State Street Corporation (STT)

FundStockHighly Crowded

Held by 388 of 2,417 reporting institutions (98th percentile) — extremely crowded.

Data as of Q3 2026

FY2025 basis· bank

$173.75▲ 0.12%

EOD close · as of 2026-10-29

Market Cap

$47.40B

Enterprise Value

$47.40B

P/E

18.5×

P/S

3.4×

Revenue (FY)

$13.94B

Rev. growth

3.5%/yr

Gross margin

—

Net margin

21%

ROIC

11%

Net debt / EBITDA

n/a for a bank

Revenue· FY2025$13.94B

Net Income· FY2025$2.94B

Free Cash Flow· FY2025$10.84B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 100th pct blended

P/E

16.5× now

7.3×12.8×

100th

rich

P/S

3.5× now

1.6×2.5×

100th

rich

P/B

1.7× now

0.8×1.3×

100th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 4.0× net income

4.04×

✓

Capital intensity

Reinvests 9% of operating cash flow

light

Returns on capital

ROIC 11%

11%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 10.6%

DuPont — the three levers

Net margin

21.1%

profit / rev

Asset turns

0.04×

rev / assets

Leverage

13.15×

assets / year-end equity

ROE

10.6%

on year-end equity

ROE 11% against ROIC 11% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

—

Net Debt

—

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+7.3%

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Tax	4.2	4.0	4.1	4.0	4.6	3.1	5.4	5.6
Net Income	21.4	19.1	20.7	22.4	22.8	16.3	20.7	21.1

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

11%

FY2025 · latest

Net margin

21%

FY2025 · latest

ROIC

11%

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

78%

FY2025 · latest

Free cash flow

$10.84B

FY2025 · latest

Institutional ownership: 388 holders · 98th percentile crowding — Held by 388 of 2,417 reporting institutions (98th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on STT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$173.75▲ 0.12%

EOD close · as of 2026-10-29

Market Cap

$47.40B

Enterprise Value

$47.40B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$13.94B 100.0%	$13.00B 100.0%	$11.95B 100.0%	$12.15B 100.0%	$12.03B 100.0%	$11.70B 100.0%	$11.76B 100.0%	$12.13B 100.0%	$11.27B 100.0%	$10.29B 100.0%
Interest Expense	—	—	$6.42B 53.8%	$1.54B 12.7%	$3.0M 0.0%	$375.0M 3.2%	$1.38B 11.7%	$991.0M 8.2%	$604.0M 5.4%	$428.0M 4.2%
Pretax Income	$3.73B 26.8%	$3.40B 26.1%	$2.32B 19.4%	$3.33B 27.4%	$3.17B 26.4%	$2.90B 24.8%	$2.71B 23.1%	$3.10B 25.6%	$3.00B 26.6%	$2.20B 21.4%
Income Tax Expense	$786.0M 5.6%	$708.0M 5.4%	$372.0M 3.1%	$553.0M 4.6%	$478.0M 4.0%	$479.0M 4.1%	$470.0M 4.0%	$508.0M 4.2%	$839.0M 7.4%	$67.0M 0.7%
Net Income	$2.95B 21.1%	$2.69B 20.7%	$1.94B 16.3%	$2.77B 22.8%	$2.69B 22.4%	$2.42B 20.7%	$2.24B 19.1%	$2.59B 21.4%	$2.16B 19.1%	$2.14B 20.8%
Per Share
EPS (Basic)	$9.55	$8.33	$5.65	$7.28	$7.30	$6.40	$5.43	$6.46	$5.26	$5.01
EPS (Diluted)	$9.40	$8.21	$5.58	$7.19	$7.19	$6.32	$5.38	$6.39	$5.19	$4.96
Weighted Avg Shares (Basic)	284.5M	297.9M	322.3M	365.2M	352.6M	352.9M	369.9M	372.0M	374.8M	391.5M
Weighted Avg Shares (Diluted)	289.0M	302.2M	326.6M	370.1M	358.0M	357.1M	373.7M	376.5M	380.2M	396.1M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	not reported	21.0%
FY2017	not reported	not reported	19.1%
FY2018	not reported	not reported	21.4%
FY2019	not reported	not reported	19.1%
FY2020	not reported	not reported	20.7%
FY2021	not reported	not reported	22.4%
FY2022	not reported	not reported	22.8%
FY2023	not reported	not reported	16.3%
FY2024	not reported	not reported	20.7%
FY2025	not reported	not reported	21.1%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

Return on equity (11%) and return on invested capital (11%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Mixed

Cash conversion of -0.08x sits below the level that would make the earnings clearly cash-backed.

FCF / net income

-0.08×↗ widening

5-year average; latest 3.68x

Sloan accruals

-2.5%

(net income − OCF) / assets · negative is better

Share count since FY2019

-21.9%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

DSO 16d — not enough of the cycle is reported to complete it

The other side

The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $173.75, free cash flow must compound -14.26%/yr for 10 years. It has done 13.92%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−40.1%	−14.3%
FY2021	−353.1%	−14.3%
FY2023	−101.1%	−14.3%

The rate the price requires sits outside every year on record (3 years). Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

-14.3%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

13.9%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

-1.02×

above 1 means the price asks for more than the record

Each multiple against its own 14-year history

P/E

16.5× FY · 13.8× TTM

7.3×12.8×

100th

14 yrs

P/S

3.5× FY · 3.2× TTM

1.6×2.5×

100th

14 yrs

P/B

1.7× FY · 1.7× TTM

0.8×1.3×

100th

14 yrs

last fiscal year TTM medianshaded = middle half

The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.

P / E

18.5× · med 14.5× · 12.5×–17.6×

P / S

3.4× · med 3.3× · 2.7×–3.6×

EV / EBITDA

not reported for this company

P / B

1.7× · med 1.2× · 1.1×–1.4×

STT cohort median p25–p7518 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.

Basis: FY2025Source: SEC EDGAR XBRL

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STT vs. State Commercial Banks peers

Ranked against 18 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

STT 18.5× · med 14.5× · p25–p75 12.5×–17.6×

21st pct

P / S

STT 3.4× · med 3.3× · p25–p75 2.7×–3.6×

37th pct

EV / EBITDA

STT — · med 13.5×

not enough peer data

—

P / B

STT 1.7× · med 1.2× · p25–p75 1.1×–1.4×

16th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

STT 7.3% · med 8.3% · p25–p75 1.3%–39.6%

47th pct

ProfitabilityMargins vs the sector

Gross margin

STT — · med 54.3%

not enough peer data

—

Operating margin

STT —

not enough peer data

—

Net margin

STT 21.1% · med 21.5% · p25–p75 16.2%–25.3%

50th pct

FCF margin

STT 77.8% · med 27.4% · p25–p75 17.2%–34.3%

100th pct

Returns on capitalHow hard the capital works

Return on equity

STT 10.6% · med 9.3% · p25–p75 6.7%–10.0%

84th pct

Return on invested capital

STT 10.6% · med 6.8% · p25–p75 5.0%–9.5%

89th pct

LeverageLess debt scores higher

Net debt / EBITDA

STT — · med 3.8×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

STT 388 · med 45 · p25–p75 23–98

100th pct

Institutional ownership

STT — · med 1.3% · p25–p75 0.6%–2.6%

not enough peer data

—

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
STTSTATE STREET CORP	$47.4B	18.5×	—	3.4×	7.3%	—	21.1%	10.6%	10.6%	—	388
NTRSNORTHERN TRUST CORP	$31.6B	19.8×	—	3.9×	-2.5%	—	21.5%	13.4%	13.4%	—	272
CFGCITIZENS FINANCIAL GRO…	$27.7B	17.0×	—	3.4×	5.6%	—	22.2%	7.0%	4.9%	—	319
FCNCAFIRST CITIZENS BANCSHA…	$26.5B	14.4×	—	2.8×	-2.2%	—	23.1%	9.9%	3.8%	—	162
ALLYAlly Financial Inc.	$12.1B	16.7×	—	1.5×	-3.3%	—	10.8%	5.5%	2.5%	—	140
UCBUNITED COMMUNITY BANKS…	$4.5B	14.2×	—	4.2×	11.7%	—	30.9%	9.0%	8.5%	—	84
FBPFIRST BANCORP /PR/	$4.0B	12.4×	—	3.2×	2.4%	—	27.5%	17.5%	15.3%	—	67
FHBFIRST HAWAIIAN, INC.	$3.1B	11.7×	—	3.5×	8.9%	—	31.4%	10.0%	10.0%	—	74
BUSEFIRST BUSEY CORP /NV/	$2.4B	20.1×	—	3.4×	55.7%	—	18.8%	5.5%	5.5%	—	61
GABCGERMAN AMERICAN BANCOR…	$1.9B	16.1×	—	3.8×	37.8%	—	23.1%	9.7%	8.9%	—	39
PEBOPEOPLES BANCORP INC	$1.4B	13.0×	13.5×	16.1×	2.3%	—	—	8.8%	5.5%	3.8×	41
UVSPUNIVEST FINANCIAL Corp	$1.1B	12.6×	—	3.3×	9.6%	—	27.7%	9.6%	9.4%	—	49
FMNBFARMERS NATIONAL BANC …	$934M	10.9×	—	3.3×	3.9%	—	19.5%	11.2%	6.4%	—	33
WASHWASHINGTON TRUST BANCO…	$750M	14.5×	—	3.3×	128%	—	22.8%	9.6%	9.6%	—	39
ACNBACNB CORP	$667M	18.2×	—	3.5×	45.1%	—	19.3%	8.8%	5.0%	—	22
COFSCHOICEONE FINANCIAL SE…	$523M	17.4×	—	2.3×	63.6%	—	12.4%	6.1%	6.1%	—	23
CFFIC & F FINANCIAL CORP	$362M	13.4×	—	2.6×	10.6%	—	19.1%	10.3%	9.5%	—	11
MYFWFirst Western Financia…	$307M	23.5×	—	3.2×	7.6%	—	13.6%	5.0%	5.0%	—	17
MNSBMainStreet Bancshares,…	$153M	12.2×	—	1.1×	-1.6%	54.3%	11.5%	7.1%	7.1%	—	16

Peers = companies sharing STT's sector (State Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$312k · 1 holder

Discretionary sales

$5.8m · 5 holders

10b5-1 plan sales

$18.7m · scheduled in advance

Filed late

1 of 70 filings

1 open-market purchase and 7 discretionary sales against the share price · hover a marker

2025-10-31$111.71 – $193.242026-10-23

Shares held by reporting insiders1 → 25 insiders reporting — no comparable change

2025-11-11 · 85,2242026-10-26 · 1,092,379 (25 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-26	Hu W. Bradford EVP and Chief Risk Officer	10b5-1 plan sale	7,099	$168.63	$1.2m
2026-10-20	O Hanley Ronald P Chairman, CEO and President	10b5-1 plan sale	14,554	$164.60	$2.4m
2026-10-09	Vollert Karl Alexander Director	Tax withholding8d late	118	$174.96	$21k
2026-09-02	Richards Michael L EVP and Chief Admin Officer

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Step	Amount	Running total
Net income	$2.94B	$2.94B
Share-based comp	not reported	not reported
Other non-cash & working capital	$8.95B	$11.90B
Operating cash flow	$11.90B	$11.90B
Capex	−$1.05B	$10.84B
Free cash flow	$10.84B	$10.84B

Fiscal year	Revenue growth	Receivables growth	Gap
FY2020	-0.5%	-12.3%	-11.8 points
FY2021	2.8%	-37.7%	-40.5 points
FY2022	1.0%	71.2%	70.2 points
FY2023	-1.7%	51.2%	52.9 points
FY2024	8.8%	-17.5%	-26.3 points
FY2025	7.3%	23.2%	16.0 points

Fiscal year	DSO	DIO	DPO	Cash conversion cycle
FY2019	13.4 days	not reported	not reported	not reported
FY2020	11.8 days	not reported	not reported	not reported
FY2021	7.2 days	not reported	not reported	not reported
FY2022	12.1 days	not reported	not reported	not reported
FY2023	18.7 days	not reported	not reported	not reported
FY2024	14.2 days	not reported	not reported	not reported
FY2025	16.3 days	not reported	not reported	not reported

Fiscal year	Accruals / assets
FY2019	-1.4 percent
FY2020	-0.3 percent
FY2021	3.0 percent
FY2022	-3.0 percent
FY2023	0.4 percent
FY2024	4.5 percent
FY2025	-2.5 percent

State Street Corporation (STT)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 10.6%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -33%

STT vs. State Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Reverse DCF — what growth does the price assume?

Institutional Trends (8 Quarters)

Ownership Map

Financials

Revenue → Profit Flow

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -33%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 10.6%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

STT vs. State Commercial Banks peers

Where it ranks