Tearsheet

State Street (STT)


Market Price (12/17/2025): $128.27 | Market Cap: $36.4 Bil
Sector: Financials | Industry: Asset Management & Custody Banks

State Street (STT)


Market Price (12/17/2025): $128.27
Market Cap: $36.4 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%
Trading close to highs
Dist 52W High is -1.9%, Dist 3Y High is -1.9%
Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -48%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -328%
  Key risks
STT key risks include [1] the high sensitivity of its fee revenue to market volatility's impact on the valuation of assets under custody and management, Show more.
2 Low stock price volatility
Vol 12M is 28%
  
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -328%
2 Low stock price volatility
Vol 12M is 28%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more.
4 Trading close to highs
Dist 52W High is -1.9%, Dist 3Y High is -1.9%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -48%
6 Key risks
STT key risks include [1] the high sensitivity of its fee revenue to market volatility's impact on the valuation of assets under custody and management, Show more.

Valuation, Metrics & Events

STT Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

The approximate 11.4% movement in State Street's (STT) stock between August 31, 2025, and December 17, 2025, can be attributed to several key factors that reflect the company's strong performance and positive market sentiment.

1. Strong Quarterly Financial Performance. State Street reported robust financial results, with both third-quarter and fourth-quarter 2024 earnings surpassing analyst expectations. In Q3 2024, the company achieved a record earnings per share (EPS) of $2.26, an 81% year-over-year increase, and total revenue of $3.26 billion, up 21% from the previous year. This strong performance continued into Q4 2024, with adjusted EPS of $2.60 exceeding estimates and total revenues increasing by 12.1% year-over-year to $3.41 billion. These consistent beats likely fostered investor confidence and drove stock appreciation.

2. Significant Growth in Assets Under Custody/Administration (AUC/A) and Assets Under Management (AUM). The company demonstrated substantial growth in its core business metrics. As of September 30, 2024, assets under custody and administration (AUC/A) increased by 17% year-over-year to $46.8 trillion, while assets under management (AUM) rose by 29% to $4.7 trillion, driven by higher market levels and net new business. By December 31, 2024, AUC/A grew 11.4% year over year to $46.56 trillion, and AUM increased 14.9% to $4.72 trillion. This expansion indicates a healthy business pipeline and increasing market share, positively influencing the stock.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
STT Return-5%31%-14%4%30%35%97%
Peers Return-0%26%-20%17%39%41%131%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
STT Win Rate50%58%50%33%58%75% 
Peers Win Rate55%57%38%52%72%70% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
STT Max Drawdown-45%-4%-35%-17%-8%-22% 
Peers Max Drawdown-44%-4%-35%-14%-4%-14% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: BK, BLK, NTRS, JPM, C. See STT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/16/2025 (YTD)

How Low Can It Go

Unique KeyEventSTTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-42.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven73.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1077 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-47.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven91.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven352 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-56.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven130.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven2171 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-82.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven473.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven3061 days1480 days

Compare to JPM, MS, SCHW, BLK, BK


In The Past

State Street's stock fell -42.3% during the 2022 Inflation Shock from a high on 1/14/2022. A -42.3% loss requires a 73.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About State Street (STT)

Better Bets than State Street (STT)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to STT. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WU_11212025_Dip_Buyer_FCFYield11212025WUWestern UnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
14.1%14.1%-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.1%5.1%0.0%
PYPL_11142025_Dip_Buyer_FCFYield11142025PYPLPayPalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper11142025VVisaMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.6%4.6%-2.7%
WD_11072025_Dip_Buyer_ValueBuy11072025WDWalker & DunlopDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-9.0%-9.0%-11.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WU_11212025_Dip_Buyer_FCFYield11212025WUWestern UnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
14.1%14.1%-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.1%5.1%0.0%
PYPL_11142025_Dip_Buyer_FCFYield11142025PYPLPayPalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper11142025VVisaMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.6%4.6%-2.7%
WD_11072025_Dip_Buyer_ValueBuy11072025WDWalker & DunlopDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-9.0%-9.0%-11.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for State Street

Peers to compare with:

Financials

STTBKBLKNTRSJPMCMedian
NameState St.Bank of .BlackRockNorthern.JPMorgan.Citigroup 
Mkt Price127.15114.351,068.14138.27315.55111.28132.71
Mkt Cap36.081.7165.526.3871.7202.6123.6
Rev LTM13,71018,93022,8857,923179,43085,24420,908
Op Inc LTM--7,721---7,721
FCF LTM-6,6112,3803,9331,714-119,748-75,968-2,448
FCF 3Y Avg-2,1214,0053,9223,073-65,107-64,799476
CFO LTM-5,5743,8474,2682,510-119,748-69,391-1,532
CFO 3Y Avg-1,2095,2864,2483,812-65,107-58,1531,301

Growth & Margins

STTBKBLKNTRSJPMCMedian
NameState St.Bank of .BlackRockNorthern.JPMorgan.Citigroup 
Rev Chg LTM9.2%7.0%18.2%0.6%8.6%8.4%8.5%
Rev Chg 3Y Avg4.5%6.0%7.5%5.0%13.4%5.0%5.5%
Rev Chg Q11.5%9.2%25.2%2.9%8.8%9.6%9.4%
QoQ Delta Rev Chg LTM2.8%2.2%6.1%0.7%2.1%2.3%2.3%
Op Mgn LTM--33.7%---33.7%
Op Mgn 3Y Avg--35.3%---35.3%
QoQ Delta Op Mgn LTM---1.9%----1.9%
CFO/Rev LTM-40.7%20.3%18.6%31.7%-66.7%-81.4%-11.0%
CFO/Rev 3Y Avg-8.0%30.3%21.5%51.2%-36.4%-72.0%6.8%
FCF/Rev LTM-48.2%12.6%17.2%21.6%-66.7%-89.1%-17.8%
FCF/Rev 3Y Avg-15.1%23.1%19.9%41.3%-36.4%-80.3%2.4%

Valuation

STTBKBLKNTRSJPMCMedian
NameState St.Bank of .BlackRockNorthern.JPMorgan.Citigroup 
Mkt Cap36.081.7165.526.3871.7202.6123.6
P/S2.44.17.93.24.92.23.7
P/EBIT--20.6---20.6
P/E11.015.629.614.815.012.614.9
P/CFO-5.920.242.310.2-7.3-2.73.8
Total Yield9.1%8.2%5.2%9.1%6.7%8.0%8.1%
Dividend Yield0.0%1.8%1.8%2.3%0.0%0.0%0.9%
FCF Yield 3Y Avg-5.5%10.2%3.0%17.7%-7.5%-55.7%-1.2%
D/E1.00.50.10.50.62.00.5
Net D/E-3.3-2.10.0-2.2-0.3-1.2-1.6

Returns

STTBKBLKNTRSJPMCMedian
NameState St.Bank of .BlackRockNorthern.JPMorgan.Citigroup 
1M Rtn8.8%3.5%1.5%9.2%3.9%10.9%6.4%
3M Rtn15.9%8.9%-4.1%7.6%2.6%11.2%8.3%
6M Rtn33.8%28.7%11.3%27.7%18.2%45.7%28.2%
12M Rtn30.1%47.8%2.4%34.6%34.5%60.0%34.5%
3Y Rtn81.2%182.8%64.0%75.4%162.8%179.8%122.0%
1M Excs Rtn7.8%2.5%0.5%8.2%3.0%10.0%5.4%
3M Excs Rtn11.6%4.4%-8.2%4.4%-1.3%7.0%4.4%
6M Excs Rtn20.1%15.0%-2.4%14.0%4.5%32.0%14.5%
12M Excs Rtn17.9%34.5%-9.4%22.4%21.0%47.7%21.7%
3Y Excs Rtn5.3%106.0%-10.4%0.7%84.2%103.8%44.8%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Investment Servicing10,16010,1399,7979,7299,834
Investment Management2,0791,9862,1191,9741,922
Other-29423111  
Total11,94512,14812,02711,70311,756


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity4,402,496
Short Interest: % Change Since 11152025-7.4%
Average Daily Volume1,488,571
Days-to-Cover Short Interest2.96
Basic Shares Quantity283,434,000
Short % of Basic Shares1.6%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/17/2025-1.4%1.5%3.4%
7/15/2025-7.3%-1.8%1.3%
4/17/20252.0%10.0%23.4%
1/17/2025-2.8%-1.4%-0.0%
10/15/20241.0%-0.8%4.7%
7/16/20247.4%6.4%-0.2%
4/12/20242.5%-1.2%3.6%
1/19/20242.1%0.5%-2.4%
...
SUMMARY STATS   
# Positive13914
# Negative111510
Median Positive2.1%7.2%6.2%
Median Negative-7.0%-3.7%-3.7%
Max Positive9.7%13.3%25.2%
Max Negative-12.1%-10.9%-40.1%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251030202510-Q 9/30/2025
6302025731202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024213202510-K 12/31/2024
93020241031202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023215202410-K 12/31/2023
93020231027202310-Q 9/30/2023
6302023728202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022216202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022427202210-Q 3/31/2022
12312021217202210-K 12/31/2021