State Street Corporation STT

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 169.77 USD on Nov 1, 2026, +34.7% year to date

Quant rating

Quant rating A Rank 93 of 799 in Financials

Growth B 225 of 799
Valuation B 232 of 799
Quality B 255 of 799
Revisions A 56 of 799
Momentum B 308 of 799

Wall Street consensus Buy (2.24)Average target 195.54 USD +15.2%

Historical valuation

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

Key data

Market cap: 46.2B
Enterprise value: 71.9B
52-week range: 112.05 – 195.87
3-year range: 64.74 – 195.87
Dividend yield: 2.17%
Beta (5 years): 1.39
Shares outstanding: 272M
Next earnings: Jan 15, 2027

About the company

State Street Corporation is a financial holding company. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors. It operates through two lines of business: Investment Servicing and Investment Management. Its Investment Servicing line of business provides a range of services and market and financing solutions to institutional clients, including mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, investment managers, foundations and endowments worldwide. Through State Street Investment Services, State Street Markets and State Street Alpha, it offers a range of solutions, including transaction management, derivatives, collateral services, and others. Investment Management line of business provides a range of investment management solutions and products through State Street Investment Management.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	–	–	–	–	–	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	10.30	8.67	7.66	7.41	7.44	–
EPS growth	18.8%	13.2%	3.4%	−0.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	23.3%	20.9%	20.5%	65.1%	130.9%	52.1%
ROE	12.6%	11.3%	11.3%	10.4%	10.4%	11.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	25,132
Net debt (mil)	–
Total equity (mil)	28,710
Net debt / equity	–

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	–	–	–	87.01	+10.5%	2.0x	10.30	+18.8%	16.5x
2026	15,917	–	4.5x	92.71	+6.6%	1.8x	13.82	+34.2%	12.3x
2027	16,811	+5.6%	4.3x	101.35	+9.3%	1.7x	15.55	+12.5%	10.9x
2028	17,594	+4.7%	4.1x	109.02	+7.6%	1.6x	17.54	+12.8%	9.7x

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	15,917	0.0%	+0.2%	+5.0%	13.82	+0.8%	+1.2%	+10.9%
2027	16,811	+0.6%	+1.5%	+6.7%	15.55	+1.7%	+2.4%	+12.8%
2028	17,594	+0.4%	+0.6%	+6.1%	17.54	+1.6%	+2.0%	+11.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	3,191	3,259	3,412	3,284	3,448	3,545	3,667	3,796	4,048	4,004
Sales mean (mil)	3,146	3,192	3,320	3,320	3,353	3,459	3,599	3,650	3,876	4,028
Surprise	+1.4%	+2.1%	+2.8%	−1.1%	+2.8%	+2.5%	+1.9%	+4.0%	+4.4%	−0.6%
EPS reported	2.15	2.26	2.60	2.04	2.53	2.78	2.97	2.84	3.65	3.69
EPS mean	2.03	2.12	2.43	2.00	2.35	2.64	2.85	2.61	3.33	3.67
Surprise	+6.1%	+6.7%	+6.8%	+2.0%	+7.7%	+5.3%	+4.4%	+8.8%	+9.6%	+0.4%

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
STT State Street Corporation	46.2B	–	23.3%	1.61x	12.3x	10.9x	–	–
MS Morgan Stanley	288.4B	–	13.6%	2.49x	14.3x	13.5x	–	–
GS The Goldman Sachs Group, Inc.	260.5B	–	13.0%	2.08x	12.5x	12.0x	–	–
C Citigroup Inc.	203.0B	–	9.1%	0.97x	10.8x	9.5x	–	–
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
Mean		–	18.7%	2.21x	13.9x	12.5x	19.3x	16.7x
Median		–	18.3%	2.29x	13.1x	11.6x	19.3x	16.7x

Technical analysis

1M−5.0%
3M−6.5%
1Y+46.4%
3Y+195.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, State Street Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,648	11,898	8,886	4,086	1,965	2,579
Cost of revenue	–	–	–	–	–	–
Gross profit	11,648	11,898	8,886	4,086	1,965	2,579
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	11,648	11,898	8,886	4,086	1,965	2,579
Operating income	–	–	–	–	–	–
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3,731	3,395	2,316	3,327	3,171	2,899
Net income before taxes	3,731	3,395	2,316	3,327	3,171	2,899
Provision for taxes	786	708	372	553	478	479
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,945	2,687	1,944	2,774	2,693	2,420
Extraordinary items	–	–	–	–	–	–
Net income	2,945	2,687	1,944	2,774	2,693	2,420
EBIT, normalized	–	–	–	–	–	–
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	10.30	8.67	7.66	7.41	7.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, State Street Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	–	–	–	–	–	–
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	4,039	3,533	3,204	2,815	2,803	2,874
Goodwill	8,159	7,691	7,611	7,495	7,621	7,683
Intangibles	935	1,089	1,320	1,544	1,816	1,827
Long-term investments	3,753	3,317	2,981	3,245	3,162	3,095
Note receivable	–	–	–	–	–	–
Other long-term assets	349,161	337,610	282,142	286,351	299,222	299,227
Total assets	366,047	353,240	297,258	301,450	314,624	314,706
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	34,051	29,201	28,123	22,525	17,048	27,503
Short-term debt	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	1,546
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	25,143	23,272	18,839	14,996	13,475	12,259
Minority interest	–	–	–	–	–	–
Other liabilities	313,063	304,642	254,620	261,263	273,786	276,247
Total liabilities	338,206	327,914	273,459	276,259	287,261	288,506
Shareholders' equity
Preferred stock	3,559	2,816	1,976	1,976	1,976	2,471
Common stock	504	504	504	504	504	504
Additional paid-in capital	10,705	10,722	10,741	10,730	10,787	10,205
Retained earnings (accumulated deficit)	31,392	29,582	27,957	27,028	25,238	23,442
Treasury stock	−17,276	−16,198	−15,025	−11,336	−10,009	−10,609
Other equity	−1,043	−2,100	−2,354	−3,711	−1,133	187
Total equity	27,841	25,326	23,799	25,191	27,363	26,200
Total liabilities & shareholders' equity	366,047	353,240	297,258	301,450	314,624	314,706

Cash flow statement in millions of USD, fiscal years

Cash flow statement, State Street Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,945	2,687	1,944	2,774	2,693	2,420
Depreciation, depletion & amortization	554	605	882	1,156	1,557	1,510
Deferred taxes	−89.0	145	−184	−62.0	−162	−194
Non-cash items	59.0	75.0	46.0	20.0	−33.0	88.0
Changes in working capital	8,429	−16,722	−1,998	8,066	−10,765	−292
Cash from operations	11,898	−13,210	690	11,954	−6,710	3,532
Investing activities
Capital expenditures	−1,055	−926	−816	−734	−811	−560
Other investing cash flows	−11,936	−38,557	13,554	7,550	−1,361	−64,974
Cash from investing	−12,991	−39,483	12,738	6,816	−2,172	−65,534
Financing activities
Financing cash flow items	8,503	42,746	−12,744	−19,969	13,410	60,236
Cash dividends paid	−1,120	−1,033	−970	−972	−866	−889
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5,002	10,078	363	2,510	−3,498	2,820
Cash from financing	2,381	51,791	−13,351	−18,431	9,046	62,167
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,288	−902	77.0	339	164	165
Free cash flow	10,843	−14,136	−126	11,220	−7,521	2,972

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 1, 2026 after market close.