T. Rowe Price Group has had a mixed share price record over the past few years, which puts fresh focus on whether the business is earning strong enough returns on its capital to back up where the stock trades today. With new AI partnerships and product launches now in the mix, investors are asking if those returns can justify the current valuation.

• Over the past 5 years the stock has fallen 35.5%, which puts sharper attention on whether the returns the company earns on its capital can support a recovery from here.
• Recent investments in AI driven research with Anthropic and allocations to high growth private companies like Temporal and Cognition AI may support expectations for improved capital efficiency if those efforts help T. Rowe…