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Stocks/Financials/Asset Management & Custody Banks

T. Rowe PriceTROW

Asset Management & Custody Banks · Baltimore, Maryland · In the S&P 500
Solid businessCheaper than peers
$103.90−2.56%After hours: $103.90 (0.00%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 0.4% over 1 year
T. Rowe Price over 1 yearDaily close, $, to 30 Oct 2026
$90$100$110$120Nov2026MarMayJulSep$103.90$100$120NovMarJul$103.90
Source: Nasdaq daily closes
Market value$22.16B
Price to earnings10.5x
Forward P/E10.3x
Dividend yield5.00%
Year to date+1.5%
One year+0.4%
Next earningsNot scheduled
SectorFinancials
52-week range (closes)
$86.19$121.68

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Quality and valuation

How T. Rowe Price compares with other financials stocks. A description, not a recommendation.

T. Rowe Price and 7 asset management & custody banks peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: about averageValuation: cheaper than most

An average business among financials companies, priced below most of them.

T. Rowe Price trades at 10.3 times the next 12 months of expected earnings, against a median of 13.0x for the 84 financials stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew slower than the sector median: +6.9% vs +10.2%
  • More profitable (operating margin): 32.0% vs 22.3%
  • Turns more of its sales into cash: 20.7% vs 20.3%
TROW trades at 10.3x forward earnings, below the sector medianForward p/e, Asset Management & Custody Banks peers
AMP10.1xTROW10.3xKKR11.4xSTT11.6xAPO12.0xBNY15.2xBLK19.1xBX19.3xSector median 13.0xAMP10.1xTROW10.3xKKR11.4xSTT11.6xAPO12.0xBNY15.2xBLK19.1xBX19.3xSector median 13.0x
Source: CNBC quotes; Mostly Markets
At 10.5x earnings, TROW is cheaper than its average since Nov 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
10x12xAverage 11.3x2025202610.5x10x12xAverage 11.3x2025202610.5x
Source: Nasdaq prices; SEC filings

Financials

From T. Rowe Price's SEC filings, through the quarter ending 30 Sep 2026. Hover or tap a bar for its value.

Revenue grew 5.9% from a year earlierQuarterly revenue, $bn, latest Q3 ’26
$0.0bn$0.5bn$1.0bn$1.5bn$2.0bnQ4 ’24Q2 ’25Q4 ’25$2.0bnQ3 ’26$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.0bnQ3 ’26
Source: SEC filings
Growth slowed to +5.9% last quarterRevenue growth, year on year, %
0%5%10%Q4 ’24Q2 ’25Q4 ’255.9%Q3 ’260%5%10%Q4 ’24Q2 ’25Q4 ’255.9%Q3 ’26
Source: SEC filings
Operating margin was 38.4% last quarterOperating income as a share of revenue, %
0%10%20%30%Q4 ’24Q2 ’25Q4 ’2538.4%Q3 ’260%20%Q4 ’24Q2 ’25Q4 ’2538.4%Q3 ’26
Source: SEC filings
Free cash flow was $1.6 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $m
$0m$500mQ4 ’24Q2 ’25Q4 ’25$471mQ3 ’26$0m$500mQ4 ’24Q2 ’25Q4 ’25$471mQ3 ’26
Source: SEC filings
Last 12 monthsTROWSector median
Revenue growth+6.9%+10.2%
Operating margin32.0%22.3%
Free cash flow margin20.7%20.3%
Price to earnings10.5x14.6x

Similar companies

Asset Management & Custody Banks, by market value.

CompanyPriceTodayYTDValue
BLKBlackRock$1,147.54−2.44%+7.2%$186B
BXBlackstone$118.51−1.73%−23.1%$143B
BNYBNY Mellon$147.11−1.51%+26.7%$98.99B
KKRKKR$94.39−1.49%−26.0%$84.73B
APOApollo Global Management$115.84−2.29%−20.0%$68.41B
STTState Street$169.77−2.29%+31.6%$46.19B
AMPAmeriprise Financial$490.83−1.42%+0.1%$43.36B
ARESAres Management$128.15+0.53%−20.7%$42.33B