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AGING Analysis Report
Aug 12, 2026
14 days ago · 100% complete
NOT DEPENDABLE This report predates a filing — its financial basis has been replaced.
Report generated: Aug 12, 2026 · Filing on record since: Aug 26, 2026 · 14 days after
For AI assistants & researchers — machine-readable summary of this page

What this page is: Delvantic's full research page for Relx PLC (RELX) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Our current read (analysis of 2026-08-26): Designation Watch · Gem Score +14 (−100…+100 Quality+Value blend) · Quality 88 · Value -36 · Sentiment -3 (timing only, not weighted) · Composite fair value $33.00 vs $35.37 at analysis

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysisthe core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Relx PLC

RELX NYSE
Industrials · Specialty Business Services
London, WC2N 5JR, United Kingdom relx.com Updated Aug 11, 12:38pm
Price
$35.45
Market Cap
$62.1B
Employees
35,720
Beta
0.26
Avg Volume
2,879,255
Last Dividend
$0.94
CEO
Mr. Erik Engstrom M.Sc Econ, M.Sc Eng., MBA

Relx PLC Sponsored ADR represents shares of Relx PLC, a global provider of information-based analytics and decision tools for professional and business users across various industries. The American Depositary Receipt (ADR) format allows US investors to hold and trade Relx shares in the US market, simplifying access to the company's stock without dealing with international exchanges. Relx PLC operates through four primary segments: Scientific, Technical & Medical; Risk & Business Analytics; Legal; and Exhibitions. These sectors cater to the needs of customers in scientific research, risk management, legal services, and the exhibitions industry, respectively. Relx PLC leverages advanced databases, data analytics, and technology to deliver critical information and workflow solutions. As a leader in enhancing productivity and improving decision-making, Relx plays a vital role in the knowledge economy, supporting businesses and professionals in making informed decisions. By offering expertise and proprietary data sets, Relx PLC maintains significant importance in its market, providing tools and insights that drive efficiency and innovation across its domains.

Runs with full report Generated: Aug 12, 2026 12:19am
Price Overview
Price at report time
$35.37
as of Aug 12, 12:28am (14d ago)
Change · Aug 12
-0.25 (-0.70%)
Day Range
$35.24 – $35.74
52-Week Range
$27.57 – $48.98
50-Day MA
$33.65
200-Day MA
$36.19
Volume
1,404,227.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 14d).
Share Structure
Outstanding 1,749,800,000.00
Float 6,522,554,480.00
Free Float 372.8%
High free float — 372.8% of shares trade freely, ~-272.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Aug 12, 2026 12:35am (14d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Aug 11, 2026 12:38pm (14d ago)
Why there are no quarterly figures for Relx PLC

This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.

Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
Industry comparison last run: Aug 12, 2026 12:17am
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
23.44
Stock Price: $35.45
EPS (Diluted): 1.51
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
20.25
Stock Price: $35.45
Total Equity: $3.23B
Shares: 1,843,500,000
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
12.71
Market Cap: $62.14B
Total Debt: $0.00
Cash: $176.91M
EBITDA: $5.10B
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$64.9B
Market Cap: $62.14B
Total Debt: $0.00
Cash: $176.91M
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
66.3%
Gross Profit: $8.58B
Revenue: $12.95B
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
31.6%
Operating Income: $4.09B
Revenue: $12.95B
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
21.5%
Net Income: $2.79B
Revenue: $12.95B
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
86.4%
Net Income: $2.79B
Total Equity: $3.23B
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
101.3%
Operating Income: $4.09B
Tax Rate: 24.4%
Equity: $3.23B
Total Debt: $0.00
Cash: $176.91M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
0.49
Current Assets: $4.00B
Current Liabilities: $8.10B
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $3.23B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$7.03
Revenue: $12.95B
Shares: 1,843,500,000
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$1.75
Total Equity: $3.23B
Shares: 1,843,500,000
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$2.06
Operating CF: $3.83B
CapEx: -$28.36M
Shares: 1,843,500,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
2.6%
Last Dividend: $0.94
Stock Price: $35.45
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
57.9%
Dividends Paid: -$1.62B
Net Income: $2.79B
Industry Benchmarks
Last run: Aug 12, 2026 12:17am
Compares RELX against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Income Statement (Annual)
Last updated: Aug 11, 2026 12:38pm (14d ago)
Metric 2021 2022 2023 2024 2025
Revenue $9.8B $11.6B $12.4B $12.7B $13.0B
Cost of Revenue $3.5B $4.1B $4.3B $4.5B $4.4B
Gross Profit $6.3B $7.4B $8.0B $8.3B $8.6B
Operating Expenses $3.8B $4.3B $4.4B $4.4B $4.5B
Operating Income $2.5B $3.1B $3.6B $3.9B $4.1B
Net Income $2.0B $2.2B $2.4B $2.6B $2.8B
EBITDA $3.6B $4.2B $4.7B $4.9B $5.1B
EPS $1.03 $1.15 $1.27 $1.40 $1.52
EPS (Diluted) $1.02 $1.14 $1.26 $1.39 $1.51
Balance Sheet (Annual)
Last updated: Aug 11, 2026 12:38pm (14d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $152.6M $451.0M $209.3M $160.7M $176.9M
Total Current Assets $3.2B $4.1B $3.9B $4.0B $4.0B
Total Assets $18.7B $21.4B $20.1B $20.4B $19.9B
Current Liabilities $5.1B $7.0B $7.4B $7.7B $8.1B
Long-Term Debt
Total Liabilities $14.4B $16.3B $15.5B $15.7B $16.7B
Total Equity $4.4B $5.1B $4.6B $4.7B $3.2B
Retained Earnings
Cash Flow (Annual)
Last updated: Aug 11, 2026 12:38pm (14d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $2.7B $3.2B $3.3B $3.5B $3.8B
Capital Expenditure -$37.8M -$48.6M -$40.5M -$27.0M -$28.4M
Free Cash Flow $2.7B $3.2B $3.3B $3.5B $3.8B
Acquisitions (net) -$343.0M -$532.1M -$167.5M -$229.6M -$351.1M
Net Debt Issued / (Repaid) -$582.0M
Dividends Paid -$1.3B -$1.3B -$1.4B -$1.5B -$1.6B
Stock Buybacks
Net Change in Cash $35.1M $280.9M -$228.2M -$43.2M $20.3M
Growth Trends (YoY %)
Last updated: Aug 11, 2026 12:38pm (14d ago)
Metric 2022 2023 2024 2025
Revenue Growth +18.1% +7.1% +3.0% +1.7%
Gross Profit Growth +17.6% +7.9% +3.2% +3.6%
Operating Income Growth +23.3% +15.5% +6.7% +5.8%
Net Income Growth +11.1% +9.0% +8.6% +6.8%
EBITDA Growth +16.5% +11.8% +4.8% +3.7%
Dividend History (Last 20)
Last updated: Aug 11, 2026 12:38pm (14d ago)
Date Dividend Declaration Record Payment
2026-08-07 $0.28
2026-05-08 $0.66
2025-08-08 $0.26
2025-05-09 $0.56
2024-08-02 $0.23
2024-05-02 $0.53
2023-08-03 $0.22
2023-04-27 $0.47
2022-08-04 $0.19
2022-04-28 $0.44
2021-08-05 $0.20
2021-04-29 $0.47
2020-07-31 $0.18
2020-04-24 $0.40
2019-08-01 $0.16
2019-05-02 $0.38
2018-08-02 $0.16
2018-04-26 $0.37
2017-08-02 $0.15
2017-04-26 $0.33
0Company Classification 1Industry Landscape 2Company Momentum 3Forward Projection 4aDCF Valuation 4bEarnings Power Value 4cAnchored PE 4dReverse DCF 4eRevenue-Based DCF 4fAnchored P/S 4gScenario Analysis 4hDividend Discount Model 4iBook Value Analysis 4jInsider Activity 4fCash Flow Quality 4gDebt Maturity Risk 4hMacro Environment 4iSector Intelligence 4jRevenue Confidence 4kSensitivity Analysis 4lSector Demand Cycle 5AI Investigation 5bThesis Evaluation 6Valuation Synthesis
computed not applicable not yet run 17 computed · 6 not applicable · 1 not yet run
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for RELX — it's generated by the pipeline (market-narrative step).
Claude Reading
Independent analyst synthesis · claude-opus-4-7 · generated 2026-08-12 00:35:02
Verdict Modestly undervalued quality compounder — fair value $38-42 vs $35.45; add on weakness, but trim if organic revenue growth stays sub-3% through H1 2026.

Starting with the raw numbers: RELX printed $12.95B revenue in 2025 vs $9.78B in 2021 — that's a 7.3% revenue CAGR over four years, not the 2.3% the momentum module reports (that number appears to be pulling from a shorter or mis-scaled window). Operating income went from $2.54B to $4.09B over the same period, a 12.7% CAGR, with operating margin expanding from 26.0% to 31.6% — 560bps of expansion in four years is not "mature earner running out of gas." Net income compounded at 8.8%, FCF at ~$3.80B on $12.95B revenue is a 29.3% FCF/revenue conversion, and capex of $28M on $3.83B OCF is essentially a rounding error — this is closer to a software business than a specialty industrial. ROE at 86% and ROIC at 101% are absurd on their face but consistent with a business that has amortized most of its intangibles and runs on subscription float.

The valuation math: at $35.45 and $2.79B in NI, the P/E is 22.3x on trailing, closer to 20x on forward if earnings grow another 7%. EV/EBITDA at 12.7x for a business converting ~30% of revenue to FCF with 30%+ margin expansion history is not obviously expensive — it's roughly in line with S&P Global (25x P/E), Moody's (37x), and Wolters Kluwer (28x). If anything, RELX trades at a discount to its US-listed peers, which the pre-flight and synthesis models undersell. The $3.23B equity base against $62B market cap (P/B of 20x) is a red herring — this is an intangibles-heavy business where book value is meaningless. Cash of $177M with unreported total debt is the one genuine data gap; I'd want to confirm net debt before underwriting, since RELX historically runs ~$8-10B gross debt.

Where I disagree with the prior models: the synthesis "fair value $33" and thesis-eval score of -8 both feel too bearish for a business showing accelerating operating margin (31.6% is a record) and 7%+ earnings growth with fortress FCF. The AI-disintermediation bear case (weight 78) is the crux — but RELX's LexisNexis and Elsevier products have been "about to be disrupted by AI" for three years running, and 2025 revenue growth suggests the opposite: they're capturing AI monetization via Lexis+ AI and Scopus AI premium tiers. The bear thesis is theoretically sound but empirically not showing up in the numbers yet. Conversely, I'd push back on the bull-case complacency: 1.7% YoY revenue in the most recent period is a real deceleration from the 7%+ multi-year CAGR, and if that's the new run-rate, 22x P/E is stretched. The contrarian read is that both stories are right sequentially — margin expansion masks top-line softening, and when margins plateau (they can't expand forever past ~35%), the multiple compresses.

Committing: I partially dissent from the "fair value" synthesis — I think RELX is slightly undervalued relative to its information-oligopoly peer set (S&P Global, Moody's, MSCI all trade 25-35x), and the $33 composite fair value understates the FCF durability. But I only partially agree with a bullish read because the 1.7% recent YoY is a genuine yellow flag that could validate the bear disintermediation thesis over the next 4-6 quarters. Intrinsic value: $38-42 based on 20x forward earnings of ~$1.55/share ADR-equivalent plus a modest quality premium for the FCF conversion. At $35.45 that's ~10-15% upside plus a 2.6% dividend — decent but not table-pounding. The right posture is a modest overweight vs. index, not a concentrated bet, and the thesis breaks if Q1/Q2 2026 revenue growth stays sub-3% while margin expansion stalls. Watch the Elsevier and Risk segment organic growth disclosures — those are the leading indicators, not the consolidated line. Anomaly to flag: missing debt figure is material for a company this size and needs verification before sizing up.

GPT Reading
Independent reading · gpt-5.4 · generated 2026-08-12 00:35:18
Verdict Fairly valued at $35.45 — elite cash-generative franchise, but the low-single-digit revenue base means fair value is roughly $33-$36 unless growth re-accelerates.

What stands out is how much of RELX’s quality is real and how little of it is hidden. This is a genuinely superb business on operating economics: revenue has risen from $9.78B in 2021 to $12.95B in 2025, operating income from $2.54B to $4.09B, and net income from $1.99B to $2.79B. The margin progression is the story: gross margin is now 66.3%, operating margin 31.6%, and net margin 21.5%. Even better, cash conversion is exceptional. On $2.79B of net income, operating cash flow was $3.83B and free cash flow $3.80B, with capex of only $28.4M. That is a near-asset-light tollbooth model, not an industrial in any ordinary sense. If I were judging only the business, I would call it elite: recurring data/workflow revenues, pricing power, and a model that keeps converting incremental revenue into profit. The issue is that the stock price mostly already knows this.

At $35.45 and a $62.1B market cap, investors are paying about 23.4x earnings, 5.0x sales, and 12.7x EV/EBITDA for a company whose latest annual revenue growth was only 1.7% and whose 2021-2025 revenue CAGR is just 2.3% on the provided figures. Earnings and FCF have compounded at 7.7%, but that gap versus revenue is largely margin expansion and operating leverage, which become harder to repeat once operating margin is already above 31%. RELX added only $210M of revenue in 2025, yet the market values the whole business at over $62B. The valuation is not absurd for a data oligopoly, but it is full enough that future returns likely track earnings growth plus the 2.6% dividend, rather than any further rerating. In other words, this looks like a very good company priced like a very good company.

There are also a few data points that make me less willing to pay a premium multiple than the “defensive compounder” label might suggest. Book equity is only $3.23B, so the 20.2x P/B and 86% ROE are not evidence of magical economics so much as a thin equity base; that metric flatters the story. Cash on hand is just $176.9M and the current ratio is 0.49, which is not alarming for a cash generative subscription business but does underscore that this is optimized, not fortress-liquid. More importantly, the reported recent revenue growth of 1.7% is simply not the kind of top-line momentum that should command much forgiveness if AI tools, open-access publishing, or procurement pressure begin chipping away at pricing. A business this mature can still be excellent, but when sales growth slows toward low-single digits, the burden shifts to margin durability. With gross margin already at 66% and FCF essentially equal to OCF because capex is trivial, there are fewer obvious levers left.

The strongest case against my cautious read is straightforward: RELX does not need high revenue growth to justify a premium, because this is exactly the sort of business where stability, retention, and low capital intensity are the product. A 23x P/E on a 21.5% net margin, 31.6% operating margin, and $3.80B of FCF is not expensive if cash flows remain highly predictable and can keep growing mid-single digits through pricing, mix, and buybacks. Net income rose 6.8% in the latest year on just 1.7% revenue growth, suggesting there may still be room for efficiency and mix gains. Compared with lower-quality cyclical industrials, or even many software names with worse margins and weaker cash conversion, RELX’s multiple can look conservative. If this company can reliably compound EPS at 7-9% and distribute another 2-3% annually, paying a low-20s multiple may be perfectly rational. I weigh that case less heavily because those are bond-like equity returns, and at this valuation there is not much cushion if growth slips from “steady” to merely “stagnant.”

What would change my mind is not another year of 2% sales growth and 100 bps of margin expansion; the market already capitalizes that. I would turn more constructive if RELX showed sustained revenue acceleration back toward 5%+ without sacrificing margins, or if operating income grew materially faster than revenue for another two years while keeping FCF around $3.8B-$4.2B and the valuation stayed near current levels. I would turn negative if annual revenue growth remained stuck below 3% while the P/E stayed above 23x, or if any segment disruption showed up in the numbers as flat-to-down revenue alongside margin pressure. For now, the mismatch is not between business quality and stock quality; it is between a business that deserves admiration and a stock that offers only a modest return setup at $35.

Grok Reading
Independent reading · grok-4.5 · generated 2026-08-12 00:35:55
Verdict Fairly valued near $35; 23× earnings is full for ~2% revenue / ~8% EPS growth with AI moat risk

RELX’s numbers describe a high-quality cash machine whose growth engine has clearly downshifted. Revenue crawled from $12.74B to $12.95B in the latest year (+1.7%) and the multi-year revenue CAGR sits at a meager 2.3%, a sharp contrast with the 2021–2022 rebound when sales jumped from $9.78B to $11.55B. Earnings tell a better story—net income rose from $2.61B to $2.79B (+6.8% y/y) and has compounded at 7.7%—because operating margin expanded from roughly 26% in 2021 to 31.6% today and free cash flow conversion is exceptional: $3.80B of FCF on $12.95B of revenue with almost no capex ($28M). Gross margin of 66% and net margin of 21.5% confirm a structurally attractive information-services model. The balance sheet is thin on cash ($177M) against equity of only $3.23B, which, together with an 86% ROE and 101% ROIC, signals aggressive capital return rather than a fortress liquidity position. At $35.45 the stock trades at 23.4× earnings, 5.0× sales and 12.7× EV/EBITDA—reasonable for a durable oligopoly, rich for a 2% top-line grower.

What stands out is the divergence between the “mature earner” classification and the decelerating organic trajectory. Margin expansion and FCF quality have carried the equity story; revenue has not. The 2.6% dividend yield and ~58% payout are sustainable given cash generation, but they do not compensate for the fact that investors are paying a quality-compounder multiple for what is increasingly a low-single-digit growth profile. The valuation synthesis that pins fair value near $34–35 is directionally correct: the market is not wildly mispricing the cash flows, yet it is embedding permanence of both the moat and the margin runway that recent revenue trends do not fully underwrite.

The strongest case against a cautious stance is that RELX still owns workflow-critical data in legal, scientific and risk markets where switching costs remain high and retention is sticky. Bulls will correctly note that earnings and FCF have grown nearly 8% annually even as revenue slowed, that EV/EBITDA of 12.7× is hardly frothy versus other B2B data oligopolies, and that the business requires almost no reinvestment to throw off nearly $4B of free cash. They will also argue the AI-disruption narrative is overstated because RELX itself is embedding analytics and that the “boring compounder” framing has historically been rewarded. I weigh those points seriously, but the 1.7% revenue print and the explicit thesis-score tilt toward AI disintermediation and multiple compression keep me from treating the stock as a bargain; durability of margins is already in the price, acceleration is not.

I would reverse to a clear undervalued call if revenue growth re-accelerates sustainably above 5% with stable or rising margins, or if the multiple compresses toward 18–19× earnings while FCF holds near $3.8B+. Conversely, two consecutive years of sub-1% organic growth or visible AI-driven churn in legal/scientific subscriptions would push me firmly into overvalued territory.

Big-3 Panel — where each AI stands
Each AI above independently stated a direction (undervalued, fairly valued, or overvalued) and how strongly it believes it (conviction, 0–5). We combine those into a Bull-Bear Index on a 0–10 scale: 5 is neutral, 10 is maximum bullish (undervalued at full conviction), 0 is maximum bearish. We compute the score ourselves with the same arithmetic for every seat — the models never grade their own bullishness — so the three are directly comparable. Δ shows how far each seat sits from the panel average of 6.0; a large Δ marks the dissenting voice, usually the one worth reading.
Claude claude-opus-4-7 8.0
undervalued · conviction 3/5 · Δ +2.0 vs panel · self: 6.0
GPT gpt-5.4 5.0
fairly valued · conviction 4/5 · Δ -1.0 vs panel · self: 5.0
Grok grok-4.5 5.0
fairly valued · conviction 3/5 · Δ -1.0 vs panel · self: 4.0
Advanced Analysis Forensic deep-dive · separate lenses
Separate reads — Company Quality (is it a great business?), Valuation (is it mispriced?), and General Sentiment (how macro + narrative are pushing it), kept deliberately apart · 2026-08-12 00:50:41
Delvantic - Cairn AI
Quality - wait for a dip near $29 7/10
Fortress-quality compounder (Q+88) trading right on deserved value (V-36) with neutral tape and a moderately favorable AI setup - a name to own on a dip, not chase here.
The cruxWhether organic revenue can reaccelerate above the sub-2% recent run-rate; that alone decides if the anchored-PE ~$41 outcome or the EPV ~$20 outcome is the honest base case.
Forensic checks Derived mechanically from RELX's filed financials — not from the AI lenses
Liquidity & RunwaySelf-Funding
DilutionShare Count Shrinking
Earnings QualityHigh Earnings Quality
The four lensesswitch a tab for its full read — score + evidence
Company Quality
+88
Fortress
edge √Σ 155 · risk √Σ 20 · conf 9/10

The financial trajectory is remarkably clean and monotonic. Revenue climbed from 9.78B in 2021 to 12.95B in 2025, gross margin expanded from 64.6% to 66.3%, and operating margin marched from 26.0% to 31.6% - roughly 560bps of operating leverage over four years with no reversal in any year. Net income grew from 1.99B to 2.79B and FCF from 2.68B to 3.80B, with OCF/NI at 1.39x and accruals at -4.6% of assets, meaning reported earnings are more than fully backed by cash.',' Capital discipline is equally strong: diluted shares fell from 1.94B to 1.84B (a -1.3% CAGR), SBC is a trivial 0.7% of revenue, and the company is a net buyer of its own stock. Earnings-quality mechanicals (Beneish -2.78, Altman Z 3.31) show no manipulation flags. Liquid cash is thin at 176.9M (0.3% of market cap) but with 3.80B of annual FCF and no signs of stress, the balance sheet is self-funding by a wide margin - a mature, data/analytics-driven earner behaving exactly as its classification suggests.

Strengths 4
m85
Sustained operating leverage
Operating margin expanded from 26.0% (2021) to 31.6% (2025) with no down years, on revenue growth from 9.78B to 12.95B - hallmark of pricing power and scalable content/analytics economics.
m80
Elite earnings quality
OCF/NI 1.39x, accruals -4.6% of assets, Beneish M -2.78, Altman Z 3.31 - cash conversion exceeds accounting earnings and no mechanical red flags.
m70
Per-share value concentration
Diluted share count fell each year from 1.94B to 1.84B (-1.3% CAGR) with SBC only 0.7% of revenue - buybacks are real and not offsetting dilution.
m75
Heavy, growing FCF
FCF grew 2.68B to 3.80B (42% cumulative) with FCF margin near 29% in 2025 - self-funding capital return and any bolt-on M&A.
Concerns 1
m20
Thin absolute cash cushion
Only 176.9M liquid cash vs a 62B market cap; unremarkable for a mature FCF machine but leaves little visible slack if FCF ever hiccuped - likely masked by undisclosed gross debt that should be verified.
This is a high-quality business, full stop. The pattern - margins up every year, FCF up every year, share count down every year, cash conversion above 1x, no manipulation flags - is what a fortress data/analytics franchise is supposed to look like. My only hesitations are technical: the cash line is small and I can't see gross leverage from what's given, and top-line growth cooled to under 2% in 2025 which I'd want to understand before calling it flawless. But on the evidence in hand, this sits comfortably in the Strong-to-Fortress zone.
Verify before trusting this (5)
  • Gross debt, maturity schedule, and interest coverage (only net cash shown; RELX historically carries meaningful debt)
  • Organic vs acquired revenue growth by segment (Risk, STM, Legal, Exhibitions) to confirm the margin expansion is organic
  • Pension and lease obligations that may sit outside the headline liquidity figure
  • Whether the 2025 revenue deceleration to ~1.6% reflects FX, Exhibitions timing, or genuine slowing in core segments
  • Capitalized content/software costs and their trend vs reported FCF
Valuation / Mispricing
-36
Fairly Valued
edge √Σ 32 · risk √Σ 70 · conf 8/10
Price $35.37 vs deserved ~$33-35, essentially zero margin of safety - fairly valued. attractive below $29.00

The composite FV of $33.00 and signal-adjusted FV of $34.86 both bracket the current $35.37 price, implying roughly -1% to -7% from deserved value. The DCF at $35.11 essentially matches the tape, the anchored P/E stretches to $41.55 (about 17% upside) and the EPV floor sits at $20.21 (about 43% downside) - a wide but sensible range for a compounder. Averaging with a quality tilt lands you within a couple of dollars of spot. There is no gap to exploit here. What is priced in: continued mid-single-digit organic growth, ongoing margin expansion, buybacks, and successful monetization of AI-augmented workflow products. That is exactly the bull case, and it is already in the multiple. For this to be genuinely cheap you would need the anchored-PE outcome to be the base case, which requires the growth reacceleration story to actually show up rather than the sub-2% top line seen recently. High earnings quality (score 3) means no haircut is warranted, but it also means there is no hidden value being missed - the reported numbers are the numbers, and they support roughly today's price.

Cheap signals 2
m25
Anchored-PE offers modest upside
Anchored-PE fair value of $41.55 is about 17% above price, reflecting the quality/margin trajectory. It is one method, not a mandate, but it caps how rich this really is.
m20
Quality supports the price
Fortress quality (score 88), rising FCF, shrinking share count, and pristine earnings quality justify paying up. The price is full, not absurd.
Rich / priced-in 3
m45
Composite FV below price
Composite fair value $33.00 sits about 7% below the $35.37 price; signal-adjusted $34.86 is roughly flat. No margin of safety on the central estimate.
m40
EPV floor is far below
Earnings power value of $20.21 is 43% below price - it implies the market is capitalizing meaningful growth, not just steady-state cash flows. If growth disappoints, the downside anchor is real.
m35
Growth already cooled
Top-line growth slipped under 2% recently per the quality lens, yet the multiple still reflects a mid-single-digit compounder. Priced for a reacceleration that has not yet arrived.
Fully valued. This is a wonderful business trading at a price that fully reflects that fact - the composite says $33, signal-adjusted says $35, and the stock is $35.37. I need it materially lower - closer to $29 - before the risk/reward tilts my way, because the EPV floor at $20 tells me the downside is not trivial if growth stays sub-2%. I am not short, I am not long here; I wait.
Verify before trusting this (4)
  • Organic revenue growth trajectory in the next print - is the sub-2% a blip or a trend?
  • AI product monetization detail in Legal and Risk segments - pricing power or margin drag?
  • Buyback pace and capital return guidance
  • Open-access exposure in the Scientific/STM segment and any pricing headwinds
General Sentiment
-3
Balanced
tail √Σ 47 · head √Σ 50 · conf 6/10

RELX sits in a strange sentiment pocket: the tape is mildly risk-on (regime +47) but with beta 0.26 almost none of that lift transmits to this name. It is a defensive, steady-compounder archetype trading almost exactly on fundamentals (+1.5% to DCF), meaning there is no narrative froth to unwind and no story deficit to punish. Higher rates and a 26x market PE are the one real crosswind, since bond-proxy compounders on premium multiples de-rate at the margin when the 10y sits at 4.72%. That is a real but ordinary press, not a decisive force. The active narrative is minimal-intensity and durable: the bull case (workflow monopolies in legal, scientific, risk) is well-worn and consensus, while the bear case (AI disruption of legal research and scientific publishing) is a slow-burn thesis that has not caught fire in the tape. Analyst tone on RELX has generally stayed constructive, and there is no visible catalyst pushing sentiment either way. Momentum is steady-positive but muted, matching the story. Net: forces roughly offset. This is a name where sentiment is doing very little work in either direction, and the price will move on execution and rate path more than on narrative pressure.

Tailwinds 2
m40
Defensive archetype in a nervous tape
With VIX 15.3 and S&P off its highs, low-beta steady-compounders with recurring revenue attract flows as ballast; RELX's 0.26 beta and durable narrative make it a natural hiding place.
m25
Steady positive momentum with low volatility
Modest but consistent price and revenue trend, no negative surprises, and minimal narrative intensity keep sentiment quietly constructive - no story to break.
Headwinds 3
m35
Rates pressure on bond-proxy compounder
10y at 4.72% and market PE 26 create a persistent de-rating drag on premium-multiple defensives like RELX, whose cashflow-annuity profile makes it duration-sensitive despite its low equity beta.
m30
Slow-burn AI disruption narrative
The bear story - AI-native competitors in legal research and open-access pressure on scientific publishing - is durable background noise that caps multiple expansion even if it has not broken the stock.
m20
Risk-on tape does not lift this name
The +47 risk-on regime is a market tailwind that mostly bypasses a 0.26-beta defensive; relative to higher-beta peers, RELX quietly underperforms when animal spirits run.
Sentiment pressure on RELX is genuinely near zero and that is the finding. The narrative is minimal-intensity and durable, the price sits on fundamentals, the beta is so low that macro regime barely lands, and there is no active news catalyst pulling either way. The one real headwind is rates weighing on premium defensives; the one real tailwind is that in any wobble this is exactly the kind of name money hides in. I read it as Balanced with a very slight defensive-bid tilt - sentiment will not be what moves this stock in either direction.
Verify before trusting this (4)
  • Any concrete AI-competitor win in legal research (e.g., Harvey, vLex) that would harden the disruption narrative
  • 10y yield trajectory - a move back toward 4.2% would meaningfully lift bond-proxy compounders
  • Analyst target revisions post next earnings - watch for tone shift on LexisNexis growth
  • Sector rotation out of defensives into cyclicals if risk-on regime strengthens
The market-wide tape + this name's exposure to it (beta / sector / narrative durability). Context on the non-fundamental pressure — not a call on the business or the price. processId: detail-general-sentiment
Growth Outlook
not run

This lens hasn't been run for this ticker yet.

The forward growth verdict — is the business itself likely to grow (next 2 quarters / year 1 / years 2–3), judged against its category and against printed expectations. The full horizon ladder + creme renders on the Growth Outlook card above. Not a call on the price (Valuation owns that) or the tape (Sentiment owns that).
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Lenses kept deliberately separate — Company Quality (price-agnostic), Valuation (price-conditional), General Sentiment (non-fundamental macro/narrative pressure), and Growth Outlook (the forward growth verdict). The scores are not blended. Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
Price Prediction
Higher +5.2% v0.6.0 View full prediction →

When we made this prediction on Aug 12, 2026, RELX was $35.37. We expect it to be $37.20 by Feb 2027, and we consider it great value under $29.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 12, 2026.

Price when predicted$35.37
Our estimate for Feb 2027$37.20+5.2%
Great value below$29.00
Price history shown (6 Months)

Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.

Post-Report Due Diligence NOTES
The report is written. This is what its valuation stands on.
Analyzed Aug 13, 2026 · 02:23 13d ago
Read epv-floor ext-gem-composite anchored-pe · FY income statement, balance sheet
1 finding · $0, re-derived on each view

Evidence for a closer look, not a verdict — no score or designation on this page has been changed by it. Items marked material are ones where a conclusion above moves to the other side of the price.

anchored-pe — the "fair value above price" reading turns on 2 inputs NOTE found by sensitivity, not by rule
Published $41.55 vs price $35.37. Nudging `trailing_eps` (down 25%), `adjusted_pe` (down 25%) moves the fair value to the other side of the price. This does not say those inputs are wrong — it says they are where to look first.
trailing_eps flips down 25% adjusted_pe flips down 25%
Price at analysis $35.37. This is where an investigation should start — it is not where one ends. Nothing here was checked against the filings, the tape, or the news; that is the investigator's job.
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My Notes personal — only you see this
v20260825-175423 · 69cf39bf · 2026-08-25 17:54:45