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Franklin Resources

BEN NYSE Asset Management & Custody Banks Financials FY2016–FY2025

Franklin Resources' revenue rose 3.5% to $8.8 billion in fiscal 2025. Its operating margin was 6.9%, up from 4.8% a year earlier. Free cash flow was $912 million, up 14.8%. It paid out $924 million in dividends and buybacks, 101% of free cash flow. The diluted share count rose 1.4%.

Last close · Oct 23, 2026

$31.06

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$8.8B
3.5% vs prior year
Operating margin Operating income as a share of revenue.
6.9%
2.1 pts
Net income Profit after all expenses, interest and tax.
$525M
12.9%
Free cash flow Cash from operations minus capital spending.
$912M
14.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.6%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$16.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.1x
On $1.47 EPS (TTM)

What Franklin Resources does

No business description yet.

Legal name
FRANKLIN RESOURCES INC
Fiscal year ends
September 30, 2025
Latest annual report
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Accession · CIK
0000038777-25-000238
0000038777

Revenue and margins

Franklin Resources had $8.8B of revenue in fiscal 2025, up 3.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −12.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $912M in fiscal 2025, 10.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Franklin Resources returned $924M to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count rose 1.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Franklin Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.2B and divides by 517.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.1x · peers 18.4x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Franklin Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.6B$4.8B$4.4B$4.4B$3.6B
Debt incl. finance leases $3.4B$3.4B$3.1B$2.8B$2.4B
Net debt / EBITDA −0.6x−0.8x−1.1x−3.1x−1.7x
Debt / equity 0.3x0.3x0.3x0.2x0.2x
Interest coverage 22.0x18.1x8.9x4.2x6.4x
Total assets $24.2B$28.1B$30.1B$32.5B$32.4B
Total liabilities $11.4B$14.2B$16.5B$17.9B$18.2B
Shareholders' equity $11.2B$11.5B$11.9B$12.5B$12.1B
Net debt (− = net cash) −$1.2B−$1.4B−$1.3B−$1.6B−$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.1M

1 insider

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Nov 20, 2025 Charles B Johnson10% owner Bought 50,000 $21.20 $1.1M Form 4
Nov 18, 2025 Charles B Johnson10% owner Bought 50,000 $21.49 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −0.7%−1.6%−1.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Franklin Resources BEN $16.0B 3.5% 6.9% 10.4% 3.6% 21.1x —
T. Rowe Price TROW $22.3B 3.1% 29.9% 20.2% 21.7% 10.5x — Compare →
Invesco IVZ $12.8B 5.1% −10.9% 22.6% −3.8% — — Compare →
Blackstone BX $94.4B 9.2% — 31.5% 22.1% 26.4x — Compare →
Brookfield Asset Management BAM — 21.0% — 43.4% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.6B $6.4B $6.3B $5.8B $5.6B $8.4B $8.3B $7.8B $8.5B $8.8B
Operating income $2.4B $2.3B $2.0B $1.5B $1.0B $1.9B $1.8B $1.1B $408M $604M
Interest expense $49.9M $51.5M $46.3M $22.4M $33.4M $85.4M $98.2M $124M $97.2M $94.9M
Pretax income $2.5B $2.5B $2.2B $1.6B $1.0B $2.4B $1.7B $1.3B $823M $787M
Income tax $742M $759M $1.5B $442M $231M $350M $396M $312M $215M $238M
Net income $1.7B $1.7B $764M $1.2B $799M $1.8B $1.3B $883M $465M $525M
Diluted EPS $2.94 $3.01 $1.39 $2.35 $1.59 $3.57 $2.53 $1.72 $0.85 $0.91
Diluted shares 0.58B 0.56B 0.54B 0.50B 0.49B 0.49B 0.49B 0.49B 0.51B 0.52B
Cash flow
Cash from operations $1.7B $1.1B $2.2B $269M $1.1B $1.2B $2.0B $1.1B $971M $1.1B
Capital expenditure $97.6M $74.9M $107M $234M $104M $79.3M $90.3M $149M $177M $155M
Free cash flow $1.6B $1.1B $2.1B $34.8M $980M $1.2B $1.9B $940M $794M $912M
Depreciation and amortization $81.0M $81.5M $74.6M $78.7M $74.5M $78.6M $95.8M $104M $117M $125M
Stock-based compensation $132M $123M $118M $112M $122M $172M $208M $183M $246M $215M
Acquisitions $0.0M $14.0M $86.8M $494M $3.8B $9.0M $1.4B $501M $175M $0.0M
Share buybacks $1.3B $765M $1.4B $755M $218M $208M $181M $256M $274M $240M
Dividends paid $409M $441M $2.1B $519M $533M $560M $583M $607M $656M $684M
Dividends and buybacks $1.7B $1.2B $3.5B $1.3B $751M $768M $764M $864M $931M $924M
Balance sheet
Cash and short-term investments $8.5B $8.7B $6.9B $6.2B $4.0B $4.6B $4.8B $4.4B $4.4B $3.6B
Total debt $1.4B $1.0B $696M $697M $3.0B $3.4B $3.4B $3.1B $2.8B $2.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $523M $517M $535M $684M $814M $770M $743M $800M $946M $949M
Total assets $16.1B $17.5B $14.4B $14.5B $21.7B $24.2B $28.1B $30.1B $32.5B $32.4B
Total liabilities $3.5B $2.7B $3.1B $3.2B $10.3B $11.4B $14.2B $16.5B $17.9B $18.2B
Shareholders' equity $11.9B $12.6B $9.9B $9.9B $10.1B $11.2B $11.5B $11.9B $12.5B $12.1B
Margins
Operating margin 35.8% 35.4% 32.1% 25.4% 18.8% 22.3% 21.4% 14.0% 4.8% 6.9%
EBITDA margin 37.0% 36.7% 33.3% 26.8% 20.2% 23.2% 22.6% 15.4% 6.2% 8.3%
Net margin 26.1% 26.5% 12.1% 20.7% 14.4% 21.7% 15.6% 11.3% 5.5% 6.0%
FCF margin 24.6% 16.6% 33.6% 0.6% 17.6% 13.8% 22.6% 12.0% 9.4% 10.4%
Returns
Return on capital 30.5% 29.8% 22.0% 23.8% 10.9% 15.7% 12.8% 7.7% 2.6% 3.6%
Return on equity 14.5% 13.8% 6.8% 12.1% 8.0% 17.2% 11.4% 7.6% 3.8% 4.3%
Return on assets 10.7% 10.1% 4.8% 8.3% 4.4% 8.0% 5.0% 3.0% 1.5% 1.6%
Growth
Revenue growth −16.7% −3.4% −1.1% −8.6% −3.6% 51.4% −1.8% −5.2% 8.0% 3.5%
Net income growth −15.2% −1.7% −55.0% 56.4% −33.2% 129.2% −29.5% −31.7% −47.4% 12.9%
EPS growth −10.6% 2.4% −53.8% 69.1% −32.3% 124.5% −29.1% −32.0% −50.6% 7.1%
FCF growth −25.3% −34.9% 100.2% −98.4% 2,714.9% 19.0% 60.1% −49.6% −15.6% 14.8%
Share count change −5.1% −4.2% −3.8% −6.3% −2.4% −0.4% −0.3% 0.3% 4.0% 1.4%
Financial health
Net debt / EBITDA −2.9x −3.3x −3.0x −3.6x −0.9x −0.6x −0.8x −1.1x −3.1x −1.7x
Debt / equity 0.1x 0.1x 0.1x 0.1x 0.3x 0.3x 0.3x 0.3x 0.2x 0.2x
Interest coverage 47.4x 44.0x 43.8x 65.5x 31.4x 22.0x 18.1x 8.9x 4.2x 6.4x
Capital allocation
Capex / revenue 1.5% 1.2% 1.7% 4.1% 1.9% 0.9% 1.1% 1.9% 2.1% 1.8%
Stock comp / revenue 2.0% 1.9% 1.9% 1.9% 2.2% 2.0% 2.5% 2.3% 2.9% 2.5%
Payouts / FCF 105.3% 113.8% 166.8% 3,658.3% 76.7% 65.9% 40.9% 91.8% 117.2% 101.4%
Quality scores
Accruals ratio −0.0% 3.3% −9.2% 6.4% −1.6% 2.6% −2.6% −0.7% −1.6% −1.7%

Source: SEC EDGAR XBRL filings (CIK 0000038777). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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