T. Rowe Price Group, Inc.

TROW

Financial ServicesLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

T. 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 North America, Europe, Asia, Australia.

Valuation

Market Cap$22.9B

Current Price$106.59as of Jun 23, 2026

P/E Ratio11.25

P/B Ratio2.11

EV / EBITDA6.48

EV / Sales2.73

Profitability

Operating Margin33.9%

Net Profit Margin27.8%

EBITDA Margin42.1%

Returns

ROE18.8%

ROCE22.8%

ROIC %-

ROA14.2%

Solvency

Current Ratio10.57

Debt / Equity0.04

Debt / Assets0.03

CFO / Net Profit0.86

Price History▲ 13.41% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$7.3B▲ 3.1%

EBITDA$3.1B▲ 3.4%

Net Profit$2.1B▼ 0.6%

Cash from Ops (CFO)$1.8B▲ 4.0%

Free Cash Flow (FCF)$1.5B▲ 17.2%

Revenue CAGR 3Y4.1%

Revenue CAGR 5Y-

Net Profit CAGR 3Y10.2%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$7.3B	$3.1B	$2.1B	$1.5B	19.2%	3.1%	-0.6%
2024	$7.1B	$3.0B	$2.1B	$1.3B	20.3%	9.8%	17.4%
2023	$6.5B	$2.5B	$1.8B	$911M	18.8%	-0.4%	14.8%
2022	$6.5B	$3.1B	$1.6B	$2.1B	17.6%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	6,488.40	6,460.50	7,093.60	7,314.80
Operating Revenue	-	6,488.40	6,460.50	7,093.60	7,314.80
Cost Of Revenue	-	2,922.40	3,254.40	3,409.50	3,564.50
Gross Profit	-	3,566	3,206.10	3,684.10	3,750.30
Operating Expense	-	1,070	1,168.10	1,207.50	1,272.90
Selling General And Administration	-	1,070	1,168.10	1,207.50	1,272.90
Total Expenses	-	3,992.40	4,422.50	4,617	4,837.40
Operating Income	-	2,496	2,038	2,476.60	2,477.40
Total Operating Income As Reported	-	2,373.70	1,986.20	2,333.30	2,188.80
EBITDA	-	3,141.80	2,519.60	2,980.80	3,082.90
Normalized EBITDA	-	3,672.30	2,051.60	2,630.60	2,686.70
EBIT	-	2,496	2,038	2,476.60	2,477.40
Other Non Operating Income Expenses	-	-17.30	-15.70	-7.20	1.90
Other Income Expense	-	-547.80	452.30	343	398.10
Pretax Income	-	1,948.20	2,490.30	2,819.60	2,875.50
Tax Provision	-	498.60	654.60	683.80	667.20
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-135.81	123.08	84.93	91.93
Net Income Continuous Operations	-	1,449.60	1,835.70	2,135.80	2,208.30
Net Income From Continuing And Discontinued Operation	-	1,557.90	1,788.70	2,100.10	2,087.10
Net Income From Continuing Operation Net Minority Interest	-	1,557.90	1,788.70	2,100.10	2,087.10
Net Income	-	1,557.90	1,788.70	2,100.10	2,087.10
Net Income Common Stockholders	-	1,521.80	1,744.30	2,044.30	2,036.50
Net Income Including Noncontrolling Interests	-	1,449.60	1,835.70	2,135.80	2,208.30
Normalized Income	-	1,952.59	1,443.78	1,834.83	1,782.83
Diluted NI Availto Com Stockholders	-	1,521.80	1,744.30	2,044.30	2,036.50
Basic Average Shares	-	226	224.10	222.80	220
Diluted Average Shares	-	227.10	224.80	223.30	220.30
Reconciled Depreciation	-	645.80	481.60	504.20	605.50
Reconciled Cost Of Revenue	-	2,922.40	3,254.40	3,409.50	3,564.50
Total Unusual Items	-	-530.50	468	350.20	396.20
Total Unusual Items Excluding Goodwill	-	-530.50	468	350.20	396.20
Minority Interests	-	108.30	-47	-35.70	-121.20
Special Income Charges	-	-122.30	-51.80	-143.30	-288.60
Restructuring And Mergern Acquisition	-	122.30	51.80	143.30	288.60
Gain On Sale Of Security	-	-408.20	519.80	493.50	684.80
General And Administrative Expense	-	972.70	1,053.90	1,077.90	1,165.50
Other Gand A	-	412.20	421.30	433.80	441.90
Rent Expense Supplemental	-	560.50	632.60	644.10	723.60
Selling And Marketing Expense	-	97.30	114.20	129.60	107.40
Rent And Landing Fees	-	560.50	632.60	644.10	723.60
Otherunder Preferred Stock Dividend	-	36.10	44.40	55.80	50.60

Peer Comparison

Financial Services sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
T. Rowe Price Group, Inc.this co.	TROW	$22.9B	11.25↓ discount	2.11	18.8%	6.48
Cincinnati Financial Corporation	CINF	$24.9B	10.39	1.56	15.0%	-
W. R. Berkley Corporation	WRB	$24.7B	13.87	2.54	18.3%	-
Willis Towers Watson Public Limited Company	WTW	$24.4B	15.22	3.06	20.1%	10.72
Regions Financial Corporation

Learn while you research

Hand-picked academy chapters to deepen your understanding of T. Rowe Price Group, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

Loading…

Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$7.3B

$3.1B

$2.1B

$1.5B

19.2%

3.1%

-0.6%

2024

$7.1B

$3.0B

$2.1B

$1.3B

20.3%

9.8%

17.4%

2023

$6.5B

$2.5B

$1.8B

$911M

18.8%

-0.4%

14.8%

2022

$6.5B

$3.1B

$1.6B

$2.1B

17.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

6,488.40

6,460.50

7,093.60

7,314.80

Operating Revenue

6,488.40

6,460.50

7,093.60

7,314.80

Cost Of Revenue

2,922.40

3,254.40

3,409.50

3,564.50

Gross Profit

3,566

3,206.10

3,684.10

3,750.30

Operating Expense

1,070

1,168.10

1,207.50

1,272.90

Selling General And Administration

1,070

1,168.10

1,207.50

1,272.90

Total Expenses

3,992.40

4,422.50

4,617

4,837.40

Operating Income

2,496

2,038

2,476.60

2,477.40

Total Operating Income As Reported

2,373.70

1,986.20

2,333.30

2,188.80

EBITDA

3,141.80

2,519.60

2,980.80

3,082.90

Normalized EBITDA

3,672.30

2,051.60

2,630.60

2,686.70

EBIT

2,496

2,038

2,476.60

2,477.40

Other Non Operating Income Expenses

-17.30

-15.70

-7.20

1.90

Other Income Expense

-547.80

452.30

343

398.10

Pretax Income

1,948.20

2,490.30

2,819.60

2,875.50

Tax Provision

498.60

654.60

683.80

667.20

Tax Rate For Calcs

Tax Effect Of Unusual Items

-135.81

123.08

84.93

91.93

Net Income Continuous Operations

1,449.60

1,835.70

2,135.80

2,208.30

Net Income From Continuing And Discontinued Operation

1,557.90

1,788.70

2,100.10

2,087.10

Net Income From Continuing Operation Net Minority Interest

1,557.90

1,788.70

2,100.10

2,087.10

Net Income

1,557.90

1,788.70

2,100.10

2,087.10

Net Income Common Stockholders

1,521.80

1,744.30

2,044.30

2,036.50

Net Income Including Noncontrolling Interests

1,449.60

1,835.70

2,135.80

2,208.30

Normalized Income

1,952.59

1,443.78

1,834.83

1,782.83

Diluted NI Availto Com Stockholders

1,521.80

1,744.30

2,044.30

2,036.50

Basic Average Shares

226

224.10

222.80

220

Diluted Average Shares

227.10

224.80

223.30

220.30

Reconciled Depreciation

645.80

481.60

504.20

605.50

Reconciled Cost Of Revenue

2,922.40

3,254.40

3,409.50

3,564.50

Total Unusual Items

-530.50

468

350.20

396.20

Total Unusual Items Excluding Goodwill

-530.50

468

350.20

396.20

Minority Interests

108.30

-47

-35.70

-121.20

Special Income Charges

-122.30

-51.80

-143.30

-288.60

Restructuring And Mergern Acquisition

122.30

51.80

143.30

288.60

Gain On Sale Of Security

-408.20

519.80

493.50

684.80

General And Administrative Expense

972.70

1,053.90

1,077.90

1,165.50

Other Gand A

412.20

421.30

433.80

441.90

Rent Expense Supplemental

560.50

632.60

644.10

723.60

Selling And Marketing Expense

97.30

114.20

129.60

107.40

Rent And Landing Fees

560.50

632.60

644.10

723.60

Otherunder Preferred Stock Dividend

36.10

44.40

55.80

50.60

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

T. Rowe Price Group, Inc.this co.

TROW

$22.9B

11.25↓ discount

2.11

18.8%

6.48

Cincinnati Financial Corporation

CINF

$24.9B

10.39

1.56

15.0%

W. R. Berkley Corporation

WRB

$24.7B

13.87

2.54

18.3%

Willis Towers Watson Public Limited Company

WTW

$24.4B

15.22

3.06

20.1%

10.72

Regions Financial Corporation

T. Rowe Price Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

T. Rowe Price Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on