Northern Trust Corporation NTRS

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 170.66 USD on Nov 2, 2026, +26.8% year to date

Quant rating

Quant rating A Rank 71 of 799 in Financials

Growth B 265 of 799
Valuation B 309 of 799
Quality A 82 of 799
Revisions A 29 of 799
Momentum C 397 of 799

Wall Street consensus Hold (2.88)Average target 183.50 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 30.9B
Enterprise value: 134.2B
52-week range: 122.00 – 193.80
3-year range: 69.35 – 193.80
Dividend yield: 2.08%
Beta (5 years): 1.21
Shares outstanding: 181M
Next earnings: Jan 21, 2027

About the company

Northern Trust Corporation is a provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. The Company's segments include Asset Servicing and Wealth Management. Asset Servicing is a global provider of asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors globally. Asset servicing and related services encompass a full range of capabilities, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, securities lending, and others. Wealth Management provides trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage services; and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	13,608	15,116	11,257	7,489	6,405	–
Revenue growth	−10.0%	34.3%	50.3%	16.9%	4.0%	17.2%
EPS (basic, normalized)	9.00	7.74	6.02	6.14	7.14	–
EPS growth	16.3%	28.6%	−2.0%	−14.0%	–	–
Gross margin	59.4%	54.8%	60.2%	90.3%	100.9%	73.1%
Net margin	12.3%	13.0%	9.4%	17.1%	23.3%	15.0%
ROE	14.4%	13.6%	10.0%	12.7%	12.6%	12.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	45,699
Current ratio	–
Long-term debt (mil)	5,315
Net debt (mil)	103,327
Total equity (mil)	13,363
Net debt / equity	7.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	13,608	−10.0%	9.9x	64.79	+7.7%	2.6x	9.00	+16.3%	19.0x
2026	9,364	−31.2%	14.3x	69.86	+7.8%	2.4x	11.97	+33.0%	14.3x
2027	9,481	+1.2%	14.2x	75.17	+7.6%	2.3x	13.08	+9.3%	13.0x
2028	9,949	+4.9%	13.5x	80.67	+7.3%	2.1x	14.70	+12.4%	11.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,364	0.0%	+0.3%	+6.6%	11.97	+4.0%	+4.6%	+10.8%
2027	9,481	+0.2%	+0.6%	+4.1%	13.08	+2.7%	+3.8%	+11.0%
2028	9,949	−0.2%	0.0%	+3.9%	14.70	+2.5%	+2.7%	+11.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,844	1,858	1,908	1,960	1,946	2,003	2,031	2,136	2,213	2,706
Sales mean (mil)	1,748	2,062	1,917	1,931	1,949	1,937	2,027	2,058	2,125	2,417
Surprise	+5.5%	−9.9%	−0.5%	+1.5%	−0.2%	+3.4%	+0.2%	+3.8%	+4.1%	+11.9%
EPS reported	1.69	1.78	1.97	2.26	1.90	2.13	2.29	2.69	2.71	2.97
EPS mean	1.44	1.91	1.74	2.02	1.85	2.05	2.25	2.37	2.32	2.71
Surprise	+17.0%	−6.6%	+13.0%	+12.0%	+2.8%	+3.9%	+2.0%	+13.7%	+16.6%	+9.7%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NTRS Northern Trust Corporation	30.9B	–	12.3%	2.31x	14.3x	13.0x	45.3x	41.8x
MS Morgan Stanley	290.7B	–	13.6%	2.51x	14.4x	13.6x	–	–
GS The Goldman Sachs Group, Inc.	261.7B	–	13.0%	2.09x	12.6x	12.1x	–	–
C Citigroup Inc.	203.8B	–	9.1%	0.97x	10.8x	9.5x	–	–
BLK BlackRock, Inc.	189.3B	–	22.9%	3.14x	20.1x	17.9x	14.6x	12.9x
SCHW The Charles Schwab Corporation	153.4B	–	30.4%	3.06x	13.8x	11.3x	24.3x	20.7x
Mean		–	16.9%	2.35x	14.3x	12.9x	28.1x	25.1x
Median		–	13.3%	2.41x	14.0x	12.5x	24.3x	20.7x

Technical analysis

1M−0.4%
3M−5.9%
1Y+35.5%
3Y+165.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Northern Trust Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	13,608	15,116	11,257	7,489	6,405	6,157
Cost of revenue	5,521	6,826	4,483	728	−59.8	55.8
Gross profit	8,086	8,290	6,773	6,761	6,464	6,101
Selling, general & administrative expenses	3,862	3,629	3,468	3,810	3,459	3,327
Research & development	–	–	–	–	–	–
Depreciation/amortization	672	598	509	9.3	14.8	16.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	15.9	177	121	44.1	27.9	–
Other operating expenses	1,197	1,227	1,209	1,131	953	1,129
Operating income	2,340	2,660	1,465	1,766	2,010	1,628
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,340	2,660	1,465	1,766	2,010	1,628
Provision for taxes	603	628	358	430	465	418
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,737	2,031	1,107	1,336	1,545	1,209
Extraordinary items	–	–	–	–	–	–
Net income	1,737	2,031	1,107	1,336	1,545	1,209
EBIT, normalized	2,355	2,837	1,586	1,810	2,038	1,628
EBITDA, normalized	3,134	3,553	2,221	2,364	2,554	2,128
Basic EPS, normalized	9.00	7.74	6.02	6.14	7.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Northern Trust Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	61,127	45,397	41,057	46,626	69,588	64,266
Receivables	–	41.1	213	1,698	1,941	1,160
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	929	968	1,025	985	1,020	1,075
Goodwill	713	695	702	691	706	707
Intangibles	2,412	2,213	2,099	77.6	91.6	113
Long-term investments	60,120	51,749	50,096	52,934	62,262	61,410
Note receivable	42,836	44,212	48,353	43,670	41,382	33,561
Other long-term assets	70,123	55,671	48,507	56,679	78,428	73,138
Total assets	177,133	155,508	150,783	155,037	183,890	170,004
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	624	649	693	626	663	701
Short-term debt	152,389	131,625	126,562	126,396	160,460	144,178
Current portion of long-term debt	–	–	–	7,592	3,584	4,012
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	6,836	6,851	6,838	4,790	3,651	4,590
Minority interest	–	–	–	–	–	–
Other liabilities	157,339	135,869	132,047	138,987	168,222	153,726
Total liabilities	164,175	142,720	138,885	143,777	171,873	158,316
Shareholders' equity
Preferred stock	−15.1	−15.1	−15.1	−15.1	−15.1	−15.1
Common stock	409	409	409	409	409	409
Additional paid-in capital	1,039	1,025	1,010	984	939	964
Retained earnings (accumulated deficit)	16,709	15,615	14,234	13,798	13,117	12,208
Treasury stock	−5,493	−4,331	−3,501	−3,247	−3,298	−3,204
Other equity	310	86.0	−238	−669	864	1,328
Total equity	12,958	12,788	11,898	11,260	12,017	11,688
Total liabilities & shareholders' equity	177,133	155,508	150,783	155,037	183,890	170,004

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Northern Trust Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,737	2,031	1,107	1,336	1,545	1,209
Depreciation, depletion & amortization	779	717	635	554	516	500
Deferred taxes	194	20.7	−48.2	−143	2.0	16.4
Non-cash items	−217	−250	7.1	46.9	7.0	198
Changes in working capital	3,040	−3,004	925	599	−714	−27.5
Cash from operations	5,534	−486	2,626	2,392	1,356	1,897
Investing activities
Capital expenditures	−774	−746	−676	−724	−515	−560
Other investing cash flows	−19,396	−1,818	5,460	26,653	−18,088	−29,363
Cash from investing	−20,170	−2,564	4,784	25,930	−18,603	−29,923
Financing activities
Financing cash flow items	16,798	6,324	−8,481	−32,997	17,886	32,139
Cash dividends paid	−633	−644	−663	−797	−625	−630
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−989	−2,241	1,962	7,356	−1,187	−3,637
Cash from financing	15,176	3,440	−7,183	−26,437	16,074	27,872
Foreign exchange effects	656	−504	−89.8	−287	−160	84.6
Net change in cash	1,196	−114	137	1,597	−1,333	−69.7
Free cash flow	4,759	−1,232	1,950	1,669	841	1,336

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.