TROW: Not rated
Published 15 Sep 2026, 15:32 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
First recorded assessment. Current data checks do not support an active rating.
A target is not published until the required checks pass. A positive weekly close from the last 14 days is required.
Supporting evidence
Year-to-date profit has improved
Across 2 completed quarters since 2025-12-31, net income was 1,130.2m versus 995.7m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Borrowing is lower relative to earnings
Net debt / EBITDA: -1.0× for TROW, against 4.5× across 7 comparable peers.
Opposing evidence
Profit is running ahead of cash
Over the latest four quarters, operating cash was 0.87 times net income. Review receivables, inventory and non-cash charges before judging the gap.
Payouts exceed cash after capital spending
Dividends and buybacks totalled 1,932.5m versus 1,673.8m of cash after capital spending over four quarters. Existing cash or borrowing can fund a difference.
Original assumptions and checks
Recent price · Review needed. A positive weekly close from the last 14 days is required.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk · Review needed. 52 consecutive weekly price changes are required.
Operating history · Passed. 5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Price observations · Review needed. Prices must be positive, finite, in date order and have no duplicate weeks.
Price date · Review needed. The latest completed close must be no more than 14 days old.
Ownership source reconciliation · Review needed. Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Policy sm-review-2-research · Model sm-assessment-12-rating-balance · Data 15cd9ab6b8d1.