Franklin Resources Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the inflow turnaround holds, the SEC investigation ends lightly and GAAP earnings keep covering the dividend — and gets a 5.5 percent yield plus buybacks in return. Whoever waits checks three lines in every quarterly report (10-Q): the long-term net flows (do they stay positive?), the SEC paragraph in Note 10 (does the resolution come, and at what price?) and the coverage of the dividend by reported earnings. As long as those three points are open, the stock is a watchlist position with clear checkpoints. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Franklin Resources is the case of a Dividend Aristocrat with an anchor: 45 years of raises and a 5.5 percent yield stand against two fiscal years in which the payout exceeded reported earnings, because the Western Asset scandal cost $141.9 billion of client money and over $600 million in impairments. Since October 2025 the tanker has been turning — net inflows, an earnings jump, the CFTC out, the DOJ easing — yet the SEC investigation and structural fee pressure remain. Whoever invests here buys the raise streak and bets that the turnaround closes the coverage gap for good. Not investment advice.
Dividend history & capital returns
Raised every year since 1981 — 45 consecutive years, most recently +3.1 percent to $0.33 per quarter (8-K dated 12/17/2025); a yield around 5.5 percent (mid-July 2026), plus a buyback program topped up to as many as 40 million shares in December 2025.
Dividend coverage
In fiscal 2024 and 2025 the dividend exceeded GAAP net income ($670.1M vs. $464.8M and $688.4M vs. $524.9M) — carried by adjusted earnings (58 percent payout in FY 2025) and the cash pile; in the first half of fiscal 2026, GAAP earnings ($0.95 per share) covered the dividend ($0.66) again.
Flows & AUM turnaround
After −$32.6 billion (FY 2024) and −$97.4 billion (FY 2025, of which WAM −$141.9B), long-term net flows turned to +$44.9 billion in the first half of fiscal 2026; AUM $1,682.1 billion as of 03/31/2026 (+9 percent), alternatives +12 percent (10-K FY 2025, 10-Q as of 03/31/2026).
Western Asset legal risk
CFTC probe closed and the DOJ prepared to resolve without criminal charges against WAM — but the SEC investigation continues, the investor class action (since 07/03/2025) is pending, and the case against former co-CIO Leech is open (10-Q as of 03/31/2026, Note 10).
Margin & fee pressure
Effective fee rate of 40.5 after 41.1 basis points (FY 2025 vs. 2024), adjusted profit down three years in a row ($1,332.2M → $1,276.7M → $1,195.8M), GAAP operating margin of just 6.9 percent in FY 2025 — the mix shift toward alternatives takes time.
Valuation & momentum
Roughly $12.2 billion of market value (mid-July 2026): P/E around 25 on GAAP, around 10 to 11 on fiscal 2025 adjusted earnings, single-digit on analyst estimates — after a good 40 percent share-price run in six months, part of the recovery is already paid for.
Worth Noting
BEN made the research list via our in-house Dividend Aristocrats scanner: rank 3 of the U.S. selection as of July 18, 2026; the scanner requires at least 25 consecutive years of dividend raises — Franklin stands at 45 (since 1981).
Scanner metrics (P/E around 25, P/B around 1.4, Piotroski 5) use trailing twelve-month GAAP figures; the fiscal 2024/2025 impairments ($389.2M + $226.6M) distort the P/E upward. Franklin's fiscal year ends September 30 — all annual figures carry that offset.
Market value and valuation figures (~$12.2 billion) from the fundamental data, as of mid-July 2026; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BEN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 21.20 $ to 35.80 $ · Last price: 33.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Asset Management
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Franklin Resources Inc BEN | 17.4 | 26.1 | 15.3 | 37.7 | 17.2 | 3.5 | 43.9 |
| BlackRock Inc BLK | 177.8 | 26.4 | 15.0 | 47.2 | 35.6 | 18.7 | -4.9 |
| Blackstone Group Inc BX | 157.4 | 32.1 | 15.7 | 100.0 | 38.0 | 21.6 | -28.9 |
| KKR & Co. Inc. KKR | 94.9 | 33.2 | 1.4 | 54.8 | 11.0 | -11.0 | -31.5 |
| Apollo Global Management, Inc. APO | 75.2 | 79.4 | 7.9 | 36.1 | 13.5 | 16.0 | -7.7 |
| Brookfield Asset Management Ltd. BAM | 73.0 | 29.0 | 18.9 | 74.4 | 64.5 | 15.8 | -19.5 |
| State Street Corp STT | 50.9 | 18.5 | 0.0 | 100.0 | 27.8 | 3.0 | 69.8 |
| Ameriprise Financial Inc AMP | 49.6 | 13.7 | 0.0 | 54.9 | 37.2 | 9.6 | 12.7 |
| Ares Management LP ARES | 43.1 | 57.6 | 23.1 | 37.4 | 18.4 | 66.6 | -26.7 |
| Median of companies shown | 73.0 | 29.0 | 15.0 | 54.8 | 27.8 | 15.8 | -7.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 6,618 | 2,366 | 1,727 | 2.96 | 1,728 | 11,936 | 16,099 |
| 2017 | 6,392 | 2,264 | 1,697 | 3.03 | 1,135 | 12,620 | 17,534 |
| 2018 | 6,319 | 2,119 | 764 | 1.42 | 2,230 | 9,899 | 14,384 |
| 2019 | 5,775 | 1,557 | 1,196 | 2.37 | 269 | 9,907 | 14,532 |
| 2020 | 5,567 | 1,049 | 799 | 1.62 | 1,021 | 10,115 | 21,685 |
| 2021 | 8,426 | 1,875 | 1,831 | 3.73 | 1,245 | 11,223 | 24,168 |
| 2022 | 8,275 | 1,774 | 1,292 | 2.64 | 1,957 | 11,475 | 28,061 |
| 2023 | 7,849 | 1,102 | 883 | 1.80 | 1,139 | 11,917 | 30,121 |
| 2024 | 8,478 | 408 | 465 | 0.91 | 971 | 12,508 | 32,465 |
| 2025 | 8,771 | 604 | 525 | 1.02 | 1,066 | 12,078 | 32,368 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.29 | -42.00 | 2,252 | 13.10 | 7.30 | -145 | -217 |
| 2025: Q1 | 0.29 | 22.10 | 2,111 | -1.90 | 7.20 | -50 | -88 |
| 2025: Q2 | 0.18 | -46.90 | 2,064 | -2.80 | 4.50 | 1,282 | 1,268 |
| 2025: Q3 | 0.23 | – | 2,344 | 6.00 | 5.00 | -21 | -52 |
| 2025: Q4 | 0.49 | 69.00 | 2,327 | 3.40 | 11.00 | -255 | -255 |
| 2026: Q1 | 0.49 | 69.00 | 2,295 | 8.70 | 15.10 | -36 | -31 |
| 2026: Q2 | 0.31 | 72.20 | 2,358 | 14.30 | 7.30 | 581 | 581 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Aktien.Guide
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Strength on Down Day
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2026 | 2.89 | 2.86 – 2.92 | 8,770 | 30.2% | 10 |
| 09/30/2027 | 3.18 | 3.01 – 3.31 | 9,225 | 10.0% | 11 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 26.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $223.3M |
|---|---|
| Market cap | $17.45B |
| Free cash flow in year ten | $2.33B |
| Terminal value as a share of market value | 70.3% |
For comparison: over the past five years free cash flow shrank by 0.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht 10-K für das Geschäftsjahr 2025 dokumentiert operativen KI-Einsatz in vielen Geschäftsbereichen mit geplanter Ausweitung („Artificial Intelligence (AI) is used in many areas of our business…“) sowie Prozessautomatisierung mit KI. KI ist keine Umsatzquelle, und die Risk-Factor-Passagen betreffen Risiken des eigenen KI-Einsatzes (Regulierung, Fehlinhalte, Cyber-Missbrauch), nicht eine konkrete Bedrohung des Geschäftsmodells durch KI — daher „Nutzt KI“.
View the full file — quotes, sources, reviewed filings
„Artificial Intelligence (AI) is used in many areas of our business and we plan to further incorporate AI into additional areas. The use of AI offers efficiencies, but also introduces significant challenges related to data security, privacy, intellectual property, regulatory compliance, accuracy and bias concerns, and reputational harm, among others."
Künstliche Intelligenz (KI) wird in vielen Bereichen unseres Geschäfts eingesetzt, und wir planen, KI in weitere Bereiche einzubinden. Der Einsatz von KI bietet Effizienzgewinne, bringt aber auch erhebliche Herausforderungen mit sich — unter anderem in Bezug auf Datensicherheit, Datenschutz, geistiges Eigentum, regulatorische Compliance, Bedenken hinsichtlich Genauigkeit und Verzerrung sowie Reputationsschäden.
10-K · 2025-11-10 · View SEC filing
„In addition, developments in our use of process automation and artificial intelligence (“AI”) further heighten our dependency on technology, as such technology may be complex and unpredictable."
Darüber hinaus erhöhen die Entwicklungen bei unserem Einsatz von Prozessautomatisierung und Künstlicher Intelligenz („KI“) unsere Abhängigkeit von Technologie zusätzlich, da diese Technologie komplex und unvorhersehbar sein kann.
10-K · 2025-11-10 · View SEC filing
„Developing regulatory treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth."
Die sich entwickelnde regulatorische Behandlung von KI sowie ein unzureichender Umgang mit KI-bezogenen Herausforderungen begründen ein Risiko von Reputationsschäden und ein Hemmnis für das Wachstum.
10-K · 2025-11-10 · View SEC filing
Filings Reviewed: 10-Q 2026-04-28 · 10-Q 2026-01-30 · 10-Q 2025-08-01 · 10-Q 2025-05-02 · 10-K 2025-11-10 · 10-K 2024-11-12
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.0%
- More than 10% revenue growth is expected for the coming year 0.8%
- Share count grows by less than 3% a year 1.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 13.9%
- Gross margin at 40% or higher and without meaningful erosion 80.3%
- Goodwill from acquisitions does not grow faster than revenue 19.2%
- Net debt below twice EBITDA 6.9 x EBITDA
- Operating cash flow covers the profits of the last three years 1,304 m
- Return on capital at 15% or higher, or up versus two years ago 2.0%
- Insiders hold at least 10% or are net buyers 48.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.2%
- Exp. sales growth 3Y > 5% 2.6%
- EBIT growth 10Y > 5% -14.1%
- Exp. EBIT growth 3Y > 5% 76.6%
- Net debt < 4x EBIT 16.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 82.8%
- Return on equity > 15% 30.8%
- ROCE > 15% 2.0%
- Expected return > 10% 85.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Johnson Jennifer M | Chief Executive Officer | Other | 116,053 | 34.15 | 3,963,210 |
| Aug 31, 2026 | Johnson Gregory E | Executive Chairman | Other | 10,568 | 34.15 | 360,897 |
| Aug 31, 2026 | Oshita Lindsey Harumi | Chief Accounting Officer | Other | 2,598 | 34.15 | 88,722 |
| Aug 31, 2026 | Nicholls Matthew | Co-President, CFO & COO | Other | 61,533 | 34.15 | 2,101,352 |
| Aug 31, 2026 | Merchant Thomas C | EVP, General Counsel | Other | 9,807 | 34.15 | 334,909 |
| Aug 31, 2026 | Murphy Terrence | Co-President, Public Markets | Other | 25,125 | 34.15 | 858,019 |
| Aug 31, 2026 | Gamba Daniel | Co-President, Chief Commercial | Other | 64,136 | 34.15 | 2,190,244 |
| Jul 21, 2026 | Murphy Terrence | Co-President, Public Markets | Other | 229,850 | 32.63 | 7,500,006 |
| Jul 21, 2026 | Nicholls Matthew | Co-President, CFO & COO | Other | 229,850 | 32.63 | 7,500,006 |
| Jul 21, 2026 | Gamba Daniel | Co-President, Chief Commercial | Other | 229,850 | 32.63 | 7,500,006 |
The company
About the Company
Franklin Resources, Inc. ist ein börsennotierter Vermögensverwalter.
- Employees
- 10,100
- Headquarters
- San Mateo, CA
- Address
- One Franklin Parkway, 94403 San Mateo, United States
- Phone
- 650-312-2000
- IPO Date
- 09/07/1984
- ISIN
- US3546131018
- Stock Split
- 3:1 on 07/26/2013
- Stock Split
- 2:1 on 01/16/1998
- Stock Split
- 3:2 on 01/15/1997
Management
| Name | Title | Birth Year |
|---|---|---|
| Gregory Eugene Johnson CPA | Executive Chairman of the Board & Non-Independent Director | 1961 |
| Jennifer M. Johnson | CEO & Non-Independent Director | 1964 |
| Matthew Nicholls | Co-President, CFO & COO | 1973 |
| Terrence James Murphy | Co-President & Head of Public Market Investments | 1968 |
| Daniel Ernesto Gamba CFA | Co-President & Chief Commercial Officer | 1968 |
| Avinash Deepak Satwalekar CFA | President of India | – |
| Lindsey Harumi Oshita | Senior VP & Chief Accounting Officer | 1983 |
| Bassel Khatoun | Head of Research & Director of Portfolio Management | – |
| Anupama Sawhney | Chief Administrative Officer & Head of Business Development | – |
| Selene Oh | Head of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/10/2026 FRANKLIN RESOURCES INC (BEN): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Other Events; Financial Statements and Exhibits SEC ↗
- 07/31/2026 FRANKLIN RESOURCES INC (BEN): Results of Operations and Financial Condition; Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 FRANKLIN RESOURCES INC (BEN): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 07/23/2026 FRANKLIN RESOURCES INC (BEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.