Franklin Resources

BEN

Asset Management · Financial Services

Price

$32.63

-0.70 (-2.10%)

Market Cap

$16.96B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+5.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 490.6M (2021) → 515.4M (2025)

Franklin Resources is an investment management company that manages money on behalf of individuals, retirement funds, and institutions around the world. It operates mainly under the Franklin Templeton brand and offers mutual funds, exchange-traded funds (ETFs), and other investment products across stocks, bonds, and alternative assets. The company is one of the largest independent asset managers in the United States.

Franklin Resources earns money by charging fees based on a percentage of the assets it manages — so when markets rise and clients add money, revenue grows, and when markets fall or clients withdraw, revenue shrinks. The company operates globally, with a significant presence in the Americas, Europe, and Asia, and manages roughly $1.6 trillion in assets. Its main competitive advantage is its long history and broad product lineup, but it faces real pressure from low-cost index funds and ETFs that are pulling investors away from the actively managed funds that Franklin Templeton depends on most.

Winston Score History

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7 trades / 12mo

3 Congressional buys and 4 sells on BEN in the last 12 months.

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Score breakdown

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Quality

Gross Margin

52.8%

Healthy — 52.8% gross margin

Operating Margin

14.1%

Healthy — 14.1% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+0.0%

Nearly flat sales (0.0% YoY)

EPS YoY

+37.3%

Earnings growing fast (37.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

166%

Turns 166% of profit into real cash

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.19

Elevated debt (1.19)

Interest Cover

7.73x

Adequate interest coverage (7.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

28.6x

Growth-priced — P/E 28.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+17.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.6 → 11.3)

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Dividends

Dividend Yield

3.93%

Moderate income — 3.93% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+3.1%

Dividend growing modestly (3.1% YoY)

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