T. Rowe Price (TROW) stock
Financials · Asset Management & Custody Banks
T. Rowe Price (TROW) is an Asset Management & Custody Banks company in the Financials sector, headquartered in Baltimore, Maryland. As of October 23, 2026, TROW closed at $104.20, a market capitalization of $22.23 billion, the 384th largest company in the S&P 500. Over the last twelve months it generated $7.59 billion in revenue (+11% year over year) and $1.67 billion in free cash flow. The stock trades at 10.5x trailing earnings and 10.2x forward earnings.
- 1-year total return: +7.0% (dividends reinvested)
- 5-year return: -8.8% a year
- 52-week range: $85.22 – $122.00
- Gross margin 51.6%, operating margin 28.7%
- Dividend yield: 4.99%, 39 straight years of increases
- FI Handbook report card: B across 10 metrics
- 66th largest of 76 Financials stocks in the S&P 500
TROW price chart
1Y price change: +1.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| TROW | -0.4% | +5.8% | +7.0% | +8.1% | -8.8% | +8.7% | +15.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1986.
TROW key statistics
- Market cap
- $22.2B
- #384 in S&P 500
- P/E (TTM)
- 10.5x
- Forward P/E
- 10.2x
- EPS (TTM)
- $9.96
- Revenue (TTM)
- $7.6B
- +11%
- Free cash flow
- $1.7B
- Gross margin
- 51.6%
- Operating margin
- 28.7%
- Return on equity
- 19.4%
- Dividend yield
- 4.99%
- 52-week range
- $85.22 – $122.00
- Beta
- 1.47
- Price / sales
- 2.9x
- EV / EBITDA
- 7.0x
- Debt / equity
- 0.04x
- Employees
- 7,544
TROW report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth10.7%B
- Gross margin51.6%B
- Operating margin28.7%B
- FCF margin22.0%B
- Return on equity19.4%B
- Net debt / EBITDA-0.9xA
- Forward P/E10.2xA
- PEG ratio2.5xD
- Shareholder yield7.8%A
- Share count change / yr-1.0%B
T. Rowe Price financials
Revenue went from $4.3B in fiscal 2016 to $7.3B in fiscal 2025, growing 6.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.9B | $5.4B | $5.6B | $6.2B | $7.7B | $6.5B | $6.5B | $7.1B | $7.3B |
| Operating income | $1.7B | $2.1B | $2.4B | $2.4B | $2.7B | $3.7B | $2.4B | $2.0B | $2.3B | $2.2B |
| Net income | $1.2B | $1.5B | $1.8B | $2.1B | $2.4B | $3.1B | $1.6B | $1.8B | $2.1B | $2.1B |
| EPS (diluted) | $4.75 | $5.97 | $7.27 | $8.70 | $9.98 | $13.12 | $6.70 | $7.76 | $9.15 | $9.24 |
| Free cash flow | $22.2M | $43.4M | $1.5B | $1.3B | $1.7B | $3.2B | $2.1B | $911.2M | $1.3B | $1.5B |
| Buybacks | $676.9M | $458.1M | $1.1B | $705.8M | $1.2B | $1.1B | $849.8M | $254.4M | $337.2M | $620.9M |
| Dividends paid | $540.8M | $563.1M | $694.3M | $733.9M | $845.8M | $1.7B | $1.1B | $1.1B | $1.1B | $1.1B |
| Diluted shares | 250.3M | 245.1M | 246.9M | 238.6M | 231.2M | 228.8M | 227.1M | 224.8M | 223.3M | 220.3M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into TROW?
A reverse DCF asks what growth the current price requires. With an enterprise value of $19.4B and $1.7B of trailing free cash flow, T. Rowe Price needs to grow free cash flow about -2.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -2.8% a year over the last five years.
P/E ratio history
Current 11.3x vs. median 19.7x (10th–90th percentile 11.2x–31.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
TROW dividend
- Dividend yield
- 4.99%
- Annual dividend
- $5.20
- Years of increases
- 39
- 5-yr dividend growth
- 7.1%
- per year
- Payout ratio
- 52%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
TROW earnings
Next report: October 29, 2026. T. Rowe Price has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $1.9B (+11% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 31, 2026 | $2.52 | $2.57 | +2.0% |
| Apr 30, 2026 | $2.35 | $2.52 | +7.4% |
| Feb 4, 2026 | $2.46 | $2.44 | -1.0% |
| Oct 31, 2025 | $2.54 | $2.81 | +10.5% |
| Aug 1, 2025 | $2.13 | $2.24 | +4.9% |
| May 2, 2025 | $2.13 | $2.23 | +4.7% |
| Feb 5, 2025 | $2.21 | $2.12 | -4.1% |
| Nov 1, 2024 | $2.35 | $2.57 | +9.5% |
Stocks like TROW
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|---|---|---|---|---|---|
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 BNY Bank of New York Mellon Cor | -0.03% | +39% | $97.8B | 16.1x | Compare |
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 APO Apollo Global Management | -1.74% | -7% | $66.6B | 40.4x | Compare |
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TROW news
- T. Rowe Price (TROW) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release · Oct 22, 2026
- Why T. Rowe Price (TROW) Outpaced the Stock Market Today · Oct 21, 2026
- From First Dollar to Last Payout: Inside the 2026 SPARK Forum · Oct 21, 2026
- Is T. Rowe Price All-Cap Opportunities Fund (PRWAX) a Strong Mutual Fund Pick Right Now? · Oct 20, 2026
- Advisor Hiring Push Could Be A Key Test For T. Rowe Price Stock (TROW) · Oct 17, 2026
TROW stock FAQ
What is TROW's market cap?
T. Rowe Price's market capitalization is $22.23 billion as of October 23, 2026, ranking 384th in the S&P 500.
What is TROW's P/E ratio?
TROW trades at a trailing price-to-earnings ratio of 10.5x and a forward P/E of 10.2x. Its median P/E over the period we track is 19.7x.
Does TROW pay a dividend?
Yes. T. Rowe Price pays $5.20 per share a year, a 4.99% yield. It has raised its dividend 39 years in a row. Dividends grew 7.1% a year over the last five years.
How much has TROW stock returned?
Including reinvested dividends, TROW returned +7.0% over one year, -8.8% a year over five years, +8.7% a year over ten years through October 23, 2026.
Is TROW stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies T. Rowe Price must grow free cash flow about -3% a year for the next decade. Its free cash flow fell 3% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does TROW report earnings?
T. Rowe Price is expected to report earnings on October 29, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does T. Rowe Price have?
T. Rowe Price has about 7,544 full-time employees, or $1.0 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology