Northern Trust Corp. (NTRS) intrinsic value & 10-year financials
Northern Trust Corp. (NTRS) has a Graham intrinsic value of $184.74 per share. At $165.54 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue grew 0.1% a year to $5.0B, with an average return on invested capital of 12.6%.
- Graham intrinsic value
- $184.74
- Share price (Oct 17, 2026)
- $165.54
- Price vs Graham value
- 10% below
- Market cap
- $31.8B
- Revenue (FY2025)
- $5.0B
- Revenue growth (10-yr CAGR)
- 0.1%
- ROIC (10-yr avg)
- 12.6%
- Free cash flow (FY2025)
- $5.5B
NTRS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.0B | $1.7B | $8.74 | $5.5B | — | 13.5% |
| FY2024 | $4.7B | $2.0B | $9.77 | -$587.5M | — | 16.5% |
| FY2023 | $4.4B | $1.1B | $5.08 | $2.5B | — | 9.6% |
| FY2022 | $4.4B | $1.3B | $6.14 | $2.3B | — | 11.5% |
| FY2021 | $4.4B | $1.5B | $7.14 | $1.3B | — | 13.0% |
| FY2020 | $4.0B | $1.2B | $5.46 | $1.8B | — | 10.6% |
| FY2019 | $3.9B | $1.5B | $6.63 | $2.4B | — | 13.8% |
| FY2018 | $3.8B | $1.6B | $6.64 | $1.7B | — | 15.0% |
| FY2017 | $3.4B | $1.2B | $4.92 | $1.6B | — | 12.0% |
| FY2016 | $5.0B | $1.0B | $4.32 | $1.4B | — | 10.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Northern Trust has demonstrated mature, steady growth, with revenue compounding at 0.1% annually over the past decade.
Northern Trust returns on capital have been average, hovering around 12.6% ROIC over the decade.
Over the decade, Northern Trust shows that management has aggressively returned capital to shareholders by retiring 16.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Northern Trust is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $184.74 per share.