Franklin Resources vs T. Rowe Price
Add, change or remove companies; up to four.
The short version
- Franklin Resources is the larger business, with $8.8B of revenue in fiscal 2025 against $7.3B for T. Rowe Price.
- T. Rowe Price kept more of each dollar of sales as operating profit (29.9% operating margin, against 6.9%).
- T. Rowe Price turned more of its sales into free cash flow (20.2% FCF margin, against 10.4%).
- T. Rowe Price earned a higher return on the capital invested in it (21.7%, against 3.6%).
- Investors pay more for each dollar of Franklin Resources’s earnings: a P/E of 21.1x against 10.5x for T. Rowe Price.
| Latest fiscal year | BEN · FY25 | TROW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.0B | $22.3B |
| Revenue | $8.8B | $7.3B |
| Free cash flow | $912M | $1.5B |
| Net income | $525M | $2.1B |
| Growth | ||
| Revenue growth | 3.5% | 3.1% |
| 5-year growth | 9.5% | 3.3% |
| Share count change | 1.4% | −1.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.9% | 29.9% |
| Net margin | 6.0% | 28.5% |
| FCF margin | 10.4% | 20.2% |
| Return on capital | 3.6% | 21.7% |
| Return on equity | 4.3% | 19.7% |
| Balance sheet | ||
| Net debt | −$1.2B | −$3.4B |
| Net debt / EBITDA | −1.7x | — |
| Dividends and buybacks | $924M | $1.8B |
| Valuation & quality | ||
| P/E | 21.1x | 10.5x |
| Piotroski F-score | — | — |
Revenue
FY16
BEN $6.6B
TROW $4.3B
FY17
BEN $6.4B
TROW $4.9B
FY18
BEN $6.3B
TROW $5.4B
FY19
BEN $5.8B
TROW $5.6B
FY20
BEN $5.6B
TROW $6.2B
FY21
BEN $8.4B
TROW $7.7B
FY22
BEN $8.3B
TROW $6.5B
FY23
BEN $7.8B
TROW $6.5B
FY24
BEN $8.5B
TROW $7.1B
FY25
BEN $8.8B
TROW $7.3B
BEN
TROW
Operating margin
FY16
BEN 35.8%
TROW 40.5%
FY17
BEN 35.4%
TROW 43.4%
FY18
BEN 32.1%
TROW 44.0%
FY19
BEN 25.4%
TROW 42.5%
FY20
BEN 18.8%
TROW 44.2%
FY21
BEN 22.3%
TROW 48.4%
FY22
BEN 21.4%
TROW 36.6%
FY23
BEN 14.0%
TROW 30.7%
FY24
BEN 4.8%
TROW 32.9%
FY25
BEN 6.9%
TROW 29.9%
BEN
TROW
Free cash flow
FY16
BEN $1.6B
TROW $22.2M
FY17
BEN $1.1B
TROW $43.4M
FY18
BEN $2.1B
TROW $1.5B
FY19
BEN $34.8M
TROW $1.3B
FY20
BEN $980M
TROW $1.7B
FY21
BEN $1.2B
TROW $3.2B
FY22
BEN $1.9B
TROW $2.1B
FY23
BEN $940M
TROW $911M
FY24
BEN $794M
TROW $1.3B
FY25
BEN $912M
TROW $1.5B
BEN
TROW
Return on capital
FY16
BEN 30.5%
TROW 30.0%
FY17
BEN 29.8%
TROW 34.5%
FY18
BEN 22.0%
TROW 40.6%
FY19
BEN 23.8%
TROW 36.6%
FY20
BEN 10.9%
TROW 39.3%
FY21
BEN 15.7%
TROW 43.3%
FY22
BEN 12.8%
TROW 23.5%
FY23
BEN 7.7%
TROW 19.7%
FY24
BEN 2.6%
TROW 22.8%
FY25
BEN 3.6%
TROW 21.7%
BEN
TROW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.