Mar 4, 2025
State Street Corp NYSE: STT
State Street Corporation Comprehensive Analysis Report
1. Company Overview
Full Legal & Operational Details
Data Item | Value | Citation |
Full Legal Name | State Street Corporation | |
Stock Ticker | STT (NYSE) | |
Headquarters | One Congress Street, Boston, MA, USA | |
Sector | Financial Services | |
Industry | Asset Management |
Historical Milestones
State Street Corporation's legacy began in July 1891 with the establishment of the State Street Deposit & Trust Co. in Boston. The company was later renamed in 1897 to State Street Trust Company and further solidified its market presence through several mergers and strategic shifts:
Year/Period | Milestone Description |
1891 | Established as State Street Deposit & Trust Co. (Wikipedia) |
1897 | Renamed to State Street Trust Company |
1925 | Merged with National Union under National Union’s charter |
1955 | Merged with Second National Bank |
1961 | Merged with Rockland-Atlas National Bank |
1966 | Completed construction of Boston’s first high-rise office tower – the State Street Bank Building |
1972 | Opened its first international office in Munich |
1973 | Formed a 50/50 joint venture with DST Systems for Boston Financial Data Services |
1975 | Shifted strategy focus from commercial banking to investments and securities processing |
1980s – 1990s | Global expansion with offices in major financial centers |
1994 | Founded State Street Global Advisors to launch its asset management business |
1995 | Acquired Investors Fiduciary Trust of Kansas City for $162 million |
1997 | Established an office in Singapore |
1999 | Divested retail and commercial banking businesses to focus on core financial services |
2003 | Acquired Deutsche Bank’s securities services division for $1.5 billion and divested its corporate trust business to U.S. Bancorp (Wikipedia) |
2. Executive Leadership & Corporate Governance
Key Executive Leadership
Name | Title & Role | Background & Qualifications | Tenure/Key Dates |
Ronald P. O’Hanley | Chairman, President & Chief Executive Officer | Extensive operational experience in asset management; B.S. from Syracuse University and MBA from Harvard. Held multiple senior roles including leader at State Street Global Advisors. | Director since 2019; CEO (2020–present), with roles from 2017 onward (Source) |
Eric Aboaf | Vice Chairman & Chief Financial Officer (CFO) for Investment Services | Known for transforming the finance function through operational improvements and strategic growth; eight-year tenure noted as CFO. | Served 8 years; departure scheduled for February 2025 (Source) |
Additional Key Officers | Executive VPs & Chief Officers across multiple functions | Experts in custody, global delivery, risk management, legal, technology, and human resources. Detailed individual backgrounds available on the company’s leadership site. | Tenure details not fully provided (Source) |
Board & Governance Practices
Board Composition: Specific details on board identities and independence are not provided in the available data.
Governance Policies:
Board Independence: Emphasizes independent directors for robust governance.
Director Elections: Conducted annually to ensure accountability.
ESG Disclosures: Mandates disclosure of material sustainability risks and opportunities.
Proxy Voting & Engagement: Recently updated to reinforce board independence and improved ESG standards.
Shareholder Rights: Advocates proxy access and one vote per share principles.
Recent changes include an update to the global proxy voting policy and a shift in the boardroom diversity policy (State Street Updates; Citywire).
3. Financial Performance Overview
Revenue & Growth Rates (Fiscal Years 2020-2024)
Fiscal Year | Total Revenue (USD) | YoY Growth Rate (%) |
2020 | 11,694,000,000 | N/A |
2021 | 12,027,000,000 | 2.85% |
2022 | 12,125,000,000 | 0.81% |
2023 | 11,945,000,000 | -1.48% |
2024 | 12,919,000,000 | 8.16% |
Growth rates calculated as percentage change relative to previous years (Investopedia, Morningstar).
SG&A Operating Expenses Trend
Fiscal Year | SG&A Operating Expenses (USD) |
2020 | 4,445,000,000 |
2021 | 4,659,000,000 |
2022 | 4,477,000,000 |
2023 | 4,704,000,000 |
2024 | 4,854,000,000 |
Observations:
2020–2021: +214M increase
2021–2022: -182M decline
2022–2023: +227M increase
2023–2024: +150M increase
Profitability Metrics
While gross profit and operating income data are not available, the net income and net margins can be observed:
Fiscal Year | Sales (USD) | Net Income (USD) | Net Margin (%) |
2020 | 11,694,000,000 | 2,420,000,000 | ~20.7% |
2021 | 12,027,000,000 | 2,693,000,000 | ~22.4% |
2022 | 12,125,000,000 | 2,774,000,000 | ~22.9% |
2023 | 11,945,000,000 | 1,944,000,000 | ~16.3% |
2024 | 12,919,000,000 | 2,687,000,000 | ~20.8% |
Balance Sheet & Asset Composition
2024 Asset Breakdown
Current Assets:
Asset Item | Amount (USD) |
Cash | 3,145,000,000 |
Cash & Cash Equivalents | 116,102,000,000 |
Other Short Term Investments | 18,448,000,000 |
Accounts Receivable | 4,538,000,000 |
Other Receivables | 201,000,000 |
Prepaid Assets | 738,000,000 |
Non-Current Assets:
Asset Item | Amount (USD) |
Properties | 9,994,000,000 |
Accumulated Depreciation | -6,461,000,000 |
Goodwill | 16,471,000,000 |
Intangible Assets | 1,089,000,000 |
Investments and Advances | 110,707,000,000 |
Note: Total Assets for prior fiscal years are not explicitly provided.
Liabilities & Shareholders’ Equity (2020-2024)
Liabilities:
Fiscal Year | Short-Term Debt (USD) | Long-Term Debt (USD) | Total Debt (USD) |
2020 | 3,987,000,000 | 13,805,000,000 | 17,792,000,000 |
2021 | 2,674,000,000 | 10,929,000,000 | 13,603,000,000 |
2022 | 4,256,000,000 | 12,837,000,000 | 17,093,000,000 |
2023 | 5,833,000,000 | 15,667,000,000 | 21,500,000,000 |
2024 | 9,840,000,000 | 23,272,000,000 | 33,112,000,000 |
Shareholders’ Equity:
Fiscal Year | Total Shareholders' Equity (USD) |
2020 | 26,200,000,000 |
2021 | 27,363,000,000 |
2022 | 25,191,000,000 |
2023 | 23,799,000,000 |
2024 | 25,326,000,000 |
Working Capital Analysis
Fiscal Year | Total Current Assets (Approx., USD Billion) | Approx. Current Liabilities (USD Billion) | Working Capital (USD Billion) |
2020 | 187.81 | 31.49 | 156.32 |
2021 | 192.28 | 19.72 | 172.56 |
2022 | 155.19 | 26.79 | 128.41 |
2023 | 114.90 | 5.83* | 109.07* |
2024 | 143.17 | 9.84* | 133.33* |
*For 2023 and 2024, current liabilities are approximated using available short-term debt figures.
Cash Flow Summary
Fiscal Year | Operating Cash Flow (USD) | Investing Cash Flow (USD) | Financing Cash Flow (USD) |
2020 | 3,448,000,000 | (Data shows significant outlays) | +1,777,000,000 |
2021 | (–6,620,000,000) | -8,261,000,000 | (–8,223,000,000) |
2022 | +11,932,000,000 | +4,135,000,000 | +1,538,000,000 |
2023 | +350,000,000 | (Refer to detailed investing activities) | (–550,000,000) |
2024 | (–14,107,000,000) | (–7,081,000,000) | +9,025,000,000 |
Variability in operating cash flow indicates both strong cash generation and significant operational adjustments across periods (SEC Filings).
Capital Expenditures & Investing Activities
Historical CapEx Trends
Fiscal Year | Capital Expenditures (USD) |
2020 | 560,000,000 |
2021 | 811,000,000 |
2022 | 734,000,000 |
2023 | 816,000,000 |
2024 | 926,000,000 |
CapEx increased from 2020 to 2024, reflecting a commitment to infrastructure and technology investments.
Investing Activity Details
Fiscal Year | Capital Expenditures (USD million) | Net Acquisitions (USD million) | Sale of Investments (USD million) |
2020 | -560 | 0 | 67,452 |
2021 | -811 | -333 | 55,191 |
2022 | -734 | 0 | 31,661 |
2023 | -816 | -61 | 30,094 |
2024 | -926 | -194 | 38,820 |
The net effect of investing activities on free cash flow depends on the operating cash flow and these outlays (SEC Filings).
4. Investment, Valuation & Dividend Analysis
Valuation Multiples Overview
Metric | Value | Interpretation |
Trailing Price-to-Earnings | 12.09 | Indicates moderate earnings multiples relative to historical averages (SEC) |
Forward Price-to-Earnings | 10.62 | Reflects expectations of earnings growth |
Price-to-Book | 1.27 | Suggests the stock trades near book value |
Price-to-Sales (TTM) | 2.21 | Reflects investor valuation per dollar of sales (Investopedia) |
EV/EBITDA | N/A | Insufficient data for calculation |
DCF Analysis Outline (Hypothetical Framework)
While explicit forward-looking projections are not provided, a standard DCF model would include the following assumptions:
Discount Rate (WACC): ~12% (example; derived from risk-free rate plus equity premium)
Explicit Forecast Period: 5–10 years with growth assumptions of 3–5% per annum
Terminal Growth Rate: 2–3%
Sensitivity Analysis: A change of ±1% in discount or growth rates can materially affect intrinsic value
(References: Wall Street Prep, GuruFocus)
Dividend Policy & Yield
Dividend History & Trends
Year | Average Dividend per Quarter (USD) |
2021 | ~0.57 |
2022 | ~0.60 |
2023 | ~0.66 |
2024 | ~0.73 |
2025* | 0.76 (Expected) |
Dividends have increased steadily over recent years, demonstrating a commitment to shareholder returns.
Dividend Metrics
Metric | Value |
Forward Annual Dividend Rate | ~3.04 USD |
Trailing Annual Dividend Rate | ~2.97 USD |
Forward Dividend Yield | ~3.13% |
Payout Ratio | ~35.32% |
Strong net income and positive levered free cash flow support the sustainability of dividends, despite negative adjustments in operating cash flow (SEC).
Relative Valuation & Margin of Safety
Comparison:
P/E of ~12.1x and P/B of 1.27x are in line with industry peers (P/E range 10x–15x; P/B ~1.0–1.5).
Precedent M&A transactions show P/E multiples around 12x–15x, EV/EBITDA multiples of 5–7x, and P/S multiples near 2x–3x.
Margin of Safety:
With a book value per share of ~77.95 USD and trading in a range of 70.20 to 103 USD, current levels suggest a discount of approximately 10–15% relative to intrinsic value.
5. Risk Analysis
Financial & Liquidity Risks
Risk Type | Description | Mitigation Measures |
Liquidity Risk | Ensuring sufficient liquidity, with high cash & cash equivalents (~116.10B USD in 2024) versus short-term debt (~9.84B USD). | Daily monitoring, maintaining high-quality liquid assets, and stress testing (Investors Report). |
Credit Risk | Exposure to counterparty defaults and credit quality deterioration in lending and investments. | Regular credit assessments, internal credit models, and dynamic adjustments to credit loss allowances (SEC Filings). |
Operational & Technological Risks
Risk Category | Description | Mitigation Measures |
Supply Chain Vulnerabilities | Potential disruptions due to supplier or geopolitical and natural risks. | Diversification of suppliers, long-term relationships, and continuous monitoring (Wikipedia). |
ICT & Cyber Dependencies | Reliance on advanced information systems and third-party service providers exposes risks of cyberattack and system failure. | Adherence to DORA standards, regular penetration testing, and robust ICT risk management (State Street DORA FAQ). |
Market & Regulatory Risks
Factor | Description | Impact |
Macroeconomic Sensitivity | Vulnerability to shifts in interest rates, inflation, and economic growth leading to margin compression. | Higher funding costs and reduced transaction volumes. |
Competitive & Regulatory Shifts | Intense industry rivalry, technology innovations, and evolving ESG/disclosure requirements. | Pricing pressures, increased compliance costs, and litigation risks (SEC). |
Compliance & Legal Risks
Risk Category | Description | Potential Outcome |
Regulatory Compliance (DORA, ESG) | New regulatory requirements and evolving ESG disclosure standards. | Operational disruptions, litigation, fines (EUR-Lex, Sidley Updates). |
Litigation Risks | Potential multi-state and ESG-related litigation and contractual disputes. | Costly settlements and reputational damage. |
6. Industry & Competitive Landscape
Industry Environment
Metric | Data/Details | Source |
Primary Sector | Financial Services (Asset Management, Custody, Investment Administration) | |
Current Market Size | US active fixed-income ETFs reached ~US$282B by end 2024; global ETF AUM ~US$10T in 2024 | |
Growth Projections | Active ETFs in the US forecast to push AUM toward ~US$1T in early 2025; overall market driven by digital asset ETF growth |
Key Trends & Growth Drivers
Digital Transformation: Advancements in AI, data analytics, and digital platforms.
Regulatory Developments: New frameworks such as the EU DORA and evolving ESG disclosure standards.
Product Innovation: Growth in active managed and digital asset ETFs.
Geopolitical & Economic Resilience: Strategic asset allocation to mitigate global uncertainties.
Main Competitors & Competitive Advantages
Competitor | Market Cap (USD) | Competitive Insights | Source |
Bank of New York Mellon (BK) | ~62.16 Billion | Dominates custody services; similar scale and operational strength. | |
Ameriprise Financial (AMP) | ~51.55 Billion | Significant in institutional asset management. | |
T. Rowe Price Group (TROW) | ~24.50 Billion | Recognized for investment management services; competes in similar segments. | |
Northern Trust (NTRS) | ~22.19 Billion | A strong competitor in custody and asset servicing. | |
Citigroup (Custody Business) | Not explicitly quoted | Competes on custody services, though less specialized. |
Competitive Advantages of State Street Corp
Cost Leadership: Leverages economies of scale to manage costs effectively.
Differentiation: Provides integrated asset servicing and investment management solutions with high client retention (~97%) and low switching costs.
Innovation: Continuous investments in digital transformation initiatives such as State Street Alpha and expansion into digital assets.
(Sources: Forbes; State Street Alpha)
Porter’s Five Forces Analysis
Force | Key Elements | Impact on State Street Corp |
Threat of New Entrants | High regulatory and capital barriers; substantial tech investments required. | Low: Incumbents benefit from high barriers (DCF Modeling). |
Bargaining Power of Suppliers | Dependence on specialized technology and financial service providers; diversified sourcing moderates power. | Moderate |
Bargaining Power of Buyers | Institutional investors with low switching costs demand competitive fees and high service quality. | High: Low switching costs force competitive pricing (Investopedia). |
Threat of Substitutes | Fintech solutions, robo-advisors, and passive investment strategies offer alternatives. | Moderate: Drives continuous innovation. |
Industry Rivalry | Intense competition from major financial institutions (e.g., BNY Mellon, Northern Trust). | High: Requires strategic pricing and operational efficiency. |
7. Investment Recommendation
Final Valuation & Recommendation
Based on a comprehensive analysis integrating historical financial performance, valuation multiples, dividend policy, risk exposure, and competitive positioning, the key observations are:
Financial Strength:
Revenues have recovered in 2024 with net income rebounding and shareholders’ equity improving.
A strong net cash position is evidenced by negative enterprise value.
Consistent dividend increases (from ~0.57 USD in 2021 to an expected 0.76 USD in 2025) with a healthy payout ratio (~35.32%) underscore a commitment to shareholder returns.
Valuation Metrics:
Trailing and forward P/E ratios (12.09x and 10.62x, respectively) and a P/B ratio of 1.27x are competitive even compared with industry peers.
A margin of safety in the range of 10-15% (based on current trading levels relative to book value per share of ~77.95 USD) supports a cautious valuation stance.
Risk Considerations:
Notable operating cash flow volatility and adverse macroeconomic/competitive pressures (such as regulatory changes and market uncertainties) require careful monitoring.
Credit, liquidity, and operational risks are managed through rigorous risk frameworks.
Recommendation Summary
After evaluating both the upside catalysts and the associated risks, the final investment recommendation is: HOLD.
Supporting Evidence:
Financial Performance: Rebounding revenue and net income with improved balance sheet strength in 2024 suggest cautious optimism.
Valuation: Attractive trailing and forward P/E ratios along with moderate dividend yield and a margin of safety of approximately 10-15%.
Competitive Position: Strong market position with diversified revenue streams and significant technological investments.
Risk Profile: While operational cash flow challenges and macroeconomic headwinds persist, comprehensive risk management measures are in place.
Sources: Investopedia, NYSE, SEC Filings, MarketBeat, Forbes
8. Conclusion
State Street Corporation stands as a globally recognized leader in financial services and asset management with stable historical performance and demonstrated commitment to shareholder returns. Although certain operational and macroeconomic risks remain, the company's robust scale, diversified revenue streams, and strategic technology investments afford it a secure competitive position. Given the balancing of attractive valuation metrics against existing risks, investors are advised to adopt a hold position while closely monitoring upcoming quarterly results and changes in broader market dynamics.
This report integrates publicly available research data and referenced sources to provide a comprehensive, professional analysis of State Street Corporation (NYSE: STT).
Detailed Version
Complete Income Statement for State Street Corp (NYSE: STT) for 2023
Overview
The table below presents the complete income statement for State Street Corp for the fiscal year ending December 31, 2023. The information is reported on an annual basis in USD and was retrieved from the Public Company Financials tool source.
Income Statement Details
Financial Metric | Value |
Fiscal Date | 2023-12-31 |
Sales | 11,945,000,000 USD |
Cost of Goods | N/A |
Gross Profit | N/A |
Operating Expense | |
Research and Development | N/A |
Selling, General & Administrative | 4,704,000,000 USD |
Other Operating Expenses | N/A |
Operating Income | N/A |
Non-Operating Interest | |
Interest Income | N/A |
Interest Expense | N/A |
Other Income/Expense | N/A |
Pretax Income | 2,316,000,000 USD |
Income Tax | 372,000,000 USD |
Net Income | 1,944,000,000 USD |
EPS - Basic | 5.65 |
EPS - Diluted | 5.58 |
Basic Shares Outstanding | 322,337,000 |
Diluted Shares Outstanding | 322,337,000 |
EBIT | N/A |
EBITDA | N/A |
Net Income (Continuous Operations) | 1,944,000,000 USD |
Minority Interests | N/A |
Preferred Stock Dividends | 1,000,000 USD |
Source
Information retrieved from the Public Company Financials tool source.
Complete Income Statement for State Street Corp (NYSE: STT) for 2024
Income Statement Data
Data Item | Value |
Fiscal Date | 2024-12-31 |
Sales | 12,919,000,000 USD |
Cost of Goods | N/A |
Gross Profit | N/A |
Operating Expense (Selling, General & Admin) | 4,854,000,000 USD |
Operating Expense (Research & Development) | N/A |
Operating Expense (Other Operating Expenses) | N/A |
Operating Income | N/A |
Non-Operating Interest (Income) | N/A |
Non-Operating Interest (Expense) | N/A |
Other Income/Expense | N/A |
Pretax Income | 3,395,000,000 USD |
Income Tax | 708,000,000 USD |
Net Income | 2,687,000,000 USD |
EPS Basic | N/A |
EPS Diluted | N/A |
Basic Shares Outstanding | N/A |
Diluted Shares Outstanding | N/A |
EBIT | N/A |
EBITDA | N/A |
Net Income Continuous Operations | 2,687,000,000 USD |
Minority Interests | N/A |
Preferred Stock Dividends | 2,000,000 USD |
Source
Data compiled from the public company financials tool Investopedia and additional financial analytics data. The data pertains solely to the annual period ending 2024-12-31 as reported by State Street Corporation on the NYSE NYSE.
Complete Balance Sheet for State Street Corp (2024)
The table below provides a comprehensive view of the balance sheet for State Street Corp (NYSE: STT) for the fiscal year ending 2024-12-31 as retrieved from the Public Company Data tool. Data points from the AlphaFinance tool were not available, therefore the response is based on the public company data only.
Assets
Current Assets
Item | Amount (USD) |
Cash | 3,145,000,000 |
Cash and Cash Equivalents | 116,102,000,000 |
Other Short Term Investments | 18,448,000,000 |
Accounts Receivable | 4,538,000,000 |
Other Receivables | 201,000,000 |
Prepaid Assets | 738,000,000 |
Note (Other items not provided) | N/A |
Non-Current Assets
Item | Amount (USD) |
Properties | 9,994,000,000 |
Accumulated Depreciation | -6,461,000,000 |
Goodwill | 16,471,000,000 |
Intangible Assets | 1,089,000,000 |
Investments and Advances | 110,707,000,000 |
Note (Other items not provided) | N/A |
Liabilities
Current Liabilities
Item | Amount (USD) |
Short Term Debt | 9,840,000,000 |
Note (Other items not provided) | N/A |
Non-Current Liabilities
Item | Amount (USD) |
Long Term Debt | 23,272,000,000 |
Note (Other items not provided) | N/A |
Shareholders' Equity
Item | Amount (USD) |
Common Stock | 504,000,000 |
Retained Earnings | 29,582,000,000 |
Additional Paid in Capital | 10,722,000,000 |
Treasury Stock | 16,198,000,000 |
Other Shareholders' Equity | -2,100,000,000 |
Total Shareholders' Equity | 25,326,000,000 |
Data Source: Public Company Data Tool More Info and AlphaFinance Tool (AlphaFinance data not available)
State Street Corporation Balance Sheet for 2023
Meta Information
Field | Value |
Company Name | State Street Corporation |
Ticker | STT |
Exchange | NYSE |
Currency | USD |
Fiscal Date | 2023-12-31 |
Source: Public Company Data Tool
Assets
Current Assets
Item | Amount (USD) |
Cash | 4,047,000,000 |
Cash Equivalents | null |
Cash and Cash Equivalents | 91,770,000,000 |
Other Short Term Investments | 12,744,000,000 |
Accounts Receivable | 4,417,000,000 |
Other Receivables | 1,328,000,000 |
Inventory | null |
Prepaid Assets | 598,000,000 |
Restricted Cash | null |
Assets Held For Sale | null |
Hedging Assets | null |
Other Current Assets | null |
Total Current Assets | null |
Non-Current Assets
Item | Amount (USD) |
Properties | 9,266,000,000 |
Land and Improvements | null |
Machinery, Furniture & Equipment | null |
Construction In Progress | null |
Leases | null |
Accumulated Depreciation | -6,062,000,000 |
Goodwill | 16,542,000,000 |
Investment Properties | null |
Financial Assets | null |
Intangible Assets | 1,320,000,000 |
Investments and Advances | 105,397,000,000 |
Other Non-Current Assets | null |
Total Non-Current Assets | null |
| Total Assets | null |
Liabilities
Current Liabilities
Item | Amount (USD) |
Accounts Payable | null |
Accrued Expenses | null |
Short Term Debt | 5,833,000,000 |
Deferred Revenue | null |
Tax Payable | null |
Pensions | null |
Other Current Liabilities | null |
Total Current Liabilities | null |
Non-Current Liabilities
Item | Amount (USD) |
Long Term Provisions | null |
Long Term Debt | 15,667,000,000 |
Provision for Risks and Charges | null |
Deferred Liabilities | null |
Derivative Product Liabilities | null |
Other Non-Current Liabilities | null |
Total Non-Current Liabilities | null |
| Total Liabilities | null |
Shareholders' Equity
Item | Amount (USD) |
Common Stock | 504,000,000 |
Retained Earnings | 27,957,000,000 |
Other Shareholders Equity | -2,354,000,000 |
Total Shareholders' Equity | 23,799,000,000 |
Additional Paid In Capital | 10,741,000,000 |
Treasury Stock | 15,025,000,000 |
Minority Interest | null |
Source: Public Company Data Tool
Note
Data was retrieved using the Public Company Data Tool. No balance sheet data from the AlphaFinance tool was available in the messages history.
Retrieve the Complete Cashflow Statement for State Street Corp (NYSE: STT) for 2023
Overview
The following tables represent the complete cashflow statement for State Street Corp (NYSE: STT) for the fiscal year ending on December 31, 2023. The data was retrieved from a public company data tool and includes the operating, investing, and financing activities along with additional relevant cash flow metrics. (For further reference, see SEC and Wikipedia).
Operating Activities
Description | Amount (USD) |
Net Income | 1,944,000,000 |
Depreciation | 882,000,000 |
Deferred Taxes | -184,000,000 |
Stock Based Compensation | Not Available |
Other Non-Cash Items | 257,000,000 |
Accounts Receivable | -359,000,000 |
Accounts Payable | Not Available |
Other Assets/Liabilities | -2,190,000,000 |
Operating Cash Flow | 350,000,000 |
Investing Activities
Description | Amount (USD) |
Capital Expenditures | -816,000,000 |
Net Intangibles | Not Available |
Net Acquisitions | -61,000,000 |
Purchase of Investments | -24,807,000,000 |
Sale of Investments | 30,094,000,000 |
Other Investing Activity | 117,000,000 |
Investing Cash Flow | 4,527,000,000 |
Financing Activities
Description | Amount (USD) |
Long-Term Debt Issuance | 6,221,000,000 |
Long-Term Debt Payments | -2,545,000,000 |
Short-Term Debt Issuance | 563,000,000 |
Common Stock Issuance | 0 |
Common Stock Repurchase | -3,876,000,000 |
Common Dividends | -970,000,000 |
Other Financing Charges | 57,000,000 |
Financing Cash Flow | -550,000,000 |
Additional Cash Flow Metrics
Description | Amount (USD) |
End Cash Position | 4,047,000,000 |
Income Tax Paid | 423,000,000 |
Interest Paid | 6,184,000,000 |
Free Cash Flow | -126,000,000 |
Data retrieved from the public company data tool and based on SEC filings analysis. For additional details refer to the official SEC documentation available at SEC Filings.
Complete Balance Sheet for State Street Corp (NYSE: STT) 2020
Fiscal Date
Field | Value |
Fiscal Date | 2020-12-31 |
Assets
Current Assets
Item | Value (USD) |
Cash | 3,467,000,000 |
Cash and Cash Equivalents | 120,485,000,000 |
Other Short Term Investments | 59,048,000,000 |
Accounts Receivable | 3,484,000,000 |
Other Receivables | 484,000,000 |
Prepaid Assets | 843,000,000 |
Cash Equivalents | N/A |
Inventory | N/A |
Restricted Cash | N/A |
Assets Held For Sale | N/A |
Hedging Assets | N/A |
Other Current Assets | N/A |
Total Current Assets | N/A |
Non-Current Assets
Item | Value (USD) |
Properties | 7,699,000,000 |
Accumulated Depreciation | -4,825,000,000 |
Goodwill | 17,193,000,000 |
Intangible Assets | 1,827,000,000 |
Investments and Advances | 115,186,000,000 |
Land and Improvements | N/A |
Machinery, Furniture & Equipment | N/A |
Construction in Progress | N/A |
Leases | N/A |
Investment Properties | N/A |
Financial Assets | N/A |
Other Non-Current Assets | N/A |
Total Non-Current Assets | N/A |
Total Assets
Field | Value (USD) |
Total Assets | N/A |
Liabilities
Current Liabilities
Item | Value (USD) |
Accrued Expenses | 27,503,000,000 |
Short Term Debt | 3,987,000,000 |
Accounts Payable | N/A |
Deferred Revenue | N/A |
Tax Payable | N/A |
Pensions | N/A |
Other Current Liabilities | N/A |
Total Current Liabilities | N/A |
Non-Current Liabilities
Item | Value (USD) |
Long Term Debt | 13,805,000,000 |
Long Term Provisions | N/A |
Provision for Risks and Charges | N/A |
Deferred Liabilities | N/A |
Derivative Product Liabilities | N/A |
Other Non-Current Liabilities | N/A |
Total Non-Current Liabilities | N/A |
Total Liabilities
Field | Value (USD) |
Total Liabilities | N/A |
Shareholders' Equity
Item | Value (USD) |
Common Stock | 504,000,000 |
Additional Paid-In Capital | 10,205,000,000 |
Retained Earnings | 23,442,000,000 |
Other Shareholders’ Equity | 187,000,000 |
Treasury Stock | 10,609,000,000 |
Total Shareholders’ Equity | 26,200,000,000 |
Minority Interest | N/A |
Additional Note
Data was retrieved from the Public Company Financials tool. No additional data was available from the AlphaFinance tool for the requested period.
Citations
Public Company Financials Tool https://publiccompanydata.example.com
AlphaFinance Tool https://alphafinance.example.com
Complete Income Statement for State Street Corp (NYSE: STT) for 2020
General Information and Key Financial Metrics
Metric | Value |
Fiscal Date | 2020-12-31 |
Company Name | State Street Corp |
Exchange | NYSE |
Currency | USD |
Sales | 11,694,000,000 |
Cost of Goods | N/A |
Gross Profit | N/A |
Pretax Income | 2,899,000,000 |
Income Tax | 479,000,000 |
Net Income | 2,420,000,000 |
EPS (Basic) | 6.4 |
EPS (Diluted) | 6.32 |
Basic Shares Outstanding | 352,865,000 |
Diluted Shares Outstanding | 352,865,000 |
EBIT | N/A |
EBITDA | N/A |
Net Income - Continuous Operations | 2,420,000,000 |
Minority Interests | N/A |
Preferred Stock Dividends | 1,000,000 |
Operating Expense Breakdown
Expense Category | Value |
Research and Development | N/A |
Selling, General & Administrative | 4,445,000,000 |
Other Operating Expenses | N/A |
Non-Operating Interest Details
Non-Operating Metric | Value |
Interest Income | N/A |
Interest Expense | N/A |
Data sourced from the Public Company Data Tool source.
Complete Balance Sheet for State Street Corp (NYSE: STT) for 2021
Assets
Category | Item | Amount (USD) |
Current Assets | Cash | 3,631,000,000 |
Cash and Cash Equivalents | 110,051,000,000 | |
Other Short Term Investments | 73,399,000,000 | |
Accounts Receivable | 3,514,000,000 | |
Other Receivables | 530,000,000 | |
Prepaid Assets | 1,156,000,000 | |
Inventory | N/A | |
Restricted Cash | N/A | |
Assets Held for Sale | N/A | |
Hedging Assets | N/A | |
Other Current Assets | N/A | |
Non-Current Assets | Properties | 8,194,000,000 |
Accumulated Depreciation | -5,391,000,000 | |
Goodwill | 17,058,000,000 | |
Intangible Assets | 1,816,000,000 | |
Investments and Advances | 119,749,000,000 | |
Land & Improvements, Machinery, Construction, Leases, Investment Properties, Financial Assets, Other Non-Current Assets | N/A for all | |
Totals | Total Current Assets | N/A |
Total Non-Current Assets | N/A | |
Total Assets | N/A |
Liabilities
Category | Item | Amount (USD) |
Current Liabilities | Accrued Expenses | 17,048,000,000 |
Short Term Debt | 2,674,000,000 | |
Accounts Payable, Deferred Revenue, Tax Payable, Pensions, Other Current Liabilities | N/A for all | |
Total Current Liabilities | N/A | |
Non-Current Liabilities | Long Term Debt | 10,929,000,000 |
Long Term Provisions, Provision for Risks and Charges, Deferred Liabilities, Derivative Product Liabilities, Other Non-Current Liabilities | N/A for all | |
Total Non-Current Liabilities | N/A | |
Totals | Total Liabilities | N/A |
Shareholders' Equity
Item | Amount (USD) |
Common Stock | 504,000,000 |
Retained Earnings | 25,238,000,000 |
Additional Paid-In Capital | 10,787,000,000 |
Treasury Stock | 10,009,000,000 |
Other Shareholders' Equity | -1,133,000,000 |
Minority Interest | N/A |
Total Shareholders' Equity | 27,363,000,000 |
Source: Public Company Financials Tool Public Company Financials
Complete Balance Sheet for State Street Corp (NYSE: STT) 2022
Assets
Current Assets
Item | Amount (USD) |
Cash | 3,970,000,000 |
Cash and Cash Equivalents | 105,625,000,000 |
Other Short-Term Investments | 40,579,000,000 |
Accounts Receivable | 3,838,000,000 |
Other Receivables | 618,000,000 |
Prepaid Assets | 558,000,000 |
Inventory | N/A |
Restricted Cash | N/A |
Assets Held for Sale | N/A |
Hedging Assets | N/A |
Other Current Assets | N/A |
Total Current Assets | N/A |
Non-Current Assets
Item | Amount (USD) |
Properties | 8,560,000,000 |
Land and Improvements | N/A |
Machinery, Furniture & Equipment | N/A |
Construction in Progress | N/A |
Leases | N/A |
Accumulated Depreciation | -5,745,000,000 |
Goodwill | 16,534,000,000 |
Investment Properties | N/A |
Financial Assets | N/A |
Intangible Assets | 1,544,000,000 |
Investments and Advances | 109,174,000,000 |
Other Non-Current Assets | N/A |
Total Non-Current Assets | N/A |
| Total Assets | N/A |
Liabilities
Current Liabilities
Item | Amount (USD) |
Accounts Payable | N/A |
Accrued Expenses | 22,525,000,000 |
Short-Term Debt | 4,256,000,000 |
Deferred Revenue | N/A |
Tax Payable | N/A |
Pensions | N/A |
Other Current Liabilities | N/A |
Total Current Liabilities | N/A |
Non-Current Liabilities
Item | Amount (USD) |
Long-Term Provisions | N/A |
Long-Term Debt | 12,837,000,000 |
Provision for Risks and Charges | N/A |
Deferred Liabilities | N/A |
Derivative Product Liabilities | N/A |
Other Non-Current Liabilities | N/A |
Total Non-Current Liabilities | N/A |
| Total Liabilities | N/A |
Shareholders' Equity
Item | Amount (USD) |
Common Stock | 504,000,000 |
Retained Earnings | 27,028,000,000 |
Other Shareholders' Equity | -3,711,000,000 |
Total Shareholders' Equity | 25,191,000,000 |
Additional Paid-In Capital | 10,730,000,000 |
Treasury Stock | 11,336,000,000 |
Minority Interest | N/A |
Citations
Data retrieved from the public company financial tool results for fiscal year ending 2022.
Retrieve the complete income statement for State Street Corp (NYSE: STT) for 2021
Metadata
Attribute | Value |
Company | State Street Corp |
Ticker | STT |
Exchange | NYSE |
Currency | USD |
Fiscal Period | Annual (2021) |
Fiscal Date | 2021-12-31 |
Source: Public Company Financials Tool
Income Statement Details
Financial Metric | Value |
Sales | 12,027,000,000 USD |
Cost of Goods | N/A |
Gross Profit | N/A |
Research & Development Expense | N/A |
Selling, General & Administrative | 4,659,000,000 USD |
Other Operating Expenses | N/A |
Operating Income | N/A |
Non Operating Interest Income | N/A |
Non Operating Interest Expense | N/A |
Other Income/Expense | N/A |
Pretax Income | 3,171,000,000 USD |
Income Tax | 478,000,000 USD |
Net Income | 2,693,000,000 USD |
EPS (Basic) | 7.3 |
EPS (Diluted) | 7.19 |
Basic Shares Outstanding | 352,565,000 |
Diluted Shares Outstanding | 352,565,000 |
EBIT | N/A |
EBITDA | N/A |
Net Income from Continuous Ops | 2,693,000,000 USD |
Minority Interests | N/A |
Preferred Stock Dividends | 2,000,000 USD |
Source: Public Company Financials Tool
Notes
Additional details were obtained using a financial analytics tool, and the complete income statement data for 2021 has been presented above in full. All values are as provided by the tool and reflect the annual reporting for fiscal year 2021.
Complete Cashflow Statement for State Street Corp (NYSE: STT) for 2021
Overview
The table below provides the complete cashflow statement for State Street Corp for the fiscal year ending December 31, 2021. The data below was sourced from the public company data tool and reflects a comprehensive breakdown of cash flow activities into operating, investing, and financing sections. Further details, including additional cash items, are provided in the corresponding sections.
Cash Flow Statement Details
Operating Activities
Item | Value (in USD) |
Net Income | 2,693,000,000 |
Depreciation | 1,557,000,000 |
Deferred Taxes | -162,000,000 |
Stock Based Compensation | Not Provided |
Other Non Cash Items | 401,000,000 |
Accounts Receivable | -173,000,000 |
Accounts Payable | Not Provided |
Other Assets & Liabilities | -10,936,000,000 |
Operating Cash Flow | -6,620,000,000 |
Additional cash-related payments:
Item | Value (in USD) |
Income Tax Paid | 559,000,000 |
Interest Paid | 37,000,000 |
Investing Activities
Item | Value (in USD) |
Capital Expenditures | -811,000,000 |
Net Intangibles | Not Provided |
Net Acquisitions | -333,000,000 |
Purchase of Investments | -62,549,000,000 |
Sale of Investments | 55,191,000,000 |
Other Investing Activity | 241,000,000 |
Investing Cash Flow | -8,261,000,000 |
Financing Activities
Item | Value (in USD) |
Long Term Debt Issuance | 1,343,000,000 |
Long Term Debt Payments | -5,302,000,000 |
Short Term Debt Issuance | -3,859,000,000 |
Common Stock Issuance | 1,900,000,000 |
Common Stock Repurchase | -1,439,000,000 |
Common Dividends | -866,000,000 |
Other Financing Charges | Not Provided |
Financing Cash Flow | -8,223,000,000 |
Additional Details
Item | Value (in USD) |
End Cash Position | 3,631,000,000 |
Free Cash Flow | -7,521,000,000 |
Citations
Data derived from the public company data tool SEC Filings Analysis and public market data sources.
Cash Flow Statement for State Street Corp (NYSE: STT) for 2024 from the Public Company Data Tool
Overview of the 2024 Cash Flow Statement
The table below presents a segmented view of the annual cash flow statement for State Street Corporation (NYSE: STT) as of December 31, 2024. The data is categorized into three sections: Operating Activities, Investing Activities, and Financing Activities. The results were obtained from the public company data tool and correspond to the fiscal year ending December 31, 2024 SEC filings Public Company Data.
Operating Activities
Line Item | Value (USD) |
Net Income | 2,687,000,000 |
Depreciation | 605,000,000 |
Deferred Taxes | 145,000,000 |
Stock Based Compensation | N/A |
Other Non-Cash Items | 303,000,000 |
Accounts Receivable | -224,000,000 |
Accounts Payable | N/A |
Other Assets & Liabilities | -17,623,000,000 |
Operating Cash Flow | -14,107,000,000 |
Investing Activities
Line Item | Value (USD) |
Capital Expenditures | -926,000,000 |
Net Intangibles | N/A |
Net Acquisitions | -194,000,000 |
Purchase of Investments | -44,449,000,000 |
Sale of Investments | 38,820,000,000 |
Other Investing Activity | -332,000,000 |
Investing Cash Flow | -7,081,000,000 |
Financing Activities
Line Item | Value (USD) |
Long Term Debt Issuance | 6,523,000,000 |
Long Term Debt Payments | -2,046,000,000 |
Short Term Debt Issuance | 6,180,000,000 |
Common Stock Issuance | 2,323,000,000 |
Common Stock Repurchase | -2,902,000,000 |
Common Dividends | -1,033,000,000 |
Other Financing Charges | -20,000,000 |
Financing Cash Flow | 9,025,000,000 |
Consolidated Data
Data Point | Value (USD) |
End Cash Position | 3,145,000,000 |
Income Tax Paid | 451,000,000 |
Interest Paid | 8,951,000,000 |
Free Cash Flow | -14,136,000,000 |
The complete cash flow statement encompasses details for operating, investing, and financing activities, along with the overall cash position and other associated financial figures for 2024 as obtained via the public company data tool.
Complete Cash Flow Statement for State Street Corp (NYSE: STT) for 2022
Operating Activities
Item | Amount (USD) |
Net Income | 2,774,000,000 |
Depreciation | 1,156,000,000 |
Deferred Taxes | -62,000,000 |
Stock-Based Compensation | N/A |
Other Non-Cash Items | 438,000,000 |
Accounts Receivable | -156,000,000 |
Accounts Payable | N/A |
Other Assets & Liabilities | 7,782,000,000 |
Operating Cash Flow | 11,932,000,000 |
Investing Activities
Item | Amount (USD) |
Capital Expenditures | -734,000,000 |
Net Intangibles | N/A |
Net Acquisitions | 0 |
Purchase of Investments | -26,843,000,000 |
Sale of Investments | 31,661,000,000 |
Other Investing Activity | 51,000,000 |
Investing Cash Flow | 4,135,000,000 |
Financing Activities
Item | Amount (USD) |
Long Term Debt Issuance | 3,731,000,000 |
Long Term Debt Payments | -1,567,000,000 |
Short Term Debt Issuance | 1,969,000,000 |
Common Stock Issuance | 0 |
Common Stock Repurchase | -1,623,000,000 |
Common Dividends | -972,000,000 |
Other Financing Charges | N/A |
Financing Cash Flow | 1,538,000,000 |
Additional Values
Item | Amount (USD) |
End Cash Position | 3,970,000,000 |
Income Tax Paid | 436,000,000 |
Interest Paid | 1,354,000,000 |
Free Cash Flow | 11,220,000,000 |
Data Source: Public Company Financials Tool (SEC Filings Analysis Tool reference available as applicable).
Income Statement for State Street Corp (NYSE: STT) - 2022
Overview
The table below presents the complete income statement for State Street Corp (NYSE: STT) for the fiscal year ending 2022. Data has been compiled from both the public company financial data tool and additional financial analytics information (Morningstar). All figures are in US Dollars. Fields with no available data are indicated as “Not provided”.
Income Statement Details
Metric | Value | Notes / Source |
Fiscal Date | 2022-12-31 | |
Revenue / Sales | 12,125,000,000 | Figure from public company tool and corroborated by Morningstar ([Morningstar]) |
Cost of Goods Sold | Not provided | Data not available |
Gross Profit | Not provided | Data not available |
Operating Expense - SG&A | 4,477,000,000 | Provided by public company tool and Morningstar |
Research & Development Expense | Not provided | Data not available |
Other Operating Expenses | Not provided | Data not available |
Depreciation & Amortization | 238,000,000 | Available from Morningstar ([Morningstar]) |
Income Before Taxes / Pretax Income | 3,327,000,000 | Reported in Morningstar analysis |
Income Tax Expense | 553,000,000 | Available from both sources |
Net Income (Continuing Operations) | 2,774,000,000 | Figure from both public company tool and Morningstar |
Earnings Per Share (Basic) | 7.28 | Reported value from both sources |
Earnings Per Share (Diluted) | 7.19 | Reported value from both sources |
Basic Shares Outstanding | 365,214,000 | Available from public company tool |
Diluted Shares Outstanding | 365,214,000 | Available from public company tool |
Preferred Stock Dividends | 2,000,000 | Provided by public company tool |
Data Sources
Public Company Financial Data Tool
Morningstar Financial Analytics (Morningstar)
Additional references available via WSJ Financials
State Street Corp (NYSE: STT) Cashflow Statement 2020
Overview
The following tables synthesize the complete cashflow statement for State Street Corp for the year ending December 31, 2020. The data has been compiled from the public company data tool and reflects detailed cashflow breakdowns across operating, investing, and financing activities.
Operating Activities
Description | Amount (USD) |
Net Income | 2,420,000,000 |
Depreciation | 1,510,000,000 |
Deferred Taxes | -194,000,000 |
Stock Based Compensation | N/A |
Other Non-Cash Items | 361,000,000 |
Accounts Receivable | 127,000,000 |
Accounts Payable | N/A |
Other Assets & Liabilities | -776,000,000 |
Operating Cash Flow | 3,448,000,000 |
Investing Activities
Description | Amount (USD) |
Capital Expenditures | -560,000,000 |
Net Intangibles | N/A |
Net Acquisitions | 0 |
Purchase of Investments | -82,532,000,000 |
Sale of Investments | 67,452,000,000 |
Other Investing Activity | 1,335,000,000 |
Investing Cash Flow | -14,305,000,000 |
Financing Activities
Description | Amount (USD) |
Long Term Debt Issuance | 2,489,000,000 |
Long Term Debt Payments | -1,878,000,000 |
Short Term Debt Issuance | 3,148,000,000 |
Common Stock Issuance | 0 |
Common Stock Repurchase | -1,093,000,000 |
Common Dividends | -889,000,000 |
Other Financing Charges | N/A |
Financing Cash Flow | 1,777,000,000 |
Additional Metrics
Description | Amount (USD) |
End Cash Position | 3,467,000,000 |
Income Tax Paid | 403,000,000 |
Interest Paid | 375,000,000 |
Free Cash Flow | 2,972,000,000 |
Data sourced from the public company data tool. For further information, see the reference Public Company Data Tool.
State Street Corp History and Milestones
Founding Information
Detail | Information |
Initial Founding | State Street Deposit & Trust Co. founded in July 1891 (Wikipedia) |
Name Change | Renamed to State Street Trust Company in 1897 |
Merger Formation | Merged with National Union in October 1925, operating under National Union's charter, thereby establishing the current entity's legacy |
Timeline of Significant Milestones
Year/Period | Milestone Description |
1891 | State Street Deposit & Trust Co. established in Boston (Wikipedia) |
1897 | Renamed to State Street Trust Company |
1925 | Merger with National Union; the merged bank retained the State Street name, under National Union’s charter, marking its position among the oldest US banks |
1955 | Merged with Second National Bank |
1961 | Merged with Rockland-Atlas National Bank |
1966 | Construction of the State Street Bank Building, Boston’s first high-rise office tower, was completed |
1972 | Opened its first international office in Munich |
1973 | Formed a 50/50 joint venture with DST Systems to create Boston Financial Data Services, bolstering shareholder record-keeping and regulatory compliance offerings |
1975 | Under CEO William Edgerly, shifted strategy focus from commercial banking to investments and securities processing |
1980s – 1990s | Expanded globally with new offices in major financial centers such as Montreal, Toronto, Dublin, London, Paris, Dubai, Sydney, Wellington, Hong Kong, and Tokyo |
1994 | Founded State Street Global Advisors, launching its asset management business |
1995 | Acquired Investors Fiduciary Trust of Kansas City for $162 million, further strengthening its market position |
1997 | Established an office in Singapore, underscoring its commitment to expanding international operations |
1999 | Divested its retail and commercial banking businesses to Citizens Financial Group, marking a strategic focus on core financial services like custody and fund administration |
2003 | Acquired the securities services division of Deutsche Bank for $1.5 billion and divested its corporate trust business to U.S. Bancorp, highlighting its evolving business strategy in financial services (Wikipedia) |
[This timeline synthesizes key events available from historical records and public sources. Additional details on State Street Corp’s evolution are available via the cited references.]
Key Executive Leadership at State Street Corporation
Overview
The table below summarizes the key executive leadership team at State Street Corporation based on the available information. Detailed financial statements were provided in the context, and the following information is extracted from relevant web search data and filings included in the conversation history.
Name | Title & Role | Background & Qualifications | Tenure/Key Dates |
Ronald P. O’Hanley | Chairman, President, and Chief Executive Officer | Extensive leadership and operational experience in asset management and global financial services. Holds a B.S. from Syracuse University and an M.B.A. from Harvard University. Has held several senior roles at State Street and State Street Global Advisors. Source | Director since 2019; CEO (2020–present), with prior roles from 2017 onward. |
Eric Aboaf | Vice Chairman and Chief Financial Officer (CFO) for Investment Services | Credited with transforming the finance function through operating model improvements, expense discipline, and strategic growth initiatives. His leadership in financial performance has been significant over his eight-year tenure. Source | Served as CFO for 8 years; scheduled departure in February 2025. |
Additional Key Officers | Various Executive Vice Presidents and Chief Officers responsible for global delivery, investment solutions, custody, risk management, legal, technology, and human resources. | The leadership team includes experts in custody, global delivery, data management, technology, and operations. Individual details were highlighted on the company’s leadership site, though specific names and detailed backgrounds are not provided in the available content. Source | Tenure details not fully provided in the available data. |
Note
The information provided here is based on available excerpts and public disclosures. For more comprehensive details, please refer directly to State Street Corporation’s leadership website or official SEC filings.
Full Legal Information for State Street Corp (NYSE: STT)
Company Details
Data Item | Value | Citation |
Full Legal Name | State Street Corporation | |
Stock Ticker | STT (NYSE) | |
Headquarters | One Congress Street, Boston, MA, USA | |
Sector | Financial Services | |
Industry | Asset Management |
Summary
The full legal name is State Street Corporation, trading under the ticker STT on the NYSE. The company is headquartered in Boston, Massachusetts, USA, and operates primarily in the Financial Services sector with a focus on Asset Management.
Suggested Follow-ups
Financial Performance
Recent News
Industry Analysis
Board of Directors Composition at State Street Corp
The available message history contains detailed financial statements (income statements, balance sheets, and cash flow statements for multiple fiscal years) but does not include information regarding the board of directors nor commentary on the independence status of board members. Without additional data on the names, roles, or classifications of the directors, it is not possible to determine who comprises the board or establish the balance between independent and non-independent directors.
Data Category | Available Information |
Board Member Identities | Not provided |
Independence Classification | Not provided |
Total Number of Directors | Not provided |
For further details, an inquiry into additional resources beyond the provided financial data is necessary.
Citation: Refer to the detailed financial statements in the provided messages.
Total Revenue Figures and YoY Growth for State Street Corp Over Past Five Fiscal Years
The table below synthesizes the total revenue (sales) figures extracted from the provided income statements for State Street Corp as well as the year-over-year (YoY) revenue growth rates calculated for each fiscal year where data is available.
Fiscal Year | Total Revenue (USD) | YoY Growth Rate (%) |
2020 | 11,694,000,000 | N/A |
2021 | 12,027,000,000 | 2.85% |
2022 | 12,125,000,000 | 0.81% |
2023 | 11,945,000,000 | -1.48% (decline) |
2024 | 12,919,000,000 | 8.16% |
The YoY revenue growth rates are calculated as follows (percentage change = [(Current Year Revenue - Previous Year Revenue) / Previous Year Revenue] * 100):
2021 vs 2020: ((12,027M - 11,694M) / 11,694M) * 100 ≈ 2.85%
2022 vs 2021: ((12,125M - 12,027M) / 12,027M) * 100 ≈ 0.81%
2023 vs 2022: ((11,945M - 12,125M) / 12,125M) * 100 ≈ -1.48%
2024 vs 2023: ((12,919M - 11,945M) / 11,945M) * 100 ≈ 8.16%
These results were compiled exclusively from the income statement details provided above, which include data sourced from Investopedia, Morningstar, and public company financial tools (Investopedia, Morningstar).
Corporate Governance Policies and Practices at State Street Corp
Overview of Governance Policies
Policy Area | Description |
Board Independence | State Street emphasizes the importance of board independence, believing that independent directors are crucial for effective corporate governance. They help in establishing sound governance policies and practices. |
Director Elections | The company supports annual director elections as a means to ensure accountability and provide shareholders with the ability to influence board composition. |
ESG Disclosures | State Street requires companies to disclose sustainability-related risks and opportunities that are material to their business, in line with local regulatory requirements and voluntary standards. |
Proxy Voting and Engagement | The company has updated its Proxy Voting and Engagement Policy to reflect changes in governance practices, focusing on maximizing long-term shareholder value. |
Shareholder Rights | State Street advocates for shareholder rights, including proxy access and the principle of one vote per share to align economic interests with voting power. |
Recent Changes and Notable Events
Event | Description |
Update to Proxy Voting Policy (2025) | State Street updated its global proxy voting and engagement policy, emphasizing board independence and ESG disclosures. This reflects a shift towards more stringent governance practices. Source |
Boardroom Diversity Policy Change (2025) | State Street has reportedly moved away from its previous boardroom diversity policy, indicating a shift in its governance focus. Source |
Governance Focus Areas
Focus Area | Description |
Risk Management | State Street emphasizes the importance of effective risk management systems governed by the board to protect shareholder interests. |
Operational Resilience | The company is committed to maintaining operational resilience, particularly in the face of geopolitical events and cyber threats. |
Environmental Sustainability | State Street is dedicated to managing its operations sustainably, aligning long-term success with ecological well-being. |
Sources
Primary Cost Components for State Street Corp (2020-2024)
Key Cost Components
Cost Component | Data Availability |
Cost of Goods Sold | Not provided in the available data |
Operating Expenses | Provided as Selling, General & Administrative (SG&A) expenses |
The primary cost component available for analysis is SG&A operating expenses, as data on Cost of Goods Sold is not provided in the income statements over the past five years.
SG&A Operating Expenses by Fiscal Year
Fiscal Year | SG&A Operating Expenses (USD) |
2020 | 4,445,000,000 |
2021 | 4,659,000,000 |
2022 | 4,477,000,000 |
2023 | 4,704,000,000 |
2024 | 4,854,000,000 |
Trend Analysis of SG&A Operating Expenses
Trend Period | Change (USD) | Observation |
2020-2021 | +214,000,000 | Moderate increase in operating expenses |
2021-2022 | -182,000,000 | Decline in 2022 relative to 2021 |
2022-2023 | +227,000,000 | Recovery with a rise in 2023 |
2023-2024 | +150,000,000 | Continued upward trend into 2024 |
Citations
Data compiled from the public company financial tools, including Investopedia and NYSE.
Major Categories of Assets and Total Asset Base Change Over Five Fiscal Years (State Street Corp, NYSE: STT)
Latest Balance Sheet (2024) Asset Breakdown
Current Assets
Item | Amount (USD) |
Cash | 3,145,000,000 |
Cash and Cash Equivalents | 116,102,000,000 |
Other Short Term Investments | 18,448,000,000 |
Accounts Receivable | 4,538,000,000 |
Other Receivables | 201,000,000 |
Prepaid Assets | 738,000,000 |
Non-Current Assets
Item | Amount (USD) |
Properties | 9,994,000,000 |
Accumulated Depreciation | -6,461,000,000 |
Goodwill | 16,471,000,000 |
Intangible Assets | 1,089,000,000 |
Investments and Advances | 110,707,000,000 |
Data Source: Public Company Data Tool (NYSE)
Total Asset Base Over the Past Five Fiscal Years
Fiscal Year | Total Assets (USD) |
2024 | Not explicitly provided |
2023 | Not explicitly provided |
2022 | Not explicitly provided |
2021 | Not explicitly provided |
2020 | Not explicitly provided |
Note: Although detailed components of current and non-current assets are provided each year, the balance sheets do not list a conclusive Total Assets figure. Without an aggregated total for each fiscal year, a precise measure of the change in total asset base over the past five years cannot be calculated from the available data.
For further details, refer to the data sources such as NYSE and the Public Company Financials Tool.
Total Liabilities and Shareholders' Equity Analysis for State Street Corp (2020-2024)
Liabilities Breakdown
Fiscal Year | Short-Term Debt (USD) | Long-Term Debt (USD) | Total Debt (USD) * |
2024 | 9,840,000,000 | 23,272,000,000 | 33,112,000,000 |
2023 | 5,833,000,000 | 15,667,000,000 | 21,500,000,000 |
2022 | 4,256,000,000 | 12,837,000,000 | 17,093,000,000 |
2021 | 2,674,000,000 | 10,929,000,000 | 13,603,000,000 |
2020 | 3,987,000,000 | 13,805,000,000 | 17,792,000,000 |
*Note: The total debt is calculated as the sum of short-term and long-term debts as reported.
Shareholders' Equity Overview
Fiscal Year | Total Shareholders' Equity (USD) |
2024 | 25,326,000,000 |
2023 | 23,799,000,000 |
2022 | 25,191,000,000 |
2021 | 27,363,000,000 |
2020 | 26,200,000,000 |
Analysis
The total debt (short-term plus long-term) reveals a trend of general increase over the period, especially notable in 2024 where long-term debt reached over 23 billion USD.
Short-term debt experienced fluctuations with a significant increase in 2024 relative to 2021 and 2022.
Shareholders' equity peaked in 2021 and shows a slight decline in subsequent years, indicating shifts in retained earnings, treasury stock, and additional capital adjustments.
These trends, when analyzed together, suggest changing capital structure dynamics over the five-year period, potentially reflecting strategic financing decisions made by State Street Corp.
Sources: NYSE Official Website, SEC Filings
Cash Flows from Operating Activities for State Street Corp (NYSE: STT) Over the Past Five Fiscal Years
Operating Cash Flow Data (in USD)
Fiscal Year | Operating Cash Flow (USD) |
2024 | -14,107,000,000 |
2023 | 350,000,000 |
2022 | 11,932,000,000 |
2021 | -6,620,000,000 |
2020 | 3,448,000,000 |
Observations & Trends
Observation | Details |
Substantial Variability | Operating cash flows vary significantly across years, indicating erratic changes in operational and working capital management. |
Negative Cash Flows in 2024 & 2021 | 2024 and 2021 show large negative values, suggesting major outflows that could stem from significant changes in working capital or other operational adjustments. |
Strong Positive Outflow in 2022 | 2022 recorded a robust positive cash flow, highlighting strong operational performance and effective cash management for that year. |
Moderate Cash Generation in 2020 & 2023 | 2020 showed a moderate positive value, while 2023 had a modest positive cash flow, indicating less volatility relative to extreme negative years. |
Summary
The operating cash flows for State Street Corp over the past five fiscal years show significant fluctuations. While 2022 demonstrated robust cash generation, 2024 and 2021 experienced substantial negative cash flows. The volatility in these figures suggests that the company’s operational efficiency and working capital management have varied considerably over this period (SEC Filings, Investopedia).
Gross Profit, Operating Income, and Net Income Figures and Profitability Margins for State Street Corp (2020-2024)
Financial Data Overview (2020-2024)
Year | Sales (USD) | Operating Expense (SG&A) (USD) | Pretax Income (USD) | Net Income (USD) | Gross Profit | Operating Income |
2024 | 12,919,000,000 | 4,854,000,000 | 3,395,000,000 | 2,687,000,000 | N/A | N/A |
2023 | 11,945,000,000 | 4,704,000,000 | 2,316,000,000 | 1,944,000,000 | N/A | N/A |
2022 | 12,125,000,000 | 4,477,000,000 | 3,327,000,000 | 2,774,000,000 | N/A | N/A |
2021 | 12,027,000,000 | 4,659,000,000 | 3,171,000,000 | 2,693,000,000 | N/A | N/A |
2020 | 11,694,000,000 | 4,445,000,000 | 2,899,000,000 | 2,420,000,000 | N/A | N/A |
Note: Gross Profit and Operating Income data are not provided in the source data.
Profitability Margins
Profitability margins provide insights into how efficiently sales are converted into profits. With the available data, only the Net Margin can be calculated as (Net Income / Sales), whereas Gross and Operating Margins cannot be determined due to missing values for Cost of Goods Sold (COGS) and Operating Income respectively.
Net Margin Calculation
Year | Calculation | Net Margin (%) |
2024 | 2,687,000,000 / 12,919,000,000 ≈ 0.2077 | 20.8% |
2023 | 1,944,000,000 / 11,945,000,000 ≈ 0.1627 | 16.3% |
2022 | 2,774,000,000 / 12,125,000,000 ≈ 0.2285 | 22.9% |
2021 | 2,693,000,000 / 12,027,000,000 ≈ 0.2239 | 22.4% |
2020 | 2,420,000,000 / 11,694,000,000 ≈ 0.2069 | 20.7% |
Analysis Summary
Gross Profit: Data is not available for any of the years. Therefore, gross margin cannot be calculated.
Operating Income: Not directly provided in the available data. As a result, the operating margin cannot be determined.
Net Income & Margin: The net income figures have fluctuated over the period, with the highest net margin of approximately 22.9% in 2022 and the lowest of around 16.3% in 2023.
Citations
Data synthesized solely from provided income statement details for State Street Corp (NYSE: STT).
Working Capital Position Analysis for State Street Corp
Calculated Working Capital Overview
Year | Current Assets (USD Billion) | Current Liabilities (USD Billion) | Working Capital (USD Billion) |
2020 | 187.81 | 31.49 | 156.32 |
2021 | 192.28 | 19.72 | 172.56 |
2022 | 155.19 | 26.78 | 128.41 |
2023 | 114.90 | 5.83* | 109.07* |
2024 | 143.17 | 9.84* | 133.33* |
*Note: For 2023 and 2024, only select current liability components (e.g. Short Term Debt) were provided. Therefore, the computed values serve as approximations rather than complete figures.
Analysis of Changes Over Time
2020 to 2021: Working capital increased from USD 156.32 billion to USD 172.56 billion. The rise was driven by higher current asset figures in 2021 despite slightly lower current liabilities.
2021 to 2022: A notable decline is observed as working capital drops to USD 128.41 billion, largely reflecting a decrease in current assets.
2023 and 2024: Based on the limited available data, the approximated working capital stood at USD 109.07 billion in 2023 and rebounded to approximately USD 133.33 billion in 2024. However, these estimates should be interpreted with caution given the incomplete reporting of all current liabilities.
Data Sources and Citations
The data points used in this analysis were extracted from public company financial statements and tools such as Investopedia, NYSE, and Morningstar. These sources provide the annual breakdown of balance sheet components used in the computations.
What capital expenditures, acquisitions, or divestitures has State Street Corp invested in, and how have these investing activities impacted its free cash flow?
Investing Activities Overview
The data below summarizes State Street Corp’s key investing activities over the last five fiscal years. These activities include capital expenditures, net acquisitions, and divestitures (i.e. sale of investments). The cash flow statement data shows that while investing activities such as capital expenditures and acquisitions require significant cash outlays, the company also generates substantial cash from divestitures. The net effect of these activities, combined with operating cash flow, results in varying free cash flow outcomes.
Investing Activity Details
Year | Capital Expenditures (USD million) | Net Acquisitions (USD million) | Sale of Investments (USD million) |
2024 | -926 | -194 | 38,820 |
2023 | -816 | -61 | 30,094 |
2022 | -734 | 0 | 31,661 |
2021 | -811 | -333 | 55,191 |
2020 | -560 | 0 | 67,452 |
Free Cash Flow Impact
Free cash flow (FCF) is influenced by the company’s operating cash flow and its investing activities. A negative free cash flow generally indicates that the cash from operations was insufficient to offset the cash spent on capital acquisitions and other investing activities. The tables below provide the operating cash flow and resulting free cash flow for each period.
Year | Operating Cash Flow (USD million) | Free Cash Flow (USD million) |
2024 | -14,107 | -14,136 |
2023 | 350 | -126 |
2022 | 11,932 | 11,220 |
2021 | -6,620 | -7,521 |
2020 | 3,448 | 2,972 |
Analysis
In 2024 and 2021, the company reported negative operating cash flows, leading to significantly negative free cash flows despite the cash infusions from divestitures.
2023 shows a marginal positive operating cash flow; however, after covering capital expenditures and acquisitions, free cash flow remains slightly negative.
2022 and 2020 demonstrate periods when operating cash flows were robust, resulting in positive free cash flows that more than offset the investing activities.
This analysis indicates that State Street Corp’s investing decisions—particularly the scale of capital expenditures and acquisitions—directly impact its free cash flow. The reliance on cash generated from divestitures helps mitigate losses during years with lower operating cash flow, but the overall balance between operating performance and investing outlays is crucial for maintaining positive free cash flow.
References: SEC Filings, Investopedia
Financing Analysis of State Street Corp (2020-2024)
Financing Activities Overview
The table below summarizes key financing metrics drawn from the cash flow statements for 2020 to 2024. All values are in USD.
Fiscal Year | LT Debt Issuance | LT Debt Payments | ST Debt Issuance | Common Stock Issuance | Common Stock Repurchase | Common Dividends |
2020 | 2,489,000,000 | -1,878,000,000 | 3,148,000,000 | 0 | -1,093,000,000 | -889,000,000 |
2021 | 1,343,000,000 | -5,302,000,000 | -3,859,000,000 | 1,900,000,000 | -1,439,000,000 | -866,000,000 |
2022 | 3,731,000,000 | -1,567,000,000 | 1,969,000,000 | 0 | -1,623,000,000 | -972,000,000 |
2023 | 6,221,000,000 | -2,545,000,000 | 563,000,000 | 0 | -3,876,000,000 | -970,000,000 |
2024 | 6,523,000,000 | -2,046,000,000 | 6,180,000,000 | 2,323,000,000 | -2,902,000,000 | -1,033,000,000 |
Observed Trends
Financing Category | Trend Observed |
Long-Term Debt | Issuance increased steadily from 1.34B in 2021 to over 6.5B in 2024, indicating a growing reliance on long-term borrowing. |
Short-Term Debt | Fluctuations observed; net negative issuance in 2021 reversed to a significant positive of 6.18B in 2024, suggesting aggressive short-term financing in the latest year. |
Equity Financing | Mixed activity with instances of common stock issuance (2021 and 2024) balanced by notable repurchases, particularly large repurchases in 2023. |
Dividend Payouts | Consistently maintained, with dividends around 0.87B to 1.03B annually, reflecting stable shareholder return policy. |
Financing Approach Summary
Financing Method | Description |
Debt Financing | The company has consistently used both long-term and short-term debt to fund operations. The upward trend in debt issuance (especially in 2023-2024) points to an increasing leverage strategy. |
Equity Financing | Purchases and occasional issuances of common stock indicate a balanced approach. Stock repurchases largely dominate, suggesting a proactive strategy to manage share count and boost shareholder value. |
Dividend Payouts | Steady dividend distributions over the five-year period underscore the commitment to returning profits to shareholders. |
Data sourced from the Public Company Data Tool and SEC filings (SEC, NYSE).
Liquidity Ratios for State Street Corp (NYSE: STT) Over Past Five Fiscal Years
Data and Calculation Methodology
The liquidity ratios are determined using figures from the balance sheet data. The current ratio is calculated as:
Current Ratio = Total Current Assets ÷ Total Current Liabilities
The quick ratio (excluding inventory) is calculated as:
Quick Ratio = (Total Current Assets – Inventory) ÷ Total Current Liabilities
Since inventory data is not provided (or assumed zero), both ratios are identical.
Calculated Values
The following tables summarize the current assets components, current liabilities used, and the resulting liquidity ratios. All figures are in USD as provided, with values converted into billions (approx.) for ratio computation.
Computation Breakdown
Fiscal Year | Key Current Assets (USD) | Sum of Current Assets (USD) | Key Current Liabilities (USD) | Sum of Current Liabilities (USD) | Current Ratio (≈) | Quick Ratio (≈) |
2024 | Cash: 3.15BCash & Equivalents: 116.10BOther ST Investments: 18.45BAccounts Receivable: 4.54BOther Receivables: 0.20BPrepaid Assets: 0.74B | 143.17B | Short Term Debt: 9.84B | 9.84B | 14.54 | 14.54 |
2023 | Cash: 4.05BCash & Equivalents: 91.77BOther ST Investments: 12.74BAccounts Receivable: 4.42BOther Receivables: 1.33BPrepaid Assets: 0.60B | 114.90B | Short Term Debt: 5.83B | 5.83B | 19.73 | 19.73 |
2022 | Cash: 4.00BCash & Equivalents: 105.63BOther ST Investments: 40.58BAccounts Receivable: 3.84BOther Receivables: 0.62BPrepaid Assets: 0.56B | 155.19B | Accrued Expenses: 22.53BShort Term Debt: 4.26B | 26.79B | 5.79 | 5.79 |
2021 | Cash: 3.63BCash & Equivalents: 110.05BOther ST Investments: 73.40BAccounts Receivable: 3.51BOther Receivables: 0.53BPrepaid Assets: 1.16B | 192.28B | Accrued Expenses: 17.05BShort Term Debt: 2.67B | 19.72B | 9.75 | 9.75 |
2020 | Cash: 3.47BCash & Equivalents: 120.49BOther ST Investments: 59.05BAccounts Receivable: 3.48BOther Receivables: 0.48BPrepaid Assets: 0.84B | 187.81B | Accrued Expenses: 27.50BShort Term Debt: 3.99B | 31.49B | 5.97 | 5.97 |
Note: B denotes Billion USD. The inventory is not provided and is assumed to be zero.
Observations and Trends
Observation | Detail |
Fluctuation | Liquidity ratios vary significantly over the five years. The levels in 2023 (≈19.73) and 2024 (≈14.54) are markedly higher than in 2020 (≈5.97) and 2022 (≈5.79), with 2021 at an intermediate level (≈9.75). |
Influencing Factors | Changes in cash and cash equivalent balances, other short-term investments, and variations in short-term debt and accrued expenses have contributed to these fluctuations. |
Overall Liquidity | Despite the variability, all computed ratios indicate high liquidity, meaning the company maintains robust short-term assets relative to its liabilities. |
This analysis is based solely on the data available from the public company financials for State Street Corp. For further details, refer to sources such as the NYSE and related financial data tools Investopedia.
Summary
The liquidity ratios for State Street Corp show significant variability over the last five fiscal years, with current and quick ratios being identical due to lack of inventory data. Lower ratios were observed in 2020 and 2022 (≈6 and 5.8 respectively), while 2021 improved to nearly 10, and 2023 and 2024 reached exceptionally high ratios (≈19.7 and 14.5 respectively), demonstrating a strong liquidity position though with notable year-to-year fluctuations.
Debt-to-Equity Ratio and Interest Coverage Analysis for State Street Corp (Based on 2024 Data)
Debt-to-Equity Ratio Calculation
Component | Value (USD) |
Short-Term Debt | 9,840,000,000 |
Long-Term Debt | 23,272,000,000 |
Total Debt | 33,112,000,000 |
Total Shareholders’ Equity | 25,326,000,000 |
Debt-to-Equity Ratio | ~1.31 |
Calculation: (9,840,000,000 + 23,272,000,000) / 25,326,000,000 ≈ 1.31 NYSE
Interpretation of Debt-to-Equity Ratio
Insight | Explanation |
Leverage Level | A ratio of approximately 1.31 indicates that the company has $1.31 in debt for every $1 of shareholders’ equity. |
Financial Structure | This suggests a moderate reliance on debt financing, which is common in capital-intensive industries and financial institutions. |
Risk Implication | While higher leverage may amplify returns, it also increases financial risk if earnings are volatile. |
Interest Coverage Ratio Approximation
Note: Due to the absence of explicit EBIT/Operating Income figures in the provided data, pretax income is used as a proxy for EBIT. In a traditional analysis, EBIT divided by interest expense gives the interest coverage ratio.
Component | Value (USD) |
Pretax Income (Proxy for EBIT) | 3,395,000,000 |
Interest Paid (from Cash Flow) | 8,951,000,000 |
Approximate Interest Coverage | ~0.38 |
Calculation: 3,395,000,000 / 8,951,000,000 ≈ 0.38
Interpretation of Interest Coverage Ratio
Insight | Explanation |
Ability to Cover Interest | An approximated interest coverage ratio below 1 indicates that the earnings generated (using pretax income as a stand-in for EBIT) may be insufficient to cover current interest obligations. |
Financial Health | A low ratio suggests that, under this approximation, the company might face challenges in servicing its debt through core operational earnings alone. |
Need for Further Analysis | Financial institutions and companies with significant non-operating income may be evaluated using alternative metrics. Hence, additional details (such as explicit EBIT) and industry comparisons are needed for a complete assessment. |
Summary
Metric | Value |
Debt-to-Equity Ratio | ~1.31 |
Approximate Interest Coverage Ratio | ~0.38 |
The data suggests that State Street Corp employs moderate leverage (with 1.31 dollars of debt per dollar of equity), but the preliminary approximation of its interest coverage ratio is below 1, implying that its reported earnings might not fully cover its interest expenses. Caution is advised and further detailed financial analysis (including accurate EBIT figures) is recommended for precise evaluation.
State Street Corp Valuation Ratios Insights
1. 2024 Valuation Ratios
Ratio | Value | Notes |
Trailing Price-to-Earnings | 12.09 | Indicates moderate earnings multiple based on past 12 months; suggests modest market expectations. SEC |
Forward Price-to-Earnings | 10.62 | Reflects lower expected earnings multiple going forward, indicating potential earnings growth. NYSE |
Price-to-Book | 1.27 | A slight premium over book value, which may suggest a market belief in asset quality and future growth. Investopedia |
Price-to-Sales (TTM) | 2.21 | Represents the value investors place on each dollar of sales; moderate compared to peers in many sectors. Investopedia |
Enterprise Value-to-EBITDA | N/A | Not available from the provided data; hence, further analysis is required using additional sources. |
2. Comparative Insights: Historical & Industry Averages
Aspect | Insight |
Historical Comparison | The current 2024 P/E ratios (trailing 12.09 and forward 10.62) are moderately low, which may indicate either stable historical earnings or modest growth expectations relative to past performance. However, the available dataset does not include historical valuation figures for direct year-over-year analysis. |
Industry Comparison | The P/B ratio of 1.27 and P/S ratio of 2.21 signal that State Street Corp is trading neither at extreme discount nor at high premium relative to typical financial industry valuations. Detailed industry average multiples would further refine this perspective, but such data is not provided in the current dataset. |
3. Data Limitations
Data Point | Availability |
Historical Valuation Ratios | Not provided in the available dataset; additional data is needed for trend analysis. |
Industry Average Multiples | Not provided; industry benchmark data is required for a full comparative analysis. |
Note: The insights are based on the latest available data for fiscal year 2024. For detailed comparisons with historical values and industry averages, additional data from previous periods and industry reports would be necessary. Investopedia | NYSE
Efficiency Ratios for State Street Corp (NYSE: STT) 2024
Computed Efficiency Metrics
Metric | Formula | Value | Notes |
Asset Turnover | Sales / Total Assets | ~0.047x | Estimated total assets derived from sum of current and non-current assets (~274.97B USD). As a custodian bank, a low ratio is typical. Investopedia |
Inventory Turnover | N/A (No Inventory Data) | Not Applicable | The company does not report inventory data as its operations do not include typical inventory management. |
Days Sales Outstanding (DSO) | (Accounts Receivable / Sales) x 365 | ~128 days | Indicates the average number of days receivables remain outstanding. Use with caution in financial institutions. |
Interpretation of Metrics
Aspect | Interpretation |
Asset Utilization | A 0.047x asset turnover suggests that for every 1 USD of assets, 4.7 cents of revenue is generated. In asset-heavy industries such as banking and asset management, such low ratios are common. NYSE |
Inventory Management | Not applicable for State Street Corp, as inventory is not a component of its balance sheet. |
Receivables Collection | A DSO of approximately 128 days indicates that, on average, it takes 128 days to collect receivables, which may be influenced by the nature of financial transactions in the industry. |
Summary of Findings
Summary |
State Street Corp’s low asset turnover (0.047x) is characteristic of asset-heavy financial institutions, inventory turnover is not applicable, and a DSO of ~128 days reflects the extended credit collection cycles in the sector. |
Trends in Profitability Ratios for State Street Corp (NYSE: STT)
Overview of Data Availability and Limitations
The available income statements provide sales and net income for 2020–2024, but key figures such as gross profit and operating income are not provided. This limits the ability to calculate gross and operating margins. In contrast, net margin, ROA, and ROE can be estimated using available data from the income statements and balance sheets. No direct industry average or competitor ratios were provided, so qualitative comparisons rely on typical ranges for large asset management and financial institutions (see Investopedia and NYSE).
Net Margin Trend
Net margin is computed as (Net Income / Sales) × 100. The table below contains the approximate net margins for fiscal years 2020 to 2024.
Fiscal Year | Sales (USD) | Net Income (USD) | Net Margin (%) |
2024 | 12,919,000,000 | 2,687,000,000 | ~20.8% |
2023 | 11,945,000,000 | 1,944,000,000 | ~16.3% |
2022 | 12,125,000,000 | 2,774,000,000 | ~22.9% |
2021 | 12,027,000,000 | 2,693,000,000 | ~22.4% |
2020 | 11,694,000,000 | 2,420,000,000 | ~20.7% |
Observation: The net margin fluctuates between about 16% and 23%, peaking in 2022. This indicates relative consistency given the scale of operations, although 2023 saw a lower net margin.
Gross and Operating Margins
Ratio | Data Availability | Remarks |
Gross Margin | Not Available (N/A) | Gross profit data missing; cannot compute. |
Operating Margin | Not Available (N/A) | Operating income data not provided. |
Return on Assets (ROA)
ROA is computed as (Net Income / Total Assets) × 100. Estimated total assets were approximated from the detailed balance sheet data. The following table provides approximate ROA calculations:
Fiscal Year | Approx. Total Assets (USD) | Net Income (USD) | ROA (%) |
2024 | ~271,827,000,000 | 2,687,000,000 | ~0.99% |
2023 | ~237,320,000,000 | 1,944,000,000 | ~0.82% |
2022 | ~285,255,000,000 | 2,774,000,000 | ~0.97% |
2021 | ~333,707,000,000 | 2,693,000,000 | ~0.81% |
2020 | ~324,891,000,000 | 2,420,000,000 | ~0.74% |
Observation: ROA has varied from approximately 0.74% in 2020 to close to 1% in 2024. This low percentage is typical for asset-intensive financial institutions.
Return on Equity (ROE)
ROE is computed as (Net Income / Shareholders' Equity) × 100. The following table summarizes ROE estimates based on the available balance sheet equity figures:
Fiscal Year | Shareholders' Equity (USD) | Net Income (USD) | ROE (%) |
2024 | 25,326,000,000 | 2,687,000,000 | ~10.61% |
2023 | 23,799,000,000 | 1,944,000,000 | ~8.17% |
2022 | 25,191,000,000 | 2,774,000,000 | ~11.01% |
2021 | 27,363,000,000 | 2,693,000,000 | ~9.84% |
2020 | 26,200,000,000 | 2,420,000,000 | ~9.24% |
Observation: ROE ranges from roughly 8% to 11%, with the highest value in 2022 and generally modest returns relative to equity.
Comparison to Industry Averages and Competitors
Without direct figures for industry averages and competitor ratios in the provided data, a qualitative comparison can be made:
Ratio | State Street Trend | Industry/Competitor Context |
Net Margin | 16% – 23% | Asset management firms often see net margins in the low-to-mid 20% range. |
ROA | ~0.7% – 1.0% | Financial institutions with large asset bases typically report low ROA. |
ROE | ~8% – 11% | ROE may be modest due to capital intensity; peers in the sector reflect similar values. |
Observation: State Street's net margin performance in 2022 and 2024 aligns with robust profitability, although the 2023 dip suggests some volatility. The low ROA is characteristic of asset-intensive businesses. ROE values, while modest, fall within common ranges for large financial and asset management institutions. Additional data is required for a precise bench-marking analysis against competitors (see Investopedia for industry context).
Summary
Gross and operating margins cannot be computed due to missing data.
Net margins show relative stability around 20%–23%, except a lower point in 2023.
ROA improved from 0.74% in 2020 to nearly 1% in later years, reflecting efficient net income generation against massive asset bases.
ROE has remained in the 8%–11% range, with variability likely influenced by changes in equity levels.
While State Street’s profitability ratios generally compare favorably within the industry, further detailed industry and peer data would be needed for a precise competitive analysis.
Citations: Investopedia, NYSE
Total Debt & Composition for State Street Corp (NYSE: STT)
Debt Summary
Debt Category | Amount (USD) |
Short-Term Debt | 9,840,000,000 |
Long-Term Debt | 23,272,000,000 |
Total Debt | 33,112,000,000 |
Composition of Debt Instruments
Debt Instrument | Composition Details |
Bonds | Not specifically disclosed in the available financial statements |
Loans | Not specifically disclosed in the available financial statements |
Other Instruments | For detailed breakdown, refer to the SEC filings and annual report [SEC] [NYSE] |
Data based on the 2024 balance sheet from the Public Company Data Tool.
Evolution of Leverage and Coverage Metrics for State Street Corp
Overview
The analysis task is to assess how metrics such as Debt-to-EBITDA and EBITDA/Interest Expense have evolved over the analysis period and what this indicates about the company’s debt servicing capacity. However, the available financial statements do not provide complete data for computing EBITDA. In particular, all income statement extracts list the EBITDA field as “N/A” and do not provide the underlying operating income along with the full depreciation and amortization breakdown necessary for a reliable reconstruction of EBITDA. Without EBITDA, the key metrics—Debt-to-EBITDA and EBITDA/Interest Expense—cannot be computed or compared over the years.
Data Review
Year | Reported Short-Term Debt (USD) | Reported Long-Term Debt (USD) | Total Debt (USD) | EBITDA (USD) | Interest Paid (USD) |
2024 | 9,840,000,000 | 23,272,000,000 | 33,112,000,000 | N/A | 8,951,000,000 |
2023 | 5,833,000,000* | 15,667,000,000* | ~21,500,000,000* | N/A | 6,184,000,000 |
2022 | Not Provided Fully | 12,837,000,000 | N/A | N/A | 1,354,000,000 |
2021 | N/A (from available data) | 10,929,000,000 | N/A | N/A | 37,000,000 |
2020 | N/A (from available data) | 13,805,000,000 | N/A | N/A | 375,000,000 |
*Values for 2023 debt elements are derived from the balance sheet data provided. Data inconsistencies exist due to incomplete information.
Analysis Limitations
Metric | Data Availability | Implication |
EBITDA | Not provided (N/A) | Cannot compute Debt-to-EBITDA or EBITDA/Interest Expense ratios accurately. |
Interest Expense | Available in Cash Flow | Variances exist across years, but cannot be linked to EBITDA. |
Debt (Short and Long term) | Provided partially | Partial view of debt levels without consistent breakdowns across years. |
Conclusion
Based on the available information, the evolution of leverage metrics (Debt-to-EBITDA) and coverage ratios (EBITDA/Interest Expense) cannot be determined because the essential EBITDA figures are unavailable. Without a reliable EBITDA measure, it is not possible to assess changes in debt servicing capacity over the analysis period.
Citations
Debt Maturity Profile of State Street Corp (NYSE: STT)
Overview
The available financial data provides aggregate figures for the company’s short-term and long-term debt, but does not include a more granular breakdown of specific debt maturities (for example, due dates or segmented schedules by year). The data available is based on the annual balance sheet disclosures for 2023 and 2024.
Debt Overview by Fiscal Year
Fiscal Year | Short-Term Debt (USD) | Long-Term Debt (USD) |
2023 | 5,833,000,000 | 15,667,000,000 |
2024 | 9,840,000,000 | 23,272,000,000 |
Additional Notes
The data aggregates the debt into short-term and long-term classifications, which is common in balance sheet reporting.
A detailed debt maturity schedule (e.g., breakdown by year or remaining maturities) is not provided in the available disclosures.
Citations
This analysis is based solely on the publicly available financial data as provided in the message history.
Organic Growth Strategies of State Street Corp
Organic Growth Strategy | Description | Details/Remarks |
Market Expansion | Strategies and initiatives aimed at extending geographic market reach and diversifying market segments. | The provided financial data does not include specific information on planned market expansion initiatives. |
New Product or Service Launches | Introduction of new offerings or enhancements in services to capture additional market share. | No details on new product/service launches are included in the available financial statements. |
Investments in R&D and Innovation | Allocations for research and development and technological innovation to foster organic growth. | The financial statements do not provide data on R&D expenditures or R&D initiatives. |
Key Focus Areas | Strategic areas that the firm prioritizes for organic growth. | Specific key focus areas related to organic growth are not disclosed in the provided information. |
The available data comprises detailed financial statements (income statements, balance sheets, cash flow statements) for various fiscal years (2020-2024) but does not include explicit reference to organic growth strategies or related strategic initiatives.
Annual Interest Expenses and Debt Covenant Requirements for State Street Corp
Annual Interest Expenses
Fiscal Year | Interest Paid (USD) |
2024 | 8,951,000,000 |
2023 | 6,184,000,000 |
2022 | 1,354,000,000 |
2021 | 37,000,000 |
2020 | 375,000,000 |
Data for interest paid is taken from the additional cash flow metrics in the separate annual cash flow statements provided above.
Debt Covenant Requirements
Covenant Aspect | Details and Typical Requirements |
Financial Ratio Limits | Generally, debt agreements impose limits on the consolidated leverage ratio (commonly not to exceed around 4.0x to 6.25x) and require maintaining a minimum interest coverage ratio (often not less than 2.5x). |
Compliance & Reporting | Borrowers are often required to submit periodic audited financial statements as part of the covenant compliance regime. |
Default Provisions | Violations of these covenants normally may trigger events of default, leading to acceleration of the debt or renegotiation of terms. |
Note: The messages provided do not include explicit State Street Corp debt covenant disclosures. However, based on standard financial industry practice and examples from public credit facility documents and general loan covenant definitions (see Wikipedia), State Street’s debt instruments are likely subject to similar requirements.
Citations
Historical CapEx Trends for State Street Corp (2020-2024)
Capital Expenditures Over the Past Five Fiscal Years
Fiscal Year | Capital Expenditures (USD) |
2024 | 926,000,000 |
2023 | 816,000,000 |
2022 | 734,000,000 |
2021 | 811,000,000 |
2020 | 560,000,000 |
Data derived from the cash flow statements provided in the public company data tool (SEC Filings).
CapEx Trend Analysis
Observation | Detail |
Overall Growth | CapEx increased from $560M in 2020 to $926M in 2024, implying a heightened focus on capital asset investments. |
Progressive Increase | While 2021 saw a slight uptick compared to 2020, the larger jump appears in 2023-2024. |
Strategic Investment Indicator | The rising CapEx trend suggests ongoing or planned investments in infrastructure, technology, or upgrades. |
Allocation Across Segments or Initiatives
Aspect | Information Available |
Segment Allocation Detail | Specific segment or initiative level allocation is not provided in the available data. |
Annual Reports / Investor Presentations | Additional details regarding which segments (e.g., technology, infrastructure) receive CapEx typically appear in annual reports. |
For detailed allocation, refer to State Street Corp’s annual investor communications and reports (NYSE).
Summary
Historical data reveals an upward trend in State Street Corp’s capital expenditures over the past five fiscal years, from $560M in 2020 to $926M in 2024. While the overall trend indicates growing investment in capital assets, detailed segmental allocation is not provided in the data and would require consultation of the company's annual reports or investor presentations.
Recent M&A and Strategic Partnerships of State Street Corp
Overview
The following tables summarize recent recent M&A activities and strategic partnerships or alliances involving State Street Corp. The information below is based on available messages history (including news results) and outlines key details such as activity type, partners involved, transaction details, and the expected synergies or improvements in market position.
M&A Activity
Activity Type | Transaction / Role | Key Participants | Date / Period | Transaction Value | Expected Synergies / Market Improvements | Source |
M&A | Strategic advisory role in acquisition | State Street Global Advisors served as a strategic partner in the Bain Capital-led acquisition of Envestnet by affiliates. Other strategic partners include Reverence Capital, Norwest, BlackRock, Fidelity Investments, and Franklin Templeton. | December 2024 | Approx. 4.5 billion USD | Enhanced distribution channels, expanded asset management capabilities, and integration of technology to drive scale and innovation within wealth management services. |
Strategic Partnerships and Alliances
Partnership Type | Initiative / Collaboration | Key Partners | Date / Period | Financial Details | Expected Synergies / Market Improvements | Source |
Strategic Alliance | Partnership to launch retail alternative investment strategies | State Street Global Advisors and Bridgewater Associates | November 2024 | Not disclosed | Opens new revenue streams by democratizing access to sophisticated alternative investment strategies; positions State Street to capture market share in retail alternatives. |
Summary
State Street Corp has recently engaged in strategic advisory roles in M&A activities and formed significant strategic partnerships. These initiatives are designed to strengthen its market position by expanding asset management capabilities and capturing emerging opportunities in alternative investments.
State Street Corp Future CapEx Planning and Strategic Alignment
Historical Capital Expenditures
Fiscal Year | Capital Expenditures (USD) |
2024 | -926,000,000 |
2023 | -816,000,000 |
2022 | -734,000,000 |
2021 | -811,000,000 |
2020 | -560,000,000 |
Current Information on Future CapEx Plans
Aspect | Details |
Future CapEx Plans | Not explicitly provided in the available information. |
Alignment with Strategic Goals | No direct relation or future investment narrative is supplied. |
Notes on the Provided Data
The historical statements include detailed capital expenditures for the past five fiscal years, but they do not provide forward-looking guidance or explicit future planning details.
There is no discussion in the provided messages regarding how future CapEx investments will be aligned with State Street Corp’s strategic goals and objectives.
Citations
The available data shows historical expenditure patterns, but additional sources or recent company filings would be needed to obtain specific details on future CapEx plans and their strategic alignment.
Efficiency of State Street Corp's CapEx Investments and Their Relative Investment Intensity
1. Efficiency in Generating Returns
Metric | State Street Corp (STT) | Peer Comparison* |
Return on Invested Capital (ROIC) | 0.56% | Northern Trust: 2.69%PNC: 2.42%Zions Bancorp: 7.30% |
Weighted Average Cost of Capital (WACC) | ~17.2% | Northern Trust: ~17.1%PNC: ~13.3%Zions Bancorp: ~18.6% |
ROIC to WACC Ratio | ~0.032 (3.2%) | Northern Trust: ~0.157PNC: ~0.182Zions Bancorp: ~0.392 |
*Data derived from recent market performance articles (FMP, FT).
State Street’s very low ROIC relative to its cost of capital indicates that its past CapEx investments have generated returns far below the benchmark levels seen among its peers. The ROIC to WACC ratio of only about 3.2% suggests that the company is not making efficient use of the capital invested.
2. Capital Expenditures as a Percentage of Revenue
Fiscal Year | Sales (USD) | Capital Expenditures (USD) | CapEx as % of Revenue |
2024 | 12,919,000,000 | 926,000,000 | ~7.2% |
2023 | 11,945,000,000 | 816,000,000 | ~6.8% |
Comparative industry data on CapEx intensity shows that many companies in asset-light segments typically exhibit lower CapEx-to-revenue ratios, sometimes in the range of 3–5%, though capital-intensive industries naturally show a higher ratio (GMT Research). In the context of financial services, where capital expenditures tend to be lower relative to revenue, State Street’s approximate 7% ratio is on the higher side. This suggests that while the company commits a considerable share of its revenue to CapEx, these investments have not translated into efficient returns.
Inline Citations: FMP Financial Analysis, FT Markets, GMT Research CapEx/Sales
Main Competitors of State Street Corp and Their Competitive Advantages
Competitors and Key Market Metrics
Competitor | Market Cap (USD) | Notes/Market Share Insights | Source Citation |
Bank of New York Mellon (BK) | ~62.16 Billion | Leading custodian; dominates custody services alongside State Street; strong institutional presence | |
Ameriprise Financial (AMP) | ~51.55 Billion | Significant player in asset management services in the institutional segment | |
T. Rowe Price Group (TROW) | ~24.50 Billion | Recognized for investment management; operates within the same competitive landscape | |
Northern Trust (NTRS) | ~22.19 Billion | Major competitor in custody and asset servicing with substantial assets under custody | |
Citigroup (Custody Business) | Not directly quoted; custody business estimated with AUC figures up to ~$24 Trillion | Also competes in custody services though less specialized compared to dedicated providers like State Street and BK |
Note: Specific market share percentages are not explicitly provided in the available data; however, industry sources indicate that State Street and Bank of New York Mellon are among the dominant players in global custody services.
Competitive Advantages of State Street Corp
Competitive Edge | Description | Key Elements | Source Citation |
Cost Leadership | Leveraging economies of scale to offer competitive pricing while maintaining efficient operations. | High technology investments, streamlined operations, low incremental cost for net interest income. | |
Differentiation | Offering a broad suite of integrated asset servicing and investment management solutions that increase client stickiness. | Integrated custody and ancillary services; high client retention (approx. 97%); trusted brand with global reach. | |
Innovation | Continuous investment in technology and digital transformation to enhance efficiency and expand service offerings. | Advanced information systems; strategic acquisitions; development of digital platforms (e.g., ETF platforms, analytics). |
Summary
State Street Corp competes primarily with Bank of New York Mellon, Ameriprise Financial, T. Rowe Price Group, Northern Trust, and to a lesser extent, Citigroup in the global custody and asset management services industry. Although precise market share percentages are not publicly disclosed, these competitors are recognized as major players within the industry. State Street's competitive advantages stem from its cost leadership through economies of scale, differentiated and integrated service offerings that create high customer switching costs, and continuous innovation in technology investment and digital transformation.
Industry Overview for State Street Corp’s Operating Environment
Industry Landscape and Market Size
Metric | Data/Details | Source(s) |
Primary Sector | Financial Services (Asset Management, Custody, Investment Administration) | |
Current Key Asset Class Size | US active fixed-income ETF market reached about US$282 billion in assets by end 2024; global ETF AUM reached record highs (~US$10 trillion) in 2024. | |
Active ETF Contributions | Active ETFs in the US expected to drive significant inflows, with forecasts indicating new flows could push active ETF AUM toward the USD1 trillion scale in early 2025. |
Projected Growth Rates and Future Outlook
Growth Indicator | Projection/Trend | Source(s) |
US Active Fixed-Income ETFs | More than doubled over two years (from ~US$140 billion to US$282 billion by end 2024), with continued upward momentum forecast for 2025. | |
Global ETF Market | Expected expansion driven by digital asset ETFs and active management models; forecasts suggest continued market inflows and diversification globally. | |
Overall Asset Growth in Financial Sector | Forecasts from outlook reports indicate strategic growth through digital transformation and product innovation, with some products (e.g., digital asset ETFs) projected to outpace traditional categories. |
Key Trends, Technological Advancements, and Growth Drivers
Trend/Driver | Description | Source(s) |
Digital Transformation | Widespread adoption of digital platforms, AI (including generative AI), and data analytics improving efficiency and product delivery (e.g., AI-driven fixed income strategies). | |
Regulatory Developments | New frameworks (e.g., EU Data Act, Digital Markets Act) and evolving global regulations impacting operational strategy and data handling across financial services. | |
Product Innovation & Alternative Assets | Growth drivers include the rise of active management strategies, the expansion of digital asset ETFs, and the democratization of alternative investment exposures. | |
Geopolitical and Economic Resilience | Continued market resilience amid rate cuts, fiscal policy shifts, and geopolitical realignments; strategic asset allocation and risk management remain focal. |
Summary
The financial services industry in which State Street Corp operates is robust and undergoing dynamic transformation. Currently, the industry is characterized by record asset volumes—especially in the ETF arena—and significant growth in active fixed income management. Future projections indicate sustained expansion driven by digital transformation, technological innovations (notably AI integration), evolving regulatory landscapes, and innovative product offerings. Market participants are strategically focusing on resilience amid economic and geopolitical challenges, positioning the industry for continued robust growth in 2025 and beyond.
Revenue Forecasts and Earnings Projections for State Street Corp (Next 3-5 Years)
Data Availability Overview
Metric | Details/Comments |
Historical Revenues | Provided for 2020-2024, no future estimates provided |
Historical Earnings | Provided for 2020-2024, no future estimates provided |
Future Revenue Forecast | Not provided |
Future Earnings Projections | Not provided |
Growth Initiatives/Strategic Plans | Not included in the provided information |
Analysis
The materials include complete income statements, balance sheets, and cash flow statements for State Street Corp for fiscal years 2020 through 2024. However, this data set does not contain any explicit guidance or forecasts regarding the revenue growth or earnings projections for the next three to five years. There is also no information on specific growth initiatives or strategic plans that would allow an estimation of future revenue or earnings performance.
Without clear forward-looking data or strategic commentary from the company, it is not possible to derive revenue forecasts or earnings projections based solely on the historical financial data provided.
Conclusion
Based on the existing information, we cannot provide forecasts or projections for State Street Corp's revenue or earnings growth over the next three to five years. Additional details such as management guidance or outlined growth initiatives are required to perform a meaningful projection.
Sources: Historical Financial Statements (2020-2024) retrieved from public company financial tools (Investopedia, Morningstar, NYSE official documentation).
Financial Risks and Risk Management Measures for State Street Corp
Overview of Financial Risks
Risk Type | Description | Financial Data / Indicators |
Liquidity Risk | The risk of not having sufficient liquid assets to meet short-term obligations; includes stress scenarios and potential asset conversion delays. | High-quality liquid assets are maintained (e.g., Cash and Cash Equivalents of ~116.10B USD in 2024) versus short-term liabilities (e.g., Short Term Debt of ~9.84B USD in 2024) Investors Report |
Credit Risk | The risk of counterparty default and deteriorating credit quality; exposure through lending activities, off-balance sheet commitments, and financial asset portfolios. | Credit loss provisions and quarterly evaluations are undertaken. The company monitors credit exposures in commercial real estate loans and leveraged loans, with periodic adjustments to allowance for credit losses, as observed in recent disclosures SEC Filings |
Risk Management Measures
Measure Category | Management Approach & Controls | Key Details |
Liquidity Management | Daily calculation of the Liquidity Coverage Ratio (LCR), maintenance of High-Quality Liquid Assets (HQLA), stress testing, and robust cash monitoring by Global Treasury. | LCR is required to be maintained at or above 100%. Involves daily reviews, early warning indicators, and contingency funding plans. Federal Reserve LCR Guidelines |
Credit Risk Management | Regular assessment of credit exposures, periodic (at least quarterly) evaluation of credit loss allowances, and stress testing across multiple economic scenarios. | Uses internal credit risk models, diversification of portfolio exposures, and adjustments in credit loss reserves based on evolving risk levels. SEC Filings |
Overall Risk Governance | Three lines of defense model with clearly defined roles: business units manage risks, Global Treasury oversees liquidity, and Corporate Audit serves as an independent check. | Risk oversight involves Board-level committees, risk appetite frameworks, and continuous monitoring and reporting, ensuring a robust internal control system. Statestreet Risk Management |
Summary
State Street Corp faces significant liquidity and credit risks, typical for a large financial institution. However, the firm has implemented comprehensive risk management measures including daily liquidity monitoring, regular credit risk assessments, and a multi-layered governance framework. These controls suggest that sufficient risk management measures are in place to mitigate the identified risks.
Evolution of Market Share & Porter's Five Forces Analysis of State Street Corporation
Market Share Evolution
The available annual sales data shows a relatively stable performance with slight fluctuations over recent years. Although explicit market share percentages were not provided, the modest increase in sales suggests that State Street Corp has maintained its competitive positioning in its niche within the financial services and asset management industry.
Fiscal Year | Sales (USD) | Observations |
2020 | 11,694,000,000 | Base year; stable performance |
2021 | 12,027,000,000 | Marginal increase relative to 2020 |
2022 | 12,125,000,000 | Stable; small upward trend |
2023 | 11,945,000,000 | Slight dip; within a narrow range |
2024 | 12,919,000,000 | Notable recovery and growth |
Data sourced from the provided complete income statements for State Street Corp for 2020 to 2024 (Investopedia, NYSE).
Porter’s Five Forces Analysis
A comprehensive Porter’s Five Forces analysis for State Street Corp points to the following dynamics:
Force | Description & Key Elements | Impact on State Street Corp |
Threat of New Entrants | - Very high regulatory and capital barriers- Substantial investment in technology (e.g., infrastructure investments can be in the range of $250-$350M)- Extensive regulatory compliance requirements (notably by SEC and Federal Reserve) | Low Threat: The high barriers protect incumbents like State Street from new market entrants (DCF Modeling). |
Bargaining Power of Suppliers | - Suppliers include financial sources (deposits, loan capital) and technology providers- Limited alternative options for specialized financial software and risk management systems | Moderate: Some suppliers (especially specialized tech or financial service providers) may exert influence, but diversified sourcing moderates this power (PorterAnalysis). |
Bargaining Power of Buyers | - Institutional investors and asset managers have low switching costs- Clients demand competitive fees and high service quality- Buyers are well-informed due to digital technologies | High: Buyers leverage low switching costs and market transparency to negotiate better fee structures, which exerts pricing pressure on providers like State Street (Investopedia). |
Threat of Substitutes | - Emergence of fintech solutions, robo-advisors, and passively managed index funds- Technological innovations provide alternative cost-effective options- Alternatives are increasing in popularity | Moderate: With the rise of alternative financial services and digital innovations, traditional asset management faces substitution risk, pushing incumbents to innovate and integrate digital solutions (PorterAnalysis). |
Industry Rivalry | - Crowded market with strong competitors such as BNY Mellon, BlackRock, and Vanguard- Fierce competition on pricing, technology, and client service- Ongoing innovation to capture and retain market share | High: The competitive landscape is intense, requiring continuous innovation and strategic pricing to maintain a strong position (Owler, Simply Wall St). |
This five forces analysis is based on insights from various sources and reflects the impact of regulatory, technological, and market competitive factors on State Street Corp.
Summary
Market Share Evolution: Sales have shown modest growth from 2020 to 2024 with a noticeable recovery in 2024, indicating a stable to slightly growing market presence.
Porter’s Five Forces: High barriers protect against new entrants, buyer power is significant, supplier influence is moderate, the threat from substitutes is emerging due to fintech innovations, and industry rivalry remains intense.
References: Investopedia, DCF Modeling, NYSE.
Operational Risks and Mitigation Measures for State Street Corp
Overview
State Street Corp faces a range of operational risks, which include vulnerabilities in its supply chain and dependencies on complex technological infrastructures. The integration of sophisticated financial systems, dependency on third-party service providers, and exposure to global supply chain disruptions necessitate robust risk mitigation frameworks. The tables below summarize key operational risks and the corresponding mitigation measures adopted by the company.
Supply Chain Vulnerabilities
Risk Category | Description | Mitigation Measures | Citations |
Supplier Disruptions | Critical supplier failures or disruptions in the global supply chain impacting operations. | • Diversification of suppliers• Establishment of strategic long-term supplier relationships• Continuous monitoring via supplier scorecards and performance benchmarks (Wikipedia) | |
Geopolitical & Natural Risks | Risks from geopolitical tensions, natural disasters, or regulatory changes affecting suppliers. | • Monitoring geopolitical developments• Contingency planning and buffer inventories• Use of risk assessment frameworks to quantify exposure (UpGuard) |
Technological Dependencies
Risk Category | Description | Mitigation Measures | Citations |
ICT System Failures | Dependence on advanced IT systems and third-party ICT service providers creates vulnerability to disruptions such as cyberattacks or system outages. | • Implementation of Digital Operational Resilience Act (DORA) standards• Regular threat-led penetration and disaster recovery testing• Robust ICT third-party risk management with enhanced due diligence and vendor registers (State Street DORA FAQ) | |
Data & Cyber Risks | Risks associated with the security and integrity of financial data and proprietary platforms. | • Continuous cyber threat intelligence and information sharing• Enhanced governance and oversight on ICT assets• Use of regular internal assessments and simulation exercises |
Additional Operational Risk Areas
Risk Category | Description | Mitigation Measures | Citations |
Resolution & Contingency | The complexities of running a global, systemically important financial institution necessitate preparedness in stress events. | • Regular resolution planning and contingency exercises• Dynamic stress-testing of capital and liquidity scenarios• Comprehensive risk management frameworks to ensure business continuity (Federal Reserve) | |
Third-Party Dependencies | Reliance on external service providers for critical ICT and operational functions. | • Detailed third-party risk management programs• Enhanced contract terms and continuous oversight of key vendors and service providers• Regular self-assessments to ensure compliance with evolving regulations |
Summary
State Street Corp integrates a robust suite of risk management frameworks to mitigate operational risks. Supply chain vulnerabilities are addressed via vendor diversification, continuous risk assessments, and contingency planning, while technological dependencies are managed with rigorous ICT risk frameworks, regular testing, and stringent third-party oversight.
Sensitivity of State Street Corp's Performance to Macroeconomic Changes & Competitive Shifts and Associated Market Risks
Macroeconomic Sensitivity
Factor | Description | Impact on Performance |
Interest Rates & Yield Curve | Changes in interest rate levels and yield curve slopes can affect borrowing costs, liquidity, and asset pricing. SSGA | Increased rates and yield curve steepening may raise funding costs and influence investment valuations, leading to reduced margins. |
Inflation & Economic Growth | Persistent inflation and variability in GDP growth alter earnings dynamics, affecting both operating revenues and expense profiles. State Street Macro Outlook | Fluctuating inflation can compress margins while economic slowdowns reduce transaction volumes and fee-based revenues. |
Recession Risk | Forward-looking indicators, including recession probability indicators, signal potential downturns which can reduce investor activity. State Street LIVE | A recessionary environment might lead to lower investment volumes and increased credit losses. |
Competitive Landscape Impact
Dimension | Description | Impact on Performance |
Pricing Pressures & Fee Competition | Intense competition in the financial services sector drives pricing pressures; rivals are innovating with digital platforms. Decoding State Street Corporation | Lower fees and tighter margins could erode profitability if not offset by operational efficiencies. |
Technological Innovation | Investment in digital asset services, artificial intelligence, and integrated service platforms are key to maintaining competitive edge. Decoding State Street Corporation | Necessity to invest in new technology adds costs; failure to innovate may lead to loss of market share. |
Global Footprint & Regulatory Environment | Operating across multiple markets subjects State Street to diverse regulatory frameworks and changes in international economic policies. State Street Macro Outlook | Variations in regulation and compliance costs can impact global operational efficiency and risk exposure. |
Key Market Risks
Risk Category | Description | Potential Outcome |
Macroeconomic / Geopolitical Risk | Exposure to shifts in global trade, geopolitical tensions, and economic uncertainties that influence market sentiment. | Increased volatility, reduced confidence, and potential liquidity constraints. |
Market Liquidity & Funding Risk | Sensitivity to changes in funding sources and liquidity conditions, exacerbated during economic shocks or credit events. | Heightened funding costs or restrictions, impacting overall operational capability. |
Cybersecurity & Operational Risk | The need to safeguard critical financial operations against cyber threats and system disruptions amid increasing digitalization. | Potential losses, reputational damage, and regulatory scrutiny if breaches occur. |
Inline citations provided are in a Wikipedia-style format with URLs available for further details. All insights are derived from publicly available sources such as State Street publications, SSGA research, and financial market analysis reports.
Key Compliance and Legal Risks for State Street Corp
Regulatory Compliance Risks
Risk Category | Description | Regulatory Framework / Source | Impact Potential |
Digital Operational Resilience (DORA) | Compliance with new EU DORA requirements; entails robust third‐party risk management, ICT provider assessments, disaster recovery testing and enhanced controls. | Operational disruptions; regulatory fines | |
ESG and Sustainability Disclosures | Evolving disclosure requirements regarding ESG strategies and climate-related risks. Risks include alleged misrepresentations and potential challenges to ESG claims. | Emerging ESG regulatory trends Sidley Updates | Litigation, reputational risks, investor backlash |
Third-Party and ICT Provider Oversight | Ensuring comprehensive oversight of third-party relationships, especially with ICT service providers, and conforming to evolving governance standards. | State Street’s internal TPRM program; DORA requirements DORA FAQ | Increased compliance costs and potential contract disputes |
Securities and Insider Trading | Ongoing adherence to insider trading laws and ensuring disclosures fully comply with SEC and other regulatory bodies. | SEC Regulations SEC.gov | Regulatory sanctions and litigation exposure |
Litigation and Legal Risks
Litigation Risk Category | Description | Example / Reference | Impact Potential |
Multi-State and Consumer Protection | Potential for coordinated litigation driven by state attorneys general focusing on consumer protection and transparency in financial disclosures. | Trends in multistate legal actions (Troutman) | Costly settlements, operational disruptions |
ESG Disclosure and Fiduciary Litigation | Litigation risks arising from alleged misstatements on ESG strategies and potential breaches of fiduciary duty in proxy voting or management decisions. | Recent ESG-related litigation trends (Sidley Updates) | Reputational damage, financial liabilities |
Contractual and Third-Party Disputes | Legal challenges with third-party contracts regarding ICT or operational services, particularly if contractual obligations under DORA and other regulations are breached. | Implied in evolving TPRM frameworks | Disruption of services, financial penalties |
Summary
Based on the available information, State Street Corp faces significant compliance risks related to new digital operational resilience standards (DORA), evolving ESG disclosure requirements, and stringent oversight of third-party ICT providers. In parallel, potential litigation risks include multi-state actions driven by consumer protection issues, ESG misrepresentation claims, and disputes arising from contractual failures with third-party service providers. While explicit litigation details are limited in the provided financial data, these emerging regulatory challenges underline the broader legal risks that could materially impact the company.
[Citations: SEC.gov, EUR-Lex, Troutman, Sidley Updates]
DCF Analysis for State Street Corp (NYSE: STT)
The current data set provides historical financial statements (income statements, balance sheets, and cash flow statements) for State Street Corp but does not include the forward-looking projections or explicit DCF model inputs required to compute the intrinsic value. As a result, a complete DCF analysis cannot be performed using the provided information. Below is a summary of the typical DCF components and assumptions alongside the sensitivity outline that would normally be used if additional data were available.
Table 1: Typical DCF Analysis Components
Component | Description |
Free Cash Flow Forecast | Projections of future free cash flows for a defined period (usually 5-10 years) based on historical performance and growth expectations. |
Discount Rate (WACC) | The rate used to discount future cash flows to their present value. Typical assumptions might range from 10% to 20%, often derived by adding an equity risk premium to the risk-free rate. |
Growth Rate Assumptions | Estimates for revenue and cash flow growth during the explicit forecast period. Historical trends combined with forward-looking market conditions guide these estimates. |
Terminal Growth Rate | The perpetual growth rate used after the explicit forecast period. Generally should be lower than the discount rate (often set between 2% and 3% to align with long-term inflation or GDP growth). |
Terminal Value | Calculated as the present value of cash flows beyond the forecast period, using either the perpetuity method or an exit multiple approach. |
Sensitivity Analysis | An evaluation of how changes in key assumptions (discount rate and growth rates) affect the intrinsic value. |
Table 2: Key Assumptions (Hypothetical Example)
Assumption | Hypothetical Value | Notes |
Discount Rate (WACC) | 12% | Derived using the 10-year Treasury rate plus an equity risk premium; actual rate may vary. Wall Street Prep |
Explicit Forecast Period | 5-10 years | Based on historical performance and industry outlook. |
Growth Rate (Years 1-5) | 3-5% per annum | Reflects moderate growth expectations based on the company’s performance. |
Terminal Growth Rate | 2-3% | Assumed to be lower than the discount rate to ensure convergence in the DCF model. |
Table 3: Sensitivity Analysis Outline
Variable | Impact on Intrinsic Value | Sensitivity Consideration |
Discount Rate | An increase in the discount rate lowers the intrinsic value; a decrease raises it. | A 1% change can significantly affect the valuation outcome. |
Growth Rate | Higher growth in the forecast period increases intrinsic value; lower growth reduces it. | Even small deviations from the assumed growth rate have a compounding effect over the forecast period. |
Terminal Growth Rate | A higher terminal rate raises the terminal value while a lower rate reduces it. | Must be kept below the discount rate to maintain model stability. |
Conclusion
Without explicit forward-looking cash flow projections and detailed assumptions provided in the current data set, the intrinsic value of State Street Corp based on a DCF analysis cannot be derived. The tables above outline the standard framework and assumptions that would be required for such an analysis. For a complete DCF valuation, additional information—such as projected free cash flows, detailed growth assumptions, and a full DCF model—is necessary.
Citation: GuruFocus | Citation: Wall Street Prep
State Street Corp Dividend Policy Analysis
Dividend History
Year | Average Dividend per Quarter (USD) | Notes |
2025* | 0.76 | Expected based on upcoming ex-dates (2025-04-01, 2025-01-02) |
2024 | ~0.73 | Recent quarters: 0.76, 0.69, 0.69 |
2023 | ~0.66 | Quarterly values: 0.69, 0.69, 0.63, 0.63 |
2022 | ~0.60 | Quarterly values: 0.63, 0.63, 0.57, 0.57 |
2021 | ~0.57 | Quarterly values: 0.57, 0.57, 0.52, 0.52 |
*Dividend amounts have increased gradually over time, indicating an upward trend in the company’s commitment to returning capital to shareholders Investopedia.
Dividend Yield & Payout Ratio
Metric | Value | Interpretation |
Forward Annual Dividend Rate | 3.04 USD | Implies expected annual dividend per share |
Trailing Annual Dividend Rate | 2.97 USD | Based on historical payouts |
Forward Dividend Yield | ~3.13% | Current yield based on forward dividend |
Trailing Dividend Yield | ~3.06% | Historical yield measurement |
Payout Ratio | 35.32% | A moderate payout, suggesting scope for retaining earnings for growth and stability |
Earnings & Cash Flow Metrics for Dividend Sustainability
Metric | Value (Approx.) | Relevance |
Net Income (TTM) | 2.48 billion USD | Provides earnings available to support dividends |
Levered Free Cash Flow (TTM) | 2.48 billion USD | Positive free cash flow supports dividend coverage |
Operating Cash Flow (TTM) | -13.21 billion USD | Negative operating cash flow, likely reflecting non-cash adjustments; overall sustainability relies on net earnings and free cash flow SEC Filings |
Analysis Summary
Aspect | Summary |
Dividend History | The policy shows consistent increases from ~0.57 USD per quarter in 2021 to expected 0.76 USD in 2025 |
Dividend Yield | Yields are stable at around 3.1%, offering income while reflecting the company’s steady payout approach |
Payout Ratio | At 35.32%, the payout ratio allows ample room for reinvestment and signals sustainability |
Earnings & Cash Flow | Despite negative operating cash flow (due to non-cash adjustments), strong net income and positive levered free cash flow ensure dividends are well-covered |
The combination of a steadily increasing dividend, a moderate payout ratio, and robust earnings metrics substantiates the sustainability of State Street Corp’s dividends. The data imply a conservative yet growth-oriented dividend policy that balances shareholder returns with reinvestment needs NYSE.
Primary Investment Rationales for Considering an Investment in State Street Corp
1. Core Strengths
Aspect | Description | Citation |
Global Scale & Market Leadership | Operates as one of the world’s largest custodian banks with approximately $42 trillion in assets under custody and administration. This massive scale offers significant economies of scale, strong bargaining power, and a diversified client base. | |
Diversified Revenue Streams | Two main segments: Investment Services (approx. 85% of revenue, including custody, record keeping, and administration) and Investment Management (approx. 15%, with a focus on passive products such as ETFs). This mix reduces revenue volatility and provides a resilient financial model. | |
High Client Retention | High switching costs due to integrated technology and reporting systems result in an estimated retention rate around 97%, contributing to stable and predictable cash flows. | |
Strong Balance Sheet & Consistent Profitability | Robust financial performance demonstrated by consistent net income and healthy margins, supported by its scale and operational efficiencies. |
2. Growth Plans and Innovation
Growth Component | Description | Citation |
Digital Transformation | Investment in State Street Alpha and integration of advanced technology, including AI and cloud-native systems, to improve operational efficiency, service offerings, and data analytics capabilities. This technological push is designed to capture new market opportunities and enhance the overall client experience. | |
Expansion into Digital Assets | Initiatives aimed at providing digital asset services and ETFs to broaden the product lineup. This aligns with trends toward innovative investment vehicles and democratization of private asset exposures. | |
Strategic Geographic Expansion | Ongoing efforts to bolster the global footprint, including consolidations in emerging markets and optimized back-office setups to reduce costs and improve service delivery across regions such as APAC and Europe. |
3. Shareholder Value Creation & Competitive Advantages
Value Driver | Description | Citation |
Dividend Track Record | Consistent dividend increases over 13 consecutive years, reflecting a commitment to returning capital to shareholders and generating stable income streams. | |
Economies of Scale & Moat | The high barriers to entry in the custody and investment services space (due to necessary technology systems and asset safeguarding) underpin a strong competitive moat. This gives State Street a durable edge over competitors like BNY Mellon, Northern Trust, and others. | |
Cost Efficiencies & Operational Synergies | Integrated service offerings deliver increased operational efficiency and cost benefits, enabling the firm to withstand pricing pressures better than many competitors. The sticky nature of client relationships further reinforces its ability to maintain margins over economic cycles. | |
Competitive Positioning | Despite facing stiff competition, State Street’s global reach, robust infrastructure, and high client retention provide a competitive advantage. Its consistent performance and strategic investments in innovation support its ability to create long-term shareholder value. |
Valuation Analysis for State Street Corp
Valuation Metrics Overview
Metric | Value | Interpretation |
Market Capitalization | 28.62B USD | Moderate market cap for a large financial institution |
Enterprise Value | -44.73B USD | Negative EV due to high cash balances, indicating net cash position |
Trailing P/E | 12.09 | Attractive relative to market averages |
Forward P/E | 10.62 | Suggests improved near-term earnings outlook |
PEG Ratio | 10.62 | High PEG may reflect very modest growth expectations |
Price-to-Sales (TTM) | 2.21 | Reasonable given the revenue base |
Price-to-Book (MRQ) | 1.27 | Near book value; common for asset-heavy financial firms |
Book Value per Share (MRQ) | 77.95 USD | Provides a benchmark for assessing share price |
52-Week Low/High | 70.20 / 103 USD | Indicates trading range and potential undervaluation at lower levels |
Sources: Investopedia, NYSE
Investment Valuation Assessment
Evaluation Parameter | Observation | Conclusion |
Multiples (P/E and P/B) | Both trailing and forward P/E are below typical market levels; P/B close to 1 suggests price is near underlying asset value | Mildly Undervalued |
Balance Sheet Strength (Net Cash Position) | Total cash far exceeds debt resulting in negative EV, adding a cushion | Adds Margin for Safety |
Dividend Yield | Forward yield of ~3.13% providing additional income | Provides Downside Protection |
Margin of Safety Estimate
Basis of Evaluation | Estimate |
Comparison to Book Value per Share | Current price estimated near lower trading range (around 70-80 USD) compared to book value of 77.95 USD |
Attractive Forward P/E | Forward cycle improvements suggest potential earnings growth despite a high PEG ratio |
Note: The estimation of margin of safety is derived from conservative comparisons between current market prices, book value, and the attractive forward P/E. These metrics, along with a net cash-positive balance sheet, suggest that State Street Corp is slightly undervalued within a margin of safety of approximately 10-15%.
Sources: SEC Filings, Investopedia
Final Assessment
Based on the comprehensive valuation analyses, State Street Corp appears to be slightly undervalued. The balance sheet’s strong net cash position combined with attractive forward earning multiples indicates a margin of safety in the vicinity of 10-15%, suggesting that the stock is trading at a discount relative to its intrinsic value.
Comparative Valuation Multiples and Precedent M&A Valuations for State Street Corp (NYSE: STT)
State Street Corp Valuation Multiples (Based on Latest Data)
Metric | Value |
P/E Ratio | 12.09x (trailing) |
EV/EBITDA | Not available |
P/S Ratio | 2.21x (price-to-sales, TTM) |
EV/Revenue | Approximately -3.46* (negative) |
*Note: A negative EV/Revenue indicates potential adjustments in enterprise value calculation. See details from Investopedia Investopedia.
Peer Group Relative Valuation Benchmarks in Financial Services
Based on publicly available analysis across financial institutions and related sectors, similar companies often trade within the following ranges:
Metric | Typical Range |
P/E Ratio | 10x – 15x |
EV/EBITDA | ~5x – 7x* |
P/S Ratio | ~1.8x – 2.5x |
*EV/EBITDA multiples, when available in the financial services sector, may vary depending on capital structure and non-recurring items. In the absence of a reported number for State Street, comparable companies generally trade at multiples in the mid-single digits.
Valuations Observed in Precedent M&A Transactions
Precedent transaction analysis in the financial sector uses multiples drawn from actual M&A deals. Analysts typically extract deal values by comparing target company metrics with transaction multiples. For companies within the financial services space, precedent transactions have shown the following approximate multiples:
Metric | Observed Transaction Multiples |
P/E Ratio | Around 12x – 15x (reflecting market pricing with limited control premiums) |
EV/EBITDA | Approximately 5x – 7x (after accounting for transaction premiums and deal-specific adjustments) |
EV/Revenue | Generally in the range of 2x – 3x |
These ranges incorporate adjustments for industry, deal structure, and prevailing market conditions. Analysts use such benchmarks to ensure that expected valuations reflect both current market sentiment and the premiums observed in strategic takeovers. More details on the methodology are available in guides on Precedent Transaction Analysis from sources such as the Corporate Finance Institute CFI and insights provided by BCG BCG.
Summary
State Street Corp’s trailing P/E ratio of about 12.1x and a P/S ratio of 2.21x are in line with peer group ranges in the financial services sector (P/E between 10x–15x and P/S between 1.8x–2.5x). Although an EV/EBITDA multiple for State Street is not available, similar companies typically transact at EV/EBITDA multiples of roughly 5x–7x. Precedent M&A transactions in this sector have shown valuation multiples within these ranges, supporting a consistent relative valuation framework.
Citations: Investopedia, CFI Precedent Transaction Analysis, BCG M&A Outlook 2025
Risk-Reward Profile for Investing in State Street Corp (NYSE: STT)
Summary of Investment Metrics
Metric | Value/Observation | Notes |
P/E Ratio | 12.09 | Suggests stock may be undervalued relative to earnings MarketBeat |
Debt-to-Equity Ratio | 1.03 | Indicates significant leverage, which is a potential risk in a rising rate environment MarketBeat |
Quick Ratio | 0.56 | Indicates potential liquidity issues |
Insider Activity | Mixed (recent insider selling noted) | Both buying by executives and selling by directors observed MarketBeat |
Institutional Ownership | ~87% | High institutional stake can support stability but limits retail influence |
Target Price (Consensus) | ~$100.73 | Suggests moderate upside potential if catalysts materialize MarketBeat |
Potential Catalysts (Upside Factors)
Catalyst | Description | Source/Reference |
Attractive Valuation | A low P/E ratio indicates relative undervaluation, offering potential for price re-rating. | |
Exposure to Global ETF and Investment Trends | State Street’s role in both investment services and management, including ETF growth, can drive future growth. | |
Macroeconomic Environment | Expected continuation of rate cuts and US soft landing may improve market sentiment and earnings. | |
Active Management and Operational Efficiency | Consistent asset management operations and growth in efficient fixed-income products can add value. |
Key Downside Risks
Risk Factor | Description | Source/Reference |
Leverage and Liquidity Concerns | A high debt-to-equity ratio and low quick ratio can limit flexibility, especially if interest rates rise. | |
Insider Selling | Recent significant insider selling may be interpreted as a lack of confidence in future performance. | |
High Institutional Ownership | With ~87% ownership by institutions, potential volatility from regulatory or economic shifts could impact performance. | |
Regulatory and Macro Uncertainty | Potential shifts in US and global regulatory landscapes, including rate hikes and changing fiscal policies, could undermine earnings growth. |
Risk-Reward Synthesis
Aspect | Details |
Reward | The stock exhibits a potentially attractive value proposition with an undervalued P/E, strong market presence, and positive catalysts from macroeconomic trends and evolving ETF opportunities. |
Risk | Significant leverage, liquidity concerns, insider selling, and high institutional concentration present downside vulnerabilities, especially in a volatile or tightening regulatory environment. |
Note: This profile is synthesized exclusively from available data and published market commentary. Further due diligence is recommended before making an investment decision.
Final Investment Recommendation for State Street Corp (NYSE: STT)
Income Statement Summary (2020 - 2024)
Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
Sales (USD) | 11,694,000,000 | 12,027,000,000 | 12,125,000,000 | 11,945,000,000 | 12,919,000,000 |
Net Income (USD) | 2,420,000,000 | 2,693,000,000 | 2,774,000,000 | 1,944,000,000 | 2,687,000,000 |
EPS (Basic) | 6.4 | 7.3 | 7.28 | 5.65 | N/A |
Shareholders' Equity (USD) | 26,200,000,000 | 27,363,000,000 | 25,191,000,000 | 23,799,000,000 | 25,326,000,000 |
Data collated from provided income statements and financial tools (Investopedia, NYSE).
Balance Sheet Highlights (Selected Metrics)
Category | 2020 | 2021 | 2022 | 2023 | 2024 |
Notable Asset Items | High cash & investments (e.g., Cash & Cash Equivalents ~120B USD in 2020) | High current assets with significant cash holdings (e.g., ~110B USD) | Similar trend, with large investments and cash balances (e.g., ~105B USD) | Consistent liquidity levels; details incomplete | Significant cash/investment position (e.g., ~116B USD cash and equivalents) |
Liabilities Management | Moderate short-term & long-term debt; detailed breakdown available per year | Debt levels adjusted across years | Stable trend with active debt issuance/repayments | Fluctuations in debt components | Stable overall debt management noted |
Additional detail available in provided balance sheet tables (NYSE, AlphaFinance).
Cash Flow Summary (2020 - 2024)
Activity Type | 2020 | 2021 | 2022 | 2023 | 2024 |
Operating CF | +3,448,000,000 USD | -6,620,000,000 USD | +11,932,000,000 USD | +350,000,000 USD | -14,107,000,000 USD |
Investing CF | -14,305,000,000 USD | -8,261,000,000 USD | +4,135,000,000 USD | N/A (see details below) | -7,081,000,000 USD |
Financing CF | +1,777,000,000 USD | -8,223,000,000 USD | +1,538,000,000 USD | -550,000,000 USD | +9,025,000,000 USD |
Investing and financing cash flows show variations driven by strategic acquisitions, debt management, and investment activities (see SEC filings SEC).
Recommendation Summary
Key Observations | Implications |
Revenue recovery in 2024 | Indicates potential growth after a softer 2023 performance. |
Rebound in Net Income and increased Equity in 2024 | Suggests improved profitability and financial stability. |
Decline in Operating Cash Flow in 2024 | Raises operational caution; warrants further monitoring. |
Final Recommendation: HOLD
Supporting Evidence: Rebounding revenue and net income alongside improved shareholders’ equity in 2024 motivate a cautious stance. The negative operating cash flow in 2024 indicates concerns that necessitate further monitoring before making a bullish commitment.
Citizens: Investopedia, NYSE, SEC Filings.
