T. Rowe Price Group, Inc.

NasdaqGS-TROW

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	105.8	113.1	107.7	109.1	196.6	151.4	121.8	92.3	104.9	75.3	71.5
Total Shares Outstanding	218.2	223	223.9	224.3	229.2	228	235.2	238.1	245.1	244.8	250.5
Market Cap	23,080.7	25,215.2	24,115.9	24,463.2	45,065	34,511.6	28,658.5	21,978.5	25,719.5	18,422.4	17,906
Total Enterprise Value (TEV)	21,055.9	23,948.8	23,143.9	23,884.6	45,022.1	34,075.7	28,144	21,293.6	24,809.6	17,904.7	16,733.7
Dividend Yield	4.9%	4.5%	4.6%	4.5%	3.8%	2.4%	2.6%	3.1%	2.2%	2.9%	5.8%
Buyback Yield	2.5%	1.5%	1.1%	3.6%	2.7%	3.5%	2.2%	4.6%	1%	3%	5.1%
Shareholder Yield	2.6%	1.5%	1.2%	3.7%	2.7%	3.5%	2.2%	4.7%	1%	3%	5.2%
P/S	3.2	3.6	3.7	3.8	5.9	5.6	5.1	4.1	5.3	4.3	4.3
P/Gross Profit	6.2	6.8	7.5	6.9	9.6	9.6	8.9	7	9.2	7.6	6.9
P/E	11.5	12.4	13.9	16.3	15	15.2	14	12.7	17.6	15.8	15.4
Earnings Yield	8.7%	8.1%	7.2%	6.1%	6.7%	6.6%	7.1%	7.9%	5.7%	6.3%	6.5%
P/OCF	15.5	15	19.8	10.4	13.1	18	18.8	13.6	112.1	108	11.7
P/FCF	19.7	20	26.5	11.5	14	20.2	21.7	15.1	592.6	829.8	13
FCF Yield	5.1%	5%	3.8%	8.7%	7.1%	4.9%	4.6%	6.6%	0.2%	0.1%	7.7%
P/B	2.1	2.4	2.5	2.8	5	4.5	4	3.6	4.4	3.7	3.8
EV/Sales	2.9	3.4	3.6	3.7	5.9	5.5	5	4	5.1	4.2	4
EV/Gross Profit	5.7	6.5	7.2	6.7	9.6	9.5	8.7	6.8	8.9	7.4	6.4
EV/EBITDA	7.6	8.4	9.4	7.9	11.5	11.6	10.9	8.4	11	9.6	8.3
EV/EBIT	9.2	10.3	11.7	10.1	12.1	12.4	11.8	9	11.8	10.3	8.8
EV/OCF	14.1	14.2	19	10.1	13	17.8	18.5	13.1	108.1	105	10.9
EV/FCF	18	19	25.4	11.3	14	20	21.4	14.7	571.6	806.5	12.1

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	4.9%	4.5%	4.6%	4.5%	3.8%	2.4%	2.6%	3.1%	2.2%	2.9%	5.8%
DPS	5.2	5.1	5	4.9	7.5	3.7	3.1	2.9	2.3	2.2	4.2
Payout Ratio	54.9%	54.1%	62.7%	71.1%	55.2%	35.6%	34.4%	37.8%	37.6%	44.5%	86.6%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	51.4%	51.9%	49.6%	55%	61%	57.8%	57.5%	58.2%	57.3%	56.4%	62%
Operating Margin	31.7%	32.9%	30.7%	36.6%	48.4%	44.2%	42.5%	44%	43.4%	40.5%	45.2%
EBITDA Margin	38.5%	40%	38.2%	46.5%	51%	47.3%	45.9%	46.9%	46.4%	43.6%	48.2%
Net Profit Margin	30%	30.1%	28.4%	22.3%	40.4%	40.7%	40%	32.9%	32.6%	29.3%	29.1%
Effective Tax Rate	23.7%	24.3%	26.3%	25.6%	22.4%	22.2%	23.2%	25.8%	36.9%	36%	38.9%
Pre-Tax Profit Margin	39.4%	39.7%	38.5%	30%	52.1%	52.2%	52.1%	44.4%	51.6%	45.8%	47.7%
Free Cash Flow Margin	16.2%	17.8%	14.1%	32.7%	41.9%	27.5%	23.5%	27%	0.9%	0.5%	32.8%
OCF / Sales	20.7%	23.8%	18.9%	36.4%	45%	30.9%	27.1%	30.2%	4.7%	4%	36.4%
OCF / Net Income	68.9%	78.9%	66.4%	162.8%	111.4%	76%	67.7%	91.6%	14.5%	13.6%	125.1%
FCF / OCF	78.5%	74.9%	74.7%	89.9%	93.1%	88.8%	86.6%	89.6%	18.9%	13%	90.1%
FCF / Net Income	54%	59.1%	49.6%	146.4%	103.7%	67.5%	58.6%	82.1%	2.7%	1.8%	112.8%
FCF / EBITDA	42.2%	44.5%	36.9%	70.3%	82.1%	58.1%	51.1%	57.6%	1.9%	1.2%	68.1%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	17%	17.9%	15.6%	18.1%	31.1%	27.7%	27.9%	31.2%	26.5%	26.3%	30.6%
Return on Assets	12.4%	13.7%	12.2%	14.6%	24.8%	21.4%	21.5%	23%	19.3%	19.6%	21.6%
Return on Equity	20.1%	21.1%	19.6%	15.8%	36.5%	34.1%	34%	29.6%	29.2%	25.7%	24.1%
Return on Total Capital	105.5%	137.7%	124%	128.5%	175.1%	139%	174.5%	191.5%	149.7%	282%	2,267.4%
Return on Capital Employed	16.9%	19.2%	17.6%	20.9%	33.7%	28.6%	29.4%	32.7%	32.3%	32.3%	37.1%
Return on Tangible Assets	18.4%	21.8%	21%	16.8%	32.8%	27%	28.7%	25.5%	25.4%	25.1%	26%
Payables Turnover	10	8.8	7.8	7	9.7	13	10.8	10.1	10.4	10.6	10.2
Days Payables Outstanding	36.6	41.6	46.5	52.3	37.7	28.1	33.9	36.1	34.9	34.3	35.9
Cash Conversion Cycle	-36.6	-41.6	-46.5	-52.3	-37.7	-28.1	-33.9	-36.1	-34.9	-34.3	-35.9
Asset Turnover	0.5	0.6	0.5	0.5	0.7	0.6	0.7	0.7	0.7	0.8	0.8
Fixed Asset Turnover	5.6	6.3	6.2	6.6	8.8	7.8	7.8	8.2	7.7	7	7
CapEx to OCF	0.2	0.3	0.3	0.1	0.1	0.1	0.1	0.1	0.8	0.9	0.1
CapEx to Revenue	0	0.1	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	0.7	0.8	0.6	0.4	1.2	1.1	1.1	1.1	1.3	1.1	1.2

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	455.1	278.7	308.5	329.6	249.2	154.1	146.3	—	—	—	—
Net Debt	-3,179.7	-2,371.1	-1,758.1	-1,426	-1,273.9	-1,997.6	-1,635.5	-1,425.2	-1,902.7	-1,204.9	-1,172.3
Current Ratio	3.8	5.3	3.9	3.7	3.4	7.4	6.8	4.9	6.3	5.3	5.9
Quick Ratio	3.1	4	2.8	2.6	2	5.3	5	3.5	4.8	3.9	4.2
Cash Ratio	3.1	4	2.8	2.6	2	5.3	5	3.5	4.8	3.9	4.2
Debt Ratio	0	0	0	0	0	0	0	—	—	—	—
Assets to Equity	1.3	1.3	1.3	1.3	1.3	1.4	1.3	1.3	1.3	1.2	1.1
Cash Flow to Debt Ratio	3.3	6	4	7.2	13.9	12.5	10.4	—	—	—	—
Long-term Debt to Assets	0	0	0	0	0	0	0	—	—	—	—
Intangibles to Total Assets	0.2	0.2	0.3	0.3	0.3	0.1	0.1	0.1	0.1	0.1	0.1
Net Current Asset Value	618.3	400.6	100.8	-299.5	-904.9	62.8	200.1	409.8	757	443.6	1,273.4
Goodwill / Assets	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Debt / Equity	0	0	0	0	0	0	0	—	—	—	—
Total Debt / Capitalization	0.3	0.2	0.3	0.3	0.2	0.1	0.1	—	—	—	—
Long Term Debt / Capitalization	0.3	0.2	0.3	0.3	0.2	0.1	0.1	—	—	—	—
Long-Term Debt / Equity	0	0	0	0	0	0	0	—	—	—	—
Net Debt / EBITDA	-1.1	-0.8	-0.7	-0.5	-0.3	-0.7	-0.6	-0.6	-0.8	-0.6	-0.6

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	32.6	31.8	28.7	28.6	33.5	26.8	23.5	21.8	19.8	17.1	16.1
Basic EPS	9.2	9.2	7.8	6.7	13.3	10.1	8.8	7.4	6.1	4.9	4.7
Diluted EPS	9.2	9.2	7.8	6.7	13.1	10	8.7	7.3	6	4.8	4.6
Book Value per Share	48.9	46.3	42.3	38.9	39.4	33.3	29.8	24.8	23.8	20	18.3
Tangible Book Value per Share	35.6	32.8	28.3	24.5	23.7	30.5	27	22.1	21	17.4	15.7
Cash per Share	16.4	11.9	9.2	7.7	6.7	9.3	7.5	5.8	7.8	4.8	4.5
Operating Cash Flow per Share	6.7	7.5	5.4	10.4	15.1	8.3	6.4	6.6	0.9	0.7	5.9
Free Cash Flow per Share	5.3	5.7	4.1	9.3	14	7.4	5.5	5.9	0.2	0.1	5.3
CapEx per Share	1.4	1.9	1.4	1	1	0.9	0.9	0.7	0.8	0.6	0.6
Weighted Avg. Shares Outstanding	221.1	222.8	224.1	226	226.6	228.8	235.4	242.2	241.2	245.5	254.6
Weighted Avg. Shares Outstanding Diluted	221.4	223.3	224.8	227.1	228.8	231.2	238.6	246.9	245.1	250.3	260.9

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15	Dec '14	Dec '13	Dec '12
SG&A to Revenue	17.6%	17%	18.1%	16.5%	12.6%	13.6%	15.1%	14.5%	14.9%	14.4%	5.7%
Stock-based Comp to Revenue	3%	3.5%	4.1%	4.4%	3.6%	4%	3.7%	3.7%	3.1%	3.8%	3.5%