RELX Plc (RELX) Stock Analysis

RELX’s competitive edge is rooted in four structural advantages: proprietary data assets, workflow integration, advanced analytics (notably AI), and a resilient subscription-based business model.

First, RELX owns and curates vast, high-quality proprietary datasets—such as 138 billion legal and news documents (LexisNexis) and over 21 million scientific articles (Elsevier/ScienceDirect). These data assets are difficult for competitors to replicate and underpin the company’s analytics and decision tools.

Second, RELX’s products are deeply embedded in customer workflows. For example, Lexis+ and ScienceDirect are integral to daily operations for law firms and research institutions, creating high switching costs and customer stickiness. Over 80% of Legal segment revenue is from multi-year subscriptions.

Third, RELX leads in domain-specific AI and analytics. Its generative AI platforms (e.g., Lexis+ AI, Protégé) are driving double-digit spend uplifts and are now the majority of new sales in Legal. In Risk, over 90% of revenue is from machine-to-machine analytics, supporting real-time decisioning for financial and insurance clients.

Compared to rivals—Thomson Reuters (legal), Wolters Kluwer (STM/legal), S&P Global and Experian (risk)—RELX’s edge lies in the breadth and depth of proprietary content, the degree of workflow entrenchment, and the pace of AI integration. The company’s recurring revenue base (83% digital, 53% subscription) and disciplined cost management (34.8% operating margin, 100% cash conversion in H1 2025) further reinforce its defensibility.