Franklin Resources Inc. (BEN) intrinsic value & 10-year financials
Franklin Resources Inc. (BEN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 3.2% a year to $8.8B, with an average return on invested capital of 17.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $30.98
- Market cap
- $16.0B
- Revenue (FY2025)
- $8.8B
- Revenue growth (10-yr CAGR)
- 3.2%
- ROIC (10-yr avg)
- 17.4%
- Free cash flow (FY2025)
- $911.6M
BEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.8B | $524.9M | $0.91 | $911.6M | 6.9% | 3.8% |
| FY2024 | $8.5B | $464.8M | $0.85 | $794.2M | 4.8% | 2.6% |
| FY2023 | $7.8B | $882.8M | $1.72 | $989.9M | 14.0% | 7.9% |
| FY2022 | $8.3B | $1.3B | $2.53 | $1.9B | 21.4% | 13.5% |
| FY2021 | $8.4B | $1.8B | $3.57 | $1.2B | 22.3% | 16.4% |
| FY2020 | $5.6B | $798.9M | $1.59 | $917.7M | 18.8% | 11.8% |
| FY2019 | $5.7B | $1.2B | $2.35 | -$32.1M | 27.5% | 27.3% |
| FY2018 | $6.2B | $764.4M | $1.39 | $2.1B | 34.1% | 24.6% |
| FY2017 | $6.4B | $1.7B | $3.01 | $1.1B | 35.4% | 32.0% |
| FY2016 | $6.6B | $1.7B | $2.94 | $1.6B | 35.7% | 34.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Franklin Resources has demonstrated mature, steady growth, with revenue compounding at 3.2% annually over the past decade.
Franklin Resources has earned high returns on invested capital, averaging 17.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Franklin Resources shows that management has aggressively returned capital to shareholders by retiring 11.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Franklin Resources is modeled at -12.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-12.51 per share.