T. Rowe Price Group (TROW) Financials

$97.09 -0.87 (-0.89%)

Closing price 05/20/2025 04:00 PM Eastern

Extended Trading

$96.54 -0.56 (-0.57%)

As of 08:56 AM Eastern

Annual Income Statements for T. Rowe Price Group

This table shows T. Rowe Price Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,100	1,789	1,558	3,083	2,373	2,131	1,838	1,498	1,215	1,223
Consolidated Net Income / (Loss)	2,136	1,836	1,450	3,099	2,523	2,249	1,769	1,581	1,254	1,223
Net Income / (Loss) Continuing Operations	2,136	1,836	1,450	3,099	2,523	2,249	1,769	1,581	1,254	1,223
Total Pre-Tax Income	2,820	2,490	1,948	3,995	3,242	2,927	2,385	2,505	1,961	2,002
Total Operating Income	2,333	1,986	2,374	3,710	2,746	2,387	2,361	2,109	1,733	1,899
Total Gross Profit	4,336	3,787	4,168	5,289	4,024	3,649	3,564	3,190	2,791	2,757
Total Revenue	7,094	6,461	6,488	7,672	6,207	5,618	5,373	4,855	4,285	4,201
Operating Revenue	7,094	6,461	6,488	7,672	6,207	5,618	5,373	4,855	4,285	4,201
Total Cost of Revenue	2,758	2,674	2,321	2,383	2,182	1,969	1,809	1,665	1,494	1,444
Operating Cost of Revenue	2,758	2,674	2,321	2,383	2,182	1,969	1,809	1,665	1,494	1,444
Total Operating Expenses	2,002	1,801	1,794	1,579	1,279	1,262	1,218	1,081	1,057	858
Selling, General & Admin Expense	434	421	412	384	316	322	296	280	218	341
Marketing Expense	130	114	97	100	84	97	100	92	80	80
Amortization Expense	157	134	284	0.00	-	-	-	-	-	-
Other Operating Expenses / (Income)	1,296	1,214	1,162	1,095	879	843	822	709	759	311
Other Special Charges / (Income)	-13	-82	-161	0.00	-	-	-	-	-	-
Total Other Income / (Expense), net	486	504	-426	285	497	540	23	396	227	104
Other Income / (Expense), net	486	504	-426	285	497	540	23	396	227	104
Income Tax Expense	684	655	499	896	719	678	616	924	707	779
Net Income / (Loss) Attributable to Noncontrolling Interest	36	47	-108	16	151	118	-69	83	39	0.00
Basic Earnings per Share	$9.18	$7.78	$6.73	$13.25	$10.08	$8.82	$7.41	$6.07	$4.85	$4.74
Weighted Average Basic Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	243.42M	248.18M
Diluted Earnings per Share	$9.15	$7.76	$6.70	$13.12	$9.98	$8.70	$7.27	$5.97	$4.75	$4.63
Weighted Average Diluted Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	243.42M	248.18M
Weighted Average Basic & Diluted Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	243.42M	248.18M
Cash Dividends to Common per Share	$4.96	$4.88	$4.80	$4.32	$3.60	$3.04	$2.80	$2.28	$2.16	-

This table shows T. Rowe Price Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	491	440	603	483	574	438	453	476	422	266	384
Consolidated Net Income / (Loss)	505	417	640	485	593	474	439	481	442	290	358
Net Income / (Loss) Continuing Operations	505	417	640	485	593	448	439	481	468	290	358
Total Pre-Tax Income	667	573	826	645	776	647	584	640	620	389	492
Total Operating Income	596	568	614	565	587	387	581	534	484	253	575
Total Gross Profit	1,099	1,115	1,107	1,072	1,041	907	1,034	962	884	837	1,000
Total Revenue	1,764	1,825	1,786	1,733	1,750	1,642	1,671	1,610	1,538	1,524	1,588
Operating Revenue	1,764	1,825	1,786	1,733	1,750	1,642	1,671	1,610	1,538	1,524	1,588
Total Cost of Revenue	665	710	678	661	709	735	636	648	654	688	588
Operating Cost of Revenue	665	710	678	661	709	735	636	648	654	688	588
Total Operating Expenses	503	547	494	508	455	545	453	429	374	583	426
Selling, General & Admin Expense	103	128	104	109	93	128	86	100	108	102	115
Marketing Expense	26	50	21	33	25	44	21	23	26	28	24
Amortization Expense	29	31	52	44	30	67	39	29	0.00	202	27
Other Operating Expenses / (Income)	345	337	331	322	307	315	308	300	290	287	289
Total Other Income / (Expense), net	71	4.60	213	80	189	260	2.80	106	135	136	-83
Other Income / (Expense), net	71	4.60	213	80	189	260	2.80	106	135	136	-83
Income Tax Expense	162	156	186	160	182	173	145	159	178	99	134
Net Income / (Loss) Attributable to Noncontrolling Interest	15	-23	37	1.90	20	36	-14	4.80	20	24	-27
Basic Earnings per Share	$2.15	$1.93	$2.64	$2.11	$2.50	$1.90	$1.98	$2.07	$1.83	$1.16	$1.67
Weighted Average Basic Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Diluted Earnings per Share	$2.15	$1.91	$2.64	$2.11	$2.49	$1.90	$1.97	$2.06	$1.83	$1.17	$1.66
Weighted Average Diluted Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Weighted Average Basic & Diluted Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Cash Dividends to Common per Share	$1.27	-	$1.24	$1.24	$1.24	-	$1.22	$1.22	$1.22	-	$1.20

This table details how cash moves in and out of T. Rowe Price Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	569	269	251	-632	398	363	-511	735	98	-334
Net Cash From Operating Activities	1,686	1,219	2,359	3,452	1,919	1,523	1,620	230	171	1,531
Net Cash From Continuing Operating Activities	1,686	1,219	2,359	3,452	1,919	1,523	1,620	230	171	1,531
Net Income / (Loss) Continuing Operations	2,136	1,836	1,450	3,099	2,523	2,249	1,769	1,581	1,254	1,223
Consolidated Net Income / (Loss)	2,136	1,836	1,450	3,099	2,523	2,249	1,769	1,581	1,254	1,223
Depreciation Expense	254	255	226	205	190	191	160	144	133	126
Amortization Expense	250	227	420	0.00	0.00	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	-853	-1,266	584	81	-885	-1,027	555	1,583	-1,220	79
Changes in Operating Assets and Liabilities, net	-101	167	-320	67	91	110	-112	-221	3.40	102
Net Cash From Investing Activities	-178	128	-42	-1,098	-36	-325	-876	39	106	109
Net Cash From Continuing Investing Activities	-178	128	-42	-1,098	-36	-325	-876	39	106	109
Purchase of Property, Plant & Equipment	-423	-308	-238	-239	-215	-205	169	186	-148	-151
Acquisitions	-16	-57	-8.70	-2,451	0.00	0.00	-	-	-	-
Purchase of Investments	-100	-85	-55	-48	-272	-240	1,124	40	-0.30	-165
Sale and/or Maturity of Investments	533	617	264	1,626	454	131	352	337	219	435
Other Investing Activities, net	-172	-38	-3.70	14	-3.40	-12	-112	-57	36	-9.40
Net Cash From Financing Activities	-937	-1,079	-2,077	-2,989	-1,486	-833	-1,240	462	-176	-1,973
Net Cash From Continuing Financing Activities	-937	-1,079	-2,077	-2,989	-1,486	-833	-1,240	462	-176	-1,973
Repurchase of Common Equity	-337	-254	-850	-1,139	-1,202	-706	1,090	458	-677	-988
Payment of Dividends	-1,136	-1,122	-1,107	-1,702	-846	-210	694	563	374	-1,059
Issuance of Common Equity	-33	-18	-36	-82	3.90	83	545	1,483	-	-
Other Financing Activities, net	570	316	-84	-67	558	-	-	-	126	74
Effect of Exchange Rate Changes	-2.40	0.40	9.50	2.60	1.90	-2.50	-	-	-2.10	0.00

This table details how cash moves in and out of T. Rowe Price Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	175	-516	440	285	360	-527	344	140	312	-570	257
Net Cash From Operating Activities	633	-282	653	678	637	-157	470	395	512	-135	768
Net Cash From Continuing Operating Activities	633	-282	653	678	637	-157	470	395	512	-135	768
Net Income / (Loss) Continuing Operations	505	417	640	485	593	474	439	481	442	290	358
Consolidated Net Income / (Loss)	505	417	640	485	593	474	439	481	442	290	358
Depreciation Expense	64	66	62	64	63	73	64	59	59	60	57
Amortization Expense	49	54	72	73	51	61	68	50	48	262	52
Non-Cash Adjustments To Reconcile Net Income	-75	-195	-354	-72	-232	-456	-313	-271	-226	-311	147
Changes in Operating Assets and Liabilities, net	90	-623	232	127	162	-309	212	75	189	-435	154
Net Cash From Investing Activities	-48	-23	-62	-85	-8.60	90	174	-78	-58	28	-44
Net Cash From Continuing Investing Activities	-48	-23	-62	-85	-8.60	90	174	-78	-58	28	-44
Purchase of Property, Plant & Equipment	-82	-113	-105	-103	-103	-82	-94	-72	-61	-60	-54
Acquisitions	3.70	-0.10	-2.60	-13	-0.10	-21	-18	-15	-2.50	-	4.80
Purchase of Investments	-74	-11	-46	-39	-4.50	-50	-8.50	-19	-8.40	-7.40	-17
Sale and/or Maturity of Investments	120	230	92	115	96	246	297	59	15	103	19
Other Investing Activities, net	-16	-129	-0.70	-45	2.80	-3.20	-3.00	-32	-0.60	-7.00	2.90
Net Cash From Financing Activities	-411	-208	-153	-308	-268	-461	-297	-176	-144	-460	-486
Net Cash From Continuing Financing Activities	-411	-208	-153	-308	-268	-461	-297	-176	-144	-460	-486
Repurchase of Common Equity	-215	-68	-74	-112	-83	-113	-91	-42	-8.20	-122	-218
Payment of Dividends	-290	-285	-281	-283	-287	-280	-280	-280	-282	-275	-276
Issuance of Common Equity	15	-61	12	2.10	14	-44	13	4.10	8.00	-50	6.00
Other Financing Activities, net	78	206	190	86	88	-25	60	143	138	-13	2.00
Effect of Exchange Rate Changes	0.90	-2.90	1.60	-0.30	-0.80	2.20	-2.70	-0.60	1.50	-2.30	19

This table presents T. Rowe Price Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,472	12,279	11,643	12,509	10,659	9,330	7,689	7,535	6,225	5,107
Total Current Assets	3,527	2,875	2,504	2,581	3,015	2,428	1,975	2,468	1,660	1,618
Cash & Equivalents	2,650	2,067	1,756	1,523	2,152	1,782	1,425	1,903	1,205	1,172
Accounts Receivable	877	808	749	1,058	863	647	550	565	455	446
Plant, Property, & Equipment, net	977	807	756	736	695	674	661	652	615	607
Total Noncurrent Assets	8,968	8,598	8,383	9,191	6,949	6,228	5,053	4,415	3,950	2,882
Long-Term Investments	2,044	1,959	1,603	1,963	2,696	2,277	1,680	2,048	1,681	58
Goodwill	2,643	2,643	2,643	2,693	666	666	666	666	666	666
Intangible Assets	368	507	630	913	0.00	-	-	-	-	-
Other Noncurrent Operating Assets	3,913	3,488	3,507	3,622	3,588	3,285	2,707	1,701	1,604	2,158
Total Liabilities & Shareholders' Equity	13,472	12,279	11,643	12,509	10,659	9,330	7,689	7,535	6,225	5,107
Total Liabilities	2,022	1,988	1,956	2,255	1,390	1,107	825	718	529	345
Total Current Liabilities	441	489	453	509	273	246	283	285	220	192
Accounts Payable	354	423	407	431	188	215	229	216	181	171
Current Deferred & Payable Income Tax Liabilities	87	66	46	78	85	32	54	68	39	21
Total Noncurrent Liabilities	1,581	1,499	1,504	1,746	1,118	861	542	434	309	153
Noncurrent Employee Benefit Liabilities	220	241	228	257	134	112	123	109	93	153
Other Noncurrent Operating Liabilities	1,362	1,258	1,276	1,490	984	749	419	325	217	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	944	594	657	982	1,562	1,121	740	993	687	0.00
Total Equity & Noncontrolling Interests	10,506	9,697	9,030	9,271	7,707	7,102	6,124	5,824	5,009	4,762
Total Preferred & Common Equity	10,345	9,505	8,840	9,023	7,707	7,102	6,124	5,824	5,009	4,762
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,345	9,505	8,840	9,023	7,707	7,102	6,124	5,824	5,009	4,762
Common Stock	357	477	483	966	700	702	702	895	704	705
Retained Earnings	10,041	9,076	8,410	8,084	7,030	6,444	5,464	4,933	4,294	3,971
Accumulated Other Comprehensive Income / (Loss)	-52	-48	-53	-27	-23	-43	-42	-3.60	12	87
Noncontrolling Interest	161	192	191	249	0.00	-	-	-	-	-

This table presents T. Rowe Price Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	13,994	13,472	13,706	13,090	12,854	12,279	12,557	12,621	12,157	11,643	11,993
Total Current Assets	3,771	3,527	4,064	3,562	3,300	2,875	3,331	3,011	2,825	2,504	3,108
Cash & Equivalents	2,837	2,650	3,174	2,715	2,417	2,067	2,579	2,250	2,094	1,756	2,366
Accounts Receivable	935	877	890	847	883	808	752	761	730	749	741
Plant, Property, & Equipment, net	996	977	930	885	846	807	799	771	762	756	753
Total Noncurrent Assets	9,227	8,968	8,712	8,644	8,708	8,598	8,427	8,839	8,570	8,383	8,133
Long-Term Investments	1,794	2,044	1,857	1,930	2,117	1,959	1,778	1,946	1,821	1,603	1,284
Goodwill	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,652
Intangible Assets	344	368	395	442	482	507	542	577	604	630	832
Other Noncurrent Operating Assets	4,446	3,913	3,817	3,629	3,466	3,488	3,464	3,673	3,502	3,507	3,364
Total Liabilities & Shareholders' Equity	13,994	13,472	13,706	13,090	12,854	12,279	12,557	12,621	12,157	11,643	11,993
Total Liabilities	2,461	2,022	2,490	2,267	2,188	1,988	2,375	2,170	2,083	1,956	2,298
Total Current Liabilities	642	441	372	381	543	489	438	424	510	453	421
Accounts Payable	347	354	359	367	366	423	395	381	360	407	383
Current Deferred & Payable Income Tax Liabilities	295	87	13	14	177	66	42	42	150	46	38
Total Noncurrent Liabilities	1,819	1,581	2,117	1,886	1,645	1,499	1,938	1,747	1,573	1,504	1,877
Noncurrent Employee Benefit Liabilities	328	220	802	567	331	241	735	511	306	228	701
Other Noncurrent Operating Liabilities	1,491	1,362	1,316	1,320	1,314	1,258	1,203	1,235	1,267	1,276	1,176
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	977	944	763	689	677	594	560	985	834	657	581
Total Equity & Noncontrolling Interests	10,555	10,506	10,453	10,134	9,990	9,697	9,621	9,466	9,240	9,030	9,115
Total Preferred & Common Equity	10,395	10,345	10,249	9,929	9,784	9,505	9,400	9,264	9,045	8,840	8,908
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,395	10,345	10,249	9,929	9,784	9,505	9,400	9,264	9,045	8,840	8,908
Common Stock	204	357	404	413	469	477	527	565	547	483	544
Retained Earnings	10,242	10,041	9,885	9,565	9,365	9,076	8,919	8,746	8,550	8,410	8,420
Accumulated Other Comprehensive Income / (Loss)	-52	-52	-40	-49	-50	-48	-46	-48	-52	-53	-57
Noncontrolling Interest	160	161	203	205	205	192	222	202	194	191	207

This table displays calculated financial ratios and metrics derived from T. Rowe Price Group's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.80%	-0.43%	-15.43%	23.61%	10.48%	4.57%	10.66%	13.31%	2.00%	5.49%
EBITDA Growth	11.84%	14.57%	-38.23%	22.37%	10.06%	22.56%	-3.95%	26.50%	-1.63%	6.30%
EBIT Growth	13.22%	27.83%	-51.23%	23.21%	10.76%	22.76%	-4.81%	27.78%	-2.09%	5.90%
NOPAT Growth	20.72%	-17.10%	-38.63%	34.67%	16.53%	4.70%	31.59%	20.05%	-4.40%	-0.08%
Net Income Growth	16.35%	26.63%	-53.22%	22.80%	12.20%	27.15%	11.86%	26.09%	2.53%	-0.54%
EPS Growth	17.91%	15.82%	-48.93%	31.46%	14.71%	19.67%	21.78%	25.68%	2.59%	1.76%
Operating Cash Flow Growth	38.27%	-48.33%	-31.65%	79.89%	26.02%	-6.00%	605.84%	34.60%	-88.86%	18.52%
Free Cash Flow Firm Growth	-16.39%	-30.80%	315.12%	-71.73%	31.60%	66.37%	-32.68%	-30.32%	336.05%	-173.25%
Invested Capital Growth	7.84%	-0.99%	-6.50%	53.07%	6.17%	10.78%	31.15%	1.98%	-20.43%	121.19%
Revenue Q/Q Growth	2.64%	1.86%	-6.32%	3.07%	4.45%	3.00%	0.14%	1.17%	4.62%	-3.61%
EBITDA Q/Q Growth	-2.61%	2.45%	-8.99%	-5.09%	12.53%	13.65%	-15.36%	10.24%	2.93%	4.01%
EBIT Q/Q Growth	-2.55%	11.56%	-21.19%	-5.52%	13.90%	14.02%	-16.45%	10.73%	3.05%	4.08%
NOPAT Q/Q Growth	8.37%	6.83%	-22.71%	2.49%	8.19%	4.01%	8.25%	-3.94%	7.94%	-1.32%
Net Income Q/Q Growth	-2.60%	11.14%	-23.45%	-5.95%	15.35%	16.70%	-33.85%	105.08%	5.34%	-1.03%
EPS Q/Q Growth	0.11%	10.38%	-23.08%	-0.83%	11.88%	10.13%	-29.07%	95.10%	6.74%	0.43%
Operating Cash Flow Q/Q Growth	-6.88%	-1.79%	-17.39%	11.62%	-1.03%	-6.82%	18.84%	-10.04%	-57.91%	4.20%
Free Cash Flow Firm Q/Q Growth	0.50%	-4.01%	1,432.95%	-80.34%	13.30%	-10.37%	2.75%	0.58%	2,481.45%	-170.82%
Invested Capital Q/Q Growth	9.23%	7.57%	4.69%	73.38%	16.41%	19.59%	13.47%	13.27%	16.49%	169.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.12%	58.62%	64.23%	68.94%	64.84%	64.95%	66.34%	65.71%	65.13%	65.63%
EBITDA Margin	46.86%	46.00%	39.98%	54.74%	55.29%	55.50%	47.35%	54.56%	48.87%	50.68%
Operating Margin	32.89%	30.74%	36.58%	48.36%	44.24%	42.49%	43.95%	43.44%	40.45%	45.21%
EBIT Margin	39.75%	38.55%	30.03%	52.07%	52.24%	52.11%	44.38%	51.60%	45.75%	47.67%
Profit (Net Income) Margin	30.11%	28.41%	22.34%	40.39%	40.65%	40.03%	32.92%	32.57%	29.27%	29.11%
Tax Burden Percent	75.75%	73.71%	74.41%	77.57%	77.83%	76.83%	74.17%	63.12%	63.96%	61.08%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.25%	26.29%	25.59%	22.43%	22.17%	23.17%	25.83%	36.88%	36.04%	38.92%
Return on Invested Capital (ROIC)	27.15%	23.25%	26.97%	51.44%	49.78%	46.29%	52.87%	46.90%	34.96%	45.23%
ROIC Less NNEP Spread (ROIC-NNEP)	18.70%	13.19%	36.22%	46.14%	41.10%	34.70%	52.39%	39.58%	27.90%	42.71%
Return on Net Nonoperating Assets (RNNOA)	-7.50%	-4.88%	-12.43%	-19.69%	-20.93%	-16.48%	-27.02%	-21.62%	-10.98%	-21.15%
Return on Equity (ROE)	19.65%	18.38%	14.54%	31.74%	28.85%	29.81%	25.85%	25.27%	23.98%	24.08%
Cash Return on Invested Capital (CROIC)	19.60%	24.25%	33.69%	9.50%	43.79%	36.06%	25.92%	44.93%	57.72%	-30.24%
Operating Return on Assets (OROA)	21.90%	20.82%	16.13%	34.48%	32.44%	34.40%	31.33%	36.41%	34.60%	37.25%
Return on Assets (ROA)	16.59%	15.35%	12.00%	26.75%	25.25%	26.43%	23.23%	22.98%	22.13%	22.75%
Return on Common Equity (ROCE)	17.94%	16.87%	13.02%	27.20%	24.43%	26.13%	22.58%	21.88%	22.41%	24.08%
Return on Equity Simple (ROE_SIMPLE)	20.64%	19.31%	16.40%	34.34%	32.74%	31.67%	28.88%	27.15%	25.04%	25.68%
Net Operating Profit after Tax (NOPAT)	1,767	1,464	1,766	2,878	2,137	1,834	1,751	1,331	1,109	1,160
NOPAT Margin	24.92%	22.66%	27.22%	37.51%	34.43%	32.64%	32.60%	27.42%	25.88%	27.61%
Net Nonoperating Expense Percent (NNEP)	8.45%	10.06%	-9.25%	5.30%	8.68%	11.59%	0.49%	7.32%	7.06%	2.51%
Return On Investment Capital (ROIC_SIMPLE)	16.82%	15.10%	19.56%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	38.88%	41.38%	35.77%	31.06%	35.16%	35.05%	33.66%	34.29%	34.87%	34.37%
SG&A Expenses to Revenue	6.12%	6.52%	6.35%	5.00%	5.09%	5.73%	5.51%	5.76%	5.09%	8.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.23%	27.87%	27.65%	20.58%	20.60%	22.46%	22.67%	22.27%	24.68%	20.43%
Earnings before Interest and Taxes (EBIT)	2,820	2,490	1,948	3,995	3,242	2,927	2,385	2,505	1,961	2,002
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,324	2,972	2,594	4,199	3,432	3,118	2,544	2,649	2,094	2,129
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.43	2.42	2.52	4.45	3.89	3.40	2.99	3.51	2.86	2.86
Price to Tangible Book Value (P/TBV)	3.43	3.63	4.00	7.41	4.25	3.75	3.36	3.96	3.30	3.33
Price to Revenue (P/Rev)	3.54	3.57	3.44	5.23	4.83	4.30	3.41	4.21	3.34	3.24
Price to Earnings (P/E)	11.96	12.88	14.31	13.01	12.63	11.32	9.97	13.65	11.79	11.14
Dividend Yield	4.39%	4.73%	4.81%	4.10%	2.72%	2.94%	3.68%	2.70%	3.67%	7.52%
Earnings Yield	8.36%	7.76%	6.99%	7.68%	7.92%	8.83%	10.03%	7.33%	8.48%	8.98%
Enterprise Value to Invested Capital (EV/IC)	3.19	3.16	3.13	5.59	6.03	5.09	4.25	6.10	4.32	3.51
Enterprise Value to Revenue (EV/Rev)	3.04	3.07	3.05	4.94	4.30	3.77	2.97	3.60	2.83	2.95
Enterprise Value to EBITDA (EV/EBITDA)	6.48	6.66	7.63	9.02	7.77	6.80	6.27	6.60	5.79	5.82
Enterprise Value to EBIT (EV/EBIT)	7.64	7.95	10.15	9.48	8.23	7.24	6.69	6.98	6.19	6.19
Enterprise Value to NOPAT (EV/NOPAT)	12.18	13.52	11.20	13.16	12.48	11.56	9.11	13.14	10.94	10.69
Enterprise Value to Operating Cash Flow (EV/OCF)	12.78	16.24	8.38	10.97	13.90	13.92	9.85	76.21	71.14	8.10
Enterprise Value to Free Cash Flow (EV/FCFF)	16.87	12.97	8.97	71.25	14.19	14.84	18.59	13.71	6.63	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.40	-0.37	-0.34	-0.43	-0.51	-0.47	-0.52	-0.55	-0.39	-0.50
Leverage Ratio	1.18	1.20	1.21	1.19	1.14	1.13	1.11	1.10	1.08	1.06
Compound Leverage Factor	1.18	1.20	1.21	1.19	1.14	1.13	1.11	1.10	1.08	1.06
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.65%	7.64%	8.75%	12.01%	16.85%	13.63%	10.78%	14.56%	12.07%	0.00%
Common Equity to Total Capital	90.35%	92.36%	91.25%	87.99%	83.15%	86.37%	89.22%	85.44%	87.94%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	9.99	9.42	9.17	13.44	15.75	15.96	16.32	20.09	19.21	27.24
Noncontrolling Interest Sharing Ratio	8.70%	8.18%	10.42%	14.31%	15.34%	12.34%	12.67%	13.43%	6.57%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.01	5.88	5.53	5.07	11.06	9.86	6.99	8.67	7.54	8.44
Quick Ratio	8.01	5.88	5.53	5.07	11.06	9.86	6.99	8.67	7.54	8.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,276	1,527	2,206	531	1,880	1,428	859	1,275	1,830	-775
Operating Cash Flow to CapEx	398.11%	395.94%	993.01%	1,443.75%	894.18%	744.23%	0.00%	0.00%	114.97%	1,011.57%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.54	0.54	0.66	0.62	0.66	0.71	0.71	0.76	0.78
Accounts Receivable Turnover	8.42	8.30	7.18	7.99	8.22	9.39	9.64	9.52	9.51	9.45
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.95	8.27	8.70	10.72	9.06	8.41	8.18	7.66	7.01	7.04
Accounts Payable Turnover	7.10	6.45	5.54	7.70	10.85	8.89	8.13	8.39	8.50	9.19
Days Sales Outstanding (DSO)	43.36	43.97	50.83	45.71	44.39	38.86	37.87	38.36	38.38	38.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.38	56.63	65.87	47.38	33.63	41.06	44.87	43.52	42.93	39.70
Cash Conversion Cycle (CCC)	-8.02	-12.66	-15.05	-1.68	10.76	-2.20	-7.00	-5.16	-4.55	-1.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,756	6,265	6,328	6,768	4,422	4,164	3,759	2,866	2,810	3,532
Invested Capital Turnover	1.09	1.03	0.99	1.37	1.45	1.42	1.62	1.71	1.35	1.64
Increase / (Decrease) in Invested Capital	491	-63	-440	2,346	257	405	893	56	-722	1,935
Enterprise Value (EV)	21,535	19,801	19,782	37,863	26,674	21,196	15,963	17,489	12,129	12,394
Market Capitalization	25,124	23,041	22,293	40,118	29,960	24,134	18,328	20,448	14,327	13,624
Book Value per Share	$46.57	$42.53	$39.56	$40.15	$34.04	$30.39	$25.45	$24.04	$20.57	$18.96
Tangible Book Value per Share	$33.01	$28.44	$24.91	$24.10	$31.10	$27.54	$22.68	$21.29	$17.84	$16.31
Total Capital	11,450	10,291	9,687	10,254	9,269	8,223	6,865	6,817	5,696	4,762
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-4,694	-4,026	-3,359	-3,486	-4,847	-4,059	-3,106	-3,951	-2,885	-1,230
Capital Expenditures (CapEx)	423	308	238	239	215	205	-169	-186	148	151
Debt-free, Cash-free Net Working Capital (DFCFNWC)	437	319	296	549	590	400	267	281	235	254
Debt-free Net Working Capital (DFNWC)	3,087	2,385	2,052	2,073	2,742	2,182	1,692	2,184	1,440	1,427
Net Working Capital (NWC)	3,087	2,385	2,052	2,073	2,742	2,182	1,692	2,184	1,440	1,427
Net Nonoperating Expense (NNE)	-368	-372	317	-221	-386	-415	-17	-250	-145	-63
Net Nonoperating Obligations (NNO)	-4,694	-4,026	-3,359	-3,486	-4,847	-4,059	-3,106	-3,951	-2,885	-1,230
Total Depreciation and Amortization (D&A)	504	482	646	205	190	191	160	144	133	126
Debt-free, Cash-free Net Working Capital to Revenue	6.16%	4.93%	4.56%	7.16%	9.51%	7.13%	4.97%	5.78%	5.48%	6.05%
Debt-free Net Working Capital to Revenue	43.51%	36.92%	31.62%	27.01%	44.18%	38.84%	31.50%	44.98%	33.60%	33.96%
Net Working Capital to Revenue	43.51%	36.92%	31.62%	27.01%	44.18%	38.84%	31.50%	44.98%	33.60%	33.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$9.18	$7.78	$6.73	$13.25	$10.08	$8.82	$7.41	$6.07	$0.00	$4.74
Adjusted Weighted Average Basic Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	0.00	248.18M
Adjusted Diluted Earnings per Share	$9.15	$7.76	$6.70	$13.12	$9.98	$8.70	$7.27	$5.97	$0.00	$4.63
Adjusted Weighted Average Diluted Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	0.00	248.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	222.63M	223.66M	224.40M	228.09M	227.95M	236.04M	236.26M	244.44M	0.00	248.18M
Normalized Net Operating Profit after Tax (NOPAT)	1,757	1,403	1,646	2,878	2,137	1,834	1,751	1,331	1,109	1,160
Normalized NOPAT Margin	24.77%	21.72%	25.37%	37.51%	34.43%	32.64%	32.60%	27.42%	25.88%	27.61%
Pre Tax Income Margin	39.75%	38.55%	30.03%	52.07%	52.24%	52.11%	44.38%	51.60%	45.75%	47.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.17%	61.10%	76.39%	54.93%	33.52%	9.35%	-39.25%	-35.61%	-29.84%	86.59%
Augmented Payout Ratio	68.96%	74.96%	135.02%	91.67%	81.15%	40.73%	-100.90%	-64.58%	24.14%	167.36%

This table displays calculated financial ratios and metrics derived from T. Rowe Price Group's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.78%	11.11%	6.88%	7.65%	13.83%	7.73%	5.19%	6.42%	-17.47%	-22.30%	-18.72%
EBITDA Growth	-12.30%	-11.39%	34.26%	4.48%	22.34%	10.01%	19.19%	50.85%	-7.71%	-26.50%	-42.08%
EBIT Growth	-13.99%	-11.42%	41.43%	0.83%	25.16%	66.38%	18.77%	64.57%	-8.73%	-57.40%	-50.06%
NOPAT Growth	0.60%	45.82%	8.83%	5.87%	30.04%	50.36%	4.56%	-18.93%	-48.08%	-72.81%	-45.44%
Net Income Growth	-14.88%	-12.01%	45.81%	0.85%	34.34%	63.54%	22.75%	67.20%	-14.13%	-60.52%	-52.76%
EPS Growth	-13.65%	0.53%	34.01%	2.43%	36.07%	62.39%	18.67%	41.10%	-24.07%	-63.21%	-49.85%
Operating Cash Flow Growth	-0.69%	-79.10%	38.83%	71.66%	24.55%	-16.42%	-38.77%	-36.69%	-53.63%	-137.42%	-40.44%
Free Cash Flow Firm Growth	-166.73%	-122.44%	-82.52%	8.96%	-26.61%	-44.93%	138.14%	130.11%	141.72%	138.02%	-360.71%
Invested Capital Growth	12.53%	7.84%	6.19%	-1.23%	-0.43%	-0.99%	-3.64%	-0.94%	-4.68%	-6.50%	54.85%
Revenue Q/Q Growth	-3.32%	2.18%	3.02%	-0.97%	6.59%	-1.72%	3.76%	4.72%	0.88%	-4.03%	4.97%
EBITDA Q/Q Growth	12.61%	-27.93%	22.84%	-12.03%	13.77%	9.20%	-4.41%	3.01%	2.31%	18.31%	20.98%
EBIT Q/Q Growth	16.40%	-30.64%	28.08%	-16.83%	19.88%	10.75%	-8.69%	3.24%	59.36%	-20.94%	26.52%
NOPAT Q/Q Growth	9.24%	-13.10%	11.95%	-5.34%	58.34%	-35.15%	8.92%	16.26%	83.09%	-54.90%	-15.55%
Net Income Q/Q Growth	21.21%	-34.93%	31.96%	-18.22%	25.30%	7.83%	-8.73%	8.94%	52.52%	-19.06%	24.32%
EPS Q/Q Growth	12.57%	-27.65%	25.12%	-15.26%	31.05%	-3.55%	-4.37%	12.57%	56.41%	-29.52%	13.70%
Operating Cash Flow Q/Q Growth	324.51%	-143.20%	-3.72%	6.34%	504.89%	-133.49%	19.05%	-22.85%	478.48%	-117.61%	23.09%
Free Cash Flow Firm Q/Q Growth	-308.45%	-167.60%	-77.10%	5.56%	37.33%	-47.34%	42.74%	-28.90%	3.05%	136.47%	-12.70%
Invested Capital Q/Q Growth	2.14%	9.23%	0.11%	0.75%	-2.12%	7.57%	-6.89%	1.57%	-2.67%	4.69%	-4.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.33%	61.11%	62.01%	61.86%	59.49%	55.21%	61.91%	59.74%	57.50%	54.88%	62.97%
EBITDA Margin	44.20%	37.94%	53.80%	45.12%	50.79%	47.58%	42.83%	46.48%	47.26%	46.59%	37.80%
Operating Margin	33.81%	31.15%	34.36%	32.58%	33.52%	23.58%	34.79%	33.13%	31.49%	16.61%	36.18%
EBIT Margin	37.81%	31.41%	46.26%	37.21%	44.31%	39.40%	34.96%	39.73%	40.30%	25.51%	30.97%
Profit (Net Income) Margin	28.64%	22.84%	35.86%	28.00%	33.90%	28.84%	26.29%	29.88%	28.73%	19.00%	22.53%
Tax Burden Percent	75.73%	72.72%	77.52%	75.24%	76.52%	73.21%	75.19%	75.22%	71.29%	74.49%	72.75%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.27%	27.28%	22.48%	24.76%	23.48%	26.79%	24.81%	24.78%	28.71%	25.51%	27.25%
Return on Invested Capital (ROIC)	27.92%	24.68%	30.66%	26.80%	27.85%	17.71%	27.96%	24.83%	21.93%	12.26%	36.65%
ROIC Less NNEP Spread (ROIC-NNEP)	26.75%	24.61%	27.15%	25.43%	24.43%	12.56%	27.91%	22.73%	19.38%	9.30%	37.97%
Return on Net Nonoperating Assets (RNNOA)	-11.04%	-9.87%	-11.91%	-10.57%	-9.95%	-4.64%	-11.24%	-8.58%	-7.27%	-3.19%	-18.14%
Return on Equity (ROE)	16.88%	14.81%	18.75%	16.23%	17.90%	13.07%	16.72%	16.25%	14.66%	9.06%	18.51%
Cash Return on Invested Capital (CROIC)	15.36%	19.60%	21.15%	26.85%	25.95%	24.25%	26.80%	22.49%	27.67%	33.69%	2.89%
Operating Return on Assets (OROA)	20.02%	17.30%	24.35%	19.67%	23.64%	21.28%	18.07%	20.39%	20.27%	13.71%	18.30%
Return on Assets (ROA)	15.16%	12.58%	18.88%	14.80%	18.09%	15.58%	13.58%	15.34%	14.45%	10.21%	13.31%
Return on Common Equity (ROCE)	15.34%	13.53%	17.22%	14.64%	16.25%	12.00%	15.40%	14.67%	13.14%	8.12%	16.69%
Return on Equity Simple (ROE_SIMPLE)	19.70%	0.00%	21.39%	20.06%	20.31%	0.00%	17.57%	16.95%	15.22%	0.00%	21.26%
Net Operating Profit after Tax (NOPAT)	452	413	476	425	449	283	437	401	345	189	418
NOPAT Margin	25.60%	22.66%	26.64%	24.51%	25.65%	17.26%	26.16%	24.92%	22.45%	12.37%	26.32%
Net Nonoperating Expense Percent (NNEP)	1.17%	0.08%	3.51%	1.37%	3.42%	5.15%	0.05%	2.10%	2.55%	2.95%	-1.32%
Return On Investment Capital (ROIC_SIMPLE)	4.28%	3.93%	-	-	-	2.92%	-	-	-	2.09%	-
Cost of Revenue to Revenue	37.67%	38.89%	37.99%	38.14%	40.51%	44.79%	38.09%	40.26%	42.50%	45.12%	37.03%
SG&A Expenses to Revenue	5.86%	7.03%	5.84%	6.27%	5.29%	7.80%	5.13%	6.21%	6.99%	6.70%	7.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.52%	29.96%	27.65%	29.28%	25.97%	33.22%	27.11%	26.61%	24.32%	38.28%	26.79%
Earnings before Interest and Taxes (EBIT)	667	573	826	645	776	647	584	640	620	389	492
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	780	692	961	782	889	781	716	749	727	710	600
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.97	2.43	2.37	2.59	2.78	2.42	2.39	2.60	2.68	2.52	2.49
Price to Tangible Book Value (P/TBV)	2.76	3.43	3.36	3.76	4.09	3.63	3.62	3.98	4.18	4.00	4.09
Price to Revenue (P/Rev)	2.88	3.54	3.51	3.79	4.08	3.57	3.55	3.84	3.93	3.44	3.20
Price to Earnings (P/E)	10.14	11.96	11.56	13.22	14.04	12.88	13.90	15.54	17.16	14.31	10.91
Dividend Yield	5.43%	4.39%	4.54%	4.27%	4.02%	4.73%	4.85%	4.52%	4.46%	4.81%	4.76%
Earnings Yield	9.86%	8.36%	8.65%	7.57%	7.12%	7.76%	7.19%	6.43%	5.83%	6.99%	9.16%
Enterprise Value to Invested Capital (EV/IC)	2.46	3.19	3.26	3.56	3.85	3.16	3.25	3.37	3.47	3.13	3.20
Enterprise Value to Revenue (EV/Rev)	2.39	3.04	2.92	3.24	3.54	3.07	2.98	3.36	3.46	3.05	2.79
Enterprise Value to EBITDA (EV/EBITDA)	5.28	6.48	5.91	6.94	7.53	6.66	6.52	7.56	8.42	7.63	6.78
Enterprise Value to EBIT (EV/EBIT)	6.26	7.64	6.98	8.30	8.92	7.95	8.47	9.84	11.30	10.15	7.81
Enterprise Value to NOPAT (EV/NOPAT)	9.58	12.18	12.38	13.82	15.04	13.52	13.80	15.55	14.78	11.20	8.45
Enterprise Value to Operating Cash Flow (EV/OCF)	10.09	12.78	11.15	13.52	17.55	16.24	15.23	13.68	12.07	8.38	6.76
Enterprise Value to Free Cash Flow (EV/FCFF)	16.95	16.87	15.89	13.18	14.79	12.97	11.89	14.90	12.22	8.97	134.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.41	-0.40	-0.44	-0.42	-0.41	-0.37	-0.40	-0.38	-0.38	-0.34	-0.48
Leverage Ratio	1.21	1.18	1.23	1.21	1.21	1.20	1.24	1.21	1.21	1.21	1.23
Compound Leverage Factor	1.21	1.18	1.23	1.21	1.21	1.20	1.24	1.21	1.21	1.21	1.23
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.86%	9.65%	8.62%	8.26%	8.27%	7.64%	7.68%	11.36%	10.21%	8.75%	8.13%
Common Equity to Total Capital	90.14%	90.35%	91.38%	91.74%	91.73%	92.36%	92.32%	88.64%	89.79%	91.25%	91.87%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	6.94	9.44	7.88	8.81	9.47	8.92	7.61	8.53	8.87	8.73	7.76
Noncontrolling Interest Sharing Ratio	9.10%	8.70%	8.17%	9.78%	9.21%	8.18%	7.90%	9.71%	10.36%	10.42%	9.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.87	8.01	10.91	9.35	6.07	5.88	7.61	7.11	5.54	5.53	7.38
Quick Ratio	5.87	8.01	10.91	9.35	6.07	5.88	7.61	7.11	5.54	5.53	7.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-317	-78	115	502	475	346	657	460	648	628	-1,723
Operating Cash Flow to CapEx	771.83%	-249.47%	623.81%	656.05%	621.76%	-192.19%	502.14%	550.63%	843.00%	-223.84%	1,411.03%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.55	0.53	0.53	0.53	0.54	0.52	0.51	0.50	0.54	0.59
Accounts Receivable Turnover	7.82	8.42	8.42	8.45	8.27	8.30	8.49	8.16	7.47	7.18	8.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.72	7.95	7.99	8.21	8.30	8.27	8.17	8.25	8.23	8.70	9.41
Accounts Payable Turnover	7.61	7.10	7.38	7.33	7.51	6.45	6.75	6.94	6.16	5.54	6.54
Days Sales Outstanding (DSO)	46.67	43.36	43.36	43.19	44.12	43.97	42.97	44.74	48.86	50.83	44.35
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	47.99	51.38	49.45	49.82	48.57	56.63	54.07	52.56	59.28	65.87	55.83
Cash Conversion Cycle (CCC)	-1.32	-8.02	-6.09	-6.63	-4.45	-12.66	-11.10	-7.82	-10.42	-15.05	-11.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,901	6,756	6,185	6,179	6,133	6,265	5,825	6,255	6,159	6,328	6,045
Invested Capital Turnover	1.09	1.09	1.15	1.09	1.09	1.03	1.07	1.00	0.98	0.99	1.39
Increase / (Decrease) in Invested Capital	769	491	361	-77	-26	-63	-220	-59	-302	-440	2,141
Enterprise Value (EV)	16,960	21,535	20,184	21,999	23,594	19,801	18,910	21,055	21,340	19,782	19,315
Market Capitalization	20,453	25,124	24,248	25,749	27,246	23,041	22,485	24,063	24,227	22,293	22,178
Book Value per Share	$46.69	$46.57	$46.04	$44.46	$43.82	$42.53	$41.91	$41.25	$40.31	$39.56	$39.47
Tangible Book Value per Share	$33.28	$33.01	$32.40	$30.65	$29.82	$28.44	$27.71	$26.91	$25.84	$24.91	$24.03
Total Capital	11,532	11,450	11,216	10,823	10,666	10,291	10,182	10,451	10,074	9,687	9,695
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-4,631	-4,694	-5,031	-4,645	-4,534	-4,026	-4,357	-4,196	-3,915	-3,359	-3,651
Capital Expenditures (CapEx)	82	113	105	103	103	82	94	72	61	60	54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	292	437	518	466	340	319	314	338	221	296	320
Debt-free Net Working Capital (DFNWC)	3,129	3,087	3,691	3,181	2,756	2,385	2,893	2,587	2,315	2,052	2,687
Net Working Capital (NWC)	3,129	3,087	3,691	3,181	2,756	2,385	2,893	2,587	2,315	2,052	2,687
Net Nonoperating Expense (NNE)	-54	-3.35	-165	-60	-145	-190	-2.11	-80	-97	-101	60
Net Nonoperating Obligations (NNO)	-4,631	-4,694	-5,031	-4,645	-4,534	-4,026	-4,357	-4,196	-3,915	-3,359	-3,651
Total Depreciation and Amortization (D&A)	113	119	135	137	113	134	131	109	107	321	109
Debt-free, Cash-free Net Working Capital to Revenue	4.11%	6.16%	7.49%	6.86%	5.09%	4.93%	4.96%	5.39%	3.58%	4.56%	4.62%
Debt-free Net Working Capital to Revenue	44.03%	43.51%	53.41%	46.81%	41.30%	36.92%	45.61%	41.33%	37.56%	31.62%	38.79%
Net Working Capital to Revenue	44.03%	43.51%	53.41%	46.81%	41.30%	36.92%	45.61%	41.33%	37.56%	31.62%	38.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.15	$1.93	$2.64	$2.11	$2.50	$1.90	$1.98	$2.07	$1.83	$1.16	$1.67
Adjusted Weighted Average Basic Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Adjusted Diluted Earnings per Share	$2.15	$1.91	$2.64	$2.11	$2.49	$1.90	$1.97	$2.06	$1.83	$1.17	$1.66
Adjusted Weighted Average Diluted Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	220.32M	222.63M	222.16M	222.60M	223.30M	223.66M	223.47M	224.30M	224.57M	224.40M	223.46M
Normalized Net Operating Profit after Tax (NOPAT)	452	413	465	425	449	276	437	384	310	162	396
Normalized NOPAT Margin	25.60%	22.66%	26.06%	24.51%	25.65%	16.84%	26.16%	23.84%	20.15%	10.63%	24.95%
Pre Tax Income Margin	37.81%	31.41%	46.26%	37.21%	44.31%	39.40%	34.96%	39.73%	40.30%	25.51%	30.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	55.61%	53.17%	51.57%	56.69%	56.66%	61.10%	67.63%	70.92%	80.64%	76.39%	57.05%
Augmented Payout Ratio	78.53%	68.96%	69.00%	76.75%	73.23%	74.96%	83.56%	95.74%	119.71%	135.02%	129.57%

Frequently Asked Questions About T. Rowe Price Group's Financials

When does T. Rowe Price Group's fiscal year end?

According to the most recent income statement we have on file, T. Rowe Price Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has T. Rowe Price Group's net income changed over the last 9 years?

T. Rowe Price Group's net income appears to be on an upward trend, with a most recent value of $2.14 billion in 2024, rising from $1.22 billion in 2015. The previous period was $1.84 billion in 2023. See T. Rowe Price Group's forecast for analyst expectations on what’s next for the company.

What is T. Rowe Price Group's operating income?

T. Rowe Price Group's total operating income in 2024 was $2.33 billion, based on the following breakdown:

Total Gross Profit: $4.34 billion
Total Operating Expenses: $2.00 billion

How has T. Rowe Price Group revenue changed over the last 9 years?

Over the last 9 years, T. Rowe Price Group's total revenue changed from $4.20 billion in 2015 to $7.09 billion in 2024, a change of 68.9%.

How much debt does T. Rowe Price Group have?

T. Rowe Price Group's total liabilities were at $2.02 billion at the end of 2024, a 1.7% increase from 2023, and a 486.2% increase since 2015.

How much cash does T. Rowe Price Group have?

In the past 9 years, T. Rowe Price Group's cash and equivalents has ranged from $1.17 billion in 2015 to $2.65 billion in 2024, and is currently $2.65 billion as of their latest financial filing in 2024.

How has T. Rowe Price Group's book value per share changed over the last 9 years?

Over the last 9 years, T. Rowe Price Group's book value per share changed from 18.96 in 2015 to 46.57 in 2024, a change of 145.5%.

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This page (NASDAQ:TROW) was last updated on 5/21/2025 by MarketBeat.com Staff

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T. Rowe Price Group (TROW) Financials

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T. Rowe Price Group (TROW) Financials

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