Financials · Asset Management & Custody Banks · US stock · price as of 22 Oct 2026
Key indicators
Price
$103.45
52-week range
$85.22 – $122.00
Market cap
$22.2B
P/E (trailing)
10.1×
Dividend yield
5.0%
Revenue (last 12 months)
$7.6B
Revenue growth (3y a year)
4.1%
Price / book
2.0×
Return on equity
20.2%
Fair value
Fair value (average of valid models)$111.45 middle half of models $108 – $114
Versus priceFair+8% to fair value
P/E multiple
$106.60
P/B multiple
$118.31
P/S multiple
$109.45
Model uncertainty
Medium
X-Ray Score
45/ 100 · Medium confidence · ahead of 31% of sector peers
Valuation67
Growth28
Profitability47
Financial health36
Dividends40
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
T. Rowe Price is an asset manager based in Baltimore that runs mutual funds, exchange-traded funds, retirement products and separate accounts. Individual investors, retirement plan sponsors, financial advisers and institutions entrust money to it. Its investment teams cover equities, fixed income and multi-asset strategies, and the firm is well known for its retirement savings products, including target date funds.
The firm earns revenue mainly from investment advisory fees, which are a percentage of the assets it manages, so income moves with the level of client assets. In the last twelve months revenue was $7.6 billion, and it has grown at 4.1% a year across the last three years. The operating margin is 30.8%, and the business earns a profit of 22% on the capital invested in it. A dividend is paid, with a yield of 5.0%.
StocksXray gives Price T Rowe Group Inc an X-Ray Score of 45 out of 100 (medium confidence), ahead of 31% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is growth (28).
Our fair value (the average of the valid models) is $111.45 (range $108.03 to $113.88). At $103.45 the stock trades 7% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Price T Rowe Group Inc (TROW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$157.74
$91.11
$94.16
$103.28
$98.46
$103.45
Market cap
$36.1B
$20.7B
$21.2B
$23.1B
$21.7B
$22.2B
P/E
12.0×
13.6×
12.1×
11.3×
10.7×
10.1×
Price / book
4.0×
2.3×
2.2×
2.2×
2.0×
2.0×
Dividend yield
2.74%
5.27%
5.18%
4.80%
5.16%
5.00%
Fundamentals checklist ● 1 Good · ● 4 Average · ● 2 Bad · each check graded against the sector
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)11.3%Average
Revenue growth (3y)4.1%Bad
Growth consistency90%Average
Valuation
Fair value vs price1.1×Average
Profitability
Return on invested capital21.8%Good
Operating margin30.8%Average
XStocksXray
Price T Rowe Group Inc (TROW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,672
6,488
6,461
7,094
7,315
7,592
Net income
3,083
1,558
1,789
2,100
2,087
2,222
Diluted EPS ($)
13.12
6.70
7.76
9.15
9.24
10.19
Net margin
40.2%
24.0%
27.7%
29.6%
28.5%
29.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,509
11,643
12,279
13,472
14,342
15,357
Cash
1,523
1,756
2,067
2,650
3,378
3,234
Total debt
–
–
–
–
–
–
Equity
9,023
8,840
9,505
10,345
10,860
11,003
Dividend per share ($)
4.32
4.80
4.88
4.96
5.08
5.14
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
