Relx PLC (RELX) intrinsic value & 10-year financials
Relx PLC (RELX) has a Graham intrinsic value of £23.67 per share. At £39.42 on Oct 27, 2026, the stock trades 67% above that value. Over the last 10 fiscal years revenue grew 3.7% a year to £9.6B, with an average return on invested capital of 20.1%.
- Graham intrinsic value
- £23.67
- Share price (Oct 27, 2026)
- £39.42
- Price vs Graham value
- 67% above
- Market cap
- £72.3B
- Revenue (FY2025)
- £9.6B
- Revenue growth (10-yr CAGR)
- 3.7%
- ROIC (10-yr avg)
- 20.1%
- Free cash flow (FY2025)
- £2.8B
RELX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | £9.6B | £2.1B | £1.12 | £2.8B | 31.6% | 23.5% |
| FY2024 | £9.4B | £1.9B | £1.03 | £2.6B | 30.3% | 22.1% |
| FY2023 | £9.2B | £1.8B | £0.94 | £2.4B | 29.3% | 21.0% |
| FY2022 | £8.6B | £1.6B | £0.85 | £2.4B | 27.2% | 18.5% |
| FY2021 | £7.2B | £1.5B | £0.76 | £2.0B | 26.0% | 16.8% |
| FY2020 | £7.1B | £1.2B | £0.63 | £1.6B | 21.4% | 14.1% |
| FY2019 | £7.9B | £1.5B | £0.77 | £2.0B | 26.7% | 20.1% |
| FY2018 | £7.5B | £1.4B | £0.71 | £1.9B | 26.2% | 20.2% |
| FY2017 | £7.4B | £1.7B | £0.81 | £1.8B | 25.9% | 25.2% |
| FY2016 | £6.9B | £1.2B | £0.55 | £1.6B | 24.8% | 19.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in GBP.
Executive summary
RELX PLC has demonstrated mature, steady growth, with revenue compounding at 3.7% annually over the past decade.
RELX PLC has earned high returns on invested capital, averaging 20.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, RELX PLC shows that management has aggressively returned capital to shareholders by retiring 11.1% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RELX PLC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.67 per share.