NASDAQ: TROW
T. Rowe Price
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 Sep 30, 2026. Hover or tap a column for another year.$22.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $18.3B |
| FY2017, ended Dec 31, 2017 | $25.6B |
| FY2018, ended Dec 31, 2018 | $21.8B |
| FY2019, ended Dec 31, 2019 | $28.8B |
| FY2020, ended Dec 31, 2020 | $34.5B |
| FY2021, ended Dec 31, 2021 | $44.9B |
| FY2022, ended Dec 31, 2022 | $24.5B |
| FY2023, ended Dec 31, 2023 | $24.1B |
| FY2024, ended Dec 31, 2024 | $25.2B |
| FY2025, ended Dec 31, 2025 | $22.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $22.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$7.70B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.28B |
| FY2017, ended Dec 31, 2017 | $4.85B |
| FY2018, ended Dec 31, 2018 | $5.37B |
| FY2019, ended Dec 31, 2019 | $5.62B |
| FY2020, ended Dec 31, 2020 | $6.21B |
| FY2021, ended Dec 31, 2021 | $7.67B |
| FY2022, ended Dec 31, 2022 | $6.49B |
| FY2023, ended Dec 31, 2023 | $6.46B |
| FY2024, ended Dec 31, 2024 | $7.09B |
| FY2025, ended Dec 31, 2025 | $7.31B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.70B |
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 Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.22B | $22.2M |
| FY2017, ended Dec 31, 2017 | $1.50B | $43.4M |
| FY2018, ended Dec 31, 2018 | $1.84B | $1.45B |
| FY2019, ended Dec 31, 2019 | $2.13B | $1.32B |
| FY2020, ended Dec 31, 2020 | $2.37B | $1.70B |
| FY2021, ended Dec 31, 2021 | $3.08B | $3.21B |
| FY2022, ended Dec 31, 2022 | $1.56B | $2.12B |
| FY2023, ended Dec 31, 2023 | $1.79B | $911M |
| FY2024, ended Dec 31, 2024 | $2.10B | $1.26B |
| FY2025, ended Dec 31, 2025 | $2.09B | $1.48B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.19B | $1.60B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.77B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.20B |
| FY2017, ended Dec 31, 2017 | $1.90B |
| FY2018, ended Dec 31, 2018 | $1.43B |
| FY2019, ended Dec 31, 2019 | $1.78B |
| FY2020, ended Dec 31, 2020 | $2.15B |
| FY2021, ended Dec 31, 2021 | $1.52B |
| FY2022, ended Dec 31, 2022 | $1.76B |
| FY2023, ended Dec 31, 2023 | $2.07B |
| FY2024, ended Dec 31, 2024 | $2.65B |
| FY2025, ended Dec 31, 2025 | $3.38B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.77B |
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 Sep 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 12.4% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.213M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 243M |
| FY2017, ended Dec 31, 2017 | 244M |
| FY2018, ended Dec 31, 2018 | 236M |
| FY2019, ended Dec 31, 2019 | 236M |
| FY2020, ended Dec 31, 2020 | 228M |
| FY2021, ended Dec 31, 2021 | 228M |
| FY2022, ended Dec 31, 2022 | 224M |
| FY2023, ended Dec 31, 2023 | 224M |
| FY2024, ended Dec 31, 2024 | 223M |
| FY2025, ended Dec 31, 2025 | 218M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 213M |
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 Sep 30, 2026. Hover or tap a column for another year.Net: $422M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $677M | $162M | — |
| FY2017, ended Dec 31, 2017 | $458M | $152M | — |
| FY2018, ended Dec 31, 2018 | $1.09B | $197M | — |
| FY2019, ended Dec 31, 2019 | $706M | $207M | — |
| FY2020, ended Dec 31, 2020 | $1.20B | $246M | — |
| FY2021, ended Dec 31, 2021 | $1.14B | $275M | $882M |
| FY2022, ended Dec 31, 2022 | $850M | $285M | — |
| FY2023, ended Dec 31, 2023 | $254M | $266M | — |
| FY2024, ended Dec 31, 2024 | $337M | $247M | — |
| FY2025, ended Dec 31, 2025 | $621M | $217M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $640M | $218M | — |
Revenue (TTM)
$7.70B
+6.9% YoY
Net income (TTM)
$2.19B
+5.1% YoY
Cash
$3.77B
+3.8% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $22.2B
- P/E
- 10.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 1.9×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $7.70B
- Revenue Growth YoY
- 6.9%
- Revenue CAGR 3Y
- 4.1%
- Revenue CAGR 5Y
- 3.3%
- EPS Growth YoY
- 7.7%
- Net Income Growth YoY
- 5.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 32.0%
- Net Margin
- 28.4%
- FCF Margin
- 20.7%
- Return on Equity
- 19.7%
Earnings
Trailing 12 months- Net Income
- $2.19B
- EPS (diluted)
- $9.88
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $2.46B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $3.77B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $16.1B
- Total Liabilities
- $3.54B
- Shareholders' Equity
- $11.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.87B
- Capital Expenditure
- $268M
- Free Cash Flow
- $1.60B
Dividends and risk
Last 12 months- Dividend Yield
- 5.0%
- Dividend / Share
- $5.17
- Beta (5Y)
- 1.45
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.9% year over year, at $7.70B.
Strength
Keeps 32.0% of revenue as operating profit.
Strength
Turns 20.7% of revenue into free cash flow.
Strength
Share count is down 2.3% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
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
2025 · 10-K55Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Net revenues rose 3.1% to $7.31 billion, but operating income fell 6.2% to $2.19 billion after a $177.3 million restructuring charge.
- Client withdrawals grew to $56.9 billion from $43.2 billion, led by growth stock funds. Market gains still lifted managed assets to $1.78 trillion.
- Operating margin fell to 29.9% from 32.9%, and the average fee rate fell to 39.4 from 41.0 basis points as assets moved to cheaper products.
- The firm cut jobs, outsourced some technology and plans to sell owned buildings in 2026. It expects 2026 adjusted expenses to grow 3% to 6%.
Business momentum
Mixed
“Net operating income $ 2,188.8 $ 2,333.3 $ 1,986.2 $ (144.5) (6.2) % $ 347.1 17.5 %”
Outlook
Neutral
“We currently estimate our 2026 non-GAAP operating expenses, excluding non-GAAP accrued carried interest compensation, will grow in the range of 3%-6% from the 2025 amount of $4,608.0 million.”
Financial stress
None
“We have ample liquidity, including cash and investments in T. Rowe Price products, as follows:”
Tone against the previous report
More negative
Red flags
- Minor
Other
“Restructuring charge of $177.3 million for 2025 relates to actions taken under our previously announced broad and ongoing expense management program”
Positives
Managed assets reached $1.78 trillion on market gains
“Assets under management ended 2025 at $1,775.6 billion, an increase of $169.0 billion from the end of 2024.”
Revenue grew on higher average client assets
“Total net revenues were $7,314.8 million in 2025, a 3.1% increase compared to $7,093.6 million in 2024.”
Operating cash flow rose to about $2.49 billion
“During 2025, operating activities attributable to T. Rowe Price Group provided cash flows of $2,489.5 million, an increase of $175.6 million from $2,313.9 million provided during 2024.”
Concerns
Client withdrawals increased, mainly from growth stock funds
“Our net cash outflows in 2025 were driven primarily by growth-oriented equity strategies.”
Assets are shifting to lower-fee products, cutting the fee rate
“The average annualized effective fee rate earned for 2025 declined from 2024 primarily due to client flows and transfers shifting assets under management toward lower-fee strategies and products, partially offset by market appreciation.”
Operating margin fell about three percentage points
“Operating margin was 29.9% in 2025 compared to 32.9% in 2024.”
New risks since the previous report
AI-run competitors could offer cheaper investment management
“Furthermore, we may face competition from investment managers who use AI in lieu of human managers, which may lead to lower cost solutions which could impact our business.”
US government shutdowns could delay new products and unsettle markets
“A prolonged shutdown could adversely impact the U.S. economy, financial markets, and our business directly and indirectly.”
Longer notice rules could make key staff harder to keep or hire
“we have recently adopted more significant notification requirements for certain key positions, which may cause some personnel or candidates to be less willing to continue their employment with us or join our firm”
Biggest risks named
- Market declines reducing client assets and fees
- Investors shifting from active to lower-fee passive funds
- Weak investment performance driving client withdrawals
- Fund contracts that can be ended on short notice
- Reliance on third-party intermediaries to distribute products
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | +2 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 55 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 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-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 55 | Mixed | 1 minor | |
| 10-K | Feb 14, 2025 | 67 | Improving | 1 minor | |
| 10-K | Feb 16, 2024 | 59 | Mixed | None | |
| 10-K | Feb 15, 2023 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 24, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 11, 2021 | 66 | Improving | None | |
| 10-K | Feb 13, 2020 | 67 | Improving | None | |
| 10-K | Feb 13, 2019 | 73 | Strong improvement | None | |
| 10-K | Feb 16, 2018 | 77 | Strong improvement | None |
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 Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR