T. Rowe Price Group Inc.
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+ FollowMarket Cap$22.16B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Headline results & near-term flows outlook (mixed)
- AUM: ended Q3 2026 at $1.86T.
- Net flows: $28.3B net outflows in Q3, with sequential improvement expected in Q4—outflows should moderate vs Q3, but are still expected to remain elevated vs earlier run rates.
- EPS: Adjusted diluted EPS $2.86 (Q2: $2.57; Q3’25: $2.81), driven by higher average AUM and a lower share count.
- Key risk/negative: management stressed that active equity/mutual fund headwinds persist, so improvement is not a full normalization yet.
What drove the outflows (important negative details)
- Outflows were primarily equity and mutual funds.
- Multi-asset net outflows: $7.6B, mainly from Target Date strategies.
- Included a previously disclosed large redemption from a defined contribution plan in the active Target Date series during September.
- Fixed income & alternatives were positive, including net inflows from clients in APAC, which partially offset equity weakness.
- ETF flows were a bright spot: $3.8B ETF net inflows in Q3; $11B YTD.
Performance: broadly supportive vs peers (good news)
- More than half of fund assets beat peer groups on 1-, 3-, and 10-year horizons; 5-year lagged (44% outperform).
- Improvement vs last quarter in 1- and 3-year, especially equities (48% and 58% outperforming).
- Large-cap growth suite: all 3 funds beat peers (explicitly “reversing” prior-quarter underperformance).
- Fixed income performance strong: 85%, 74%, 76%, 82% of assets beat peers for 1-, 3-, 5-, 10-year respectively (notable strength in multi-sector, floating rate, and muni).
- Target Date: 80% outperform (1- and 3-year), 55% (5-year), 98% (10-year), helped by glide path relative equity exposure and tactical bond underweights plus inflation-mitigating allocations.
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$101.48
9.9% downside
Current Fair Value
9.9% downsideOvervalued by 9.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.16 Billion |
|---|---|
| Enterprise Value | $19.36 Billion |
| Annual dividend | $5.17 |
| Dividend yield | 4.98% |
| Earnings per Share | $9.26 |
| Beta | 1.47 |
| Outstanding Shares | 213,300,000 |
Return
| Return on Equity | 19.88% |
|---|---|
| Return on Assets | 14.25% |
| Return on Invested Capital | 21.89% |
Valuation & Multiples
| P/E Ratio | 10.51 |
|---|---|
| PEG | -200.82 |
| Price to Sales | 3.13 |
| Price to Book Ratio | 1.97 |
| Enterprise Value to Revenue | 2.51 |
| Enterprise Value to EBIT | 6.58 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.04 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$2.66
Consensus analyst estimateRevenue Estimate
$1.98 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$2.35
Consensus analyst estimateRevenue Estimate
$1.96 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 59.38% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 40,000▼ 94.95% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.26%▼ 84.06% |
|---|---|
| Total Invested | $1.84B▼ 91.81% |
| Investors Holding | 467▼ 741.00% |
About T. Rowe Price Group Inc.
7,773 employees
CEO: William Stromberg
T. Rowe Price Group, Inc. operates as a publicly traded investment management firm. It caters to a diverse clientele, including individual investors, institutional bodies, retirement schemes, financial advisors, and other organizations. ...