Detailed financial statements for Franklin Resources, Inc. (BEN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Franklin Resources, Inc. reported revenue of $8.77B in the most recent fiscal year, growing at a 5-year CAGR of 9.5%. Net income reached $524.9M, with a -8.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 67.6%, operating margin 9.7%, net margin 9.6%. Free cash flow grew at -1.4% CAGR over 5 years.
At $31.97 (closing price, November 2, 2026), BEN trades at a P/E of 21.31 and an ROE of 7.42%. Market capitalisation stands at $16.2B, placing it among large-cap names.
Balance sheet quality for BEN: debt-to-equity ratio of 1.42, current ratio of 1.34 over the last 12 months, net debt of $9.73B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $911.6M represents 174% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.62B | $6.39B | $6.20B | $5.67B | $5.57B | $8.43B | $8.28B | $7.85B | $8.48B | $8.77B |
| Cost of Revenue | $1.36B | $1.33B | $928.4M | $960.6M | $1.06B | $1.43B | $1.43B | $1.50B | $1.69B | $1.72B |
| Gross Profit | $5.26B | $5.06B | $5.28B | $4.71B | $4.50B | $7.00B | $6.85B | $6.35B | $6.79B | $7.05B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.68B | $2.57B | $2.99B | $2.90B | $2.92B | $4.21B | $4.12B | $4.07B | $4.68B | $4.90B |
| Operating Expenses | $2.89B | $2.79B | $3.25B | $3.24B | $3.45B | $5.12B | $5.08B | $5.25B | $6.38B | $6.44B |
| Operating Income | $2.37B | $2.26B | $2.03B | $1.47B | $1.05B | $1.88B | $1.77B | $1.10B | $407.6M | $604.1M |
| EBITDA | $2.64B | $2.68B | $2.34B | $1.76B | $1.18B | $2.84B | $2.21B | $1.91B | $1.38B | $1.41B |
| Interest Expense | $49.9M | $51.5M | $46.3M | $22.4M | $33.4M | $85.4M | $98.2M | $123.7M | $97.2M | $94.9M |
| Pre-tax Income | $2.50B | $2.55B | $2.22B | $1.65B | $1.02B | $2.44B | $1.73B | $1.34B | $823.2M | $786.8M |
| Income Tax | $742.1M | $759.4M | $1.47B | $442.3M | $230.8M | $349.6M | $396.2M | $312.3M | $215.3M | $237.9M |
| Net Income | $1.73B | $1.70B | $764.4M | $1.20B | $798.9M | $1.83B | $1.29B | $882.8M | $464.8M | $524.9M |
| EPS | $2.94 | $3.01 | $1.42 | $2.35 | $1.59 | $3.58 | $2.53 | $1.72 | $0.85 | $0.91 |
| EPS (Diluted) | $2.94 | $3.01 | $1.42 | $2.35 | $1.59 | $3.57 | $2.53 | $1.72 | $0.85 | $0.91 |
| Shares Outstanding (Diluted) | 583.8 M | 559.1 M | 538.0 M | 504.3 M | 491.9 M | 490.6 M | 489.3 M | 490.8 M | 510.3 M | 515.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.34B | $2.33B | $2.29B | $2.36B |
| Gross Profit | $1.92B | $1.90B | $1.21B | $1.28B |
| Operating Income | $85.4M | $281.0M | $323.3M | $215.8M |
| EBITDA | $379.8M | $556.1M | $513.2M | $298.6M |
| Net Income | $117.6M | $255.5M | $346.6M | $171.5M |
| EPS | $0.21 | $0.46 | $0.52 | $0.31 |
| EPS (Diluted) | $0.21 | $0.46 | $0.52 | $0.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.48B | $8.75B | $6.91B | $5.96B | $3.99B | $4.65B | $4.78B | $4.40B | $4.41B | $3.57B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $794.3M | $1.00B | $847.9M | $839.0M | $1.23B | $1.43B | $1.26B | $1.35B | $1.48B | $1.54B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $9.28B | $9.75B | $7.76B | $6.80B | $5.22B | $6.08B | $6.05B | $5.75B | $5.89B | $5.12B |
| Property, Plant & Equipment | $523.2M | $517.2M | $535.0M | $683.7M | $1.35B | $1.22B | $1.21B | $1.21B | $1.77B | $1.71B |
| Goodwill | $1.66B | $1.69B | $1.79B | $2.13B | $4.50B | $4.46B | $5.78B | $6.00B | $6.21B | $6.21B |
| Intangible Assets | $550.1M | $540.5M | $538.6M | $864.2M | $4.91B | $4.71B | $5.08B | $4.90B | $4.80B | $4.17B |
| Total Assets | $16.10B | $17.53B | $14.38B | $14.53B | $21.68B | $24.17B | $28.06B | $30.12B | $32.46B | $32.37B |
| Accounts Payable | $233.3M | $291.5M | $226.9M | $304.4M | $1.04B | $1.04B | $1.11B | $879.7M | $1.41B | $1.68B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $337.9M | $479.5M | $1.39B | $1.27B | $1.74B | $1.73B | $1.64B | $1.39B | $1.82B | $1.89B |
| Long-term Debt | $2.08B | $1.10B | $728.5M | $747.7M | $5.82B | $7.07B | $8.83B | $11.28B | $12.12B | $12.30B |
| Total Liabilities | $3.51B | $2.66B | $3.13B | $3.16B | $10.27B | $11.42B | $14.24B | $16.55B | $17.90B | $18.18B |
| Retained Earnings | $12.23B | $12.85B | $10.22B | $10.29B | $10.47B | $11.55B | $12.05B | $12.38B | $11.93B | $11.52B |
| Total Equity | $11.94B | $12.62B | $9.90B | $9.91B | $10.11B | $11.22B | $11.47B | $11.92B | $12.51B | $12.08B |
| Total Debt | $2.08B | $1.10B | $728.5M | $747.7M | $6.44B | $7.59B | $9.36B | $11.75B | $13.09B | $13.30B |
| Net Debt | -$6.40B | -$7.65B | -$6.18B | -$5.21B | $2.45B | $2.94B | $4.58B | $7.35B | $8.68B | $9.73B |
| Working Capital | $8.94B | $9.27B | $6.37B | $5.53B | $3.48B | $4.34B | $4.41B | $4.36B | $4.07B | $3.23B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.57B | $3.48B | $3.57B | $3.76B |
| Total Assets | $32.37B | $32.55B | $34.11B | $36.28B |
| Total Liabilities | $18.18B | $18.16B | $19.49B | $23.32B |
| Total Equity | $12.08B | $12.13B | $12.12B | $11.74B |
| Total Debt | $13.30B | $14.21B | $15.39B | $16.71B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.76B | $1.79B | $742.7M | $1.21B | $787.1M | $2.09B | $1.33B | $1.03B | $607.9M | $548.9M |
| Depreciation & Amortization | $87.1M | $80.3M | $76.4M | $93.4M | $128.5M | $310.6M | $377.8M | $445.4M | $454.7M | $531.8M |
| Stock-based Compensation | $131.5M | $123.4M | $117.8M | $111.5M | $122.3M | $171.9M | $208.2M | $182.6M | $246.1M | $214.8M |
| Change in Working Capital | -$299.6M | $114.4M | $852.7M | $148.5M | $477.9M | -$102.4M | $71.2M | $64.7M | -$145.8M | -$249.1M |
| Operating Cash Flow | $1.73B | $1.14B | $2.23B | $268.5M | $1.08B | $1.25B | $1.96B | $1.09B | $971.3M | $1.07B |
| Capital Expenditure | -$97.6M | -$74.9M | -$106.5M | -$233.7M | -$103.7M | -$79.3M | -$90.3M | -$148.8M | -$177.1M | -$154.5M |
| Acquisitions | 0 | -$14.0M | -$86.8M | -$493.5M | -$3.82B | -$9.0M | -$1.35B | -$500.5M | $175.1M | 0 |
| Stock Repurchased | -$1.31B | -$765.3M | -$1.42B | -$754.5M | -$218.2M | -$208.2M | -$180.8M | -$256.3M | -$274.4M | -$240.3M |
| Dividends Paid | -$408.7M | -$441.2M | -$2.12B | -$518.6M | -$533.2M | -$559.7M | -$583.1M | -$607.3M | -$656.4M | -$683.7M |
| Free Cash Flow | $1.63B | $1.06B | $2.12B | $34.8M | $979.6M | $1.17B | $1.87B | $940.4M | $794.2M | $911.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$20.7M | -$255.1M | -$35.9M | $581.2M |
| Capital Expenditure | -$31.2M | 0 | $4.5M | -$19.5M |
| Free Cash Flow | -$51.9M | -$255.1M | -$31.4M | $561.7M |
| Dividends Paid | -$171.1M | -$170.2M | -$170.2M | -$176.2M |
| Stock-based Compensation | $44.8M | $75.6M | $52.8M | $22.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.4% | -2.9% | -8.6% | -1.8% | +51.4% | -1.8% | -5.1% | +8.0% | +3.5% | |
| Net Income Growth (YoY) | -1.7% | -54.9% | +56.4% | -33.2% | +129.2% | -29.5% | -31.7% | -47.3% | +12.9% | |
| EPS Growth (YoY) | +2.4% | -52.8% | +65.5% | -32.3% | +125.2% | -29.3% | -32.0% | -50.6% | +7.1% | |
| Shares Change (YoY) | -4.2% | -3.8% | -6.3% | -2.5% | -0.3% | -0.3% | +0.3% | +4.0% | +1.0% | |
| FCF Growth (YoY) | -34.9% | +100.2% | -98.4% | +2,714.9% | +19.0% | +60.1% | -49.6% | -15.5% | +14.8% | |
| Gross Margin | 79.4% | 79.1% | 85.0% | 83.1% | 80.9% | 83.0% | 82.8% | 80.9% | 80.1% | 80.3% |
| Operating Margin | 35.7% | 35.4% | 32.7% | 25.9% | 18.8% | 22.3% | 21.4% | 14.0% | 4.8% | 6.9% |
| EBITDA Margin | 39.8% | 41.9% | 37.7% | 31.1% | 21.2% | 33.7% | 26.7% | 24.3% | 16.2% | 16.1% |
| Net Margin | 26.1% | 26.5% | 12.3% | 21.1% | 14.4% | 21.7% | 15.6% | 11.2% | 5.5% | 6.0% |
| FCF Margin | 24.6% | 16.6% | 34.2% | 0.6% | 17.6% | 13.8% | 22.6% | 12.0% | 9.4% | 10.4% |
| Effective Tax Rate | 29.7% | 29.8% | 66.5% | 26.8% | 22.7% | 14.3% | 22.9% | 23.3% | 26.2% | 30.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.79 | $1.90 | $3.95 | $0.07 | $1.99 | $2.38 | $3.81 | $1.92 | $1.56 | $1.77 |
| Dividends Per Share | $0.70 | $0.79 | $3.93 | $1.03 | $1.08 | $1.14 | $1.19 | $1.24 | $1.29 | $1.33 |
| Shares Outstanding (Basic) | 583.8 M | 558.8 M | 537.4 M | 503.6 M | 491.9 M | 489.9 M | 488.7 M | 490.0 M | 509.5 M | 514.5 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 7.42% |
| Return on Invested Capital | 1.92% |
| Return on Assets | 2.46% |
| Gross Margin | 67.63% |
| Operating Margin | 9.71% |
| Net Margin | 9.56% |
Financial Health
| Debt / Equity | 1.42 |
| Current Ratio | 1.34 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.10 | 14.79 | 21.47 | 12.28 | 12.80 | 8.30 | 8.51 | 14.29 | 23.71 | 25.42 |
| P/B | 1.74 | 1.97 | 1.66 | 1.47 | 0.99 | 1.30 | 0.92 | 1.01 | 0.82 | 0.99 |
| P/S | 3.14 | 3.89 | 2.64 | 2.56 | 1.80 | 1.73 | 1.27 | 1.53 | 1.21 | 1.36 |
| Gross Margin | 79.4% | 79.1% | 85.0% | 83.1% | 80.9% | 83.0% | 82.8% | 80.9% | 80.1% | 80.3% |
| Operating Margin | 35.7% | 35.4% | 32.7% | 25.9% | 18.8% | 22.3% | 21.4% | 14.0% | 4.8% | 6.9% |
| Net Margin | 26.1% | 26.5% | 12.3% | 21.1% | 14.4% | 21.7% | 15.6% | 11.2% | 5.5% | 6.0% |
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