Northern Trust CorporationNTRS
NasdaqGS•Financial Services•Asset Management
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 analytical, employee benefit, 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; 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; 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 and other products comprising active and passive equity; active and passive fixed income; cash management; muti-asset and alternative asset classes which includes 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.
Northern Trust Corporation (NTRS) reported trailing twelve months revenue of $5.15B as of March 2026, a 7.2% increase year-over-year. Quarterly revenue reached $1.34B, reflecting continued top-line momentum.
Northern Trust Corporation generated $1.87B in TTM net income, with quarterly EBITDA of $700.60M. The operating margin expanded from 43.0% to 52.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (52.2%) and net margin (39.2%) indicates moderate non-operating costs. Net margin has improved from 32.3% a year ago, signaling stronger bottom-line efficiency.
NTRS trades at a P/E of 17.3x (in line with broad market averages) and a P/S of 6.3x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company reported negative free cash flow of $-329.40M, indicating cash consumption over the period. The balance sheet shows $174.57B in total assets with no in long-term debt against $12.99B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~54.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.1% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~14.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 19.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 8.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation