State Street Corporation

STT Financial Asset Management

State Street Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.6 billion, up 2.60% from fiscal 2024.

Revenue
+5.36%
EPS
+32.9%
Free cash flow
−75.1%
Total debt
+1.80%

Quarter to September 2026, against a year earlier

167.19 1.96 +1.19%
Market cap
$45.0B
P/E
13.3×
Fwd P/E
12.6×
Dividend yield
2.07%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Revenue by regions Fiscal 2021

  • U.S.
  • Non-U.S.

Every year since 2008 →

Insider Decisions last twelve months

Bought, $m 0.31
Sold, $m 23.84
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — 3 2 2 3 2 3 1 — 2 —
Insider Ownership 1.20%

Capital & Financial Ratios $m

Size
Market Cap 44,960.00
Revenue ttm 23,313.00
Net income ttm 3,685.00
Free cash flow ttm (3,734.00)
Net debt Q (126,164.00)
Valuation
P/E 13.32
Forward P/E 12.60
Price / sales 1.95
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.85
Financial health
Current ratio Q 0.59
Debt / equity Q 0.88
Interest coverage Q —
Growth
Revenue growth Q +5.36% (above 0%: growing)
Operating income growth Q +25.95% (above 0%: growing)
EPS, this year +33.42% (at or above 15%: strong)
EPS, next year A +12.63%
Revenue, next year A −29.64% (below 0%: weak)
EPS, past 5 yrs +8.26%
EPS, next 5 yrs A +19.46% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 55.04%
10-year low 10-year high
P/S against its own 10 years 44.22%
10-year low 10-year high
P/B against its own 10 years 88.82%
10-year low 10-year high

Dividends raised 2 years running

Yield
2.07%
Annual rate
3.44
Payout ratio
28.1%
Growth, 2018–26
+8.58%/yr
  1. 1.78 ’18
  2. 1.98 ’19 +11
  3. 2.08 ’20 +5
  4. 2.18 ’21 +5
  5. 2.40 ’22 +10
  6. 2.64 ’23 +10
  7. 2.14 ’24 −19
  8. 3.12 ’25 +46
  9. 3.44 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 99,177 123,549 139,002 151,296
Receivables — — — —
Inventory — — — —
Other — — — —
139,479 170,609 189,986 205,349
2023 2024 2025 Q'26
Payables 220,970 261,920 274,350 311,651
ST’ Debt — — — —
Other — — — —
254,620 304,642 313,063 349,499

Compound Annual Growth %

10y 5y 3y
Sales 7.72% 13.38% 18.23%
Cash Flow 0.00% 27.49% (0.16%)
Earnings 3.93% 3.78% 0.71%
Book Value 2.79% 1.22% 3.39%

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 2.49 3.65 3.69 — —
’25 2.04 2.17 2.78 2.42 9.40
’24 1.37 2.15 2.26 2.46 8.21
’23 1.52 2.17 1.25 0.55 5.58
’22 1.57 1.91 1.80 1.91 7.19
’21 1.37 2.07 1.96 1.78 7.19
’20 1.62 1.86 1.45 1.39 6.32
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,612 6,031 6,056 — —
’25 5,492 5,774 5,748 5,614 22,628
’24 5,311 5,454 5,617 5,672 22,054
’23 4,362 4,651 4,395 4,958 18,366
’22 3,093 3,073 3,400 4,126 13,692
’21 2,954 3,034 2,990 3,052 12,030
’20 3,269 3,052 2,826 2,931 12,078
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (12,143) (2,326) 2,250 — —
’25 2,396 (8,441) 7,901 10,042 11,898
’24 (844) (7,644) 2,708 (7,430) (13,210)
’23 (2,862) (852) 222 4,182 690
’22 4,586 (4,135) 4,467 7,036 11,954
’21 (3,732) (7,593) 388 4,227 (6,710)
’20 4,039 1,336 (5,219) 3,376 3,532
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (12,413) (3,001) 1,905 — —
’25 2,170 (8,760) 7,658 9,775 10,843
’24 (1,074) (7,857) 2,474 (7,679) (14,136)
’23 (3,044) (1,022) 87 3,853 (126)
’22 4,448 (4,317) 4,257 6,832 11,220
’21 (3,894) (7,790) 191 3,972 (7,521)
’20 3,925 1,179 (5,372) 3,240 2,972
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 14.9% a year for ten years. It grew 9.4% a year over the last ten.

Implied
14.9%
10 years, reported
9.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,635 11,870 13,122 13,131 12,078 12,030 13,692 18,366 22,054 22,628 23,313 +8.8% 15,921 16,823 17,621 (8.0%)
Gross margin, % 95.98 94.91 92.45 89.53 96.90 99.98 88.72 65.04 58.95 61.62 66.55 (34.4) pt
EBT 2,120 2,995 3,101 2,712 2,899 3,171 3,327 2,316 3,395 3,731 4,664 +6.5%
EBT margin, % 19.93 25.23 23.63 20.65 24.00 26.36 24.30 12.61 15.39 16.49 20.01 (3.4) pt
Net income 2,143 2,156 2,593 2,242 2,420 2,693 2,774 1,944 2,687 2,945 3,685 +3.6%
Per share, $
Per share, $ Revenue 27.17 31.67 35.28 35.50 34.23 34.12 37.49 56.98 74.04 79.52 85.03 +12.7%
Earnings 5.03 5.32 6.48 5.81 6.40 7.30 7.28 5.65 8.33 9.55 12.46 +7.4%
Cash flow 5.85 18.52 27.35 15.38 10.01 (19.03) 32.73 2.14 (44.35) 41.81 (7.94) +24.4%
Capex (1.57) (1.70) (1.64) (1.97) (1.59) (2.30) (2.01) (2.53) (3.11) (3.71) (5.68) +10.1%
Free cash flow 4.28 16.82 25.72 13.41 8.42 (21.33) 30.72 (0.39) (47.45) 38.11 (13.62) +27.5%
Book value 54.20 59.54 66.50 66.05 74.25 77.61 68.98 73.83 85.02 97.84 104.71 +6.8%
Shares, m 391 375 372 370 353 353 365 322 298 285 278 (3.5%)
Valuation, ×
Valuation, × P/E 15.72 18.35 9.70 13.61 11.41 12.74 10.75 13.96 11.75 13.49 13.32 13.2
P/S 2.92 3.05 1.79 2.23 2.13 2.73 2.09 1.36 1.33 1.62 1.95 2.1
P/B 1.72 1.90 1.11 1.36 1.08 1.29 1.23 1.15 1.30 1.51 1.85 1.4
EV/Sales (3.08) (2.17) (3.60) (2.51) (7.03) (5.61) (4.95) (3.01) (3.22) (3.41) — (3.9)
EV/FCF (19.54) (4.09) (4.94) (6.63) (28.55) 8.97 (6.04) 438.70 5.03 (7.12) — 37.6
Cash, $m
Cash, $m Operating cash flow 2,290 6,940 10,175 5,690 3,532 (6,710) 11,954 690 (13,210) 11,898 (2,177) +20.1%
Capex (613) (637) (609) (730) (560) (811) (734) (816) (926) (1,055) (1,557) +6.2%
Free cash flow 1,677 6,303 9,566 4,960 2,972 (7,521) 11,220 (126) (14,136) 10,843 (3,734) +23.0%
Balance, $m
Balance, $m Working capital (112,472) (104,481) (98,050) (104,536) (119,445) (124,304) (114,348) (115,141) (134,033) (123,077) (144,150) +1.0%
Net debt (63,799) (62,048) (70,698) (62,159) (110,543) (100,284) (96,432) (80,338) (100,277) (113,859) (126,164) +6.6%
Shareholders’ equity 21,219 22,317 24,737 24,431 26,200 27,363 25,191 23,799 25,326 27,841 28,710 +3.1%
Returns, %
Returns, % ROA 0.81 0.82 1.00 0.82 0.81 0.82 0.86 0.61 0.76 0.76 0.89 0.0 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 10.80 10.62 11.97 9.45 9.99 10.47 10.95 8.09 11.20 11.61 14.15 +0.8 pt
People
People Employees 33,783 36,643 40,142 39,103 39,439 38,784 42,226 46,000 53,000 52,000 — +4.9%
Revenue/emp, $m 0.31 0.32 0.33 0.34 0.31 0.31 0.32 0.40 0.42 0.44 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

State Street is a financial-services company that works mainly for institutional investors rather than for retail bank customers. Founded in 1792 and headquartered in Boston, it operates principally through State Street Bank, a specialized custody and trust bank that services and manages assets for institutional clients. Ronald P. O’Hanley is Chairman, Chief Executive Officer and President.

Its two businesses are Investment Servicing and Investment Management. Investment Servicing helps investment firms, asset owners, insurers and other institutions run their investment operations. Its services cover custody of securities, fund accounting and administration, client reporting, recordkeeping, transaction management, collateral, loans, cash, foreign exchange, brokerage, securities finance, data management and risk and compliance analytics. It also provides technology through State Street Alpha, which brings portfolio management, trading, execution, analytics, compliance and data tools together.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by regions, and margins
U.S. 6,630 55.11%
Non-U.S. 5,397 44.86%
Gross margin 99.98%
Operating margin 26.90%
Pre-tax margin 26.36%

Revenue by segment since 2008

State Street Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KKR KKR & Co. Inc. $88.2B 29.3× 13.9× +12.52% (above 0%: growing) +39.62% (above 0%: growing) +762.68% (above 0%: growing) 37.79% 6.89% Compare
BAM Brookfield Asset Management Ltd. $85.9B 30.3× 22.8× +60.83% (above 0%: growing) +47.37% (above 0%: growing) +3.02% (above 0%: growing) 100.00% 65.83% Compare
APO Apollo Global Management Inc. $69.3B — (loss-making) 14.4× −51.76% (below 0%: shrinking) n/m +128.29% (above 0%: growing) 100.00% (29.25%) Compare
STT State Street Corporation $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00%
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87% Compare
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17% Compare
Median of peers $44.2B 13.6× 13.7× +9.66% +39.62% +27.02% 100.00% 19.02%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • John Woods said State Street’s full-year outlook assumes continued organic growth in servicing and management fees, while incorporating moderation from record second-quarter Markets activity.
  • Ronald O’Hanley said the company’s medium-term plan centers on core businesses, alternatives, digital assets, wealth services, and technology and AI-enabled transformation.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.09%
Held by the ten largest 45.45%
Holder Shares Stake Change
Vanguard 35.30m 12.85% −1.44m
BlackRock 24.41m 8.88% +392.35k
Fidelity (FMR) 13.91m 5.06% +2.37m
State Street 13.54m 4.93% +163.36k
REGENTS OF THE UNIVERSITY OF CALIFORNIA 9.92m 3.61% −147.29k
Geode Capital Management 7.42m 2.70% −324.87k
Invesco 6.57m 2.39% −1.25m
Morgan Stanley 4.73m 1.72% −221.87k
HARRIS ASSOCIATES L P 4.54m 1.65% −1.30m
Victory Capital 4.50m 1.64% +2.53m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.53m 43.15m 206.60
2024 16.72m 28.22m 152.40
2023 13.45m 10.60m 117.10
2022 18.00m 10.07m 113.10
2021 14.11m 22.68m 131.10
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

State Street Corporation (STT) Latest News

23 Oct

18 Oct

Impact 4 · · The Motley Fool

13 Oct

STT metrics, ten years each

stockrow.com/STT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com