RJF vs TROW: Raymond James Financial and T. Rowe Price compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Raymond James Financial is the larger company, worth $30.3B, about 1.4 times T. Rowe Price.
- Raymond James Financial grew revenue faster over the last year (+13.5% vs +10.7%).
- On earnings, T. Rowe Price is the cheaper stock (11.1x vs 14.7x).
- T. Rowe Price's price assumes faster free cash flow growth: about 1% a year, against -0% for Raymond James Financial (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | RJF | TROW |
|---|---|---|
| Market cap | $30.3B | $22.3B |
| Share price | $158.38 | $105.16 |
| Revenue (last fiscal year) | $15.9B | $7.3B |
| Free cash flow (last fiscal year) | $2.2B | $1.5B |
| Revenue growth, last year | +13.5% | +10.7% |
| Revenue growth per year, last 5 fiscal years | +12.6% | -1.2% |
| Operating margin | — | 30.8% |
| Net margin | 13.6% | 29.3% |
| Return on equity | 18.2% | 20.2% |
| P/E (trailing) | 14.7x | 11.1x |
| Price / free cash flow | 13.5x | 15.0x |
| EV / EBITDA | — | 5.72x |
| FCF growth the price implies | -0.18% | 1.3% |
| Dividend yield | 1.3% | 4.9% |
| Debt / equity | 6.41x | 0.29x |
| Fundamental grade | C | A |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Raymond James Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.9B | $6.6B | — |
| 2022 | $11.3B | -$19M | — |
| 2023 | $13.0B | -$3.7B | — |
| 2024 | $14.9B | $1.9B | — |
| 2025 | $15.9B | $2.2B | — |
T. Rowe Price
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.7B | $3.2B | 48.4% |
| 2022 | $6.5B | $2.1B | 36.6% |
| 2023 | $6.5B | $911M | 30.7% |
| 2024 | $7.1B | $1.3B | 32.9% |
| 2025 | $7.3B | $1.5B | 29.9% |
Where the revenue comes from
Raymond James Financial · by segments, 2025
Private Client Group$10.2B68%
Bank$1.8B12%
Capital Markets$1.8B12%
Asset Management$1.2B8%
T. Rowe Price · by products, 2025
Investment advisory fees$6.6B90%
Administrative, distribution, services, and other fees$594M8%
Capital allocation-based income$81M1%
Performance-based advisory fees$37M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open RJF in InvestinglyQuestions
Which is bigger, Raymond James Financial or T. Rowe Price?
Raymond James Financial (RJF), at $30.3B against $22.3B.
Is RJF or TROW cheaper?
By trailing P/E, T. Rowe Price (11.1x) is cheaper than Raymond James Financial (14.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, RJF or TROW?
Raymond James Financial: revenue grew +13.5% over the last year, against +10.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.