Northern Trust Corporation (NTRS) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Asset Management
EV/EBITDA
↑
-4.49
—
5yr avg: N/A
30Y Low2.3·High32.1
P/FCF
↓
5.54
↓-59% vs avg
5yr avg: 13.62
30Y Low4.7·High89.7
P/B Ratio
↓
2.38
↑+35% 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 18.7x earnings, 26% above its 5-year average of 14.8x, sitting at the 50th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 40%. On a free-cash-flow basis, the stock trades at 5.5x P/FCF, 59% 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 | $30.3B | $25.8B | $20.7B | $17.5B | $18.5B | $25.0B | $19.5B | $22.9B | $18.8B | $22.9B | $20.4B |
| Enterprise Value | $-14440787120 | $-18941584620 | $-8712125000 | $-6306349680 | $-13296259170 | $-36171790610 | $-35197094880 | $-8530649760 | $-6095548080 | $-15273461940 | $-7508003450 |
| P/E Ratio → | 18.68 | 15.63 | 10.49 | 16.61 | 14.41 | 16.75 | 17.06 | 16.02 | 12.59 | 20.30 | 20.61 |
| P/S Ratio | 2.12 | 1.80 | 1.30 | 1.45 | 2.38 | 3.85 | 3.09 | 3.32 | 2.82 | 4.01 | 4.06 |
| P/B Ratio | 2.38 | 1.99 | 1.62 | 1.47 | 1.64 | 2.08 | 1.67 | 2.07 | 1.79 | 2.25 | 2.09 |
| P/FCF | 5.54 | 4.72 | — | 8.98 | 11.07 | 29.71 | 14.57 | 11.50 | 14.88 | 18.39 | 19.69 |
| P/OCF | 5.47 | 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 | -4.49 | -5.89 | -2.58 | -3.00 | -5.73 | -14.32 | -16.54 | -3.55 | -2.52 | -7.43 | -3.97 |
| EV / EBIT | -6.19 | -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 21.4%. 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 5.7%.
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 (24% above the sector average of 4.1x). 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 6.1% to shareholders annually — split between a 1.9% dividend yield and 4.2% buyback yield. The payout ratio of 34.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.4% (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 | 1.9% | 2.3% | 2.9% | 3.5% | 4.1% | 2.3% | 3.0% | 2.3% | 2.2% | 1.6% | 1.6% |
| 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 | 5.4% | 6.4% | 9.5% | 6.0% | 6.9% | 6.0% | 5.9% | 6.2% | 7.9% | 4.9% | 4.9% |
| FCF Yield | 18.0% | 21.2% | — | 11.1% | 9.0% | 3.4% | 6.9% | 8.7% | 6.7% | 5.4% | 5.1% |
| Buyback Yield | 4.2% | 4.9% | 4.5% | 2.0% | 0.2% | 1.1% | 1.5% | 4.8% | 4.9% | 2.3% | 2.0% |
| Total Shareholder Yield | 6.1% | 7.2% | 7.4% | 5.5% | 4.3% | 3.4% | 4.5% | 7.1% | 7.1% | 3.8% | 3.6% |
| 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 | $30B | 18.7 | -4.5 | 5.5 | 56.5% | 16.3% | 13.5% | 6.0% | 5.1 |
 STT | $43B | 18.4 | -9.2 | — | 58.5% | 15.5% | 10.9% | 4.6% | 9.2 |
 BK | $92B | 23.0 | 4.6 | — | 46.0% | 14.8% | 11.0% | 5.0% | 5.9 |
 TROW | $23B | 11.5 | 7.9 | 15.6 | 62.7% | 29.9% | 17.8% | 13.3% | 0.3 |
 BEN | $16B | 34.2 | 22.8 | 17.8 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 IVZ | $12B | -17.1 | 16.5 | 8.4 | 43.2% | -10.9% | -2.0% | -2.3% | 8.2 |
 GS | $291B | 23.1 | 34.9 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
 MS | $308B | 24.3 | 26.0 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
 JPM | $849B | 15.9 | 13.6 | — | 58.6% | 27.7% | 17.4% | 5.4% | 9.0 |
 WFC | $249B | 15.0 | 10.6 | 81.9 | 62.2% | 18.6% | 10.7% | 3.7% | 9.1 |
 USB | $87B | 12.2 | 11.5 | — | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
| Financial Services Median | — | 13.4 | 11.5 | 10.7 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full NTRS Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See NTRS's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NTRS Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare NTRS vs STT
Side-by-side business, growth, and profitability comparison vs State Street Corporation.
Start ComparisonNTRS — 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 18.7x. The historical average is 20.1x. This places it at the 50th percentile of its historical range.
What is Northern Trust Corporation's EV/EBITDA?
Northern Trust Corporation's current EV/EBITDA is -4.5x. 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 18.7x. This is at the 50th 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 1.92% 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.