Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue grew 8.9% year-over-year to $2.4B in Q3 FY2026, driven entirely by fee income, but a $1.1B provision for credit losses led to a net income of only $171.5M and an efficiency ratio of 45.0%.

Analyst Consensus+6.7% target

Hold(27 analysts)

6 Buy16 Hold5 Sell

The Bull Case

Upside Catalysts

Private Markets and Alternatives

Franklin Resources anticipates continued strength in private markets fundraising, particularly in private credit and secondary private equity. They aim for annual fundraising above their $25–30 billion target, driven by new fund launches and a strong institutional pipeline.

Technology-Enabled Solutions

The company is investing in AI and technology to scale client solutions, including its Canvas platform for custom indexing and tax-efficient investments. This platform has already seen significant growth in assets under management (AUM).

ETF Platform Momentum

Franklin Resources' ETF assets under management have grown substantially, with active ETFs forming a significant portion of the platform. They plan to expand ETF offerings and expect continued momentum in various ETF strategies.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

BEN+45.88%

S&P 500 (^GSPC)+7.63%

1-Year Return

BEN+50.75%

S&P 500 (^GSPC)+9.69%

3-Year Return

BEN+58.96%

S&P 500 (^GSPC)+75.58%

5-Year Return

BEN+12.59%

S&P 500 (^GSPC)+62.51%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/EMedian

19.5x

Forward P/EExpansion

11.6x

EV/EBITDA80th %ile

21.8x

FCF YieldCash Flow

1.3%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

19.5x

14.3x

60th· Fair

EV/EBITDA

21.8x

12.5x

80th· High

Price/FCF

78.5x

12.8x

100th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$13.90-58.8%

Base (Fair)$20.72-38.6%

Bull$18.78-44.3%

$13.90 Bear$20.72 Base$18.78 Bull

Current Market Price: $33.73

Trades at a 62.8% premium to Base DCF ($20.72)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$8.68B+3.5% YoY

Net income FY25

$525M+12.9% YoY

Free cash flow FY25

$912M+14.8% YoY

Operating margin FY25

6.9%+2.1 pts YoY

ROIC (FY25)1.6%

Avg ROIC 5Y-

ROE (FY25)3.7%

Piotroski Score6 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate9/12 (75%)

Revenue Beat Rate10/12 (83%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 6, 2026	$0.94+22.1% vs $0.77	$2.4B+31.1% vs $1.9B
Q3 2026 Jul 31, 2026	$0.72+9.4% vs $0.66	$1.8B+3.3% vs $1.8B
Q2 2026 Apr 28, 2026	$0.71+29.1% vs $0.55	$1.8B+2.9% vs $1.7B
Q1 2026 Jan 30, 2026	$0.70+27.3% vs $0.55	$1.7B+2.1% vs $1.7B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·1d ago

Franklin Templeton Inc. (BEN) Q4 2026 Earnings Call Transcript

Franklin Templeton Inc. ( BEN ) Q4 2026 Earnings Call November 6, 2026 11:00 AM EST Company Participants Selene Oh - Head of Investor Relations Jennifer Johnson - CEO & Non-Independent Director Matthew Nicholls - Co-President, CFO & COO Daniel Gamba - Co-President & Chief Commercial Officer Conference Call Participants Brennan Hawken - BMO Capital Markets Equity Research Alexander Blostein - Goldman Sachs Group, Inc., Research Division William Katz - TD Cowen, Research Division Daniel Fannon - Jefferies LLC, Research Division Craig Siegenthaler - BofA Securities, Research Division Alexander Bond - Keefe, Bruyette, & Woods, Inc., Research Division Michael Cyprys - Morgan Stanley, Research Division Brian Bedell - Deutsche Bank AG, Research Division Patrick Davitt - Autonomous Research US LP Benjamin Budish - Barclays Bank PLC, Research Division Michael Brown - UBS Investment Bank, Research Division Presentation Operator Welcome to the Franklin Templeton's Earnings Conference Call for the year ended September 30, 2026. Hello. My name is Shamali, and I will be your call operator today.

MarketBeat·1d ago

Franklin Resources Q4 Earnings Call Highlights

Franklin Resources NYSE: BEN reported higher adjusted earnings and broad-based client inflows for fiscal 2026, prompting the asset manager to raise its long-term targets for private markets fundraising, exchange-traded funds, its Canvas platform and profitability.

Zacks Investment Research·1d ago

Franklin Q4 Earnings Beat Estimates on Higher Revenues, AUM Rises Y/Y

BEN's fiscal Q4'26 earnings top estimates, driven by higher revenues, rising AUM, robust long-term net inflows and lower operating expenses.

Zacks Investment Research·1d ago

Here's What Key Metrics Tell Us About Franklin Templeton (BEN) Q4 Earnings

The headline numbers for Franklin Templeton (BEN) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Filtered for Franklin Resources, Inc.More Headlines

Compare before deciding

Benchmark BEN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Franklin Resources, Inc. (BEN)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
BENFranklin Resources, Inc.Current	$33.73	$17.53B	37.07	3.52%	5.98%	3.65%	3.93%
IVZInvesco Ltd.	$27.08	$12B	-16.93	4.75%	-1.12%	-0.59%	3.07%
TROWT. Rowe Price Group, Inc.	$108.41	$23.23B	11.72	3.12%	28.4%	17.96%	4.71%
AMGAffiliated Managers Group, Inc.	$362.63	$9.58B	15.95	21.05%	33.86%	19.67%	0.01%
VRTSVirtus Investment Partners, Inc.	$127.35	$850.97M	6.38	-7.13%	15.72%	11.02%	7.32%
DHILDiamond Hill Investment Group, Inc.	$174.99	$473.29M	9.77	4.48%	30.89%	27.03%	5.71%

Compare BEN vs Peers

Franklin Resources, Inc. (BEN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IVZ

Most directly comparable listed peer for BEN.

Scale Benchmark

vs MS

Larger-name benchmark to compare BEN against a more recognizable public peer.

Peer Set

Compare Top 5

vs IVZ, TROW, AMG, VRTS

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

BEN SEC Filings & Documents

Franklin Resources, Inc. (BEN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Jul 31, 2026·SEC

Material company update

Jul 30, 2026·SEC

Material company update

Jul 23, 2026·SEC

10-K Annual Reports

FY 2025

Nov 10, 2025·SEC

10-Q Quarterly Reports

FY 2026

Jul 31, 2026·SEC

FY 2026

Apr 28, 2026·SEC

FY 2026

Jan 30, 2026·SEC

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BEN Frequently Asked Questions

Franklin Resources, Inc. (BEN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

How fast is Franklin Resources, Inc. growing?

Franklin Resources, Inc. (BEN) grew revenue by 3.5% in fiscal year 2025, compared with the prior fiscal year.

Is BEN profitable?

Yes. Franklin Resources, Inc. (BEN) earned $891.2M in net income over the trailing twelve months (a 9.6% net margin).

Dividend & Returns

Does BEN pay dividends?

Yes. Franklin Resources, Inc. (BEN) pays a dividend that yields 3.93% at the current price, a moderate yield.

What is BEN's return on equity?

Franklin Resources, Inc. (BEN) had a return on equity (ROE) of 3.7% in fiscal year 2025. That is below the market's typical 10-15%.

Industry Metrics

What is Franklin Resources, Inc.'s net interest margin?

Franklin Resources, Inc. (BEN) has a net interest margin (NIM) of -0.3%. NIM has been under pressure due to interest rate environment.

What is Franklin Resources, Inc.'s efficiency ratio?

Franklin Resources, Inc. (BEN) has an efficiency ratio of 73.5%. This is higher than peers, suggesting room for cost optimization.

What if you invested $1,000 in BEN back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 6, 2026

$0.94+22.1%

vs $0.77

$2.4B+31.1%

vs $1.9B

Q3 2026

Jul 31, 2026

$0.72+9.4%

vs $0.66

$1.8B+3.3%

vs $1.8B

Q2 2026

Apr 28, 2026

$0.71+29.1%

vs $0.55

$1.8B+2.9%

vs $1.7B

Q1 2026

Jan 30, 2026

$0.70+27.3%

vs $0.55

$1.7B+2.1%

vs $1.7B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

BENFranklin Resources, Inc.Current

$33.73

$17.53B

37.07

3.52%

5.98%

3.65%

3.93%

IVZInvesco Ltd.

$27.08

$12B

-16.93

4.75%

-1.12%

-0.59%

3.07%

TROWT. Rowe Price Group, Inc.

$108.41

$23.23B

11.72

3.12%

28.4%

17.96%

4.71%

AMGAffiliated Managers Group, Inc.

$362.63

$9.58B

15.95

21.05%

33.86%

19.67%

0.01%

VRTSVirtus Investment Partners, Inc.

$127.35

$850.97M

6.38

-7.13%

15.72%

11.02%

7.32%

DHILDiamond Hill Investment Group, Inc.

$174.99

$473.29M

9.77

4.48%

30.89%

27.03%

5.71%