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Held by 372 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-27 | 2 co-filers Group filing | Option exercise | 4,417 | $62.85 | $278k |
| 2026-10-27 | 2 co-filers Group filing | Option exercise | 4,417 | $0.00 | — |
| 2026-09-29 | Golston Allan C. Director | Grant | 61 | $104.51 | $6k |
| 2026-09-29 | Maclellan Robert F. Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 212 |
| $104.51 |
| $22k |
| 2026-09-29 | Wilson Alan D Director | Grant | 520 | $104.51 | $54k |
| 2026-09-29 | Donnelly William P Director | Grant | 164 | $104.51 | $17k |
| 2026-09-29 | Wijnberg Sandra S Director | Grant | 164 | $104.51 | $17k |
| 2026-09-29 | Stevens Robert J Director | Grant | 314 | $104.51 | $33k |
| 2026-09-29 | Dublon Dina Director | Grant | 120 | $104.51 | $13k |
| 2026-09-29 | Smith Cynthia F Director | Grant | 77 | $104.51 | $8k |
| 2026-09-29 | Verma Richard R. Director | Grant | 61 | $104.51 | $6k |
| 2026-08-25 | 2 co-filers Vice President | Open-market sale | 10,000 | $111.82 | $1.1m |
| 2026-08-25 | 2 co-filers Vice President | Grant | 4 | $101.04 | $370 |
| 2026-06-30 | 2 co-filers Group filing | Grant | 658 | $0.00 | $0 |
| 2026-06-30 | 2 co-filers Group filing | Grant | 691 | $0.00 | $0 |
| 2026-06-30 | 2 co-filers Group filing | Grant | 576 | $0.00 | $0 |
| 2026-06-30 | 2 co-filers Group filing | Grant | 537 | $0.00 | $0 |
| 2026-06-29 | Smith Cynthia F Director | Grant | 70 | $114.38 | $8k |
| 2026-06-29 | Verma Richard R. Director | Grant | 55 | $114.38 | $6k |
| 2026-06-29 | Golston Allan C. Director | Grant | 55 | $114.38 | $6k |
| 2026-06-29 | 2 co-filers Group filing | Grant | 185 | $114.38 | $21k |
| 2026-06-29 | 2 co-filers Group filing | Grant | 462 | $114.38 | $53k |
| 2026-06-29 | 2 co-filers Group filing | Grant | 142 | $114.38 | $16k |
| 2026-06-29 | Wijnberg Sandra S Director | Grant | 148 | $114.38 | $17k |
| 2026-06-29 | 2 co-filers Group filing | Grant | 278 | $114.38 | $32k |
| 2026-06-29 | Dublon Dina Director | Grant | 109 | $114.38 | $12k |
| 2026-06-01 | Page Sebastien Vice President | Grant | 96,228 | $0.00 | $0 |
| 2026-05-13 | 2 co-filers Vice President | Grant | 175 | $98.08 | $17k |
| 2026-05-13 | 2 co-filers Vice President | Open-market sale | 3,000 | $102.56 | $308k |
| 2026-05-08 | Smith Cynthia F Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Rominger Eileen P Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Verma Richard R. Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Bartlett Mark S. Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Golston Allan C. Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Maclellan Robert F. Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Wilson Alan D Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Donnelly William P Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Wijnberg Sandra S Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Stevens Robert J Director | Grant | 1,899 | $0.00 | $0 |
| 2026-05-08 | Dublon Dina Director | Grant | 1,899 | $0.00 | $0 |
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BX | $89.0B | 30.6× | — | 6.2× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 721 |
| APO | $68.4B | 20.9× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $42.7B | 13.5× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 444 |
| TROW | $22.2B | 11.2× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 372 |
| BEN | $16.1B | 34.8× | 25.3× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 189 |
| CG | $14.3B | 18.4× | 9.1× | 3.0× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 146 |
| EVR | $11.2B | 20.7× | — | 2.9× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 147 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 131 |
| HLI | $9.6B | 22.2× | 14.7× | 3.7× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 125 |
| MORN | $8.4B | 25.5× | 12.6× | 3.4× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 92 |
| TPG | $7.8B | 103.7× | 12.1× | 1.7× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 67 |
| OWL | $7.1B | 103.3× | 21.3× | 12.4× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 138 |
| VCTR | $6.8B | 27.1× | 13.8× | 5.2× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 88 |
| FHI | $4.4B | 11.4× | 7.9× | 2.4× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 96 |
| LAZ | $3.7B | 17.7× | 11.0× | 1.2× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 77 |
| CNS | $3.7B | 24.4× | 19.1× | 6.7× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 65 |
| APAM | $2.6B | 9.0× | 6.8× | 2.2× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 79 |
| RPC | $1.0B | 54.2× | 20.2× | 3.4× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| ABX | $828M | 23.5× | 11.1× | 3.5× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 19 |
| VRTS | $783M | 5.9× | 5.0× | 0.9× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 40 |
| GCMG | $773M | 30.1× | 7.0× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 18 |
| NOAH | $462M | 29.3× | — | 1.2× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 9 |
| HKHC | $405M | 80.4× | 30.2× | 5.6× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | — |
| WHG | $180M | 23.9× | 28.1× | 1.8× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 14 |
| RILY | $136M | 0.4× | 12.1× | 0.1× | 29.6% | 85.0% | 31.8% | -179% | 24.5% | 10.8× | 15 |
Peers = companies sharing TROW's sector (Investment Advice) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $103.90 today, the market must believe free cash flow compounds 3.9%/yr for a decade (off $1.22B on the 3-yr avg basis).
On the basis ($974.3M) the requirement is 7.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.9% is more conservative than its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.21B shares (market data) · net debt -$3.38B
mean 379.2% · volatility σ 1076% · implied rate exceeded in 6/9 yrs
Central path = implied 3.9%/yr growth; shaded band = ±1σ (1076%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 77% of free cash flow — sustainable but with limited headroom. Last year: $1.14B dividends + $620.9M buybacks = $1.76B returned on $1.48B FCF.
3 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 19%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.31B 100.0% | $7.09B 100.0% | $6.46B 100.0% | $6.49B 100.0% | $7.67B 100.0% | $6.21B 100.0% | $5.62B 100.0% | $5.37B 100.0% | $4.85B 100.0% | $4.28B 100.0% |
| Total Operating Expenses | $5.13B 70.1% | $4.76B 67.1% | $4.47B 69.3% | $4.11B 63.4% | $3.96B 51.6% | $3.46B 55.8% | $3.23B 57.5% | $3.01B 56.0% | $2.75B 56.6% | $2.55B 59.5% |
| Operating Income | $2.19B 29.9% | $2.33B 32.9% | $1.99B 30.7% | $2.37B 36.6% | $3.71B 48.4% | $2.75B 44.2% | $2.39B 42.5% | $2.36B 44.0% | $2.11B 43.4% | $1.73B 40.5% |
| Other Income (Expense), net | $686.7M 9.4% | $486.3M 6.9% | $504.1M 7.8% | -$425.5M -6.6% | $284.6M 3.7% | $496.5M 8.0% | $540.3M 9.6% | $23.2M 0.4% | $396.3M 8.2% | $227.1M 5.3% |
| Pretax Income | $2.88B 39.3% | $2.82B 39.7% | $2.49B 38.5% | $1.95B 30.0% | $3.99B 52.1% | $3.24B 52.2% | $2.93B 52.1% | $2.38B 44.4% | $2.51B 51.6% | $1.96B 45.8% |
| Income Tax Expense | $667.2M 9.1% | $683.8M 9.6% | $654.6M 10.1% | $498.6M 7.7% | $896.1M 11.7% | $718.9M 11.6% | $678.4M 12.1% | $615.9M 11.5% | $923.9M 19.0% | $706.5M 16.5% |
| Net Income | $2.09B 28.5% | $2.10B 29.6% | $1.79B 27.7% | $1.56B 24.0% | $3.08B 40.2% | $2.37B 38.2% | $2.13B 37.9% | $1.84B 34.2% | $1.50B 30.9% | $1.22B 28.4% |
| Per Share | ||||||||||
| EPS (Basic) | $9.26 | $9.18 | $7.78 | $6.73 | $13.25 | $10.08 | $8.82 | $7.41 | $6.07 | $4.85 |
| EPS (Diluted) | $9.24 | $9.15 | $7.76 | $6.70 | $13.12 | $9.98 | $8.70 | $7.27 | $5.97 | $4.75 |
| Weighted Avg Shares (Basic) | 220.0M | 222.8M | 224.1M | 226.0M | 226.6M | 228.8M | 235.4M | 242.2M | 241.2M | 245.5M |
| Weighted Avg Shares (Diluted) | 220.3M | 223.3M | 224.8M | 227.1M | 228.8M | 231.2M | 238.6M | 246.9M | 245.1M | 250.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 24th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 19% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 44.0 | 42.5 | 44.2 | 48.4 | 36.6 | 30.7 | 32.9 | 29.9 |
| Income Tax | 11.5 | 12.1 | 11.6 | 11.7 | 7.7 | 10.1 | 9.6 | 9.1 |
| Net Income | 34.2 | 37.9 | 38.2 | 40.2 | 24.0 | 27.7 | 29.6 | 28.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TROW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Earns 12.13pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 33.1% | 9.9% (today's — no rate published for this year) | 23.3pts |
| FY2020 | 36.5% | 9.9% (today's — no rate published for this year) | 26.6pts |
| FY2021 | 36.6% | 6.7% | 29.9pts |
| FY2022 | 24.8% | 10.4% | 14.4pts |
| FY2023 | 19.8% | 11.2% | 8.6pts |
| FY2024 | 22.4% | 11.5% | 11.0pts |
| FY2025 | 21.6% | 9.5% | 12.2pts |
| Now | 19.2% | 9.9% | 9.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 40.5% | 28.4% |
| FY2017 | not reported | 43.4% | 30.9% |
| FY2018 | not reported | 44.0% | 34.2% |
| FY2019 | not reported | 42.5% | 37.9% |
| FY2020 | not reported | 44.2% | 38.2% |
| FY2021 | not reported | 48.4% | 40.2% |
| FY2022 | not reported | 36.6% | 24.0% |
| FY2023 | not reported | 30.7% | 27.7% |
| FY2024 | not reported | 32.9% | 29.6% |
| FY2025 | not reported | 29.9% | 28.5% |
Return on equity (19%) and return on invested capital (19%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.6B of goodwill — 35% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 33.99% against 22.01% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.84x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $1.48B; after share-based compensation it is $1.26B. The difference is a real cost that the cash flow statement adds back.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
At $103.90, free cash flow must compound 3.94%/yr for 10 years. It has done 1.94%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 29.3% | 3.9% |
| FY2021 | 88.5% | 3.9% |
| FY2022 | −34.0% | 3.9% |
| FY2023 | −57.1% | 3.9% |
| FY2024 | 38.5% | 3.9% |
| FY2025 | 17.2% | 3.9% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.09B | $2.09B |
| Share-based comp | $217M | $2.30B |
| Other non-cash & working capital | −$551M | $1.75B |
| Operating cash flow | $1.75B | $1.75B |
| Capex | −$274M | $1.48B |
| Free cash flow | $1.48B | $1.48B |
| FCF after SBC | $1.26B | $1.26B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 10.5% | 33.5% | 23.0 points |
| FY2021 | 23.6% | 22.6% | -1.0 points |
| FY2022 | -15.4% | -29.3% | -13.8 points |
| FY2023 | -0.4% | 7.9% | 8.3 points |
| FY2024 | 9.8% | 8.6% | -1.2 points |
| FY2025 | 3.1% | 6.1% | 3.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 42 days | not reported | not reported | not reported |
| FY2020 | 50.8 days | not reported | not reported | not reported |
| FY2021 | 50.3 days | not reported | not reported | not reported |
| FY2022 | 42.1 days | not reported | not reported | not reported |
| FY2023 | 45.6 days | not reported | not reported | not reported |
| FY2024 | 45.1 days | not reported | not reported | not reported |
| FY2025 | 46.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 6.5 percent |
| FY2020 | 4.3 percent |
| FY2021 | -3.0 percent |
| FY2022 | -6.9 percent |
| FY2023 | 4.6 percent |
| FY2024 | 3.1 percent |
| FY2025 | 2.3 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.