ST
State Street Corp
STT—
State Street Corp AI Insights
Informational only. Not investment advice.Snapshot
- FCF TTM is -6.6B despite 8B operating cash flow - massive working capital swings (6.8B) distort true cash generation in custody banking model.[Free Cash Flow]
- Interest expense of 9.0B TTM exceeds total revenue of 13.7B - reflects deposit-funded balance sheet, not debt burden (34.5B debt vs 127B cash).[Interest Expense]
- Net margin 21.7% TTM vs industry median 95% - misleading comparison; STT's custody/asset servicing model has fundamentally different revenue recognition.[Net Margin]
Watch Triggers
- Change in Working Capital: Swings >5B for 2+ consecutive quarters — Signals deposit flight or client AUC/AUM stress - core franchise health indicator.
- ROE: Falls below 10% TTM — Would indicate NII tailwind exhausted; questions capital allocation efficiency.
- Goodwill: Impairment charge announced — 7.9B goodwill at risk if asset servicing fees decline with market values.
Bull Case
Massive liquidity buffer (127B cash, 34% of assets) provides stability and optionality for M&A or buybacks in market dislocations.
Cash and EquivalentsTotal Assets
Net income of 3.0B TTM on 24.1B equity yields 12.7% ROE - above industry median 8.5% despite conservative balance sheet.
ROENet Income
Bear Case
Goodwill of 7.9B represents 33% of common equity - acquisition-heavy history creates impairment risk if AUM/AUC declines.
GoodwillCommon Stockholders Equity
Negative FCF (-6.6B TTM) and debt/equity 1.43x limit capital return flexibility vs peers with stronger cash conversion.
Free Cash FlowDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
ROE compression likely as rate environment normalizes, pressuring NII contribution to earnings.
1-3ymed
- Interest expense 9.0B reflects rate-sensitive deposit base
- ROE 12.7% TTM below historical norms for custody banks
- ROIC 5.0% suggests limited reinvestment opportunities
ROE TTM 12.7% vs industry median 8.5%Interest expense/revenue ratio 66%Tangible book 15.2B vs equity 24.1B
Valuation Context
Caveats
Public Strategies Rankings
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STT Fundamentals
Finance and Insurance → Securities, Commodity Contracts, and Other Financial Investments and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$36.89B | — | ||
$-55.99B | — | ||
13 | — | ||
$13.71B | +9.2% | — | |
$9.74 | +19.7% | — | |
0% | — | ||
21.7% | +4.9% | — | |
$-6.61B | — | ||
0.13 | +3.2% | — | |
Beta 5Y (Monthly) | unknown | — |
STT Dividend History
104 dividends
2026
$0.840001/02/26$0.8400
2025
$3.120010/01/25$0.8400
07/01/25$0.7600
04/01/25$0.7600
01/02/25$0.7600
2024
$2.140010/01/24$0.7600
07/01/24$0.6900
03/28/24$0.6900
2023
$2.640012/29/23$0.6900
09/29/23$0.6900
06/30/23$0.6300
03/31/23$0.6300
2022
$2.400012/30/22$0.6300
09/30/22$0.6300
06/30/22$0.5700
03/31/22$0.5700
2021
$2.180012/31/21$0.5700
09/30/21$0.5700
06/30/21$0.5200
03/31/21$0.5200
2020
$2.080012/31/20$0.5200
09/30/20$0.5200
06/30/20$0.5200
03/31/20$0.5200
2019
$1.980012/31/19$0.5200
09/30/19$0.5200
06/28/19$0.4700
03/29/19$0.4700
2018
$1.780012/31/18$0.4700
09/28/18$0.4700
06/29/18$0.4200
03/29/18$0.4200
2017
$1.600012/29/17$0.4200
09/29/17$0.4200
06/29/17$0.3800
03/30/17$0.3800
2016
$1.440012/29/16$0.3800
09/29/16$0.3800
06/29/16$0.3400
03/30/16$0.3400
2015
$1.320012/30/15$0.3400
09/29/15$0.3400
06/29/15$0.3400
03/30/15$0.3000
2014
$1.160012/30/14$0.3000
09/29/14$0.3000
06/27/14$0.3000
03/28/14$0.2600
2013
$1.040012/30/13$0.2600
09/27/13$0.2600
06/27/13$0.2600
03/27/13$0.2600
2012
$0.960012/28/12$0.2400
09/27/12$0.2400
06/28/12$0.2400
03/29/12$0.2400
2011
$0.720012/29/11$0.1800
09/29/11$0.1800
06/29/11$0.1800
03/30/11$0.1800
2010
$0.040012/30/10$0.0100
09/29/10$0.0100
06/29/10$0.0100
03/30/10$0.0100
2009
$0.040012/30/09$0.0100
09/29/09$0.0100
06/29/09$0.0100
03/30/09$0.0100
2008
$0.950012/30/08$0.2400
09/29/08$0.2400
06/27/08$0.2400
03/28/08$0.2300
2007
$0.880012/28/07$0.2300
09/27/07$0.2200
06/27/07$0.2200
03/29/07$0.2100
2006
$0.800012/28/06$0.2100
09/28/06$0.2000
06/29/06$0.2000
03/30/06$0.1900
2005
$0.720012/29/05$0.1900
09/29/05$0.1800
06/29/05$0.1800
03/30/05$0.1700
2004
$0.640012/30/04$0.1700
09/29/04$0.1600
06/29/04$0.1600
03/30/04$0.1500
2003
$0.560012/30/03$0.1500
09/29/03$0.1400
06/27/03$0.1400
03/28/03$0.1300
2002
$0.480012/30/02$0.1300
09/27/02$0.1200
06/27/02$0.1200
03/27/02$0.1100
2001
$0.405012/28/01$0.1100
09/27/01$0.1000
06/28/01$0.1000
03/29/01$0.0950
2000
$0.345012/28/00$0.0950
09/28/00$0.0850
06/29/00$0.0850
03/30/00$0.0800
STT Stock Splits
1 stock split
05/31/010.5:1 split
STT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
10/22/21 | 09/30/21 | 10-Q | |
07/23/21 | 06/30/21 | 10-Q | |
04/23/21 | 03/31/21 | 10-Q | |
02/19/21 | 12/31/20 | 10-K | |
10/23/20 | 09/30/20 | 10-Q | |
07/27/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/26/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/04/11 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/22/10 | 12/31/09 | 10-K | |
11/05/10 | 09/30/09 | 10-Q | |
11/06/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/04/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/31/08 | 10-Q | |
02/15/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 10-Q | |
02/20/07 | 12/31/06 | 10-K | |
11/03/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/05/06 | 03/31/06 | 10-Q | |
02/21/06 | 12/31/05 | 13F-HR | |
11/04/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 13F-HR | |
05/06/05 | 03/31/05 | 13F-HR | |
02/18/05 | 12/31/04 | 13F-HR | |
11/05/04 | 09/30/04 | 13F-HR | |
08/06/04 | 06/30/04 | 8-K | |
05/06/04 | 03/31/04 | 10-Q | |
02/24/04 | 12/31/03 | 13F-HR | |
11/07/03 | 09/30/03 | 13F-HR | |
08/14/03 | 06/30/03 | 13F-HR | |
05/09/03 | 03/31/03 | 10-Q | |
02/21/03 | 12/31/02 | 13F-HR | |
11/07/02 | 09/30/02 | 8-K | |
08/02/02 | 06/30/02 | 13F-HR | |
05/03/02 | 03/31/02 | 13F-HR | |
02/22/02 | 12/31/01 | 5 | |
11/07/01 | 09/30/01 | 10-Q | |
08/08/01 | 06/30/01 | 4 | |
05/02/01 | 03/31/01 | 10-Q | |
02/16/01 | 12/31/00 | 13F-HR | |
11/13/00 | 09/30/00 | 13F-HR | |
08/11/00 | 06/30/00 | 13F-HR | |
05/15/00 | 03/31/00 | 13F-HR |