T. Rowe Price Group, Inc. (TROW) Key Metrics
TROW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $21.54B
- Enterprise value
- $19.50B
- P/E (TTM)
- 10.1 10-yr median 14.2
- Forward P/E
- 10.2
- PEG ratio
- 2.16
- Price / sales
- 2.8 10-yr median 4.4
- Price / book
- 2.0 10-yr median 3.7
- EV / EBITDA
- 6.3 10-yr median 9.8
- Dividend yield
- 5.15% $5.20 a year
- Beta
- 1.47
TROW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTROW valuation Price multiples at each fiscal year-end price.
TROW returns How much profit the business earns on the capital it uses.
TROW per-share figures Results divided by the shares outstanding at year-end.
TROW financial health Debt, liquidity and how easily interest is covered.
TROW efficiency & capital use Working capital cycle and where the cash goes.
TROW valuation history
TROW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TROW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TROW cash returned to shareholders
TROW price vs earnings per share
TROW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $22.91B | $25.25B | $24.21B | $24.77B | $44.99B | $35.00B | $29.07B | $22.79B | $25.72B | $18.84B |
| Enterprise value | $20.39B | $22.88B | $22.45B | $23.34B | $43.72B | $33.00B | $27.44B | $21.69B | $24.12B | $17.99B |
| P/E ratio | 11.0 | 12.0 | 13.8 | 15.9 | 14.6 | 14.8 | 13.6 | 12.4 | 17.2 | 15.5 |
| Price / sales | 3.1 | 3.6 | 3.7 | 3.8 | 5.9 | 5.6 | 5.2 | 4.2 | 5.4 | 4.5 |
| Price / book | 2.1 | 2.4 | 2.5 | 2.8 | 5.0 | 4.5 | 4.1 | 3.7 | 4.4 | 3.8 |
| Price / free cash flow | 15.5 | 20.0 | 26.6 | 11.7 | 14.0 | 20.5 | 22.1 | 15.7 | 592.6 | 848.5 |
| Price / operating cash flow | 13.1 | 15.0 | 19.9 | 10.5 | 13.0 | 18.2 | 19.1 | 14.1 | 112.1 | 110.5 |
| EV / sales | 2.8 | 3.2 | 3.5 | 3.6 | 5.7 | 5.3 | 4.9 | 4.0 | 5.0 | 4.3 |
| EV / EBITDA | 6.7 | 7.7 | 10.0 | 8.6 | 11.2 | 14.7 | 14.8 | 8.6 | 10.7 | 9.6 |
| EV / free cash flow | 13.8 | 18.1 | 24.6 | 11.0 | 13.6 | 19.4 | 20.8 | 14.9 | 555.7 | 810.4 |
| Earnings yield | 9.1% | 8.3% | 7.2% | 6.3% | 6.9% | 6.8% | 7.3% | 8.1% | 5.8% | 6.4% |
| Free cash flow yield | 6.5% | 5.0% | 3.8% | 8.6% | 7.1% | 4.9% | 4.5% | 6.4% | 0.2% | 0.1% |
| Dividend yield | 5.0% | 4.5% | 4.6% | 4.5% | 3.8% | 2.4% | 2.5% | 3.0% | 2.2% | 2.9% |
| Shareholder yield (dividends + buybacks) | 7.7% | 5.8% | 5.7% | 7.9% | 6.3% | 5.9% | 5.0% | 7.8% | 4.0% | 6.5% |
| Share price at fiscal year-end | $102.38 | $113.09 | $107.69 | $109.06 | $196.64 | $151.39 | $121.84 | $92.32 | $104.93 | $75.26 |
| Per share | ||||||||||
| Revenue per share | $32.69 | $31.77 | $28.74 | $28.57 | $33.53 | $26.85 | $23.55 | $21.76 | $19.56 | $16.87 |
| Earnings per share | $9.33 | $9.40 | $7.79 | $6.86 | $13.47 | $10.26 | $8.93 | $7.44 | $6.11 | $4.85 |
| Operating cash flow per share | $7.84 | $7.55 | $5.42 | $10.39 | $15.09 | $8.30 | $6.38 | $6.56 | $0.94 | $0.68 |
| Free cash flow per share | $6.61 | $5.65 | $4.05 | $9.34 | $14.04 | $7.37 | $5.52 | $5.88 | $0.18 | $0.09 |
| Cash per share | $15.10 | $11.87 | $9.19 | $7.73 | $6.66 | $9.31 | $7.47 | $5.77 | $7.76 | $4.81 |
| Book value per share | $48.53 | $46.33 | $42.28 | $38.92 | $39.43 | $33.33 | $29.77 | $24.80 | $23.76 | $20.01 |
| Tangible book value per share | $22.46 | $32.85 | $28.27 | $24.51 | $23.67 | $30.46 | $26.98 | $22.11 | $18.33 | $14.69 |
| Dividends per share | $5.11 | $5.09 | $4.99 | $4.88 | $7.44 | $3.66 | $3.08 | $2.81 | $2.30 | $2.16 |
| Capex per share | $1.23 | $1.90 | $1.37 | $1.05 | $1.05 | $0.93 | $0.86 | $0.68 | $0.76 | $0.59 |
| Debt per share | $3.84 | $1.25 | $1.37 | $1.45 | $1.09 | $0.67 | $0.61 | $1.28 | $1.24 | $1.43 |
| Shares outstanding | 223.8M | 223.3M | 224.8M | 227.1M | 228.8M | 231.2M | 238.6M | 246.9M | 245.1M | 250.3M |
| Change in shares outstanding | +0.2% | −0.7% | −1.0% | −0.7% | −1.0% | −3.1% | −3.4% | +0.7% | −2.1% | −4.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.7% | 21.2% | 19.1% | 17.4% | 36.9% | 32.0% | 32.2% | 30.8% | 27.7% | 24.9% |
| Return on invested capital (ROIC) | 20.6% | 22.5% | 19.3% | 23.3% | 42.8% | 28.7% | 24.4% | 37.9% | 31.7% | 28.6% |
| Return on assets (ROA) | 14.9% | 16.3% | 14.6% | 12.9% | 26.6% | 23.7% | 25.0% | 24.1% | 21.8% | 21.4% |
| Return on tangible assets | 23.8% | 20.1% | 19.2% | 18.6% | 34.6% | 23.7% | 24.6% | 26.2% | 24.1% | 24.8% |
| Free cash flow margin | 20.2% | 17.8% | 14.1% | 32.7% | 41.9% | 27.5% | 23.5% | 27.0% | 0.9% | 0.5% |
| Income quality (OCF / net income) | 0.84 | 0.80 | 0.70 | 1.51 | 1.12 | 0.81 | 0.71 | 0.88 | 0.15 | 0.14 |
| Financial health | ||||||||||
| Total debt | $860.2M | $278.7M | $308.5M | $329.6M | $249.2M | $154.1M | $146.3M | $316.7M | $303.9M | $357.6M |
| Cash & short-term investments | $3.38B | $2.65B | $2.07B | $1.76B | $1.52B | $2.15B | $1.78B | $1.43B | $1.90B | $1.20B |
| Net debt | −$2.52B | −$2.37B | −$1.76B | −$1.43B | −$1.27B | −$2.00B | −$1.64B | −$1.11B | −$1.60B | −$847.3M |
| Debt / equity | 0.08 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 | 0.02 | 0.05 | 0.05 | 0.07 |
| Debt / assets | 0.06 | 0.02 | 0.03 | 0.03 | 0.02 | 0.01 | 0.02 | 0.04 | 0.04 | 0.06 |
| Net debt / EBITDA | −0.83 | −0.80 | −0.78 | −0.53 | −0.33 | −0.89 | −0.88 | −0.44 | −0.71 | −0.45 |
| Current ratio | 73.08 | 8.01 | 5.88 | 5.53 | 5.07 | 11.06 | 9.86 | 6.99 | 8.67 | 7.54 |
| Quick ratio | 73.08 | 8.01 | 5.88 | 0.41 | 0.92 | −0.09 | 9.86 | 6.99 | 8.67 | 7.88 |
| Interest coverage | — | — | 0.5 | 7.5 | 4.9 | 2.0 | 1.5 | — | — | — |
| Working capital | $4.04B | $3.09B | $2.39B | $2.05B | $2.07B | $2.74B | $2.18B | $1.69B | $2.18B | $1.44B |
| Invested capital | $8.34B | $7.97B | $7.75B | $7.41B | $7.75B | $5.71B | $5.47B | $5.02B | $4.23B | $4.16B |
| Tangible asset value | $6.22B | $8.44B | $7.14B | $6.41B | $6.65B | $8.60B | $7.56B | $6.20B | $5.49B | $4.36B |
| Net current asset value | $1.54B | $1.51B | $886.9M | $547.9M | $326.1M | $1.62B | $1.32B | $1.15B | $1.75B | $1.13B |
| Graham number | $100.92 | $99.01 | $86.06 | $77.51 | $109.34 | $87.73 | $77.35 | $64.45 | $57.16 | $46.75 |
| Graham net-net per share | $6.08 | $5.76 | $3.05 | $6.69 | $4.89 | $12.67 | $4.86 | $4.10 | $6.56 | $3.91 |
| Capital allocation | ||||||||||
| Dividends paid | $1.14B | $1.14B | $1.12B | $1.11B | $1.70B | $845.8M | $733.9M | $694.3M | $563.1M | $540.8M |
| Share buybacks (net) | $620.9M | $337.2M | $254.4M | $849.8M | $1.14B | $1.20B | $705.8M | $1.09B | $458.1M | $676.9M |
| Dividend payout ratio | 54.8% | 54.1% | 64.1% | 71.1% | 55.2% | 35.6% | 34.4% | 37.8% | 37.6% | 44.5% |
| Dividends + buybacks / free cash flow | 119.2% | 116.7% | 151.0% | 92.2% | 88.4% | 120.1% | 109.2% | 123.0% | — | — |
| Capex / revenue | 3.7% | 6.0% | 4.8% | 3.7% | 3.1% | 3.5% | 3.6% | 3.1% | 3.9% | 3.5% |
| Capex / operating cash flow | 15.6% | 25.1% | 25.3% | 10.1% | 6.9% | 11.2% | 13.4% | 10.4% | 81.1% | 87.0% |
| Capex / depreciation | 0.45 | 0.84 | 0.64 | 0.37 | 1.17 | 1.13 | 1.07 | 1.06 | 1.30 | 1.11 |
| Stock-based compensation / revenue | 3.0% | 3.5% | 4.1% | 4.4% | 3.6% | 4.0% | 3.7% | 3.7% | 3.2% | 3.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | 31.2% | 17.0% | 16.8% | 16.5% | 12.6% | 13.6% | 15.1% | 14.5% | 6.0% | 6.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 39.7 | 43.4 | 44.0 | 50.8 | 45.7 | 44.4 | 38.9 | 37.9 | 38.9 | 38.9 |
| Days of inventory on hand | — | — | — | 348.5 | 394.6 | 590.4 | 0.0 | 0.0 | -7.6 | -11.3 |
| Days payables outstanding | 47.2 | 41.6 | 56.6 | 65.9 | 40.7 | 61.1 | 87.1 | 36.1 | 40.0 | 39.2 |
| Cash conversion cycle (days) | -7.5 | 1.8 | -12.7 | 333.5 | 399.6 | 573.6 | -48.2 | 1.8 | -8.7 | -11.6 |
| Receivables turnover | 9.19 | 8.42 | 8.30 | 7.18 | 7.99 | 8.22 | 9.39 | 9.64 | 9.39 | 9.37 |
| Payables turnover | 7.73 | 8.78 | 6.45 | 5.54 | 8.97 | 5.97 | 4.19 | 10.11 | 9.13 | 9.31 |
| Inventory turnover | — | — | — | 1.05 | 0.92 | 0.62 | 928,400,000.00 | 2,246,900,000.00 | — | — |
| Asset turnover | 0.52 | 0.55 | 0.54 | 0.54 | 0.66 | 0.62 | 0.66 | 0.71 | 0.70 | 0.75 |
| Average receivables | $795.9M | $842.6M | $778.3M | $903.5M | $960.7M | $754.9M | $598.1M | $557.5M | $510.2M | $450.6M |
| Average payables | $353.1M | $388.2M | $414.8M | $418.9M | $265.6M | $157.3M | $221.5M | $222.3M | $198.5M | $175.7M |
| Average inventory | — | — | — | $2.22B | $2.58B | $1.52B | $1 | $1 | −$37.7M | −$50.6M |
| Intangibles / total assets | 39.9% | 22.3% | 25.7% | 28.1% | 28.8% | 6.2% | 7.1% | 8.7% | 17.7% | 21.4% |
Computed from TROW's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TROW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), T. Rowe Price traded at 11.0 times earnings, against a 10-year median of 14.2. Based on the latest twelve months, the trailing P/E is 10.1 and the forward P/E is 10.2. T. Rowe Price earned a return on equity of 19.7% and a return on invested capital of 20.6% in fiscal 2025. It ended the year with $860.2 million of debt and $3.4 billion in cash and short-term investments, a net cash position of $2.5 billion. It returned $1.8 billion to shareholders: $1.1 billion in dividends and $620.9 million in share buybacks, 119% of free cash flow. The share count fell 10.6% from 250.3M to 223.8M over 9 years.
See the TROW income statement, the TROW chart for price history, or the TROW stock overview for the latest quote and news.
TROW key metrics FAQ
What is T. Rowe Price's P/E ratio?
T. Rowe Price's trailing P/E ratio is 10.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.2. At the end of fiscal 2025 it was 11.0, compared with a 10-year median of 14.2.
What is T. Rowe Price's EV/EBITDA?
T. Rowe Price's enterprise value was 6.7 times EBITDA at the end of fiscal 2025 (enterprise value $20.4 billion, EBITDA $3.1 billion); the current EV/EBITDA is 6.3.
What is T. Rowe Price's return on equity?
T. Rowe Price's return on equity (ROE) was 19.7% in fiscal 2025: net income of $2.1 billion on average shareholders' equity of $10.6 billion.
What is T. Rowe Price's ROIC?
T. Rowe Price's return on invested capital was 20.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does T. Rowe Price have?
T. Rowe Price had total debt of $860.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.08 and more cash than debt.
What is T. Rowe Price's dividend yield?
T. Rowe Price's forward dividend yield is 5.15%. T. Rowe Price paid $1.1 billion in dividends in fiscal 2025 ($5.11 per share), a payout ratio of 54.8%.
Does T. Rowe Price buy back its shares?
Yes. T. Rowe Price spent $620.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 223.8M..
What is T. Rowe Price's free cash flow yield?
T. Rowe Price generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.5% on its market value at year-end ($22.9 billion).
What is T. Rowe Price's current ratio?
T. Rowe Price's current ratio was 73.08 at the end of fiscal 2025: current assets were 73.08 times current liabilities.