Northern Trust Corp

State Commercial Banks

NTRSStrained9 of 11 basics passed

$168.21

-0.17%

Market cap $30.8B

$168.21

-0.17%

Market cap $30.8B

Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals.

It is a $30.8B financial services company. Revenue grew 8.2% over the last year, and it keeps 43¢ of every dollar of sales as profit. It trades at 13.7× earnings — around the middle of its own history.

Website: northerntrust.com
Location: Chicago, IL
Employees: 23 800
Sector: Financial Services

Share price · 3 years

$67.73 → $168.21+148.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $5.26B
Profit: keeps 43¢ of every $1 sold; $2.24B
Free cash flow: cash left after running the business; $445M
Net debt: debt minus cash on hand; $12.4B
P/E: years of profit in the price; 13.7
EPS: earnings per share, TTM; $11.66
Dividend: pays out 29% of profit · 143% of FCF; 2.08%
Shares: down 16% since 2016 — buybacks; 192.2M
Volatility: beta vs the market — under 1 swings less; 1.23

Revenue, last 10 years

52-week range

Low $122.72$168.21High $191.47

Today's price is 66% of the way from the year's low to its high.

P/E vs its history5y

13.9×median 14.1×

Higher than 48% of past days — around the middle of its own history.

Valuation vs own history

P/E

13.9×

51%

P/S

4.1×

65%

EV/EBITDA

17.7×

77%

P/B

2.3×

10%

FCF yield

1.4%

16%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$333Knet selling

Purchases$0

Sales$333K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$30.8Btop 43%
Revenue growth+3%top 81%
Net margin25%top 31%
Return on equity17%top 34%
P/E13.7×top 48%
Dividend yield2.08%top 50%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Valuation, Growth, Health, Quality and Moat lag behind.

Valuation42

P/E vs own history48th pct · 12/25
FCF yield1.4% · 5/25
P/S3.4x · 20/25
EV/EBITDA37.4x · 5/25

Growth24

Revenue CAGR3.6% · 6/25
Net income CAGR3.0% · 6/25
EPS CAGR ~5Y9.3% · 12/25
Fwd implied growth-2.6% · 0/25

Profitability75

ROIC6.8% · 5/25
ROE17.1% · 20/25
Net margin42.6% · 25/25
Operating margin33.4% · 25/25

Health45

Altman Zn/a · 0/25
Current ratio0.37 · 0/25
Interest coverageno interest expense · 25/25
Net cash / debtD/A 7% · 20/25

Quality45

Piotroski F4/9 · 10/25
Beneish M-2.50 · 20/25
FCF conversion20% · 3/25
Margin stabilityσ 9.7% · 12/25

Moat49

ROIC >12% years4/10 yrs · 6/25
Median gross marginn/a · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst 20.1% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$2.03B net income
2017Acquisition
Northern Trust acquired UBS Asset Management's fund administration servicing units in Switzerland and…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$5.14B in first reported year
2005Milestone
Northern Trust and Enron reached a $365 million settlement with 20,000 employees of Enron after the energy…
1986Acquisition
The bank acquired First Lake Forest Corporation for $61 million in cash

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$15 274 today — price return only

$5.0B revenue in FY2025

Revenue up 8.2% year over year

Profitable 10 years in a row

23 800 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (100.0%)
Strongly profitable — 42.6% net margin

Watch-outs

Net debt equals ~27.9 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+8.2% YoY
Profitable — makes more than it spends$2.24B TTM
Profit growing — earnings are higher than last year+12.2% YoY
Generates cash — cash left after running and investing$445M TTM
Debt under control — could handle its obligations~27.9y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$30.8B market cap
Not printing shares — share count not ballooning — you keep your slice-8.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersyield 2.08%
Valuation not extreme — price not wildly above earningsP/E 13.7

Peer comparisonNorthern Trust Corp vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NTRS this company	$30.8B	13.7	+8.2%	42.6%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: NTRS vs BRK.A · NTRS vs BRK.B · NTRS vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 1Hold 14Sell 3Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.26B · net income $2.24B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$5.26B

YoY 8.2%

Net income (TTM)

$2.24B

Margin 42.6%

Gross margin

100.0%

Operating margin

33.4%

P/E ratio

13.7

Dividend yield

2.08%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	4.0	4.4	4.4	4.4	4.7	5.0
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	1.6	2.0	1.8	1.5	2.7	2.3
Net income	1.2	1.5	1.3	1.1	2.0	1.7
EPS (diluted)	5.79	7.40	6.40	5.33	10.06	9.03

Cash flowFree cash flow $445M · operating cash flow $529M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$445M

Margin 8.5%

Operating cash flow (TTM)

$529M

FCF margin

8.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.9	1.4	2.4	2.6	-0.5	5.5
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	1.8	1.3	2.3	2.5	-0.6	5.5
FCF margin	44.1%	28.9%	51.1%	57.5%	-12.4%	108.8%

Balance sheetAssets $177B · net debt $12.4B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $177B of assets is financed

93%

Liabilities $164B — borrowed moneyEquity $13.0B — owners' stake

Cash vs debt

Total debt $18.3B − cash $5.87B = net debt $12.4B

Cash on hand covers 32% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

ROE

17.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	—	3.1	4.7	4.8	4.7	5.9
Total assets	170.0	183.9	155.0	150.8	155.5	177.1
Total liabilities	158.3	171.9	143.8	138.9	142.7	164.2
Total debt	—	9.3	17.3	19.4	17.6	18.3
Equity	11.7	12.0	11.3	11.9	12.8	13.0
Net debt	—	6.2	12.6	14.6	12.9	12.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of NTRS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $168.21 · market cap $30.8B.