What is Northern Trust's EV / sales?

Northern Trust (NTRS) reported EV / sales of 3× in Q4 2023.

What does EV / sales mean?

What the whole business costs relative to its annual sales.

How do you interpret EV / sales?

A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.

How does EV / sales compare across companies?

Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.

Northern Trust NTRS EV / sales

EV / sales at other companies

JPMorgan ChaseJPM

5.4×+1.3×

State StreetSTT

3.7×+0.2×

SS&C TechnologiesSSNC

3.7×-0.9×

T Rowe Price GroupTROW

2.2×-0.3×

BEN

Franklin ResourcesBEN

1.7×+0.1×

Ameriprise FinancialAMP

1.9×-0.6×

Other financials

Income statement

See full

Revenue$2.2B+13.7%

Net income$525.5M+34.1%

EPS (diluted)$2.71+42.6%

Balance sheet

See full

Total equity$13.0B+0.8%

Total assets$174.57B+5.8%

Cash flow

See full

Operating cash flow-$320.0M-112%

CapEx$9.4M-24.2%

Free cash flow-$329.4M-112%

Valuation

See full

Market cap$31.85B+34.5%

P/E17×+6.3×

P/S3.9×-1.4×

Profitability

See full

Net margin22.8%-3.9pp

Returns & leverage

See full

Return on equity14.5%-3.2pp

Debt / equity0×0.0×

Where this comes from

Calculated from Northern Trust’s reported figures.

enterprise value/total revenue=3×

Based on the most recent quarter.

The official record: Northern Trust’s 10-Q, filed July 30, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Northern Trust's EV / sales?: Northern Trust (NTRS) reported EV / sales of 3× in Q4 2023.
What does EV / sales mean?: What the whole business costs relative to its annual sales.
How do you interpret EV / sales?: A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?: Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.