T. Rowe Price Group, Inc. (TROW) 10-Year Financial Performance & Capital Metrics

TROW • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementGlobal Diversified Asset Managers

AboutT. Rowe Price Group, Inc. is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, 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.Show more

Net Interest Income $59M
Total Revenue $7.09B +9.8%
Net Income $2.1B +17.4%
Return on Equity 19.32% +7.9%
Net Interest Margin 0.44%
Efficiency Ratio 19.04% +0.8%
ROA 16.31% +9.1%
Equity / Assets 84.99% +1.4%
Book Value per Share 51.28 +12.0%
Tangible BV/Share 37.79 +19.0%
Debt/Equity 0.02 -18.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 19.0% efficiency ratio
✓Well capitalized: 85.0% equity/assets
✓Good 3Y average ROE of 17.6%
✓Healthy dividend yield of 4.8%

✗Weaknesses

✗Weak NIM of 0.4%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.94%

5Y4.78%

3Y-2.58%

TTM-

Profit (Net Income) CAGR

10Y5.5%

5Y-0.29%

3Y-12.01%

TTM-1.47%

EPS CAGR

10Y7.24%

5Y1.01%

3Y-11.32%

TTM0.48%

ROCE

10Y Avg27.92%

5Y Avg23.58%

3Y Avg18.85%

Latest18.8%

Peer Comparison

Global Diversified Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIISprott Inc.	2.77B	107.56	56.31	19.02%	29.28%	14.59%	2.43%
EMBJEmbraer S.A.	13.14B	72.72	37.88	21.38%	5.51%	10.43%	3.08%	0.78
BENFranklin Resources, Inc.	13.37B	25.64	28.18	3.45%	5.98%	3.61%	6.82%	0.94
BLKBlackRock, Inc.	169B	1089.26	25.93	14.27%	31.21%	9.86%	2.78%	0.29
IVZInvesco Ltd.	12.8B	28.76	24.37	6.13%	12.77%	6.75%	8.76%	0.48
SEICSEI Investments Company	10.53B	85.99	19.50	10.7%	27.35%	28.87%	5.37%	0.01
JHGJanus Henderson Group plc	7.16B	47.95	18.73	17.67%	16.53%	9.41%	9.56%	0.10
FHIFederated Hermes, Inc.	4.1B	52.83	16.36	1.4%	16.44%	30.46%	8.36%	0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	0	0	0	0	0	0	0	0	59.4M
NII Growth %	-	-	-	-	-	-	-	-	-	-
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	59.4M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Loan Loss Provision	1.6B	1.87B	2.07B	2.25B	2.38B	2.62B	2.99B	2.92B	3.25B	3.41B
Non-Interest Income+	4.2B	4.28B	4.85B	5.37B	5.62B	6.21B	7.67B	6.49B	6.46B	7.03B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	4.2B	4.28B	4.85B	5.37B	5.62B	6.21B	7.67B	6.49B	6.46B	7.09B
Revenue Growth %	0.05%	0.02%	0.13%	0.11%	0.05%	0.1%	0.24%	-0.15%	-0%	0.1%
Non-Interest Expense	706.6M	684.3M	672.6M	764.3M	846M	844.6M	968.7M	1.19B	1.22B	1.35B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.9B	1.73B	2.11B	2.36B	2.39B	2.75B	3.71B	2.37B	1.99B	2.33B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0%	-0.09%	0.22%	0.12%	0.01%	0.15%	0.35%	-0.36%	-0.16%	0.17%
Pretax Income+	2B	1.96B	2.51B	2.38B	2.93B	3.24B	3.99B	1.95B	2.49B	2.82B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	779.4M	706.5M	923.9M	615.9M	678.4M	718.9M	896.1M	498.6M	654.6M	683.8M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.22B	1.22B	1.5B	1.84B	2.13B	2.37B	3.08B	1.56B	1.79B	2.1B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.01%	-0.01%	0.23%	0.23%	0.16%	0.11%	0.3%	-0.49%	0.15%	0.17%
Net Income (Continuing)	1.22B	1.25B	1.58B	1.77B	2.25B	2.52B	3.1B	1.45B	1.84B	2.14B
EPS (Diluted)+	4.63	4.75	5.97	7.27	8.70	9.98	13.12	6.70	7.76	9.15
EPS Growth %	0.02%	0.03%	0.26%	0.22%	0.2%	0.15%	0.31%	-0.49%	0.16%	0.18%
EPS (Basic)	4.74	4.85	6.07	7.41	8.82	10.08	13.25	6.73	7.78	9.18
Diluted Shares Outstanding	260.9M	250.3M	245.1M	246.9M	238.6M	231.2M	228.8M	227.1M	224.8M	223.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.17B	1.2B	1.9B	1.43B	1.78B	2.15B	1.52B	1.76B	2.07B	2.65B
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	1.99B	2.86B	3.53B	4.13B	5.22B	5.95B	4.94B	3.38B	3.71B	4.05B
Investments Growth %	-0.1%	0.44%	0.23%	0.17%	0.26%	0.14%	-0.17%	-0.32%	0.1%	0.09%
Long-Term Investments	1.99B	2.86B	3.53B	4.13B	5.22B	5.95B	4.94B	3.38B	3.71B	4.05B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	665.7M	665.7M	665.7M	665.7M	665.7M	665.7M	2.69B	2.64B	2.64B	2.64B
Intangible Assets	0	0	0	0	0	0	913.4M	629.8M	507.3M	368.1M
PP&E (Net)	607.1M	615.1M	652M	661.3M	785.2M	813M	937.4M	1.04B	1.05B	1.2B
Other Assets	222.7M	421.6M	180.8M	253.7M	202.6M	194.2M	433.4M	1.38B	1.5B	1.68B
Total Current Assets	1.62B	1.66B	2.47B	1.97B	2.43B	3.01B	2.58B	2.5B	2.87B	3.53B
Total Non-Current Assets	3.49B	4.57B	5.02B	5.71B	6.87B	7.62B	9.92B	9.07B	9.4B	9.94B
Total Assets+	5.11B	6.22B	7.54B	7.69B	9.33B	10.66B	12.51B	11.64B	12.28B	13.47B
Asset Growth %	-0.1%	0.22%	0.21%	0.02%	0.21%	0.14%	0.17%	-0.07%	0.05%	0.1%
Return on Assets (ROA)	0.23%	0.21%	0.22%	0.24%	0.25%	0.24%	0.27%	0.13%	0.15%	0.16%
Accounts Payable	170.6M	180.8M	216.2M	228.5M	214.5M	100.2M	431M	406.7M	422.9M	353.5M
Total Debt+	0	357.6M	303.9M	0	146.3M	154.1M	249.2M	329.6M	308.5M	278.7M
Net Debt	-1.17B	-1.2B	-1.9B	-1.43B	-1.64B	-2B	-1.27B	-1.43B	-1.76B	-2.37B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	153.1M	309.1M	433.7M	542M	714.7M	963.5M	1.5B	1.17B	1.19B	1.3B
Total Current Liabilities	191.8M	220.1M	284.5M	282.7M	246.3M	272.7M	508.9M	452.7M	489.1M	440.6M
Total Non-Current Liabilities	153.1M	309.1M	433.7M	542M	861M	1.12B	1.75B	1.5B	1.5B	1.58B
Total Liabilities	344.9M	529.2M	718.2M	824.7M	1.11B	1.39B	2.26B	1.96B	1.99B	2.02B
Total Equity+	4.76B	5.7B	6.82B	6.86B	8.22B	9.27B	10.25B	9.69B	10.29B	11.45B
Equity Growth %	-0.12%	0.2%	0.2%	0.01%	0.2%	0.13%	0.11%	-0.06%	0.06%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.24%	0.23%	0.24%	0.27%	0.28%	0.27%	0.32%	0.16%	0.18%	0.19%
Book Value per Share	18.25	22.76	27.81	27.80	34.46	40.09	44.82	42.65	45.78	51.28
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	50.1M	49M	49M	47.6M	47M	45.6M	45.8M	44.9M	44.8M	44.6M
Additional Paid-in Capital	654.6M	654.5M	846.1M	654.6M	654.6M	654.6M	919.8M	437.9M	431.7M	311.9M
Retained Earnings	3.97B	4.29B	4.93B	5.46B	6.44B	7.03B	8.08B	8.41B	9.08B	10.04B
Accumulated OCI	86.6M	11.5M	-3.6M	-42M	-43M	-23M	-26.5M	-53M	-47.5M	-51.7M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.51B	170.5M	229.5M	1.62B	1.52B	1.92B	3.45B	2.36B	1.22B	1.69B
Operating CF Growth %	0.17%	-0.89%	0.35%	6.06%	-0.06%	0.26%	0.8%	-0.32%	-0.48%	0.38%
Net Income	1.22B	1.25B	1.58B	1.77B	2.25B	2.52B	3.1B	1.45B	1.84B	2.14B
Depreciation & Amortization	126.3M	133.4M	143.6M	159.5M	190.8M	189.6M	204.8M	645.8M	481.6M	504.2M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-69.9M	-1.38B	-1.87B	-617M	-1.23B	-1.13B	-193.3M	118.5M	-1.56B	-1.21B
Working Capital Changes	78M	3.4M	220.6M	111.6M	109.6M	91.1M	67.4M	-139.9M	193.6M	5.5M
Cash from Investing+	109M	106.2M	39M	-875.5M	-324.5M	-36.3M	-1.1B	-41.5M	128.2M	-177.5M
Purchase of Investments	-164.8M	-300K	-104.1M	-1.15B	-258.1M	-326.3M	-64.9M	-63.8M	-142.1M	-115.9M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	-2.45B	0	0	0
Other Investing	-9.4M	-5.7M	-7.4M	88.4M	6.8M	50.5M	30.9M	-3.7M	-38.4M	-171.6M
Cash from Financing+	-1.95B	-176.4M	461.5M	-1.24B	-832.7M	-1.49B	-2.99B	-2.08B	-1.08B	-936.6M
Dividends Paid	-1.06B	-540.8M	-563.1M	-694.3M	-733.9M	-845.8M	-1.7B	-1.11B	-1.12B	-1.14B
Share Repurchases	-987.8M	-676.9M	-458.1M	-1.09B	-705.8M	-1.2B	-1.14B	-849.8M	-272.4M	-370.5M
Stock Issued	73.5M	126.3M	201.1M	74.8M	83.3M	3.9M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	24.1M	915M	1.28B	470.4M	523.7M	557.5M	-148.4M	-119.7M	315.5M	569.5M
Net Change in Cash+	-333.8M	98.2M	735.3M	-510.5M	363M	398.2M	-632.3M	250.5M	269.1M	569.1M
Exchange Rate Effect	0	-1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	400K	-1000K
Cash at Beginning	1.51B	1.17B	1.27B	2.01B	1.5B	1.86B	2.26B	1.62B	1.87B	2.14B
Cash at End	1.17B	1.27B	2.01B	1.5B	1.86B	2.26B	1.62B	1.87B	2.14B	2.71B
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	1.38B	22.2M	43.4M	1.45B	1.32B	1.7B	3.21B	2.12B	911.2M	1.26B
FCF Growth %	0.13%	-0.98%	0.95%	32.44%	-0.09%	0.29%	0.89%	-0.34%	-0.57%	0.39%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.08%	23.24%	23.94%	26.86%	28.25%	27.13%	31.58%	15.63%	17.91%	19.32%
Return on Assets (ROA)	22.75%	21.44%	21.77%	24.14%	25.05%	23.74%	26.61%	12.9%	14.95%	16.31%
Net Interest Margin	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.44%
Efficiency Ratio	16.82%	15.97%	13.85%	14.23%	15.06%	13.61%	12.63%	18.38%	18.88%	19.04%
Equity / Assets	93.25%	91.5%	90.47%	89.27%	88.13%	86.96%	81.97%	83.2%	83.81%	84.99%
Book Value / Share	18.25	22.76	27.81	27.8	34.46	40.09	44.82	42.65	45.78	51.28
Dividend Payout	86.59%	44.51%	37.6%	37.79%	34.43%	35.65%	55.2%	71.08%	62.71%	54.07%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Asset Management	4.85B	5.11B	5.69B	7.1B	5.97B	5.75B	6.4B
Asset Management Growth	-	5.40%	11.36%	24.68%	-15.91%	-3.71%	11.34%
Administrative Service	522M	505.4M	513.6M	573.8M	573.6M	550.9M	588M
Administrative Service Growth	-	-3.18%	1.62%	11.72%	-0.03%	-3.96%	6.73%
Capital Allocation Based Income	-	-	-	-	-54.3M	161.9M	46.6M
Capital Allocation Based Income Growth	-	-	-	-	-	398.16%	-71.22%

Frequently Asked Questions

Valuation & Price

T. Rowe Price Group, Inc. (TROW) has a price-to-earnings (P/E) ratio of 11.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

T. Rowe Price Group, Inc. (TROW) grew revenue by 9.8% over the past year. This is steady growth.

Yes, T. Rowe Price Group, Inc. (TROW) is profitable, generating $2.07B in net income for fiscal year 2024 (29.6% net margin).

Dividend & Returns

Yes, T. Rowe Price Group, Inc. (TROW) pays a dividend with a yield of 4.76%. This makes it attractive for income-focused investors.

T. Rowe Price Group, Inc. (TROW) has a return on equity (ROE) of 19.3%. This is reasonable for most industries.

Industry Metrics

T. Rowe Price Group, Inc. (TROW) has a net interest margin (NIM) of 0.4%. NIM has been under pressure due to interest rate environment.

T. Rowe Price Group, Inc. (TROW) has an efficiency ratio of 19.0%. This is excellent, indicating strong cost control.

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