T. Rowe Price
About the company
T. Rowe Price Group, Inc. is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, with additional offices in North America, Europe, Asia, Australia.
Price within modeled range
Other models: USD 122.14–191.05 (median 137.47). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price within modeled range
Justified P/B (ROE) using TTM through 30 Sep 2026 net income and book equity: return on equity of 19.2% gives a fair price-to-book of 2.27x, with 2% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -1.2%, analyst revenue consensus 1.1%).
5-year outlook: relative outlook of about 13.1% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 1.1% a year; the growth assumption used is 2.0%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — USD 120.76 (+11.1%)
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EPS-based Gordon proxy
— USD 137.47 (+26.5%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 120.33 (+10.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— USD 122.14 (+12.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— USD 191.05 (+75.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 120.40 (+10.8%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— USD 322.36 (+196.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 101.15 | -7.5% |
| Base USD 120.76 | 10.0% |
| Bull USD 154.38 | 29.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
1 year price change: +12.02% · USD 108.71 · Market data through 05 Nov 2026 ; dashed line is today’s model base value (USD 120.76). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 05 Nov 2026; last refreshed 06 Nov 2026 18:44 (31 minutes ago).
06 Nov 2025Range USD 84.12 – 120.1805 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 92 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +4.4% a year | 12 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 41% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| TROW (this company) | USD 108.71 | 10.0% | 10.6 | 2.0 | 4.9% | 92 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.66 | 68.4% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.86 | 45.8% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.84 | 36.1% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.23 | 34.4% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.50 | 32.6% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.87 | 30.2% | 8.2 | 1.3 | 5.0% | 88 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: USD 5.17 per share · yield 4.76% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 3.900 |
| 2025 | 5.080 |
| 2024 | 4.960 |
| 2023 | 4.880 |
| 2022 | 4.800 |
| 2021 | 7.320 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:42
| Revenue | USD 7,703,400,000 |
|---|---|
| EBITDA | USD 3,121,000,000 |
| EBIT | USD 2,581,300,000 |
| Net income | USD 2,187,800,000 |
| Free cash flow | USD 1,598,400,000 |
| Capital expenditures | USD 391,800,000 |
| Debt | USD 418,600,000 |
| Cash | USD 3,774,300,000 |
| Working capital | USD 2,445,600,000 |
| Shares outstanding | 213,600,000 |
| Reported dividends per share | USD 5.3745 |