T. Rowe Price (TROW)
Market Price (6/20/2026): $107.67 | Market Cap: $23.4 BilSector: Financials | Industry: Asset Management & Custody Banks
T. Rowe Price (TROW)
Market Price (6/20/2026): $107.67Market Cap: $23.4 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 14%, Dividend Yield is 4.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 7.2% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% Stock buyback supportStock Buyback 3Y Total is 1.5 Bil Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Digital & Alternative Assets. Themes include Wealth Management Technology, Show more. | Trading close to highsDist 52W High is -1.2% Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -59% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.19, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Key risksTROW key risks include [1] significant pressure on its traditional active management business model due to the industry-wide shift to lower-cost passive funds, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 7.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Stock buyback supportStock Buyback 3Y Total is 1.5 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Digital & Alternative Assets. Themes include Wealth Management Technology, Show more. |
| Trading close to highsDist 52W High is -1.2% |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -59% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.19, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Key risksTROW key risks include [1] significant pressure on its traditional active management business model due to the industry-wide shift to lower-cost passive funds, Show more. |
Qualitative Assessment
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T. Rowe Price (TROW) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. T. Rowe Price exceeded analyst expectations in its fiscal Q1 2026 earnings report. On April 30, 2026, the company announced adjusted diluted earnings per common share (EPS) of $2.52, surpassing the consensus estimate of $2.37 by $0.15. Quarterly revenue reached $1.86 billion, also exceeding the consensus estimate of $1.85 billion. Furthermore, net operating income on an adjusted basis increased by 10.2% compared to fiscal Q1 2025.
2. The company demonstrated strong Assets Under Management (AUM) growth, including a significant shift to net inflows in May 2026. While T. Rowe Price experienced net client outflows of $13.7 billion in fiscal Q1 2026 (ending March 31, 2026), its total AUM increased from $1.71 trillion at the end of fiscal Q1 2026 to $1.83 trillion by April 30, 2026. This upward trend continued, with AUM reaching $1.89 trillion by May 31, 2026. Notably, May 2026 saw positive net inflows of $3.3 billion, driven in part by significant contributions to its defined contribution target date strategies.
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T. Rowe Price (TROW) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. T. Rowe Price exceeded analyst expectations in its fiscal Q1 2026 earnings report. On April 30, 2026, the company announced adjusted diluted earnings per common share (EPS) of $2.52, surpassing the consensus estimate of $2.37 by $0.15. Quarterly revenue reached $1.86 billion, also exceeding the consensus estimate of $1.85 billion. Furthermore, net operating income on an adjusted basis increased by 10.2% compared to fiscal Q1 2025.
2. The company demonstrated strong Assets Under Management (AUM) growth, including a significant shift to net inflows in May 2026. While T. Rowe Price experienced net client outflows of $13.7 billion in fiscal Q1 2026 (ending March 31, 2026), its total AUM increased from $1.71 trillion at the end of fiscal Q1 2026 to $1.83 trillion by April 30, 2026. This upward trend continued, with AUM reaching $1.89 trillion by May 31, 2026. Notably, May 2026 saw positive net inflows of $3.3 billion, driven in part by significant contributions to its defined contribution target date strategies.
3. T. Rowe Price reinforced its commitment to shareholder returns with a dividend increase. On February 9, 2026, the company declared a quarterly dividend of $1.30 per share, marking a 2.36% increase from the previous quarter. This represents the firm's 40th consecutive year of regular annual dividend increases, signaling financial stability and a focus on consistent shareholder value.
4. Strategic product expansion into growth areas, particularly ETFs and Collateralized Loan Obligations (CLOs), contributed to positive sentiment. T. Rowe Price expanded its fixed income investment platform by entering the CLO market with a US$403.59 million offering on April 8, 2026. Additionally, on June 11, 2026, the firm introduced its 33rd exchange-traded fund (ETF), the T. Rowe Price Capital Appreciation Market Opportunities ETF (TPUT), expanding its Capital Appreciation suite. These initiatives align with broader asset management industry trends focusing on product innovation, including active ETFs. The company's fiscal Q1 2026 results also highlighted positive flows into multi-asset, fixed income, alternatives, and ETFs, with ETF AUM surpassing $25 billion.
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Stock Movement Drivers
Fundamental Drivers
The 16.8% change in TROW stock from 2/28/2026 to 6/19/2026 was primarily driven by a 16.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.14 | 107.65 | 16.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,315 | 7,408 | 1.3% |
| Net Income Margin (%) | 28.5% | 28.3% | -0.9% |
| P/E Multiple | 9.6 | 11.2 | 16.0% |
| Shares Outstanding (Mil) | 218 | 218 | 0.3% |
| Cumulative Contribution | 16.8% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TROW | 16.8% | |
| Market (SPY) | 9.2% | 52.9% |
| Sector (XLF) | 4.7% | 59.4% |
Fundamental Drivers
The 9.3% change in TROW stock from 11/30/2025 to 6/19/2026 was primarily driven by a 7.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.47 | 107.65 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,205 | 7,408 | 2.8% |
| Net Income Margin (%) | 28.9% | 28.3% | -2.1% |
| P/E Multiple | 10.4 | 11.2 | 7.7% |
| Shares Outstanding (Mil) | 219 | 218 | 0.9% |
| Cumulative Contribution | 9.3% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TROW | 9.3% | |
| Market (SPY) | 9.9% | 49.8% |
| Sector (XLF) | 1.3% | 58.4% |
Fundamental Drivers
The 22.7% change in TROW stock from 5/31/2025 to 6/19/2026 was primarily driven by a 15.6% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.74 | 107.65 | 22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,107 | 7,408 | 4.2% |
| Net Income Margin (%) | 28.4% | 28.3% | -0.3% |
| P/E Multiple | 9.7 | 11.2 | 15.6% |
| Shares Outstanding (Mil) | 222 | 218 | 2.2% |
| Cumulative Contribution | 22.7% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TROW | 22.7% | |
| Market (SPY) | 28.1% | 53.7% |
| Sector (XLF) | 6.7% | 62.9% |
Fundamental Drivers
The 17.4% change in TROW stock from 5/31/2023 to 6/19/2026 was primarily driven by a 23.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.68 | 107.65 | 17.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,163 | 7,408 | 20.2% |
| Net Income Margin (%) | 22.9% | 28.3% | 23.5% |
| P/E Multiple | 14.6 | 11.2 | -23.3% |
| Shares Outstanding (Mil) | 224 | 218 | 3.2% |
| Cumulative Contribution | 17.4% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TROW | 17.4% | |
| Market (SPY) | 85.7% | 68.0% |
| Sector (XLF) | 77.0% | 68.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TROW Return | 35% | -42% | 3% | 10% | -5% | 8% | -9% |
| Peers Return | 45% | -8% | 9% | 30% | 23% | 11% | 159% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| TROW Win Rate | 75% | 42% | 50% | 58% | 50% | 67% | |
| Peers Win Rate | 65% | 52% | 45% | 67% | 60% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TROW Max Drawdown | -15% | -49% | -29% | -16% | -30% | -20% | |
| Peers Max Drawdown | -13% | -37% | -29% | -14% | -24% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BLK, SCHW, MS, AMP, STT. See TROW 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 6/18/2026 (YTD)
How Low Can It Go
| Event | TROW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.4% | -7.8% |
| % Gain to Breakeven | 12.9% | 8.5% |
| Time to Breakeven | 72 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.1% | -9.5% |
| % Gain to Breakeven | 33.5% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.5% | -6.7% |
| % Gain to Breakeven | 15.6% | 7.1% |
| Time to Breakeven | 50 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.2% | 50.9% |
| Time to Breakeven | 130 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 178 days | 105 days |
In The Past
T. Rowe Price's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% 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.
| Event | TROW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.1% | -9.5% |
| % Gain to Breakeven | 33.5% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.2% | 50.9% |
| Time to Breakeven | 130 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 178 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.4% | -17.9% |
| % Gain to Breakeven | 30.6% | 21.8% |
| Time to Breakeven | 99 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.1% | -15.4% |
| % Gain to Breakeven | 31.8% | 18.2% |
| Time to Breakeven | 125 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.5% | -53.4% |
| % Gain to Breakeven | 190.2% | 114.4% |
| Time to Breakeven | 609 days | 1085 days |
In The Past
T. Rowe Price's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% 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 T. Rowe Price (TROW)
T. Rowe Price Group, Inc. (TROW) is a global investment management firm that provides services to a wide array of clients. The firm specializes in managing investment portfolios by employing a fundamental and quantitative bottom-up approach to identify opportunities across public equity and fixed income markets worldwide. It integrates socially responsible investing principles, with a particular focus on environmental, social, and governance (ESG) factors, leveraging both in-house and external research for its investment decisions.
The company's core offerings include launching and managing a diverse range of equity and fixed income mutual funds. In addition to its public market investments, T. Rowe Price also participates in late-stage venture capital transactions, typically making investments between $3 million and $5 million. Its extensive client base includes individuals, institutional investors, retirement plans, financial intermediaries, and other institutions across the globe.
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Here are a few analogies for T. Rowe Price:
- T. Rowe Price is like Fidelity for actively managed mutual funds and retirement investments.
- It's similar to Vanguard, but with a focus on selecting individual stocks and bonds rather than primarily offering broad market index funds.
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- Investment Management Services: Providing investment management and advisory services to individuals, institutions, retirement plans, and financial intermediaries.
- Mutual Funds: Launching and managing various equity and fixed income mutual funds for investors.
- Venture Capital Investments: Making direct investments in late-stage venture capital transactions.
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T. Rowe Price (TROW) serves a diverse range of customers, which can be categorized as follows:
- Individuals: The firm provides investment management services directly to individual investors seeking to manage their personal portfolios.
- Institutional Investors and Institutions: This category includes various organizations such as corporations, endowments, foundations, and other large entities that require professional investment management for their assets.
- Retirement Plans: T. Rowe Price offers services to a variety of retirement plans, including employer-sponsored plans (like 401(k)s and 403(b)s) and individual retirement accounts, managing the underlying investments for these plans.
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Robert W. Sharps, Chair of the Board, Chief Executive Officer and President
Mr. Sharps has been with T. Rowe Price since 1997, starting as an analyst specializing in financial services stocks in the U.S. Equity Division. He served as the lead portfolio manager of the Institutional Large-Cap Growth Equity Strategy for 15 years until December 2016. He then became co-head of Global Equity, head of Investments, and group chief investment officer before being named president of Price Group in February 2021 and chief executive officer in January 2022. Prior to joining T. Rowe Price, he completed an internship as an equity research analyst at Wellington Management and was employed by KPMG Peat Marwick as a senior management consultant, focusing on corporate transactions.
Jennifer Dardis, Chief Financial Officer and Treasurer
Ms. Dardis joined T. Rowe Price in 2006, beginning in a corporate strategy role within the CFO Group. She was appointed head of Corporate Strategy in 2016 and later served as the head of Finance before her appointment as Chief Financial Officer and Treasurer on August 1, 2021. Before T. Rowe Price, Ms. Dardis held positions in investor relations at Constellation Energy, in finance and business development at Energy Merchant, and in mergers and acquisitions at SG Cowen. As CFO, she successfully led the firm through its largest acquisition in history, Oak Hill Advisors (OHA) for $4.2 billion.
Justin Thomson, Head of the Investment Institute and Chief Investment Officer
Mr. Thomson's investment experience began in 1991, and he has been with T. Rowe Price since 1998, starting in the International Equity Division. He was the lead portfolio manager for the International Small-Cap Strategy from 1998 to 2020 and incepted and managed the European Small-Cap Strategy from 2008 to 2016. He served as head of the International Equity Division from 2021 to 2024 and was appointed Head of the Investment Institute and Chief Investment Officer, effective January 1, 2025. Prior to T. Rowe Price, Mr. Thomson was a portfolio manager at G.T. Capital/LGT/Invesco, managing various small-cap and all-cap portfolios.
Ramon Richards, Chief Technology Officer and Global Head of Technology, Data, and Operations
Mr. Richards joined T. Rowe Price in 2023 as Chief Technology Officer, providing strategic leadership across Technology, Data, and Cybersecurity. In 2025, his role expanded to include Global Investment Operations, Global Client Account Services, the Transformation Office, and Regional Operating Officers.
Arif Husain, Head of Global Fixed Income and Chief Investment Officer
Mr. Husain's investment experience began in 1995, and he joined T. Rowe Price in 2013. He is the lead portfolio manager for the Global Government Bond High Quality Strategy and is chairman of the Fixed Income Steering Committee. Prior to his tenure at T. Rowe Price, Mr. Husain was employed by AllianceBernstein, focusing on European fixed income and euro portfolio management.
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T. Rowe Price (symbol: TROW), as an investment manager, faces several key risks to its business model, primarily stemming from its reliance on assets under management (AUM) and active investment strategies. These risks are:
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Market Volatility and Economic Uncertainties: A significant portion of T. Rowe Price's revenue is derived from advisory fees, which are calculated as a percentage of its assets under management. Consequently, fluctuations in financial markets and broader economic downturns directly impact the value of its AUM. Prolonged periods of market depreciation can lead to a decrease in the firm's asset base and, subsequently, its ability to generate income.
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Intense Competition and Pressure on Fees from Passive Investment Strategies: The investment management industry is highly competitive, with T. Rowe Price facing significant pressure from the growing popularity of lower-cost passive investment vehicles, such as exchange-traded funds (ETFs) and index funds. This trend challenges the traditional active management model that T. Rowe Price predominantly employs, leading to fee compression and a potential shift of investor capital away from its actively managed mutual funds.
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Persistent Net Client Outflows: A direct consequence of market volatility and intense competition, T. Rowe Price has experienced ongoing net client outflows. These outflows occur when investors withdraw more capital than they invest, often due to underperformance of active funds relative to competitors or benchmarks, or a preference for passive strategies. This continuous reduction in AUM directly impacts the firm's revenue and growth prospects. For instance, the company experienced $43.2 billion in net client outflows for the entirety of 2024 and $8.6 billion in Q1 2025.
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The increasing market share and investor preference for low-cost passive investment vehicles, such as index funds and exchange-traded funds (ETFs), poses a significant threat. This trend leads to ongoing fee compression across the investment management industry, challenging the traditional revenue model and profitability of actively managed funds offered by firms like T. Rowe Price.
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Addressable Markets for T. Rowe Price's Main Products and Services
T. Rowe Price Group, Inc. (TROW) is an investment manager whose main products and services include investment management for various client types, equity and fixed income mutual funds, and late-stage venture capital investments.
Asset Management
- Global: The total assets under management (AUM) at the world's 500 largest asset managers reached approximately USD 139.9 trillion at the end of 2024.
- U.S.: The United States asset management market size is projected at USD 70.97 trillion in 2026 and is forecast to reach USD 125.98 trillion by 2031, reflecting a 12.16% compound annual growth rate (CAGR).
Mutual Funds
- Global: The global mutual fund assets market size was worth around USD 67.48 trillion in 2022 and is predicted to grow to around USD 145.24 trillion by 2030, at a CAGR of roughly 10.06%.
- U.S.: The US mutual fund market holds USD 31.68 trillion in assets in 2026 and is projected to climb to USD 40.98 trillion by 2031. The United States Mutual Funds Market was valued at USD 34.58 Trillion in 2024 and is expected to reach USD 43.25 Trillion by 2030, rising at a CAGR of 3.80%.
Venture Capital
- Global: The global venture capital investment market size was valued at USD 503.27 billion in 2025. This market is projected to grow from USD 598.91 billion in 2026 to USD 2,669.87 billion by 2034, exhibiting a CAGR of 20.5%. Late-stage financings accounted for more than half of the total deal value in 2025.
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T. Rowe Price (symbol: TROW) anticipates several key drivers for future revenue growth over the next 2-3 years:
- Expansion of Exchange-Traded Funds (ETFs): The firm is actively growing its ETF segment, including launching new products and extending its reach into international retirement solutions through new ETF offerings.
- Growth and Innovation in Retirement Solutions: T. Rowe Price is focused on expanding its target date franchise, including into international markets such as Canada, and developing innovative customization and retirement income solutions. Retirement-related assets constitute a significant portion of the firm's assets under management.
- Strategic Partnerships and Broadening Global Presence: The company aims to enhance its global footprint and investment platform by forging strategic partnerships. These collaborations are designed to increase the accessibility of T. Rowe Price's products and insights for financial advisors and clients, with one agreement projected to provide access to an additional 10,000 financial advisors and 2 million end clients. Recent partnerships include collaborations with Goldman Sachs and First Abu Dhabi Bank.
- Increased Penetration of the Insurance Sector: A significant part of T. Rowe Price's multi-faceted expansion strategy involves strengthening its presence within the insurance channel. This initiative aims to broaden distribution and reach a wider client base for its investment products.
- Leveraging Active Management and Proprietary Research: T. Rowe Price continues to differentiate itself through its active investment management approach and independent proprietary research. Initiatives like "The Power of Curiosity" campaign, launched in February 2024, are designed to boost awareness and consideration by showcasing how the firm's inquisitive analysis leads to superior insights, ultimately supporting asset growth and revenue.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- T. Rowe Price repurchased $624.6 million in shares during 2025, representing 2.8% of shares outstanding.
- The company returned $337.2 million to stockholders through share buybacks in 2024.
- In 2023, share buybacks amounted to $254.4 million.
Outbound Investments
- A strategic partnership with Aspida was announced in 2025 to enhance T. Rowe Price's insurance asset management offerings, particularly in public and private assets.
- The firm expanded its ETF portfolio to 17 funds by the end of 2024 and plans further ETF launches in 2025 and 2026.
- In 2023, T. Rowe Price launched the T. Rowe Price OHA Select Private Credit Fund (OCREDIT) with over $1.5 billion of investable capital.
Capital Expenditures
- Operating expenses for 2025 were forecasted to rise 4-6% over 2024 levels, driven by strategic investments and real-estate costs related to the new Baltimore headquarters.
- Adjusted operating expenses for 2026 are anticipated to increase by 3-6% over 2025's $4.6 billion, reflecting ongoing investments in growth areas.
- Full-year 2024 adjusted operating expenses were $4.46 billion.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 195.74 |
| Mkt Cap | 103.5 |
| Rev LTM | 21,871 |
| Op Inc LTM | 5,472 |
| FCF LTM | 2,681 |
| FCF 3Y Avg | 2,571 |
| CFO LTM | 3,010 |
| CFO 3Y Avg | 2,905 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.8% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 15.7% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 6.4% |
| Op Inc Chg 3Y Avg | 9.0% |
| Op Mgn LTM | 33.6% |
| Op Mgn 3Y Avg | 34.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 21.1% |
| CFO/Rev 3Y Avg | 21.5% |
| FCF/Rev LTM | 18.6% |
| FCF/Rev 3Y Avg | 18.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investment advisory fees | 6,602 | 6,400 | 5,969 | 7,098 | |
| Administrative, distribution, services, and other fees | 594 | 588 | |||
| Capital allocation-based income (loss) | 81 | 47 | |||
| Performance-based advisory fees | 37 | 59 | |||
| Investment management services | 6,460 | ||||
| Administrative, distribution, and servicing fees | 574 | ||||
| Capital allocation-based income | -54 | ||||
| Administrative fees | 454 | ||||
| Distribution and servicing fees | 120 | ||||
| Total | 7,315 | 7,094 | 6,460 | 6,488 | 7,672 |
Price Behavior
| Market Price | $107.65 | |
| Market Cap ($ Bil) | 23.4 | |
| First Trading Date | 09/13/1989 | |
| Distance from 52W High | -1.2% | |
| 50 Days | 200 Days | |
| DMA Price | $101.42 | $98.36 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.1% | 9.4% |
| 3M | 1YR | |
| Volatility | 18.4% | 23.7% |
| Downside Capture | 32.80 | 120.42 |
| Upside Capture | 95.52 | 111.71 |
| Correlation (SPY) | 52.8% | 52.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.95 | 1.00 | 0.76 | 1.01 | 1.11 | 1.19 |
| Up Beta | 0.93 | 1.17 | 0.77 | 0.76 | 1.03 | 1.20 |
| Down Beta | 0.17 | 0.02 | 0.53 | 0.80 | 0.85 | 1.10 |
| Up Capture | 78% | 99% | 87% | 111% | 120% | 132% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 24 | 37 | 68 | 134 | 391 |
| Down Capture | 164% | 104% | 75% | 125% | 124% | 107% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 17 | 26 | 56 | 116 | 359 |
[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 TROW | |
|---|---|---|---|---|
| TROW | 23.8% | 23.6% | 0.84 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 62.6% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 52.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 4.8% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -14.1% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 34.2% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 37.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TROW | |
|---|---|---|---|---|
| TROW | -6.7% | 30.4% | -0.20 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 70.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 75.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 8.0% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 11.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 61.2% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 32.7% |
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 TROW | |
|---|---|---|---|---|
| TROW | 7.8% | 30.0% | 0.31 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 73.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 76.7% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 21.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 58.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 20.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 2.4% | 5.6% | 4.0% |
| 2/4/2026 | -5.5% | -5.9% | -10.3% |
| 10/31/2025 | 0.4% | 0.0% | 0.3% |
| 8/1/2025 | 1.6% | 2.6% | 6.1% |
| 5/2/2025 | 4.0% | 5.2% | 4.6% |
| 2/5/2025 | -4.2% | -5.6% | -14.4% |
| 11/1/2024 | 2.0% | 9.3% | 12.5% |
| 7/26/2024 | -3.0% | -3.0% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 9 |
| # Negative | 8 | 6 | 7 |
| Median Positive | 3.1% | 2.4% | 4.7% |
| Median Negative | -4.3% | -3.8% | -6.3% |
| Max Positive | 8.3% | 9.3% | 12.5% |
| Max Negative | -5.5% | -5.9% | -14.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 2.4% | 5.6% | 4.0% |
| 2/4/2026 | -5.5% | -5.9% | -10.3% |
| 10/31/2025 | 0.4% | 0.0% | 0.3% |
| 8/1/2025 | 1.6% | 2.6% | 6.1% |
| 5/2/2025 | 4.0% | 5.2% | 4.6% |
| 2/5/2025 | -4.2% | -5.6% | -14.4% |
| 11/1/2024 | 2.0% | 9.3% | 12.5% |
| 7/26/2024 | -3.0% | -3.0% | -5.1% |
| 4/26/2024 | 4.8% | 2.1% | 8.6% |
| 2/8/2024 | -0.7% | -3.1% | 7.5% |
| 10/27/2023 | -4.7% | 1.6% | 4.7% |
| 7/28/2023 | 8.3% | -0.1% | -6.3% |
| 5/2/2023 | -4.7% | -4.5% | -3.7% |
| 1/26/2023 | -1.8% | 2.9% | -5.6% |
| 1/27/2022 | -4.3% | 0.1% | -7.3% |
| 1/28/2021 | 3.8% | 1.3% | 3.6% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 9 |
| # Negative | 8 | 6 | 7 |
| Median Positive | 3.1% | 2.4% | 4.7% |
| Median Negative | -4.3% | -3.8% | -6.3% |
| Max Positive | 8.3% | 9.3% | 12.5% |
| Max Negative | -5.5% | -5.9% | -14.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
| 06/30/2019 | 07/24/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Effective Tax Rate | 23.0% | 24.5% | 26.0% | -2.0% | -0.5% | Lowered | Guidance: 25.0% for 2026 |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Effective Tax Rate | 23.0% | 25.0% | 27.0% | 2.0% | 0.5% | Raised | Guidance: 24.5% for 2025 |
| 2026 Adjusted Effective Tax Rate | 24.0% | 25.5% | 27.0% | 4.1% | 1.0% | Raised | Guidance: 24.5% for 2025 |
Insider Activity
Updated 5/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jackson, Stephon A | Vice President | Direct | Sell | 5142026 | 102.56 | 3,000 | 307,680 | 8,602,993 | Form |
| 2 | Husain, Arif | Direct | Sell | 12112025 | 101.96 | 4,260 | 434,336 | 4,802,411 | Form | |
| 3 | MacLellan, Robert F | Direct | Sell | 9232025 | 105.01 | 3,090 | 324,466 | 4,970,385 | Form | |
| 4 | Sawyer, Dorothy C | Direct | Sell | 6122025 | 95.43 | 2,000 | 190,860 | 4,274,187 | Form | |
| 5 | Hiebler, Jessica M | Principal Accounting Officer | Direct | Sell | 5132025 | 96.98 | 968 | 93,879 | 1,320,070 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jackson, Stephon A | Vice President | Direct | Sell | 5142026 | 102.56 | 3,000 | 307,680 | 8,602,993 | Form |
| 2 | Husain, Arif | Direct | Sell | 12112025 | 101.96 | 4,260 | 434,336 | 4,802,411 | Form | |
| 3 | MacLellan, Robert F | Direct | Sell | 9232025 | 105.01 | 3,090 | 324,466 | 4,970,385 | Form | |
| 4 | Sawyer, Dorothy C | Direct | Sell | 6122025 | 95.43 | 2,000 | 190,860 | 4,274,187 | Form | |
| 5 | Hiebler, Jessica M | Principal Accounting Officer | Direct | Sell | 5132025 | 96.98 | 968 | 93,879 | 1,320,070 | Form |
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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