State Street Corporation
STTFinancial Snapshot
ticker: STT step: 04 generated: 2026-05-12 source: quick-research
State Street Corporation (STT) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Total Revenue (net) | $12.15B | $11.95B | $13.00B | +8.8% |
| Net Income | $2.66B | $1.82B | $2.48B | +36.4% |
| EPS (diluted) | $7.19 | $5.58 | $8.21 | +47.1% |
2023 revenue and earnings declined due to higher deposit repricing costs and net interest income compression in a rising rate environment. 2024 recovery driven by higher equity market levels (fee revenue correlation), rate stabilization, and improved operating leverage.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| AUM (SSGA) | ~$4.7T (FY2024) / $5.4T (Q3 2025) |
| AUC/A | ~$46T (FY2024) / $51.7T (Q3 2025) |
| CET1 Ratio | ~11% (well-capitalized) |
| Total Assets | ~$330B |
State Street is a custodian bank; traditional FCF/capex metrics are less applicable. Capital return is primarily via buybacks and a ~3% dividend yield.
Key Ratios (approximate)
- P/E (FY2024): ~11x | P/TBV: ~1.8x | Dividend Yield: ~3%
- ROTCE (FY2024): ~16% | Fee Revenue Growth (FY2024): +5–7%
- Efficiency Ratio: ~72% (improving toward 70% target)
Growth Profile
State Street's fee revenue is highly correlated with equity market levels (higher AUM/AUC = higher custody and management fees). FY2023's weakness reflected both market headwinds and elevated deposit repricing costs. The 2024 recovery accelerated as equity markets hit all-time highs (S&P 500 +23%), driving fee revenue higher. SSGA's ETF AUM is also market-sensitive — a sustained equity bear market would reduce fee income meaningfully.
Forward Estimates
- FY2025 EPS: ~$9.40 (consensus); fee revenue growth at or above +5-7% guidance
- FY2026 EPS: ~$10.45 (consensus)
- Medium-term ROTCE target: ~20% (from ~16% in 2024)
- $3 trillion in new mandates won but yet to be installed provides a multi-year revenue backlog
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $STT.