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US asset manager known for actively managed mutual funds and retirement/target-date fund products.
US asset manager known for actively managed mutual funds and retirement/target-date fund products.
Earns fees as a share of the assets it manages, so mutual-fund and retirement-plan balances matter more than trading, and equity funds, which charge more than bond funds, carry most of it. Many assets arrive through employer retirement plans, which it also administers. In 2025 it announced a partnership with Goldman Sachs to offer private-markets funds.
Moat: narrow (brand, scale, distribution). Strong active-management brand and target-date fund distribution sustain assets despite the shift to passive investing.
Headquarters: Baltimore, Maryland, US · Founded: 1937 · Employees: 7,773
Size T. Rowe Price (TROW) is a United States Financials company (Investment Managers) with a market value of $23.1B, the 446th largest of 3,117 United States companies the cockpit tracks. Shares closed at $108.41 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against +5.0% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +9.4%); the operating margin is 36.2% (peer median 30.5%).
Valuation It trades at 10.8× forward earnings against a peer median of 12.3× (8th cheapest of 21).
Short interest Short interest is 11.9% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.70B | $7.31B | $7.09B | $6.46B | $6.49B |
| Revenue growth | — | +3% | +10% | 0% | — |
| Gross profit | $6.14B | $5.77B | $5.75B | $5.20B | $5.14B |
| EBITDA | $3.21B | $3.00B | $2.74B | $2.41B | $2.53B |
| Net income | $2.13B | $2.04B | $2.04B | $1.74B | $1.52B |
| Free cash flow | $2.79B | $2.47B | $2.12B | $1.93B | $2.05B |
| Capital expenditure | $268M | $274M | $423M | $308M | $238M |
| Total debt | $842M | $469M | $338M | $398M | $433M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| T. Rowe Price TROW | $23.1B | +4% | +7% | 36% | 10.8× | n/a |
| BlackRock BLK | $192B | +9% | +24% | 36% | 18.9× | n/a |
| Franklin Resources BEN | $17.1B | +10% | +8% | 15% | 10.6× | n/a |
| Invesco IVZ | $11.9B | -1% | +17% | 24% | 8.6× | n/a |
| AllianceBernstein Holding L.P AB | $3.14B | -13% | n/a | n/a | 9.6× | n/a |
| Federated Hermes FHI | $4.73B | +14% | +13% | 28% | 10.9× | n/a |
| Artisan Partners Asset Management APAM | $3.17B | +3% | +6% | 36% | 10.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TROW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | +2.6% | 8th highest of 21 |
| 6-month return | +4.2% | +5.0% | 10th lowest of 21 |
| Distance from 52-week high | -11.1% | -19.3% | 6th highest of 21 |
| Revenue growth (TTM) | +6.9% | +9.4% | 9th lowest of 21 |
| Operating margin | 36.2% | 30.5% | 9th highest of 21 |
| Forward P/E | 10.8× | 12.3× | 8th cheapest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| CSC Financial 601066.SS | China | $23.4B | -3% | -2% | 49% | 14.2× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
| ICICI Prudential Asset Management ICICIAMC.NS | India | $15.4B | -11% | +22% | 73% | 39.2× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
| Carlyle CG | United States | $14.1B | -22% | -44% | 14% | 10.2× | n/a | n/a |
| Guosen Securities 002736.SZ | China | $13.9B | -16% | -10% | 34% | 7.9× | n/a | n/a |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
| Guotai Haitong Securities 2611.HK | Hong Kong | $39.8B | -6% | +38% | 69% | 6.0× | n/a | n/a |