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T. Rowe Price Group, Inc.

TROW Financial Asset Management

T. Rowe Price Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.3 billion, up 3.12% from fiscal 2024.

Revenue
+5.88%
EPS
−3.12%
Free cash flow
−13.8%

Quarter to September 2026, against a year earlier

108.87 3.70 −3.29%
Market cap
$23.2B
P/E
11.0×
Fwd P/E
9.8×
Dividend yield
4.75%
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

Revenue by products and services Fiscal 2025

  • Investment advisory fees
  • Administrative, distribution, servicing, and other fees
  • Capital allocation-based income
  • Performance-based advisory fees

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 1.86
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 1 — — 1 — — —
Insider Ownership 1.81%

Capital & Financial Ratios $m

Size
Market Cap 23,190.00
Revenue ttm 7,703.40
Net income ttm 2,237.20
Free cash flow ttm 1,598.40
Net debt Q (3,774.30)
Valuation
P/E 11.01
Forward P/E 9.83
Price / sales 3.01
Forward P/S Powerpack
Price / FCF 14.53
Price / book 2.01
Financial health
Current ratio Q 3.61
Debt / equity Q 0.00
Interest coverage Q 0.00
Growth
Revenue growth Q +5.88% (above 0%: growing)
Operating income growth Q +19.68% (above 0%: growing)
EPS, this year +5.37%
EPS, next year A −2.29% (below 0%: weak)
Revenue, next year A +5.85%
EPS, past 5 yrs −1.53% (below 0%: weak)
EPS, next 5 yrs A +0.64%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 10.60%
10-year low 10-year high
P/S against its own 10 years 6.45%
10-year low 10-year high
P/B against its own 10 years 5.98%
10-year low 10-year high

Dividends raised every year since 2017

Yield
4.75%
Annual rate
5.17
Payout ratio
52.3%
Growth, 2017–25
+10.5%/yr
  1. 2.28 ’17
  2. 2.80 ’18 +23
  3. 3.04 ’19 +9
  4. 3.60 ’20 +18
  5. 4.32 ’21 +20
  6. 4.80 ’22 +11
  7. 4.88 ’23 +2
  8. 4.96 ’24 +2
  9. 5.08 ’25 +2
  10. 5.18 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,067 2,650 3,378 3,774
Receivables 808 877 931 952
Inventory — — — —
Other — — — —
2,875 3,527 4,309 4,727
2023 2024 2025 Q'26
Payables 423 354 353 410
ST’ Debt — — — —
Other — — — —
730 660 643 1,308

Compound Annual Growth %

10y 5y 3y
Sales 5.70% 3.34% 4.08%
Cash Flow 1.37% (1.79%) (9.42%)
Earnings 5.37% (2.47%) 10.20%
Book Value 8.75% 7.41% 6.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.58 Actual 2.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.47 2.44 Miss by 0.03
Q1 FY26 2.37 2.52 Beat by 0.15
Q2 FY26 2.52 2.57 Beat by 0.05
Q3 FY26 2.58 2.86 Beat by 0.28
Q4 FY26 2.46 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.23 2.88 2.79 — —
’25 2.15 2.24 2.87 1.99 9.24
’24 2.49 2.11 2.64 1.92 9.15
’23 1.83 2.06 1.97 1.90 7.76
’22 2.41 1.46 1.66 1.16 6.70
’21 3.17 3.46 3.31 3.18 13.12
’20 1.41 2.55 2.73 3.33 9.98
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,857 1,907 2,005 — —
’25 1,764 1,723 1,894 1,934 7,315
’24 1,750 1,733 1,786 1,825 7,094
’23 1,538 1,610 1,671 1,642 6,461
’22 1,863 1,513 1,588 1,524 6,488
’21 1,827 1,929 1,954 1,962 7,672
’20 1,463 1,415 1,596 1,733 6,207
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 824 517 543 — —
’25 633 530 609 (19) 1,753
’24 637 678 653 (282) 1,686
’23 512 395 470 (157) 1,219
’22 1,103 624 768 (135) 2,359
’21 995 807 1,289 361 3,452
’20 788 853 276 2 1,919
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 762 451 471 — —
’25 551 468 546 (85) 1,479
’24 535 574 548 (395) 1,262
’23 451 323 376 (239) 911
’22 1,049 556 713 (196) 2,122
’21 936 744 1,232 301 3,213
’20 742 794 226 (57) 1,704
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 6.1% a year for ten years. It grew 2.5% a year over the last ten.

Implied
6.1%
10 years, reported
2.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,285 4,855 5,373 5,618 6,207 7,672 6,488 6,461 7,094 7,315 7,703 +6.1% 7,743 7,831 7,798 +2.2%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 1,961 2,505 2,385 2,927 3,242 3,995 1,948 2,490 2,820 2,876 2,942 +4.3%
EBT margin, % 45.75 51.60 44.38 52.11 52.24 52.07 30.03 38.55 39.75 39.31 38.19 (6.4) pt
Net income 1,254 1,581 1,769 2,249 2,523 3,099 1,450 1,836 2,136 2,208 2,237 +6.5%
Per share, $
Per share, $ Revenue 17.45 20.13 22.18 23.87 27.13 33.86 28.71 28.83 31.84 33.25 36.12 +7.4%
Earnings 4.85 6.07 7.41 8.82 10.08 13.25 6.73 7.78 9.18 9.26 9.89 +7.5%
Cash flow 0.69 0.95 6.69 6.47 8.39 15.23 10.44 5.44 7.57 7.97 8.75 +31.1%
Capex (0.60) (0.77) (0.70) (0.87) (0.94) (1.06) (1.05) (1.37) (1.90) (1.25) (1.26) +8.4%
Free cash flow 0.09 0.18 5.99 5.60 7.45 14.18 9.39 4.07 5.67 6.72 7.49 +61.4%
Book value 20.40 24.15 25.29 30.17 33.68 40.92 39.96 43.27 47.15 50.08 54.17 +10.5%
Shares, m 246 241 242 235 229 227 226 224 223 220 216 (1.2%)
Valuation, ×
Valuation, × P/E 15.87 16.98 12.49 13.81 14.96 14.84 16.22 13.85 12.32 11.06 11.01 14.2
P/S 4.35 5.12 4.16 5.11 5.58 5.81 3.80 3.74 3.55 3.08 3.01 4.4
P/B 3.72 4.27 3.65 4.04 4.49 4.81 2.73 2.49 2.40 2.04 2.01 3.5
EV/Sales 4.06 4.73 3.90 4.79 5.23 5.61 3.53 3.42 3.18 2.62 — 4.1
EV/FCF 784.41 529.04 14.42 20.41 19.06 13.39 10.80 24.27 17.86 12.94 — 144.7
Cash, $m
Cash, $m Operating cash flow 171 230 1,620 1,523 1,919 3,452 2,359 1,219 1,686 1,753 1,866 +29.6%
Capex (148) (186) (168) (205) (215) (239) (238) (308) (423) (274) (268) +7.1%
Free cash flow 22 43 1,451 1,318 1,704 3,213 2,122 911 1,262 1,479 1,598 +59.5%
Balance, $m
Balance, $m Working capital 1,347 2,075 1,569 2,070 2,609 1,816 1,824 2,145 2,867 3,666 3,419 +11.8%
Net debt (1,205) (1,903) (1,425) (1,782) (2,152) (1,523) (1,756) (2,067) (2,650) (3,378) (3,774) +12.1%
Shareholders’ equity 5,009 5,824 6,124 7,102 7,707 9,271 9,030 9,697 10,506 11,017 11,555 +9.2%
Returns, %
Returns, % ROA 20.99 21.28 24.14 24.40 23.09 25.92 12.60 14.58 15.88 14.64 14.02 (6.3) pt
ROIC 28.48 33.61 31.41 28.04 30.89 29.93 20.39 16.27 18.56 17.91 19.77 (10.6) pt
ROE 24.35 27.03 30.76 31.39 31.16 35.37 16.63 18.63 20.24 18.92 19.20 (5.4) pt
People
People Employees 6,329 6,881 7,022 7,365 7,678 7,529 7,868 7,906 8,158 7,773 — +2.3%
Revenue/emp, $m 0.68 0.71 0.77 0.76 0.81 1.02 0.82 0.82 0.87 0.94 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

T. Rowe Price is an asset manager: it invests money on behalf of individuals, financial advisers, institutions and retirement plans. Founded in 1937 and headquartered in Baltimore, it is led by Chair and Chief Executive Officer Robert W. Sharps.

Its investment teams select and manage securities across stocks, bonds, multi-asset strategies and alternatives. Multi-asset strategies combine types of investments; alternatives include private credit, real estate and other assets that may be harder to trade. The company generally takes an active approach, making investment decisions rather than simply tracking an index.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Investment advisory fees 6,602 90.26%
Administrative, distribution, servicing, and other fees 594 8.12%
Capital allocation-based income 81 1.11%
Performance-based advisory fees 37 0.51%
Gross margin 100.00%
Operating margin 29.92%
Pre-tax margin 39.31%

Revenue by segment since 2016

T. Rowe Price Group, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17% Compare
TROW T. Rowe Price Group, Inc. $23.2B 11.0× 9.8× +5.88% (above 0%: growing) −3.12% (below 0%: shrinking) −13.81% (below 0%: shrinking) 100.00% 38.40%
PS Pershing Square Inc. $20.1B — — — n/m — 100.00% (166.36%) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
BEN Franklin Resources Inc $16.4B 22.0× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 71.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
Median of peers $19.1B 13.6× 16.0× +13.10% +190.78% +42.36% 100.00% 18.13%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Rob Sharps expects fourth-quarter outflows to moderate from third-quarter levels but remain elevated, while pressure on active equities and mutual funds persists.
  • CFO Jen Dardis said the effective fee rate fell as clients shifted toward blend and hybrid products, alongside U.S. equity outflows and changes in vehicle mix.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 15, 2026 Target cut — —
BMO Capital Oct 15, 2026 Target cut — —
UBS Oct 15, 2026 Upgrade Sell → Hold 100.00 → 107.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.65%
Held by the ten largest 49.07%
Holder Shares Stake Change
Vanguard 26.34m 12.35% −304.34k
BlackRock 24.00m 11.25% +1.23m
State Street 14.65m 6.87% +381.18k
Goldman Sachs 8.45m 3.96% +3.19k
Charles Schwab 7.16m 3.36% +548.83k
Geode Capital Management 6.26m 2.94% −22.48k
UBS 5.82m 2.73% +729.74k
Morgan Stanley 4.12m 1.93% +239.44k
Invesco 3.96m 1.85% −161.23k
Fayez Sarofim & Co 3.92m 1.84% −511.90k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.25m 16.01m 84.14
2024 19.39m 20.50m 88.26
2023 12.84m 13.51m 80.46
2022 13.84m 3.00m 77.93
2021 17.13m 23.40m 134.88

Ownership

Directors and executive officers, together 1.60%
The Vanguard Group 12.00%
BlackRock, Inc. 8.96%
State Street Corporation State Street Financial Center 6.98%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

T. Rowe Price Group, Inc. (TROW) Latest News

2 Nov

Impact 3 · · StockStory

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · MarketBeat earnings
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

27 Oct

Impact 4 · · Zacks

24 Oct

Impact 4 · · 24/7 Wall St.

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · TechCrunch

16 Oct

Impact 4 · · TIKR
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

15 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Barchart

14 Oct

Impact 4 · · wealthmanagement.com
Impact 4 · · PR Newswire

12 Oct

Impact 3 · · PR Newswire
Impact 3 · · PR Newswire

11 Oct

Impact 3 · · Insider Monkey

10 Oct

Impact 3 · · 24/7 Wall St.

TROW metrics, ten years each

stockrow.com/TROW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com