LexisNexis

United States · www.lexisnexis.com · 6 vendors

Resilience scores

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1 service in catalogue across 1 category; runs on 6 sub-vendors.

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Last updated 2026-08-18

6 direct vendors, 116 subvendors

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Financials

Three-year financials

Financial Resilience Score: 8/10

LexisNexis Legal & Professional, as a segment of RELX PLC, demonstrates strong financial resilience underpinned by high-quality, sticky subscription revenues from law firms, corporations, and government agencies. The segment has delivered consistent mid-single-digit revenue growth (3.8% in 2024, 5.1% in 2025) with expanding adjusted operating margins moving from ~21.8% in 2023 to ~23.0% in 2025, driven by scale in electronic revenues, print run-off, and AI-enabled product launches like Lexis+ AI / Protégé. At the parent level, RELX has delivered underlying revenue growth of 7-9% every year from 2021-2025, with adjusted operating profit CAGR of ~10.9% and cash flow conversion of 97-101%. ROIC has risen from 11.9% (2021) to 15.4% (2025). RELX is a FTSE 100 constituent with investment-grade credit rating. However, resilience is tempered by rising net debt (£7.2bn in 2025 vs £6.0bn in 2021), a sharp 32% drop in group shareholders' equity in 2025 due to buybacks (leaving net debt/equity ~3x), intensifying competition from Thomson Reuters, Bloomberg Law and generative-AI-native entrants like Harvey and vLex, plus GBP/USD translation exposure. The score of 8 reflects strong operating fundamentals offset by elevated leverage and competitive disruption risk.

Key strengths: High-quality multi-year subscription revenue base with strong customer stickiness, Consistent margin expansion in Legal segment from ~21.8% to ~23.0% (2023-2025), Adjusted cash flow conversion of 97-101% over five years, ROIC improvement from 11.9% (2021) to 15.4% (2025), Investment-grade FTSE 100 parent (RELX PLC), AI product cycle (Lexis+ AI / Protégé) driving accelerated growth, Underlying revenue growth of 7-9% every year 2021-2025

Risk factors: Rising net debt at RELX group to £7.2bn (2025) from £6.0bn (2021), Competitive pressure from Thomson Reuters, Bloomberg Law, and AI-native entrants (Harvey, vLex), Structural print revenue run-off (£399m in 2025, down from £586m in 2023), GBP reporting vs. predominantly USD revenues creates translation volatility, Regulatory and data privacy scrutiny (especially Risk Solutions), Shareholders' equity fell 32% in 2025 due to buybacks, leaving thin equity cushion (net debt/equity ~3x)

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