At a glance
Franklin Resources Inc is worth $16.24B, about 35 times its fiscal 2025 earnings. Revenue grew 3.5% to $8.77B in fiscal 2025, with 6.0% kept as profit; over 5 years it has grown 9.5% a year. It pays a 4.13% dividend yield, raised every year for at least 8 years, and returned $4.25B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +48.3% over the past year with dividends reinvested and +1.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.4% in the 2020 crash (S&P 500: 33.7%) and 39.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 43 months after the lows.
The business in plain English
Franklin Templeton, formerly named Franklin Resources, is a global money manager. It runs mutual funds, exchange-traded funds (ETFs), closed-end funds, private funds and separate accounts for individual savers, wealthy investors and institutions such as pension plans and endowments. It reaches clients directly and through brokers, advisers and other intermediaries. Its brands include Franklin, Templeton, Legg Mason, ClearBridge Investments, Western Asset Management, Putnam, Benefit Street Partners and Lexington Partners. Many were added through deals such as Legg Mason in July 2020 and Putnam in January 2024.
It earns money mainly by charging fees equal to a percentage of the assets it manages. In fiscal 2025 (the year ended September 30, 2025), revenue was $8.77 billion. Investment management fees made up 79.6%, sales and distribution fees 16.8% and shareholder servicing fees 3%. Because fees track asset values, revenue rises and falls with markets and with money flowing in or out.
It reports one business segment. As of September 30, 2025, it managed about $1.66 trillion in assets under management (AUM). Stock strategies held 41%, bonds 26%, alternatives such as private debt, private equity and real estate 16%, multi-asset funds 12% and cash management 5%. The United States produced 75.4% of fiscal 2025 revenue. Luxembourg, home to many of its cross-border funds, produced 14.8%.
Price history
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BEN +48.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment management fees | $6.98B | 79.6% |
| Sales and distribution fees | $1.47B | 16.8% |
| Shareholder servicing fees | $264.5M | 3% |
| Other | $49.7M | 0.6% |
By geography
| United States | $6.61B | 75.4% |
| Luxembourg | $1.30B | 14.8% |
| Asia-Pacific | $327.8M | 3.7% |
| Europe, Middle East and Africa, Excluding Luxembourg | $279.0M | 3.2% |
| Americas excluding United States | $254.0M | 2.9% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $2.36B, up 14.3% from a year earlier, and net income was $171.5M (+85.8%).
- For fiscal 2025, revenue was $8.77B (+3.5% year over year; +9.5% a year from FY2020 to FY2025) with a 6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.5% good |
|---|---|
| Operating margin | 6.9% watch |
| Free cash flow margin | 10.4% good |
| Return on equity (FY2025) | 4.3% weak |
| Return on assets (FY2025) | 1.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.57B | $798.9M | $979.6M |
| FY2021 | $8.43B | $1.83B | $1.17B |
| FY2022 | $8.28B | $1.29B | $1.87B |
| FY2023 | $7.85B | $882.8M | $940.4M |
| FY2024 | $8.48B | $464.8M | $794.2M |
| FY2025 | $8.77B | $524.9M | $911.6M |
Valuation snapshot
| Market value | $16.24B |
|---|---|
| P/E ratio | 35.1 |
| Dividend yield | 4.13% |
Rank among 1514 US companies
Market value at each year end
Franklin Resources’s market value went from $22.51B at the end of 2016 to $16.24B on Nov 2, 2026, down 28%; since the end of 2025 it is up 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $16.24B | +30.5% |
| 2025 | $12.45B | +17.1% |
| 2024 | $10.63B | -27.9% |
| 2023 | $14.73B | +11.8% |
| 2022 | $13.18B | -21.6% |
| 2021 | $16.81B | +33.3% |
| 2020 | $12.61B | -2.6% |
| 2019 | $12.94B | -15.0% |
| 2018 | $15.22B | -36.6% |
| 2017 | $24.00B | +6.6% |
| 2016 | $22.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BEN price data to Nov 2, 2026 | +38.4% | +48.3% | +16.7% | +1.7% | +4.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.5% |
| 2025 | +24.7% |
| 2024 | -27.2% |
| 2023 | +16.9% |
| 2022 | -17.5% |
| 2021 | +38.9% |
| 2020 | +1.4% |
| 2019 | -9.3% |
| 2018 | -23.3% |
| 2017 | +11.6% |
| 2016 | +9.7% |
| 2015 | -32.5% |
| 2014 | -2.4% |
| 2013 | +38.5% |
| 2012 | +32.3% |
| 2011 | -12.7% |
| 2010 | +5.9% |
| 2009 | +67.4% |
| 2008 | -44.1% |
| 2007 | +4.0% |
| 2006 | +17.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 71.1% over that stretch · deepest drop along the way 72.7%, back to its old high 46.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.7% over that stretch · deepest drop along the way 40.4%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.5% over that stretch · deepest drop along the way 39.2%, back to its old high 42.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Power Corporation of Canada | 4.99% | Jun 30, 2026 |
ETFs with the most weight in BEN
| VSDA VictoryShares Dividend Accelerator ETF | 3.22% |
| WBIY WBI Power Factor High Dividend ETF | 2.83% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.62% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 2.55% |
| DIVG Invesco S&P 500 High Dividend Growers ETF | 1.98% |
| KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 1.74% |
| KBWD Invesco KBW High Dividend Yield Financial ETF | 1.67% |
| LQAI LG QRAFT AI-Powered U.S. Large Cap Core ETF | 1.45% |
What could go wrong
- Clients shifting toward lower-fee products. Fees are a percentage of assets and vary by product. If investors move from higher-fee stock and alternative funds toward cheaper bond funds and ETFs, revenue can fall even if total assets hold steady.
- Weak fund performance can drive withdrawals. If its funds lag their benchmarks or rivals, clients may pull money out and new sales may slow. Lower assets mean lower management fees, which made up 79.6% of fiscal 2025 revenue.
- Waves of withdrawals could strain its funds. If many investors cash out at once, funds may have to sell holdings at a loss. The company isn't obligated to help but has given its funds financial support before and may again.
- Acquisitions may not work out as planned. The company has grown by buying firms, including Legg Mason in 2020, Putnam in 2024 and Apera in October 2025. Deals can cost more, earn less or prove harder to combine than expected.
- Overseas business adds currency and political risk. Luxembourg alone produced 14.8% of fiscal 2025 revenue. Exchange rates, foreign politics and local rules can hurt overseas results. International products generally carry higher fees, so a shift toward U.S. products can cut revenue.
- Market slumps shrink assets and fees. Falling stock or bond prices cut the value of the assets it manages, and fees fall with them. Rapid interest-rate rises can hurt bond funds, and weak markets could force write-downs on past acquisitions.
Recent events
- New debt or financial obligation; Other company announcement
- Quarterly results released; Bylaws or fiscal year changed; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
For income and retirement investors
Franklin Templeton has raised its regular dividend 8 years in a row through fiscal 2025 (ended September 30, 2025). That count leaves out fiscal 2018, which included an apparent special dividend. The dividend grew from $1.08 a share in fiscal 2020 to $1.28, about 3.5% a year. The yield was 4.16% as of October 28, 2026. But fiscal 2025 dividends equaled 130% of earnings, so the company paid out more than it earned. They took 75% of free cash flow (cash left after business spending). Buybacks totaled $1.16 billion over fiscal 2021–2025, yet the share count rose 1% from July 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 72.7% in the 2008 financial crisis and took about 47 months from the low to recover. It fell 40.4% in the 2020 COVID crash and recovered in about 9 months. It lost 39.2% in the 2022 bear market and did not regain its peak until April 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Franklin Templeton make money?
Mostly by charging fees on the money it manages. In fiscal 2025 (the year ended September 30, 2025), revenue was $8.77 billion. Investment management fees, usually a percentage of assets, made up 79.6%. Sales and distribution fees added 16.8% and shareholder servicing fees 3%. Revenue depends on how much clients invest, how markets perform and the product mix. Stock and alternative funds generally charge more than bond funds and ETFs.
What companies does Franklin Templeton own?
Franklin Templeton, formerly named Franklin Resources, owns many investment brands. They include Franklin, Templeton, Legg Mason, ClearBridge Investments, Western Asset Management, Brandywine Global, Royce, Putnam, Benefit Street Partners, Lexington Partners, Clarion Partners and Fiduciary Trust International. Many came through acquisitions, including Legg Mason in July 2020, Putnam in January 2024 and Apera in October 2025. In all, the company managed about $1.66 trillion in assets as of September 30, 2025.
Does Franklin Templeton raise its dividend every year?
Yes, its regular dividend per share has risen 8 years in a row through fiscal 2025 (ended September 30, 2025). That count leaves out fiscal 2018, which included an apparent special dividend. The dividend grew from $1.08 a share in fiscal 2020 to $1.28 in fiscal 2025, about 3.5% a year. The yield was 4.16% as of October 28, 2026. A long streak is a record, not a promise, and fiscal 2025 dividends exceeded earnings.
Is Franklin Templeton's dividend covered by earnings?
No, not by fiscal 2025 earnings. Dividends paid were about $684 million against net income of $524.9 million, a 130% payout. Free cash flow, the cash left after business spending, did cover them at a 75% payout. Net income was $1.83 billion in fiscal 2021. In the quarter ended June 30, 2026, it rose 85.8% from a year earlier. At that date, cash and investments exceeded debt by $1.36 billion. The company has since reported new debt obligations in July and August 2026.
How has BEN stock performed over the long term?
Modestly, with big swings. As of October 28, 2026, the share price had gained 42.7% over one year. Its average yearly gain was 5.4% over five years and 4.4% over ten years. The stock fell 72.7% in the 2008 financial crisis and 39.2% in the 2022 bear market. It did not regain its prior peak until April 28, 2026. These figures track the share price only, so dividends would add to them.