Highlights

  • TD Cowen issues Buy rating on Franklin Resources with a USD 31 price target.
  • November AUM edged down to USD 1.67T, with mixed long-term flows across businesses.
  • FY2025 results show higher quarterly earnings alongside steady full-year AUM levels.

Franklin Resources, Inc. (NYSE:BEN) is currently covered by TD Cowen with a Buy recommendation. Analyst Bill Katz initiated coverage on December 3, 2025. TD Cowen has assigned a price target of USD 31.00.

November AUM Snapshot

Franklin Resources reported preliminary assets under management (AUM) of USD 1.6745T as of November 30, 2025. This compared with USD 1.6848T at the end of October, representing a modest month-on-month decline. The change in AUM reflected largely flat long-term flows, offset by positive market movements during the period.

Long-term net outflows of USD 1B were recorded at Western Asset Management. Excluding Western Asset Management, long-term flows across the rest of the business resulted in USD 1B of net inflows, highlighting divergent trends within the overall platform.

Asset Class Composition
Equity AUM totaled USD 694.1B in November, down slightly from USD 696.2B in October. Fixed income assets remained nearly unchanged at USD 437.1B, compared with USD 437.2B in the previous month. Alternative investments increased to USD 269.3B from USD 267.5B, while multi-asset strategies rose to USD 198.1B from USD 195.7B.

Total long-term AUM reached USD 1,598.6B, marginally higher than USD 1,596.6B recorded in October. In contrast, cash management assets declined to USD 75.9B from USD 88.2B, mainly reflecting net outflows linked to earlier large inflows.

FY2025 Financial Performance
For FY2025, Franklin Resources reported total AUM of USD 1.66T, versus USD 1.68T in the prior month, with average AUM for the year at USD 1.61T. Fourth-quarter adjusted revenues were USD 1.82B, representing a 13.9% quarter-on-quarter increase and a 5.7% year-on-year rise, including USD 177.9M in performance fees.

Adjusted operating income for Q4 was USD 472.4M. Adjusted net income and diluted EPS were USD 231.5M and USD 0.76, reflecting sequential increases of 35.7% and 36.7%, respectively. For the full year, adjusted revenues totaled USD 6.70B, adjusted operating income was USD 2.64B, and adjusted net income reached USD 1.20B. The company returned USD 930M to shareholders and ended the year with USD 6.74B in cash and investments.

Share Performance
BEN closed at USD 23.14 on December 4 2025, up 0.56% for the session, after trading between an intraday high of USD 23.54 and a low of USD 23.08. The past 52 weeks has traded within a range of USD 16.25 to USD 26.08.