Financial Services · Asset Management
Price
$110.20
Market Cap
$23.6B
Employees
8,084
Beta
1.52
Avg Volume
2,173,783
CEO
Robert W. Sharps
Business Description
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.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
11.90
Stock Price: $110.20
EPS (Diluted): 9.26
EPS (Diluted): 9.26
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.11
Stock Price: $110.20
Total Equity: $10.86B
Shares: 223,768,844
Total Equity: $10.86B
Shares: 223,768,844
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
7.09
Market Cap: $23.61B
Total Debt: $469.00M
Cash: $3.38B
EBITDA: $2.88B
Total Debt: $469.00M
Cash: $3.38B
EBITDA: $2.88B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$20.4B
Market Cap: $23.61B
Total Debt: $469.00M
Cash: $3.38B
Total Debt: $469.00M
Cash: $3.38B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
62.7%
Gross Profit: $4.58B
Revenue: $7.31B
Revenue: $7.31B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
29.9%
Operating Income: $2.19B
Revenue: $7.31B
Revenue: $7.31B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
28.5%
Net Income: $2.09B
Revenue: $7.31B
Revenue: $7.31B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
19.2%
Net Income: $2.09B
Total Equity: $10.86B
Total Equity: $10.86B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
21.1%
Operating Income: $2.19B
Tax Rate: 23.2%
Equity: $10.86B
Total Debt: $469.00M
Cash: $3.38B
Tax Rate: 23.2%
Equity: $10.86B
Total Debt: $469.00M
Cash: $3.38B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
73.08
Current Assets: $4.09B
Current Liabilities: $56.00M
Current Liabilities: $56.00M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.04
Short-Term Debt: $56.00M
Long-Term Debt: $413.00M
Total Debt: $469.00M
Total Equity: $10.86B
Long-Term Debt: $413.00M
Total Debt: $469.00M
Total Equity: $10.86B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$32.69
Revenue: $7.31B
Shares: 223,768,844
Shares: 223,768,844
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$48.53
Total Equity: $10.86B
Shares: 223,768,844
Shares: 223,768,844
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$6.61
Operating CF: $1.75B
CapEx: -$274.20M
Shares: 223,768,844
CapEx: -$274.20M
Shares: 223,768,844
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
5.0%
Last Dividend: N/A
Stock Price: $110.20
Stock Price: $110.20
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $2.09B
Net Income: $2.09B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TROW against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:52pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Operating Expenses | $968.7M | $1.2B | $1.2B | $1.4B | $2.4B |
| Operating Income | $3.7B | $2.4B | $2.0B | $2.3B | $2.2B |
| Net Income | $3.1B | $1.6B | $1.8B | $2.1B | $2.1B |
| EBITDA | $3.9B | $3.1B | $2.5B | $3.0B | $2.9B |
| EPS | $13.25 | $6.73 | $7.78 | $9.18 | $9.26 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:52pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.5B | $1.8B | $2.1B | $2.6B | $3.4B |
| Total Current Assets | $2.6B | $2.5B | $2.9B | $3.5B | $4.1B |
| Total Assets | $12.5B | $11.6B | $12.3B | $13.5B | $14.6B |
| 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 |
| Total Equity | $9.0B | $8.8B | $9.5B | $10.3B | $10.9B |
| Retained Earnings | $8.1B | $8.4B | $9.1B | $10.0B | $10.9B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:52pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Acquisitions (net) | -$2.5B | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.1B | -$849.8M | -$254.4M | -$337.2M | -$620.9M |
| Net Change in Cash | -$632.3M | $250.5M | $269.1M | $569.1M | $704.4M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:34am (21h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$7.5B $7.3B – $7.6B
|
$7.6B $7.3B – $7.8B
|
$7.7B $7.7B – $7.8B
|
$7.9B $7.7B – $8.0B
|
| EBITDA |
$3.3B $3.2B – $3.3B
|
$3.4B $3.2B – $3.5B
|
$3.4B $3.4B – $3.4B
|
$3.5B $3.4B – $3.5B
|
| Net Income |
$2.1B $2.0B – $2.2B
|
$2.1B $2.0B – $2.2B
|
$2.1B $2.0B – $2.1B
|
$2.3B $2.2B – $2.3B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:52pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -15.4% | -0.4% | +9.8% | +3.1% |
| Gross Profit Growth | -23.8% | -10.1% | +14.9% | +24.4% |
| Operating Income Growth | -36.0% | -16.3% | +17.5% | -6.2% |
| Net Income Growth | -49.5% | +14.8% | +17.4% | -0.6% |
| EBITDA Growth | -20.4% | -19.8% | +18.3% | -3.4% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:52pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $1.30 | 2026-05-07 | 2026-06-15 | 2026-06-29 |
| 2026-03-16 | $1.30 | 2026-02-09 | 2026-03-16 | 2026-03-30 |
| 2025-12-15 | $1.27 | 2025-10-28 | 2025-12-15 | 2025-12-30 |
| 2025-09-15 | $1.27 | 2025-08-11 | 2025-09-15 | 2025-09-29 |
| 2025-06-13 | $1.27 | 2025-05-09 | 2025-06-13 | 2025-06-27 |
| 2025-03-14 | $1.27 | 2025-02-11 | 2025-03-14 | 2025-03-28 |
| 2024-12-13 | $1.24 | 2024-11-01 | 2024-12-13 | 2024-12-27 |
| 2024-09-13 | $1.24 | 2024-07-30 | 2024-09-13 | 2024-09-27 |
| 2024-06-14 | $1.24 | 2024-05-07 | 2024-06-14 | 2024-06-27 |
| 2024-03-14 | $1.24 | 2024-01-30 | 2024-03-15 | 2024-03-28 |
| 2023-12-14 | $1.22 | 2023-10-31 | 2023-12-15 | 2023-12-29 |
| 2023-09-14 | $1.22 | 2023-07-31 | 2023-09-15 | 2023-09-28 |
| 2023-06-14 | $1.22 | 2023-05-09 | 2023-06-15 | 2023-06-29 |
| 2023-03-14 | $1.22 | 2023-02-07 | 2023-03-15 | 2023-03-30 |
| 2022-12-15 | $1.20 | 2022-11-01 | 2022-12-16 | 2022-12-29 |
| 2022-09-14 | $1.20 | 2022-08-01 | 2022-09-15 | 2022-09-29 |
| 2022-06-14 | $1.20 | 2022-05-10 | 2022-06-15 | 2022-06-29 |
| 2022-03-14 | $1.20 | 2022-02-08 | 2022-03-15 | 2022-03-30 |
| 2021-12-15 | $1.08 | 2021-11-02 | 2021-12-16 | 2021-12-30 |
| 2021-09-14 | $1.08 | 2021-08-02 | 2021-09-15 | 2021-09-29 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TROW — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30