Question 1

What is Northern Trust's P/B ratio?

Accepted Answer

Northern Trust (NTRS) P/B ratio is 2.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Northern Trust specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Northern Trust's P/B ratio of 2.6× is above its own 5-year average of 1.7× and above the sector median of 1.7×. That places the current reading at the 99th 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/B ratio range?

Accepted Answer

In the available daily series, Northern Trust (NTRS) P/B ratio has ranged from a low of 1.1× in 2023 to a high of 4.6× in 2002. The 5-year average is 1.7× and the 5-year median is 1.6×.

Question 7

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

Accepted Answer

Northern Trust (NTRS) P/B ratio at the end of 2025 was 2.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$13B	2.0×	+0.4×	Dec 31, 2025
2024	$20.2B	$12.8B	1.6×	+0.1×	Dec 31, 2024
2023	$17.4B	$11.9B	1.5×	-0.2×	Dec 31, 2023
2022	$18.4B	$11.3B	1.6×	-0.4×	Dec 31, 2022
2021	$24.8B	$12B	2.1×	+0.4×	Dec 31, 2021
2020	$19.4B	$11.7B	1.7×	-0.4×	Dec 31, 2020
2019	$22.4B	$11.1B	2.0×	+0.3×	Dec 31, 2019
2018	$18.4B	$10.5B	1.8×	-0.5×	Dec 31, 2018
2017	$22.7B	$10.2B	2.2×	+0.1×	Dec 31, 2017
2016	$20.3B	$9.77B	2.1×	+0.2×	Dec 31, 2016
2015	$16.6B	$8.71B	1.9×	+0.0×	Dec 31, 2015
2014	$15.8B	$8.45B	1.9×	+0.0×	Dec 31, 2014
2013	$14.7B	$7.91B	1.9×	+0.3×	Dec 31, 2013
2012	$12B	$7.53B	1.6×	+0.3×	Dec 31, 2012
2011	$9.56B	$7.12B	1.3×	-0.6×	Dec 31, 2011
2010	$13.4B	$6.83B	2.0×	-0.0×	Dec 31, 2010
2009	$12.7B	$6.31B	2.0×	+0.2×	Dec 31, 2009
2008	$11.6B	$6.39B	1.8×	-1.9×	Dec 31, 2008
2007	$16.9B	$4.51B	3.7×	+0.4×	Dec 31, 2007
2006	$13.2B	$3.94B	3.4×	+0.2×	Dec 31, 2006
2005	$11.3B	$3.6B	3.1×	-0.1×	Dec 31, 2005
2004	$10.6B	$3.3B	3.2×	-0.1×	Dec 31, 2004
2003	$10.2B	$3.06B	3.3×	+0.8×	Dec 31, 2003
2002	$7.71B	$3B	2.6×	—	Dec 31, 2002


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

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

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

Historical P/B Ratio for Northern Trust (NTRS) from 2002 to 2025

About P/B Ratio at Northern Trust (NTRS)

Northern Trust P/B Ratio by Year

Northern Trust P/B Ratio 2025: 2.0×

Northern Trust P/B Ratio 2024: 1.6×

Northern Trust P/B Ratio 2023: 1.5×

Northern Trust P/B Ratio 2022: 1.6×

Northern Trust P/B Ratio 2021: 2.1×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Northern Trust (NTRS) Key Financials