Northern Trust (NTRS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $31.7B, Northern Trust's free cash flow of $4.8B (fiscal 2025) would need to grow about -10% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Northern Trust's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from NTRS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Northern Trust's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.4B | $4.4B | $4.4B | $4.7B | $5.0B |
| Net income | $1.5B | $1.3B | $1.1B | $2.0B | $1.7B |
| Free cash flow | $841M | $1.7B | $1.9B | -$1.2B | $4.8B |
| EPS (diluted) | $7.14 | $6.14 | $5.08 | $9.77 | $8.74 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own NTRS
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $1.1B | 0.63% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $511M | 0.18% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $169M | 1.7% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $25M | 0.23% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Trimmed | $11M | 0.51% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Held | $2M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $624,086 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Northern Trust's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 5, 2026 | Richard Petrino |
1,000 | $148.91 | $148,910 |
| Feb 2, 2026 | Robert Edward Jr. Moritz |
245 | $151.85 | $37,203 |
| Nov 4, 2025 | Robert Edward Jr. Moritz |
3,891 | $128.57 | $500,266 |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $126.90 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $126.90 | — |
| Oct 27, 2025 | Robert Edward Jr. Moritz |
270 | $126.66 | $34,198 |
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In the full deep dive
Questions
What growth does Northern Trust's stock price imply?
At a market value of $31.7B, Northern Trust would need its free cash flow to grow about -10% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 18% a year.
Are Northern Trust insiders buying the stock?
6 open-market insider purchases of NTRS in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Northern Trust?
7 of the superinvestors Investingly tracks hold NTRS in their latest 13F, including PRIMECAP Management, Cliff Asness, John Rogers.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.