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Franklin Resources Inc

BEN Financial Asset Management

Franklin Resources Inc’s revenue for fiscal 2025 (year ended September 2025) was $8.8 billion, up 3.45% from fiscal 2024.

Revenue
+14.3%
EPS
+106.7%
Free cash flow
−55.7%
Total debt
+28.5%

Quarter to June 2026, against a year earlier

32.40 1.47 −4.34%
Market cap
$16.4B
P/E
22.0×
Fwd P/E
16.0×
Dividend yield
4.07%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Franklin Resources Inc (BEN) valuation and DCF model

What the price implies · reverse DCF

At $32.40 the price implies 8.1% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 2.0% a year over the last ten years, 4.1% over the last five. The price asks for about four times its ten-year rate. Return on equity averaged 9.2% over ten years; the price implies 10.9% for good.

In September 2017 the price assumed 19.8% a year; Franklin Resources Inc went on to grow the dividend a share −3.6% a year to FY2025.

Price implies
8.1%
Last 5 years, reported
4.1%
Last 10 years, reported
2.0%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
8.1% a year for ten years
$32.40
today’s price
Its base case
2.0% a year for five years, then 1.2%
$19.86
38.7% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Franklin Resources Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 8.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Franklin Resources Inc’s own cost of capital: risk-free 4.3% + beta 1.60 × equity premium 4.5% = 11.5% cost of equity; weighted, 11.5%.

Use 11.5%
Base case value per share $19.86 ten years discounted, and what follows
Current price $32.40 market price per share
Below today’s price 38.7% downside at the base case’s assumptions

How we got there$9.39 10 years of dividends+$10.47 terminal value=$19.86 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 22.04× 18.69× 16.29× 35% above 13.38× 65% above
P/FCF 72.07× 23.27× 58.80× 23% above 7.79× 825% above
P/B 1.29× 0.96× 1.18× 9% above 0.91× 42% above
EV/EBITDA — 12.45× 9.49× — 3.38× —
EV/Sales — 2.13× 2.09× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
10.02×14.78×19.54×24.31×10Y avg 16.29×2017201820192020202120222023202420252026

BEN trades at 22.04× P/E, against a 10-year average of 16.29× (range 8.30×–25.42×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $23.94 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.