Northern Trust (NTRS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Northern Trust

NasdaqGS•Financial Services•Asset Management

$169.16-3.76(-0.02%)Market closed

Market Cap

$31.07B

P/E

12.8x

P/S

5.8x

P/B

2.3x

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytics services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, banking, and cash management services. It serves corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors. The Wealth Management segment offers trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage; and private and business banking services. This segment also provides global custody, fiduciary services, family office consulting, and technology solutions to high-net-worth individuals and families, business owners, executives, professionals, retirees, and established privately held businesses. In addition, it offers asset management and related services comprising active and passive equity; active and passive fixed income; cash management; multi-asset and alternative asset classes that include private equity and hedge funds of funds; and multi-manager advisory services and products through separately managed accounts, bank common and collective funds, registered investment companies, exchange-traded funds, non-U.S. collective investment funds, and unregistered private investment funds. Further, the company provides overlay and other risk management services. The company was founded in 1889 and is headquartered in Chicago, Illinois.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Profitability (22/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability22/25

Growth21/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality11/25

Strengths

Strong marginsHigh ROERising earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.8x5y range 8.7x – 20.8x

Currently near its 20-quarter median.

P/S · 5.8x5y range 4.0x – 6.1x

Currently near its 20-quarter median.

P/B · 2.3x5y range 1.5x – 2.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $31.07B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.37B
Q. Revenue: $1.37B
TTM EBITDA: $3.20B
TTM Op. Income: $3.20B
Q. Op. Income: $796.50M
TTM Net Income: $2.43B
Q. Net Income: $642.90M
EPS: N/A
Shares Out.: $182.04M

$5.37B in TTM revenue grew 8.9% YoY, reaching $1.37B last quarter. TTM EBITDA of $3.20B and TTM operating income of $3.20B show growth is flowing through to the bottom line. TTM net income of $2.43B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 58.0%
Op. Margin: 58.0%
Net Margin: 46.8%

Op. margin of 58.0% is up 9.1% YoY — cost efficiency is improving. Net margin at 46.8% Over the past year, operating margin is up 19% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.8x
P/S Ratio: 5.8x
P/B Ratio: 2.3x

At 12.8x P/E, the stock trades below typical market levels. P/S of 5.8x and P/B of 2.3x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 13% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $167.27B
Cash: $6.44B
Long-Term Debt: N/A
Book Value: $13.36B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.82B
TTM Free Cash Flow: $1.74B
FCF Margin: 32.4%
FCF / Net Income: 0.7

TTM FCF of $1.74B on $1.82B in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 28% — an improving trend.