Northern Trust Corp (NTRS)
Financials · Asset Management & Custody Banks · US stock · S&P 500 component
$167.92
▲ +2.10 (1.27%)
Fair valueFair
$174 +3.5% to fair value
$87fair band $148–$211$261
Day's range
$163.42 – $168.77
52-week range
$121.53 – $195.78
Red flags⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk⚠ Dividend may be at risk
About Northern Trust Corp
Northern Trust is a Chicago-based financial institution that provides asset servicing, wealth management and asset management. Institutional clients such as pension funds, asset managers and corporations use it to hold, administer and report on their investments, while wealthy individuals and families use its private banking and wealth advice. The business is organised around corporate and institutional services and wealth management, and it also manages money through its asset management arm.
The bank earns income from fees for custody, administration, investment management and wealth advice, together with net interest income on its deposits and loans. Revenue is $8.3 billion over the last twelve months, rising 6.1% a year across the last three years. The operating margin is 36.2%, and the business earns a profit of 29% on the capital invested in it. The dividend yield is 2.0%. On the site's X-Ray Score it receives 41 out of 100.
Price chart
52-wk range $121.53 – $195.78Volume 1,508,796Daily, split-adjusted
Vitals
Market cap$31.0B
52-week range$121.53 – $195.78
Volume (last day)1,508,796
P/E (TTM)14.1
EBIT / EV yield11.9%
Free-cash-flow yield1.4%
Dividend yield2.0%
Revenue (TTM)$8.3B
Net income (TTM)$2.2B
Operating margin36.2%
Return on capital29.2%
Debt incl. leasesData missing
Cash & securities$5.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$174middle half of models $140 – $168
Fair
+3.5% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $168
Undervalued < $148Fair $148 – $211Overvalued > $211
P/E multiple
$168
P/B multiple
$140
P/S multiple
$137
Dividend discount, stable
$159
Dividend discount, multi-stage
$265
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
39/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield11.9%
Free-cash-flow yield1.4%
Fair value vs price1.0×
Growth
Weak
45/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)6.1%
EPS growth (3y)12.5%
Growth consistency90%
Profitability
Weak
50/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital29.2%
Operating margin36.2%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Interest coverNo interest cost
Dividends
Weak
17/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.0%
Dividends vs free cash flow136%
Dividend growth-7.6%
Quarterly results: last 6 quarters
+6.2%
Mar '25
+5.6%
Jun '25
+5.8%
Sep '25
-8.5%
Dec '25
+10.5%
Mar '26
+9.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.3B.
Compare with peers
AMP Ameriprise Financial I...68 APO Apollo Global Manageme...59 BX Blackstone Inc.52 STT State Street Corp51Other Asset Management & Custody Banks companies by X-Ray Score.
SWOT analysis: Northern Trust Corp
Strengthsinside the company
- Return on invested capital is 29.2%, against a median of 14.4% for industry peers.
- Operating margin of 36.2% is well above the 27.3% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 12.5% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Dividends (2.0% yield) are larger than free cash flow (payout 136% of it).
Opportunitiesvaluation and setting
- Trades at 13.9x earnings, 22% below the 17.8x median of industry peers.
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Revenue growth slowed to -2.5% last year from 6.1% a year over three years.
- Our checks raised: Dividend may be at risk; Dividend may be at risk.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare NTRS with peers and sector
Medians of 9 Asset Management & Custody Banks peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): BLK 34, BNY 36, BX 52, APO 59, STT 51, AMP 68.
| Metric | NTRS | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 41 | 44 | 52 |
| Valuation | 39 | 43 | 53 |
| Growth | 45 | 51 | 54 |
| Profitability | 50 | 44 | 48 |
| Financial health | 43 | 50 | 51 |
| Dividends | 17 | 45 | 54 |
Sector leaders: highest X-Ray Score in Financials
NTRS ranks #53 of 71 in Financials and #6 of 10 in Asset Management & Custody Banks by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for NTRS
Each factor is rated by where NTRS stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 6 Average · 1 Bad of 8
Growth: 0 · 2 · 1
Profitability: 1 · 1 · 0
Valuation: 0 · 3 · 0
| Factor | NTRS | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +6.1% | Average beats 39% | +8.3% | – | – |
| Revenue growth, last year | −2.5% | Bad beats 8% | +6.9% | +4.6% | ▼ Worse |
| EPS growth, 3 years a year | +12.5% | Average beats 49% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 26.9% | Good beats 70% | 21.8% | 21.5% | ▲ Better |
| Return on equity | 16.7% | Average beats 55% | 15.7% | 12.9% | ▲ Better |
| Valuation | |||||
| P/E ratio | 13.9x | Average beats 48% | 13.7x | 15.1x | ≈ In line |
| Price / book | 2.3x | Average beats 46% | 2.1x | 1.6x | ▼ Worse |
| Price / sales | 3.7x | Average beats 38% | 3.1x | 2.7x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 4 Average · ● 3 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 53/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.5B | $6.8B | $6.8B | $8.3B | $8.1B |
| Operating income | $2.0B | $2.8B | $6.8B | $2.7B | $2.3B |
| Net income | $1.5B | $1.3B | $1.1B | $2.0B | $1.7B |
| Operating cash flow | $1.4B | $2.4B | $2.6B | −$486M | $5.5B |
| Operating margin | 31.5% | 40.8% | 100.5% | 32.1% | 28.9% |
| Free cash flow | $1.3B | $2.3B | $2.5B | −$588M | $5.5B |
| Diluted EPS | $7.14 | $6.14 | $5.08 | $9.77 | $8.74 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 4 neutral · 8 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 166.1 | Bullish |
| EMA 10 | 166.8 | Bullish |
| SMA 20 | 168.2 | Bearish |
| EMA 20 | 168.8 | Bearish |
| SMA 50 | 177.0 | Bearish |
| EMA 50 | 173.4 | Bearish |
| SMA 100 | 177.7 | Bearish |
| EMA 100 | 172.7 | Bearish |
| SMA 200 | 163.7 | Bullish |
| EMA 200 | 163.6 | Bullish |
Oscillators (daily)
| RSI (14) | 44.12 | Neutral |
| MACD (12, 26) | -3.02 | Bearish |
| Momentum (12) | -0.15 | Bearish |
| Stochastic %K (14) | 71.75 | Neutral |
| Williams %R (14) | -28.25 | Neutral |
| CCI (20) | -40.75 | Neutral |
Pivot points (classic, last session)
S3 159.3 | S2 161.4 | S1 164.6 | Pivot 166.7 | R1 170.0 | R2 172.1 | R3 175.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.28 USD
Yield on today's price
1.95%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8800 | |
| 0.8000 | |
| 0.8000 | |
| 0.8000 | |
| 0.8000 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold NTRS
| ETF | Share of the fund |
|---|---|
| KBWB Invesco KBW Bank | 3.68% |
| KBE SPDR S&P Bank | 0.98% |
| SDVY First Trust SMID Cap Rising Dividend A... | 0.78% |
| CLSE Convergence Long/Short Equity | 0.76% |
| FMDE Fidelity Enhanced Mid Cap | 0.75% |
| WTV WisdomTree U.S. Quality Shareholder Yi... | 0.68% |
| ROUS Hartford Multifactor US Equity | 0.55% |
| VOE Vanguard Mid-Cap Value | 0.53% |
The eight funds with the largest weight in NTRS among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
NTRS stock splits
NTRS has split its stock 4 times since 1990. The latest was a 2-for-1 split on 10 Dec 1999.
Full NTRS stock split history →NTRS SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.