NASDAQ · TROW

T. Rowe Price Group, Inc.

Financial Services · Asset Management

$107.55▼ 0.18% ($0.19)at close

Pre-market$108.89▲ 1.25%8:03 AM ET

52-week

$85.22$122.00

What the market price implies · Reverse DCF

Historical revenue grew by -1.18%/yr over the past 4 years.

Selected forecast · Base scenario

Unavailable · actual 10-year annualized revenue growth

Year 1 growth: —

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$107.55

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Revenue-driven FCFF is not suitable for banks and financial services companies. Consider Price-to-Book or excess return models.

Year 1 growth — · Ending margin — · Discount rate 12.92%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:30 PM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 30.1%.

Do you have 5+ years of positive FCFF history? 30 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 18.4 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 0.85%Revenue (TTM): 6.97%FCF (TTM): 51.82%P/FCF: 11th pct

What changed

The stock rose 0.85% over the last year. Revenue grew 6.97% over the trailing twelve months. Operating margin moved from 31.8% to 30.27%. Free cash flow grew 51.82% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 30.27%. A decisive move in revenue — currently up 6.97% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

CEORobert W. Sharps

SectorFinancial Services

IndustryAsset Management

Employees7,544

IPO dateApr 2, 1986

https://www.troweprice.com

Market multiples

Forward P/E—

EV/EBITDA7.09

Enterprise value$20.39B

Price / Book2.12

Stock splits

Jun 26, 2006↑ Forward

Every 1 shares became 2

+100%

May 1, 1998↑ Forward

Every 1 shares became 2

+100%

May 1, 1996↑ Forward

Every 1 shares became 2

+100%

Dec 1, 1993↑ Forward

Every 1 shares became 2

+100%

Jan 2, 1990↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.

Revenue growth10.68%

Gross margin70.75%▲10.7ppvs FY2024

Operating margin30.27%▼3.0ppvs FY2024

ROE20.61%▲0.9ppvs FY2025

Analyst consensus

RatingHold

Target price$113.50▲5.53%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 30, 2026

Q4 FY26 · EPS est $2.67 · Revenue est $1.98B

View

Dividends

$5.17/shareQuarterly4yr growth streakEx-div Sep 15, 2026 · in 4dAdequate

TROW pays a dividend with a 4.81% declared yield, 4 consecutive years of growth, covered 1.3× by free cash flow.

Declared Yield

4.81%

Annual Div / Share

$5.17

5yr CAGR

-3.69%

Dividend has been cut

Payout Ratio

51.59%

Adequate

Dividend Growth Rate

3yr CAGR

+2.08%

5yr CAGR

-3.69%

10yr CAGR

+9.12%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$5.17+2.4%

2025$5.05+2.2%

2024$4.94+1.6%

2023$4.86+3.8%

2022$4.68-25.0%

2021$6.24+73.3%

2020$3.60+18.4%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$48/yr

$4/mo

In 5 yrs

$48/yr

$4/mo

In 10 yrs

$48/yr

$4/mo

Today	In 5 yrs	In 10 yrs
$48/yr $4/mo	$48/yr $4/mo	$48/yr $4/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -3.69% is negative, indicating the payout has been cut over this period.

NASDAQ · TROW

T. Rowe Price Group, Inc.

Financial Services · Asset Management

$107.55▼ 0.18% ($0.19)at close

Pre-market$108.89▲ 1.25%8:03 AM ET

52-week

$85.22$122.00

What the market price implies · Reverse DCF

Historical revenue grew by -1.18%/yr over the past 4 years.

Selected forecast · Base scenario

Unavailable · actual 10-year annualized revenue growth

Year 1 growth: —

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$107.55

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Revenue-driven FCFF is not suitable for banks and financial services companies. Consider Price-to-Book or excess return models.

Year 1 growth — · Ending margin — · Discount rate 12.92%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:30 PM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 30.1%.

Do you have 5+ years of positive FCFF history? 30 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 0.85%Revenue (TTM): 6.97%FCF (TTM): 51.82%P/FCF: 11th pct

What changed

The stock rose 0.85% over the last year. Revenue grew 6.97% over the trailing twelve months. Operating margin moved from 31.8% to 30.27%. Free cash flow grew 51.82% over the trailing twelve months.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 30.27%. A decisive move in revenue — currently up 6.97% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

CEORobert W. Sharps

SectorFinancial Services

IndustryAsset Management

Employees7,544

IPO dateApr 2, 1986

https://www.troweprice.com

Market multiples

Forward P/E—

EV/EBITDA7.09

Enterprise value$20.39B

Price / Book2.12

Stock splits

Jun 26, 2006↑ Forward

Every 1 shares became 2

+100%

May 1, 1998↑ Forward

Every 1 shares became 2

+100%

May 1, 1996↑ Forward

Every 1 shares became 2

+100%

Dec 1, 1993↑ Forward

Every 1 shares became 2

+100%

Jan 2, 1990↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth10.68%

Gross margin70.75%▲10.7ppvs FY2024

Operating margin30.27%▼3.0ppvs FY2024

ROE20.61%▲0.9ppvs FY2025

Analyst consensus

RatingHold

Target price$113.50▲5.53%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 30, 2026

Q4 FY26 · EPS est $2.67 · Revenue est $1.98B

View

Dividends

$5.17/shareQuarterly4yr growth streakEx-div Sep 15, 2026 · in 4dAdequate

TROW pays a dividend with a 4.81% declared yield, 4 consecutive years of growth, covered 1.3× by free cash flow.

Declared Yield

4.81%

Annual Div / Share

$5.17

5yr CAGR

-3.69%

Dividend has been cut

Payout Ratio

51.59%

Adequate

Dividend Growth Rate

3yr CAGR

+2.08%

5yr CAGR

-3.69%

10yr CAGR

+9.12%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$5.17+2.4%

2025$5.05+2.2%

2024$4.94+1.6%

2023$4.86+3.8%

2022$4.68-25.0%

2021$6.24+73.3%

2020$3.60+18.4%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$48/yr

$4/mo

In 5 yrs

$48/yr

$4/mo

In 10 yrs

$48/yr

$4/mo

Today	In 5 yrs	In 10 yrs
$48/yr $4/mo	$48/yr $4/mo	$48/yr $4/mo

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -3.69% is negative, indicating the payout has been cut over this period.