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T. Rowe Price Group, Inc. TROW

Financial — Asset Management
S&P 500 Member Dividend Champion (5y)
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
1.86
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — 1 — — 1 —
Insider Ownership
2.14%

Capital & Financial Ratios

Market Cap
21,940.00
Revenue
7,592.00
Net Income
2,326.60
Free Cash Flow
1,673.80
Net Debt
(3,234.30)
Current Ratio
4.04
Debt/Equity
0.00
P/E ratio
10.44
P/S ratio
2.94
P/B ratio
2.00
Past 5Y EPS Growth
1.02%
This Y EPS Growth
5.03%
Next Y EPS Growth
0.33%
Next 5Y EPS Growth
0.59%
in millions of $

Dividends

Payout Ratio
0.72
Annual Dividend Rate
4.88
Annual Dividend Yield
4.58%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 5.20
—
—
—
2025 5.08
—
—
—
—
2024 4.96
—
—
—
—
2023 4.88
—
—
—
—
2022 4.80
—
—
—
—
2021 4.32
—
—
—
—
—
2020 3.60
—
—
—
—
2019 3.04
—
—
—
—
2018 2.80
—
—
—
—
2017 2.28
—
—
—
—
2016 2.16
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 2,066.60 2,649.80 3,378.20 3,234.30
Receivables 807.90 877.40 931.20 941.60
Inventory — — — —
Other — — — —
2,874.50 3,527.20 4,309.40 4,175.90
2023 2024 2025 Q'26
Payables 422.90 353.50 352.70 402.40
ST’ Debt — — — —
Other — — — —
729.90 660.40 643.30 1,034.00
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,857.00 1,907.40 — —
—
’25 1,763.90 1,723.30 1,893.50 1,934.10
7,314.80
’24 1,750.20 1,733.30 1,785.60 1,824.50
7,093.60
’23 1,537.60 1,610.20 1,670.70 1,642.00
6,460.50
’22 1,863.00 1,513.00 1,588.20 1,524.20
6,488.40
’21 1,826.80 1,929.30 1,954.10 1,961.70
7,671.90
’20 1,462.60 1,415.40 1,595.80 1,732.90
6,206.70
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 824.30 517.30 — —
—
’25 632.90 529.90 609.30 (18.70)
1,753.40
’24 637.30 677.70 652.50 (281.90)
1,685.60
’23 511.70 394.80 470.00 (157.40)
1,219.10
’22 1,103.40 623.60 767.60 (135.20)
2,359.40
’21 994.70 807.30 1,288.70 361.30
3,452.00
’20 787.70 853.00 276.20 2.00
1,918.90
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 762.30 450.90 — —
—
’25 550.90 467.70 546.00 (85.40)
1,479.20
’24 534.80 574.40 547.90 (394.90)
1,262.20
’23 451.00 323.10 376.40 (239.30)
911.20
’22 1,048.50 555.70 713.20 (195.60)
2,121.80
’21 935.90 744.30 1,231.80 300.90
3,212.90
’20 741.70 793.70 226.10 (57.20)
1,704.30
in millions of $

EPS

Mar Jun Sep Dec Year
’26 2.23 2.88 — —
—
’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

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

3.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 93.53 87.43 100.49 77.85 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 198.87 132.76 125.81 118.32 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,868 7,906 8,158 7,773 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.82 0.82 0.87 0.94 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,488.40 6,460.50 7,093.60 7,314.80 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 100.00% 100.00% 100.00% 100.00% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,948.20 2,490.30 2,819.60 2,875.50 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 30.03% 38.55% 39.75% 39.31% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,449.60 1,835.70 2,135.80 2,208.30 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 645.80 481.60 504.20 605.50 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.71 28.83 31.84 33.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.73 7.78 9.18 9.26 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.44 5.44 7.57 7.97 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.05) (1.37) (1.90) (1.25) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.39 4.07 5.67 6.72 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39.96 43.27 47.15 50.08 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 226.00 224.10 222.80 220.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.22 13.85 12.32 11.06 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.80 3.74 3.55 3.08 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.73 2.49 2.40 2.04 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.60 3.49 3.24 2.68 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.00 24.76 18.22 13.25 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,359.40 1,219.10 1,685.60 1,753.40 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (237.60) (307.90) (423.40) (274.20) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,121.80 911.20 1,262.20 1,479.20 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,823.60 2,144.60 2,866.80 3,666.10 — — —
Working Cap'
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 433.00 — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,322.60) (2,066.60) (2,649.80) (3,378.20) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9,030.20 9,697.10 10,506.10 11,017.20 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.60% 14.58% 15.88% 14.64% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.25% 16.27% 18.56% 17.91% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.63% 18.63% 20.24% 18.92% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

T. Rowe Price Group (TROW), the storied active manager founded in 1937, has weathered market volatility tied to its assets under management, with revenue surging 78% to a 2021 peak before a 16% drop in 2022 amid outflows and declines. Fundamentals have rebounded smartly—2024 revenue per share up 10% from troughs, EPS 36% higher at $9.18, and free cash flow supporting aggressive buybacks that shrank shares 9% since 2016. Yet shares lag, trading at recent lows with compressed multiples (12.3x PE, 3.55x PS), signaling potential undervaluation for patient investors despite the shift toward passive strategies eroding active market share.

The balance sheet remains a fortress: cash-rich with negative net debt, shareholders’ equity doubled since 2016, and ROIC still elite at 18.6%. High-margin operations (EBT near 52% in good times) and productivity (revenue per employee over $800k) underscore scalability, bolstered by a 4.3% dividend yield with 38 years of raises. However, persistent insider selling—no buys in 12 months, totaling $1.4 million—flags caution amid macro risks like elections or recessions.

Analysts project modest growth (3-5% revenue, EPS to $10.53 by 2026), with 10-31% upside potential if AUM rebounds on rate cuts and retirement demographics. Risks persist from outflows and competition, but TROW’s pristine finances and steady culture offer a compelling value anchor—worth watching for a rebound play.

Read full commentary →

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

News by impact score

Fine-tune

17 Sep

3 , 9:58 AM
T. Rowe Price launches new exchange-traded funds focused on biotech, small-cap and mid-cap sectors. New ETF launches expand T. Rowe Price product range and may drive moderate asset inflows.

16 Sep

3 , 1:30 PM
T. Rowe Price study shows defined contribution consultants and advisors shifting from AI exploration to execution, with private assets and personalization gaining momentum. T. Rowe Price study on AI execution and investment trends strengthens its positioning in defined contribution advisory services.

3 , 1:11 PM
T. Rowe Price Group encounters an AI test while viewed as modestly undervalued. AI-related challenges may moderately influence operational efficiency and market sentiment without fundamentally shifting long-term trajectory.

14 Sep

3 , 12:54 PM
T. Rowe Price Group reported August assets under management of $1.90 trillion. Diversification strategy is positioned to support continued growth. Monthly AUM update at $1.90 trillion reflects asset growth and may influence financial performance metrics without major strategic change.

10 Sep

3 , 1:00 PM
T. Rowe Price partners with Anthropic to integrate Claude AI into additional parts of its investment processes. AI adoption in core investment workflows can improve efficiency and positioning but remains incremental rather than transformative.

4 Sep

3 , 10:48 AM
T. Rowe Price launches Securitized Income ETF to drive fixed-income growth. New ETF launch may support product innovation in fixed income without major trajectory shift.

3 Sep

3 , 9:06 PM
T. Rowe Price launches Securitized Income ETF, prompting questions on whether the move signals shifts in its overall investment strategy and product focus. New ETF represents product innovation that may affect offerings and positioning but remains limited without confirmed broader strategic overhaul.

3 , 10:37 AM
T. Rowe Price launches a securitized credit ETF as part of ongoing active exchange-traded fund expansion. New ETF product adds to asset management offerings with moderate potential to support inflows but no major strategic shift.

1 Sep

3 , 9:00 AM
PensionBee expands access to Automatic Rollover IRA Solution through T. Rowe Price Retirement Platform. Partnership integrates PensionBee IRA solution into T. Rowe Price retirement platform and moderately broadens offerings.

24 Aug

4 www.privatebankerinternational.com, 6:56 AM
T. Rowe Price Group, Inc. acquires fixed income fund manager F/m Investments. Acquisition expands T. Rowe Price fixed income capabilities via strategic purchase of specialized manager.

4 www.thedailyupside.com, 12:03 AM
T. Rowe Price Group, Inc. (TROW) pursues major fixed income expansion via F/m deal. Deal marks major strategic move into fixed income that could shift company trajectory and investor sentiment.

3 , 9:17 PM
T. Rowe Price Group enters deal with F/m Investments to expand into fixed-income ETFs. Deal targets expansion into fixed-income ETF segment with moderate strategic effect.

21 Aug

4 www.etf.com, 5:27 PM
T. Rowe Price Group, Inc. acquires F/m Investments in an ETF expansion deal. Acquisition directly boosts T. Rowe Price ETF assets and strategic positioning in asset management.

4 , 10:03 AM
T. Rowe Price Group, Inc. (TROW) completed the buyout of F/m Investments to expand its fixed-income offerings and accelerate growth in that segment. TROW's acquisition of F/m Investments marks a major strategic expansion in fixed-income capabilities with potential to reshape its product lineup and competitive position.

3 www.wealthmanagement.com, 2:53 PM
T. Rowe Price acquires F/m Investments to expand fixed income capabilities. Acquisition adds fixed income scale but remains incremental to core operations.

20 Aug

3 , 4:00 PM
T. Rowe Price acquires F/M Investments to expand fixed income ETF and SMA capabilities. Acquisition adds fixed income product lines and modestly improves competitive positioning.

17 Aug

4 , 12:04 PM
T. Rowe Price explores adopting AI tools to strengthen its investment processes and gain an edge over asset management rivals amid rapid industry tech shifts. T. Rowe Price AI initiatives represent major strategic moves that could significantly alter operational efficiency and long-term market positioning.

3 www.thestreet.com, 8:03 AM
Vanguard selects T. Rowe Price to manage portions of its key active equity funds. Mandate expands T. Rowe Price assets under management from major Vanguard equity funds.

14 Aug

4 , 5:12 PM
T. Rowe Price reworks leadership structure to accelerate AI initiatives and back cryptocurrency efforts. Leadership restructuring to prioritize AI and crypto represents significant strategic moves poised to alter company trajectory.

13 Aug

3 , 1:29 PM
T. Rowe Price Group's July assets under management fell due to outflows, with questions raised on whether diversification can sustain growth. Monthly AUM decline from outflows directly pressures revenue for the asset manager but remains a short-term metric balanced by diversification efforts.

3 , 9:00 AM
T. Rowe Price Group, Inc. advances AI strategy via new leadership model built to accelerate and scale execution. Leadership model strengthens AI execution and supports competitive positioning in asset management.

3 , 1:00 AM
T. Rowe Price Group anticipates expanded crypto market phase creating new asset management opportunities and potential shifts in investment strategies. Crypto sector growth may moderately influence T. Rowe Price investment offerings without fundamentally altering core operations.

11 Aug

3 , 1:33 PM
Franklin expands assets under management via diversification initiatives, raising questions over sustained growth momentum amid competitive pressures in asset management including T. Rowe Price Group. Competitor AUM growth and diversification efforts may moderately affect TROW market positioning and investor views without major trajectory shifts.

9 Aug

3 , 8:45 PM
T. Rowe Price Group's Q2 earnings call drew five key analyst questions on performance, strategy and market conditions. Analyst questions from the Q2 earnings call can highlight issues that influence near-term investor views on T. Rowe Price.

7 Aug

4 transcript www.fool.com, 10:32 PM
T. Rowe Price Group, Inc. (TROW) released Q2 2026 earnings results and management commentary in its earnings call transcript, covering financial performance, assets under management, and forward outlook. Q2 earnings figures and guidance directly shape investor views on revenue trajectory and valuation.

4 Aug

3 , 10:49 PM
T. Rowe Price stock appears cheap on value metrics, yet client outflows continue to pressure earnings performance and outlook. Persistent outflows directly weigh on TROW earnings trajectory while cheap valuation offers only partial offset.

1 Aug

3 app.moby.co, 8:30 AM
T. Rowe Price Group, Inc. held its Q2 2026 earnings call covering financial results, performance metrics, and forward outlook. Earnings call provides quarterly results and guidance that can shift near-term investor sentiment and valuation.

31 Jul

3 , 3:01 PM
T. Rowe Price Group Inc (TROW) beat EPS expectations in Q2 2026 on strong revenue performance during its earnings call. Q2 2026 EPS beat on strong revenue signals positive quarterly results that may influence near-term financial perception and investor views.

3 , 1:59 PM
T. Rowe Price reported Q2 earnings above estimates on higher revenues and record assets under management. Record AUM and earnings beat indicate stronger financial performance with potential to lift near-term investor sentiment.

3 www.marketbeat.com, 10:04 AM
T. Rowe Price Group, Inc. (TROW) released Q2 earnings call highlights covering financial results, assets under management, revenue trends and management outlook. Q2 earnings call highlights deliver updated financial metrics and guidance that can shift near-term investor sentiment and valuation.
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