Price · last 3 months · daily close
TROW price
Loading the price chart...
Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.
ValeriusBeta - Not investment advice
Research · S&P 500 · Financials
TROW · T. Rowe Price
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
48/55
high value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROIC) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
5/5Diluted EPS: $6.70 (2022), $7.76 (2023), $9.15 (2024), $9.24 (2025). It rose every year; the framework scores that as 5.
ROE Trend
4/5ROE (net income / common equity): 17.2% (2022), 18.4% (2023), 19.8% (2024), 18.8% (2025). Median 18.6%, lowest 17.2%; the framework scores a median 15-20% as 4.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
5/5Net margin of 29.3%; the framework scores above 20% as 5; gross margin 51.6%, operating margin 28.7%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $450.60M, total cash $3.23B. The framework scores a net cash position as 5.
Free Cash Flow
2/5Free cash flow (operating cash flow minus capital expenditure): $2.12B (2022), $911.20M (2023), $1.26B (2024), $1.48B (2025). It ended at or below 2022; the framework scores that as 2.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $8.41B (2022), $9.08B (2023), $10.04B (2024), $10.87B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $9.96 x (8.5 + 2 x 9.1) x (4.4 / 4.5) = $260.02. Current price $100.97; price is 61.2% below the model value.
DCF Value
5/5FCF/share = $9.488, stage 1 growth = 6.4% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $42.98, PV of terminal value = $118.21, DCF value = $161.19. Current price $100.97; price is 37.4% below the model value.
Margin of Safety
5/5Graham value $260.02 (price is 61.2% below the model value); DCF value $161.19 (price is 37.4% below the model value).
Price-to-Book
3/5P/B of 1.96; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 13, 2026
As a member of the financial services industry, we are subject to substantial competition in all aspects of our business. A significant number of proprietary and other sponsors’ investment products are sold to the public by other investment management firms, broker-dealers, mutual fund companies, banks, and insurance companies. We compete with brokerage and investment banking firms, insurance companies, banks, traditional and alternatives asset management companies, hedge funds, and other financial institutions and funds in all aspects of our business and in every country in which we offer our products and services. Some of these financial institutions have greater resources, may have more developed brand awareness in particular markets, or offer additional services to clients than we do. We compete with other providers of investment advisory services based primarily on the availability and objectives of the investment products offered, investment performance, fees and related expenses, and the scope and quality of investment advice and other client services. We have and will continue to face significant competition from passive-oriented investment strategies, which have taken market share from active managers. While we cannot predict how much market share passive competitors will continue to gain, we believe there will always be demand for good active management.
The opening of the company’s “COMPETITION” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $6.57B paid out against $5.77B of free cash flow (fail: paid out more than free cash flow); total debt $329.60M to $447.20M, up 35.7%, 0.1x EBITDA (pass: at most 2x EBITDA); shares outstanding 0.22B to 0.22B, down 2.6% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
Loading...
These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $9.96, g = 9.1%, Y = 4.5
IV = $260.02
Current price $100.97 vs Graham value $260.02 — price is 61.2% below the model value.
DCF:
FCF/share = $9.488
Stage 1 growth = 6.4% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $10.095 → PV $9.177
Y2: $10.741 → PV $8.877
Y3: $11.429 → PV $8.586
Y4: $12.160 → PV $8.305
Y5: $12.938 → PV $8.034
Stage 1 PV sum = $42.98
Terminal value at end of Y5 = $190.38
PV of terminal value = $118.21
DCF value = $161.19
Current price $100.97 vs DCF value $161.19 — price is 37.4% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $100.97. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
- Loading headlines...
The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.