BENFRANKLIN TEMPLETON INC

Investment Advice

Revenue: $8.8B; 3.5% YoY
Operating margin: 6.9%; 43% YoY
EBITDA: $729M; 39% YoY
Market cap: $16.1B
Employees: 9,800; $895K revenue each
Net debt / EBITDA: -2.9×; −$2.1B net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
203% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
87% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$895K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$78M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.4B	$8.3B	$7.8B	$8.5B	$8.8B	3.5%
Operating income	$1.9B	$1.8B	$1.1B	$408M	$604M	48%
Net income	$1.8B	$1.3B	$883M	$465M	$525M	13%
Operating cash flow	$1.2B	$2.0B	$1.1B	$971M	$1.1B	9.8%
Capex	$79M	$90M	$149M	$177M	$155M	13%
Stock-based comp	$172M	$208M	$183M	$246M	$215M	13%
Buybacks	$208M	$181M	$256M	$274M	$240M	12%
Dividends	$560M	$583M	$607M	$656M	$684M	4.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 3
Open-market sells, 12 mo: $81M · 5
Net: −$78M

Pay vs performance

No pay-versus-performance disclosure yet.