State Street (STT)
Forward P/E is 11.52x against a peer median of 10.24x, a ratio of 1.13x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 14.13x and PEG 0.62. Latest-quarter revenue grew 17.4% year over year (PRIMARY, EDGAR), above the cluster pace, which supports pricing near the top of the fair band but does not make the shares a bargain at this ratio. Delivered demand check: the Asset management & custody banks group's median growth was 14.3% — demand rising, and State Street is growing faster than that pace.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 9.22x or below (0.90x the peer median) at unchanged estimates with revenue growth holding at 14.3% year over year or above. Move to OVERVALUED if the forward P/E rises above about 11.78x (1.15x the peer median) without a matching upgrade to growth, or if revenue growth falls below 0% year over year while the forward multiple stays above 11.52x.
State Street, a custody bank that also manages investments, trades at about 11.5 times expected earnings — a little more than similar companies at about 10 times — while its sales grew about 17%. The small extra price is covered by the faster growth. On these numbers the shares look fairly priced.
Both lines start at 100 on 2020-09-01. Over the full window State Street returned +149.18% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for State Street: -42.3% (2022-01-14 to 2022-07-14). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 11.52x against a peer median of 10.24x, a ratio of 1.13x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 14.13x and PEG 0.62. Latest-quarter revenue grew 17.4% year over year (PRIMARY, EDGAR), above the cluster pace, which supports pricing near the top of the fair band but does not make the shares a bargain at this ratio. Delivered demand check: the Asset management & custody banks group's median growth was 14.3% — demand rising, and State Street is growing faster than that pace. The company’s forward P/E is 11.5× against a peer median of 10.2×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Asset management & custody banks group's median latest-quarter revenue growth was 14.3% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +17.4% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| State Street (STT) | $172.86 | 11.5× | 14.1× |
| AMP | $488.77 | 10.0× | 11.8× |
| NTRS | $171.42 | 13.6× | 13.4× |
| APO | $114.18 | 11.8× | 40.6× |
| TROW | $103.68 | 10.2× | 10.4× |
| BEN | $31.31 | 10.2× | 21.3× |
| Peer median | 10.2× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $4.0B | — | $1.1B | 3.65 | $-3.0B |
| Q/E Mar 2026 2026-03-31 | $3.8B | — | $764M | 2.49 | $-12.4B |
| Q/E Dec 2025 2025-12-31 | $3.7B | — | $747M | — | $9.8B |
| Q/E Sep 2025 2025-09-30 | $3.5B | — | $861M | 2.78 | $7.7B |
| Q/E Jun 2025 2025-06-30 | $3.4B | — | $693M | 2.17 | $-8.8B |
| Q/E Mar 2025 2025-03-31 | $3.3B | — | $644M | 2.04 | $2.2B |
| Q/E Dec 2024 2024-12-31 | $3.4B | — | $783M | — | $-7.7B |
| Q/E Sep 2024 2024-09-30 | $3.3B | — | $730M | 2.26 | $2.5B |
| Q/E Jun 2024 2024-06-30 | $3.2B | — | $711M | 2.15 | $-7.9B |
| Q/E Mar 2024 2024-03-31 | $3.1B | — | $463M | 1.37 | $-1.1B |
| Q/E Dec 2023 2023-12-31 | $3.0B | — | $210M | — | $3.9B |
| Q/E Sep 2023 2023-09-30 | $2.7B | — | $422M | 1.25 | $87M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | STATE STREET CORP |
| Chief executive | Ronald P. O'Hanley (source: https://en.wikipedia.org/wiki/State_Street_Corporation) |
| Sector | Financials — Asset Management & Custody Banks — provides custody and asset servicing, and manages investment portfolios, for clients |
| Share price (Oct 28, 2026) | $172.86 |
| Market value (market cap) | $46.9B — share price times shares outstanding of 274,701,765 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $15.1B |
| Net income, last twelve months | $3.5B |
| Free cash flow, last twelve months | $2.0B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +149.18% vs +118.28% |
| Worst peak-to-trough fall | -42.3% (2022-01-14 to 2022-07-14) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000093751.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000093751.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/STT/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.