State Street CorporationSTT
NYSE•Financial Services•Asset Management
State Street Corporation provides various financial products and services to institutional investors. It offers custody, accounting, and fund administration services for traditional and alternative assets, as well as multi-asset class investments; recordkeeping, client reporting, and investment book of record, transaction management, loans, cash, derivatives, and collateral services; investor services operations outsourcing; performance, risk, and compliance analytics; financial data management to support institutional investors; foreign exchange, brokerage, and other trading services; securities finance, such as prime services products; and deposit and short-term investment facilities. The company also provides the State Street Alpha platform that combines portfolio management, trading and execution, analytics and compliance tools, and advanced data aggregation and integration with other industry platforms and providers; front-office technology that automates and simplifies the institutional investment process comprising portfolio management and risk analytics, trading, and post-trade settlement with integrated compliance and managed data; investment management solutions; and portfolio management, trading compliance, and manager/sponsor communication. In addition, it offers investment management solutions, such as strategies across equity, fixed income, cash, multi-asset, and alternatives; and ETFs, custom indexed, managed funds, and mandates. The company provides its products and services to mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, wealth managers, investment managers, foundations, and endowments. The company was founded in 1792 and is headquartered in Boston, Massachusetts.
as of March 2026
Are revenues and earnings expanding?
$14.46B in TTM revenue grew 10.0% YoY, reaching $3.80B last quarter. TTM EBITDA of $3.88B on operating income of $969.00M shows growth is flowing through. Net income of $3.06B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 25.5% is up 0.5% YoY — cost efficiency is improving. Net margin at 20.1%. ROE of 11.0% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 15.5x P/E, the stock trades in line with market averages — fairly valued. P/S of 3.3x and P/B of 1.7x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $392.17B in assets and $25.23B in long-term debt, the D/E of 0.9 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $-12.41B on $-12.14B in operating cash flow. The FCF / Net Income ratio of -4.0x shows cash consumption — the business is not yet self-funding. Cash reserves of $6.52B provide financial flexibility. Shares outstanding declined 3.5% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 68 quarters of fundamental data
Operating margins are positive at ~27.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~10.0% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~19.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 68 quarters
Margins are stable or improving at ~26.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 7.4% — net buybacks are reducing shares outstanding and boosting per-share value.