On the September 28, 2026 episode of Mad Money, Jim Cramer said Thomson Reuters (NASDAQ: TRI) was not a bargain at the valuation he cited. His point was about price and the market’s concern that AI could replace some businesses—not a verified conclusion about TRI’s current value or a recommendation to buy or sell the stock.
What Cramer said about Thomson Reuters
A caller asked whether Thomson Reuters was undervalued after a selloff, arguing that the company’s trusted information and use in regulated industries gave it a durable moat. Cramer acknowledged that case, then said assets investors consider vulnerable to AI replacement may face shrinking valuation multiples.
In the exchange, Cramer cited TRI as trading at 28 times earnings and said it would not be a bargain until its multiple fell and its yield rose. The October 3, 2026 Insider Monkey report and a third-party transcript mirror report the comment. The transcript places the exchange at about 07:46–08:37 and attributes the phrase “It’s just not a bargain” to Cramer.
The 28-times-earnings figure is Cramer’s reported figure in that exchange, not an independently confirmed current TRI multiple. The cited sources do not specify a dated share price or the earnings measure behind it, so it should not be treated as a live valuation metric.
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Why the caller and Cramer saw the question differently
The caller’s moat argument
The caller’s reasoning was that reliable information used in regulated industries can be difficult to replace, which may protect a company from competitors and support its value. That is the caller’s argument as rendered in the transcript, not an independently established assessment of Thomson Reuters’ customer reliance or product differentiation.
Cramer’s AI-and-valuation concern
Cramer focused on how investors might price perceived AI exposure. Even if a business has valuable products, the market can assign it a lower earnings multiple if investors expect AI to undermine its products, competitive position, or growth. His remark was therefore about the valuation investors might be willing to pay amid that concern; it did not establish that AI had already displaced Thomson Reuters products.
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Does this show that TRI is undervalued?
No. The exchange records Cramer’s opinion, but it does not settle whether Thomson Reuters shares are undervalued. The reported multiple lacks the date and earnings basis needed to evaluate it, and the sources do not provide a verified current dividend yield, company-level evidence about AI substitution, or enough information about growth and competition to reach an independent valuation conclusion.
To assess the stock independently, an investor would need to compare a dated share price with a clearly defined earnings measure, calculate the dividend yield using the same date, and examine company filings and evidence about customer reliance, product differentiation, competition, and AI’s effects on the relevant workflows. Cramer’s “multiple down, yield up” test describes the conditions he said would make the stock more attractive to him; it is not a universal valuation rule.
How this fits Cramer’s earlier comments
Earlier in 2026, Yahoo Finance reported Cramer expressing AI-related concerns about media and TRI on June 12, then describing TRI as a possible value trap and raising competition and intellectual-property concerns on August 11. Those reports offer context for his September valuation comment, but they are not a complete transcript record or independent evidence that his concerns are correct.
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