— Know what they know.
/
Not Investment Advice

TROW

NASDAQ · USD
T. Rowe Price Group, Inc.
Financial Services · Asset Management
CEO Robert W. Sharps Employees 7,773 R&D / revenue 0.0%
Last price
$100.97−0.39%last session
Market cap
$21.5B
P/E (TTM)
10.1x
From 52w high
−17.2%
From 52w low
+18.5%
1-year return
+3.0%
RSI 14 · vs SMA200
37.8 · −0.7%
IS score
78.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TROW   SPY   XLF (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107TROW 103

Score DNA

Each bar is a 0-100 score within the scored universe
85
Profitability
52
Growth
83
Value
73
Momentum
100
Risk (safety)
89
Quality
93
Balance sheet
81
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for TROW (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Beta 1.482 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
2 open-market sales, $1.4M
Form 144 notices (12m): 2, $1.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+76
166 new holders, 80 closed
1,163 filers hold 92.2% · 437 added, 404 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+122
1,090 funds adding shares
968 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
59.6%
20-day avg 76.2%, 50-day avg 74.0%
Latest 16.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$7.3B
Revenue growth YoY+3.1%
Gross margin62.7%
Operating income$2.2B
Operating margin29.9%
Net income$2.1B
Net margin28.5%
EPS (diluted)$9.25
Cash flow
Operating cash flow$1.8B
Capital expenditure$274.2M
Free cash flow$1.5B
FCF conversion (FCF / OCF)84.4%
Stock-based compensation$216.9M
FCF less SBC$1.3B
Buybacks$620.9M
Dividends$1.1B
Balance sheet & returns
Cash & short-term investments$3.4B
Total debt$469.0M
Net cash$2.9B
Shareholders' equity$12.1B
Goodwill & intangibles$2.9B
Debt / equity0.04
ROE (TTM)20.4%
ROIC (TTM)12.7%
Operating margin by fiscal year
48.4%FY202136.6%FY202230.7%FY202332.9%FY202429.9%FY2025
Revenue $7.7B (FY2021) to $7.3B (FY2025), a -1.2% CAGR.

Valuation

P/E (TTM)10.1x
EV / EBITDA6.0x
Price / sales2.84x
Price / FCF9.9x
FCF yield10.10%
Buyback yield2.88%
SBC / revenue2.3%
Price / book1.96x
Forward P/E FY20269.9x
Forward P/E FY202710.0x
Forward P/E FY202810.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $112.38 across 8 analysts last quarter is theirs, not ours.

TROW vs industry median

908 companies in Asset Management
Gross margin 70.7% 84.6% Operating margin 30.3% 34.7% Net margin 29.3% 18.2% ROIC 12.7% 6.4%
TROW (TTM)Industry median Asset turnover 0.49 vs industry 0.11 · financial leverage 1.40

Earnings delivery

Next report 2026-10-29 · consensus EPS $2.64
75%
beat rate, 9 of 12 quarters
+6.1%
median EPS surprise
3
longest beat streak
+22+7+17-0+10-4+5+4+11-1+8+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-27 to 2026-07-31. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TROW T. Rowe Price Group, Inc. $21.5B10.1x20.4%29.3%+3.1% +3.0%
PFG Principal Financial Group, I $23.3B15.5x13.1%10.3%+3.7% +40.1%
PS Pershing Square Inc. $17.8B1,112.0x-3.1%-78.8%— +84.5%
TPG TPG Inc. $16.3B34.9x19.6%5.1%+65.6% −21.9%
BEN Franklin Resources, Inc. $15.7B20.7x7.4%7.3%+7.9% +40.0%
RJF Raymond James Financial, Inc $30.1B13.4x18.5%13.6%+9.1% —
CRBG Corebridge Financial, Inc. $15.3B20.1x7.9%0.1%+229.2% —
NTRS Northern Trust Corporation $30.3B14.1x17.1%18.8%+3.1% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-07-31Earnings Release; Exhibits
2026-05-18Officer/Director Change; Exhibits
2026-04-30Earnings Release; Exhibits
2026-04-22Officer/Director Change; Exhibits
2026-02-04Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-03Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits

Context

Shares outstanding213,316,000
Free float98.2%
Institutional ownership92.2%
Beta1.48
Dividend yield5.12%
Last dividend$1.30 on 2026-09-15
50 / 200-day average$107.61 / $103.83
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TROW sits among 110 scored companies in Asset Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTROWIndustry medianIndustry percentileSector median
P/E (TTM) 9.7x 13.3x
30th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 0.66 0.88
30th		 1.04
Price / sales 2.8x 3.9x
30th		 2.5x
Price / book 2.0x 1.4x
64th		 1.3x
Price / tangible book 3.0x 1.4x
78th		 1.6x
Price / free cash flow 9.9x 10.3x
48th		 11.8x
Price / operating cash flow 9.3x 10.2x
46th		 11.7x
Enterprise value $18.7B $3.4B
81st		 $3.4B
EV / sales 2.5x 6.7x
17th		 6.0x
EV / EBITDA 6.7x 12.2x
16th		 13.0x
EV / EBIT 7.5x 14.4x
20th		 15.5x
EV / free cash flow 8.6x 11.6x
34th		 15.9x
Earnings yield 10.3% 5.7%
78th		 7.9%
FCF yield 10.1% 8.3%
61st		 6.3%
Operating cash flow yield 10.7% 8.6%
62nd		 7.8%
Graham number (per share) $109.48 $27.85
85th		 $50.71

Profitability (TTM)

MeasureTROWIndustry medianIndustry percentileSector median
Gross margin 70.7% 71.8%
48th		 71.9%
EBITDA margin 37.1% 39.3%
42nd		 37.9%
Operating margin 30.3% 30.2%
51st		 23.3%
EBIT margin 32.8% 32.7%
52nd		 23.3%
Net margin 29.3% 15.3%
71st		 18.7%
NOPAT margin 23.2% 23.0%
51st		 18.7%
FCF margin 28.7% 24.3%
55th		 23.3%
Operating cash flow margin 30.4% 29.1%
52nd		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 32.4% 9.8%
86th		 20.1%
Stock comp / revenue 2.3% 0.0%
75th		 0.7%
Effective tax rate 23.4% 19.9%
79th		 21.0%

Returns on capital

MeasureTROWIndustry medianIndustry percentileSector median
ROE (on average equity) 20.6% 11.2%
78th		 11.9%
ROA 15.0% 2.3%
86th		 1.4%
ROIC 21.5% 5.5%
85th		 7.8%
ROCE 18.5% 4.9%
86th		 5.8%
Return on tangible assets 16.8% 4.7%
83rd		 2.0%
Cash ROIC (OCF / invested capital) 28.1% 10.0%
79th		 11.4%
Gross profitability (GP / assets) 35.0% 8.8%
94th		 10.3%
ROIC, 3-yr average 21.1% 5.6%
88th		 7.1%
ROIC, 5-yr average 28.5% 6.0%
91st		 7.3%
ROE, 5-yr average 20.6% 11.2%
86th		 10.7%
Incremental ROIC 50.2% 12.9%
68th		 8.4%

Growth

MeasureTROWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.0% 15.4%
34th		 7.1%
Revenue growth (QoQ) 2.7% 6.6%
40th		 2.8%
Revenue CAGR, 3 yr 6.6% 13.1%
27th		 10.8%
Revenue CAGR, 5 yr 1.4% 5.8%
24th		 11.3%
Gross profit CAGR, 3 yr 20.0% 20.6%
47th		 18.0%
Operating income CAGR, 3 yr 7.6% 12.7%
38th		 8.8%
Net income growth (TTM YoY) 9.0% 17.8%
42nd		 24.7%
Net income CAGR, 3 yr 12.8% 9.1%
56th		 9.4%
EPS growth (TTM YoY) 12.1% 14.5%
47th		 25.1%
EPS CAGR, 3 yr 14.7% 5.5%
59th		 7.3%
EPS CAGR, 5 yr -4.5% -5.9%
52nd		 4.2%
FCF growth (TTM YoY) 65.3% 18.5%
73rd		 15.9%
FCF CAGR, 3 yr 19.0% 8.1%
66th		 8.5%
Operating cash flow CAGR, 3 yr 14.4% 6.6%
62nd		 8.4%
Book value CAGR, 3 yr 7.7% 3.6%
57th		 8.9%
Dividend CAGR, 3 yr 1.8% -1.2%
59th		 1.9%
Sustainable growth rate 10.0% 3.5%
68th		 8.3%

Margin history & stability

MeasureTROWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 57.6% 63.7%
32nd		 63.4%
Operating margin, 3-yr average 31.1% 33.3%
38th		 21.4%
Net margin, 3-yr average 28.9% 26.3%
61st		 16.5%
FCF margin, 3-yr average 21.8% 28.9%
41st		 28.2%
Revenue stability (0-1) 0.21 0.58
26th		 0.86
Earnings stability (0-1) 0.25 0.40
37th		 0.37
Margin stability (0-1) 0.84 0.80
57th		 0.81

Liquidity (latest quarter)

MeasureTROWIndustry medianIndustry percentileSector median
Cash & short-term investments $3.2B $142.5M
82nd		 $145.5M
Net cash (− = net debt) $2.8B −$692.3M
92nd		 −$676.0M
Working capital $2.3B $90.6M
85th		 $86.3M
Current ratio 2.18 1.16
60th		 1.19
Quick ratio 2.18 1.16
60th		 1.19
Cash ratio (cash + ST investments / current liabilities) 1.69 0.62
65th		 0.55
Defensive interval (days) 496 days 365 days
63rd		 417 days

Leverage & solvency (latest quarter)

MeasureTROWIndustry medianIndustry percentileSector median
Total debt $429.4M $1.3B
22nd		 $1.2B
Debt / equity 0.04 0.99
8th		 0.81
Net debt / equity −0.25 0.84
10th		 0.66
Debt / assets 2.8% 37.6%
13th		 33.5%
Debt / capital 3.8% 49.7%
8th		 44.6%
Debt / EBITDA 0.15 4.80
7th		 3.20
Net debt / EBITDA −1.00 3.41
13th		 2.19
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.2 yrs 3.5 yrs
8th		 3.7 yrs
Liabilities / assets 20.7% 55.3%
7th		 86.2%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 475
4th		 175

Efficiency

MeasureTROWIndustry medianIndustry percentileSector median
Asset turnover 0.51 0.12
94th		 0.15
Fixed asset turnover 6.42 9.51
30th		 11.68
Inventory turnover —
Receivables turnover 8.4 8.4
49th		 8.2
Days sales outstanding 43 days 37 days
54th		 43 days
Days inventory outstanding —
Days payables outstanding 28 days 49 days
39th		 39 days
Cash conversion cycle (days) 16 days −8 days
67th		 0 days
Capex / revenue 1.7% 0.0%
86th		 0.2%
Capex / depreciation 0.40 0.05
74th		 0.13
Operating expense ratio 28.5% 43.6%
34th		 38.9%

Cash flow & earnings quality

MeasureTROWIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.04 1.20
45th		 1.28
FCF / net income 0.98 0.99
48th		 1.15
FCF / operating cash flow 94.4% 99.6%
22nd		 98.5%
Capex / operating cash flow 5.6% 0.0%
82nd		 0.6%
Accruals ratio -0.6% -1.4%
60th		 -2.0%
Sloan accruals ratio -10.9% -0.3%
15th		 -0.6%
Earnings quality score (0-1) 1.00 0.75
60th		 0.75

Dividends & buybacks

MeasureTROWIndustry medianIndustry percentileSector median
Dividend yield 5.1% 6.6%
41st		 2.3%
Dividend per share (TTM) $5.17 $1.49
94th		 $1.03
Payout ratio (dividends / net income) 51.6% 67.8%
35th		 30.0%
Dividends / FCF 52.7% 52.7%
50th		 49.0%
Dividend growth (YoY) 3.4% 6.9%
41st		 6.4%
Buyback yield 1.4% 1.0%
52nd		 1.7%
Shareholder yield (dividends + buybacks) 6.7% 10.3%
30th		 5.2%
Share count change (YoY) -2.8% 0.0%
27th		 -0.3%
Buybacks, last 5 years $2.7B $40.9M
84th		 $85.3M

Scores & forensic checks

MeasureTROWIndustry medianIndustry percentileSector median
IS score 78 45
93rd		 53
IS profitability 85 60
80th		 59
IS growth 52 53
36th		 57
IS value 83 66
71st		 77
IS momentum 73 59
65th		 76
IS risk (safety) 100 15
83rd		 65
IS quality 89 64
98th		 71
IS balance sheet 93 42
98th		 51
IS earnings quality 81 68
80th		 74
IS cash flow 89 69
97th		 71
Piotroski F-score (0-9) 8 6
93rd		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −11.48 −7.13
3rd		 −6.00
IS credit score 94 41
94th		 68

Per share

MeasureTROWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.37 $1.19
87th		 $3.36
Book value per share $51.37 $16.24
87th		 $28.13
Tangible book per share $43.39 $13.69
90th		 $21.49
Revenue per share $35.44 $4.23
85th		 $17.62
FCF per share $10.16 $1.85
83rd		 $1.99
Operating cash flow per share $10.76 $2.62
83rd		 $2.45
Cash per share $15.10 $1.06
84th		 $1.75

Size (TTM)

MeasureTROWIndustry medianIndustry percentileSector median
Market cap $21.5B $3.1B
84th		 $2.5B
Revenue $7.6B $703.1M
83rd		 $1.0B
EBITDA $2.8B $205.6M
85th		 $269.3M
Net income $2.2B $151.7M
88th		 $168.0M
Free cash flow $2.2B $219.5M
91st		 $160.0M
Total assets $15.4B $2.9B
77th		 $8.5B
Shareholders' equity $11.0B $1.2B
83rd		 $1.5B
Employees 7,544 1,700
82nd		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-29Wijnberg Sandra S
Director
 Award / grant 164$104.51$17,10932,187
2026-09-29Wilson Alan D
Director
 Award / grant 520$104.51$54,36442,338
2026-09-29Verma Richard R.
Director
 Award / grant 61$104.51$6,3574,951
2026-09-29Stevens Robert J
Director
 Award / grant 314$104.51$32,82025,560
2026-09-29Smith Cynthia F
Director
 Award / grant 77$104.51$8,0878,776
2026-09-29Golston Allan C.
Director
 Award / grant 61$104.51$6,3574,951
2026-09-29Maclellan Robert F.
Director
 Award / grant 212$104.51$22,20555,920
2026-09-29Dublon Dina
Director
 Award / grant 120$104.51$12,58815,654
2026-09-29Donnelly William P
Director
 Award / grant 164$104.51$17,13913,348
2026-08-25Nelson Joshua B
Vice President
 Open-market sale 10,000$111.82$1.1M71,328
2026-08-25Nelson Joshua B
Vice President
 Award / grant 4$101.04$37071,332
2026-06-30Wilson Alan D
Director
 Award / grant 691——41,818

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired36122,955$366,465
Open-market saleDisposed213,000$1.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 2 notices · 14,260 shares · $1.5M
FiledFilerShares proposedEst. proceeds
2026-08-21Nelson Joshua B10,000$1.1M
2025-12-10Husain Arif4,260$434,760
2025-09-22Robert Maclellan3,090$324,466
2025-06-11Sawyer Dorothy C2,000$189,960
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 3 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-20Kevin HernHouseSale$15,001 - $50,0002026-04-06
2026-03-20Kevin HernHouseSale (Full)$15,001 - $50,0002026-04-06
2026-03-19Kevin HernHouseSale (Full)$15,001 - $50,0002026-04-06
2025-03-31Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-05-15
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-10
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2022-10-05Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2020-07-15Bill CassidySenateSale (Full)$1,001 - $15,0002020-08-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.23,996,119$2.7B11.25%
STATE STREET CORP14,653,478$1.7B6.87%
VANGUARD CAPITAL MANAGEMENT LLC13,972,686$1.6B6.55%
VANGUARD PORTFOLIO MANAGEMENT LLC10,042,805$1.1B4.71%
GOLDMAN SACHS GROUP INC8,452,903$961.0M3.96%
GEODE CAPITAL MANAGEMENT, LLC6,263,829$709.9M2.94%
Invesco Ltd.3,955,664$449.7M1.85%
FIRST TRUST ADVISORS LP3,902,311$443.7M1.83%
UBS Group AG2,653,488$301.7M1.24%
NORTHERN TRUST CORP2,355,690$267.8M1.10%
DIMENSIONAL FUND ADVISORS LP2,340,864$266.2M1.10%
MORGAN STANLEY2,182,196$248.1M1.02%
FAYEZ SAROFIM & CO2,076,156$236.0M0.97%
PROVIDENT TRUST CO2,061,353$234.4M0.97%
ProShare Advisors LLC1,680,004$191.0M0.79%

Institutional ownership by quarter

2023-092026-0692.2%
% of shares held by 13F filers
2023-092026-061,163
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,16392.2%16643740480
2026-03-311,08787.0%115427371124
2025-12-311,11985.5%14240540675
2025-09-301,07180.6%10537939487
2025-06-301,07182.0%118414385112
2025-03-311,07880.2%113390420138
2024-12-311,11880.1%17139538978
2024-09-301,04577.6%9539838694
2024-06-301,06075.9%9242236565
2024-03-311,04876.7%107418366100
2023-12-311,04776.9%13330048577
2023-09-301,00578.8%8438237871

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-07SCHEDULE 13GBlackRock, Inc.10.1%21,957,917
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$703.6M
VTSAX0.03%$703.6M
VTI0.03%$703.6M
VSMPX0.03%$703.6M
SCHD0.53%$599.2M
VFFSX0.03%$582.9M

Share structure

Shares outstanding213,316,000
Float209,418,717
Free float98.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.7B$6.5B$6.5B$7.1B$7.3B
Cost of revenue$3.0B$2.9B$3.3B$3.4B$2.7B
Gross profit$4.7B$3.6B$3.2B$3.7B$4.6B
R&D$0$0$0$0$0
SG&A$968.7M$1.1B$1.2B$1.2B$2.3B
Operating income$3.7B$2.4B$2.0B$2.3B$2.2B
EBITDA$3.9B$3.1B$2.5B$3.0B$2.9B
Pretax income$4.0B$1.9B$2.5B$2.8B$2.9B
Income tax$896.1M$498.6M$654.6M$683.8M$667.2M
Net income$3.1B$1.6B$1.8B$2.1B$2.1B
EPS, diluted$13.12$6.70$7.76$9.15$9.25
Diluted shares228.8M227.1M224.8M223.3M223.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$1.8B$2.1B$2.6B$3.4B
Receivables$1.1B$748.7M$807.9M$877.4M$714.4M
Inventory$0$0$0$0$0
Total current assets$2.6B$2.5B$2.9B$3.5B$4.1B
PP&E, net$937.4M$1.0B$1.0B$1.2B$1.2B
Goodwill & intangibles$3.6B$3.3B$3.2B$3.0B$2.9B
Total assets$12.5B$11.6B$12.3B$13.5B$14.6B
Accounts payable$431.0M$406.7M$422.9M$353.5M$0
Total current liabilities$508.9M$452.7M$489.1M$440.6M$56.0M
Long-term debt$0$0$0$0$413.0M
Total liabilities$2.3B$2.0B$2.0B$2.0B$2.6B
Shareholders' equity$10.3B$9.7B$10.3B$11.5B$12.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.1B$1.4B$1.8B$2.1B$2.2B
Depreciation & amortization$204.8M$645.8M$481.6M$504.2M$605.5M
Stock-based compensation$274.6M$285.4M$265.6M$247.3M$216.9M
Change in working capital$67.4M−$139.9M$193.6M$5.5M$169.8M
Operating cash flow$3.5B$2.4B$1.2B$1.7B$1.8B
Capital expenditure−$239.1M−$237.6M−$307.9M−$423.4M−$274.2M
Free cash flow$3.2B$2.1B$911.2M$1.3B$1.5B
Investing cash flow−$1.1B−$41.5M$128.2M−$177.5M$230.3M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$1.1B−$849.8M−$272.4M−$370.5M−$620.9M
Dividends paid−$1.7B−$1.1B−$1.1B−$1.1B−$1.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin61.0%55.0%49.6%51.9%62.7%
Operating margin48.4%36.6%30.7%32.9%29.9%
Net margin40.2%24.0%27.7%29.6%28.5%
FCF margin41.9%32.7%14.1%17.8%27.3%
ROE36.9%17.4%19.5%21.2%19.7%
ROIC37.1%23.8%18.9%22.2%20.2%
ROA26.6%12.9%15.0%16.3%14.9%
Debt / equity0.030.040.030.030.08
Interest coverage—————
Current ratio5.075.535.888.0173.08
Revenue growth+23.6%−15.4%−0.4%+9.8%+3.1%
EPS growth+31.2%−48.9%+15.1%+18.0%−1.0%
P/E at year end12.1x13.7x12.3x11.4x11.0x
EV / EBITDA at year end9.2x6.4x8.0x7.2x7.1x
FCF yield at year end8.63%9.97%4.15%5.27%8.72%
Dividend payout55.2%71.1%62.7%54.1%54.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Asset Management$7.1B$6.0B$5.7B$6.4B$6.6B
Administrative Service$573.8M$573.6M$550.9M$588.0M—
Capital Allocation Based Income—−$54.3M$161.9M$46.6M$81.2M

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $2.64 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.7B$7.6B – $7.8B$10.15$9.86 – $10.4989.9x
2027$7.9B$7.7B – $8.0B$10.06$9.19 – $10.51810.0x
2028$8.0B$7.5B – $8.6B$10.03$9.18 – $10.87210.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-31$2.51$2.57+2.4%$1.9B$1.9B+0.7%
2026-04-30$2.33$2.52+8.2%$1.9B$1.9B+0.1%
2026-02-04$2.46$2.44−0.8%$1.9B$1.9B+0.3%
2025-10-31$2.54$2.81+10.6%$1.9B$1.9B+0.6%
2025-08-01$2.15$2.24+4.2%$1.7B$1.7B−0.3%
2025-05-02$2.13$2.23+4.7%$1.8B$1.8B−1.1%
2025-02-05$2.20$2.12−3.6%$1.9B$1.8B−2.3%
2024-11-01$2.33$2.57+10.3%$1.8B$1.8B−3.2%
2024-07-26$2.27$2.26−0.4%$1.8B$1.7B−3.1%
2024-04-26$2.04$2.38+16.7%$1.7B$1.8B+2.1%
2024-02-08$1.60$1.72+7.5%$1.6B$1.6B+1.9%
2023-10-27$1.78$2.17+21.9%$1.6B$1.7B+2.1%
2023-07-28$1.73$2.02+16.8%$1.6B$1.6B+1.8%
2023-05-02$1.64$1.69+3.0%$1.5B$1.5B+1.0%
2023-01-26$1.72$1.74+1.2%$1.5B$1.5B−0.8%
2022-10-27$1.81$1.86+2.8%$1.5B$1.6B+3.6%
2022-07-28$2.16$1.79−17.1%$1.7B$1.5B−9.0%
2022-04-28$2.75$2.62−4.7%$1.9B$1.9B−0.5%
2022-01-27$3.14$3.17+1.0%$1.9B$2.0B+2.1%
2021-10-28$3.30$3.27−0.9%$2.0B$2.0B+0.1%
2021-07-29$3.21$3.31+3.1%$1.9B$1.9B0.0%
2021-04-29$2.94$3.01+2.4%$1.8B$1.8B+2.4%
2021-01-28$2.64$2.89+9.5%$1.6B$1.7B+10.5%
2020-10-29$2.48$2.55+2.8%$1.6B$1.6B+2.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.306-290.407-060.407-130.207-200.407-270.408-030.208-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$164.1M1,491,38751,680
2026-08-24$164.0M1,463,28344,714
2026-08-17$212.7M1,903,94158,292
2026-08-10$220.2M1,964,07052,633
2026-08-03$391.1M3,429,03179,357
2026-07-27$431.1M3,691,54786,991

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1559.6%
DateShort shareShort volumeTotal volume
2026-10-1559.6%653,0451,095,502
2026-10-1471.3%721,5991,012,610
2026-10-1381.0%731,132902,251
2026-10-1283.1%721,315867,616
2026-10-0966.2%401,856607,117
2026-10-0873.4%704,732959,610
2026-10-0786.3%679,158786,954
2026-10-0675.0%439,948586,644
2026-10-0581.6%565,254693,026
2026-10-0274.9%519,316693,704
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-2.2Jan-1.9Feb+2.0Mar+2.8Apr+0.5May+0.9Jun+3.4Jul-1.2Aug-0.4Sep+1.6Oct+3.9Nov+2.3Dec
MonthAvg returnUp yearsYears
Jan−2.2%65%20
Feb−1.9%35%20
Mar+2.0%71%21
Apr+2.8%60%20
May+0.5%55%20
Jun+0.9%55%20
Jul+3.4%70%20
Aug−1.2%45%20
Sep−0.4%50%20
Oct+1.6%65%20
Nov+3.9%65%20
Dec+2.3%80%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1437.8
MFI63.7
ADX32.7
Stochastic %K / %D29.1 / 24.2
Williams %R-67.3
CCI-154
TSI / signal-21.9 / -20.0
Chaikin money flow0.14
ATR$2.33
Bollinger width6.0%
Volume vs 20-day avg1.41x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$103.71 (−2.6%)
SMA 50$106.65 (−5.3%)
SMA 200$101.69 (−0.7%)
EMA 21$103.66 (−2.6%)
EMA 50$105.78 (−4.5%)
EMA 200$103.52 (−2.5%)
Bollinger upper$106.85 (−5.5%)
Bollinger lower$100.58 (+0.4%)
Parabolic SAR$104.81 (−3.7%)
Open the live chart, 110+ indicators

About T. Rowe Price Group, Inc.

T. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management. The firm extends its financial expertise to a diverse range of clients, including individual investors, institutional organizations, retirement benefit plans, and financial intermediaries. It is responsible for the establishment and ongoing management of both equity and fixed income mutual funds. The company's investment activities encompass public stock and bond markets worldwide. Employing a bottom-up methodology, the firm integrates both fundamental and quantitative analysis, leveraging insights from both internal research capabilities and external sources for its investment decisions. A core tenet of its investment philosophy is socially responsible investing, with a significant emphasis on environmental, social, and governance (ESG) factors. Furthermore, T. Rowe Price engages in late-stage venture capital transactions, typically committing between $3 million and $5 million per investment. Historically, the firm was known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. Established in 1937, its global headquarters are situated in Baltimore, Maryland. The firm maintains a substantial international presence, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Germany; Madrid, Spain; Milan, Italy; Stockholm, Sweden; Melbourne, Australia; and Amsterdam, Netherlands.

https://www.troweprice.com

Key executives

NameTitlePayBorn
Robert W. SharpsCEO & Chair of the Board$8.8M1971
Glenn Russell AugustFounder, VP & Director$8.7M1962
Eric Lanoue VeielPresident, Co-Head of Global Investments & Chief Investment Officer$6.1M1972
Sébastien PageCo-Head of Global Investments & Chief Investment Officer$4.7M1977
Jennifer Benson DardisCFO & Treasurer$2.8M1974
Jessica HieblerPrincipal Accounting Officer, Controller & Vice President—1976
Mike BarryHead of Global Marketing——
Ramon RichardsCTO, Global Head of Technology, Data & Operations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert W. Sharps Chair, Chief Executive Officer, and President2025$350,000$8.4M$8.4M$17.2M
Eric L. Veiel Head of Global Investments and Chief Investment Officer2025$350,000$3.5M$5.7M$9.5M
Glenn R. August Chief Executive Officer of Oak Hill Advisors L.P.2025$350,000$0$0$8.7M
Sébastien Page Head of Global Multi-Asset and Chief Investment Officer2025$350,000$2.2M$4.3M$6.9M
Jennifer B. Dardis Chief Financial Officer and Treasurer2025$350,000$1.6M$2.4M$4.4M

Employees

7k20187k20198k20208k20218k20228k20238k20248k2025

Dividends

Ex-dateAmountPaid
2026-09-15$1.32026-09-29
2026-06-15$1.32026-06-29
2026-03-16$1.32026-03-30
2025-12-15$1.272025-12-30
2025-09-15$1.272025-09-29
2025-06-13$1.272025-06-27
2025-03-14$1.272025-03-28
2024-12-13$1.242024-12-27

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage51
Intangibles47
Switching costs49
Network effect47
Efficient scale62
Our component scores (0-100) and overall 50.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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