# State Street (STT.US)

Canonical: https://gigainvestors.com/s/STT

Analysis as of: 2026-10-16T07:32:09.201Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $167.60 per share; close as of 2026-10-15.

Estimated value: low $465.25 per share, central $490.08 per share, high $523.13 per share. Buy at or below the central value $490.08 per share. Valuation as of 2026-10-16T07:32:09.201Z; scenarios are not confidence intervals.

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.26×

- FY2018: 0.26×

- FY2019: 0.23×

- FY2020: 0.25×

- FY2021: 0.27×

- FY2022: 0.27×

- FY2023: 0.19×

- FY2024: 0.26×

- FY2025: 0.27×

- LTM to Jun 2026: 0.19×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 99.6%

- Recent gross margin (lower of latest and 3-year median): 98.2%

- Years with nonpositive capital: 10

- Capital spending / revenue: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.5%

- FY2017: 5.7%

- FY2018: 6.5%

- FY2019: 5.8%

- FY2020: 5.1%

- FY2021: 6.3%

- FY2022: 6.4%

- FY2023: 4.0%

- FY2024: 4.3%

- FY2025: 5.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $14B

- Net income, five-year total: $13B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -256.9 pp

- Working capital / revenue, change between three-year averages: -1862.0 pp

- Working capital / revenue, final three-year average: -1788.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.28×

- FY2022: 1.15×

- FY2023: 1.03×

- FY2024: 0.96×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 4.3%

- Per-share earnings: 5.41 to 8.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: -4.1%

- Market cap gain: $5.2B

- Cumulative retained earnings: $14B

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -4.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.4%

- Per-share value change: $3.48

- Per-share value, starting three-year median: $5.41

- Per-share value, ending three-year median: $8.89

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 6.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $4.0B

- Cumulative net income, 10 years: $25B

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.41

- FY2017: $5.67

- FY2018: $6.89

- FY2019: $6.00

- FY2020: $6.78

- FY2021: $7.52

- FY2022: $7.50

- FY2023: $5.95

- FY2024: $8.89

- FY2025: $10.19

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 8.56×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 5.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.1%

- FY2017: -2.0%

- FY2018: -3.1%

- FY2019: -1.4%

- FY2020: -0.4%

- FY2021: 3.0%

- FY2022: -3.0%

- FY2023: 0.4%

- FY2024: 4.5%

- FY2025: -0.7%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 159% since Oct 2023 · "However, a rising expense base and concentrated fee-based revenues remain concerns." (finance.yahoo.com, Jun 2025) · sales +6.6%

Story as of 2026-10-16T09:59:38.288Z; price observation 2026-10-15.

- 2026-04-17: State Street Gains as Q1 Earnings Beat on NII, Fee Revenue Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/state-street-gains-q1-earnings-134400135.html))

### Sales · FY2024–2025

sales +6.6%; source https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm; observed 2026-02-19.

- FY2016: $10B 

- FY2017: $11B 

- FY2018: $12B 

- FY2019: $12B 

- FY2020: $12B 

- FY2021: $12B 

- FY2022: $12B 

- FY2023: $12B 

- FY2024: $13B 

- FY2025: $14B 

### Gross margin · FY2025

gross margin 99.6%; source https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm; observed 2026-02-19.

- FY2016: 100.0% 

- FY2017: 99.6% 

- FY2018: 99.9% 

- FY2020: 99.2% 

- FY2022: 99.6% 

- FY2023: 97.2% 

- FY2024: 98.2% 

- FY2025: 99.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 13.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm#000009375126000124 (filed 2026-02-19); FY2025: revenue 13940000000; grossProfit 13885000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 97.2% to 99.6% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 97.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 98.2%.

- Source: https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 99.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.054910899295482804],[2017,0.05692258950258739],[2018,0.06481851814818518],[2019,0.057663125948406675],[2020,0.05104946735576416],[2021,0.06330363649185491],[2022,0.06382733945376315],[2023,0.040361258175023354],[2024,0.04325568666591542],[2025,0.05108767303889255]]; median 0.0559167443990351. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 18.7% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 613000000; cash acquisitions 437000000; owner earnings 2459000000. Growth capex plus acquisitions / owner earnings = 0.17771451809678732.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 637000000; cash acquisitions 0; owner earnings 2604000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 609000000; cash acquisitions 2595000000; owner earnings 3187000000. Growth capex plus acquisitions / owner earnings = 0.814245371823031.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 730000000; cash acquisitions 54000000; owner earnings 2849000000. Growth capex plus acquisitions / owner earnings = 0.018954018954018954.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 560000000; cash acquisitions 0; owner earnings 3370000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 811000000; cash acquisitions 346000000; owner earnings 3439000000. Growth capex plus acquisitions / owner earnings = 0.10061064262867113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 734000000; cash acquisitions 0; owner earnings 3196000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 816000000; cash acquisitions 61000000; owner earnings 2010000000. Growth capex plus acquisitions / owner earnings = 0.03034825870646766.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 209071505.72142005; upkeep 716928494.27858; cash acquisitions 194000000; owner earnings 2575071505.7214203. Growth capex plus acquisitions / owner earnings = 0.15652827691419674.

- Source: https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm (filed 2026-02-19); FY2025: growth capex 211203528.4021411; upkeep 843796471.5978589; cash acquisitions 286000000; owner earnings 2655203528.402141. Growth capex plus acquisitions / owner earnings = 0.1872562773752226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,723000000],[2017,768000000],[2018,828000000],[2019,930000000],[2020,889000000],[2021,866000000],[2022,972000000],[2023,970000000],[2024,1033000000],[2025,1120000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 1306000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STT.US SharesStats.PercentInsiders = 0.356 percentage points; cache date 2026-10-16.

### What could break it

"Fee revenue represents a significant majority of our consolidated revenue" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm (filed 2026-02-19); Fee revenue represents a significant majority of our consolidated revenue

### What the price says

The price is 3.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 167.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 48.23212314761313; price multiple 3.474862582496413. FY2025 cash earnings/share 9.186951475169941. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $70.21 per share

- 2016-11: $78.80 per share

- 2016-12: $77.72 per share

- 2017-01: $76.20 per share

- 2017-02: $79.71 per share

- 2017-03: $79.61 per share

- 2017-04: $83.90 per share

- 2017-05: $81.46 per share

- 2017-06: $89.73 per share

- 2017-07: $93.23 per share

- 2017-08: $92.49 per share

- 2017-09: $95.54 per share

- 2017-10: $92.00 per share

- 2017-11: $95.35 per share

- 2017-12: $97.61 per share

- 2018-01: $110.17 per share

- 2018-02: $106.15 per share

- 2018-03: $99.73 per share

- 2018-04: $99.78 per share

- 2018-05: $96.11 per share

- 2018-06: $93.09 per share

- 2018-07: $88.31 per share

- 2018-08: $86.91 per share

- 2018-09: $83.78 per share

- 2018-10: $68.75 per share

- 2018-11: $73.02 per share

- 2018-12: $63.07 per share

- 2019-01: $70.90 per share

- 2019-02: $71.87 per share

- 2019-03: $65.81 per share

- 2019-04: $67.66 per share

- 2019-05: $55.25 per share

- 2019-06: $56.06 per share

- 2019-07: $58.09 per share

- 2019-08: $51.31 per share

- 2019-09: $59.19 per share

- 2019-10: $66.07 per share

- 2019-11: $75.10 per share

- 2019-12: $79.10 per share

- 2020-01: $75.63 per share

- 2020-02: $68.11 per share

- 2020-03: $53.27 per share

- 2020-04: $63.04 per share

- 2020-05: $60.96 per share

- 2020-06: $63.55 per share

- 2020-07: $63.79 per share

- 2020-08: $68.09 per share

- 2020-09: $59.33 per share

- 2020-10: $58.90 per share

- 2020-11: $70.48 per share

- 2020-12: $72.78 per share

- 2021-01: $70.00 per share

- 2021-02: $72.77 per share

- 2021-03: $84.01 per share

- 2021-04: $83.95 per share

- 2021-05: $86.98 per share

- 2021-06: $82.28 per share

- 2021-07: $87.14 per share

- 2021-08: $92.91 per share

- 2021-09: $84.72 per share

- 2021-10: $98.55 per share

- 2021-11: $88.97 per share

- 2021-12: $93.00 per share

- 2022-01: $94.50 per share

- 2022-02: $85.33 per share

- 2022-03: $87.12 per share

- 2022-04: $66.97 per share

- 2022-05: $72.49 per share

- 2022-06: $61.65 per share

- 2022-07: $71.04 per share

- 2022-08: $68.35 per share

- 2022-09: $60.81 per share

- 2022-10: $74.00 per share

- 2022-11: $79.67 per share

- 2022-12: $77.57 per share

- 2023-01: $91.33 per share

- 2023-02: $88.68 per share

- 2023-03: $75.69 per share

- 2023-04: $72.26 per share

- 2023-05: $68.02 per share

- 2023-06: $73.18 per share

- 2023-07: $72.44 per share

- 2023-08: $68.74 per share

- 2023-09: $66.96 per share

- 2023-10: $64.63 per share

- 2023-11: $72.82 per share

- 2023-12: $77.46 per share

- 2024-01: $73.87 per share

- 2024-02: $73.73 per share

- 2024-03: $77.32 per share

- 2024-04: $72.49 per share

- 2024-05: $75.59 per share

- 2024-06: $74.00 per share

- 2024-07: $84.97 per share

- 2024-08: $87.10 per share

- 2024-09: $88.47 per share

- 2024-10: $92.80 per share

- 2024-11: $98.51 per share

- 2024-12: $98.15 per share

- 2025-01: $101.62 per share

- 2025-02: $99.23 per share

- 2025-03: $89.53 per share

- 2025-04: $88.10 per share

- 2025-05: $96.28 per share

- 2025-06: $106.34 per share

- 2025-07: $111.75 per share

- 2025-08: $114.97 per share

- 2025-09: $116.01 per share

- 2025-10: $115.66 per share

- 2025-11: $119.02 per share

- 2025-12: $129.01 per share

- 2026-01: $130.86 per share

- 2026-02: $128.62 per share

- 2026-03: $126.56 per share

- 2026-04: $152.84 per share

- 2026-05: $155.64 per share

- 2026-06: $169.60 per share

- 2026-07: $184.16 per share

- 2026-08: $191.38 per share

- 2026-09: $174.59 per share

- 2026-10: $174.10 per share

## Annual estimated value (USD per share)

- FY2016: low $410.30 per share, central $419.13 per share, high $430.88 per share

- FY2017: low $424.13 per share, central $442.38 per share, high $458.76 per share

- FY2018: low $422.73 per share, central $440.89 per share, high $458.11 per share

- FY2019: low $425.97 per share, central $437.36 per share, high $452.52 per share

- FY2020: low $600.17 per share, central $612.18 per share, high $628.16 per share

- FY2021: low $607.46 per share, central $620.65 per share, high $638.21 per share

- FY2022: low $488.76 per share, central $501.77 per share, high $519.10 per share

- FY2023: low $524.19 per share, central $539.04 per share, high $558.82 per share

- FY2024: low $568.75 per share, central $585.91 per share, high $608.75 per share

- FY2025: low $608.05 per share, central $622.36 per share, high $641.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:54.268Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/93751/000009375126000124/stt-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.