T. Rowe Price price to free cash flow TROW

Market value divided by free cash flow over the last twelve months, since 2010.

Today, Oct 23, 2026: 13.3×
10-year median: 18.9×
Against its 10-year history: 15th; percentile: 0 is its lowest day, 100 its highest
10-year range: 7.1× to 322×
Peer median: 14.9×

T. Rowe Price's price to free cash flow is 13.3× as of Oct 23, 2026.

That is below its ten-year median of 18.9×, lower than on 85% of days in the last ten years.

Over that time it ranged from 7.1× in Oct 2022 to 322× in Jan 2018.

The median for 10 asset managers of a similar size is 14.9×.

Price to free cash flow over time

median 18.9×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	13.3×	12.7×	20.0×
2025	19.5×	14.6×	20.3×
2024	18.1×	17.6×	29.9×
2023	25.2×	9.6×	25.2×
2022	9.3×	7.1×	15.1×
2021	15.5×	15.2×	27.3×
2020	19.8×	14.2×	24.6×
2019	20.0×	15.8×	20.1×
2018	18.6×	17.6×	322×
2017	282×	64.9×	283×
2016	72.2×	12.4×	73.6×
2015	13.9×	13.5×	18.9×
2014	19.2×	17.2×	19.7×
2013	19.7×	17.3×	24.0×
2012	20.9×	16.6×	22.4×
2011	16.1×	14.0×	30.0×
2010	25.5×	19.9×	29.1×

Against its peers

Companies in Asset Management nearest T. Rowe Price's size, closest first, today.

Company	Price to free cash flow
TROWT. Rowe Price	13.3×
PFGPrincipal Financial	n/m
TPGTPG	18.7×
RJFRaymond James Financial	n/m
NTRSNorthern Trust	n/m
BENFranklin Resources	n/m
OWLBlue OWL Capital	11.0×
CGCarlyle	n/m
ARESAres Management	n/m
AMPAmeriprise Financial	n/m
STTState Street	n/m
Peer median	14.9×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on T. Rowe Price

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.