RELX PLC

RELX

RELX PLC, together with its subsidiaries, provides information-based analytics and decision tools for professional and business customers in North America, Europe, and internationally. It operates through four segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions. The Risk segment offers information-based analytics and decision tools that combine public and industry specific content with technology and algorithms to assist clients in evaluating and predicting risk, as well as a portfolio of commercial healthcare products.

About the company

Country: United KingdomPrice: $40.51Market Cap: $70.3B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 7

NEUTRAL / FAIL

Median fair value

$18.87

-53.4% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

6 of 8 pass — Lynch and Sleep object

Key risk

Models split on RELX at $40.51 — fair values range $7.71–$48.14

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	NEUTRAL	FAIL	Not ranked	BUY	PASS	NEUTRAL	FAIL	NEUTRAL	FAIL	BUY	PASS	NEUTRAL	FAIL	NEUTRAL	FAIL	FAIL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-425.4%	-18.6%	-126.6%	-152.6%	N/A	-102.9%	-54.2%	-111.2%	-114.7%	-155.3%	+15.8%	-123.6%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14

Where It Passes

Growth75% pass✓ 10✗ 3▾
6 of 8 pass — Lynch and Sleep object
EPS Growth (3-yr avg, 10-yr window)95.9%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)2.27
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.9%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.68 (2016) -> $1.51 (2025)
✓DremanPositive over recent years
EPS CAGR9.3% CAGR over 9 years
✓Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth9.1%
✓Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR11.9% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 64.9% -> 66.3%, operating margin 29.3% -> 31.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR5.9%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR11.9% over 5 years
✓Neff7%-20% annualized
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Dreman, Pabrai and Oshaughnessy object
Free Cash Flow Proxy$3.8B
✓BuffettPositive and growing
FCF Positive and Growing$3.8B
✓LynchPositive and growing
Operating Cash Flow$3.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=19.22%, ROA=13.99%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)19.3x
✗Dreman< 8x
P/E or FCF YieldP/E=26.9x, FCF Yield=5.4%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap5.1%
✓Ackman>= 4%
Price / FCF per Share19.4x
✓Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$3.8B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+5.39%; #1501/4519 (top 33.2%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Valuation models9% pass✓ 1✗ 10▾
Models split on RELX at $40.51 — fair values range $7.71–$48.14
Graham fair value$7.71
✗Graham-425.4% margin vs $40.51
Buffett fair value$34.16
✗Buffett-18.6% margin vs $40.51
Lynch fair value$17.88
✗Lynch-126.6% margin vs $40.51
Greenblatt fair value$16.04
✗Greenblatt-152.6% margin vs $40.51
Dreman fair value$19.97
✗Dreman-102.9% margin vs $40.51
Munger fair value$26.27
✗Munger-54.2% margin vs $40.51
Pabrai fair value$19.18
✗Pabrai-111.2% margin vs $40.51
Akre fair value$18.87
✗Akre-114.7% margin vs $40.51
Marks fair value$15.87
✗Marks-155.3% margin vs $40.51
Ackman fair value$48.14
✓Ackman+15.8% margin vs $40.51
Templeton fair value$18.12
✗Templeton-123.6% margin vs $40.51
Valuation15% pass✓ 3✗ 25▾
11 of 13 flag RELX's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS30.4x
✗Graham<= 15x
Price-to-Book Ratio23.1x
✗Graham<= 1.5x
P/E x P/B703.70
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)2.27
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value5.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=5.1%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS26.9x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)19.3x
✗Dreman< 8x
Price / Book Value per Share23.1x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=26.9x, OE Yield=5.1%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=26.9x, FCF Yield=5.4%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=26.9x, P/B=23.1x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-102.9% (IV=$19.97 vs Price=$40.51)
✗Marks>= 20% below intrinsic value
Price / FCF per Share19.4x
✓Ackman<= 25
Price vs. Trailing Low128% of trailing low ($31.67)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.96%; #2030/6340 (top 32.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.0453; #5025/6449 (top 77.9%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS26.9x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E0.52
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+17.9%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1838; #3859/5247 (top 73.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+5.39%; #1501/4519 (top 33.2%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+23.54%; #1210/6202 (top 19.5%)
✗OshaughnessyTop 10% of eligible cross-section
Debt & Leverage17% pass✓ 2✗ 13▾
10 of 12 flag RELX's debt & leverage — Graham, Buffett, Lynch +7 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 3.07, IC: 10.2x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity3.07
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.49
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity3.07
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels3.07
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=10.2x, D/EBITDA=1.9x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity3.07
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-3.0714; #3938/4210 (top 93.5%)
✗AsnessTop 30% of eligible cross-section
Verdicts36% pass✓ 4✗ 7▾
Split decision: 7 FAIL · 5 NEUTRAL · 2 BUY · 2 PASS
Overall verdict
✗GrahamFAIL (2/9)•BuffettNEUTRAL (6/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiBUY (F-Score 8)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (1/3)•AkreNEUTRAL (4/6)✗MarksFAIL (3/5)✓AckmanBUY (8/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #1123/2370 (Top 47.4%))•NeffNEUTRAL (4/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #333/963 (Top 34.6%))
Profitability44% pass✓ 24✗ 11▾
9 of 16 flag RELX's profitability — Graham, Buffett, Lynch +6 more
Positive EPS (10 years)10/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)95.9%
✓Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)56.6%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)31.6% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$3.8B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.21
✓BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)2.27
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR11.9%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE87.3%
✓Lynch> 15%
EBIT / Enterprise Value5.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=5.1%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets13.99%
✓PiotroskiROA > 0
ROA Change YoY12.78% -> 13.99% (delta: +1.21%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=19.22%, ROA=13.99%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY65.0% -> 66.3%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue28.7%
✓Dreman>= 8%
Net Income / Shareholders' Equity87.3%
✓Dreman> 12%
Margin of SafetyP/E=26.9x, P/B=23.1x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity64.8% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-102.9% (IV=$19.97 vs Price=$40.51)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue31.6%
✓Ackman>= 15%
Net Income / Shareholders Equity87.3%
✓Ackman>= 15%
5-Year EPS CAGR11.9% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend29.3% (2023) -> 31.6% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 64.9% -> 66.3%, operating margin 29.3% -> 31.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+3.96%; #2030/6340 (top 32.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+43.08%; #868/3702 (top 23.4%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+87.28%; #102/5226 (top 2.0%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0136; #1057/5884 (top 18.0%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR11.9% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency50% pass✓ 7✗ 4▾
4 of 8 pass — Graham, Greenblatt, Piotroski +1 more object
Current Ratio0.49
✗Graham>= 2.0
ROIC (3-5 yr avg)20.7%
✓Buffett> 10%
ROIC - WACC+10.7%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY0.52 -> 0.49
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.62x -> 0.65x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.49
✗Dreman> 1.5
Return on Invested Capital24.8%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=21.3%; FY2024: ROIC=22.5%; FY2025: ROIC=24.8%
✓AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC10.4% (RR=42% x ROIC=24.8%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)5/5 years above 12% (latest 24.8%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Large Cap($70.3B)

Revenue: $12.9B+9.1% YoY

Net Income: $2.8B+14.6% YoY

Financial Snapshot

Operating Margin31.6%

Return on Equity87.3%

Debt / Equity3.07

Current Ratio0.49

EPS (Diluted)$1.51+16.6% 1y

Shares Retired2.0% / 3.3% 2y

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Shareholder Return

Fiscal 2025

Retired 2.0% of shares last year, 3.3% over two.

Buybacks: —
Dividends: $1.6B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−0.2% = −0.8% + 0.6%

FY23

16.7% = 15.1% + 1.4%

FY24

8.6% = 7.0% + 1.4%

FY25

16.6% = 14.6% + 1.7%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-02-19	FY 2024 Sources 20-F · 2025-02-20	FY 2023 Sources 20-F · 2024-02-22	FY 2022 Sources 20-F · 2023-02-23	FY 2021 Sources 20-F · 2022-02-17
Market Cap	$70.3Bcurrent	$92.6Best.	$73.2Best.	$52.3Best.	$53.2Best.
Revenue	$12.9B↑9%	$11.8B↑1%	$11.7B↑13%	$10.3B↑5%	$9.8B
Operating Income	$4.1B↑14%	$3.6B↑5%	$3.4B↑22%	$2.8B↑10%	$2.5B
Net Income	$2.8B↑15%	$2.4B↑7%	$2.3B↑15%	$2.0B↓1%	$2.0B
EPS (Diluted)	$1.51↑17%	$1.29↑9%	$1.19↑17%	$1.02	$1.02
Gross Margin	66.3%↑2%	65.0%	64.9%↑1%	64.4%	64.6%
Operating Margin	31.6%↑4%	30.3%↑4%	29.3%↑8%	27.2%↑4%	26.0%
ROE	87.3%↑57%	55.6%↑8%	51.5%↑19%	43.3%↓5%	45.5%
Total Debt	$9.8B↑19%	$8.2B↓1%	$8.3B↑2%	$8.1B↓3%	$8.3B
Shareholders' Equity	$3.2B↓27%	$4.4B↓1%	$4.4B↓3%	$4.6B↑4%	$4.4B
Current Ratio	0.49↓6%	0.52	0.52↓12%	0.59↓6%	0.63
Debt / Equity	3.07↑63%	1.88	1.88↑5%	1.78↓7%	1.91
Operating Cash Flow	$3.8B↑17%	$3.3B↑5%	$3.1B↑8%	$2.9B↑6%	$2.7B
Free Cash Flow	$3.8B↑17%	$3.2B↑5%	$3.1B↑8%	$2.9B↑6%	$2.7B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

RELX vs Peers — Financial Grading

Revenue$12.9BMedian

Net Income$2.8BTop 25%

ROE87.3%Top 25%

D/E3.07Bottom 25%

Op. Margin31.6%Top 25%

Curr. Ratio0.49Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AUTOMATIC DATA PROCESSING INCADP	$122.3B	$309.93	$21.9B	$4.4B	73.2%	0.82	24.2%	1.05	4/9	5/9	3/7	0/3	F-Score 6	5/11
ELECTRONIC ARTS INC.EA	$52.9B	$209.70	$7.5B	$887.0M	13.1%	0.22	15.4%	1.05	1/9	4/9	4/7	0/3	F-Score 6	6/11
Rubrik, Inc.RBRK	$22.6B	$109.88	$1.3B	$348.8M	67.1%	—	-26.2%	1.69	1/9	0/9	2/7	0/3	F-Score 6	2/11
AECOMACM	$9.1B	$70.50	$16.1B	$561.8M	22.5%	1.09	6.4%	1.14	1/9	3/9	3/7	1/3	F-Score 8	2/11
COMMVAULT SYSTEMS INCCVLT	$6.2B	$152.07	$1.2B	$70.7M	942.8%	—	6.3%	1.95	1/9	2/9	4/7	0/3	F-Score 6	6/11
WPP plcWPP	$6.0B	$27.79	$18.2B	$289.5M	-8.5%	1.94	2.8%	0.89	1/9	2/9	1/7	0/3	F-Score 3	2/11
VARONIS SYSTEMS INCVRNS	$5.6B	$48.94	$623.5M	$129.3M	-21.6%	0.76	-23.5%	1.97	1/9	0/9	1/7	0/3	F-Score 5	1/11
ROBERT HALF INC.RHI	$4.3B	$42.00	$5.4B	$133.0M	10.4%	—	1.4%	1.53	2/9	5/9	1/7	0/3	F-Score 5	2/11