Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
T. Rowe Price GroupTROW -1.36%80 Return-on-Tangible-Asset is 17.39% as of Mar. 2026, which is 28% below its 10-year median of 24.20. GuruFocus rates TROW with a GF Score™ of 80/100 and a GF Value™ of $122.74 (Fairly Valued). The stock has 9 warning signs investors should review. Among 1,636 Asset Management companies, T. Rowe Price Group ranks better than 84.9% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. T. Rowe Price Group's annualizedNet Income for the quarter that ended in Mar. 2026 was $1,993 Mil. T. Rowe Price Group's average total tangible assets for the quarter that ended in Mar. 2026 was $11,457 Mil. Therefore, T. Rowe Price Group's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 17.39%.
The historical rank and industry rank for T. Rowe Price Group's Return-on-Tangible-Asset or its related term are showing as below:
TROW'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 18.04 Med: 24.2 Max: 32.63
Current: 18.34
During the past 13 years, T. Rowe Price Group's highest Return-on-Tangible-Asset was 32.63%. The lowest was 18.04%. And the median was 24.20%.
TROW's Return-on-Tangible-Asset is ranked better than 84.9% of 1636
companies
in the Asset Management industry
Industry Median: 4.235
vs TROW: 18.34
T. Rowe Price Group (NAS:TROW) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
T. Rowe Price Group Return-on-Tangible-Asset Related Terms
T. Rowe Price Group Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for T. Rowe Price Group's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
T. Rowe Price Group Return-on-Tangible-Asset Chart
TROW vs PFG, ARES, RJF: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, T. Rowe Price Group's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
T. Rowe Price Group Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, T. Rowe Price Group's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where T. Rowe Price Group's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 17.39% mean?
T. Rowe Price Group (TROW) has a Return-on-Tangible-Asset of 17.39% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on T. Rowe Price Group and its competitors. This is 28% below median its historical median of 24.20. Over the past decade, T. Rowe Price Group's Return-on-Tangible-Asset has ranged from 18.04 to 32.63. According to the industry distribution chart, T. Rowe Price Group ranks #247 out of 1636 companies in the Asset Management industry, placing it in the top 15.1%.
Is T. Rowe Price Group's Return-on-Tangible-Asset too high?
T. Rowe Price Group's current Return-on-Tangible-Asset of 17.39% is 28% below median its 10-year median of 24.20. Over the past 10 years, this metric has ranged from a low of 18.04 to a high of 32.63. The Asset Management industry median Return-on-Tangible-Asset is 4.24. T. Rowe Price Group's value of 17.39% is 310.6% above this industry median. Based on the distribution chart, T. Rowe Price Group ranks #247 out of 1636 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, T. Rowe Price Group has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does T. Rowe Price Group's Return-on-Tangible-Asset compare to PFG and ARES?
According to the Asset Management industry distribution chart, T. Rowe Price Group ranks #247 out of 1636 companies for Return-on-Tangible-Asset. This places T. Rowe Price Group in the top 15% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 4.24. T. Rowe Price Group's value of 17.39% is 310.6% above this benchmark. Historically, T. Rowe Price Group's own Return-on-Tangible-Asset has ranged from 18.04 to 32.63 over the past decade. While the company's 10-year median is 24.20 vs. the industry median of 4.24, T. Rowe Price Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.24, based on 1,636 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. T. Rowe Price Group's current Return-on-Tangible-Asset of 17.39% is 310.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on T. Rowe Price Group and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. T. Rowe Price Group's current Return-on-Tangible-Asset is 17.39%, which is 28% below median its own 10-year median of 24.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is T. Rowe Price Group stock overvalued right now?
Based on GuruFocus' analysis, T. Rowe Price Group (TROW) is currently considered Fairly Valued. The stock's GF Value™ is $122.74, compared to a current price of $116.01 — trading 5.5% below its estimated fair value. The current Return-on-Tangible-Asset is 17.39%, which is 28% below median its 10-year median of 24.20 and 310.6% above the Asset Management industry median of 4.24. T. Rowe Price Group's overall GF Score™ is 80/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For T. Rowe Price Group (TROW), the current Return-on-Tangible-Asset is 17.39% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is T. Rowe Price Group (TROW) Overvalued in 2026?
Based on GuruFocus' analysis, T. Rowe Price Group stock appears to be undervalued.
The current stock price of $116.01 is trading 5.5% below its estimated GF Value™ of $122.74.
GuruFocus considers T. Rowe Price Group to be Fairly Valued.
Key valuation signals for TROW:
Return-on-Tangible-Asset: 17.39% (28% below median its 10-year median of 24.20)
GF Value™: $122.74 vs. price of $116.01 (5.5% below fair value)
Industry Position: 310.6% above the Asset Management median (#247 of 1636)
No single metric tells the full story. See the TROW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
T. Rowe Price provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of May 2026, the firm had $1.892 trillion in managed assets, composed of equity (49%), balanced (37%), fixed-income and money market (11%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provide T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas.
80GF Score
Get the complete analysis for TROW
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TROW has been successfully added to your 
