State Street Corporation (STT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+225.8%

$554.37

vs $170.18 price

Levered DCF

$297.83

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.51×	11.78×	13.71×	10.66×	12.74×	11.37×	14.57×	9.73×
P/B	1.32×	1.15×	1.05×	1.12×	1.2×	0.98×	1.2×	0.95×
P/S	1.62×	1.33×	1.36×	2.07×	2.73×	2.13×	2.23×	1.79×
EV / EBITDA	-15.13×	-12.52×	-13.25×	-13.17×	-13.13×	-16.69×	-7.07×	-8.73×
Gross margin	61.4%	58.5%	64.8%	88.6%	100.2%	96.2%	89.5%	92.3%
Operating margin	16.5%	15.5%	12.6%	24.3%	26.4%	24.0%	20.7%	23.6%
Net margin	13.0%	12.2%	10.6%	20.3%	22.4%	20.1%	17.1%	19.8%
Current ratio	0.68×	0.51×	0.63×	0.57×	0.68×	0.69×	0.64×	0.63×
Debt / equity	1.07×	1.45×	1.02×	0.73×	0.55×	0.81×	0.59×	0.62×
Interest coverage	0.43×	0.37×	0.36×	2.15×	1,057×	7.73×	1.97×	3.13×
Dividend yield	3.1%	3.5%	3.9%	3.4%	2.6%	3.5%	3.2%	3.5%
Payout ratio	38.0%	38.4%	49.9%	35.0%	32.2%	36.7%	41.5%	31.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	10.6%	8.2%	11.0%	9.8%	9.2%	9.2%	10.5%
Return on invested capital	3.2%	2.9%	2.5%	6.4%	6.3%	5.1%	5.8%	6.5%
Return on assets	0.8%	0.8%	0.7%	0.9%	0.9%	0.8%	0.9%	1.1%
Free cash flow yield	11.7%	-48.3%	-0.5%	39.6%	-22.9%	11.6%	17.0%	40.8%
Earnings yield	8.0%	9.2%	7.8%	9.8%	8.2%	9.4%	7.7%	11.1%
Enterprise value	-$64.8B	-$50.1B	-$42.4B	-$59B	-$62.1B	-$73.6B	-$28.6B	-$37.6B
Net debt / EBITDA	-23.7×	-19.83×	-21.06×	-19.49×	-20.07×	-22.52×	-14.29×	-14.18×
Cash conversion cycle (days)	698	79	114	119	123	120	120	116