# T. Rowe Price Group Inc. (TROW) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TROW/thesis · /stocks/TROW/memo

## Financial Snapshot

---
ticker: TROW
step: 04
generated: 2026-05-12
source: quick-research
---

### T. Rowe Price Group (TROW) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$6.00B | ~$6.46B | $7.09B | +9.8% |
| Operating Margin | ~40% | ~35% | ~36% | |
| Net Margin | ~22% | ~25% | ~29.6% | |
| Net Income | ~$1.3B | ~$1.6B | ~$2.1B | +17.9% EPS |
| EPS (diluted) | ~$5.75 | ~$7.25 | ~$8.87 | +22% |

*Note: 2022 revenue and earnings declined from peak 2021 levels as global equity markets sold off, compressing AUM-linked fees. Recovery in 2023–2024 driven by market appreciation.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.0B |
| Free Cash Flow | ~$1.5B |
| Cash & Equivalents | ~$2.5B |
| Investments (seed capital) | ~$2.0B |
| Total Debt | Minimal (essentially debt-free) |

*FCF declined sharply in 2023 ($0.91B vs. $2.1B in 2022) due to elevated seed capital deployment and comp costs; partially recovered in 2024.*

#### Key Ratios (approximate)
- P/E: ~9.6x | EV/EBITDA: ~8x | Dividend Yield: ~5.8%
- Revenue Growth (FY2024): +9.8% | Net Margin: ~29.6%
- AUM: $1.607T (Dec 2024) → $1.775T (Dec 2025) — market appreciation driven

#### Growth Profile
T. Rowe Price's revenues are highly correlated to equity market levels. The 2022 bear market compressed AUM from ~$1.69T to ~$1.27T, reducing revenue by ~15%. Markets recovering in 2023–2024 drove a strong revenue rebound. The key concern is structural: net outflows totaled $43.2B in 2024 and $56.9B in 2025 — meaning organic AUM growth is negative despite strong market performance. The company is debt-free with a large net cash and investment position, supporting its ability to return capital via dividends and buybacks through the cycle.

#### Forward Estimates (FY2025 / FY2026)
- FY2025 Revenue: ~$7.3B (actual — +3.1% YoY)
- Net outflows ongoing but partially offset by ETF/alternatives growth and market appreciation
- Dividend: ~$4.88/share annualized; 38+ consecutive years of dividend growth (Dividend Aristocrat)
- Q1 2026: Revenue $1.86B, EPS up YoY despite AUM miss — cost discipline improving margins

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TROW/fundamental

## Navigation

- Overview: /stocks/TROW
- Financials (this page): /stocks/TROW/financials
- Thesis: /stocks/TROW/thesis
- Investment Memo: /stocks/TROW/memo
- Coverage universe: /stocks