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London Stock Exchange Group Plc
LSEG · LSE · Stock Exchange
London Stock Exchange Group plc is one of the world’s leading financial markets infrastructure and data companies, headquartered in London and operating across market data, analytics, trading, clearing, indexing, and…
Current price
8,398.00p
▲ +48.00p (0.57%) today
Share price
Live market data▼ -486.00 (-5.47%)2025-10-13 — 2026-10-14
ET&A View
Last reviewed 15 September 2026
Buy
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Fair Value
Members
12M Price Target
Members
Preferred Entry
Members
ET&A Score
8.8/ 10Strong overall
London Stock Exchange Group has evolved into one of the highest-quality financial infrastructure and data businesses globally, combining critical exchanges and clearing networks with FTSE Russell, Risk Intelligence and a large…
Is it expensive?
Why we like it
- Turns about 18% of its sales into spare cash.
- Very profitable — keeps about 29% of its sales as profit.
- Sales are growing steadily (+6% a year).
What worries us
- The share price has been weak recently.
Business Health
Is the business financially healthy?
Mostly healthy
Margins and cash generation stand out. Watch earnings.
Overall
Good
- Growth Good
Revenue
£9.7bn · ↑ +6% last year
- Growth Below Average
Earnings
£1.4bn · ↑ +82% last year
- Strong
Margins
Keeps 29% of sales as operating profit
- Excellent
Cash generation
£1.7bn spare cash a year · 18% of sales
- Average
Balance sheet
Debt ≈ 3.0 years of earnings
- Yield Average
Dividend
1.9% yield · Pays out 54% of earnings · covered 1.9×
Investor View
More on London Stock Exchange Group Plc
Open a section for the detail behind the quick view.
Our full viewET&A's complete thesis — why we hold the view we do.Members
London Stock Exchange Group has evolved into one of the highest-quality financial infrastructure and data businesses globally, combining critical exchanges and clearing networks with FTSE Russell, Risk Intelligence and…
Insight
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
- Our View in full
- What could drive it higher / go wrong
- Fair Value & Preferred Entry
- How our view has changed
Explore Insight →Included with Insight
What could drive it higher — and what could go wrongThe catalysts and risks we are watching.Members
Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.Members
Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | £9.3bn | +5.5% | 23.2% | £1.2bn | £2.37 | £1.7bn |
| FY2024 | £8.9bn | +5.7% | 15.5% | £685m | £1.28 | £2.4bn |
| FY2023 | £8.4bn | +8.2% | 19.8% | £761m | £1.38 | £1.9bn |
| FY2022 | £7.7bn | — | 21.2% | £1.3bn | £2.33 | £1.8bn |
Next earningsThu, 30 Jul 2026Earnings calendar →
Who it suitsStrategy suitability and investment style.
Long-term growth investors
Also suits: Investors who want a mix of growth and stability
How it compares with peersOther companies we cover in Stock Exchange.
We don’t cover another company in this sector yet.
Compare London Stock Exchange Group Plc with any company → The model’s own peer calculations are in the Research View.
What the company doesThe full company profile.
London Stock Exchange Group plc is one of the world’s leading financial markets infrastructure and data companies, headquartered in London and operating across market data, analytics, trading, clearing, indexing, and capital markets infrastructure. The group owns businesses including the London Stock Exchange, FTSE Russell, LCH, and Refinitiv, giving it a central role across equity and bond markets, derivatives, benchmark indices, financial data, and post-trade services. Following its acquisition of Refinitiv, LSEG has increasingly evolved away from being primarily an exchange operator towards a broader financial information and infrastructure business serving banks, asset managers, corporations, governments, and other institutional customers globally.
LSEG’s strength comes from the importance of its platforms within the global financial system, high levels of recurring subscription revenue, significant switching costs, and strong network effects across its trading, clearing, data, and index businesses. The company sits at the centre of several long-term themes including the growth of passive investing, increasing demand for financial data and analytics, electronic trading, regulatory reporting, and the application of artificial intelligence within financial services. Its strategic partnership with Microsoft is also supporting the development of AI-powered data and workflow tools across its platforms. With a diversified revenue base, mission-critical financial infrastructure, and growing exposure to higher-margin data and analytics services, LSEG has developed into one of the most strategically important financial technology businesses in global capital markets.
Stock Exchange · United Kingdom
Research ViewOpen the full researchThe full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.OpenClose
For detailed analysis. Each section opens on its own.
Financial statementsEvery published figure with its source, the market snapshot and connected sheets.
Income
- Revenue
- £9.7bnMarket data
- Gross profit
- £8.6bnMarket data
- EBITDA
- £3.1bnMarket data
- Operating profit (EBIT)
- £2.2bnMarket data
- Net income
- £1.4bnMarket data
- Earnings per share (EPS)
- £2.78Market data
Growth
- Revenue growth, latest year
- Good5.5%Calculated
- Revenue growth, 3-year average
- Good6.5%Calculated
- Earnings growth, latest year
- Excellent82.3%Calculated
- Earnings growth, 3-year average
- Below Average−1.4%Calculated
- Revenue growth, latest quarter vs a year earlier
- 6.7%Market data
- Earnings growth, latest quarter vs a year earlier
- 33.7%Market data
Margins & returns
- Gross margin
- Excellent88.7%Market data
- EBITDA margin
- 32.5%Market data
- Operating margin
- Excellent29.0%Market data
- Net margin
- Good14.6%Market data
- Return on equity (ROE)
- Average7.7%Market data
- Return on assets (ROA)
- 0.2%Market data
Cash flow
- Operating cash flow
- £3.9bnMarket data
- Free cash flow
- £1.7bnMarket data
- Free-cash-flow margin
- Excellent17.8%Calculated
- Free cash flow ÷ net income
- 1.2×Calculated
Balance sheet
- Cash
- £4.2bnMarket data
- Total debt
- £13.5bnMarket data
- Net debt
- £9.3bnMarket data
- Net debt ÷ EBITDA
- Average3.0×Calculated
- Debt ÷ equity
- 0.6×Market data
- Current ratio
- 1.0×Market data
Shares & dividends
- Shares outstanding
- 480.2mMarket data
- Market capitalisation
- £40.3bnMarket data
- Dividend per share
- £1.58Market data
- Dividend yield
- Average1.9%Market data
- Payout ratio
- 53.9%Market data
- Market data — the live feed (Yahoo Finance)
- Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology
Other published figures
- Price / Sales
- Members
- EV / EBITDA
- Members
- Price / Book
- Members
- Forward P/E
- Members
Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.
Market data
LivePrice8,398.00p
Day+48.00p (+0.57%)
52-week range7,170.00p – 9,992.00p
vs 52-week low+17.13%
vs 52-week high−15.95%
As of 14 October 2026
- P/E Ratio
- 30.21x
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
- Price / Book
- Members
Historical dataValuation history, how our view has changed, and the share-price history.
Share-price history
Use the 5Y and Max ranges on the price chart at the top of the page.
ForecastsWhat analysts expect — market consensus, not ET&A estimates.
Forecasts
- Forward EPS (next year, consensus)
- £5.50Market data
- Expected EPS growth, next year
- Strong14.4%Market data
- Expected revenue growth, next year
- 6.4%Market data
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
MethodologyHow ET&A values a company and reaches a view.
How we value London Stock Exchange Group Plc
- 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
- 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
- 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
- 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
- 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →How we reach a view
The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
- Business quality
- Financial performance
- Growth outlook
- Debt and financial strength
- Valuation
- Risk
- What could drive it higher
- Buy
- ET&A sees significant upside from the current price with an attractive risk/reward profile.
- Accumulate
- ET&A likes the company but would prefer investors to build exposure gradually.
- Hold
- ET&A sees limited reason to buy aggressively or sell at the current price.
- Reduce
- ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
- Sell
- ET&A believes the downside risk materially outweighs the potential return at the current price.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
Scoring calculationsBehind the ET&A Score and the Business Health ratings.
Behind the ET&A Score
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
ET&A Quant Score
Mixed
Highly profitable · Stretched · Weak
Profitability & margins · Highly profitable8.3
Balance sheet · Stretched4.1
Price momentum · Weak2.3
Context — not part of the score
- Valuation multiplesPriced on the high side
- Share-price steadinessHigh volatility
- IncomeLow yield
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
- Annualised volatility
- Members
- Max drawdown (1y)
- Members
- 12-month return
- Members
- 3-month return
- Members
- P/E
- Members
- Price / Sales
- Members
- EV / EBITDA
- Members
- EBITDA margin
- Members
- Net debt / EBITDA
- Members
- Dividend yield
- Members
The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans
Based on the factors that could be measured (45% of the model).
Business Health ratings
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 5.9 / 10 | Good |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 3.4 / 10 | Below Average |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 7.7 / 10 | Strong |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 9.1 / 10 | Excellent |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 5.3 / 10 | Average |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 4.8 / 10 | Average |
| Overall | Average of the 5 rated areas | 6.3 / 10 | Good |
ET&A's scales
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.Members
Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.Members
Detailed assumptionsEvery input the valuation model used, with its source.Members
Research notesNo research notes published yet.
No research notes have been published for London Stock Exchange Group Plc yet.
Need deeper analysis on London Stock Exchange Group Plc? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
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