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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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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 |