Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Franklin Resources (BEN)

Price updated 06 Nov 2026 09:55; TTM through 30 Jun 2026; TTM financials updated 06 Nov 2026 13:11.

Starts from TTM through 30 Jun 2026 financials in USD and a share price of USD 32.21. Growth begins at 2.1% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 18.7%, net 9.6%, free cash flow 2.4% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

For banks, insurers and holding companies, revenue and cash flow mix in interest and investment flows. Read net income rather than free cash flow.
Year 1 uses analyst consensus revenue growth (1.1%); year 2 is halfway back to the model's own path.
USD 16.63Model fair value (Justified P/B (ROE)); range USD 15.52 to USD 18.55
-48%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years.

2.0%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 11.49BRevenue in year 10 (base)
USD 1.10BNet income in year 10 (base)
USD 275.08MFree cash flow in year 10 (base)
USD 1.64Dividend per share in year 10 (base)
USD 24.48Implied share price in year 10 (base), today USD 32.21
1.7%Year-10 free cash flow per share vs today's price

Book value per share over time

USD 0.00 USD 7.08 USD 14.17 USD 21.25 USD 28.34 FY2021 FY2023 FY2025 TTM through 30 Jun 2026 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Book value per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -4.9% USD 26.19 1.4%
Base 1.1% USD 27.14 1.8%
Bull 7.1% USD 28.34 2.2%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– USD 9.32BUSD 1.75BUSD 891.20MUSD 223.30M 1.730.431.3322.7532.21
Year 11.1% USD 9.42BUSD 1.77BUSD 900.74MUSD 225.69M 1.750.441.3523.1530.40
Year 21.6% USD 9.58BUSD 1.80BUSD 915.32MUSD 229.34M 1.770.441.3723.5528.51
Year 32.2% USD 9.79BUSD 1.83BUSD 935.44MUSD 234.38M 1.810.451.4023.9726.55
Year 42.2% USD 10.00BUSD 1.88BUSD 956.27MUSD 239.60M 1.850.461.4324.3924.51
Year 52.3% USD 10.23BUSD 1.92BUSD 977.84MUSD 245.01M 1.900.471.4624.8222.39
Year 62.3% USD 10.46BUSD 1.96BUSD 1.00BUSD 250.61M 1.940.491.5025.2622.79
Year 72.3% USD 10.71BUSD 2.01BUSD 1.02BUSD 256.40M 1.980.501.5325.7223.20
Year 82.3% USD 10.96BUSD 2.05BUSD 1.05BUSD 262.41M 2.030.511.5726.1823.62
Year 92.4% USD 11.22BUSD 2.10BUSD 1.07BUSD 268.63M 2.080.521.6026.6524.05
Year 102.4% USD 11.49BUSD 2.15BUSD 1.10BUSD 275.08M 2.130.531.6427.1424.48

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.