Northern Trust Corporation (NTRS) Key Metrics
NTRS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $30.29B
- Enterprise value
- $37.51B
- P/E (TTM)
- 14.2 10-yr median 15.6
- Forward P/E
- 13.8
- PEG ratio
- 0.98
- Price / sales
- 3.3 10-yr median 3.0
- Price / book
- 2.5 10-yr median 1.7
- EV / EBITDA
- — 10-yr median 15.0
- Dividend yield
- 1.98% $3.28 a year
- Beta
- 1.25
NTRS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNTRS valuation Price multiples at each fiscal year-end price.
NTRS returns How much profit the business earns on the capital it uses.
NTRS per-share figures Results divided by the shares outstanding at year-end.
NTRS financial health Debt, liquidity and how easily interest is covered.
NTRS efficiency & capital use Working capital cycle and where the cash goes.
NTRS valuation history
NTRS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NTRS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NTRS cash returned to shareholders
NTRS price vs earnings per share
NTRS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $25.76B | $20.69B | $17.51B | $18.48B | $24.99B | $19.47B | $22.91B | $18.76B | $22.94B | $20.41B |
| Enterprise value | −$21.60B | −$19.86B | −$30.18B | −$41.19B | $29.66B | $28.31B | $36.69B | $35.74B | $36.57B | $28.79B |
| P/E ratio | 14.8 | 10.2 | 15.8 | 13.8 | 16.2 | 16.1 | 15.4 | 12.1 | 19.1 | 19.8 |
| Price / sales | 1.8 | 1.3 | 1.4 | 2.4 | 3.9 | 3.1 | 3.3 | 2.8 | 4.0 | 4.1 |
| Price / book | 2.0 | 1.6 | 1.5 | 1.6 | 0.1 | 0.1 | 2.1 | 1.8 | 2.2 | 2.1 |
| Price / free cash flow | 4.7 | — | 9.0 | 8.2 | 19.8 | 11.1 | 9.4 | 14.9 | 18.4 | 19.7 |
| Price / operating cash flow | 4.7 | — | 6.7 | 7.7 | 18.4 | 10.3 | 8.8 | 10.6 | 13.3 | 13.5 |
| EV / sales | -1.5 | -1.3 | -2.5 | -5.3 | 4.6 | 4.5 | 5.3 | 5.4 | 6.4 | 5.7 |
| EV / EBITDA | — | — | — | — | 11.7 | 13.3 | 15.3 | 14.8 | 17.8 | 15.2 |
| EV / free cash flow | — | — | — | — | 23.5 | 16.1 | 15.1 | 28.3 | 29.3 | 27.8 |
| Earnings yield | 6.7% | 9.8% | 6.3% | 7.2% | 6.2% | 6.2% | 6.5% | 8.3% | 5.2% | 5.1% |
| Free cash flow yield | 21.2% | −6.0% | 11.1% | 12.2% | 5.0% | 9.0% | 10.6% | 6.7% | 5.4% | 5.1% |
| Dividend yield | 2.5% | 3.1% | 3.8% | 4.3% | 2.5% | 3.2% | 2.5% | 2.4% | 1.8% | 1.7% |
| Shareholder yield (dividends + buybacks) | 7.4% | 7.6% | 5.8% | 4.5% | 3.6% | 6.8% | 7.3% | 7.3% | 4.1% | 3.8% |
| Share price at fiscal year-end | $136.59 | $102.50 | $84.38 | $88.49 | $119.61 | $93.14 | $106.24 | $83.59 | $99.89 | $89.05 |
| Per share | ||||||||||
| Revenue per share | $75.83 | $78.64 | $58.37 | $37.11 | $31.06 | $30.15 | $31.98 | $29.66 | $24.89 | $21.91 |
| Earnings per share | $9.21 | $10.06 | $5.33 | $6.40 | $7.40 | $5.79 | $6.92 | $6.93 | $5.22 | $4.51 |
| Operating cash flow per share | $29.34 | −$2.41 | $12.65 | $11.45 | $6.49 | $9.08 | $12.02 | $7.87 | $7.49 | $6.59 |
| Free cash flow per share | $28.95 | −$6.10 | $9.39 | $10.84 | $6.03 | $8.43 | $11.29 | $5.62 | $5.43 | $4.52 |
| Cash per share | $338.22 | $280.09 | $312.82 | $356.80 | $14.63 | $21.00 | $20.71 | $21.01 | $19.76 | $23.30 |
| Book value per share | $68.71 | $63.35 | $57.32 | $53.91 | $845.65 | $772.23 | $51.44 | $46.81 | $44.49 | $42.64 |
| Tangible book value per share | $64.93 | $48.94 | $43.83 | $40.83 | $833.77 | $760.69 | $47.65 | $43.21 | $41.15 | $40.19 |
| Dividends per share | $3.36 | $3.19 | $3.20 | $3.81 | $2.99 | $3.02 | $2.67 | $2.01 | $1.77 | $1.56 |
| Capex per share | $0.39 | $3.69 | $3.26 | $0.62 | $0.46 | $0.65 | $0.73 | $2.25 | $2.06 | $2.07 |
| Debt per share | $87.11 | $79.23 | $83.04 | $71.08 | $37.03 | $63.32 | $84.66 | $96.62 | $79.11 | $59.89 |
| Shares outstanding | 188.6M | 201.9M | 207.6M | 208.9M | 208.9M | 209.0M | 215.6M | 224.5M | 229.7M | 229.2M |
| Change in shares outstanding | −6.6% | −2.7% | −0.6% | −0.0% | −0.1% | −3.1% | −4.0% | −2.2% | +0.2% | −2.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.5% | 16.5% | 9.6% | 1.4% | 0.9% | 1.4% | 13.8% | 15.0% | 12.0% | 11.2% |
| Return on invested capital (ROIC) | — | — | — | — | 0.9% | 1.2% | 5.7% | 6.1% | 5.7% | 6.4% |
| Return on assets (ROA) | 1.0% | 1.3% | 0.7% | 0.8% | 0.9% | 0.8% | 1.1% | 1.1% | 0.9% | 0.9% |
| Return on tangible assets | 1.0% | 1.3% | 0.7% | 0.9% | 0.9% | 0.7% | 1.1% | 1.2% | 0.9% | 0.8% |
| Free cash flow margin | 38.2% | −7.8% | 16.1% | 29.2% | 19.4% | 27.9% | 35.3% | 18.9% | 21.8% | 20.6% |
| Income quality (OCF / net income) | 3.19 | −0.24 | 2.37 | 1.79 | 0.88 | 1.57 | 1.74 | 1.14 | 1.43 | 1.46 |
| Financial health | ||||||||||
| Total debt | $16.43B | $15.99B | $17.24B | $14.85B | $7.73B | $13.23B | $18.25B | $21.69B | $18.17B | $13.72B |
| Cash & short-term investments | $63.78B | $56.54B | $64.93B | $74.52B | $3.06B | $4.39B | $4.46B | $4.72B | $4.54B | $5.34B |
| Net debt | −$47.35B | −$40.55B | −$47.70B | −$59.68B | $4.68B | $8.84B | $13.79B | $16.97B | $13.63B | $8.39B |
| Debt / equity | 1.27 | 1.25 | 1.45 | 1.32 | 0.04 | 0.08 | 1.65 | 2.06 | 1.78 | 1.40 |
| Debt / assets | 0.09 | 0.10 | 0.11 | 0.10 | 0.04 | 0.08 | 0.13 | 0.16 | 0.13 | 0.11 |
| Net debt / EBITDA | −15.22 | −12.01 | −22.72 | −25.72 | 1.85 | 4.16 | 5.74 | 7.02 | 6.63 | 4.44 |
| Current ratio | 0.41 | 0.45 | 0.54 | 0.60 | 170.44 | 1.76 | 7.39 | 0.47 | 0.41 | 0.45 |
| Quick ratio | 0.41 | 0.45 | 0.56 | 0.06 | 157.05 | 1.53 | 6.55 | −0.13 | −0.23 | −0.15 |
| Interest coverage | 0.4 | 0.4 | 0.3 | 1.8 | 84.5 | 8.1 | 2.4 | 2.8 | 4.8 | 8.3 |
| Working capital | −$91.96B | −$68.52B | −$54.85B | −$50.17B | $84.69B | $36.61B | $49.74B | −$62.48B | −$73.85B | −$61.24B |
| Invested capital | −$34.40B | −$27.76B | −$35.80B | −$48.42B | $181.33B | $170.25B | $24.88B | $27.48B | $23.85B | $18.16B |
| Tangible asset value | $12.24B | $9.88B | $9.10B | $8.53B | $174.17B | $158.99B | $10.27B | $9.70B | $9.45B | $9.21B |
| Net current asset value | −$100.39B | −$86.14B | −$73.74B | −$67.56B | $77.95B | $76.03B | −$68.21B | −$65.88B | −$77.06B | −$64.32B |
| Graham number | $119.33 | $119.75 | $82.95 | $88.08 | $375.17 | $317.07 | $89.50 | $85.45 | $72.29 | $65.75 |
| Graham net-net per share | −$532.36 | −$426.75 | −$359.73 | −$161.16 | $2.99 | $10.61 | −$544.40 | −$357.28 | −$360.08 | −$325.16 |
| Capital allocation | ||||||||||
| Dividends paid | $633.4M | $644.1M | $663.3M | $796.7M | $625.1M | $630.5M | $576.1M | $451.8M | $406.6M | $356.4M |
| Share buybacks (net) | $1.27B | $937.8M | $347.5M | $35.4M | $267.6M | $699.8M | $1.10B | $924.3M | $523.1M | $411.1M |
| Dividend payout ratio | 36.5% | 31.7% | 59.9% | 59.6% | 40.5% | 52.1% | 38.6% | 29.0% | 33.9% | 34.5% |
| Dividends + buybacks / free cash flow | 34.9% | — | 51.8% | 36.8% | 70.8% | 75.5% | 68.9% | 109.1% | 74.5% | 74.0% |
| Capex / revenue | 0.5% | 4.7% | 5.6% | 1.7% | 1.5% | 2.2% | 2.3% | 7.6% | 8.3% | 9.4% |
| Capex / operating cash flow | 1.3% | — | 25.7% | 5.4% | 7.0% | 7.2% | 6.1% | 28.6% | 27.5% | 31.4% |
| Capex / depreciation | 0.09 | 1.04 | 1.06 | 0.23 | 0.19 | 0.27 | 0.34 | 1.10 | 1.12 | 1.27 |
| Stock-based compensation / revenue | — | — | 1.0% | 1.6% | 0.1% | 3.2% | 0.7% | 2.0% | 2.2% | 1.7% |
| SG&A / revenue | 24.3% | 18.8% | 24.0% | 36.3% | 39.4% | 38.6% | 34.4% | 34.9% | 39.0% | 39.7% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 2.9 | 28.8 | 85.7 | 87.2 | 58.1 | 66.0 | 90.3 | 85.9 | 116.3 |
| Days of inventory on hand | — | — | 2,274.4 | 13,714.0 | -56,342.5 | 9,902.2 | 17,544.8 | 40,253.3 | 85,848.6 | 151,988.8 |
| Days payables outstanding | — | — | — | 51,675.4 | -960,912.8 | 141,937.4 | 48,278.9 | 57,851.5 | 125,120.9 | 232,243.7 |
| Cash conversion cycle (days) | — | — | — | -37,875.7 | 904,657.5 | -131,977.1 | -30,668.1 | -17,507.9 | -39,186.4 | -80,138.5 |
| Receivables turnover | — | 125.15 | 12.68 | 4.26 | 4.18 | 6.28 | 5.53 | 4.04 | 4.25 | 3.14 |
| Payables turnover | — | — | — | 0.01 | −0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | 0.03 | −0.01 | 0.04 | 0.02 | 0.01 | 0.00 | 0.00 |
| Asset turnover | 0.09 | 0.10 | 0.08 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | — | $126.8M | $955.5M | $1.82B | $1.55B | $1.00B | $1.25B | $1.65B | $1.35B | $1.60B |
| Average payables | — | — | — | $141.93B | $151.90B | $126.50B | $106.81B | $108.44B | $107.02B | $99.26B |
| Average inventory | — | — | $33.45B | $37.67B | $8.91B | $8.83B | $38.81B | $75.46B | $73.43B | $64.96B |
| Intangibles / total assets | 0.4% | 1.9% | 1.9% | 1.8% | 1.3% | 1.4% | 0.6% | 0.6% | 0.6% | 0.5% |
Computed from NTRS's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NTRS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Northern Trust traded at 14.8 times earnings, against a 10-year median of 15.6. Based on the latest twelve months, the trailing P/E is 14.2 and the forward P/E is 13.8. Northern Trust earned a return on equity of 13.5% in fiscal 2025. It ended the year with $16.4 billion of debt and $63.8 billion in cash and short-term investments, a net cash position of $47.4 billion. It returned $1.9 billion to shareholders: $633.4 million in dividends and $1.3 billion in share buybacks, 35% of free cash flow. The share count fell 17.7% from 229.2M to 188.6M over 9 years.
See the NTRS income statement, the NTRS chart for price history, or the NTRS stock overview for the latest quote and news.
NTRS key metrics FAQ
What is Northern Trust's P/E ratio?
Northern Trust's trailing P/E ratio is 14.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.8. At the end of fiscal 2025 it was 14.8, compared with a 10-year median of 15.6.
What is Northern Trust's return on equity?
Northern Trust's return on equity (ROE) was 13.5% in fiscal 2025: net income of $1.7 billion on average shareholders' equity of $12.9 billion.
How much debt does Northern Trust have?
Northern Trust had total debt of $16.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.27 and more cash than debt.
What is Northern Trust's dividend yield?
Northern Trust's forward dividend yield is 1.98%. Northern Trust paid $633.4 million in dividends in fiscal 2025 ($3.36 per share), a payout ratio of 36.5%.
Does Northern Trust buy back its shares?
Yes. Northern Trust spent $1.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed −6.6% over the year, to 188.6M..
What is Northern Trust's free cash flow yield?
Northern Trust generated $5.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 21.2% on its market value at year-end ($25.8 billion).
What is Northern Trust's current ratio?
Northern Trust's current ratio was 0.41 at the end of fiscal 2025: current assets were 0.41 times current liabilities.