Jefferies vs T. Rowe Price
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The short version
- Jefferies is the larger business, with $7.3B of revenue in fiscal 2025 against $7.3B for T. Rowe Price.
- Jefferies grew revenue faster (4.4%, against 3.1%).
- T. Rowe Price turned more of its sales into free cash flow (20.2% FCF margin, against −23.2%).
- Jefferies earned a higher return on the capital invested in it (26.1%, against 21.7%).
| Latest fiscal year | JEF · FY25 | TROW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.0B | $22.3B |
| Revenue | $7.3B | $7.3B |
| Free cash flow | −$1.7B | $1.5B |
| Net income | $682M | $2.1B |
| Growth | ||
| Revenue growth | 4.4% | 3.1% |
| 5-year growth | 4.7% | 3.3% |
| Share count change | −0.4% | −1.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 29.9% |
| Net margin | 9.3% | 28.5% |
| FCF margin | −23.2% | 20.2% |
| Return on capital | 26.1% | 21.7% |
| Return on equity | 6.6% | 19.7% |
| Balance sheet | ||
| Net debt | $3.6B | −$3.4B |
| Net debt / EBITDA | 0.8x | — |
| Dividends and buybacks | $433M | $1.8B |
| Valuation & quality | ||
| P/E | — | 10.5x |
| Piotroski F-score | — | — |
Revenue
FY16
JEF $3.0B
TROW $4.3B
FY17
JEF $4.1B
TROW $4.9B
FY18
JEF $3.8B
TROW $5.4B
FY19
JEF $3.9B
TROW $5.6B
FY20
JEF $5.9B
TROW $6.2B
FY21
JEF $8.0B
TROW $7.7B
FY22
JEF $6.0B
TROW $6.5B
FY23
JEF $4.7B
TROW $6.5B
FY24
JEF $7.0B
TROW $7.1B
FY25
JEF $7.3B
TROW $7.3B
JEF
TROW
Operating margin
FY16
JEF —
TROW 40.5%
FY17
JEF —
TROW 43.4%
FY18
JEF —
TROW 44.0%
FY19
JEF —
TROW 42.5%
FY20
JEF —
TROW 44.2%
FY21
JEF —
TROW 48.4%
FY22
JEF —
TROW 36.6%
FY23
JEF —
TROW 30.7%
FY24
JEF —
TROW 32.9%
FY25
JEF —
TROW 29.9%
JEF
TROW
Free cash flow
FY16
JEF —
TROW $22.2M
FY17
JEF —
TROW $43.4M
FY18
JEF —
TROW $1.5B
FY19
JEF —
TROW $1.3B
FY20
JEF $1.9B
TROW $1.7B
FY21
JEF $1.4B
TROW $3.2B
FY22
JEF $1.6B
TROW $2.1B
FY23
JEF −$1.9B
TROW $911M
FY24
JEF −$391M
TROW $1.3B
FY25
JEF −$1.7B
TROW $1.5B
JEF
TROW
Return on capital
FY16
JEF 0.5%
TROW 30.0%
FY17
JEF 2.6%
TROW 34.5%
FY18
JEF 2.8%
TROW 40.6%
FY19
JEF 4.8%
TROW 36.6%
FY20
JEF 14.9%
TROW 39.3%
FY21
JEF 25.4%
TROW 43.3%
FY22
JEF 17.3%
TROW 23.5%
FY23
JEF 21.0%
TROW 19.7%
FY24
JEF 26.2%
TROW 22.8%
FY25
JEF 26.1%
TROW 21.7%
JEF
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.