Valuation, from the filing
| Public float | $20.90B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $95.84 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 10.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 2.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
10.0× earnings today, against a median of 12.9× across 10 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $20.90B | 10.0× | |
| 2024-06-30 | $25.30B | 12.0× | |
| 2023-06-30 | $24.60B | 13.8× | |
| 2022-06-30 | $25.20B | 16.2× | |
| 2021-06-30 | $44.60B | 14.5× | |
| 2020-06-30 | $27.80B | 11.7× | |
| 2019-06-30 | $25.60B | 12.0× | |
| 2018-06-29 | $27.60B | 15.0× | |
| 2017-06-30 | $17.40B | 11.6× | |
| 2016-06-30 | $17.70B | 14.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Investment Advice filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 3.7% | 93th | |
| Net margin | 28.5% | 81th | |
| Operating margin | 29.9% | 78th | |
| Revenue YoY growth | 3.1% | 29th | |
| Effective tax rate | 23.2% | 58th | |
| SBC / revenue | 3.0% | 43th | |
| FCF margin | 20.2% | 56th |
PRICE T ROWE GROUP INC (TROW) reported revenue of $2.00B and net income of $612.30M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from PRICE T ROWE GROUP INC’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Investment Advice.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.00B | $1.91B | $1.86B | $1.93B | $1.89B | $1.72B | $1.76B | $1.82B | $1.79B | $1.73B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $769.80M | $540.50M | $680.50M | $471.00M | $643.20M | $478.30M | $596.30M | $568.40M | $613.60M | $564.70M |
| Net income | $612.30M | $632.00M | $498.20M | $445.30M | $646.10M | $505.20M | $490.50M | $439.90M | $603.00M | $483.40M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 213.60M | shares 214.20M | shares 217.60M | Unavailable | shares 219.70M | shares 220.40M | shares 222.60M | Unavailable | shares 222.80M | shares 223.50M |
| Pretax income | $787.40M | $909.60M | $632.20M | $613.10M | $881.60M | $713.80M | $667.00M | $573.00M | $826.10M | $645.00M |
| Income tax expense | $190.30M | $214.20M | $148.10M | $152.50M | $195.10M | $157.70M | $161.90M | $156.30M | $185.70M | $159.70M |
| Diluted EPS | $2.79 | $2.88 | $2.23 | Unavailable | $2.87 | $2.24 | $2.15 | Unavailable | $2.64 | $2.11 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $3.77B | $3.23B | $3.73B | $3.38B | $3.63B | $3.06B | $2.84B | $2.65B | $3.17B | $2.71B |
| Total assets | $16.15B | $15.36B | $14.39B | $14.34B | $14.73B | $14.34B | $13.99B | $13.47B | $13.71B | $13.09B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $3.54B | $3.18B | $2.52B | $2.29B | $2.76B | $2.53B | $2.46B | $2.02B | $2.49B | $2.27B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $11.56B | $11.16B | $10.94B | $11.02B | $10.98B | $10.71B | $10.56B | $10.51B | $10.45B | $10.13B |
| Temporary (mezzanine) equity | $1.06B | $1.01B | $940.20M | $1.04B | $984.90M | $1.10B | $977.20M | $944.00M | $763.40M | $689.00M |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $952.20M | $941.60M | $909.90M | $931.20M | $899.40M | $861.80M | $934.60M | $877.40M | $890.00M | $846.90M |
| Goodwill | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B | $2.64B |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $543.30M | $517.30M | $824.30M | -$18.70M | $609.30M | $529.90M | $632.90M | -$281.90M | $652.50M | $677.70M |
| Capital expenditures | $72.70M | $66.40M | $62.00M | $66.70M | $63.30M | $62.20M | $82.00M | $113.00M | $104.60M | $103.30M |
| Investing cash flow | $2.50M | -$777.00M | $59.60M | $249.20M | $37.90M | -$9.00M | -$47.80M | -$22.50M | -$61.60M | -$84.80M |
| Financing cash flow | $29.80M | -$228.60M | -$502.00M | -$491.80M | -$98.30M | -$275.90M | -$411.40M | -$208.40M | -$152.70M | -$307.70M |
| Net change in cash | $574.00M | -$486.80M | $379.10M | -$266.60M | $553.40M | $243.00M | $174.60M | -$515.70M | $439.80M | $284.90M |
| Stock-based compensation | $45.70M | $40.70M | $49.10M | $82.70M | $37.30M | $46.60M | $50.30M | $85.10M | $49.60M | $54.20M |
| Common dividends paid | $285.30M | $282.10M | $289.10M | $284.50M | $283.40M | $285.60M | $289.50M | $284.60M | $281.30M | $283.20M |
| Common share repurchases | $100.00K | $167.30M | $333.50M | $139.10M | $153.50M | $113.10M | $215.20M | $68.10M | $73.60M | $112.40M |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $470.60M | $450.90M | $762.30M | -$85.40M | $546.00M | $467.70M | $550.90M | -$394.90M | $547.90M | $574.40M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 38.4% | 28.3% | 36.6% | 24.4% | 34.0% | 27.8% | 33.8% | 31.2% | 34.4% | 32.6% |
| FCF margin | 23.5% | 23.6% | 41.1% | -4.4% | 28.8% | 27.1% | 31.2% | -21.6% | 30.7% | 33.1% |
| SBC / revenue | 2.3% | 2.1% | 2.6% | 4.3% | 2.0% | 2.7% | 2.9% | 4.7% | 2.8% | 3.1% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 5.9% | 10.7% | 5.3% | 6.0% | 6.0% | -0.6% | 0.8% | 11.1% | 6.9% | 7.6% |
| Net margin | 30.5% | 33.1% | 26.8% | 23.0% | 34.1% | 29.3% | 27.8% | 24.1% | 33.8% | 27.9% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 3.6% | 3.5% | 3.3% | 3.4% | 3.3% | 3.6% | 4.6% | 6.2% | 5.9% | 6.0% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 24.2% | 23.5% | 23.4% | 24.9% | 22.1% | 22.1% | 24.3% | 27.3% | 22.5% | 24.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TROW in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.