Franklin Resources, Inc.BEN
NYSE•Financial Services•Asset Management
Franklin Resources, Inc. is a publicly owned asset investment manager. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. The firm invests in the public equity, fixed income, and alternative markets. Franklin Resources, Inc. was founded in 1947 and is based in San Mateo, California with an additional office in Calgary, Alberta; Dubai, United Arab Emirates; Edinburgh, Midlothian; Fort Lauderdale, Florida; Hyderabad, India; London, Greater London; Rancho Cordova, California; Shanghai, Shanghai Province; Singapore; Stamford, Connecticut; and Vienna.
Franklin Resources, Inc. (BEN) reported trailing twelve months revenue of $9.03B as of March 2026, a 3.8% increase year-over-year. Quarterly revenue reached $2.29B, reflecting continued top-line momentum.
Franklin Resources, Inc. generated $733.60M in TTM net income, with quarterly EBITDA of $352.70M. The operating margin expanded from 6.9% to 14.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (14.1%) and net margin (11.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.2% a year ago, signaling stronger bottom-line efficiency.
BEN trades at a P/E of 16.2x (in line with broad market averages) and a P/S of 1.3x. The price-to-book ratio of 1.0x suggests the stock trades below its book value.
The company reported negative free cash flow of $-27.60M, indicating cash consumption over the period. The balance sheet shows $34.11B in total assets with $2.25B in long-term debt against $12.12B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 7.2%. The business may lack pricing power or face rising costs.'
ROE is positive at ~4.3% on average, adequate but below the threshold typically associated with wide moats.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation