A Business at a Glance
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STATE STREET CORP
STT
$53.6B
Mkt Cap
$185.40
+0.65%
STATE STREET CORP (STT) has a current P/E ratio of 19.7, compared to its historical median P/E of 11.8. The stock is currently considered Expensive based on its historical valuation range.
STATE STREET CORP (STT) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
STATE STREET CORP (STT) has a market capitalization of $51.3B. It is classified as a large-cap stock.
Yes, STATE STREET CORP (STT) pays a dividend with a trailing twelve-month yield of 2.23%. The company also returns capital through share buybacks, with a buyback yield of 2.92%.
Based on historical P/E analysis, STATE STREET CORP (STT) appears expensive. The current P/E of 19.7 is 67% above its historical median of 11.8. The estimated fair value CAGR (P/E method) is 4.0%.
STATE STREET CORP (STT) operates in the State Commercial Banks industry, within the Financials sector.
STATE STREET CORP (STT) reported annual revenue of $22.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
State Street Corporation is a leading global provider of financial services to institutional investors, operating through two primary lines of business: Investment Servicing and Investment Management. The Investment Servicing segment delivers a comprehensive suite of back-, middle-, and front-office solutions including custody, accounting, fund administration, transaction management, securities finance, and trading services across traditional and alternative assets, complemented by the State Street Alpha platform that integrates portfolio management, trading, analytics, and compliance tools. The Investment Management segment, rebranded as State Street Investment Management, offers equity, fixed income, liquidity, multi-asset, and alternatives strategies through ETFs, custom indexed, and actively managed funds and mandates. State Street operates on a global scale with approximately $53.80 trillion in assets under custody and administration and $5.67 trillion in assets under management as of December 31, 2025, serving asset managers, insurance companies, wealth managers, official institutions, and central banks across more than 100 geographic markets. The company's business model is characterized by recurring revenue streams from servicing and management fees, with significant scale advantages and technological differentiation through platforms like Charles River Investment Management Solution and State Street Alpha, which create competitive moats by integrating multiple service offerings and enabling clients to consolidate vendors. State Street operates as a specialized trust and custody bank with approximately 52,000 employees, approximately 77% of whom are located outside the United States, and maintains strong capital and liquidity positions to support institutional clients globally.
【Strategic transformation and margin expansion】 Management is executing a multi-year transformation focused on driving profitability improvements and operational leverage, with plans to provide detailed updates on strategic growth initiatives and medium-term performance targets in July 2026. The company expects to continue generating positive operating leverage exceeding 100 basis points in 2026, with pre-tax margins progressing toward approximately 30%, supported by productivity savings comparable to 2025 levels and strategic investments in growth areas including artificial intelligence, digital assets, and agentic service delivery. Management anticipates tangible business impact from AI investments beginning in the second half of 2026 and accelerating thereafter, with agentic service delivery expected to scale in the second half of 2026 and deliver meaningful financial benefits over the medium term. The company remains focused on organic growth across its core servicing and management fee businesses, with a healthy and well-diversified sales pipeline, while continuing to evaluate bolt-on acquisitions to accelerate strategic objectives and deploy capital to support client relationships and loan book growth.
| Metric | Target | Period |
|---|---|---|
| Fee revenue growth | 7%-9% | FY2026 |
| Net interest income growth | 8%-10% | FY2026 |
| Expense growth | 5%-6% | FY2026 |
| Sales target | $350 million-$400 million | FY2026 |
| Effective tax rate | approximately 22% | FY2026 |
| Total payout ratio | roughly 80% | FY2026 |
Fee revenue growth (FY2026): “we now expect fee revenue growth in the 7%-9% range, an increase from our previous outlook of 4%-6%”
Net interest income growth (FY2026): “we now expect NII growth in the 8%-10% range, representing an improvement from our previous outlook for low double-digit growth”
Expense growth (FY2026): “we currently expect expenses to increase by 5%-6%, up from our prior 3%-4% outlook, primarily reflecting higher revenue-related costs”
Sales target (FY2026): “Looking ahead, we continue to target $350 million-$400 million of sales in 2026”
Effective tax rate (FY2026): “we continue to expect an effective tax rate of approximately 22% for the full year”
Total payout ratio (FY2026): “a total payout ratio of roughly 80%, subject to board approval and other factors”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.5B | 22.6B | 22.1B | 18.7B | 13.7B | 11.9B |
| Net Income | 2.8B | 2.7B | 2.5B | 1.8B | 2.7B | 2.6B |
| EPS | $10.06 | $9.40 | $8.21 | $5.58 | $7.19 | $7.19 |
| Free Cash Flow | -3.7B | 10.8B | -14.1B | -126M | 11.2B | -7.5B |
| ROIC | 0.0% | 5.3% | 5.4% | 4.4% | 6.6% | 6.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.91 | 1.04 | 0.94 | 0.79 | 0.60 | 0.49 |
| Dividends/Share | $4.14 | $3.20 | $2.90 | $2.64 | $2.40 | $2.18 |
| Operating Income | 0 | 3.7B | 3.4B | 2.3B | 3.3B | 3.2B |
| Operating Margin | 0.0% | 16.5% | 15.3% | 12.4% | 24.3% | 26.6% |
| ROE | 10.2% | 10.2% | 10.1% | 7.4% | 10.1% | 9.6% |
| Shares Outstanding | 277M | 289M | 302M | 326M | 370M | 358M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.3B | 2.1B | 10.6B | 11.9B | 13.1B | 13.1B | 12.1B | 11.9B | 13.7B | 18.7B | 22.1B | 22.6B | 14.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.1B | 4.1B | 4.4B | 4.4B | 4.8B | 4.5B | 4.5B | 4.6B | 4.4B | 4.7B | 4.7B | 5.0B | 5.2B |
| EBIT | 1.3B | 1.3B | 1.2B | 3.0B | 3.1B | 2.7B | 2.9B | 3.2B | 3.3B | 2.3B | 3.4B | 3.7B | 0 |
| Op. Margin | 58.8% | 62.3% | 11.5% | 25.1% | 23.6% | 20.7% | 24.0% | 26.6% | 24.3% | 12.4% | 15.3% | 16.5% | 0.0% |
| Net Income | 2.0B | 1.8B | 2.0B | 2.0B | 2.4B | 2.0B | 2.3B | 2.6B | 2.7B | 1.8B | 2.5B | 2.7B | 2.8B |
| Net Margin | 86.6% | 88.5% | 18.5% | 16.6% | 18.3% | 15.3% | 18.7% | 21.6% | 19.4% | 9.8% | 11.2% | 12.0% | 19.5% |
| Non-Recurring | 84M | 1.0M | 145M | 245M | 303M | 110M | 133M | 3.0M | 78M | 203M | 2.0M | 326M | 415M |
| Returns on Capital | |||||||||||||
| ROIC | 7.5% | 6.8% | 6.0% | 5.9% | 6.9% | 5.5% | 5.9% | 6.4% | 6.6% | 4.4% | 5.4% | 5.3% | 0.0% |
| ROE | 9.4% | 8.7% | 9.3% | 9.1% | 10.2% | 8.2% | 8.9% | 9.6% | 10.1% | 7.4% | 10.1% | 10.2% | 10.2% |
| ROA | 0.8% | 0.7% | 0.8% | 0.8% | 1.0% | 0.8% | 0.8% | 0.8% | 0.9% | 0.6% | 0.8% | 0.8% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -561M | -1.4B | 2.3B | 6.9B | 10.2B | 5.7B | 3.5B | -6.7B | 12.0B | 690M | -13.2B | 11.9B | -2.6B |
| Free Cash Flow | -988M | -2.1B | 1.7B | 6.3B | 9.6B | 5.0B | 3.0B | -7.5B | 11.2B | -126M | -14.1B | 10.8B | -3.7B |
| Owner Earnings | -1.5B | -2.4B | 1.3B | 6.0B | 9.1B | 5.5B | 3.3B | -7.1B | 11.6B | 304M | -13.5B | 11.6B | -10.3B |
| CapEx | 427M | 703M | 613M | 637M | 609M | 730M | 560M | 811M | 734M | 816M | 926M | 1.1B | 1.1B |
| Maint. CapEx | 639M | 640M | 679M | 740M | 825M | 236M | 234M | 245M | 238M | 239M | 230M | 223M | 7.6B |
| Growth CapEx | 0 | 63M | 0 | 0 | 0 | 494M | 326M | 566M | 496M | 577M | 696M | 832M | 0 |
| D&A | 639M | 640M | 679M | 740M | 825M | 236M | 234M | 245M | 238M | 239M | 230M | 223M | 7.6B |
| CapEx/OCF | N/A | N/A | 26.8% | 9.2% | 6.0% | 12.8% | 15.9% | N/A | 6.1% | 118.3% | N/A | 8.9% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 539M | 655M | 723M | 768M | 828M | 930M | 889M | 866M | 972M | 970M | 1.0B | 1.1B | 1.1B |
| Dividend Yield | 2.4% | 2.9% | 3.7% | 3.0% | 3.1% | 4.8% | 4.5% | 3.3% | 3.9% | 4.4% | 4.4% | 3.8% | 2.2% |
| Share Buybacks | 1.6B | 1.5B | 1.4B | 1.3B | 350M | 1.6B | 515M | 900M | 1.5B | 3.8B | 1.3B | 1.2B | 1.5B |
| Buyback Yield | 6.5% | 7.3% | 5.8% | 4.4% | 1.8% | 6.5% | 2.4% | 3.1% | 5.9% | 15.9% | 4.6% | 3.2% | 2.9% |
| Stock-Based Comp | 329M | 319M | 268M | 243M | 262M | 0 | N/A | 147M | 147M | 147M | 79M | 79M | 79M |
| Debt Repayment | 788M | 1.2B | 1.4B | 2.0B | 1.5B | 2.2B | 1.7B | 1.4B | 1.6B | 2.5B | 2.0B | 4.1B | 4.1B |
| Balance Sheet | |||||||||||||
| Net Debt | -9.6B | -81.2B | -51.3B | -47.5B | -37.3B | -44.6B | -48.7B | -63.6B | 19.2B | 21.0B | 26.8B | 28.7B | 23.1B |
| Cash & Equiv. | 19.6B | 23.3B | 1.2B | 2.0B | 3.2B | 3.3B | 3.5B | 3.6B | 4.0B | 4.0B | 3.1B | 4.4B | 2.1B |
| Long-Term Debt | 10.0B | 11.5B | 11.4B | 11.6B | 11.1B | 12.5B | 13.8B | 13.5B | 15.0B | 18.8B | 23.3B | 25.1B | 25.2B |
| Debt/Equity | 0.47 | 0.55 | 0.54 | 0.52 | 0.45 | 0.51 | 0.53 | 0.49 | 0.60 | 0.79 | 0.94 | 1.04 | 0.91 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 21.3B | 21.1B | 21.2B | 22.3B | 24.7B | 24.4B | 26.2B | 27.4B | 25.2B | 23.8B | 25.3B | 27.8B | 27.7B |
| Total Assets | 274.1B | 245.2B | 242.7B | 238.4B | 244.6B | 245.6B | 314.7B | 314.6B | 301.4B | 297.3B | 353.2B | 366.0B | 392.2B |
| Total Liabilities | 252.8B | 224.0B | 221.5B | 216.1B | 219.9B | 221.2B | 288.5B | 287.3B | 276.3B | 273.5B | 327.9B | 338.2B | 364.4B |
| Intangibles | 2.0B | 1.8B | 1.8B | 1.6B | 2.4B | 2.0B | 1.8B | 1.8B | 1.5B | 1.3B | 1.1B | 935M | 872M |
| Retained Earnings | 14.7B | 16.0B | 17.5B | 18.9B | 20.6B | 21.9B | 23.4B | 25.2B | 27.0B | 28.0B | 29.6B | 31.4B | 31.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.53 | 4.47 | 4.97 | 5.19 | 6.39 | 5.38 | 6.32 | 7.19 | 7.19 | 5.58 | 8.21 | 9.40 | 10.06 |
| Owner EPS | -3.54 | -5.71 | 3.39 | 15.68 | 24.16 | 14.61 | 9.23 | -19.85 | 31.27 | 0.93 | -44.70 | 40.12 | -37.20 |
| Book Value | 49.34 | 51.04 | 53.52 | 58.61 | 65.75 | 65.42 | 73.36 | 76.49 | 68.09 | 72.93 | 83.74 | 96.32 | 100.18 |
| Cash Flow/Share | -1.30 | -3.39 | 5.78 | 18.27 | 27.05 | 15.24 | 9.89 | -18.76 | 32.31 | 2.11 | -43.68 | 41.16 | 37.58 |
| Dividends/Share | 1.16 | 1.32 | 1.44 | 1.60 | 1.78 | 1.98 | 2.08 | 2.18 | 2.40 | 2.64 | 2.90 | 3.20 | 4.14 |
| Shares Out. | 432.2M | 413.4M | 396.0M | 380.0M | 376.2M | 373.4M | 357.1M | 357.7M | 370.0M | 326.3M | 302.4M | 289.0M | 276.9M |
| Valuation | |||||||||||||
| P/E Ratio | 13.0 | 11.2 | 12.1 | 14.6 | 7.9 | 12.2 | 9.7 | 11.3 | 9.6 | 13.1 | 11.6 | 14.0 | 18.4 |
| P/FCF | N/A | N/A | 14.1 | 4.6 | 2.0 | 4.9 | 7.3 | N/A | 2.3 | N/A | N/A | 3.5 | N/A |
| EV/EBIT | 2.3 | N/A | 14.4 | N/A | N/A | N/A | N/A | 11.6 | 7.3 | N/A | 4.5 | 4.8 | N/A |
| Price/Book | 1.2 | 1.0 | 1.1 | 1.3 | 0.8 | 1.0 | 0.8 | 1.1 | 1.0 | 1.0 | 1.1 | 1.4 | 1.9 |
| Price/Sales | 9.8 | 10.9 | 9.3 | 2.3 | 2.2 | 1.7 | 1.7 | 2.2 | 2.1 | 1.8 | 1.8 | 2.1 | 3.6 |
| FCF Yield | -3.9% | -10.2% | 7.1% | 21.7% | 50.5% | 20.3% | 13.6% | -25.8% | 44.0% | -0.5% | -49.2% | 28.5% | -7.3% |
| Market Cap | 25.4B | 20.7B | 23.7B | 29.1B | 18.9B | 24.5B | 21.8B | 29.1B | 25.5B | 23.8B | 28.7B | 38.0B | 51.3B |
| Avg. Price | 51.26 | 55.08 | 48.72 | 67.83 | 71.54 | 51.86 | 54.88 | 73.71 | 67.65 | 67.85 | 77.49 | 102.97 | 185.40 |
| Year-End Price | 58.66 | 50.18 | 59.93 | 76.47 | 50.34 | 65.59 | 61.07 | 81.45 | 68.94 | 72.89 | 94.97 | 131.42 | 185.40 |
STATE STREET CORP passes 2 of 9 quality checks, indicating weak fundamentals.
STATE STREET CORP trades at 19.7x trailing earnings, compared to its 15-year median P/E of 11.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 4.8x vs a median of 4.6x. The company's 5-year average ROIC is 5.6%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is -5.0%.
STATE STREET CORP (STT) has a net profit margin of 12.0%. This is a healthy margin.
STATE STREET CORP (STT) generated $10.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
STATE STREET CORP (STT) has a debt-to-equity ratio of 1.04. This indicates moderate leverage.
STATE STREET CORP (STT) reported earnings per share (EPS) of $9.40 in its most recent fiscal year.
STATE STREET CORP (STT) has a return on equity (ROE) of 10.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for STATE STREET CORP (STT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
STATE STREET CORP (STT) has a book value per share of $96.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a multi-year transformation focused on driving profitability improvements and operational leverage, with plans to provide detailed updates on strategic growth initiatives and medium-term performance targets in July 2026. The company expects to continue generating positive operating leverage exceeding 100 basis points in 2026, with pre-tax margins progressing toward approximately 30%, supported by productivity savings comparable to 2025 levels and strategic investments in growth areas including artificial intelligence, digital assets, and agentic service delivery. Management anticipates tangible business impact from AI investments beginning in the second half of 2026 and accelerating thereafter, with agentic service delivery expected to scale in the second half of 2026 and deliver meaningful financial benefits over the medium term. The company remains focused on organic growth across its core servicing and management fee businesses, with a healthy and well-diversified sales pipeline, while continuing to evaluate bolt-on acquisitions to accelerate strategic objectives and deploy capital to support client relationships and loan book growth.
Based on recent SEC filings and earnings calls, STATE STREET CORP (STT) has provided the following forward guidance: Fee revenue growth: 7%-9% (FY2026); Net interest income growth: 8%-10% (FY2026); Expense growth: 5%-6% (FY2026); Sales target: $350 million-$400 million (FY2026); Effective tax rate: approximately 22% (FY2026), plus 1 additional metric.