At a glance
T. Rowe Price Group Inc is worth $22.58B, about 12 times its fiscal 2025 earnings. Revenue grew 3.1% to $7.31B in fiscal 2025, with 28.5% kept as profit; over 5 years it has grown 3.3% a year. It pays a 4.88% dividend yield, raised every year for at least 9 years, and returned $9.41B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.7% over the past year with dividends reinvested and −9.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.1% in the 2020 crash (S&P 500: 33.7%) and 48.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
T. Rowe Price is an asset manager: it invests money on behalf of others and charges a fee for doing so. Thomas Rowe Price Jr. founded it in 1937, and its shares have been publicly traded since 1986. It runs stock, bond, multi-asset and alternative strategies, such as private credit, for individuals, financial advisors, institutions and retirement plan sponsors. It offers them through U.S. mutual funds, exchange-traded funds, collective investment trusts (pooled funds common in workplace retirement plans) and separately managed accounts.
Fees on assets are almost the whole business. Investment advisory fees, charged as a percentage of the money managed, made up 90.3% of its $7.31 billion in revenue for the year ended December 31, 2025. Administrative, distribution and service fees, such as recordkeeping for workplace retirement plans, added 8.1%. Performance-based fees were only 0.5%. So revenue rises and falls with markets and with client deposits and withdrawals.
Retirement saving is central to the business. Assets under management, the total client money it oversees, were about $1.78 trillion as of December 31, 2025. Target date funds, which shift from stocks toward bonds as a chosen retirement year approaches, held $561.4 billion of that, or 31.6%. The business is mostly American. It serves clients in 60 countries, but investors outside the U.S. accounted for nearly 9% of assets.
Price history
The interactive chart needs JavaScript.
TROW +8.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment advisory fees | $6.60B | 90.3% |
| Administrative, distribution, services, and other fees | $593.9M | 8.1% |
| Capital allocation-based income | $81.2M | 1.1% |
| Performance-based advisory fees | $37.4M | 0.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.00B, up 5.9% from a year earlier, and net income was $612.3M (-5.2%).
- For fiscal 2025, revenue was $7.31B (+3.1% year over year; +3.3% a year from FY2020 to FY2025) with a 28.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.3% watch |
|---|---|
| Operating margin | 29.9% good |
| Free cash flow margin | 20.2% good |
| Return on equity (FY2025) | 19.2% good |
| Return on assets (FY2025) | 14.6% good |
| Cash and investments | $3.77B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.21B | $2.37B | $1.70B |
| FY2021 | $7.67B | $3.08B | $3.21B |
| FY2022 | $6.49B | $1.56B | $2.12B |
| FY2023 | $6.46B | $1.79B | $911.2M |
| FY2024 | $7.09B | $2.10B | $1.26B |
| FY2025 | $7.31B | $2.09B | $1.48B |
Valuation snapshot
| Market value | $22.58B |
|---|---|
| P/E ratio | 11.5 |
| Dividend yield | 4.88% |
Rank among 1514 US companies
Market value at each year end
T. Rowe Price Group’s market value went from $18.32B at the end of 2016 to $22.58B on Nov 2, 2026, up 23%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $22.58B | +1.1% |
| 2025 | $22.34B | -11.1% |
| 2024 | $25.12B | +4.4% |
| 2023 | $24.07B | -1.3% |
| 2022 | $24.37B | -44.9% |
| 2021 | $44.20B | +28.9% |
| 2020 | $34.28B | +20.4% |
| 2019 | $28.47B | +28.1% |
| 2018 | $22.22B | -12.6% |
| 2017 | $25.43B | +38.8% |
| 2016 | $18.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TROW price data to Nov 2, 2026 | +7.5% | +8.7% | +9.1% | -9.4% | +9.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.5% |
| 2025 | -4.7% |
| 2024 | +9.7% |
| 2023 | +3.3% |
| 2022 | -42.2% |
| 2021 | +34.9% |
| 2020 | +27.9% |
| 2019 | +35.6% |
| 2018 | -9.7% |
| 2017 | +43.4% |
| 2016 | +8.5% |
| 2015 | -12.3% |
| 2014 | +4.7% |
| 2013 | +31.3% |
| 2012 | +18.7% |
| 2011 | -9.8% |
| 2010 | +23.7% |
| 2009 | +54.2% |
| 2008 | -40.6% |
| 2007 | +41.0% |
| 2006 | +22.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63% over that stretch · deepest drop along the way 67.5%, back to its old high 21.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.1% over that stretch · deepest drop along the way 38.1%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.1% over that stretch · deepest drop along the way 48.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 2 sales ($1.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 25, 2026 | Joshua B Nelson Vice President | sell | $1.1M |
| May 13, 2026 | Stephon A. Jackson Vice President | sell | $308K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Mar 31, 2026 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
ETFs with the most weight in TROW
| BAMD Brookstone Dividend Stock ETF | 3.02% |
| SDOG ALPS Sector Dividend Dogs ETF | 2.07% |
| VSDA VictoryShares Dividend Accelerator ETF | 2.03% |
| FXO First Trust Financials AlphaDEX Fund | 1.74% |
| IPDP Dividend Performers ETF | 1.73% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 1.72% |
| DVY iShares Select Dividend ETF | 1.35% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.3% |
What could go wrong
- Net client withdrawals despite rising markets. Clients withdrew a net $56.9 billion in 2025 as investors favor cheaper passive index funds over active managers. Market gains of $216.7 billion more than offset this; without them, assets would have shrunk.
- Heavy dependence on retirement savings. Target date funds held 31.6% of assets as of December 31, 2025. Changes in retirement savings trends or in rules governing retirement plans could hit a large share of the business at once.
- New risks from private markets. A strategic push into alternatives means investing in private credit, real estate, infrastructure and private companies. These are harder to exit quickly than public stocks and bonds and could bring new liabilities and reputational harm.
- Clients can leave quickly after weak performance. Most revenue comes from contracts that can be ended without cause on short notice, and fund investors can redeem anytime. If funds trail rivals or benchmarks, new money tends to slow and withdrawals rise.
- Fee cuts from intense competition. The industry faces persistent downward pressure on fees and demand for lower-cost products. Matching rivals' prices could shrink revenue even if assets under management hold steady.
- Market slumps hit profits even harder. Fees are a percentage of asset values, so a market slump cuts revenue directly. Because many costs are fixed in the short run, the company warns profits would fall even faster than revenue.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
T. Rowe Price has raised its regular dividend at least 9 years in a row through fiscal 2025. Dividends per share grew from $3.60 in fiscal 2020 to $5.08 in fiscal 2025, about 7.1% a year. In fiscal 2025 the dividend took 54.8% of earnings and 77.3% of free cash flow (cash left after running and investing in the business). In fiscal 2023, free cash flow of $911 million fell short of the $1.12 billion paid in dividends. The yield was 4.97% as of October 28, 2026. Buybacks of $3.2 billion over fiscal 2021–2025 helped shrink the share count 5.1% from October 2021 to July 2026.
The shares have fallen hard in downturns: 67.5% in the 2008 financial crisis and 38.1% in the 2020 COVID crash. After a 48.2% fall in the 2022 bear market, they had not regained their peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does T Rowe Price raise its dividend every year?
Yes, so far. The company has raised its regular dividend for at least nine fiscal years in a row, and the true streak may be longer. In the latest fiscal year (annual report filed February 13, 2026), it paid $5.08 per share, after growth of about 7.1% a year over five years. That used 54.8% of earnings and 77.3% of free cash flow, which is the cash left after running and investing in the business. Past raises don't guarantee future ones.
How does T Rowe Price make money?
Mostly from fees on the money it manages. In its latest annual report, filed February 13, 2026, investment advisory fees made up 90.3% of $7.31 billion in revenue. These fees are usually a percentage of assets under management (AUM), the total value of client money the firm runs. AUM stood at $1,775.6 billion at the end of that fiscal year. Target-date retirement funds alone made up 31.6% of those assets. Administrative, distribution and service fees added another 8.1% of revenue.
What is TROW's P/E ratio and dividend yield?
As of October 29, 2026, TROW traded at about 11.5 times its latest annual earnings, with a dividend yield of 4.85% and a market value of about $22.7 billion. The price-to-earnings (P/E) ratio compares the share price with yearly profit per share. A low P/E can point to good value, or to doubts about future growth. Over five fiscal years, revenue grew 3.3% a year, while diluted earnings per share slipped from $9.98 to $9.24.
How has T Rowe Price stock performed over the long run?
It's mixed. As of October 29, 2026, the share price was up 8.4% over one year and 9.2% a year over ten years, or 142% in total. Over five years, though, it was down 38%, which works out to 9.2% a year. The stock fell 48.2% from its January 4, 2022 peak to October 12, 2022, and had not regained that peak by the as-of date. In the 2008 financial crisis it dropped 67.5% and took about 21 months to recover. These returns are based on share price.
What are the biggest risks of owning T Rowe Price stock?
The main risk is that revenue depends on the value of the assets the company manages. A market slump cuts fees, and profits tend to fall faster because many costs are fixed. Investors are also moving toward low-cost passive funds that simply track an index, which puts pressure on fees. In the latest fiscal year, clients withdrew a net $56.9 billion, but $216.7 billion of market gains more than made up for it. In the quarter ended September 30, 2026, revenue rose 5.9% from a year earlier while net income fell 5.2%.