Question 1

What is Northern Trust's P/FCF ratio?

Accepted Answer

Northern Trust (NTRS) P/FCF ratio is 20.5× as of July 22, 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. For Northern Trust specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

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

Accepted Answer

Northern Trust's P/FCF ratio of 20.5× is above its own 5-year average of 17.3× and above the sector median of 12.0×. That places the current reading at the 79th 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 17.3× 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	$25.6B	$4.73B	5.4×	—	Dec 31, 2025
2024	$20.2B	-$1.23B	—	—	Dec 31, 2024
2023	$17.4B	$1.95B	8.9×	-2.1×	Dec 31, 2023
2022	$18.4B	$1.67B	11.1×	-18.5×	Dec 31, 2022
2021	$24.8B	$841M	29.5×	+15.0×	Dec 31, 2021
2020	$19.4B	$1.34B	14.5×	+3.3×	Dec 31, 2020
2019	$22.4B	$1.99B	11.2×	-3.4×	Dec 31, 2019
2018	$18.4B	$1.26B	14.6×	-3.6×	Dec 31, 2018
2017	$22.7B	$1.25B	18.2×	-1.4×	Dec 31, 2017
2016	$20.3B	$1.04B	19.6×	+7.7×	Dec 31, 2016
2015	$16.6B	$1.4B	11.9×	-18.2×	Dec 31, 2015
2014	$15.8B	$527M	30.0×	-2.4×	Dec 31, 2014
2013	$14.7B	$454M	32.4×	+8.5×	Dec 31, 2013
2012	$12B	$502M	23.9×	+13.1×	Dec 31, 2012
2011	$9.56B	$883M	10.8×	-17.2×	Dec 31, 2011
2010	$13.4B	$479M	28.0×	+9.9×	Dec 31, 2010
2009	$12.7B	$701M	18.1×	-3.2×	Dec 31, 2009
2008	$11.6B	$547M	21.2×	-5.7×	Dec 31, 2008
2007	$16.9B	$627M	26.9×	-61.4×	Dec 31, 2007
2006	$13.2B	$150M	88.3×	+61.3×	Dec 31, 2006
2005	$11.3B	$418M	27.0×	+9.5×	Dec 31, 2005
2004	$10.6B	$605M	17.6×	-6.1×	Dec 31, 2004
2003	$10.2B	$430M	23.7×	+10.6×	Dec 31, 2003
2002	$7.71B	$588M	13.1×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Northern Trust (NTRS) 2002-2026

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

Historical P/FCF Ratio for Northern Trust (NTRS) from 2002 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×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Northern Trust (NTRS) Key Financials