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BEN stock analysis · Financials · Asset Management & Custody Banks

FY 2025-09-30ANNUAL FILINGS
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ⓘ These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$33.27HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$16.9B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

— Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Reverse DCF

— Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Relative valuation

-47.6%

9 industry peers · median 18.8×

How this is calculated ↗
Valuation

Historical multiples

17.4×

7 annual observations · snapshot P/E 35.8× · 105.3% versus history

How this is calculated ↗
Valuation

Free cash flow yield

— Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Quality

ROIC / quality

— Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Value composite

— Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

— Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

-0.3%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

5.3%

Annual basis · read assumptions below

How this is calculated ↗
Quality

Accrual quality

— Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Momentum

Fundamental momentum

2.1%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 2B2020-09-30: cfo $1,083,300,000.002020-09-30: capex $103,700,000.0020202021-09-30: cfo $1,245,400,000.002021-09-30: capex $79,300,000.0020212022-09-30: cfo $1,956,700,000.002022-09-30: capex $90,300,000.0020222023-09-30: cfo $1,089,200,000.002023-09-30: capex $148,800,000.0020232024-09-30: cfo $971,300,000.002024-09-30: capex $177,100,000.0020242025-09-30: cfo $1,066,100,000.002025-09-30: capex $154,500,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%———
10.0%———
12.0%———

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-09-308.8B548.9M1.1B154.5M32.4B
2024-09-308.5B607.9M971.3M177.1M32.5B
2023-09-307.8B1B1.1B148.8M30.1B
2022-09-308.3B1.3B2B90.3M28.1B
2021-09-308.4B2.1B1.2B79.3M24.2B
2020-09-305.6B787.1M1.1B103.7M21.7B
2019-09-305.7B1.2B268.5M233.7M14.5B
2018-09-306.2B742.7M2.2B106.5M14.4B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue8.8BRevenueFromContractWithCustomerExcludingAssessedTax2025-11-10
netIncome548.9MProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.		2025-11-10
Parent/common earnings proxy471.7MNetIncomeLossAvailableToCommonStockholdersBasic2025-11-10
cfo1.1BNetCashProvidedByUsedInOperatingActivities2025-11-10
capex154.5MPaymentsToAcquirePropertyPlantAndEquipment2025-11-10
operatingIncome604.1MOperatingIncomeLoss2025-11-10
assets32.4BAssets2025-11-10
equity13BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.		2025-11-10
Parent book equity proxy12.1BStockholdersEquity2025-11-10
debt2.4BLongTermDebt2025-11-10
shortDebt—Not reported under a supported tag—
cash3.6BCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents2025-11-10
shares517.4MWeightedAverageNumberOfDilutedSharesOutstanding2025-11-10
dividends683.7MPaymentsOfDividendsCommonStock2025-11-10
buybacks240.3MPaymentsForRepurchaseOfCommonStock2025-11-10
issuance24.1MProceedsFromIssuanceOfCommonStock2025-11-10