Northern Trust vs State Street
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KIRAβs take AI analyst
I put Northern Trust and State Street side by side, using each oneβs latest annual report. Here is what stands out:
- State Street is the larger business, with $13.9B of revenue in fiscal 2025 against $8.1B for Northern Trust, about 1.7 times as much.
- State Street grew revenue faster (7.3%, against β2.5%).
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Northern Trust
NTRS
4/5
5-year growthNet marginReturn on equityShare count change
State Street
STT
1/5
Revenue growth
Side by side
Best in the row
| Latest fiscal year | NTRS FY25 | STT FY25 |
|---|---|---|
| Size | ||
| Market cap | $32.6B | $49.1B |
| Revenue | $8.1B | $13.9B |
| Free cash flow | β | β |
| Net income | $1.7B | $2.9B |
| Growth | ||
| Revenue growth | β2.5% | 7.3% |
| 5-year growth | 5.8% | 3.6% |
| Share count change | β4.8% | β4.4% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 21.5% | 21.1% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 13.5% | 11.1% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $1.9B | $2.3B |
| Valuation & quality | ||
| P/E | β | 15.0x |
| Piotroski F-score | β | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.