Northern Trust vs State Street
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The short version
- 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%).
| Latest fiscal year | NTRS Β· FY25 | STT Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $32.3B | $48.5B |
| 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 | 14.8x |
| Piotroski F-score | β | β |
Revenue
FY16
NTRS $5.0B
STT $10.2B
FY17
NTRS $5.4B
STT $11.3B
FY18
NTRS $6.0B
STT $12.1B
FY19
NTRS $6.1B
STT $11.8B
FY20
NTRS $6.1B
STT $11.7B
FY21
NTRS $6.5B
STT $12.0B
FY22
NTRS $6.8B
STT $12.1B
FY23
NTRS $6.8B
STT $11.9B
FY24
NTRS $8.3B
STT $13.0B
FY25
NTRS $8.1B
STT $13.9B
NTRS
STT
Operating margin
FY16
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STT β
FY17
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FY18
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FY19
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FY20
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FY21
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FY22
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FY23
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FY24
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FY25
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Free cash flow
FY16
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FY17
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FY18
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FY19
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FY20
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FY21
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FY22
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FY24
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FY25
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Return on capital
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FY20
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FY22
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FY24
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FY25
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NTRS
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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.