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Global custody bank servicing institutional investors' assets, also running the State Street Global Advisors ETF business.
Global custody bank servicing institutional investors' assets, also running the State Street Global Advisors ETF business.
Earns servicing fees on the assets it holds and administers for institutions, management fees on its SPDR funds, including SPY, the first US ETF, launched in 1993, plus interest on client cash and trading income. Many fees scale with market levels. Buying Charles River in 2018 added front-office software for asset managers.
Moat: narrow (scale, switching costs, installed base). Custody relationships and SPDR (including SPY) ETF franchise are deeply embedded and costly to move.
Headquarters: Boston, Massachusetts, US · Founded: 1792 · Employees: 51,503
Size State Street (STT) is a United States Financials company (Investment Banks/Brokers) with a market value of $45.0B, the 277th largest of 3,117 United States companies the cockpit tracks. Shares closed at $165.56 on 6 Nov 2026.
Performance Over six months the shares gained 11.3%, against +5.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +12.7%); the operating margin is 32.9% (peer median 37.9%).
Valuation It trades at 11.1× forward earnings against a peer median of 18.9× (8th cheapest of 21).
Credit State Street has 40 bonds outstanding ($29.1B), rated A by the agencies and trading like AA- at a weighted spread of 45 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.0B | $21.6B | $21.2B | $17.6B | $12.8B |
| Revenue growth | — | +2% | +20% | +38% | — |
| Net income | $3.68B | $2.94B | $2.69B | $1.94B | $2.77B |
| Free cash flow | $38.0M | $4.29B | -$2.03B | $2.24B | $3.29B |
| Capital expenditure | $2.90B | $2.22B | $1.07B | $952M | $984M |
| Total debt | $26.4B | $30.7B | $37.6B | $25.2B | $18.9B |
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 |
|---|---|---|---|---|---|---|
| State Street STT | $45.0B | +11% | +2% | 33% | 11.1× | n/a |
| BNY Mellon BNY | $99.4B | +13% | -1% | 37% | 14.7× | n/a |
| Northern Trust NTRS | $31.3B | +8% | +7% | 24% | 13.7× | n/a |
| JPMorgan Chase JPM | $889B | +11% | +9% | 42% | 13.4× | n/a |
| BlackRock BLK | $192B | +9% | +24% | 36% | 18.9× | 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 | STT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | +1.6% | 6th lowest of 21 |
| 6-month return | +11.3% | +5.1% | 8th highest of 21 |
| Distance from 52-week high | -15.5% | -11.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +1.8% | +12.7% | 6th lowest of 21 |
| Operating margin | 32.9% | 37.9% | 9th lowest of 21 |
| Forward P/E | 11.1× | 18.9× | 8th cheapest of 21 |
| Bond spread | 45 bp | 83 bp | 2nd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| CITIC Securities 6030.HK | Hong Kong | $56.2B | -23% | +102% | 22% | 7.1× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |
| Intercontinental Exchange ICE | United States | $96.3B | +11% | +14% | 47% | 20.1× | n/a | n/a |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 42% | 7.8× | n/a | n/a |
| BNY Mellon BNY | United States | $99.4B | +13% | -1% | 37% | 14.7× | n/a | n/a |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 52% | 19.7× | n/a | n/a |
| CME CME | United States | $109B | +9% | +9% | 66% | 23.6× | n/a | n/a |
State Street has 40 bonds outstanding with $29.1B face value. The agencies rate it A; its bonds trade like AA-. Weighted yield 4.98%, a spread of 45 bp over government bonds.