Financials · Asset Management & Custody Banks · US stock · price as of 16 Oct 2026
Key indicators
Price
$165.54
52-week range
$118.61 – $194.86
Market cap
$30.6B
P/E (trailing)
13.9×
Dividend yield
2.0%
Revenue (last 12 months)
$8.3B
Revenue growth (3y a year)
6.1%
Price / book
2.3×
Return on equity
16.7%
Fair value
Blended fair value$116.51 book-value models
Versus priceOvervalued−30% to fair value
Excess-return model (banks, insurers)
$92.41
Price / book vs return on equity
$152.66
Model uncertainty
High
X-Ray Score
41/ 100 · Medium confidence · ahead of 21% of sector peers
Valuation36
Growth45
Profitability50
Financial health43
Dividends17
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Northern Trust Corp an X-Ray Score of 41 out of 100 (medium confidence), ahead of 21% of the S&P 500 stocks in its sector. Its strongest lens is profitability (50) and its weakest is dividends (17).
Our fair value blend is $116.51. At $165.54 the stock trades 42% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Northern Trust Corp (NTRS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$103.75
$79.04
$78.23
$98.28
$134.57
$165.54
Market cap
$21.7B
$16.5B
$16.2B
$19.8B
$25.9B
$30.6B
P/E
14.5×
12.9×
15.4×
10.1×
15.4×
13.9×
Price / book
1.8×
1.5×
1.4×
1.6×
2.0×
2.3×
Dividend yield
2.70%
3.67%
3.83%
3.05%
2.30%
1.98%
Fundamentals checklist ● 2 Good · ● 3 Average · ● 2 Bad · each check graded against the sector
Risk models
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)12.5%Average
Revenue growth (3y)6.1%Average
Growth consistency90%Average
Valuation
Fair value vs price0.7×Bad
Profitability
Return on invested capital29.2%Good
Operating margin36.2%Good
Red flags
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Northern Trust Corp (NTRS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,465
6,761
6,774
8,290
8,086
8,332
Net income
1,545
1,336
1,107
2,031
1,737
2,241
Diluted EPS ($)
7.14
6.14
5.08
9.77
8.74
11.88
Net margin
23.9%
19.8%
16.3%
24.5%
21.5%
26.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
183,890
155,037
150,783
155,508
177,133
179,297
Cash
3,057
4,654
4,792
4,677
5,873
5,737
Total debt
–
–
–
–
–
–
Equity
12,017
11,260
11,898
12,788
12,958
13,402
Dividend per share ($)
2.80
2.90
3.00
3.00
3.10
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.