A Business at a Glance
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PRICE T ROWE GROUP INC
TROW
$25.7B
Mkt Cap
$116.50
+1.35%
PRICE T ROWE GROUP INC (TROW) has a current P/E ratio of 12.6, compared to its historical median P/E of 12.0. The stock is currently considered Fair based on its historical valuation range.
PRICE T ROWE GROUP INC (TROW) has a 5-year average return on invested capital (ROIC) of 22.3%. This indicates strong capital allocation and a potential competitive advantage.
PRICE T ROWE GROUP INC (TROW) has a market capitalization of $25.0B. It is classified as a large-cap stock.
Yes, PRICE T ROWE GROUP INC (TROW) pays a dividend with a trailing twelve-month yield of 4.56%. The company also returns capital through share buybacks, with a buyback yield of 2.95%.
Based on historical P/E analysis, PRICE T ROWE GROUP INC (TROW) appears fair. The current P/E of 12.6 is 5% above its historical median of 12.0. The estimated fair value CAGR (P/E method) is -1.1%.
PRICE T ROWE GROUP INC (TROW) operates in the Investment Advice industry, within the Financials sector.
PRICE T ROWE GROUP INC (TROW) reported annual revenue of $7.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
T. Rowe Price Group is a global asset management holding company providing investment advisory services through subsidiaries to individuals, advisors, institutions, and retirement plan sponsors across 60 countries. The firm generates substantially all revenue from investment advisory fees earned on assets under management, with approximately 55% derived from sponsored U.S. mutual funds and the remainder from collective investment trusts, subadvised funds, separately managed accounts, and other sponsored products including exchange-traded funds, private investment funds, business development companies, and collateralized loan obligations. The company manages a broad range of active investment strategies across equity, fixed income, multi-asset, and alternatives asset classes, delivered through diverse vehicles tailored to different client segments and geographies. T. Rowe Price distributes its solutions through five primary channels spanning retail and institutional clients in the Americas, Europe/Middle East/Africa, and Asia Pacific regions, with particular strength in retirement solutions including target date funds that represent over 31% of managed assets. The firm's competitive positioning rests on its active, independent investment approach, fundamental and quantitative research capabilities, long-term performance track record spanning over 85 years, and diversified distribution network, though it faces industry headwinds including persistent shifts toward passive products, fee compression, and demand for lower-cost vehicles.
【Strategic partnerships and alternatives growth】 Management is executing multi-year initiatives to strengthen competitive positioning through strategic partnerships, particularly the Goldman Sachs collaboration announced in 2024 which is advancing co-branded target date strategies, model portfolios, and multi-asset offerings incorporating private investments with launches expected in mid-2026. The firm is investing in alternatives capabilities and private credit deployment, which experienced strong momentum in 2025 with over $30 billion in dry powder across various strategies and record fundraising of nearly $40 billion in 2024 and 2025 combined at Oak Hill Advisors. While the target date franchise faces headwinds from the shift toward passive and blend products, management expects to mitigate this through strong blend and hybrid offerings which represent the fastest-growing category within target date, and anticipates continued growth in fixed income, which has delivered eight consecutive quarters of positive net flows, and accelerating growth in alternatives. The firm is balancing revenue pressures from equity outflows and fee compression with disciplined expense management, targeting 2026 adjusted operating expenses to grow 3%-6% over 2025 levels while continuing to invest in strategic priorities including technology capabilities, distribution enhancements, and talent acquisition.
| Metric | Target | Period |
|---|---|---|
| Adjusted operating expenses (excluding carried interest) | up 3%-6% over 2025's $4.6 billion | FY2026 |
Adjusted operating expenses (excluding carried interest) (FY2026): “Based on normal market conditions and assets at the end of 2025, we anticipate 2026 adjusted operating expenses, excluding carried interest expense, will be up 3%-6% over 2025's $4.6 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Investment advisory fees | $1599.30B | $1398.40B | $1362.30B | $1561.90B | $1677.30B | 100% |
Administrative, distribution, services, and other fees | — | — | $551M | $588M | $594M | 0% |
Capital allocation-based income | — | $-54M | $162M | $47M | $81M | 0% |
Performance-based advisory fees | — | $6M | $38M | $59M | $37M | 0% |
Administrative, distribution, and servicing fees | $574M | $574M | $551M | $588M | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.4B | 7.3B | 7.1B | 6.5B | 6.5B | 7.7B |
| Net Income | 2.0B | 2.0B | 2.1B | 1.7B | 1.5B | 3.0B |
| EPS | $9.38 | $9.24 | $9.15 | $7.76 | $6.70 | $13.12 |
| Free Cash Flow | 1.7B | 1.5B | 1.3B | 911M | 2.1B | 3.2B |
| ROIC | 24.4% | 19.2% | 20.3% | 19.0% | 17.0% | 35.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.21 | 0.20 | 0.21 | 0.22 | 0.25 |
| Dividends/Share | $5.32 | $5.08 | $4.96 | $4.88 | $4.80 | $7.44 |
| Operating Income | 2.3B | 2.2B | 2.3B | 2.0B | 2.4B | 3.7B |
| Operating Margin | 30.7% | 29.9% | 32.9% | 30.7% | 36.6% | 48.4% |
| ROE | 19.0% | 19.2% | 20.3% | 19.0% | 17.0% | 35.9% |
| Shares Outstanding | 215M | 220M | 230M | 225M | 227M | 229M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.0B | 4.2B | 4.3B | 4.9B | 5.4B | 5.6B | 6.2B | 7.7B | 6.5B | 6.5B | 7.1B | 7.3B | 7.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.4B | 1.5B | 1.7B | 1.8B | 2.0B | 2.2B | 2.4B | 2.3B | 2.7B | 2.8B | 2.9B | 431M |
| EBIT | 1.9B | 1.9B | 1.7B | 2.1B | 2.4B | 2.4B | 2.7B | 3.7B | 2.4B | 2.0B | 2.3B | 2.2B | 2.3B |
| Op. Margin | 47.5% | 45.2% | 40.5% | 43.4% | 44.0% | 42.5% | 44.2% | 48.4% | 36.6% | 30.7% | 32.9% | 29.9% | 30.7% |
| Net Income | 1.2B | 1.2B | 1.2B | 1.5B | 1.8B | 2.1B | 2.3B | 3.0B | 1.5B | 1.7B | 2.1B | 2.0B | 2.0B |
| Net Margin | 30.5% | 28.7% | 27.8% | 30.2% | 33.4% | 37.0% | 37.2% | 39.1% | 23.5% | 27.0% | 29.6% | 27.8% | 27.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 177M | 177M |
| Returns on Capital | |||||||||||||
| ROIC | 20.6% | 23.8% | 24.3% | 27.0% | 30.0% | 31.4% | 31.2% | 35.9% | 17.0% | 19.0% | 20.3% | 19.2% | 24.4% |
| ROE | N/A | 23.8% | 24.3% | 27.0% | 30.0% | 31.4% | 31.2% | 35.9% | 17.0% | 19.0% | 20.3% | 19.2% | 19.0% |
| ROA | 22.8% | 22.5% | 21.0% | 21.3% | 23.6% | 24.4% | 23.1% | 25.9% | 12.6% | 14.6% | 15.6% | 14.6% | 14.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.5B | 171M | 230M | 1.6B | 1.5B | 1.9B | 3.5B | 2.4B | 1.2B | 1.7B | 1.8B | 1.9B |
| Free Cash Flow | 1.2B | 1.4B | 22M | 43M | 1.5B | 1.3B | 1.7B | 3.2B | 2.1B | 911M | 1.3B | 1.5B | 1.7B |
| Owner Earnings | 1.1B | 1.3B | -124M | -66M | 1.3B | 174M | 398M | 1.7B | 504M | -722M | 1.2B | -614M | -422M |
| CapEx | 126M | 151M | 148M | 186M | 169M | 205M | 215M | 239M | 238M | 308M | 423M | 274M | 254M |
| Maint. CapEx | 112M | 126M | 133M | 144M | 160M | 1.1B | 1.3B | 1.5B | 1.6B | 1.7B | 254M | 2.2B | 2.2B |
| Growth CapEx | 15M | 25M | 15M | 42M | 9.0M | 0 | 0 | 0 | 0 | 0 | 169M | 0 | 0 |
| D&A | 112M | 126M | 133M | 144M | 160M | 1.1B | 1.3B | 1.5B | 1.6B | 1.7B | 254M | 2.2B | 2.2B |
| CapEx/OCF | 9.8% | 9.9% | 87.0% | 81.1% | 10.4% | 13.4% | 11.2% | 6.9% | 10.1% | 25.3% | 25.1% | 15.6% | 13.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 462M | 1.1B | 541M | 563M | 694M | 734M | 846M | 1.7B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| Dividend Yield | 3.3% | 7.7% | 4.3% | 3.9% | 3.4% | 3.7% | 3.6% | 4.8% | 4.4% | 5.2% | 4.7% | 5.3% | 4.6% |
| Share Buybacks | 416M | 988M | 677M | 458M | 1.1B | 706M | 1.2B | 1.1B | 850M | 254M | 337M | 621M | 739M |
| Buyback Yield | 2.7% | 7.4% | 4.8% | 2.3% | 6.2% | 3.0% | 4.3% | 2.9% | 3.9% | 1.1% | 1.3% | 2.6% | 3.0% |
| Stock-Based Comp | 133M | 149M | 162M | 152M | 197M | 207M | 246M | 275M | 285M | 266M | 247M | 217M | 216M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3.7B |
| Cash & Equiv. | 1.5B | 1.2B | 1.2B | 1.9B | 1.4B | 1.8B | 2.2B | 1.5B | 1.8B | 2.1B | 2.6B | 3.4B | 3.7B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | 0.07 | 0.11 | 0.12 | 0.13 | 0.16 | 0.18 | 0.25 | 0.22 | 0.21 | 0.20 | 0.21 | 0.00 |
| Interest Coverage | 0.5 | 0.5 | 12.2 | 14.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | 4.8B | 5.0B | 5.8B | 6.1B | 7.1B | 7.7B | 9.0B | 8.8B | 9.5B | 10.3B | 10.9B | 10.8B |
| Total Assets | 5.6B | 5.1B | 6.2B | 7.5B | 7.7B | 9.3B | 10.7B | 12.5B | 11.6B | 12.3B | 13.5B | 14.3B | 14.4B |
| Total Liabilities | N/A | 345M | 529M | 718M | 825M | 1.1B | 1.4B | 2.3B | 2.0B | 2.0B | 2.0B | 2.3B | 2.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 913M | 630M | 507M | 368M | 274M | 261M |
| Retained Earnings | 4.5B | 4.0B | 4.3B | 4.9B | 5.5B | 6.4B | 7.0B | 8.1B | 1.1B | 9.1B | 10.0B | 10.9B | 10.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.55 | 4.63 | 4.75 | 5.97 | 7.27 | 8.70 | 9.98 | 13.12 | 6.70 | 7.76 | 9.15 | 9.24 | 9.38 |
| Owner EPS | 4.11 | 4.82 | -0.50 | -0.27 | 5.12 | 0.73 | 1.72 | 7.52 | 2.22 | -3.21 | 5.16 | -2.79 | -1.96 |
| Book Value | N/A | 18.27 | 20.00 | 23.75 | 24.82 | 29.76 | 33.33 | 39.43 | 38.92 | 42.29 | 45.07 | 49.27 | 50.16 |
| Cash Flow/Share | 5.03 | 5.87 | 0.68 | 0.94 | 6.56 | 6.38 | 8.30 | 15.08 | 10.39 | 5.42 | 7.34 | 7.96 | 19.52 |
| Dividends/Share | 1.73 | 4.06 | 2.16 | 2.28 | 2.80 | 3.04 | 3.60 | 7.44 | 4.80 | 4.88 | 4.96 | 5.08 | 5.32 |
| Shares Out. | 267.1M | 260.7M | 250.4M | 245.2M | 246.8M | 238.6M | 231.2M | 228.8M | 227.1M | 224.8M | 229.5M | 220.4M | 214.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.7 | 11.0 | 11.5 | 13.0 | 9.5 | 11.0 | 11.9 | 12.7 | 14.0 | 12.8 | 12.0 | 11.3 | 12.4 |
| P/FCF | 12.7 | 9.6 | 616.6 | 439.8 | 11.8 | 17.3 | 16.1 | 11.8 | 10.1 | 24.4 | 20.0 | 15.6 | 14.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.4 |
| Price/Book | N/A | 2.8 | 2.8 | 3.4 | 2.9 | 3.3 | 3.7 | 4.3 | 2.5 | 2.4 | 2.4 | 2.2 | 2.3 |
| Price/Sales | N/A | N/A | N/A | 3.0 | 3.9 | 3.6 | 3.9 | 4.8 | 3.9 | 3.4 | 3.4 | 3.0 | 3.4 |
| FCF Yield | 7.8% | 10.3% | 0.2% | 0.2% | 8.3% | 5.6% | 6.0% | 8.2% | 9.7% | 4.0% | 5.0% | 6.3% | 6.8% |
| Market Cap | 15.6B | 13.4B | 14.0B | 19.5B | 17.5B | 23.4B | 28.3B | 39.1B | 21.8B | 22.8B | 25.2B | 23.7B | 25.0B |
| Avg. Price | 52.98 | 52.95 | 50.23 | 58.69 | 82.21 | 82.65 | 100.99 | 156.12 | 109.74 | 96.44 | 104.69 | 98.62 | 116.50 |
| Year-End Price | 57.70 | 50.71 | 54.66 | 77.84 | 69.24 | 95.67 | 118.91 | 166.33 | 93.89 | 99.11 | 109.84 | 104.75 | 116.50 |
PRICE T ROWE GROUP INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
PRICE T ROWE GROUP INC trades at 12.6x trailing earnings, compared to its 15-year median P/E of 12.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 15.9x. The company's 5-year average ROIC is 22.3%. Total shareholder yield (dividends + buybacks) is 7.5%. At current prices, the estimated annualized return to fair value is -2.6%.
PRICE T ROWE GROUP INC (TROW) has a net profit margin of 27.8%. This is a strong margin indicating high profitability.
PRICE T ROWE GROUP INC (TROW) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PRICE T ROWE GROUP INC (TROW) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
PRICE T ROWE GROUP INC (TROW) reported earnings per share (EPS) of $9.24 in its most recent fiscal year.
PRICE T ROWE GROUP INC (TROW) has a return on equity (ROE) of 19.2%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 19 years of financial data for PRICE T ROWE GROUP INC (TROW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PRICE T ROWE GROUP INC (TROW) has a book value per share of $49.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing multi-year initiatives to strengthen competitive positioning through strategic partnerships, particularly the Goldman Sachs collaboration announced in 2024 which is advancing co-branded target date strategies, model portfolios, and multi-asset offerings incorporating private investments with launches expected in mid-2026. The firm is investing in alternatives capabilities and private credit deployment, which experienced strong momentum in 2025 with over $30 billion in dry powder across various strategies and record fundraising of nearly $40 billion in 2024 and 2025 combined at Oak Hill Advisors. While the target date franchise faces headwinds from the shift toward passive and blend products, management expects to mitigate this through strong blend and hybrid offerings which represent the fastest-growing category within target date, and anticipates continued growth in fixed income, which has delivered eight consecutive quarters of positive net flows, and accelerating growth in alternatives. The firm is balancing revenue pressures from equity outflows and fee compression with disciplined expense management, targeting 2026 adjusted operating expenses to grow 3%-6% over 2025 levels while continuing to invest in strategic priorities including technology capabilities, distribution enhancements, and talent acquisition.
Based on recent SEC filings and earnings calls, PRICE T ROWE GROUP INC (TROW) has provided the following forward guidance: Adjusted operating expenses (excluding carried interest): up 3%-6% over 2025's $4.6 billion (FY2026).
No recent press releases.