NYSE: BEN
Franklin Resources
Financials · Investment Advice
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$16.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $20.2B |
| FY2017, ended Sep 30, 2017 | $24.7B |
| FY2018, ended Sep 30, 2018 | $15.6B |
| FY2019, ended Sep 30, 2019 | $14.4B |
| FY2020, ended Sep 30, 2020 | $10.3B |
| FY2021, ended Sep 30, 2021 | $14.9B |
| FY2022, ended Sep 30, 2022 | $10.8B |
| FY2023, ended Sep 30, 2023 | $12.2B |
| FY2024, ended Sep 30, 2024 | $10.6B |
| FY2025, ended Sep 30, 2025 | $12.1B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $16.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.32B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $6.62B |
| FY2017, ended Sep 30, 2017 | $6.39B |
| FY2018, ended Sep 30, 2018 | $6.32B |
| FY2019, ended Sep 30, 2019 | $5.77B |
| FY2020, ended Sep 30, 2020 | $5.57B |
| FY2021, ended Sep 30, 2021 | $8.43B |
| FY2022, ended Sep 30, 2022 | $8.28B |
| FY2023, ended Sep 30, 2023 | $7.85B |
| FY2024, ended Sep 30, 2024 | $8.48B |
| FY2025, ended Sep 30, 2025 | $8.77B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $9.32B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $1.73B | $1.63B |
| FY2017, ended Sep 30, 2017 | $1.70B | $1.06B |
| FY2018, ended Sep 30, 2018 | $764M | $2.12B |
| FY2019, ended Sep 30, 2019 | $1.20B | $34.8M |
| FY2020, ended Sep 30, 2020 | $799M | $980M |
| FY2021, ended Sep 30, 2021 | $1.83B | $1.17B |
| FY2022, ended Sep 30, 2022 | $1.29B | $1.87B |
| FY2023, ended Sep 30, 2023 | $883M | $940M |
| FY2024, ended Sep 30, 2024 | $465M | $794M |
| FY2025, ended Sep 30, 2025 | $525M | $912M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $813M | $232M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.76B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $8.48B |
| FY2017, ended Sep 30, 2017 | $8.75B |
| FY2018, ended Sep 30, 2018 | $6.91B |
| FY2019, ended Sep 30, 2019 | $6.21B |
| FY2020, ended Sep 30, 2020 | $3.99B |
| FY2021, ended Sep 30, 2021 | $4.65B |
| FY2022, ended Sep 30, 2022 | $4.78B |
| FY2023, ended Sep 30, 2023 | $4.40B |
| FY2024, ended Sep 30, 2024 | $4.41B |
| FY2025, ended Sep 30, 2025 | $3.57B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $3.76B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.40B
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | $1.40B |
| FY2017, ended Sep 30, 2017 | $1.04B |
| FY2018, ended Sep 30, 2018 | $696M |
| FY2019, ended Sep 30, 2019 | $697M |
| FY2020, ended Sep 30, 2020 | $3.02B |
| FY2021, ended Sep 30, 2021 | $3.40B |
| FY2022, ended Sep 30, 2022 | $3.38B |
| FY2023, ended Sep 30, 2023 | $3.05B |
| FY2024, ended Sep 30, 2024 | $2.78B |
| FY2025, ended Sep 30, 2025 | $2.36B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $2.40B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 10.7% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.508M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 569M |
| FY2017, ended Sep 30, 2017 | 554M |
| FY2018, ended Sep 30, 2018 | 513M |
| FY2019, ended Sep 30, 2019 | 498M |
| FY2020, ended Sep 30, 2020 | 505M |
| FY2021, ended Sep 30, 2021 | 502M |
| FY2022, ended Sep 30, 2022 | 500M |
| FY2023, ended Sep 30, 2023 | 495M |
| FY2024, ended Sep 30, 2024 | 524M |
| FY2025, ended Sep 30, 2025 | 521M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 508M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $289M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Sep 30, 2016 | $1.31B | $132M | $24.1M | — |
| FY2017, ended Sep 30, 2017 | $765M | $123M | $24.9M | — |
| FY2018, ended Sep 30, 2018 | $1.42B | $118M | $24.8M | $27.0M |
| FY2019, ended Sep 30, 2019 | $755M | $112M | $23.3M | — |
| FY2020, ended Sep 30, 2020 | $218M | $122M | $20.6M | — |
| FY2021, ended Sep 30, 2021 | $208M | $172M | $22.3M | — |
| FY2022, ended Sep 30, 2022 | $181M | $208M | $25.1M | — |
| FY2023, ended Sep 30, 2023 | $256M | $183M | $23.3M | — |
| FY2024, ended Sep 30, 2024 | $274M | $246M | $20.8M | $966M |
| FY2025, ended Sep 30, 2025 | $240M | $215M | $24.1M | — |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $512M | $196M | $26.9M | — |
Revenue (TTM)
$9.32B
+7.9% YoY
Net income (TTM)
$813M
+152% YoY
Cash
$3.76B
−5.0% YoY
Total debt
$2.40B
−9.9% YoY
Valuation
At current price- Market Cap
- $16.1B
- P/E
- 19.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- 1.4×
- EV / EBITDA
- 14.3×
Growth
Trailing 12 months- Revenue (TTM)
- $9.32B
- Revenue Growth YoY
- 7.9%
- Revenue CAGR 3Y
- 2.0%
- Revenue CAGR 5Y
- 9.5%
- EPS Growth YoY
- 183%
- Net Income Growth YoY
- 152%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 9.7%
- Net Margin
- 8.7%
- FCF Margin
- 2.5%
- Return on Equity
- 6.8%
Earnings
Trailing 12 months- Net Income
- $813M
- EPS (diluted)
- $1.47
- EBITDA
- $1.03B
- Operating Income
- $906M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $3.76B
- Total Debt
- $2.40B
- Net Cash
- $1.36B
- Total Assets
- $36.2B
- Total Liabilities
- $21.8B
- Shareholders' Equity
- $11.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $278M
- Capital Expenditure
- $46.2M
- Free Cash Flow
- $232M
Dividends and risk
Last 12 months- Dividend Yield
- 4.2%
- Dividend / Share
- $1.32
- Beta (5Y)
- 1.54
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.9% year over year, at $9.32B.
Strength
Operating margin widened 5.5 pts in a year, to 9.7%.
Note
Free cash flow of $232M, 2.5% of revenue.
Strength
Share count is down 2.1% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 10, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K33Serious concerns
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 12, 2024 · Read the filing on EDGAR
- Revenue rose 8% to $8.48 billion, helped by the Putnam purchase, but operating income fell 63% to $407.6 million and net income fell 47% to $464.8 million.
- Managed assets rose 22% to $1.68 trillion on market gains and Putnam, yet clients withdrew $32.6 billion from long-term products, including $48.6 billion from Western Asset Management (WAM).
- Government investigations into past trading at WAM sped up client withdrawals and led to a $389.2 million write-down of WAM fund contracts.
- Costs rose 20%, including the write-down, Putnam and acquisition-related expenses, cutting operating margin from 14.0% to 4.8%.
Business momentum
Sharp deterioration
“Operating income 407.6 1,102.3 1,773.9 (63 %) (38 %)”
Outlook
Cautious
“Uncertainties regarding the global economy remain for the foreseeable future.”
Financial stress
Low
“We believe that we can meet our present and reasonably foreseeable operating cash needs and future commitments through existing liquid assets, continuing cash flows from operations”
Tone against the previous report
More negative
Red flags
- Medium
Investigation
“On August 21, 2024, the Company and WAM announced developments in ongoing investigations into certain past trading activity at WAM by the SEC and U.S. Department of Justice, after which we experienced accelerated net outflows”
- Medium
Large write-down
“In fiscal year 2024, we impaired our indefinite-lived intangible asset related to certain mutual fund contracts managed by WAM by $389.2 million.”
Positives
Managed assets grew 22% to a record-size base for fees
“Our total AUM was $1,678.6 billion at September 30, 2024, which was 22% higher than at September 30, 2023”
Revenue grew as average managed assets rose 12%
“Investment management fees increased $369.3 million in fiscal year 2024 primarily due to a 12% increase in average AUM”
Liquidity remains solid, with cash exceeding debt and an unused $800 million credit line
“This facility remains undrawn as of the time of this filing.”
Concerns
Client withdrawals widened, driven by Western Asset Management
“partially offset by $32.6 billion of long-term net outflows, inclusive of $48.6 billion of long-term net outflows at Western Asset Management (“WAM”)”
Profit margin shrank sharply as costs outran revenue
“Total Operating Expenses $ 8,070.4 $ 6,747.1 $ 6,501.4 20 % 4 %”
Average fee earned on assets slipped as money moved to lower-fee products
“Our effective investment management fee rate excluding performance fees (investment management fees excluding performance fees divided by average AUM) was 41.1 and 42.1 basis points for fiscal years 2024 and 2023.”
New risks since the previous report
Federal investigations of Western Asset Management could bring penalties, costs and reputational harm
“our subsidiary, Western Asset Management Company (“WAM”) is the subject of parallel investigations by the SEC, the CFTC and the DOJ”
Further write-downs are possible if managed assets or the share price fall
“future changes in the assumptions or occurrence of future events could result in recognition of additional impairment”
Multi-year move to a single new investment technology platform could cause disruption and cost
“we selected a third-party technology solution to further support our investment management process and unify our investment management technology platform across asset classes”
Generative AI and its malicious use may increase cyber and technology risks
“Ongoing advances in technology, including generative artificial intelligence, as well as the malicious use of such technology, could further heighten the risks to our business.”
Biggest risks named
- Western Asset Management investigations and resulting client withdrawals
- Market declines reducing managed assets and fees
- Weak investment performance and continued client outflows
- Fee pressure and the shift to passive and lower-fee products
- Acquisition integration risks and further intangible asset write-downs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −6 | |
| New risks | −2 | |
| Score | 33 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 10, 2025 | Pro | |||
| 10-K | Nov 12, 2024 | 33 | Sharp deterioration | 2 medium | |
| 10-K | Nov 14, 2023 | 41 | Sharp deterioration | None | |
| 10-K | Nov 14, 2022 | 48 | Weakening | None | |
| 10-K | Nov 19, 2021 | 71 | Strong improvement | None | |
| 10-K | Nov 23, 2020 | 46 | Weakening | 2 minor | |
| 10-K | Nov 12, 2019 | 55 | Mixed | None | |
| 10-K | Nov 9, 2018 | 41 | Sharp deterioration | 1 medium | |
| 10-K | Nov 13, 2017 | 53 | Weakening | None | |
| 10-K | Nov 14, 2016 | 52 | Weakening | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Jul 31, 2026. View filings on SEC EDGAR