FTI Consulting vs Thomson Reuters
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The short version
- Thomson Reuters is the larger business, with $7.5B of revenue in fiscal 2025 against $3.8B for FTI Consulting, about 2.0 times as much.
- Thomson Reuters grew revenue faster (3.0%, against 2.4%).
- Thomson Reuters kept more of each dollar of sales as operating profit (28.5% operating margin, against 10.3%).
- Thomson Reuters turned more of its sales into free cash flow (27.0% FCF margin, against 2.5%).
- FTI Consulting earned a higher return on the capital invested in it (16.6%, against 11.8%).
| Latest fiscal year | FCN · FY25 | TRI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.6B | $55.4B |
| Revenue | $3.8B | $7.5B |
| Free cash flow | $93.6M | $2.0B |
| Net income | $271M | $1.5B |
| Growth | ||
| Revenue growth | 2.4% | 3.0% |
| 5-year growth | 9.0% | 4.6% |
| Share count change | −8.3% | −0.4% |
| Profitability | ||
| Gross margin | 32.1% | — |
| Operating margin | 10.3% | 28.5% |
| Net margin | 7.2% | 20.1% |
| FCF margin | 2.5% | 27.0% |
| Return on capital | 16.6% | 11.8% |
| Return on equity | 13.6% | 12.6% |
| Balance sheet | ||
| Net debt | $99.9M | $2.4B |
| Net debt / EBITDA | 0.2x | 1.1x |
| Dividends and buybacks | $859M | $1.0B |
| Valuation & quality | ||
| P/E | 18.9x | — |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
FCN $1.8B
TRI $11.2B
FY17
FCN $1.8B
TRI $5.3B
FY18
FCN $2.0B
TRI $5.5B
FY19
FCN $2.4B
TRI $5.9B
FY20
FCN $2.5B
TRI $6.0B
FY21
FCN $2.8B
TRI $6.3B
FY22
FCN $3.0B
TRI $6.6B
FY23
FCN $3.5B
TRI $6.8B
FY24
FCN $3.7B
TRI $7.3B
FY25
FCN $3.8B
TRI $7.5B
FCN
TRI
Operating margin
FY16
FCN 7.9%
TRI 12.5%
FY17
FCN 6.0%
TRI 19.5%
FY18
FCN 11.1%
TRI 14.2%
FY19
FCN 13.0%
TRI 20.3%
FY20
FCN 11.5%
TRI 32.2%
FY21
FCN 11.2%
TRI 19.6%
FY22
FCN 10.0%
TRI 27.7%
FY23
FCN 10.8%
TRI 34.3%
FY24
FCN 9.4%
TRI 29.1%
FY25
FCN 10.3%
TRI 28.5%
FCN
TRI
Free cash flow
FY16
FCN $205M
TRI —
FY17
FCN $116M
TRI $1.5B
FY18
FCN $198M
TRI $1.5B
FY19
FCN $176M
TRI $197M
FY20
FCN $292M
TRI $1.2B
FY21
FCN $287M
TRI $1.3B
FY22
FCN $135M
TRI $1.3B
FY23
FCN $175M
TRI $1.8B
FY24
FCN $360M
TRI $1.9B
FY25
FCN $93.6M
TRI $2.0B
FCN
TRI
Return on capital
FY16
FCN 6.7%
TRI —
FY17
FCN 7.9%
TRI 5.1%
FY18
FCN 12.1%
TRI 4.9%
FY19
FCN 17.0%
TRI 10.8%
FY20
FCN 16.3%
TRI —
FY21
FCN 17.7%
TRI —
FY22
FCN 16.6%
TRI 9.0%
FY23
FCN 18.3%
TRI 13.2%
FY24
FCN 17.1%
TRI 15.5%
FY25
FCN 16.6%
TRI 11.8%
FCN
TRI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.