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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Jim Cramer’s September 28, 2026 Mad Money response was a valuation judgment, not proof that Thomson Reuters Corporation (NASDAQ: TRI) is under- or overvalued today. He acknowledged a caller’s argument that the company’s trusted information and role in regulated industries could give it a moat, then said AI-substitution fears could weigh on the valuation multiple. Cramer cited 28 times earnings and said TRI was “not a bargain” until its multiple fell and its yield rose.
What Cramer said about Thomson Reuters
On the September 28, 2026 episode of Mad Money, a caller asked whether Thomson Reuters was undervalued after a selloff. The caller pointed to the reliability of its information and its use in regulated industries as reasons the company might have a durable moat. That was the caller’s case, not an independently established assessment of Thomson Reuters’ competitive position.
Cramer agreed with the general point, then focused on how investors might price businesses perceived as vulnerable to AI replacement. He said those companies could see their valuation multiples shrink. In the exchange, he cited TRI as trading at 28 times earnings and said it was not a bargain until the multiple came down and the yield went up. Insider Monkey’s October 3, 2026 report and a third-party transcript mirror report the exchange; the transcript places it at about 07:46–08:37.
Why he called TRI “not a bargain”
Cramer’s reasoning linked two concerns: possible AI-related pressure on the market’s view of the business, and the price investors were paying. If investors believe AI could displace or weaken a company’s products, they may be willing to pay a lower multiple for its earnings. Cramer’s point was that a potentially strong information moat did not, by itself, make the stock inexpensive at the multiple he cited.
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The 28-times-earnings figure is Cramer’s reported comment in that exchange, not a currently verified valuation metric. The reports do not establish the date-specific share price or earnings measure behind it, so it should not be treated as TRI’s present multiple.
What the caller’s moat argument does—and doesn’t—establish
The caller argued that trusted information and adoption in regulated industries could make Thomson Reuters difficult to replace. That is a plausible thesis to examine, but the exchange does not test it: it supplies no customer-retention data, product comparisons, or evidence showing how AI is affecting particular Thomson Reuters workflows.
Likewise, Cramer’s comment is a view about the valuation risk associated with perceived AI exposure, not a finding that AI has already replaced Thomson Reuters products. The exchange does not quantify substitution, competition, or the company’s future growth.
What to take from the “28 times earnings” comment
A price-to-earnings multiple is meaningful only with its inputs and date. To assess TRI’s valuation independently, a reader would need a dated share price, a clearly identified earnings basis, and the corresponding dividend yield. The reported exchange does not provide enough information to verify those figures or establish whether they remain current.
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Cramer’s statement that the yield should rise as the multiple falls describes his threshold for calling the shares a bargain; it is not a dated yield target or a guarantee that a falling share price would make TRI attractive. A lower price can change valuation measures, but it does not settle whether earnings prospects or AI-related risks have changed.
How this fits Cramer’s earlier TRI comments
Two earlier reports provide context, but they are separate comments rather than additional evidence about TRI’s current fundamentals. A June 12, 2026 Yahoo Finance article reported that Cramer could not get behind TRI amid AI-related concerns about media. An August 11, 2026 Yahoo Finance article reported that he called TRI a possible value trap and raised concerns about competition and intellectual property in the sector.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Thomson Reuters stock undervalued?
This exchange alone cannot answer that question. It records Cramer’s September 28 valuation view and the caller’s counterargument about the company’s information moat; it does not provide independently verified, dated valuation inputs or enough company-level evidence to determine whether TRI is undervalued now. Readers should treat “not a bargain” as Cramer’s opinion in that episode, not a current buy-or-sell recommendation.
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