NTRS

Nasdaq

NORTHERN TRUST CORP

Financials, Asset Management & Custody Banks

$185.50

close 7 Aug 2026

+48.12%

52-week change

$33.94B

market cap

$121.12

$191.60

52-week range

Expected price

$163.97 – $200.41

Current price

$185.50

Signal

Appears fairly valued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)15.30x

P/S (TTM)3.90x

P/B2.53x

EV/EBITDA (TTM)—

FCF yield (TTM)1.31%

PEG (TTM, GAAP)1.23

Context

P/E, own 5-year average14.80x

P/E, sector median16.04x*

Price at 5-year median P/E$177.73*

Indicated dividend yield1.73%

Forward — analyst consensus

Forward P/E (FY2026)14.56x*

Forward P/E (FY2027)14.78x

Forward PEG—*

Consensus EPS FY2026 (8 analysts)$12.74

EPS growth (FY2026→FY2027)-1.51%

Revenue growth (FY2026)13.69%

Street view

Price target (mean)$184.27*

Target upside-0.66%

Ratings (buy / hold / sell)2 / 10 / 3

FY2026 EPS revisions, 30d (up / down)2 / 3

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

Dividend yield

period to 30 Jun 2026, filed 30 Jul 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

5Y CAGR +25.39%10Y CAGR +12.14%

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$185.50

Cash & equivalents—

Total debt$4.90B

Shares outstanding182.96M

Result

DCF price per share—

Current price$185.50

Margin of safety—

PV of years 1–10$10.85B

PV of terminal value$35.80B

Equity value—

Market-implied growth—

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Growth, %											2.5
FCF	$556.63M	$695.78M	$869.73M	$1.09B	$1.36B	$1.70B	$2.12B	$2.65B	$3.32B	$4.15B	$77.29B
PV	$515.39M	$596.52M	$690.42M	$799.09M	$924.88M	$1.07B	$1.24B	$1.43B	$1.66B	$1.92B	$35.80B

period to 30 Jun 2026, filed 30 Jul 2026, close 7 Aug 2026