# Franklin Templeton Inc. (BEN)

> Source: Nexqual · https://nexqual.com/BEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Franklin Templeton Inc. (BEN), nexqual.com/BEN" · informational, not investment advice.

**Price:** USD 31.52 (-0.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.68 · day 31.17–31.93 · 52w 21.11–36.28 · market cap $16.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.32B, net income $813M (8.7% margin) (SEC filings).
- Valuation: P/E 19.7x (avg 19.5x at the last 3 fiscal year-ends), EV/EBITDA 14.3x, net cash $1.36B.
- Earnings quality: non-operating income $617M vs operating income $906M over the last four quarters; P/E excluding non-operating income ≈45.5x (estimate: non-operating income taxed at the company's 25.3% effective rate).
- 1 of 80 tracked superinvestors hold BEN (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.92 on a 1–5 scale) (13 analysts), mean target USD 35.46 (range 26–40).
- Total return with dividends: 1Y +45.9% vs S&P 500 +14.9%; 5Y +31.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.77, revenue estimate $2.14B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.43B | $8.28B | $7.85B | $8.48B | $8.77B | $9.32B |
| Operating income | $1.88B | $1.77B | $1.10B | $408M | $604M | $906M |
| Net income | $1.83B | $1.29B | $883M | $465M | $525M | $813M |
| EPS (diluted) | $3.57 | $2.53 | $1.72 | $0.85 | $0.91 | — |
| Free cash flow | $1.17B | $1.87B | $940M | $794M | $912M | — |
| Operating margin | 22.3% | 21.4% | 14.0% | 4.8% | 6.9% | 9.7% |
| Net margin | 21.7% | 15.6% | 11.2% | 5.5% | 6.0% | 8.7% |
| Revenue growth | +51.4% | -1.8% | -5.1% | +8.0% | +3.5% | — |
| Cash + short-term investments | $4.65B | $4.78B | $4.40B | $4.41B | $3.57B | — |
| Total debt | $3.40B | $3.38B | $3.05B | $2.78B | $2.36B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.7x · P/E ex non-operating (est.) ≈45.5x · P/S 1.7x · EV/EBITDA 14.3x · EV/Sales 1.6x · P/B 1.4x · Earnings yield 5.08% · Dividend yield (paid, TTM) 4.33% · Buyback yield (TTM) 3.20% · Net cash $1.36B · EV $14.7B
P/E at fiscal year-ends: Sep 2025 22.8x, Sep 2024 22.1x, Sep 2023 13.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | <0.01% | $458K | New position |

## Analysts
Consensus Hold (mean 2.92 on a 1–5 scale), 13 analysts; mean target USD 35.46 (low 26, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $36 → $34 |
| 2026-10-12 | JP Morgan | Target raised | Neutral | $34 → $35 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $40 → $38 |
| 2026-10-09 | Evercore ISI Group | Target lowered | Underperform | $36 → $35 |
| 2026-09-25 | Morgan Stanley | Target raised | Equal-Weight | $34 → $35 |
| 2026-08-03 | Evercore ISI Group | Target raised | Underperform | $35 → $36 |
| 2026-08-03 | Barclays | Target raised | Equal-Weight | $34 → $36 |
| 2026-07-14 | Barclays | Target raised | Equal-Weight | $31 → $34 |
| 2026-07-10 | Evercore ISI Group | Target raised | Underperform | $32 → $35 |
| 2026-06-26 | Morgan Stanley | Target raised | Equal-Weight | $31 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.9% | +31.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +46.1% | +5.6% |
| Volatility (annualized) | 27.6% | 29.8% |
| Max drawdown | -19.2% (Feb 2026→Mar 2026) | -42.0% (Nov 2021→Mar 2025) |

## Peers (Asset Management)
CRBG (Corebridge Financial Inc.) USD 35.59 +0.82% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · PS (Pershing Square Inc.) USD 45.04 -3.72% · TPG (TPG Inc.) USD 46.17 +4.74%

## More
Full page: https://nexqual.com/BEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BEN's own 10-K filed 2025-11-10 (https://www.sec.gov/Archives/edgar/data/38777/000003877725000238/ben-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ClearBridge Investments | "We offer our services and products under our various distinct brand names, including, but not limited to, Alcentra®, Apera®, Benefit Street Partners®, Brandywine Global Investment Management®, Canvas®, Clarion Partners®,…" |
| Partner | GREAT-WEST LIFECO INC. (GWLIF) | "We will pay up to $375.0 million related to our acquisition of Putnam between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West Lifec…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment management fees | $1.87B | 79.1% | +13.7% |
| Sales and distribution fees | $404.5M | 17.2% | +14.9% |
| Shareholder servicing fees | $74.3M | 3.2% | +24.0% |
| Other | $13.4M | 0.6% | +17.5% |
| Total revenue | $2.36B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.71B | 72.5% | +10.1% |
| Luxembourg | $395.4M | 16.8% | +28.0% |
| Asia-Pacific | $103.4M | 4.4% | +25.5% |
| Europe, Middle East and Africa, Excluding Luxembourg | $75.5M | 3.2% | +25.8% |
| Americas Excluding United States | $73.5M | 3.1% | +24.8% |
| Total revenue | $2.36B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.77 | $0.76 | +1.6% | $2.14B | 10 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.74 | -1.6% | $2.15B | 7 |
| Current fiscal year (ends 2026-09-30) | $2.90 | $2.82 | +3.0% | $8.81B | 11 |
| Next fiscal year (ends 2027-09-30) | $3.16 | $3.10 | +1.8% | $8.89B | 12 |