State Street (STT)
Market Price (4/16/2026): $142.78 | Market Cap: $40.0 BilSector: Financials | Industry: Asset Management & Custody Banks
State Street (STT)
Market Price (4/16/2026): $142.78Market Cap: $40.0 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 27% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -291% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 78%, CFO LTM is 12 Bil, FCF LTM is 11 Bil Stock buyback supportStock Buyback 3Y Total is 8.1 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Key risksSTT 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 27% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -291% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 78%, CFO LTM is 12 Bil, FCF LTM is 11 Bil |
| Stock buyback supportStock Buyback 3Y Total is 8.1 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Key risksSTT 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. |
Qualitative Assessment
AI Analysis | Feedback
State Street (STT) stock has gained about 10% since 12/31/2025 because of the following key factors:
1. State Street surpassed Q4 2025 earnings expectations with a strong performance. The company reported earnings per share (EPS) of $2.97, exceeding the consensus estimate by 6.83% when announced on January 16, 2026. Additionally, State Street's revenue for the fourth quarter of 2025 rose by 7.5% year-over-year to $3.67 billion, outperforming analyst projections.
2. Significant growth in assets under custody/administration and management bolstered fee revenue. State Street reported a 16% year-over-year increase in assets under custody and/or administration (AUC/A), reaching $53.8 trillion, and a 20% rise in assets under management (AUM) to $5.7 trillion in Q4 2025. This expansion, driven by higher market valuations and net inflows, led to an 8-9% year-over-year increase in fee revenue, a critical component of the company's income.
Show more
1. State Street surpassed Q4 2025 earnings expectations with a strong performance. The company reported earnings per share (EPS) of $2.97, exceeding the consensus estimate by 6.83% when announced on January 16, 2026. Additionally, State Street's revenue for the fourth quarter of 2025 rose by 7.5% year-over-year to $3.67 billion, outperforming analyst projections.
2. Significant growth in assets under custody/administration and management bolstered fee revenue. State Street reported a 16% year-over-year increase in assets under custody and/or administration (AUC/A), reaching $53.8 trillion, and a 20% rise in assets under management (AUM) to $5.7 trillion in Q4 2025. This expansion, driven by higher market valuations and net inflows, led to an 8-9% year-over-year increase in fee revenue, a critical component of the company's income.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 12.1% change in STT stock from 12/31/2025 to 4/15/2026 was primarily driven by a 12.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.32 | 142.74 | 12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,710 | 13,965 | 1.9% |
| Net Income Margin (%) | 21.7% | 21.1% | -3.0% |
| P/E Multiple | 12.1 | 13.6 | 12.1% |
| Shares Outstanding (Mil) | 283 | 280 | 1.2% |
| Cumulative Contribution | 12.1% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| STT | 12.1% | |
| Market (SPY) | -5.4% | 56.9% |
| Sector (XLF) | -4.7% | 68.3% |
Fundamental Drivers
The 25.6% change in STT stock from 9/30/2025 to 4/15/2026 was primarily driven by a 18.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.66 | 142.74 | 25.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,343 | 13,965 | 4.7% |
| Net Income Margin (%) | 21.4% | 21.1% | -1.3% |
| P/E Multiple | 11.4 | 13.6 | 18.8% |
| Shares Outstanding (Mil) | 286 | 280 | 2.3% |
| Cumulative Contribution | 25.6% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| STT | 25.6% | |
| Market (SPY) | -2.9% | 62.3% |
| Sector (XLF) | -2.8% | 70.8% |
Fundamental Drivers
The 65.3% change in STT stock from 3/31/2025 to 4/15/2026 was primarily driven by a 44.8% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.35 | 142.74 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,919 | 13,965 | 8.1% |
| Net Income Margin (%) | 20.8% | 21.1% | 1.4% |
| P/E Multiple | 9.4 | 13.6 | 44.8% |
| Shares Outstanding (Mil) | 292 | 280 | 4.2% |
| Cumulative Contribution | 65.3% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| STT | 65.3% | |
| Market (SPY) | 16.3% | 73.6% |
| Sector (XLF) | 5.8% | 80.6% |
Fundamental Drivers
The 108.1% change in STT stock from 3/31/2023 to 4/15/2026 was primarily driven by a 52.8% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.58 | 142.74 | 108.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,125 | 13,965 | 15.2% |
| Net Income Margin (%) | 22.9% | 21.1% | -7.8% |
| P/E Multiple | 8.9 | 13.6 | 52.8% |
| Shares Outstanding (Mil) | 359 | 280 | 28.3% |
| Cumulative Contribution | 108.1% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| STT | 108.1% | |
| Market (SPY) | 63.3% | 58.8% |
| Sector (XLF) | 69.4% | 72.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STT Return | 31% | -14% | 4% | 30% | 36% | 11% | 130% |
| Peers Return | 26% | -20% | 17% | 39% | 41% | 7% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| STT Win Rate | 58% | 50% | 33% | 58% | 75% | 50% | |
| Peers Win Rate | 57% | 38% | 52% | 72% | 68% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STT Max Drawdown | -4% | -35% | -17% | -8% | -22% | -6% | |
| Peers Max Drawdown | -4% | -35% | -14% | -4% | -14% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 4/15/2026 (YTD)
How Low Can It Go
| Event | STT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -42.3% | -25.4% |
| % Gain to Breakeven | 73.4% | 34.1% |
| Time to Breakeven | 1,077 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -47.9% | -33.9% |
| % Gain to Breakeven | 91.9% | 51.3% |
| Time to Breakeven | 352 days | 148 days |
| 2018 Correction | ||
| % Loss | -56.7% | -19.8% |
| % Gain to Breakeven | 130.9% | 24.7% |
| Time to Breakeven | 2,171 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -82.6% | -56.8% |
| % Gain to Breakeven | 473.3% | 131.3% |
| Time to Breakeven | 3,061 days | 1,480 days |
Compare to BK, BLK, NTRS, JPM, C
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.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About State Street (STT)
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors. It also engages in the provision of portfolio management and risk analytics, as well as trading and post-trade settlement services with integrated compliance and managed data. In addition, the company offers investment management strategies and products, such as core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities, and alternative investment strategies. Further, it provides services and solutions, including environmental, social, and governance investing; defined benefit and defined contribution; and global fiduciary solutions, as well as exchange-traded fund under the SPDR ETF brand. The company provides its products and services to mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers. State Street Corporation was founded in 1792 and is headquartered in Boston, Massachusetts.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe State Street:
- State Street is like Amazon Web Services (AWS) for the institutional investment world, providing the essential infrastructure, technology, and back-office services for the world's investment funds.
- State Street is like BlackRock, but also serves as the indispensable back-office and custodian for other financial giants, managing its own SPDR ETFs and a vast array of other funds.
AI Analysis | Feedback
- Investment Servicing: Provides institutional investors with custody, fund administration, record-keeping, cash management, foreign exchange, brokerage, securities finance, and operations outsourcing.
- Investment Management: Offers a diverse range of investment strategies and products, including core and enhanced indexing, multi-asset, active quantitative, and alternative investments.
- Exchange-Traded Funds (ETFs): Manages and distributes a broad suite of ETFs globally under the well-known SPDR brand.
- Data & Analytics Solutions: Delivers performance, risk, and compliance analytics, coupled with financial data management services for institutional clients.
- Fiduciary & Specialized Solutions: Provides services and solutions for environmental, social, and governance (ESG) investing, defined benefit/contribution plans, and global fiduciary responsibilities.
AI Analysis | Feedback
State Street (STT) sells primarily to other companies and institutions, specifically to institutional investors worldwide. Based on the provided description, its major customers fall into the following categories:
- Mutual funds
- Collective investment funds and other investment pools
- Corporate and public retirement plans
- Insurance companies
- Foundations
- Endowments
- Investment managers
AI Analysis | Feedback
nullAI Analysis | Feedback
State Street Corporation (STT) is a financial services company headquartered in Boston, Massachusetts. Here is a list of up to five members of its management team, including the CEO and CFO, along with their backgrounds:Ronald P. O'Hanley
Chairman and Chief Executive Officer Ronald P. O'Hanley has served as Chairman and Chief Executive Officer of State Street Corporation since January 2019, having joined the company in 2015. Prior to his current role, he was President and Chief Operating Officer, and before that, President and Chief Executive Officer of State Street Global Advisors, the investment management arm of State Street. Before joining State Street, Mr. O'Hanley was President of Asset Management & Corporate Services for Fidelity Investments from 2010 to 2014. From 1997 to 2010, he served as President and Chief Executive Officer of BNY Mellon Asset Management and as Vice Chairman of Bank of New York Mellon Corporation, overseeing all of its activities in Asia. Earlier in his career, from 1986 to 1997, Mr. O'Hanley was a partner at McKinsey & Company, where he founded the Investment Management practice and co-founded the North American Personal Financial Services practice. He also advises several technology and financial services start-ups.John F. Woods
Executive Vice President, Chief Financial Officer John F. Woods was appointed Chief Financial Officer of State Street Corporation, effective by late August 2025. Before joining State Street, Mr. Woods was Vice Chair and Chief Financial Officer at Citizens Financial Group. He also held various finance leadership roles at Mitsubishi UFJ Financial Group, including CFO of MUFG Union Bank and CFO of MUFG Americas. His career includes senior finance leadership positions at JPMorgan Chase and Freddie Mac, and he began at Arthur Andersen, where he became a partner in the financial and risk consulting group.Donna Milrod
Executive Vice President, Chief Product Officer Donna Milrod joined State Street in 2018. She is responsible for leading the strategy, value propositions, and growth of the company's Asset Servicing businesses. Ms. Milrod has over 25 years of experience in banking and financial services, including leadership positions at Deutsche Bank, where she served as Deputy Chief Executive Officer for its North America business. Prior to State Street, she was a senior advisor to both Broadridge and McKinsey & Company. She also held an executive role at The Depository Trust and Clearing Corporation (DTCC), where she was Head of DTCC Solutions and led global strategy and business development, previously serving as Chief Administrative Officer. Ms. Milrod has served as an independent public board member for Valmont Industries (NYSE:VMI) and Cabela's Inc. (NYSE:CAB), and currently sits on the board of Orion Innovation, a privately held technology services company.Yie-Hsin Hung
President and Chief Executive Officer, State Street Investment Management Yie-Hsin Hung serves as President and Chief Executive Officer of State Street Investment Management, which is the investment management arm of State Street Corporation. Before joining State Street in 2022, Ms. Hung was the CEO of New York Life Investment Management (NYLIM), a position she held since 2015. Under her leadership, NYLIM's assets under management more than doubled to over $400 billion. Prior to NYLIM, she spent two decades at Morgan Stanley, where she held various leadership roles, including head of their U.S. distribution business for investment management. Ms. Hung also previously worked at Merrill Lynch.Mostapha Tahiri
Executive Vice President, Chief Operating Officer Mostapha Tahiri is the Executive Vice President and Chief Operating Officer for State Street Corporation. In this role, he is responsible for the firm's global operations and technology functions. Before being appointed COO in 2022, Mr. Tahiri was Chief Executive Officer for State Street in Asia Pacific and a member of the company's Management Committee. Prior to joining State Street in 2010, he held leadership positions at BNP Paribas in Asia and Europe, including Head of Asia Pacific for BNP Paribas Securities Services. He also spent several years at Société Générale.AI Analysis | Feedback
The key risks to State Street's business include significant operational and technology challenges, stringent and evolving regulatory compliance requirements, and exposure to financial market and interest rate volatility.
- Operational and Technology Risk: State Street faces substantial operational risks, largely stemming from its extensive technology transformation initiatives, such as the implementation of its front-to-back investment servicing platform, State Street Alpha. The complexity and scale of these undertakings create a risk of major technology failures, cyber-attacks, or prolonged and costly implementations that may not deliver anticipated efficiencies. Cybersecurity, as a component of operational risk, is a persistent challenge requiring continuous investment and vigilance to protect the company's and its clients' assets and information.
- Regulatory Compliance Risk: As a Global Systemically Important Bank (G-SIB), State Street is subject to extensive and constantly evolving regulatory requirements globally. These stringent regulations, including capital and liquidity standards, stress testing, and frameworks like Basel III, can significantly increase compliance costs and operational complexity. Failure to adhere to these regulations could lead to penalties, reputational damage, and restrictions on business activities.
- Financial Market and Interest Rate Volatility: State Street's financial performance is significantly impacted by the unpredictable nature of global financial markets and interest rate fluctuations. Its Net Interest Income (NII), derived from its balance sheet, is highly sensitive to changes in interest rates and client deposit behavior. Additionally, a substantial portion of its fee revenue is tied to assets under custody and administration (AUC/A) and assets under management (AUM), making it vulnerable to market volatility and shifts in asset valuations.
AI Analysis | Feedback
- Decentralized Finance (DeFi) and Distributed Ledger Technology (DLT): The emergence and increasing maturity of DeFi protocols and distributed ledger technologies present a clear threat to State Street's core investment servicing functions, particularly custody, record-keeping, settlement, and administration. These technologies aim to disintermediate traditional financial intermediaries by enabling direct, peer-to-peer transactions and automated processes via smart contracts, potentially reducing the need for services currently provided by State Street.
- Advanced AI and Automation in Institutional Back-Office Services: Rapid advancements in artificial intelligence, machine learning, and robotic process automation (RPA) could empower institutional clients to automate a greater portion of their back-office functions in-house, such as product accounting, daily pricing, performance analytics, and compliance reporting. This could also enable new, agile fintech competitors to offer highly efficient and low-cost specialized services, thereby eroding demand for State Street's comprehensive outsourcing and servicing offerings.
AI Analysis | Feedback
State Street (symbol: STT) provides a diverse range of financial products and services to institutional investors globally. The addressable markets for its main products and services are substantial:
- Investment Servicing (including custody, product accounting, and administration): The global asset servicing market, which encompasses these services, was valued at USD 84.3 billion in 2023 and is projected to exceed USD 271.3 billion by the end of 2033. Another estimate places the global asset servicing market at $1.43 trillion in 2025, growing to $2.03 trillion in 2030. The global custody services market was valued at USD 4.54 billion in 2024 and is projected to reach USD 9.15 billion by 2033. Another source estimated the global custody services market at approximately $45.19 billion in 2024, with a projection to reach $69.31 billion by 2029. North America is a dominant region in the custody services market, holding about 45% of the global market share.
- Fund Administration Services: The global fund administration services market was valued at USD 12.8 billion in 2024 and is forecasted to grow to USD 23.6 billion by 2033. Another report indicated the market size to be USD 12.9 billion in 2024, expected to reach USD 25.8 billion by 2033. North America leads this market, accounting for approximately 38% of the global market share.
- Investment Management (including portfolio management, risk analytics, and various investment strategies): The global asset management industry's assets under management (AuM) reached a record-breaking $128 trillion in 2024. This is projected to surge from US$139 trillion in 2024 to $200 trillion by 2030. In terms of revenue, the global asset management market size was valued at USD 469 billion in 2024 and is projected to grow to USD 6 trillion by 2034. North America held the largest share of the asset management market, at 47.00% in 2025.
- Exchange-Traded Funds (ETFs), including those under the SPDR ETF brand: The global ETF market concluded 2025 with US$19.8 trillion in total assets invested. As of September 2025, global ETF assets reached US$18.81 trillion. State Street's SPDR ETFs constituted US$2 trillion of this market, representing a 10% market share at the end of 2025. Nearly 70% of global ETF assets under management are located in the U.S.
- Foreign Exchange, Brokerage, and Other Trading Services: The global investment banking and trading services market was valued at USD 397.11 billion in 2024 and is projected to increase to approximately USD 765.98 billion by 2034. North America dominated this market in 2024.
AI Analysis | Feedback
State Street Corporation (STT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
-
Continued Fee Revenue Growth: State Street anticipates a significant increase in fee revenues across its various segments. The company projects fee revenue growth between 4-6% for 2026. This growth is expected to be fueled by momentum in servicing and management fees, reflecting higher average market levels and solid client engagement in its markets business. In 2025, State Street's fee revenue increased by 9% year-over-year, with record management fee revenue and consistent net new asset growth in its investment management business. Servicing fees, FX trading revenue, and securities finance revenues all showed healthy year-over-year increases in Q4 2025.
-
Net Interest Income (NII) Expansion: The company forecasts low single-digit growth in net interest income for 2026. This growth is supported by an expected improvement in net interest margin relative to 2025 and a more favorable deposit mix observed in early 2026. State Street's NII increased 7% year-over-year in Q4 2025.
-
Digital Transformation and Operating Model Enhancements: State Street is heavily investing in digital transformation and the next generation of its operating model to unlock significant potential and drive efficiency. This strategic focus aims to generate over 100 basis points of operating leverage, supported by ongoing technology innovation and AI-driven productivity. The company expects these investments to contribute to sustained positive operating leverage and fee growth.
-
Strategic Expansion in Wealth and Digital Assets: State Street is actively pursuing growth in new areas, particularly through strategic advancements in wealth services and the launch of its digital asset platform. This platform focuses on the digitalization and tokenization of assets, aiming to digitize the entire value chain, starting with tokenized money market funds. While the full financial impact of digital asset initiatives is anticipated in the medium term, these efforts represent a significant area of future growth.
-
Organic Growth and New Business Wins: The company continues to demonstrate strong organic growth through consistent client flows and new business acquisition. In 2025, State Street surpassed $50 trillion in assets under custody and administration (AUCA) for the first time, reaching $53.8 trillion, a 16% increase year-over-year, driven by higher market levels and positive client flows. Assets under management (AUM) also reached an all-time high of $5.7 trillion, up 20% from the prior year due to strong market performance and continued client inflows. New servicing fee revenue wins were approximately $330 million in 2025.
AI Analysis | Feedback
Share Repurchases
- State Street announced a common share repurchase program on January 19, 2024, authorizing the purchase of up to $5.0 billion of its common stock with no set expiration date.
- Annual share repurchases amounted to $1.2 billion in 2025, $1.319 billion in 2024, and $3.781 billion in 2023.
- As of September 30, 2025, approximately $2.9 billion remained available under the $5.0 billion share repurchase authorization.
Share Issuance
- On February 6, 2025, State Street issued $750 million of depositary shares, each representing a 1/100th ownership interest in its Series K Perpetual Preferred Stock.
- The company's shares outstanding have seen declines, with 0.289 billion shares in 2025 (a 4.37% decrease from 2024), 0.302 billion in 2024 (a 7.45% decrease from 2023), and 0.327 billion in 2023 (an 11.76% decrease from 2022).
Outbound Investments
- In November 2025, State Street Investment Management made a strategic minority investment in Coller Capital, a private market secondaries manager, as part of its strategy to expand into private markets.
- State Street acquired PriceStats, a long-standing partner and provider of daily global inflation data, in 2025.
- In 2024, State Street acquired global custody and related businesses outside of Japan from Mizuho Financial Group, Inc.
Capital Expenditures
- State Street's expenses rose, notably due to an 11% growth in technology spending in 2025, aimed at investing in expanded and updated infrastructure.
- In Q4 2025, the company incurred $226 million in net repositioning costs, largely attributed to workforce streamlining ($111 million) and optimizing its real estate footprint ($69 million).
- For 2026, State Street anticipates expense growth of 3-4% year-over-year, which will support investments in strategic growth initiatives and an ongoing transformation program.
Latest Trefis Analyses
Trade Ideas
Select ideas related to STT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 149.41 |
| Mkt Cap | 127.4 |
| Rev LTM | 21,988 |
| Op Inc LTM | 7,909 |
| FCF LTM | 4,156 |
| FCF 3Y Avg | 343 |
| CFO LTM | 4,730 |
| CFO 3Y Avg | 1,175 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 6.8% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | 7.2% |
| Op Mgn LTM | 32.7% |
| Op Mgn 3Y Avg | 35.0% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 25.1% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | 20.4% |
| FCF/Rev 3Y Avg | 2.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 127.4 |
| P/S | 4.1 |
| P/Op Inc | 20.6 |
| P/EBIT | 19.8 |
| P/E | 16.5 |
| P/CFO | 4.3 |
| Total Yield | 7.1% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | -1.9% |
| D/E | 0.5 |
| Net D/E | -1.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.4% |
| 3M Rtn | 6.5% |
| 6M Rtn | 21.9% |
| 12M Rtn | 76.2% |
| 3Y Rtn | 116.5% |
| 1M Excs Rtn | 9.5% |
| 3M Excs Rtn | 7.1% |
| 6M Excs Rtn | 19.3% |
| 12M Excs Rtn | 46.4% |
| 3Y Excs Rtn | 59.0% |
Price Behavior
Price Behavior
| Market Price | $142.74 | |
| Market Cap ($ Bil) | 40.0 | |
| First Trading Date | 07/09/1986 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $127.73 | $118.89 |
| DMA Trend | up | down |
| Distance from DMA | 11.7% | 20.1% |
| 3M | 1YR | |
| Volatility | 30.1% | 24.7% |
| Downside Capture | 0.35 | 0.51 |
| Upside Capture | 154.83 | 147.27 |
| Correlation (SPY) | 52.1% | 60.4% |
STT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.78 | 1.32 | 1.29 | 1.28 | 1.11 | 1.02 |
| Up Beta | -0.68 | 0.73 | 1.07 | 0.95 | 0.86 | 0.89 |
| Down Beta | 1.42 | 1.39 | 1.05 | 1.34 | 1.27 | 1.11 |
| Up Capture | 79% | 168% | 167% | 166% | 170% | 127% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 36 | 77 | 156 | 424 |
| Down Capture | 57% | 119% | 129% | 115% | 111% | 101% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 27 | 49 | 96 | 326 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STT | |
|---|---|---|---|---|
| STT | 85.2% | 24.7% | 2.45 | - |
| Sector ETF (XLF) | 13.0% | 15.3% | 0.60 | 72.8% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 62.3% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | 3.7% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | 8.6% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 34.5% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 38.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STT | |
|---|---|---|---|---|
| STT | 14.7% | 30.5% | 0.49 | - |
| Sector ETF (XLF) | 10.2% | 18.7% | 0.43 | 78.7% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 64.6% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 5.8% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 21.9% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 51.1% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 25.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STT | |
|---|---|---|---|---|
| STT | 12.6% | 32.9% | 0.44 | - |
| Sector ETF (XLF) | 13.2% | 22.2% | 0.55 | 81.3% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 67.8% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | -2.7% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 28.6% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 51.0% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/16/2026 | -6.1% | -7.5% | -6.1% |
| 10/17/2025 | -1.4% | 1.5% | 3.4% |
| 7/15/2025 | -7.3% | -1.8% | 1.3% |
| 4/17/2025 | 2.0% | 10.0% | 23.4% |
| 1/17/2025 | -2.8% | -1.4% | -0.0% |
| 10/15/2024 | 1.0% | -0.8% | 4.7% |
| 7/16/2024 | 7.4% | 6.4% | -0.2% |
| 4/12/2024 | 2.5% | -1.2% | 3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 14 |
| # Negative | 11 | 14 | 9 |
| Median Positive | 2.2% | 7.2% | 6.2% |
| Median Negative | -7.0% | -4.9% | -2.6% |
| Max Positive | 9.7% | 13.3% | 25.2% |
| Max Negative | -12.1% | -10.0% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Servicing fee revenue to be installed | 320.00 Mil | -20.2% | Lower New | Actual: 401.00 Mil for 2025 | |||
| 2026 AUC/A to be installed | 2.50 Tril | -30.6% | Lower New | Actual: 3.60 Tril for 2025 | |||
Prior: Q3 2025 Earnings Reported 10/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Servicing fee revenue to be installed | 401.00 Mil | -9.7% | Lowered | Guidance: 444.00 Mil for 2025 | |||
| 2025 AUC/A to be installed | 3.60 Tril | -10.0% | Lowered | Guidance: 4.00 Tril for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Horgan, Kathryn M | Executive Vice President | Direct | Sell | 12022025 | 118.55 | 5,676 | 672,890 | 12,445,142 | Form |
| 2 | Richards, Michael L | EVP and Senior Advisor | Direct | Sell | 10292025 | 117.24 | 1,500 | 175,860 | 4,528,512 | Form |
| 3 | Richards, Michael L | EVP and Senior Advisor | Direct | Sell | 8282025 | 115.17 | 1,000 | 115,170 | 4,621,311 | Form |
| 4 | O, Hanley Ronald P | Chairman, CEO and President | Direct | Sell | 8252025 | 112.39 | 13,330 | 1,498,159 | 27,471,825 | Form |
| 5 | Schaefer, Elizabeth | SVP, Chief Accounting Officer | Direct | Sell | 8212025 | 111.07 | 1,576 | 175,046 | 603,332 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.