NTRS Financial Services

Northern Trust Corporation

$172.60+1.14%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Asset Management
Country: United States
Market cap: 31.6B USD
Enterprise value: 39.5B USD
Full-time employees: 23,600

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: growing faster than most peersgrowing faster than peers
About average: valuation
Not enough data: risk

Would rank #81 of 232 fully scored financial services companies (top 35%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 20% of reported profit.
Free cash flow is only 20% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Share count shrinking. Shares outstanding down 12% from December 2022 to June 2026.
Northern Trust had 12% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

57/ 100

Oct 5 57 → Nov 4 57

Valuation

Is the price right?

42/100

Moderate▼ 1 since Oct 27 close

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 43 → 42

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield7.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.37Sector median: 0.0571 · MAD: 0.0371

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0689 · MAD: 0.0428

Free cash flow yield1.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.78Sector median: 0.0613 · MAD: 0.0605

Other data (not scored)

Book yield42.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Growth

Is it growing?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 8.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth35.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.91Sector median: 0.0999 · MAD: 0.2773

3-year revenue growth11.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.12Sector median: 0.0999 · MAD: 0.0858

Revenue growth15.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.52Sector median: 0.0742 · MAD: 0.1477

Profitability

Does it earn well?

63/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

Net margin rose 2.4 points to 24.8%

Why

Stronger than most peers on:

▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2353 · MAD: 0.1462

Return on assets1.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.56Sector median: 0.0256 · MAD: 0.0233

Return on invested capital16.2%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 1.91Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity16.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Northern Trust

Is Northern Trust getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: net margin rose 2.4 points to 24.8%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is Northern Trust valued vs its peers?: Priced about in line with its peers. Valuation scores 42/100 against 432 financial services peers. Free cash flow yield 1.4% vs a peer median of 6.1% (weaker than 76% of peers).Free cash flow yield 1.4% vs peers 6.1% (weaker than 76% of peers).
Is Northern Trust growing?: Yes, faster than most of its peers. Growth scores 66/100 against 432 financial services peers. Earnings per share growth 35.1% vs a peer median of 10.0% (stronger than 70% of peers).Earnings per share growth 35.1% vs peers 10.0% (stronger than 70% of peers).
How profitable is Northern Trust?: More profitable than most of its peers. Profitability scores 63/100 against 432 financial services peers. Return on invested capital 16.2% vs a peer median of 6.3% (stronger than 78% of peers).Return on invested capital 16.2% vs peers 6.3% (stronger than 78% of peers). Return on assets 1.3% vs a peer median of 2.6% (weaker than 69% of peers).Return on assets 1.3% vs peers 2.6% (weaker than 69% of peers).
How risky is Northern Trust?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Net margin rose 2.4 points to 24.8%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	8.4B USD	9.1B USD	+8.4%
Net income (12 months)	1.9B USD	2.2B USD	+19.8%
Free cash flow (12 months)	2.4B USD	445.3M USD	−81.4%
Cash	5.8B USD	5.7B USD	−1.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Asset Management · 43 companies

Valuations in Asset Management are near the top of their range since 2016.

95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	23.9%	19.8%	16.3%	24.5%	21.5%	▼ 3.0 pts
Return on assets (ROA)	0.8%	0.9%	0.7%	1.3%	1.0%	▼ 0.3 pts
Return on equity (ROE)	12.9%	11.9%	9.3%	15.9%	13.4%	▼ 2.5 pts
Free cash flow margin	19.5%	33.5%	37.0%	-7.1%	67.5%	▲ 75 pts

NTRS price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

White Mountains Insurance Group, Ltd.WTM94/ 100

The Allstate CorporationALL93/ 100

PT Saratoga Investama Sedaya TbkSRTG.JK93/ 100

Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: growing faster than most peersgrowing faster than peers

About average: valuation

Not enough data: risk

Would rank #81 of 232 fully scored financial services companies (top 35%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 20% of reported profit.

Free cash flow is only 20% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

Share count shrinking. Shares outstanding down 12% from December 2022 to June 2026.

Northern Trust had 12% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about Northern Trust

Is Northern Trust getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: net margin rose 2.4 points to 24.8%. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is Northern Trust valued vs its peers?

Priced about in line with its peers. Valuation scores 42/100 against 432 financial services peers. Free cash flow yield 1.4% vs a peer median of 6.1% (weaker than 76% of peers).Free cash flow yield 1.4% vs peers 6.1% (weaker than 76% of peers).

Is Northern Trust growing?

Yes, faster than most of its peers. Growth scores 66/100 against 432 financial services peers. Earnings per share growth 35.1% vs a peer median of 10.0% (stronger than 70% of peers).Earnings per share growth 35.1% vs peers 10.0% (stronger than 70% of peers).

How profitable is Northern Trust?

More profitable than most of its peers. Profitability scores 63/100 against 432 financial services peers. Return on invested capital 16.2% vs a peer median of 6.3% (stronger than 78% of peers).Return on invested capital 16.2% vs peers 6.3% (stronger than 78% of peers). Return on assets 1.3% vs a peer median of 2.6% (weaker than 69% of peers).Return on assets 1.3% vs peers 2.6% (weaker than 69% of peers).

How risky is Northern Trust?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

Previous quarter

Latest quarter

Change

Revenue (12 months)

8.4B USD

9.1B USD

+8.4%

Net income (12 months)

1.9B USD

2.2B USD

+19.8%

Free cash flow (12 months)

2.4B USD

445.3M USD

−81.4%

Cash

5.8B USD

5.7B USD

−1.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

23.9%

19.8%

16.3%

24.5%

21.5%

▼ 3.0 pts

Return on assets (ROA)

0.8%

0.9%

0.7%

1.3%

1.0%

▼ 0.3 pts

Return on equity (ROE)

12.9%

11.9%

9.3%

15.9%

13.4%

▼ 2.5 pts

Free cash flow margin

19.5%

33.5%

37.0%

-7.1%

67.5%

▲ 75 pts