Few FTSE 250 names are as quietly embedded in corporate decision-making as GlobalData (LSE:DATA). Drug makers, consumer brands, banks and industrial groups pay it every year for proprietary data, forecasts and analyst insight. In 2026 it moved from AIM to the Main Market, joining the FTSE 250 on 22 June.

The "how" is simple: GlobalData builds its own sector datasets, layers expert analysis and AI tools on top, and sells access on recurring contracts. Roughly three-quarters of Revenue is subscription-based, renewal rates among larger clients sit around 90% by value, and at the end of 2025 the group served 5,112 accounts spending over £5,000 a year.

The harder question for investors is growth. Management has spent more than two years reorganising the business, and by its own admission the payoff has not yet shown up in the numbers.

How the Business makes money

GlobalData describes itself as a data, insight and technology company. Through its "One Platform", clients subscribe to intelligence on sectors such as healthcare, consumer, technology, financial services and industrials, with further revenue from consulting, events and bespoke research.

In the six months to 30 June 2026, subscriptions made up 76% of revenue, up from 74% a year earlier. The group reports its results in two divisions. Healthcare, which serves drug makers and medical technology companies, produced £65.2m of revenue and £31.6m of adjusted EBITDA in the half, a 48% margin. The broader non-Healthcare division generated £97.7m of revenue at a 25% margin.

Healthcare's ownership is unusual. In 2024 GlobalData sold a 40% stake in the division to Private Equity firm Inflexion, a deal that valued the whole of Healthcare at £1.115bn, or more than 20 times EBITDA.

Recent performance

For the year to 31 December 2025, revenue rose 13% to £322.1m, but underlying growth was only 1%, with acquisitions doing most of the lifting. Adjusted EBITDA fell 6% to £110.2m and the Margin dropped seven percentage points to 34% as the group spent on sales capacity, Leadership and integration. Statutory profit before tax rose 26% to £69.2m, flattered by a £20.5m share-based payment credit. Adjusted EPS was 7.3p and the total Dividend 1.5p, including a 1.2p final.

The first half of 2026 told a similar story. Revenue grew 4% to £162.9m, yet underlying growth was again 1%, which management blamed on a tough macroeconomic backdrop and longer sales cycles. Adjusted EBITDA rose 5% to £54.8m, a 34% margin, while statutory pre-tax profit fell 6% to £23.2m due to higher finance costs. Adjusted basic EPS rose 8% to 2.7p and the Interim Dividend was held at 0.3p.

Operating cash flow fell 23% to £50.8m, and net bank Debt stood at £133.0m on 30 June 2026, compared with £16.8m a year earlier, reflecting acquisitions and heavy buybacks. Leverage was 1.2 times trailing adjusted EBITDA, below the group's 2 to 3 times target range.

There were brighter spots. Contracted forward revenue grew 4% to £163.3m, the value renewal rate improved to 91% from 89% in December 2025, and the Consumer segment delivered 7% underlying growth.

Strategy and catalysts

The Growth Transformation Plan, launched in January 2024, has reshaped the group around end-market divisions and a more solutions-led sales approach. Seven acquisitions totalling more than £132m have been completed since then, including AI Palette and Stylus in 2025 and Cambridge Healthcare, a life sciences competitive-intelligence provider, bought on 1 April 2026 for £21.3m in cash plus a £0.7m Loan note.

AI is the other big lever. GlobalData says more than 90% of customers have adopted its AI Hub, active users have tripled, and it has signed a commercial Partnership with Microsoft including integration with Microsoft 365 Copilot. It has also launched an internal "AI-first" programme to change how content is produced, with efficiency benefits expected from late 2026 and into 2027.

Capital returns remain aggressive. After more than £100m of Buybacks in 2025, it completed a £30m tender offer at 85p per share in August 2026, taking returns in 2026 to more than £49m. There is also management change: Rob Kingston, formerly finance chief at Keywords Studios, joined as chief financial officer on 7 September 2026, with Graham Lilley stepping down at the end of the month.

Valuation talking points

The Healthcare transaction is the most useful anchor. At the 2024 valuation of £1.115bn, GlobalData's retained 60% would be worth roughly £670m on simple arithmetic. With about 709 million shares in issue after the tender, the 85p tender price implied an equity value near £600m for the entire group. That crude comparison implies little value for non-Healthcare, though debt and the age of that valuation complicate the sum.

The counterpoint is that trading has softened. In September 2026 management said full-year adjusted EBITDA would come in below market expectations and that the recovery towards a 40% margin would be more gradual than previously signalled.

The bull case

  • High recurring revenue, with 76% from subscriptions and value renewal rates of 91% among larger clients.
  • The Healthcare division earns a margin near 50% and carries a private-market valuation above 20 times EBITDA.
  • AI Hub adoption and the Microsoft partnership could raise the value of proprietary data as corporate AI use spreads.
  • Heavy buybacks and a tender offer have shrunk the share count, boosting per-share earnings.
  • A Main Market listing and FTSE 250 membership widen the potential investor base.

The bear case

  • Underlying growth of just 1% in both 2025 and the first half of 2026 shows the transformation has yet to deliver.
  • The adjusted EBITDA margin fell from 41% in 2024 to 34% in 2025, and guidance now points to a slower recovery.
  • Net bank debt has risen sharply to £133.0m as Capital returns and deals outpace organic cash generation.
  • Generative AI could erode Demand for traditional research by making some information cheaper to produce.
  • A change of CFO mid-transformation adds execution risk.

The bottom line

GlobalData (LSE:DATA) sells something companies clearly value, locked into recurring contracts with high renewal rates. Its Healthcare arm alone has been valued by a private buyer at more than £1bn, and cash is flowing back to shareholders at pace.

What is missing is growth. Two years into a sweeping reorganisation, underlying revenue is barely moving and margins are below historic levels. Whether AI turns out to be a tailwind that deepens client dependence, or a threat that commoditises research, will likely decide how the market values GlobalData from here.