MeritValue

THOMSON REUTERS CORP /CAN/

TRIdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

THOMSON REUTERS CORP /CAN/ earns about 22% on equity, far above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $51.02 and $140.67 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.35B1$6.63B2$6.79B3$7.26B4$7.48B4
Net income$5.69B5$1.34B6$2.7B7$2.21B8$1.5B8
Operating cash flow$1.77B9$1.92B10$2.34B11$2.46B12$2.65B12
Capital expenditure$487M13$595M14$544M15$607M16$634M16
Free cash flow (derived)$1.29B9$1.32B10$1.8B11$1.85B12$2.02B12
Total debt$3.79B17$4.76B18$3.28B19$2.82B20$2.12B20
Cash & equivalents$778M21$1.07B22$1.3B23$1.97B23$511M23
Diluted shares486.1M483.6M463.0M450.5M448.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$265.43
your share of equity
Profit it earned you last year
$33.46
Free cash flow it threw off
$44.94
Debt you’d be carrying
$47.3

10 shares is a claim on $265.43 of net worth that earned you $33.46 and generated $44.94 of cash last year, against $47.3 of debt.

iii. Is this a good business?
Moat signal · return on equity
22% avg · 5y
FY21 41%FY22 11%FY23 24%FY24 18%FY25 13%

It earned about 22% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 44% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $51.02 and $140.67 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$140.67
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth12.9%
  • fcfBase$1.85B
DCF · Growth Exit 5Y
$97.89
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth12.9%
  • fcfBase$1.85B
Earnings Power Value
$51.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.21B
  • growthAssumed0.0%
Graham Number
$44.6
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years12.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $97.89
The three cases
Bear0.0%$55.3
Base12.9%$97.89
Bull17.9%$120.2

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 12.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001193125-23-064643 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001193125-24-062308 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001193125-25-048443 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001193125-26-094222 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001193125-23-064643 (ProfitLossAttributableToOwnersOfParent)
  6. 40-F · period ending 2022-12-31 · accession 0001193125-24-062308 (ProfitLossAttributableToOwnersOfParent)
  7. 40-F · period ending 2023-12-31 · accession 0001193125-25-048443 (ProfitLossAttributableToOwnersOfParent)
  8. 40-F · period ending 2024-12-31 · accession 0001193125-26-094222 (ProfitLossAttributableToOwnersOfParent)
  9. 40-F · period ending 2021-12-31 · accession 0001193125-23-064643 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001193125-24-062308 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001193125-25-048443 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001193125-26-094222 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001193125-23-064643 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001193125-24-062308 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001193125-25-048443 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001193125-26-094222 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001193125-23-064643 (Borrowings)
  18. 40-F · period ending 2022-12-31 · accession 0001193125-24-062308 (Borrowings)
  19. 40-F · period ending 2023-12-31 · accession 0001193125-25-048443 (Borrowings)
  20. 40-F · period ending 2024-12-31 · accession 0001193125-26-094222 (Borrowings)
  21. 40-F · period ending 2021-12-31 · accession 0001193125-24-062308 (CashAndCashEquivalents)
  22. 40-F · period ending 2022-12-31 · accession 0001193125-25-048443 (CashAndCashEquivalents)
  23. 40-F · period ending 2023-12-31 · accession 0001193125-26-094222 (CashAndCashEquivalents)