NTRS vs STT: Northern Trust and State Street compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- State Street is the larger company, worth $48.2B, about 1.5 times Northern Trust.
- State Street grew revenue faster over the last year (+17.4% vs +9.6%).
- On earnings, State Street is the cheaper stock (17.7x vs 17.8x).
- Northern Trust's price assumes faster free cash flow growth: about -10% a year, against -16% for State Street (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NTRS | STT |
|---|---|---|
| Market cap | $31.5B | $48.2B |
| Share price | $168.21 | $174.96 |
| Revenue (last fiscal year) | $5.0B | $13.9B |
| Free cash flow (last fiscal year) | $4.8B | $10.8B |
| Revenue growth, last year | +9.6% | +17.4% |
| Revenue growth per year, last 5 fiscal years | +3.6% | +3.8% |
| Operating margin | — | — |
| Net margin | 42.6% | 22.9% |
| Return on equity | 16.7% | 12.2% |
| P/E (trailing) | 17.8x | 17.7x |
| Price / free cash flow | 5.77x | 11.2x |
| EV / EBITDA | 9.98x | — |
| FCF growth the price implies | -9.9% | -15.8% |
| Dividend yield | 1.9% | 1.8% |
| Debt / equity | 12.4x | 13.8x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 8 |
| Insider purchases, last 12 months | 6 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Northern Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.4B | $841M | — |
| 2022 | $4.4B | $1.7B | — |
| 2023 | $4.4B | $1.9B | — |
| 2024 | $4.7B | -$1.2B | — |
| 2025 | $5.0B | $4.8B | — |
State Street
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.0B | -$7.5B | — |
| 2022 | $12.1B | $11.2B | — |
| 2023 | $11.9B | -$126M | — |
| 2024 | $13.0B | -$14.1B | — |
| 2025 | $13.9B | $10.8B | — |
Where the revenue comes from
Northern Trust · by segments, 2025
ASSET SERVICING$4.8B59%
WEALTH MANAGEMENT$3.4B41%
State Street · by segments, 2025
Investment Servicing$11.3B81%
Investment Management$2.6B19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NTRS in InvestinglyQuestions
Which is bigger, Northern Trust or State Street?
State Street (STT), at $48.2B against $31.5B.
Is NTRS or STT cheaper?
By trailing P/E, State Street (17.7x) is cheaper than Northern Trust (17.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, NTRS or STT?
State Street: revenue grew +17.4% over the last year, against +9.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.