Question 1

What is T. Rowe Price's P/E ratio?

Accepted Answer

T. Rowe Price (TROW) P/E ratio is 12.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for T. Rowe Price?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For T. Rowe Price specifically, the relevant sector benchmark is the current sector median of 13.1×.

Question 5

Is T. Rowe Price's P/E ratio high or low?

Accepted Answer

T. Rowe Price's P/E ratio of 12.4× is below its own 5-year average of 12.9× and below the sector median of 13.1×. That places the current reading at the 50th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is T. Rowe Price's historical P/E ratio range?

Accepted Answer

In the available daily series, T. Rowe Price (TROW) P/E ratio has ranged from a low of 8.4× in 2022 to a high of 38.3× in 2009. The 5-year average is 12.9× and the 5-year median is 12.5×.

Question 7

What was T. Rowe Price's P/E ratio in 2025?

Accepted Answer

T. Rowe Price (TROW) P/E ratio at the end of 2025 was 11.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

Why does T. Rowe Price's P/E ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$22.9B	$2.09B	11.0×	-1.0×	Dec 31, 2025
2024	$25.2B	$2.1B	12.0×	-1.5×	Dec 31, 2024
2023	$24.1B	$1.79B	13.5×	-2.2×	Dec 31, 2023
2022	$24.4B	$1.56B	15.7×	+1.3×	Dec 31, 2022
2021	$44.2B	$3.08B	14.3×	-0.1×	Dec 31, 2021
2020	$34.3B	$2.37B	14.5×	+1.1×	Dec 31, 2020
2019	$28.5B	$2.13B	13.4×	+1.3×	Dec 31, 2019
2018	$22.1B	$1.84B	12.0×	-5.1×	Dec 31, 2018
2017	$25.6B	$1.5B	17.1×	+2.1×	Dec 31, 2017
2016	$18.2B	$1.22B	15.0×	+0.6×	Dec 31, 2016
2015	$17.6B	$1.22B	14.4×	-3.6×	Dec 31, 2015
2014	$22.2B	$1.23B	18.1×	-2.8×	Dec 31, 2014
2013	$21.8B	$1.05B	20.8×	+1.9×	Dec 31, 2013
2012	$16.7B	$884M	18.9×	-0.1×	Dec 31, 2012
2011	$14.7B	$773M	19.1×	-5.7×	Dec 31, 2011
2010	$16.7B	$672M	24.8×	-6.9×	Dec 31, 2010
2009	$13.7B	$434M	31.7×	+13.3×	Dec 31, 2009
2008	$9.05B	$491M	18.4×	-5.3×	Dec 31, 2008
2007	$15.9B	$671M	23.8×	+1.8×	Dec 31, 2007
2006	$11.6B	$530M	21.9×	-0.1×	Dec 31, 2006
2005	$9.51B	$431M	22.1×	-2.0×	Dec 31, 2005
2004	$8.1B	$337M	24.0×	-2.3×	Dec 31, 2004
2003	$5.98B	$227M	26.3×	+9.1×	Dec 31, 2003
2002	$3.34B	$194M	17.2×	—	Dec 31, 2002


Arrow Financial (AROW)	10.8×
Ameriprise Financial (AMP)	10.6×
Auburn National Bancorporation (AUBN)	10.5×
1st Source (SRCE)	10.5×
Truist Financial (TFC)	10.4×
Eagle Financial Services (EFSI)	10.0×
Prudential Financial (PRU)	9.8×
UMB Financial (UMBF)	9.7×
Old Republic International (ORI)	9.5×
First Financial (THFF)	9.3×
Globe Life (GL-PD)	9.3×
Hartford Insurance Group (HIG)	9.3×
Assured Guaranty (AGO)	8.9×
Cincinnati Financial (CINF)	8.8×
Federal Agricultural Mortgage (AGM)	8.8×
Travelers Companies (TRV)	8.4×
PayPal (PYPL)	8.2×
PSB Holdings (PSBQ)	7.5×
Arch Capital Group (ACGL)	7.1×
AXIS Capital Holdings (AXS)	7.0×
Tompkins Financial (TMP)	6.7×
Everest Group (EG)	6.5×
Mercury General (MCY)	5.8×
Allstate (ALL)	4.4×
Atlantic Union Bankshares (AUB)	0.0×

P/E Ratio for T. Rowe Price (TROW) 2002-2026

P/E Ratio daily chart for T. Rowe Price (TROW)

Historical P/E Ratio for T. Rowe Price (TROW) from 2002 to 2025

About P/E Ratio at T. Rowe Price (TROW)

T. Rowe Price P/E Ratio by Year

T. Rowe Price P/E Ratio 2025: 11.0×

T. Rowe Price P/E Ratio 2024: 12.0×

T. Rowe Price P/E Ratio 2023: 13.5×

T. Rowe Price P/E Ratio 2022: 15.7×

T. Rowe Price P/E Ratio 2021: 14.3×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

T. Rowe Price (TROW) Key Financials