Not really. Flex's support for HTML is very poor. If you need to display HTML I would consider a different technology. There are third party extensions to show HTML, but these will increase the size of your SWF considerably.
It is I think the bug/enhancement request with the biggest number of votes: see this.
You should be very aware of the caveats Adobe list in that control. It supports a very small subset of HTML elements, some are broken (the < img /> tag does not work properly, the cursor behaviour of <a / > is easily broken, the <font /> size attribute behaves differently from the spec. etc.) and included a tag not listed in the HTML spec. (the <textformat /> tag).
Basically, if rendering standards compliant HTML is an important aspect of your application, use a browser - don't use Flex.
I’ve looked at a lot of different solutions, and in my humble opinion Aspose is the way to go. Here’s the link: http://aspose.com