Northern Trust Corporation (NTRS) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Asset Management
EV/EBITDA
↑
-3.98
—
5yr avg: N/A
30Y Low2.3·High32.1
P/FCF
↓
5.84
↓-57% vs avg
5yr avg: 13.62
30Y Low4.7·High89.7
P/B Ratio
↓
2.50
↑+42% vs avg
5yr avg: 1.76
30Y Low1.3·High7.6
ROE
↑
13.5%
↓+5% vs avg
5yr avg: 12.8%
30Y Low9%·High21%
Debt/EBITDA
↑
5.11
↓-8% vs avg
5yr avg: 5.56
30Y Low3.3·High16.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NTRS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Northern Trust Corporation trades at 19.7x earnings, 33% above its 5-year average of 14.8x, sitting at the 53rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 45%. On a free-cash-flow basis, the stock trades at 5.8x P/FCF, 57% below the 5-year average of 13.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.9B | $25.8B | $20.7B | $17.5B | $18.5B | $25.0B | $19.5B | $22.9B | $18.8B | $22.9B | $20.4B |
| Enterprise Value | $-12804402690 | $-18941584620 | $-8712125000 | $-6306349680 | $-13296259170 | $-36171790610 | $-35197094880 | $-8530649760 | $-6095548080 | $-15273461940 | $-7508003450 |
| P/E Ratio → | 19.69 | 15.63 | 10.49 | 16.61 | 14.41 | 16.75 | 17.06 | 16.02 | 12.59 | 20.30 | 20.61 |
| P/S Ratio | 2.23 | 1.80 | 1.30 | 1.45 | 2.38 | 3.85 | 3.09 | 3.32 | 2.82 | 4.01 | 4.06 |
| P/B Ratio | 2.50 | 1.99 | 1.62 | 1.47 | 1.64 | 2.08 | 1.67 | 2.07 | 1.79 | 2.25 | 2.09 |
| P/FCF | 5.84 | 4.72 | — | 8.98 | 11.07 | 29.71 | 14.57 | 11.50 | 14.88 | 18.39 | 19.69 |
| P/OCF | 5.76 | 4.65 | — | 6.67 | 7.73 | 18.43 | 10.26 | 8.84 | 10.62 | 13.33 | 13.51 |
P/E links to full P/E history page with 30-year chart
NTRS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.32 | -0.55 | -0.52 | -1.72 | -5.57 | -5.59 | -1.24 | -0.92 | -2.67 | -1.50 |
| EV / EBITDA | -3.98 | -5.89 | -2.58 | -3.00 | -5.73 | -14.32 | -16.54 | -3.55 | -2.52 | -7.43 | -3.97 |
| EV / EBIT | -5.49 | -8.12 | -3.28 | -4.31 | -7.53 | -18.00 | -21.63 | -4.39 | -3.11 | -9.35 | -4.95 |
| EV / FCF | — | -3.47 | — | -3.23 | -7.97 | -43.02 | -26.34 | -4.28 | -4.83 | -12.24 | -7.24 |
NTRS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Northern Trust Corporation earns an operating margin of 16.3%, below the Financial Services sector average of 20.3%. Operating margins have expanded from 12.1% to 16.3% over the past 3 years, signaling improving operational efficiency. ROE of 13.5% is modest. ROIC of 6.0% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.5% | 56.5% | 52.2% | 55.7% | 87.1% | 100.9% | 94.8% | 88.3% | 89.7% | 94.5% | 96.9% |
| Operating Margin | 16.3% | 16.3% | 16.8% | 12.1% | 22.8% | 31.0% | 25.8% | 28.2% | 29.4% | 28.6% | 30.2% |
| Net Profit Margin | 12.1% | 12.1% | 12.8% | 9.1% | 17.2% | 23.8% | 19.2% | 21.6% | 23.4% | 21.0% | 20.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 16.5% | 9.6% | 11.5% | 13.0% | 10.6% | 13.8% | 15.0% | 12.0% | 11.2% |
| ROA | 1.0% | 1.0% | 1.3% | 0.7% | 0.8% | 0.9% | 0.8% | 1.1% | 1.1% | 0.9% | 0.9% |
| ROIC | 6.0% | 6.0% | 6.9% | 4.0% | 5.7% | 7.2% | 5.5% | 6.1% | 6.2% | 5.9% | 6.4% |
| ROCE | 9.0% | 9.0% | 8.7% | 4.9% | 6.9% | 8.2% | 6.2% | 7.5% | 8.2% | 7.3% | 7.5% |
NTRS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Northern Trust Corporation carries a Debt/EBITDA ratio of 5.1x, which is highly leveraged (20% above the sector average of 4.3x). The company holds a net cash position — cash of $61.1B exceeds total debt of $16.4B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 0.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.27 | 1.27 | 1.25 | 1.45 | 1.32 | 0.70 | 0.82 | 1.06 | 1.34 | 1.21 | 0.91 |
| Debt / EBITDA | 5.11 | 5.11 | 4.74 | 8.21 | 6.40 | 3.34 | 4.51 | 4.90 | 5.82 | 6.03 | 4.70 |
| Net Debt / Equity | — | -3.45 | -2.30 | -2.00 | -2.82 | -5.09 | -4.68 | -2.83 | -2.37 | -3.74 | -2.86 |
| Net Debt / EBITDA | -13.90 | -13.90 | -8.71 | -11.35 | -13.70 | -24.21 | -25.69 | -13.08 | -10.28 | -18.59 | -14.77 |
| Debt / FCF | — | -8.19 | — | -12.22 | -19.04 | -72.73 | -40.90 | -15.78 | -19.71 | -30.63 | -26.93 |
| Interest Coverage | 0.38 | 0.38 | 0.35 | 0.27 | 1.78 | 84.46 | 8.13 | 2.37 | 2.80 | 4.80 | 8.34 |
Net cash position: cash ($61.1B) exceeds total debt ($16.4B)
NTRS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.41x is below 1.0, meaning current liabilities exceed current assets — though the company's $61.1B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.54x to 0.41x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.41 | 0.41 | 0.45 | 0.54 | 0.60 | 0.68 | 0.75 | 0.75 | 0.72 | 0.56 | 0.49 |
| Quick Ratio | 0.41 | 0.41 | 0.45 | 0.54 | 0.60 | 0.68 | 0.75 | 0.75 | 0.72 | 0.56 | 0.49 |
| Cash Ratio | 0.39 | 0.39 | 0.36 | 0.34 | 0.37 | 0.43 | 0.45 | 0.39 | 0.36 | 0.44 | 0.36 |
| Asset Turnover | — | 0.08 | 0.10 | 0.08 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NTRS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Northern Trust Corporation returns 5.8% to shareholders annually — split between a 1.8% dividend yield and 4.0% buyback yield. The payout ratio of 34.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 34.1% | 34.1% | 29.7% | 56.1% | 56.2% | 37.7% | 48.3% | 35.5% | 26.0% | 29.8% | 32.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 6.4% | 9.5% | 6.0% | 6.9% | 6.0% | 5.9% | 6.2% | 7.9% | 4.9% | 4.9% |
| FCF Yield | 17.1% | 21.2% | — | 11.1% | 9.0% | 3.4% | 6.9% | 8.7% | 6.7% | 5.4% | 5.1% |
| Buyback Yield | 4.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $189M | $202M | $208M | $209M | $209M | $209M | $216M | $224M | $230M | $229M |
Peer Comparison
Compare NTRS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NTRSYou | $32B | 19.7 | -4.0 | 5.8 | 56.5% | 16.3% | 13.5% | 6.0% | 5.1 |
 STT | $49B | 17.9 | -12.3 | 11.3 | 61.4% | 16.5% | 11.1% | 4.7% | 7.0 |
 BK | $100B | 19.2 | 0.3 | 19.3 | 48.9% | 17.5% | 12.8% | 6.4% | 3.8 |
 TROW | $23B | 11.6 | 8.0 | 15.8 | 62.7% | 29.9% | 17.8% | 13.3% | 0.3 |
 BEN | $17B | 36.3 | 23.7 | 18.8 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 IVZ | $13B | -17.6 | 16.8 | 8.7 | 43.2% | -10.9% | -2.0% | -2.3% | 8.2 |
 GS | $348B | 21.4 | 33.0 | — | 47.5% | 17.5% | 13.9% | 2.2% | 25.4 |
 MS | $356B | 21.9 | 27.0 | 7.7 | 57.1% | 19.1% | 15.5% | 3.1% | 17.9 |
 JPM | $909B | 16.2 | 18.5 | 9.0 | 59.9% | 26.0% | 16.1% | 4.5% | 11.6 |
 WFC | $265B | 13.0 | 17.6 | — | 64.8% | 20.4% | 11.7% | 3.5% | 14.5 |
 USB | $90B | 12.6 | 11.8 | 11.4 | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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NTRS — Frequently Asked Questions
Quick answers to the most common questions about buying NTRS stock.
What is Northern Trust Corporation's P/E ratio?
Northern Trust Corporation's current P/E ratio is 19.7x. The historical average is 20.1x. This places it at the 53th percentile of its historical range.
What is Northern Trust Corporation's EV/EBITDA?
Northern Trust Corporation's current EV/EBITDA is -4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
What is Northern Trust Corporation's ROE?
Northern Trust Corporation's return on equity (ROE) is 13.5%. The historical average is 14.2%.
Is NTRS stock overvalued?
Based on historical data, Northern Trust Corporation is trading at a P/E of 19.7x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Northern Trust Corporation's dividend yield?
Northern Trust Corporation's current dividend yield is 1.82% with a payout ratio of 34.1%.
What are Northern Trust Corporation's profit margins?
Northern Trust Corporation has 56.5% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Northern Trust Corporation have?
Northern Trust Corporation's Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.