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Friday 6 November 2026 Export STT’s income statement to Excel — free account

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

167.38 2.15 +1.30%
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
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

State Street Corporation (STT) valuation and DCF model

What the price implies · reverse DCF

At $167.38 the price implies 15.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 9.4% a year over the last ten years, 9.3% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 10.5% over ten years; the price implies 12.9% for good.

In December 2017 the price assumed 17.7% a year; State Street Corporation went on to grow the dividend a share 7.0% a year to FY2025.

Price implies
15.0%
Last 5 years, reported
9.3%
Last 10 years, reported
9.4%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
15.0% a year for ten years
$167.38
today’s price
Its base case
9.4% a year for five years, then 5.6%
$96.53
42.3% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record State Street Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 15.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against State Street Corporation’s own cost of capital: risk-free 4.3% + beta 1.37 × equity premium 4.5% = 10.5% cost of equity; weighted, 10.5%.

Use 10.5%
Base case value per share $96.53 ten years discounted, and what follows
Current price $167.38 market price per share
Below today’s price 42.3% downside at the base case’s assumptions

How we got there$39.97 10 years of dividends+$56.56 terminal value=$96.53 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 13.32× 12.66× 12.91× 3% above 13.38× 0% below
P/FCF — 4.59× 6.74× — 7.79× —
P/B 1.85× 1.41× 1.38× 34% above 0.91× 103% above
P/E P/FCF P/B
10.22×12.81×15.39×17.98×10Y avg 12.91×2017201820192020202120222023202420252026

STT trades at 13.32× P/E, against a 10-year average of 12.91× (range 9.70×–18.35×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $162.19 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.