TROW
T. Rowe Price Group, Inc.
TROW's fundamentals are mixed: revenue grew 6.9%, while its operating margin held steady at 32%. At 11x earnings, it's trading below its usual 14x. Analysts expect earnings to hold roughly steady.
TROW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
TROW's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like TROW.
TROW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $108 | -0.2% |
| Current | 11x | $108 | — |
| Forward | 11x | $108 | — |
| Fair | 14x | $134 | +24% |
| Expensive | 17x | $164 | +51% |
Historical ranges are pointers, not guarantees.
TROW's PE is in its cheap range at 10.9x. On analysts' estimates for next year's earnings, today's price would be 10.8x.
TROW Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect TROW's earnings, revenue and profitability to hold roughly steady.
TROW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.04 | +1.7% |
| Q3 2026 | $9.88 | +7.7% |
| Q2 2026 | $9.96 | +11% |
| Q1 2026 | $9.32 | +5.8% |
| Q4 2025 | $9.24 | +1% |
| Q3 2025 | $9.17 | +0.3% |
| Q2 2025 | $8.94 | +5.5% |
| Q1 2025 | $8.81 | +4.6% |
| Q4 2024 | $9.15 | +18% |
TROW's earnings per share have fallen from their peak: $9.88 over the past year, against $13.27 in late 2021.
TROW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +5.9% |
| Q2 2026 | $1.9B | +11% |
| Q1 2026 | $1.9B | +5.3% |
| Q4 2025 | $1.9B | +6% |
| Q3 2025 | $1.9B | +6% |
| Q2 2025 | $1.7B | -0.6% |
| Q1 2025 | $1.8B | +0.8% |
| Q4 2024 | $1.8B | +11% |
TROW's revenue has grown year over year for five quarters in a row: $2B last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 38% | +4.4 points |
| Q2 2026 | 28% | +0.6 points |
| Q1 2026 | 37% | +2.8 points |
| Q4 2025 | 24% | -6.8 points |
| Q3 2025 | 34% | -0.4 points |
| Q2 2025 | 28% | -4.8 points |
| Q1 2025 | 34% | +0.3 points |
| Q4 2024 | 31% | +7.6 points |
TROW's operating margin was 38% last quarter, up 4.4 points from the same quarter a year ago.
TROW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $470.6M | -14% |
| Q2 2026 | $450.9M | -3.6% |
| Q1 2026 | $762.3M | +38% |
| Q4 2025 | -$85.4M | +$309.5M |
| Q3 2025 | $546M | -0.3% |
| Q2 2025 | $467.7M | -19% |
| Q1 2025 | $550.9M | +3% |
| Q4 2024 | -$394.9M | -$155.6M |
TROW's free cash flow was $1.6B over the past year, up 37% from the year before. Free cash flow isn't a meaningful measure for financial services companies like TROW.
TROW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -600K shares |
| 1 year | -2.8% | -6.1M shares |
| 3 years | -5% | -11.2M shares |
| 5 years | -6.8% | -15.5M shares |
| Available history | -10% | -25M shares |
TROW has 214M diluted shares, down 2.8% from a year ago, with $640M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100,000 |
| Q2 2026 | $167.3M |
| Q1 2026 | $333.5M |
| Q4 2025 | $139.1M |
| Q3 2025 | $153.5M |
| Q2 2025 | $113.1M |
| Q1 2025 | $215.2M |
| Q4 2024 | $68.1M |
TROW spent $640M buying back its own shares over the past year, up 16% from the year before.
TROW Net Leverage
TROW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.1 | Neutral |
| Stochastic | 46.5 | Neutral |
TROW's weekly RSI is 53 (neutral) and its Stochastic is 46 (neutral).
TROW PE vs Financial Services Sector
| Metric | TROW | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 16% below |
| PE % | 17 | 63 | 46 pts below |
TROW is trading at 11x earnings, a 16% discount to the Financial Services sector's median of 13x.
TROW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $105.1 | 2.9% above |
| 20 week MA | $109.6 | 1.2% below |
| 50 week MA | $104.1 | 4% above |
| 100 week MA | $102.9 | 5.2% above |
| 200 week MA | $106.9 | 1.2% above |
TROW's trend is mixed: it's above four of its five weekly moving averages, and 1.2% above its 200-week average.
TROW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $122.8 | $148.3 | +21% |
| 2021 | $148.3 | $195.3 | +32% |
| 2022 | $195.3 | $111.1 | -43% |
| 2023 | $111.1 | $107.7 | -3.1% |
| 2024 | $107.7 | $115.7 | +7.4% |
| 2025 | $115.7 | $104.8 | -9.4% |
| 2026 YTD | $104.8 | $108.2 | +3.3% |
TROW has finished lower in three of the last six years. It's up 3.3% so far in 2026.