T. Rowe Price Group, Inc.
- Open
- 109.15
- Day high
- 111.70
- Day low
- 109.15
- Prev close
- 109.38
- Volume
- 102K
- Mkt cap
- $23.5B
- P/E (TTM)
- 11.1
- EPS (TTM)
- $9.98
- P/B
- 2.1
- P/S
- 3.1
- Yield
- 2.36%
- Per share
- $2.60
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
T. Rowe Price Group, Inc. (TROW) is a Financial Services company listed on NASDAQ. The stock is up 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering TROW.
T. Rowe Price Group, Inc. (TROW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TROW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $2.51 | $2.57 | +2.4% | $1.9B | +0.9% |
| Apr 30, 2026 | $2.37 | $2.52 | +6.4% | $1.9B | +0.2% |
| Feb 4, 2026 | $2.46 | $2.44 | -1.0% | $1.9B | +3.3% |
| Oct 31, 2025 | $2.54 | $2.81 | +10.5% | $1.9B | +0.6% |
| Aug 1, 2025 | $2.16 | $2.24 | +3.8% | $1.7B | -0.6% |
| May 2, 2025 | $2.15 | $2.23 | +3.9% | $1.8B | -1.5% |
| Feb 5, 2025 | $2.20 | $2.12 | -3.5% | $1.8B | -2.1% |
| Nov 1, 2024 | $2.33 | $2.57 | +10.1% | $1.8B | -3.1% |
| Jul 26, 2024 | $2.27 | $2.26 | -0.5% | $1.7B | -3.0% |
| Apr 26, 2024 | $2.03 | $2.38 | +17.2% | $1.8B | +2.7% |
| Feb 8, 2024 | $1.60 | $1.72 | +7.8% | $1.6B | +2.5% |
| Oct 27, 2023 | $1.77 | $2.17 | +22.7% | $1.7B | +3.0% |
TROW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Nelson Joshua Bofficer: Vice President | Sell | 10,000 | $111.82 |
| Aug 26, 2026 | Nelson Joshua Bofficer: Vice President | Grant | 4 | $101.04 |
| Jul 1, 2026 | STEVENS ROBERT Jdirector | Grant | 278 | $114.38 |
| Jul 1, 2026 | WIJNBERG SANDRA Sdirector | Grant | 148 | $114.38 |
| Jul 1, 2026 | DONNELLY WILLIAM Pdirector | Grant | 576 | — |
| Jul 1, 2026 | DUBLON DINAdirector | Grant | 109 | $114.38 |
| Jul 1, 2026 | MacLellan Robert F.director | Grant | 658 | — |
| Jul 1, 2026 | DONNELLY WILLIAM Pdirector | Grant | 142 | $114.38 |
| Jul 1, 2026 | WILSON ALAN Ddirector | Grant | 462 | $114.38 |
| Jul 1, 2026 | WILSON ALAN Ddirector | Grant | 691 | — |
| Jul 1, 2026 | STEVENS ROBERT Jdirector | Grant | 537 | — |
| Jul 1, 2026 | Smith Cynthia Fdirector | Grant | 70 | $114.38 |
| Jul 1, 2026 | MacLellan Robert F.director | Grant | 185 | $114.38 |
| Jul 1, 2026 | Golston Allan C.director | Grant | 55 | $114.38 |
| Jul 1, 2026 | Verma Richard R.director | Grant | 55 | $114.38 |
Source: TROW SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full TROW insider & 13F page →T. Rowe Price Group, Inc. company profile
Overview
T. Rowe Price Group, Inc. (NASDAQ:TROW) is a Baltimore-based investment management company founded in 1937 by Thomas Rowe Price Jr. The firm has grown from a small investment advisory service into one of the world's largest asset managers, overseeing approximately $1.6 trillion in assets under management as of 2024. The company operates globally with offices across North America, Europe, Asia-Pacific, and the Middle East, serving individual investors, institutional clients, retirement plans, and financial intermediaries through a comprehensive suite of investment products and services.
Business
T. Rowe Price operates in the asset management industry, which involves pooling money from investors and professionally managing these funds across various investment strategies and asset classes. The company's core business revolves around creating, managing, and distributing investment products that help clients achieve their financial goals. The company's primary offerings include mutual funds, which are investment vehicles that pool money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities. These funds are actively managed by professional portfolio managers who make investment decisions based on research and market analysis. T. Rowe Price also offers exchange-traded funds (ETFs), which are similar to mutual funds but trade on stock exchanges like individual stocks, providing investors with more flexibility and typically lower fees. The firm's business segments can be broken down as follows: 1. Equity investments represent approximately 49% of total assets under management, focusing on stock investments across various market capitalizations and geographic regions. This includes growth-oriented strategies, value investing approaches, and sector-specific funds. 2. Fixed income investments comprise a significant portion of the portfolio, offering bond funds and other debt securities that provide regular income to investors. This segment has shown strong growth with $12.6 billion in positive net flows in 2024. 3. Multi-asset strategies, particularly the company's flagship target-date funds, represent one of T. Rowe Price's strongest growth areas. These funds automatically adjust their asset allocation as investors approach retirement, becoming more conservative over time. The target-date franchise generated $16.3 billion in net inflows in 2024. 4. Alternative investments include private credit, real estate, and other non-traditional asset classes, representing approximately $20 billion in assets under management through partnerships and specialized funds. 5. Retirement services encompass 401(k) plan management, individual retirement accounts, and specialized retirement income products, serving both individual savers and corporate retirement plans.
Revenue model
T. Rowe Price generates revenue primarily through investment management fees, which are calculated as a percentage of assets under management (AUM). The company's current effective fee rate is approximately 41.6 basis points (0.416%), meaning it earns $4.16 for every $1,000 managed. This fee structure creates a direct correlation between the company's revenue and both the value of assets under management and net fund flows. The company's paying customers include individual retail investors who purchase mutual funds and ETFs through financial advisors or directly, institutional investors such as pension funds and endowments seeking professional asset management, and corporate clients who utilize T. Rowe Price's retirement plan services for their employees. Additionally, the firm generates revenue from financial intermediaries who distribute T. Rowe Price products to their clients. Several factors significantly impact the company's profit margins. Market performance directly affects revenue since fees are asset-based - rising markets increase AUM and fees, while declining markets reduce them. Net fund flows represent another critical factor, as positive flows from new investor money increase AUM beyond market appreciation alone. The company has faced headwinds from net outflows totaling $43.2 billion in 2024, though this represents an improvement from the $81.8 billion outflows in 2023. Fee compression presents an ongoing challenge, with the industry experiencing downward pressure on management fees due to competition from low-cost index funds and ETFs. T. Rowe Price expects continued fee rate compression of 1-1.5% annually. However, the company partially offsets this through strategic product mix shifts toward higher-fee alternative investments and specialized strategies. Investment performance plays a crucial role in attracting and retaining assets. Strong performance relative to benchmarks and peer groups helps drive inflows and justify higher fees, while poor performance can lead to redemptions. The company's long-term track record shows over 60% of funds beating peer groups across multiple time periods. Operating leverage significantly impacts margins since many costs are fixed while revenues fluctuate with AUM. The company benefits from economies of scale as AUM grows, but faces margin pressure during periods of declining assets. Management has focused on expense discipline while continuing to invest in strategic growth initiatives like ETFs and alternative investments.
Competitive moat
T. Rowe Price possesses a moderate but meaningful economic moat built primarily around its brand reputation, investment performance track record, and distribution relationships, though this moat faces increasing competitive pressures. The company's strongest moat element is its long-term investment performance and brand reputation. With over 85 years of operation and a track record of 64% of funds beating peer group medians, T. Rowe Price has established credibility that helps attract and retain assets. The firm's target-date franchise demonstrates particular strength, with 99% of assets beating peer groups over 3, 5, and 10-year periods. This performance history creates customer loyalty and justifies premium pricing relative to passive index funds. Distribution relationships provide another layer of competitive protection. The company has established partnerships with major broker-dealers, retirement plan providers, and financial advisors who recommend T. Rowe Price products to their clients. These relationships, built over decades, create switching costs and barriers for competitors seeking to displace the firm's products. The company's recent strategic partnership with large independent broker-dealers expands this distribution advantage. However, T. Rowe Price's moat faces significant challenges from passive investing trends. The shift toward low-cost index funds and ETFs has pressured active managers across the industry, contributing to the fee compression and outflows the company has experienced. While T. Rowe Price has responded by launching its own ETF business, which has grown to nearly $8 billion in AUM, this represents a defensive move rather than a strengthening of competitive advantages. Scale advantages provide some protection through operational leverage and the ability to spread research costs across a large asset base. However, these advantages are not unique to T. Rowe Price and are shared by other large asset managers. The competitive landscape includes both traditional active managers and passive fund providers like Vanguard and BlackRock, as well as newer fintech entrants offering robo-advisory services. The company's moat is sufficient to maintain its position but not strong enough to prevent continued market share pressure in an increasingly commoditized industry.
Risks & safety
T. Rowe Price maintains a strong financial position with substantial margin of safety, though faces ongoing business model pressures from industry headwinds. **Liquidity and Solvency:** - Cash and short-term investments: $2.8 billion as of Q1 2025 - Current ratio: 5.87, indicating strong short-term liquidity - Debt-to-equity ratio: 0.045, representing minimal leverage - No meaningful solvency risk given strong balance sheet and cash generation **Cash Flow Generation:** - Free cash flow: $551 million in Q1 2025, demonstrating consistent cash generation - Operating cash flow: $633 million in Q1 2025 - Strong cash conversion from earnings with minimal capital requirements **Valuation Metrics:** - P/E ratio: 10.5 based on current earnings, suggesting reasonable valuation - EV/EBITDA: 6.6, indicating moderate valuation relative to cash flow generation - Price-to-book: 1.97, reasonable for an asset-light business model **Other Considerations:** - AUM-dependent revenue model creates earnings volatility based on market performance - Ongoing net outflows ($43.2 billion in 2024) pressure future revenue growth - Fee compression trends (1-1.5% annually) create structural headwinds - Strong dividend history (38 consecutive years of increases) demonstrates commitment to shareholder returns
Recent development
Over the past several years, T. Rowe Price has executed a comprehensive strategic transformation focused on diversifying its product offerings and distribution channels in response to industry headwinds. The company's most significant initiative has been the launch and rapid expansion of its ETF business, growing from zero to nearly $8 billion in assets under management by 2024. This includes 17 exchange-traded funds spanning various strategies, with the ETF platform generating $3.26 billion in net inflows during Q1 2025 alone. The firm has made substantial investments in alternative investments to capture higher-fee opportunities. The 2022 acquisition of OHA Investment Corporation expanded the company's private credit capabilities, with the alternatives platform now managing approximately $20 billion in assets. The company launched specialized products including the T. Rowe Price OHA Select Private Credit Fund (OCREDIT) and completed the first close of its OLEND Senior Private Lending Fund. Retirement solutions innovation represents another key strategic pillar. The company introduced the Personalized Retirement Manager and Managed Lifetime Income products, which combine investment management with guaranteed income features. These offerings leverage T. Rowe Price's strong target-date franchise, which continues to generate substantial inflows ($16.3 billion in 2024). The firm has also expanded internationally, launching target-date portfolios for Canadian investors and exploring opportunities in Japan and Korea. The company has strengthened its distribution capabilities through strategic partnerships, including a significant relationship with a large independent broker-dealer providing access to 10,000 financial advisors. T. Rowe Price has also expanded its separately managed account (SMA) offerings, which now exceed $8 billion in assets, and formed strategic partnerships in the insurance sector, including with Aspida. Technology and operational improvements have focused on artificial intelligence and data science capabilities to enhance investment research and client service. The company established the T. Rowe Price Investment Institute and merged its US and international equity divisions into a unified global equity division to improve efficiency and collaboration.
TROW company profile · for informational purposes only — not investment advice.
Track TROW with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free