasingly seeking winning bets in the AI sector. The approval from a key player like Anthropic suggests a significant validation of Thomson Reuters' technology, placing it favorably in a rapidly expanding market. Investors should monitor the impact of this increased visibility on the stock's performance, given the growing interest in companies demonstrating robust AI integration.
- 2/24/2026POSITIVEWhy Shares of Thomson Reuters Are Surging Today (Hint: It Has to do With Artificial Intelligence)
Shares of Thomson Reuters are experiencing a significant surge today, propelled by a major milestone in its artificial intelligence initiatives. The multinational company announced that one million professionals are now utilizing its AI solutions, a figure that underscores the increasing adoption of its innovative technologies. This achievement not only highlights the robustness of Thomson Reuters' AI strategy but also signals substantial future growth potential driven by the digitalization of professional services. Investors are reacting positively, interpreting this data point as a clear indication of the company's strengthening competitive position and enhanced long-term revenue prospects, particularly in a market increasingly focused on automation and efficiency.
via Markets Gazette