Question 1

What is Northern Trust's P/FCF ratio?

Accepted Answer

Northern Trust (NTRS) P/FCF ratio is 17.3× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Northern Trust?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings.

Question 5

Is Northern Trust's P/FCF ratio high or low?

Accepted Answer

Northern Trust's P/FCF ratio of 17.3× is above its own 5-year average of 17.2×. That places the current reading at the 71th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Northern Trust's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Northern Trust (NTRS) P/FCF ratio has ranged from a low of 4.2× in 2023 to a high of 311.1× in 2013. The 5-year average is 17.2× and the 5-year median is 13.9×.

Question 7

What was Northern Trust's P/FCF ratio in 2025?

Accepted Answer

Northern Trust (NTRS) P/FCF ratio at the end of 2025 was 5.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Northern Trust's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$25.61B	$4.73B	5.4×	—	Dec 31, 2025
2024	$20.22B	−$1.23B	—	—	Dec 31, 2024
2023	$17.40B	$1.95B	8.9×	-2.1×	Dec 31, 2023
2022	$18.44B	$1.67B	11.1×	-18.5×	Dec 31, 2022
2021	$24.84B	$840.90M	29.5×	+15.0×	Dec 31, 2021
2020	$19.39B	$1.34B	14.5×	+3.3×	Dec 31, 2020
2019	$22.38B	$1.99B	11.2×	-3.4×	Dec 31, 2019
2018	$18.42B	$1.26B	14.6×	-3.6×	Dec 31, 2018
2017	$22.65B	$1.25B	18.2×	-1.4×	Dec 31, 2017
2016	$20.27B	$1.04B	19.6×	+7.7×	Dec 31, 2016
2015	$16.61B	$1.40B	11.9×	-18.2×	Dec 31, 2015
2014	$15.80B	$526.50M	30.0×	-2.4×	Dec 31, 2014
2013	$14.74B	$454.40M	32.4×	+8.5×	Dec 31, 2013
2012	$12.01B	$501.90M	23.9×	+13.1×	Dec 31, 2012
2011	$9.56B	$883.20M	10.8×	-17.2×	Dec 31, 2011
2010	$13.42B	$479.10M	28.0×	+9.9×	Dec 31, 2010
2009	$12.66B	$700.50M	18.1×	-3.2×	Dec 31, 2009
2008	$11.62B	$547.30M	21.2×	-5.7×	Dec 31, 2008
2007	$16.87B	$627.20M	26.9×	-61.4×	Dec 31, 2007
2006	$13.23B	$149.90M	88.3×	+61.3×	Dec 31, 2006
2005	$11.28B	$417.50M	27.0×	+9.5×	Dec 31, 2005
2004	$10.61B	$604.70M	17.6×	-6.1×	Dec 31, 2004
2003	$10.18B	$429.50M	23.7×	+10.6×	Dec 31, 2003
2002	$7.71B	$588.30M	13.1×	-9.2×	Dec 31, 2002
2001	$13.30B	$597.20M	22.3×	—	Dec 31, 2001

P/FCF Ratio for Northern Trust (NTRS)

P/FCF Ratio daily chart for Northern Trust (NTRS)

Historical P/FCF Ratio for Northern Trust (NTRS) from 2001 to 2025

About P/FCF Ratio at Northern Trust (NTRS)

Northern Trust P/FCF Ratio by Year

Northern Trust P/FCF Ratio 2025: 5.4×

Northern Trust P/FCF Ratio 2023: 8.9×

Northern Trust P/FCF Ratio 2022: 11.1×

Northern Trust P/FCF Ratio 2021: 29.5×

Northern Trust P/FCF Ratio 2020: 14.5×

Frequently asked questions

Northern Trust (NTRS) Key Financials

P/FCF Ratio daily chart for Northern Trust (NTRS)

Historical P/FCF Ratio for Northern Trust (NTRS) from 2001 to 2025

About P/FCF Ratio at Northern Trust (NTRS)

Northern Trust P/FCF Ratio by Year

Northern Trust P/FCF Ratio 2025: 5.4×

Northern Trust P/FCF Ratio 2023: 8.9×

Northern Trust P/FCF Ratio 2022: 11.1×

Northern Trust P/FCF Ratio 2021: 29.5×

Northern Trust P/FCF Ratio 2020: 14.5×

Frequently asked questions

+What is Northern Trust's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Northern Trust?

+Is Northern Trust's P/FCF ratio high or low?

+What is Northern Trust's historical P/FCF ratio range?

+What was Northern Trust's P/FCF ratio in 2025?

+Why does Northern Trust's P/FCF ratio change over time?

Northern Trust (NTRS) Key Financials