Franklin Resources (BEN)
Market Price (8/4/2026): $35.4 | Market Cap: $18.2 BilInvestor Relations Sector: Financials | Industry: Asset Management & Custody Banks
Franklin Resources (BEN)
Market Price (8/4/2026): $35.4Market Cap: $18.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -22% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x Key risksBEN key risks include [1] significant reputational damage and client outflows resulting from a DOJ/SEC investigation into alleged misconduct at its Western Asset Management subsidiary. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -22% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x |
| Key risksBEN key risks include [1] significant reputational damage and client outflows resulting from a DOJ/SEC investigation into alleged misconduct at its Western Asset Management subsidiary. |
Qualitative Assessment
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Franklin Resources (BEN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Franklin Resources significantly surpassed analyst expectations in its fiscal Q3 2026 (ended June 30, 2026) earnings report released on July 31, 2026. The company reported adjusted earnings per share (EPS) of $0.72, beating the analyst consensus of $0.66 by 9.09%. Additionally, revenue reached $2.36 billion, exceeding forecasts by 1.9% to 36.4% depending on the estimate. This strong financial performance, including a 47% year-over-year increase in adjusted net income to $386.3 million, demonstrated robust operational execution and contributed significantly to investor confidence.
2. The company achieved record Assets Under Management (AUM) and substantial long-term net inflows during fiscal Q3 2026. AUM reached an all-time high of $1.79 trillion as of June 30, 2026, marking a 6.5% sequential increase and 11.2% year-over-year growth. This growth was propelled by $18.4 billion in positive long-term net inflows across all asset classes and geographic regions, a notable reversal from the $9.3 billion outflows experienced in the prior year. Alternative assets played a key role, reaching a record $294.2 billion in AUM and attracting $11.8 billion in fundraising during the quarter.
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Franklin Resources (BEN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Franklin Resources significantly surpassed analyst expectations in its fiscal Q3 2026 (ended June 30, 2026) earnings report released on July 31, 2026. The company reported adjusted earnings per share (EPS) of $0.72, beating the analyst consensus of $0.66 by 9.09%. Additionally, revenue reached $2.36 billion, exceeding forecasts by 1.9% to 36.4% depending on the estimate. This strong financial performance, including a 47% year-over-year increase in adjusted net income to $386.3 million, demonstrated robust operational execution and contributed significantly to investor confidence.
2. The company achieved record Assets Under Management (AUM) and substantial long-term net inflows during fiscal Q3 2026. AUM reached an all-time high of $1.79 trillion as of June 30, 2026, marking a 6.5% sequential increase and 11.2% year-over-year growth. This growth was propelled by $18.4 billion in positive long-term net inflows across all asset classes and geographic regions, a notable reversal from the $9.3 billion outflows experienced in the prior year. Alternative assets played a key role, reaching a record $294.2 billion in AUM and attracting $11.8 billion in fundraising during the quarter.
3. Positive analyst sentiment and strategic shareholder return initiatives bolstered investor confidence. Several analysts upgraded their ratings and raised price targets for BEN during the period. For instance, Morgan Stanley upgraded the stock from "Underweight" to "Equal-Weight" in May 2026, increasing its price target from $21 to $31. TD Cowen also raised its price target to $40 from $37 in June 2026, maintaining a "Buy" rating. Concurrently, Franklin Resources demonstrated a commitment to shareholder value by repurchasing 10.4 million shares for $348.1 million and distributing a quarterly cash dividend of $0.33 per share in May, marking its 46th consecutive year of dividend payments.
4. A favorable macroeconomic backdrop provided tailwinds for the asset management industry. The period saw a resilient global equity market rally, driven by strong corporate earnings and significant investments in artificial intelligence (AI) and technology. Improving deal activity in private markets further supported AUM growth, creating a supportive environment for asset managers. The U.S. economy, in particular, showed resilience with Q2 growth tracking around 2% annualized, cushioned by lower external energy dependency.
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Stock Movement Drivers
Fundamental Drivers
The 18.8% change in BEN stock from 4/30/2026 to 8/3/2026 was primarily driven by a 7.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.67 | 35.24 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,030 | 9,324 | 3.3% |
| Net Income Margin (%) | 8.1% | 8.7% | 7.3% |
| P/E Multiple | 20.9 | 22.3 | 6.7% |
| Shares Outstanding (Mil) | 518 | 515 | 0.4% |
| Cumulative Contribution | 18.8% |
Market Drivers
4/30/2026 to 8/3/2026| Return | Correlation | |
|---|---|---|
| BEN | 18.8% | |
| Market (SPY) | 5.4% | 56.0% |
| Sector (XLF) | 10.1% | 60.9% |
Fundamental Drivers
The 35.7% change in BEN stock from 1/31/2026 to 8/3/2026 was primarily driven by a 25.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.98 | 35.24 | 35.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,846 | 9,324 | 5.4% |
| Net Income Margin (%) | 7.0% | 8.7% | 25.0% |
| P/E Multiple | 21.8 | 22.3 | 2.5% |
| Shares Outstanding (Mil) | 518 | 515 | 0.4% |
| Cumulative Contribution | 35.7% |
Market Drivers
1/31/2026 to 8/3/2026| Return | Correlation | |
|---|---|---|
| BEN | 35.7% | |
| Market (SPY) | 9.8% | 60.5% |
| Sector (XLF) | 7.9% | 66.5% |
Fundamental Drivers
The 54.7% change in BEN stock from 7/31/2025 to 8/3/2026 was primarily driven by a 87.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.79 | 35.24 | 54.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,697 | 9,324 | 7.2% |
| Net Income Margin (%) | 4.6% | 8.7% | 87.5% |
| P/E Multiple | 29.3 | 22.3 | -23.6% |
| Shares Outstanding (Mil) | 519 | 515 | 0.8% |
| Cumulative Contribution | 54.7% |
Market Drivers
7/31/2025 to 8/3/2026| Return | Correlation | |
|---|---|---|
| BEN | 54.7% | |
| Market (SPY) | 20.9% | 57.9% |
| Sector (XLF) | 10.9% | 64.6% |
Fundamental Drivers
The 41.6% change in BEN stock from 7/31/2023 to 8/3/2026 was primarily driven by a 50.0% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.88 | 35.24 | 41.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,802 | 9,324 | 19.5% |
| Net Income Margin (%) | 10.5% | 8.7% | -17.1% |
| P/E Multiple | 14.9 | 22.3 | 50.0% |
| Shares Outstanding (Mil) | 491 | 515 | -4.8% |
| Cumulative Contribution | 41.6% |
Market Drivers
7/31/2023 to 8/3/2026| Return | Correlation | |
|---|---|---|
| BEN | 41.6% | |
| Market (SPY) | 71.4% | 56.0% |
| Sector (XLF) | 69.7% | 62.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BEN Return | 39% | -18% | 17% | -27% | 25% | 45% | 77% |
| Peers Return | 38% | -18% | 11% | 23% | 18% | 17% | 112% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| BEN Win Rate | 67% | 33% | 42% | 58% | 50% | 62% | |
| Peers Win Rate | 67% | 45% | 43% | 65% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 38% | |
Max Drawdowns [4] | |||||||
| BEN Max Drawdown | -19% | -39% | -32% | -33% | -24% | -19% | |
| Peers Max Drawdown | -16% | -41% | -28% | -14% | -29% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BLK, TROW, IVZ, AMP, STT. See BEN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/3/2026 (YTD)
How Low Can It Go
| Event | BEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.9% | -18.8% |
| % Gain to Breakeven | 23.2% | 23.1% |
| Time to Breakeven | 30 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.8% | 7.1% |
| Time to Breakeven | 980 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.6% | -24.5% |
| % Gain to Breakeven | 52.9% | 32.4% |
| Time to Breakeven | 112 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 65.8% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.5% | -12.2% |
| % Gain to Breakeven | 37.9% | 13.9% |
| Time to Breakeven | 370 days | 62 days |
In The Past
Franklin Resources's stock fell -18.9% during the 2025 US Tariff Shock. Such a loss loss requires a 23.2% gain to breakeven.
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Asset Allocation
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| Event | BEN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.8% | 7.1% |
| Time to Breakeven | 980 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.6% | -24.5% |
| % Gain to Breakeven | 52.9% | 32.4% |
| Time to Breakeven | 112 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 65.8% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.5% | -12.2% |
| % Gain to Breakeven | 37.9% | 13.9% |
| Time to Breakeven | 370 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.8% | -6.8% |
| % Gain to Breakeven | 74.7% | 7.3% |
| Time to Breakeven | 3784 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.1% | -17.9% |
| % Gain to Breakeven | 47.4% | 21.8% |
| Time to Breakeven | 367 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.0% | -15.4% |
| % Gain to Breakeven | 36.9% | 18.2% |
| Time to Breakeven | 103 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.1% | -53.4% |
| % Gain to Breakeven | 194.8% | 114.4% |
| Time to Breakeven | 228 days | 1085 days |
In The Past
Franklin Resources's stock fell -18.9% during the 2025 US Tariff Shock. Such a loss loss requires a 23.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Franklin Resources (BEN)
Franklin Resources, Inc. (BEN) is a publicly owned asset management holding company that specializes in managing investments for a wide range of clients. Through its various subsidiaries, the company pools and invests capital across different financial markets, aiming to generate returns for its customers. Founded in 1947, it operates as an established global asset manager.
The core of Franklin Resources' business involves creating and managing diverse investment products. These primarily include mutual funds that focus on various asset classes such as public equities (stocks), fixed income (bonds), and alternative investments. They also offer balanced and multi-asset funds, providing comprehensive investment solutions tailored to different risk profiles and financial goals.
Franklin Resources serves a broad spectrum of clients, including individual investors, large institutions, pension plans, trusts, and partnerships. This diverse client base reflects the company's ability to cater to both retail investors seeking to grow their savings and sophisticated organizations managing substantial capital, operating within public equity, fixed income, and alternative markets globally.
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Here are 1-3 brief analogies for Franklin Resources:
- Like BlackRock or Vanguard, but focused on actively managed mutual funds and investment solutions.
- Essentially the asset management division of Fidelity Investments, but as a standalone public company.
- Similar to T. Rowe Price, managing various mutual funds and investment portfolios for individuals and institutions.
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- Mutual Funds: Franklin Resources offers a variety of mutual funds across equity, fixed income, balanced, and multi-asset strategies.
- Investment Management Services: The firm provides tailored asset management solutions to individuals, institutions, pension plans, trusts, and partnerships, investing across public equity, fixed income, and alternative markets.
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Major Customers of Franklin Resources (BEN)
Franklin Resources, Inc. serves a diverse range of clients primarily through its asset management services and investment products. The company sells to various categories of customers rather than specific named companies. Its major customer categories include:
- Individuals: Private investors seeking wealth management services and investment products such as mutual funds to manage their personal assets.
- Institutions: This broad category encompasses a variety of organizations including corporations, governments, and non-profit entities that invest their assets with Franklin Resources.
- Specialized Institutional Investors: This group includes specific types of institutional clients such as pension plans, trusts, and partnerships, all of which rely on Franklin Resources for managing their investment portfolios and meeting their unique financial objectives.
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Jenny Johnson, President and Chief Executive Officer
Jenny Johnson has served as President and Chief Executive Officer of Franklin Resources, Inc. (Franklin Templeton) since February 2020. She is a third-generation member of the Johnson family involved in the financial industry; her grandfather, Rupert H. Johnson Sr., founded Franklin Distributors, Inc. in 1947, and her father, Charles B. Johnson, was a long-time CEO of Franklin Resources. Ms. Johnson joined the company in 1988 and has held leadership roles across all major divisions, including investment management, distribution, customer service, fund administration, technology, and wealth management. Her prior roles include president and chief operating officer, chief information officer, and executive vice president of operations and technology. She also serves as an advisor to Shatter Fund LLC, a venture capital firm focused on investing in technology companies led and founded by female entrepreneurs.
Matthew Nicholls, Co-President, Chief Financial Officer and Chief Operating Officer
Matthew Nicholls was appointed Chief Financial Officer of Franklin Resources, Inc. in May 2019 and became Co-President, Chief Financial Officer, and Chief Operating Officer, effective October 15, 2025. He is responsible for the firm's global Finance, Operations & Technology (O&T), Corporate Development, M&A, Risk, Human Resources, Real Estate, Communications, and Investor Relations functions. Prior to joining Franklin Templeton in 2019, Mr. Nicholls spent nearly 24 years at Citigroup, where he was a managing director and global head of corporate and investment banking for the asset management industry in the Financial Institutions Group. In that role, he advised several financial institutions and worked on numerous strategic transactions in the sector. His earlier experience at Citigroup included leadership positions in corporate banking, risk and capital management, corporate finance, trade finance, and transaction banking.
Daniel Gamba, Co-President and Chief Commercial Officer
Daniel Gamba was appointed Co-President and Chief Commercial Officer of Franklin Resources, Inc., effective October 15, 2025. In this role, he oversees the company's global sales, marketing, and product strategy. Before joining Franklin Templeton, Mr. Gamba served as President of Northern Trust Asset Management from April 2023 to September 2025. He also spent over two decades at Blackrock, Inc., holding various senior positions, including Co-Head of Fundamental Equities, Global Head of Active Equity Product Strategy, and Head of Americas Institutional iShares Business and Co-Head iShares U.S.
Terrence J. Murphy, Co-President
Terrence J. Murphy was appointed Co-President of Franklin Resources, Inc., effective October 15, 2025. He was previously the Head of Public Markets Investments for the company.
Thomas C. Merchant, Executive Officer
Thomas C. Merchant is an Executive Officer at Franklin Resources, Inc. (Further specific background details for Thomas C. Merchant were not readily available in the provided search results beyond his executive officer status.)
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The key risks for Franklin Resources (BEN) are primarily driven by industry-wide shifts and challenges specific to its operational segments.
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Shift to Passive Investments and Fee Pressure: The investment management industry is experiencing a significant and ongoing structural challenge due to a pronounced shift in investor preferences towards lower-fee passive investment strategies, such as index funds and exchange-traded funds (ETFs). This trend continuously pressures the fees that Franklin Resources can charge for its predominantly actively managed funds, directly impacting its revenue and overall profitability.
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Outflows from Western Asset Management (WAMCO): Franklin Resources has contended with persistent and sizable outflows from its Western Asset Management Company (WAMCO) subsidiary. Despite showing signs of easing, these outflows continue to exert pressure on the company's assets under management (AUM) and, consequently, its fee-generating capacity, potentially affecting investor confidence and leading to valuation pressures.
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Intense Competition and Integration Risk from Acquisitions: The investment management industry is highly competitive, with numerous global and regional players vying for market share, including both traditional firms and fintech innovators. While Franklin Resources has strategically pursued acquisitions to diversify its offerings and expand into alternative asset classes, these strategic moves introduce integration risks. Successfully combining different corporate cultures, integrating technology platforms, and retaining clients and key personnel post-acquisition are critical challenges that can affect the realization of anticipated benefits and overall competitive positioning.
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- The ongoing shift of investor preference from actively managed funds to lower-cost passive index funds and Exchange Traded Funds (ETFs), which threatens traditional fee structures and assets under management for active managers like Franklin Resources.
- The emergence and growth of robo-advisors and digital investment platforms, which offer automated, low-cost portfolio management and financial advice, potentially diverting individual and institutional assets from traditional fund distribution channels.
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Franklin Resources, Inc. (symbol: BEN) is an asset management holding company offering a variety of investment products, including equity, fixed income, balanced, and multi-asset mutual funds.
Addressable Markets for Main Products and Services:
1. Overall Asset Management Industry
- Global: The global asset management industry reached a record-breaking $128 trillion in assets under management (AuM) in 2024. The global mutual fund assets market, a significant component of asset management, was valued at approximately USD 67.48 trillion in 2022 and is projected to grow to around USD 145.23 trillion by 2030.
- U.S.: The United States Assets Under Management market is valued at approximately USD 140 trillion. For the mutual fund segment specifically, the U.S. mutual fund market held USD 31.68 trillion in assets in 2026 and is projected to climb to USD 40.98 trillion by 2031.
2. Equity Mutual Funds
- Global: The global Equity Mutual Fund market size (AuM) was USD 14.52 trillion by the end of 2025 and is projected to reach USD 21.80 trillion by 2033.
- U.S.: Equity funds constituted 53% of U.S. mutual fund net assets at year-end 2024, which totaled US$28.5 trillion, indicating an addressable market of approximately USD 15.1 trillion.
3. Fixed Income Mutual Funds
- Global: While specific global fixed income mutual fund AuM is not consistently isolated, the broader Global Fixed Income Asset Management Market was valued at USD 64.9 trillion in 2022. The overall Fixed Income Market size is estimated at USD 153.39 trillion in 2025 and is expected to reach USD 198.58 trillion by 2030.
- U.S.: Bond funds accounted for 18% of U.S. mutual fund net assets at year-end 2024 (US$28.5 trillion), implying an addressable market of approximately USD 5.13 trillion.
4. Balanced Funds
- Global: The global balanced funds market was valued at $5.55 trillion in 2021 and is projected to reach $25.50 trillion by 2031.
- U.S. (North America): North America is the largest market for balanced funds, holding approximately 60% of the global share. Based on global figures, this suggests a North American market of approximately $3.33 trillion in 2021 and potentially reaching $15.30 trillion by 2031. Hybrid funds, which include balanced funds, held 6% of U.S. mutual fund net assets at year-end 2024 (US$28.5 trillion), indicating an approximate market of USD 1.71 trillion.
5. Multi-Asset Funds
- Global: Multi-asset assets under management (AuM) rose to approximately $16 trillion in 2023. These assets represented about 13% of the $120 trillion global asset management industry in 2024.
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Expected Drivers of Future Revenue Growth for Franklin Resources (BEN)
Franklin Resources (BEN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market expansions:
- Expansion of Global Alternatives Platform and Private Markets: Franklin Resources is strategically focused on expanding its global alternatives platform. This includes significant efforts in private markets, evidenced by the acquisition of a majority interest in Apera Asset Management, a pan-European private credit firm, and successful fundraising for private market funds such as Lexington's flagship fund, which raised $22.7 billion in total. The company anticipates an increase in private market fundraising to between $25 billion and $30 billion in fiscal 2026.
- Growth in Assets Under Management (AUM) and Net Inflows: The company has demonstrated strong growth in Assets Under Management (AUM) driven by significant net inflows across both public and private markets. Franklin Resources reported record long-term inflows of $118.6 billion in Q1 fiscal 2026, marking a 40% quarter-over-quarter and 22% year-over-year increase, contributing to a total AUM of $1.68 trillion as of December 31, 2025. This sustained demand for diversified investment solutions is a key driver.
- Strategic Acquisitions and Partnerships: Franklin Resources actively pursues acquisitions to bolster its capabilities and market share. Notable examples include the acquisition of Putnam Investments in January 2024, which significantly increased its defined contribution assets, and the acquisition of Apera Asset Management in October 2025, which expanded its alternative credit platform. The company also continues to explore further mergers and acquisitions in the alternatives and high net worth segments.
- Innovation and Technology Integration: The firm is investing in artificial intelligence (AI) and blockchain technology to drive efficiency gains and product innovation. Innovative product launches, such as the AI-driven "Intelligence Hub" distribution platform and the "Canvas" custom indexing platform, are contributing to growth. Canvas, for instance, generated $1.4 billion in net flows and reached $18 billion in AUM.
- Expansion of ETF and Retail Separately Managed Account (SMA) Platforms: Franklin Resources' ETF platform continues to outpace industry growth, achieving $58 billion in AUM with $7.5 billion in net flows. The retail SMA platform is also experiencing strong demand due to client interest in personalization and tax efficiency, with AUM reaching $171 billion and generating $2.4 billion in net inflows.
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Share Repurchases
- Franklin Resources reported annual share buybacks of $240.3 million in 2025, $274.4 million in 2024, and $256.3 million in 2023.
- Share buybacks for the quarter ending December 31, 2025, were $41.9 million.
- In December 2025, the company expanded its stock repurchase program, authorizing the repurchase of up to 20.8 million additional shares, bringing the total shares available for repurchase to 40 million.
Share Issuance
- In February 2026, shareholders approved amendments to two stock incentive plans, increasing the total authorized shares for issuance by 30 million (5 million for the 1998 Employee Stock Investment Plan and 25 million for the 2002 Universal Stock Incentive Plan).
- Franklin Resources' shares outstanding increased by 1.39% in 2025 to 0.517 billion and by 3.97% in 2024 to 0.51 billion.
Outbound Investments
- Franklin completed the acquisition of Apera Asset Management in October 2025.
- In January 2024, Franklin completed the acquisition of Putnam Investments from Great-West Lifeco.
- The company acquired BNY Alcentra Group Holdings and Lexington Partners L.P. in 2022, and O'Shaughnessy Asset Management, LLC (“OSAM”) in 2021.
Capital Expenditures
- Capital expenditures were $154 million in fiscal year 2025, $177 million in fiscal year 2024, and $149 million in fiscal year 2023.
- Expected capital expenditures for fiscal year 2026 are projected to be $141 million.
- These capital expenditures typically focus on funding long-term assets and infrastructure, representing approximately 2% of revenue.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 148.59 |
| Mkt Cap | 37.5 |
| Rev LTM | 12,190 |
| Op Inc LTM | 1,959 |
| FCF LTM | 1,883 |
| FCF 3Y Avg | 1,353 |
| CFO LTM | 2,703 |
| CFO 3Y Avg | 1,570 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 14.2% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 9.7% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | 23.3% |
| Op Mgn 3Y Avg | 23.8% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 18.2% |
| FCF/Rev 3Y Avg | 18.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investment management and related services | 8,771 | 8,478 | 7,849 | ||
| Investment management fees | 6,617 | 6,542 | |||
| Other | 50 | 37 | |||
| Sales and distribution fees | 1,415 | 1,636 | |||
| Shareholder servicing fees | 193 | 211 | |||
| Total | 8,771 | 8,478 | 7,849 | 8,275 | 8,426 |
| $ Mil | 1996 | 1995 |
|---|---|---|
| Mutual funds and Institutional Management | 429 | 379 |
| Other | -1 | |
| Banking and Finance | -11 | -10 |
| Real Estate and Other | -1 | |
| Total | 417 | 368 |
| $ Mil | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Investment management and related services | 12,418 | 9,747 | 8,429 | ||
| Banking and Finance | 1,358 | 961 | 1,039 | ||
| Banking/ Finance | 1,061 | ||||
| Investment Management and Related Services | 8,115 | ||||
| Banking/Finance | 1,048 | ||||
| Investment Management | 8,895 | ||||
| Total | 13,776 | 10,708 | 9,468 | 9,177 | 9,943 |
Price Behavior
| Market Price | $35.24 | |
| Market Cap ($ Bil) | 18.2 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $32.49 | $26.65 |
| DMA Trend | up | up |
| Distance from DMA | 8.5% | 32.2% |
| 3M | 1YR | |
| Volatility | 28.5% | 28.0% |
| Downside Capture | 108.42 | 100.72 |
| Upside Capture | 160.25 | 127.04 |
| Correlation (SPY) | 54.1% | 57.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.51 | 0.94 | 1.08 | 1.28 | 1.25 | 1.09 |
| Up Beta | 0.67 | 0.37 | 0.76 | 1.10 | 1.51 | 1.24 |
| Down Beta | 1.49 | 0.77 | 0.80 | 1.40 | 1.36 | 1.03 |
| Up Capture | 194% | 164% | 157% | 177% | 141% | 95% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 26 | 37 | 73 | 139 | 386 |
| Down Capture | 159% | 85% | 108% | 108% | 100% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 17 | 25 | 51 | 109 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BEN | |
|---|---|---|---|---|
| BEN | 54.9% | 28.3% | 1.53 | - |
| Sector ETF (XLF) | 10.9% | 14.8% | 0.49 | 64.6% |
| Equity (SPY) | 21.0% | 12.9% | 1.20 | 57.9% |
| Gold (GLD) | 22.8% | 28.1% | 0.72 | 11.3% |
| Commodities (DBC) | 28.8% | 19.7% | 1.16 | -25.9% |
| Real Estate (VNQ) | 15.5% | 13.8% | 0.80 | 37.6% |
| Bitcoin (BTCUSD) | -45.9% | 43.1% | -1.30 | 27.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BEN | |
|---|---|---|---|---|
| BEN | 8.6% | 32.0% | 0.30 | - |
| Sector ETF (XLF) | 11.3% | 18.4% | 0.48 | 68.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.58 | 65.1% |
| Gold (GLD) | 17.2% | 18.5% | 0.75 | 9.4% |
| Commodities (DBC) | 8.4% | 19.5% | 0.32 | 9.1% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 57.1% |
| Bitcoin (BTCUSD) | 11.0% | 53.1% | 0.39 | 29.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BEN | |
|---|---|---|---|---|
| BEN | 5.1% | 32.8% | 0.23 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 69.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 64.5% |
| Gold (GLD) | 11.4% | 16.1% | 0.58 | 4.5% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 19.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 52.7% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 6.9% | 7.7% | 14.9% |
| 1/30/2026 | 2.9% | 4.0% | 4.3% |
| 11/7/2025 | -4.4% | -4.1% | 0.9% |
| 8/1/2025 | -0.2% | 3.6% | 6.9% |
| 5/2/2025 | 7.0% | 11.2% | 13.7% |
| 1/31/2025 | 10.4% | 2.2% | -1.5% |
| 11/4/2024 | -3.3% | 1.0% | 7.5% |
| 7/26/2024 | -2.4% | -5.9% | -11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 15 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 3.9% | 6.8% | 7.5% |
| Median Negative | -3.3% | -3.5% | -7.7% |
| Max Positive | 11.6% | 14.6% | 15.6% |
| Max Negative | -13.6% | -14.2% | -11.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 6.9% | 7.7% | 14.9% |
| 1/30/2026 | 2.9% | 4.0% | 4.3% |
| 11/7/2025 | -4.4% | -4.1% | 0.9% |
| 8/1/2025 | -0.2% | 3.6% | 6.9% |
| 5/2/2025 | 7.0% | 11.2% | 13.7% |
| 1/31/2025 | 10.4% | 2.2% | -1.5% |
| 11/4/2024 | -3.3% | 1.0% | 7.5% |
| 7/26/2024 | -2.4% | -5.9% | -11.4% |
| 4/29/2024 | -6.4% | -6.4% | -7.7% |
| 1/29/2024 | -0.3% | -2.5% | -1.8% |
| 10/31/2023 | 1.2% | 5.9% | 9.2% |
| 7/28/2023 | 3.9% | -0.1% | -9.2% |
| 5/1/2023 | -2.8% | -5.0% | -8.1% |
| 1/30/2023 | 1.8% | 8.3% | -4.1% |
| 11/1/2022 | -3.6% | -1.0% | 14.3% |
| 7/28/2022 | 4.4% | 8.4% | 7.6% |
| 5/3/2022 | 0.9% | -1.9% | 4.9% |
| 2/1/2022 | 0.5% | -2.8% | -7.9% |
| 11/1/2021 | 11.6% | 13.9% | 2.9% |
| 8/3/2021 | 3.2% | 8.8% | 9.0% |
| 5/4/2021 | 5.9% | 14.6% | 15.6% |
| 2/2/2021 | -3.6% | 0.0% | 0.6% |
| 10/27/2020 | -13.6% | -14.2% | -2.1% |
| 7/28/2020 | -2.2% | 2.1% | 2.1% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 15 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 3.9% | 6.8% | 7.5% |
| Median Negative | -3.3% | -3.5% | -7.7% |
| Max Positive | 11.6% | 14.6% | 15.6% |
| Max Negative | -13.6% | -14.2% | -11.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-K |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-K |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-K |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-K |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-K |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-K |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/01/2022 | 10-Q |
| 09/30/2021 | 11/19/2021 | 10-K |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/02/2021 | 10-Q |
| 09/30/2020 | 11/23/2020 | 10-K |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-Q |
| 09/30/2019 | 11/12/2019 | 10-K |
Investor Activity (13F)
Updated Aug 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Franklin Resources — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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