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.
State Street Corporation (STT) reported trailing twelve months revenue of $14.46B as of March 2026, a 10.0% increase year-over-year. Quarterly revenue reached $3.80B, reflecting continued top-line momentum.
State Street Corporation generated $3.06B in TTM net income, with quarterly EBITDA of $969.00M. The operating margin expanded from 25.0% to 25.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (25.5%) and net margin (20.1%) indicates moderate non-operating costs. Net margin has improved from 19.6% a year ago, signaling stronger bottom-line efficiency.
STT trades at a P/E of 11.2x (below the broader market average) and a P/S of 2.4x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-12.41B, indicating cash consumption over the period. The balance sheet shows $392.17B in total assets with $25.23B in long-term debt against $27.74B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
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