Stock

Northern Trust Corporation

NTRSO
52
Asset Management · Financial Services
Price
$18.35
-0.02 (-0.11%)
Market Cap
$30.29B
Exchange
NASDAQ Global Select
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Strong
16/20
Cash Flow
Weak
1/10
Stability
Weak
2/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Good
3/5

52 of 100 counted points = Winston Score 52.

Share count falling — buybacks

−9.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 208.9M (2021) → 188.6M (2025)

§Winston Score History

The full picture

Northern Trust is a financial services company that helps wealthy individuals, families, and large institutions manage and protect their money. Its main services include wealth management, asset custody (safely holding investments on behalf of clients), and investment management. Founded in 1889, it is one of the largest custodian banks in the world, overseeing trillions of dollars in assets.

Northern Trust earns money through fees for managing investments, servicing assets, and providing banking services like loans and deposits. It is headquartered in Chicago and operates in more than 20 countries across North America, Europe, and Asia-Pacific. Its long history and focus on ultra-high-net-worth and institutional clients give it a strong reputation and sticky client relationships. Key growth opportunities include expanding its global custody business and growing assets under management, though the company faces risks from fee compression, interest rate changes, and competition from larger banks and low-cost asset managers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+98.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$163.6B cash & investments at current burn rate

Growth context

Northern Trust Corporation is growing revenue at 17% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
64.2%
Premium pricing power — 64.2% gross margin
Profit after running costs
Operating Margin
25.3%
Excellent — 25.3% operating margin
Return on the money invested
ROCE
10.3%
Below par — 10.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+3.1%
Slow sales growth (+3.1% YoY)
Profit growth
EPS YoY
+37.0%
Earnings growing fast (+37.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
24%
Weak — only 24% of profit becomes cash
Spare cash per sale
FCF Margin
-2.0%
Burning cash (-2.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.18
Elevated debt (1.18)
Covers its interest
Interest Cover
0.49x
Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.1x
Attractive valuation — P/E 14.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.46%
Healthy income — 6.46% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
28%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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