Franklin Resources, Inc.
- Open
- 33.36
- Day high
- 33.62
- Day low
- 33.19
- Prev close
- 33.01
- Volume
- 560K
- Mkt cap
- $17.0B
- P/E (TTM)
- 22.3
- EPS (TTM)
- $1.50
- P/B
- 1.4
- P/S
- 1.8
- Yield
- 3.92%
- Per share
- $1.31
Franklin Resources, Inc. (BEN) is a Financial Services company listed on NYSE. The stock is up 29% over the past year. Drillr has 1 published research article covering BEN.
Franklin Resources, Inc. (BEN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BEN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.66 | $0.72 | +9.4% | $1.8B | +3.3% |
| Apr 28, 2026 | $0.55 | $0.71 | +29.1% | $1.8B | +2.9% |
| Jan 30, 2026 | $0.55 | $0.70 | +27.3% | $2.3B | +4.5% |
| Nov 7, 2025 | $0.58 | $0.67 | +16.1% | $2.3B | +36.6% |
| Aug 1, 2025 | $0.48 | $0.49 | +1.5% | $2.1B | -13.4% |
| May 2, 2025 | $0.47 | $0.47 | -0.8% | $2.1B | +26.5% |
| Jan 31, 2025 | $0.56 | $0.59 | +5.4% | $2.3B | -6.4% |
| Jul 26, 2024 | $0.57 | $0.60 | +5.3% | $2.1B | +26.2% |
| Jan 29, 2024 | $0.57 | $0.65 | +14.8% | $2.0B | +30.0% |
| Oct 31, 2023 | $0.60 | $0.84 | +40.0% | $2.0B | +27.2% |
| Jul 28, 2023 | $0.60 | $0.63 | +5.0% | $2.0B | +31.2% |
| May 1, 2023 | $0.57 | $0.61 | +7.0% | $1.9B | +1.5% |
BEN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | Gamba Danielofficer: Co-President, Chief Commercial | Tax | 64,136 | $34.15 |
| Sep 2, 2026 | JOHNSON JENNIFER Mdirector, officer: Chief Executive Officer | Tax | 116,053 | $34.15 |
| Sep 2, 2026 | Merchant Thomas Cofficer: EVP, General Counsel | Tax | 9,807 | $34.15 |
| Sep 2, 2026 | Nicholls Matthewofficer: Co-President, CFO & COO | Tax | 61,533 | $34.15 |
| Sep 2, 2026 | Oshita Lindsey Harumiofficer: Chief Accounting Officer | Tax | 2,598 | $34.15 |
| Sep 2, 2026 | Murphy Terrenceofficer: Co-President, Public Markets | Tax | 25,125 | $34.15 |
| Sep 2, 2026 | JOHNSON GREGORY Edirector, officer: Executive Chairman | Tax | 10,568 | $34.15 |
| Jul 23, 2026 | Murphy Terrenceofficer: Co-President, Public Markets | Grant | 229,850 | $32.63 |
| Jul 23, 2026 | Gamba Danielofficer: Co-President, Chief Commercial | Grant | 229,850 | $32.63 |
| Jul 23, 2026 | Nicholls Matthewofficer: Co-President, CFO & COO | Grant | 229,850 | $32.63 |
| Jul 23, 2026 | JOHNSON JENNIFER Mdirector, officer: Chief Executive Officer | Grant | 229,850 | $32.63 |
| Jul 2, 2026 | Kim John Ydirector | Grant | 984 | — |
| Jul 2, 2026 | King Karen Matsushimadirector | Grant | 1,006 | — |
| May 5, 2026 | King Karen Matsushimadirector | Grant | 84 | — |
| Apr 2, 2026 | Kim John Ydirector | Grant | 1,420 | — |
Source: BEN SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full BEN insider & 13F page →Franklin Resources, Inc. company profile
Overview
Franklin Resources, Inc. (NYSE:BEN) is a global investment management company founded in 1947 and headquartered in San Mateo, California. The company has grown from a small mutual fund firm into one of the world's largest asset managers, with operations spanning over 30 countries and managing approximately $1.54 trillion in assets under management as of the most recent quarter. Franklin Resources operates through multiple specialized investment management subsidiaries, each focusing on different asset classes and investment strategies, serving individual investors, institutions, pension plans, and other financial intermediaries worldwide.
Business
Franklin Resources operates in the asset management industry, which involves pooling money from investors and professionally managing these funds across various investment vehicles and strategies. The company's core business revolves around creating, marketing, and managing investment products such as mutual funds, exchange-traded funds (ETFs), separately managed accounts (SMAs), and alternative investment vehicles. The company's business is organized across several key segments. Traditional asset management represents the largest portion of revenues, encompassing equity funds, fixed-income funds, and multi-asset strategies that are distributed through retail and institutional channels. The alternatives business has become increasingly important, representing approximately 19% of total assets under management and including private equity, private credit, real estate, and hedge fund strategies through subsidiaries like Benefit Street Partners, Lexington Partners, and Clarion Partners. Franklin Resources also operates a growing ETF business with $37 billion in assets under management, offering both traditional and innovative products including cryptocurrency ETFs. The company's wealth management solutions include separately managed accounts ($146 billion AUM) and the Canvas platform ($10.5 billion AUM), which provides custom indexing and direct indexing services. Additionally, Franklin Resources has been expanding into digital assets and fintech, partnering with technology companies and launching blockchain-based investment products. The company's international operations span over 30 countries, with significant presence in Europe, Asia-Pacific, and other regions, managing approximately $470 billion in assets outside the United States. This global footprint allows Franklin Resources to serve local markets while distributing investment products across different geographies and regulatory environments.
Revenue model
Franklin Resources generates revenue primarily through investment management fees, which are typically calculated as a percentage of assets under management. These fees vary by asset class and investment strategy, with alternative investments generally commanding higher fee rates than traditional mutual funds. The company also earns performance fees from certain alternative investment strategies when returns exceed predetermined benchmarks. The company's paying customers include individual retail investors who purchase mutual funds and ETFs through financial advisors and direct channels, institutional investors such as pension funds and endowments that invest in separately managed accounts and alternative strategies, and financial intermediaries like banks and broker-dealers that distribute Franklin Resources' products to their clients. Revenue generation is directly tied to assets under management, making the business sensitive to both market performance and net fund flows. Factors that increase margins include rising equity markets that boost asset values and management fees, successful fundraising in higher-fee alternative investments, positive net flows from investors, and operational efficiency improvements. The company has been targeting $200-250 million in cost savings by fiscal 2026 through integration efforts and operational streamlining. Factors that decrease margins include market downturns that reduce asset values and fees, significant fund outflows (particularly from higher-fee strategies), competitive pressure on fee rates, and increased regulatory compliance costs. The company has experienced challenges with outflows from its Western Asset subsidiary, which has faced regulatory investigations, resulting in approximately $68 billion in outflows during recent quarters. Additionally, the shift toward lower-fee passive investment products and ETFs creates ongoing pressure on traditional active management fee structures.
Competitive moat
Franklin Resources possesses a moderate competitive moat built primarily around brand recognition, distribution relationships, and specialized investment capabilities. The company's 77-year operating history and global presence provide credibility with institutional investors and financial advisors, while its diversified platform across multiple asset classes and geographies offers clients comprehensive investment solutions. The company's strongest moat elements include its established distribution network spanning over 30 countries, long-standing relationships with financial intermediaries, and specialized expertise in alternative investments through acquired platforms like Benefit Street Partners and Lexington Partners. These alternative investment capabilities are particularly valuable as they typically command higher fees and have longer investment horizons, creating more stable revenue streams. However, Franklin Resources faces significant competitive pressures that limit the strength of its moat. The asset management industry has experienced ongoing fee compression as investors increasingly favor low-cost passive strategies and ETFs over actively managed funds. Major competitive threats include large passive managers like Vanguard and BlackRock that can offer extremely low-cost products, as well as boutique specialists that may offer superior performance in specific strategies. The company's moat is further challenged by the commoditization of many investment strategies, regulatory pressures for fee transparency, and the ease with which institutional investors can switch between managers. The recent issues with Western Asset, including regulatory investigations and significant outflows, demonstrate how quickly client relationships can deteriorate in the asset management business. While Franklin Resources' diversification across strategies and geographies provides some protection, the company operates in an increasingly competitive environment where sustained outperformance and cost efficiency are essential for maintaining market position.
Risks & safety
Franklin Resources demonstrates a strong financial position with substantial liquidity and manageable debt levels, though recent operational challenges have impacted cash generation. **Liquidity and Solvency:** - Cash and short-term investments: $3.54 billion - Current ratio: 3.96x indicating strong short-term liquidity - Total debt-to-equity ratio: 1.07x, which is manageable for an asset management company - No immediate solvency concerns given substantial cash position **Cash Flow Concerns:** - Free cash flow: -$87.6 million (Q2 2025), representing a significant deterioration - Operating cash flow: -$50.1 million (Q2 2025), indicating operational challenges - The negative cash flows primarily reflect the impact of asset outflows and integration costs **Valuation Metrics:** - Price-to-earnings ratio: 16.4x, reasonable for the asset management sector - Price-to-book ratio: 0.81x, suggesting the stock trades below book value - EV/EBITDA: 33.7x, elevated due to recent EBITDA compression **Other Considerations:** - Assets under management provide inherent value but are subject to market volatility - The company maintains a 42-year dividend payment history, though sustainability depends on improving cash flows - Cost reduction initiatives targeting $200-250 million in savings should improve financial metrics
Recent development
Over the past few years, Franklin Resources has executed a comprehensive strategic transformation focused on diversification and modernization. The company completed its largest acquisition in decades with the purchase of Putnam Investments, which significantly strengthened its presence in retirement and insurance channels while adding approximately $15 billion in net new flows and enhancing cultural alignment across the organization. The company has aggressively expanded its alternatives platform, with assets under management growing over 5x since 2019 to reach approximately 19% of total AUM. Key developments include launching perpetual funds in secondaries, real estate debt, and real estate equity, while investing in 90 dedicated alternative distribution specialists. Franklin Resources is targeting $100 billion in private markets fundraising over five years and has been successful in democratizing alternatives for wealth management channels. Technology and digital innovation have become central to the company's strategy. Franklin Resources partnered with Microsoft to develop an advanced financial AI platform and selected BlackRock's Aladdin platform to unify investment management technologies across the organization. The company has also embraced digital assets, launching Bitcoin and Ethereum ETFs and forming strategic partnerships, including a joint venture with SBI Holdings in Japan for ETF and digital asset products. The ETF business expansion has been particularly successful, with 13 consecutive quarters of positive net flows and assets growing 89% to reach $37 billion. The company has focused on both traditional and innovative ETF offerings, including cryptocurrency products and active strategies. Additionally, Franklin Resources has been addressing operational challenges through integration efforts, particularly with Western Asset Management, while implementing significant cost reduction initiatives expected to generate $200-250 million in annual savings by fiscal 2026.
BEN company profile · for informational purposes only — not investment advice.
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