— Know what they know.
/
Not Investment Advice

NTRS

NASDAQ · USD
Northern Trust Corporation
Financial Services · Asset Management
CEO Michael Gerard O'Grady Employees 23,800 R&D / revenue 0.0%
Last price
$165.54+0.06%last session
Market cap
$30.3B
P/E (TTM)
14.1x
From 52w high
−15.4%
From 52w low
+36.7%
1-year return
+33.7%
RSI 14 · vs SMA200
34.6 · +0.9%
IS score
33.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NTRS   SPY   XLF (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26NTRS 134SPY 116XLF 107

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
60
Growth
78
Value
54
Momentum
15
Risk (safety)
58
Quality
59
Balance sheet
70
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ Insider buying
Warnings
None of the computed warning flags fires for NTRS (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Network EffectsPiotroski 8 / 9Beta 1.263 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
2
$0.08M bought
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+65
141 new holders, 67 closed
1,026 filers hold 84.8% · 372 added, 331 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+89
982 funds adding shares
893 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.6%
20-day avg 48.2%, 50-day avg 51.7%
Latest 5.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$14.3B
Revenue growth YoY−9.9%
Gross margin56.5%
Operating income$2.3B
Operating margin16.3%
Net income$1.7B
Net margin12.1%
EPS (diluted)$8.74
Cash flow
Operating cash flow$5.5B
Capital expenditure$74.0M
Free cash flow$5.5B
FCF conversion (FCF / OCF)98.7%
Stock-based compensation$0
FCF less SBC$5.5B
Buybacks$1.3B
Dividends$633.4M
Balance sheet & returns
Cash & short-term investments$63.8B
Total debt$16.4B
Net cash$47.4B
Shareholders' equity$13.0B
Goodwill & intangibles$712.9M
Debt / equity1.18
ROE (TTM)17.1%
ROIC (TTM)1.2%
Operating margin by fiscal year
31.0%FY202122.8%FY202212.1%FY202316.8%FY202416.3%FY2025
Revenue $6.5B (FY2021) to $14.3B (FY2025), a 21.8% CAGR.

Valuation

P/E (TTM)14.1x
EV / EBITDAn/m
Price / sales1.99x
Price / FCF231.0x
FCF yield0.43%
Buyback yield4.20%
SBC / revenue0.0%
Price / book2.27x
Forward P/E FY202614.4x
Forward P/E FY202712.9x
Forward P/E FY202811.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $184.50 across 6 analysts last quarter is theirs, not ours.

NTRS vs industry median

908 companies in Asset Management
Gross margin 59.8% 84.6% Operating margin 19.8% 34.7% Net margin 14.8% 18.2% ROIC 1.2% 6.4%
NTRS (TTM)Industry median Asset turnover 0.08 vs industry 0.11 · financial leverage 13.38

Earnings delivery

Next report 2026-10-21 · consensus EPS $2.87
92%
beat rate, 11 of 12 quarters
+9.7%
median EPS surprise
11
longest beat streak
-1+10+17+2+16+15+3+3+1+14+14+10
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-18 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NTRS Northern Trust Corporation $30.3B14.1x17.1%14.8%−9.9% +33.7%
RJF Raymond James Financial, Inc $30.1B13.4x18.5%13.6%+9.1% −0.7%
ARES Ares Management Corporation $36.9B49.0x15.0%10.5%+45.4% −20.0%
PFG Principal Financial Group, I $23.3B15.5x13.1%10.3%+3.7% +40.1%
TROW T. Rowe Price Group, Inc. $21.5B10.1x20.6%33.1%+7.0% +3.0%
AMP Ameriprise Financial, Inc. $44.2B11.9x63.4%22.2%+9.0% —
STT State Street Corporation $45.5B13.3x12.4%18.0%+2.2% —
PS Pershing Square Inc. $17.8B1,112.0x-3.1%-78.8%— —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

No 8-K filings on file.

Context

Shares outstanding182,956,000
Free float98.3%
Institutional ownership84.8%
Beta1.26
Dividend yield1.98%
Last dividend$0.88 on 2026-09-04
50 / 200-day average$179.89 / $164.07
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NTRS sits among 110 scored companies in Asset Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNTRSIndustry medianIndustry percentileSector median
P/E (TTM) 13.5x 13.3x
51st		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 0.49 0.88
23rd		 1.04
Price / sales 2.0x 3.9x
21st		 2.5x
Price / book 2.3x 1.4x
64th		 1.3x
Price / tangible book 2.5x 1.4x
71st		 1.6x
Price / free cash flow 231.0x 10.3x
96th		 11.8x
Price / operating cash flow 57.2x 10.2x
94th		 11.7x
Enterprise value −$5.7B $3.4B
2nd		 $3.4B
EV / sales —
EV / EBITDA —
EV / EBIT —
EV / free cash flow —
Earnings yield 7.4% 5.7%
61st		 7.9%
FCF yield 0.4% 8.3%
22nd		 6.3%
Operating cash flow yield 1.7% 8.6%
21st		 7.8%
Graham number (per share) $140.61 $27.85
87th		 $50.71

Profitability (TTM)

MeasureNTRSIndustry medianIndustry percentileSector median
Gross margin 59.8% 71.8%
17th		 71.9%
EBITDA margin 25.7% 39.3%
29th		 37.9%
Operating margin 19.8% 30.2%
28th		 23.3%
EBIT margin 19.8% 32.7%
30th		 23.3%
Net margin 14.8% 15.3%
45th		 18.7%
NOPAT margin 14.7% 23.0%
24th		 18.7%
FCF margin 0.9% 24.3%
21st		 23.3%
Operating cash flow margin 3.5% 29.1%
19th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 26.9% 9.8%
81st		 20.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 25.8% 19.9%
87th		 21.0%

Returns on capital

MeasureNTRSIndustry medianIndustry percentileSector median
ROE (on average equity) 17.1% 11.2%
66th		 11.9%
ROA 1.3% 2.3%
33rd		 1.4%
ROIC -9.9% 5.5%
9th		 7.8%
ROCE 1.8% 4.9%
23rd		 5.8%
Return on tangible assets 1.7% 4.7%
23rd		 2.0%
Cash ROIC (OCF / invested capital) —
Gross profitability (GP / assets) 5.1% 8.8%
27th		 10.3%
ROIC, 3-yr average —
ROIC, 5-yr average —
ROE, 5-yr average 13.5% 11.2%
61st		 10.7%
Incremental ROIC -244.3% 12.9%
5th		 8.4%

Growth

MeasureNTRSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.1% 15.4%
25th		 7.1%
Revenue growth (QoQ) 11.3% 6.6%
62nd		 2.8%
Revenue CAGR, 3 yr 15.5% 13.1%
55th		 10.8%
Revenue CAGR, 5 yr 19.5% 5.8%
86th		 11.3%
Gross profit CAGR, 3 yr 10.3% 20.6%
25th		 18.0%
Operating income CAGR, 3 yr 23.5% 12.7%
71st		 8.8%
Net income growth (TTM YoY) 29.3% 17.8%
57th		 24.7%
Net income CAGR, 3 yr 22.6% 9.1%
67th		 9.4%
EPS growth (TTM YoY) 35.2% 14.5%
62nd		 25.1%
EPS CAGR, 3 yr 27.4% 5.5%
71st		 7.3%
EPS CAGR, 5 yr 14.7% -5.9%
83rd		 4.2%
FCF growth (TTM YoY) -92.5% 18.5%
0th		 15.9%
FCF CAGR, 3 yr -61.4% 8.1%
0th		 8.5%
Operating cash flow CAGR, 3 yr -43.9% 6.6%
2nd		 8.4%
Book value CAGR, 3 yr 9.0% 3.6%
61st		 8.9%
Dividend CAGR, 3 yr 4.5% -1.2%
68th		 1.9%
Sustainable growth rate 12.2% 3.5%
71st		 8.3%

Margin history & stability

MeasureNTRSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 54.9% 63.7%
25th		 63.4%
Operating margin, 3-yr average 16.4% 33.3%
19th		 21.4%
Net margin, 3-yr average 12.4% 26.3%
28th		 16.5%
FCF margin, 3-yr average 12.7% 28.9%
31st		 28.2%
Revenue stability (0-1) 0.89 0.58
77th		 0.86
Earnings stability (0-1) 0.65 0.40
77th		 0.37
Margin stability (0-1) 0.70 0.80
35th		 0.81

Liquidity (latest quarter)

MeasureNTRSIndustry medianIndustry percentileSector median
Cash & short-term investments $51.8B $142.5M
98th		 $145.5M
Net cash (− = net debt) $36.0B −$692.3M
98th		 −$676.0M
Working capital $41.4B $90.6M
99th		 $86.3M
Current ratio 4.99 1.16
79th		 1.19
Quick ratio 4.99 1.16
79th		 1.19
Cash ratio (cash + ST investments / current liabilities) 4.99 0.62
81st		 0.55
Defensive interval (days) 3,114 days 365 days
92nd		 417 days

Leverage & solvency (latest quarter)

MeasureNTRSIndustry medianIndustry percentileSector median
Total debt $15.8B $1.3B
90th		 $1.2B
Debt / equity 1.18 0.99
63rd		 0.81
Net debt / equity −2.69 0.84
1st		 0.66
Debt / assets 8.8% 37.6%
18th		 33.5%
Debt / capital 54.1% 49.7%
63rd		 44.6%
Debt / EBITDA 4.04 4.80
46th		 3.20
Net debt / EBITDA −9.22 3.41
2nd		 2.19
Interest coverage (EBIT / interest) 0.5x 2.6x
21st		 2.9x
Cash interest coverage 0.1x 3.1x
17th		 3.7x
Debt payback (years of OCF) 29.8 yrs 3.5 yrs
90th		 3.7 yrs
Liabilities / assets 92.5% 55.3%
94th		 86.2%
IS credit model rating B+ — —
Implied credit spread (bps) 650 475
60th		 175

Efficiency

MeasureNTRSIndustry medianIndustry percentileSector median
Asset turnover 0.09 0.12
31st		 0.15
Fixed asset turnover 33.92 9.51
79th		 11.68
Inventory turnover —
Receivables turnover —
Days sales outstanding 0 days 37 days
0th		 43 days
Days inventory outstanding —
Days payables outstanding 0 days 49 days
0th		 39 days
Cash conversion cycle (days) 0 days −8 days
55th		 0 days
Capex / revenue 2.6% 0.0%
92nd		 0.2%
Capex / depreciation 0.45 0.05
78th		 0.13
Operating expense ratio 38.9% 43.6%
46th		 38.9%

Cash flow & earnings quality

MeasureNTRSIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.24 1.20
20th		 1.28
FCF / net income 0.06 0.99
20th		 1.15
FCF / operating cash flow 24.8% 99.6%
5th		 98.5%
Capex / operating cash flow 75.2% 0.0%
95th		 0.6%
Accruals ratio 1.0% -1.4%
71st		 -2.0%
Sloan accruals ratio 61.7% -0.3%
98th		 -0.6%
Earnings quality score (0-1) 0.25 0.75
0th		 0.75

Dividends & buybacks

MeasureNTRSIndustry medianIndustry percentileSector median
Dividend yield 2.0% 6.6%
23rd		 2.3%
Dividend per share (TTM) $3.28 $1.49
81st		 $1.03
Payout ratio (dividends / net income) 28.5% 67.8%
14th		 30.0%
Dividends / FCF 487.2% 52.7%
98th		 49.0%
Dividend growth (YoY) 6.3% 6.9%
46th		 6.4%
Buyback yield 4.5% 1.0%
75th		 1.7%
Shareholder yield (dividends + buybacks) 6.6% 10.3%
29th		 5.2%
Share count change (YoY) -4.4% 0.0%
19th		 -0.3%
Buybacks, last 5 years $6.3B $40.9M
95th		 $85.3M

Scores & forensic checks

MeasureNTRSIndustry medianIndustry percentileSector median
IS score 33 45
18th		 53
IS profitability 64 60
54th		 59
IS growth 60 53
62nd		 57
IS value 78 66
63rd		 77
IS momentum 54 59
42nd		 76
IS risk (safety) 15 15
6th		 65
IS quality 58 64
41st		 71
IS balance sheet 59 42
76th		 51
IS earnings quality 70 68
58th		 74
IS cash flow 9 69
8th		 71
Piotroski F-score (0-9) 8 6
93rd		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.70 −7.13
71st		 −6.00
IS credit score 31 41
35th		 68

Per share

MeasureNTRSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $12.12 $1.19
90th		 $3.36
Book value per share $72.48 $16.24
92nd		 $28.13
Tangible book per share $68.98 $13.69
97th		 $21.49
Revenue per share $82.13 $4.23
91st		 $17.62
FCF per share $0.71 $1.85
34th		 $1.99
Operating cash flow per share $2.86 $2.62
53rd		 $2.45
Cash per share $279.94 $1.06
99th		 $1.75

Size (TTM)

MeasureNTRSIndustry medianIndustry percentileSector median
Market cap $30.3B $3.1B
87th		 $2.5B
Revenue $15.2B $703.1M
86th		 $1.0B
EBITDA $3.9B $205.6M
88th		 $269.3M
Net income $2.2B $151.7M
89th		 $168.0M
Free cash flow $131.1M $219.5M
42nd		 $160.0M
Total assets $179.3B $2.9B
86th		 $8.5B
Shareholders' equity $13.4B $1.2B
88th		 $1.5B
Employees 23,800 1,700
90th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Crown Susan
Director
 Award / grant 87$169.20$14,70038,847
2026-10-01Klevorn Marcy S
Director
 Award / grant 65$169.20$11,06213,625
2026-10-01Harrison Dean M
Director
 Award / grant 152$169.20$25,64635,322
2026-10-01Dhandapani Chandra
Director
 Award / grant 31$169.20$5,2107,147
2026-10-01Slark Martin P
Director
 Award / grant 71$169.20$11,95422,468
2026-10-01Petrino Richard
Director
 Award / grant 6$169.20$1,0474,350
2026-10-01Mehta Siddharth N
Director
 Award / grant 31$169.20$5,21512,518
2026-10-01Tribbett Charles A
Director
 Award / grant 80$169.20$13,56335,949
2026-10-01Thompson Donald
Director
 Award / grant 145$169.20$24,59232,045
2026-09-30Harrison Dean M
Director
 Award / grant 266$169.36$45,00135,170
2026-09-30Dhandapani Chandra
Director
 Award / grant 207$169.36$35,0007,116
2026-09-30Thompson Donald
Director
 Award / grant 221$169.36$37,50031,900

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired4414,746$494,634
GiftAcquired22,320—
GiftDisposed21,620—
Open-market buyAcquired2480$83,233
Open-market saleDisposed628,268$4.7M
Tax withholdingDisposed23,329$565,943
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
None on file.
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 5 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-07Ro KhannaHouseSale$1,001 - $15,0002026-08-12
2025-10-31Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHousePurchase$1,001 - $15,0002025-11-24
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.14,517,839$2.5B7.94%
VANGUARD CAPITAL MANAGEMENT LLC11,779,613$2.0B6.44%
STATE STREET CORP9,095,046$1.6B4.97%
FMR LLC8,683,057$1.5B4.75%
VANGUARD PORTFOLIO MANAGEMENT LLC8,414,408$1.5B4.60%
PRIMECAP MANAGEMENT CO/CA/6,100,742$1.1B3.33%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/5,702,539$1.0B3.12%
GEODE CAPITAL MANAGEMENT, LLC5,155,381$892.9M2.82%
NORTHERN TRUST CORP4,863,475$845.5M2.66%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO4,145,102$720.6M2.27%
Invesco Ltd.3,273,660$569.1M1.79%
GOLDMAN SACHS GROUP INC2,886,875$501.9M1.58%
DIMENSIONAL FUND ADVISORS LP2,497,902$434.3M1.37%
MORGAN STANLEY2,484,759$432.0M1.36%
Bank of New York Mellon Corp2,066,727$359.3M1.13%

Institutional ownership by quarter

2023-092026-0684.8%
% of shares held by 13F filers
2023-092026-061,026
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,02684.8%14137233167
2026-03-3196184.4%12834629763
2025-12-3191485.3%12128832666
2025-09-3087686.7%10228729961
2025-06-3084490.9%14326328979
2025-03-3178891.3%8627427773
2024-12-3178690.9%12625227050
2024-09-3072891.5%9624426457
2024-06-3069790.6%7623225954
2024-03-3168590.9%7724123360
2023-12-3167592.7%10320825361
2023-09-3064591.6%5322025566

Schedule 13D / 13G filers

FiledFormFiler% of classShares
None on file.
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$934.1M
VTI0.04%$934.1M
VTSAX0.04%$934.1M
VSMPX0.04%$934.1M
VOO0.05%$813.6M
VFINX0.05%$813.6M

Share structure

Shares outstanding182,956,000
Float179,788,691
Free float98.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.5B$7.8B$12.1B$15.9B$14.3B
Cost of revenue−$57.7M$1.0B$5.4B$7.6B$6.2B
Gross profit$6.5B$6.7B$6.7B$8.3B$8.1B
R&D$0$0$0$0$0
SG&A$2.6B$2.8B$2.9B$3.0B$3.5B
Operating income$2.0B$1.8B$1.5B$2.7B$2.3B
EBITDA$2.5B$2.3B$2.1B$3.4B$3.2B
Pretax income$2.0B$1.8B$1.5B$2.7B$2.3B
Income tax$464.8M$430.3M$357.5M$628.4M$602.6M
Net income$1.5B$1.3B$1.1B$2.0B$1.7B
EPS, diluted$7.14$6.14$5.08$9.77$8.74
Diluted shares208.9M208.9M207.6M201.9M188.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$0$74.5B$64.9B$56.5B$63.8B
Receivables$0$1.7B$212.6M$41.1M$0
Inventory$0$0$0$0$0
Total current assets$73.5B$76.2B$65.1B$56.6B$63.8B
PP&E, net$1.0B$500.5M$502.2M$968.3M$464.6M
Goodwill & intangibles$2.5B$691.3M$702.3M$2.9B$712.9M
Total assets$183.9B$155.0B$150.8B$155.5B$177.1B
Accounts payable$0$0$0$0$0
Total current liabilities$53.0B$126.4B$120.0B$125.1B$155.7B
Long-term debt$3.2B$12.4B$13.4B$13.4B$3.5B
Total liabilities$171.9B$143.8B$138.9B$142.7B$164.2B
Shareholders' equity$12.0B$11.3B$11.9B$12.8B$13.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.5B$1.3B$1.1B$2.0B$1.7B
Depreciation & amortization$515.6M$553.6M$634.6M$716.8M$779.1M
Stock-based compensation$0$0$0$0$0
Change in working capital−$898.0M$931.2M−$19.2M−$3.2B$2.7B
Operating cash flow$1.4B$2.4B$2.6B−$486.0M$5.5B
Capital expenditure−$515.1M−$723.5M−$675.8M−$745.5M−$74.0M
Free cash flow$840.9M$1.7B$1.9B−$1.2B$5.5B
Investing cash flow−$18.6B$25.9B$4.8B−$2.6B−$20.2B
Net debt issued / repaid−$1.2B$5.5B$940.9M−$103.8M$278.4M
Buybacks−$267.6M−$35.4M−$347.5M−$937.8M−$1.3B
Dividends paid−$625.1M−$796.7M−$663.3M−$644.1M−$633.4M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin100.9%87.1%55.7%52.2%56.5%
Operating margin31.0%22.8%12.1%16.8%16.3%
Net margin23.8%17.2%9.1%12.8%12.1%
FCF margin13.0%21.5%16.1%-7.8%33.1%
ROE13.0%11.5%9.6%16.5%13.5%
ROIC7.6%-2.8%-3.1%-7.3%-5.0%
ROA0.9%0.8%0.7%1.3%1.0%
Debt / equity0.701.321.451.251.27
Interest coverage84.1x1.8x0.3x0.4x0.4x
Current ratio1.390.600.540.450.41
Revenue growth+3.0%+19.4%+56.4%+31.0%−9.9%
EPS growth+28.0%−13.7%−16.2%+91.2%−10.2%
P/E at year end14.2x12.5x14.8x9.7x14.8x
EV / EBITDA at year end12.0xn/mn/mn/mn/m
FCF yield at year end3.83%9.96%11.89%-6.23%18.38%
Dividend payout40.5%59.6%59.9%31.7%36.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Corporate and Institutional Service————$4.8B
Asset Servicing Segment———$4.4B—
Wealth Management$2.9B$2.9B$2.9B$3.2B$3.4B
Treasury and Other−$21.3M−$235.6M———

Revenue by region · FY2025

Domestic Country$5.7B · 70%
Foreign Country$2.4B · 30%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $2.87 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$9.5B$9.4B – $9.5B$11.53$11.10 – $12.67814.4x
2027$9.5B$9.4B – $9.5B$12.80$12.46 – $12.97912.9x
2028$10.0B$9.8B – $10.2B$14.32$14.01 – $15.22511.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$2.71$2.97+9.6%$2.7B$2.7B+0.5%
2026-04-21$2.37$2.71+14.3%$2.1B$2.2B+4.4%
2026-01-22$2.37$2.69+13.5%$2.1B$2.1B+3.8%
2025-10-22$2.26$2.29+1.3%$2.0B$3.6B+76.5%
2025-07-23$2.06$2.13+3.4%$2.0B$3.6B+83.2%
2025-04-22$1.85$1.90+2.7%$2.0B$3.5B+79.9%
2025-01-23$1.96$2.26+15.3%$1.9B$2.0B+1.9%
2024-10-23$1.74$2.01+15.5%$1.9B$1.4B−27.0%
2024-07-17$1.75$1.78+1.7%$1.8B$4.6B+150.1%
2024-04-16$1.45$1.70+17.2%$1.8B$3.6B+99.9%
2024-01-18$1.33$1.46+9.8%$1.7B$3.3B+88.6%
2023-10-18$1.50$1.49−0.7%$1.7B$1.7B−2.0%
2023-07-19$1.62$1.56−3.7%$1.8B$1.8B+0.4%
2023-04-25$1.52$1.51−0.7%$1.8B$1.7B−2.6%
2023-01-19$1.81$1.65−8.8%$1.8B$1.5B−13.6%
2022-10-19$1.84$1.80−2.2%$1.8B$1.8B−0.8%
2022-07-20$1.93$1.86−3.6%$1.8B$1.8B+0.1%
2022-04-26$1.64$1.77+7.9%$1.7B$1.7B+1.9%
2022-01-20$1.81$1.91+5.5%$1.7B$1.7B−0.2%
2021-10-20$1.67$1.80+7.8%$1.6B$1.6B+2.4%
2021-07-21$1.71$1.79+4.7%$1.6B$1.6B−0.0%
2021-04-20$1.49$1.70+14.1%$1.2B$1.6B+35.4%
2021-01-21$1.52$1.49−2.0%$1.3B$1.5B+16.0%
2020-10-21$1.38$1.48+7.2%$1.4B$1.5B+9.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.206-220.206-290.207-060.307-130.507-200.307-270.308-030.308-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$187.0M1,009,25334,576
2026-08-24$193.1M1,033,71432,384
2026-08-17$237.0M1,265,61341,377
2026-08-10$254.0M1,342,42233,073
2026-08-03$264.9M1,443,14442,161
2026-07-27$308.1M1,701,95947,643

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.6%
DateShort shareShort volumeTotal volume
2026-10-1553.6%243,867454,614
2026-10-1449.9%313,265627,969
2026-10-1348.1%185,465385,330
2026-10-1247.4%199,772421,481
2026-10-0935.1%161,329460,232
2026-10-0825.9%166,124640,567
2026-10-0721.9%105,249481,657
2026-10-0646.6%159,508342,645
2026-10-0546.0%132,290287,585
2026-10-0241.1%189,007459,963
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.7Jan-0.3Feb+0.9Mar+0.2Apr+0.5May+0.3Jun+2.0Jul-1.3Aug-1.1Sep+1.7Oct+4.5Nov+3.3Dec
MonthAvg returnUp yearsYears
Jan−0.7%35%20
Feb−0.3%45%20
Mar+0.9%48%21
Apr+0.2%50%20
May+0.5%55%20
Jun+0.3%40%20
Jul+2.0%65%20
Aug−1.3%45%20
Sep−1.1%45%20
Oct+1.7%65%20
Nov+4.5%70%20
Dec+3.3%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1434.6
MFI47.2
ADX40.0
Stochastic %K / %D31.3 / 25.4
Williams %R-61.4
CCI-86
TSI / signal-33.5 / -29.0
Chaikin money flow-0.03
ATR$3.90
Bollinger width9.1%
Volume vs 20-day avg2.23x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$170.47 (−2.9%)
SMA 50$179.36 (−7.7%)
SMA 200$164.09 (+0.9%)
EMA 21$170.77 (−3.1%)
EMA 50$175.23 (−5.5%)
EMA 200$164.33 (+0.7%)
Bollinger upper$178.21 (−7.1%)
Bollinger lower$162.72 (+1.7%)
Parabolic SAR$170.80 (−3.1%)
Open the live chart, 110+ indicators

About Northern Trust Corporation

Northern Trust Corporation, a financial holding company established in 1889 and based in Chicago, Illinois, offers a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions worldwide. Its diverse client base includes corporations, institutions, families, and individual investors. The company structures its operations across two primary segments: Asset Servicing and Wealth Management. The Asset Servicing division delivers a broad spectrum of support and operational services tailored for institutional entities. These services include custody, fund administration, outsourced investment operations, investment management, investment risk and analytical reporting, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, and banking and cash management solutions. This segment serves corporate and public retirement funds, charitable foundations, endowments, investment managers, insurance companies, sovereign wealth funds, and other major institutional investors. Conversely, the Wealth Management segment is dedicated to high-net-worth individuals, families, business owners, executives, professionals, retirees, and established privately held businesses. Its offerings span trust administration, investment management, custody, philanthropic advisory, financial consulting, guardianship and estate administration, family business consulting, family financial education, brokerage services, and private and business banking. Furthermore, Northern Trust provides extensive asset management capabilities, encompassing active and passive strategies for both equity and fixed income, cash management, and alternative asset classes like private equity and hedge funds of funds. These investment products are delivered via diverse vehicles, including individually managed accounts, bank common and collective funds, registered investment companies, exchange-traded funds, non-U.S. collective investment funds, and unregistered private investment funds. The corporation also offers sophisticated overlay and other risk management services.

https://www.northerntrust.com

Key executives

NameTitlePayBorn
Michael G. O'GradyChairman, President & CEO$3.8M1966
Peter CherecwichExecutive Vice President & Chief Operating Officer$2.1M1965
Jason Jerrome TylerExecutive Vice President & President of Wealth Management$2.0M1972
Thomas A. SouthExecutive Vice President & Chief Information Officer$1.7M1970
Alexandria TaylorExecutive Vice President & Chief Administrative Officer$1.6M1983
Ian HeadonHead of Depositary Regulatory & Technical Services——
Jim WardSenior Investment Officer & Senior Vice President of Western Michigan Office——
K. Kelly MannardChief Marketing & Communications Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Frederick H. Waddell Chairman and Chief Executive Officer2013$975,000$5.0M$1.9M$9.2M
William L. Morrison President and Chief Operating Officer2013$775,000$2.5M$1.0M$4.9M
Michael G. O’Grady Executive Vice President and Chief Financial Officer2013$593,750$1.5M$750,000$3.3M
Steven L. Fradkin President—Corporate and Institutional Services2013$600,000$1.5M$800,000$3.3M
Jana R. Schreuder President—Wealth Management2013$600,000$1.5M$785,000$3.3M

Employees

19k201820k201921k202021k202124k202223k202323k202424k2025

Dividends

Ex-dateAmountPaid
2026-09-04$0.882026-10-01
2026-06-05$0.82026-07-01
2026-03-06$0.82026-04-01
2025-12-05$0.82026-01-01
2025-09-05$0.82025-10-01
2025-06-06$0.752025-07-01
2025-03-14$0.752025-04-01
2024-12-06$0.752025-01-01

Moat model

Weak · Network Effects · 2026-06-30
Cost advantage32
Intangibles47
Switching costs57
Network effect67
Efficient scale37
Our component scores (0-100) and overall 48.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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