T. Rowe Price (TROW)
Financials · $22.0B market cap · SEC CIK 0001113169
fundamentals score out of 100
Next reports on Oct 29, 2026, before the open, with analysts expecting $2.74 in earnings per share.
The case for TROW
- Cheap on earnings at 9.9×, well under the market's usual 20×.
- 29% of revenue drops through to net profit.
- Pays a 5.0% dividend while you wait.
- A PEG of 0.87: a P/E of 9.9× is low for EPS growing 11%.
- Return on equity of 20%.
- Gross margin of 100% absorbs cost shocks.
The case against
- Growth is weak (29/100): revenue +7.0%, EPS +11.3%, +3.3% a year over five years.
- Weakest against its peers: price/sales of 2.9× is higher than 64% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 68 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 29 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 87 |
| Momentumhow the price has behaved lately | 46 |
| Stabilityhow violently it moves, what it owes and what it pays you | 47 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 9.9× |
|---|---|
| Price / book | 2.21× |
| Price / sales | 2.9× |
| Revenue growth (YoY) | +7.0% |
| EPS growth (YoY) | +11.3% |
| Gross margin | 100% |
| Operating margin | 31% |
| Net margin | 29% |
| Return on equity | 20% |
| Debt / equity | 0.00× |
| Current ratio | 2.85 |
| Dividend yield | 4.97% |
| Beta | 1.47 |
| 52-week range | $85.22 – $122.00 |
| Position in that range | 52% of the way up |
| 3-month return | -2.8% |
| 1-year return | -1.3% |
Five years of financials, as filed
Pulled from T. Rowe Price's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $7.3B | $7.1B | $6.5B | $6.5B | $7.7B |
| Operating income | $2.2B | $2.3B | $2.0B | $2.4B | $3.7B |
| Net income | $2.1B | $2.1B | $1.8B | $1.6B | $3.1B |
| Operating cash flow | $1.8B | $1.7B | $1.2B | $2.4B | $3.5B |
| Capital expenditure | $274M | $423M | $308M | $238M | $239M |
| Total assets | $14.3B | $13.5B | $12.3B | $11.6B | $12.5B |
| Total liabilities | $2.3B | $2.0B | $2.0B | $2.0B | $2.3B |
| Shareholder equity | $10.9B | $10.3B | $9.5B | $8.8B | $9.0B |
| Cash | $3.4B | $2.6B | $2.1B | $1.8B | $1.5B |
| Free cash flow | $1.5B | $1.3B | $911M | $2.1B | $3.2B |
| Operating margin | 29.9% | 32.9% | 30.7% | 36.6% | 48.4% |
| Net margin | 28.5% | 29.6% | 27.7% | 24.0% | 40.2% |
| Diluted shares | 220M | 223M | 225M | 227M | 229M |
Share count is down 3.7% over 4 years. Buybacks have been shrinking the pie.
What T. Rowe Price says it does
T. Rowe Price Group, Inc. (T. Rowe Price Group, T. Rowe Price, the firm, we, us, or our) is a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide. We identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, multi-asset, and alternatives capabilities to individuals, advisors, institutions, and retirement plan sponsors. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services. We take an active,…
Risk factors TROW lists in its 10-K
- (in millions, except per-share amounts)
- CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (shares in thousands; dollars in millions)
- Additional capital in excess of par value
- Total stockholders’ equity attributable to T. Rowe Price Group
- Non-controlling interests in consolidated entities
- Total permanent stockholders' equity
- Redeemable non-controlling interests
- Accumulated other comprehensive income
- Income Taxes (Topic 740) - Improvements to Income Tax Disclosures,
- - Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses
- Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
- Investments in T. Rowe Price money market mutual funds
- Investments in affiliated private investment funds - carried interest
- Investments – Equity Method and Joint Ventures