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Custody bank and wealth manager serving institutional investors and high-net-worth individuals.
Custody bank and wealth manager serving institutional investors and high-net-worth individuals.
Earns most from fees for safekeeping and administering assets for institutions such as pension funds, and for managing wealth for rich families, with fees tied to the value of assets so markets lift or cut them. Net interest income on client deposits is the other main source. It was founded in 1889 in Chicago.
Moat: narrow (scale, switching costs, brand). Long-standing custody and private-wealth relationships with wealthy families are deeply embedded and sticky.
Headquarters: Chicago, Illinois, US · Founded: 1889 · Employees: 23,800
Size Northern Trust (NTRS) is a United States Financials company (Investment Managers) with a market value of $31.3B, the 354th largest of 3,117 United States companies the cockpit tracks. Shares closed at $172.76 on 6 Nov 2026.
Performance Over six months the shares gained 8.2%, against +5.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +10.5%); the operating margin is 23.7% (peer median 30.9%).
Valuation It trades at 13.7× forward earnings against a peer median of 11.4× (8th most expensive of 21).
Credit Northern Trust has 8 bonds outstanding ($5.60B), rated A+ by the agencies and trading like A+ at a weighted spread of 52 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.3B | $14.3B | $15.9B | $12.1B | $7.78B |
| Revenue growth | — | -10% | +31% | +56% | — |
| Net income | $2.41B | $1.72B | $2.01B | $1.10B | $1.32B |
| Free cash flow | $1.74B | $5.46B | -$588M | $2.51B | $2.26B |
| Capital expenditure | $736M | $774M | $746M | $676M | $1.22B |
| Total debt | $16.0B | $17.1B | $16.6B | $17.9B | $15.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Northern Trust NTRS | $31.3B | +8% | +7% | 24% | 13.7× | n/a |
| BNY Mellon BNY | $99.4B | +13% | -1% | 37% | 14.7× | n/a |
| State Street STT | $45.0B | +11% | +2% | 33% | 11.1× | n/a |
| JPMorgan Chase JPM | $889B | +11% | +9% | 42% | 13.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NTRS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.5% | +2.0% | 11th highest of 21 |
| 6-month return | +8.2% | +5.0% | 7th highest of 21 |
| Distance from 52-week high | -11.8% | -17.7% | 7th highest of 21 |
| Revenue growth (TTM) | +6.6% | +10.5% | 5th lowest of 21 |
| Operating margin | 23.7% | 30.9% | 9th lowest of 21 |
| Forward P/E | 13.7× | 11.4× | 8th most expensive of 21 |
| Bond spread | 52 bp | 97 bp | tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
| Guotai Haitong Securities 2611.HK | Hong Kong | $39.8B | -6% | +38% | 69% | 6.0× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| CSC Financial 6066.HK | Hong Kong | $23.5B | -15% | +3% | 49% | 5.5× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 28% | 10.0× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
| ICICI Prudential Asset Management ICICIAMC.NS | India | $15.4B | -11% | +22% | 73% | 39.2× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | 11% | 11.5× | n/a | n/a |
Northern Trust has 8 bonds outstanding with $5.60B face value. The agencies rate it A+; its bonds trade like A+. Weighted yield 5.08%, a spread of 52 bp over government bonds.