BEN vs PHYS: Franklin Resources and Sprott Physical Gold Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Franklin Resources is the larger company, worth $16.5B, close to Sprott Physical Gold Trust's $14.1B.
- On earnings, Sprott Physical Gold Trust is the cheaper stock (2.5x vs 24.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BEN | PHYS |
|---|---|---|
| Market cap | $16.5B | $14.1B |
| Share price | $32.00 | $30.96 |
| Revenue (last fiscal year) | $8.8B | — |
| Free cash flow (last fiscal year) | $912M | — |
| Revenue growth, last year | +14.3% | — |
| Revenue growth per year, last 5 fiscal years | +1.0% | — |
| Operating margin | 9.7% | — |
| Net margin | 8.7% | — |
| Return on equity | 6.9% | 37.2% |
| P/E (trailing) | 24.3x | 2.50x |
| Price / free cash flow | 18.1x | — |
| EV / EBITDA | 16.1x | — |
| FCF growth the price implies | 3.7% | — |
| Dividend yield | 4.0% | — |
| Debt / equity | 1.86x | 0.00x |
| Fundamental grade | C | A |
| Superinvestors holding it | 4 | 2 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Franklin Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.4B | $1.2B | 22.3% |
| 2022 | $8.3B | $1.9B | 21.4% |
| 2023 | $7.8B | $940M | 14.0% |
| 2024 | $8.5B | $794M | 4.8% |
| 2025 | $8.8B | $912M | 6.9% |
Sprott Physical Gold Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | — | — |
| 2022 | — | — | — |
| 2023 | — | — | — |
| 2024 | — | — | — |
| 2025 | — | — | — |
Where the revenue comes from
Franklin Resources · by products, 2025
Investment management fees$7.0B80%
Sales and distribution fees$1.5B17%
Shareholder servicing fees$264M3%
Other$50M1%
Sprott Physical Gold Trust
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BEN in InvestinglyQuestions
Which is bigger, Franklin Resources or Sprott Physical Gold Trust?
Franklin Resources (BEN), at $16.5B against $14.1B.
Is BEN or PHYS cheaper?
By trailing P/E, Sprott Physical Gold Trust (2.50x) is cheaper than Franklin Resources (24.3x). A lower multiple can also mean the market expects less growth.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.