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T. Rowe Price Group (TROW) Financials

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$102.26 +0.80 (+0.78%)
As of 04:00 PM Eastern
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Annual Income Statements for T. Rowe Price Group

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

Quarterly Income Statements for T. Rowe Price Group

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

Annual Cash Flow Statements for T. Rowe Price Group

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

Quarterly Cash Flow Statements for T. Rowe Price Group

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

Annual Balance Sheets for T. Rowe Price Group

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

Quarterly Balance Sheets for T. Rowe Price Group

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

Annual Metrics And Ratios for T. Rowe Price Group

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

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

Quarterly Metrics And Ratios for T. Rowe Price Group

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

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

Key Financial Trends

In Q1 2025, T. Rowe Price reported operating revenue of $1.764 billion, up slightly year-over-year, with significantly stronger profitability and cash flow compared with Q4 2024. Despite a modest sequential revenue dip, the firm expanded margins, delivered solid earnings per share gains, and generated robust operating cash flow.

  • Net cash from operating activities jumped to $632.9 million in Q1 2025, compared with a $281.9 million outflow in Q4 2024.
  • Operating margin widened to 33.8% in Q1 2025 from 31.2% in Q4 2024, reflecting tighter cost control.
  • Diluted EPS increased to $2.15 in Q1 2025 from $1.91 in Q4 2024, a 12.6% quarter-over-quarter gain.
  • Return on equity rose to 16.9% in Q1 2025 versus 14.8% in the prior quarter, indicating improved capital efficiency.
  • Valuation multiples compressed, with the P/E ratio falling to 10.14× in Q1 2025 from 11.96× in Q4 2024.
  • The quarterly dividend was raised to $1.27 per share in Q1 2025, up from $1.24 in Q3 2024, lifting the yield to 5.43%.
  • Total revenue of $1.764 billion in Q1 2025 was essentially flat year-over-year (+0.8%) but down 3.3% sequentially.
  • Free cash flow to the firm was negative $317 million in Q1 2025, reflecting increased investments in capital and working capital.
  • Net income of $490.5 million in Q1 2025 represents a 14.9% decline versus Q1 2024’s $573.8 million.
  • Q1 2025 free cash flow to firm remained negative, highlighting ongoing deployment of excess capital into growth initiatives.
07/14/25 03:01 PMAI Generated. May Contain Errors.

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. View T. Rowe Price Group's forecast to see where analysts expect T. Rowe Price Group to go next.

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's 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 7/14/2025 by MarketBeat.com Staff
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