State Street STT
NYSE · State Commercial Banks · $47.6B$165.23−4.72%Nov 5 close · Databento
STT Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $165.231D −4.72%3M −11.49%SMA20 $169.82SMA50 $178.44RSI(14) 36.9
165.23
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 36.9
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$47.6B
EV / True FCF5.2x
Revenue$13.9B +7.3%
True FCF (ex-SBC)$10.6B +176.7%
Rule of 4085.1%
True FCF Yield22.2%
EPS, diluted$9.40 +14.5%
Modern Valuation (EOD)
Market Cap$47.6B
Enterprise Value$55.0B
EV / True FCF5.20
EV / FCF5.08
EV / Gross Profit—
EV / EBIT—
EV / Sales3.95
P / E (GAAP)16.17
P / FCF4.39
P / Oper. CF4.00
P / Book1.71
Owner & Cash Yields
True FCF Yield22.2%
FCF Yield22.8%
Owner Earn. Yield4.7%
Earnings Yield6.2%
Shareholder Yield+4.3%
Buyback Yield2.5%
Dividend Yield1.94%
Dividend / sh$3.20
Payout Ratio38%
FCF / sh$39.85
EPS (diluted)$9.40
Compounder & Returns
Rule of 4085.1%
ROIC—
Cash ROIC (CROIC)30.8%
GP / Assets—
ROE10.6%
ROA0.8%
Gross Margin—
Oper. Margin—
Net Margin21.1%
FCF Margin77.8%
True FCF Margin75.9%
Quality & Dilution
Cash Conversion368%
Accrual Ratio−2.4%
SBC % of FCF2.4%
SBC % of Rev1.9%
Reinvest. Rate9%
Sales Growth Y/Y+7.3%
Sales 3Y CAGR+4.7%
EPS Growth Y/Y+14.5%
FCF Growth Y/Y+176.7%
FCF 3Y CAGR−1.1%
Share Change Y/Y−4.4%
Balance Sheet & Scale
Revenue (FY)$13.9B
Gross Profit (FY)—
Oper. Income (FY)—
GAAP Net Income$2.9B
True FCF (ex-SBC)$10.6B
Cash & Equiv$4.4B
Total Debt$11.8B
Net Cash (Debt)$-7.4B
Net Cash % MCap−15.5%
Debt / FCF (yrs)1.1y
Current Ratio—272.08M sh
Price & Technicals (EOD)
Perf Week−4.90%
Perf Month−5.14%
Perf Quarter−10.53%
Perf Half Y+11.06%
Perf YTD+10.02%
SMA 20 Dist−2.70%$169.82
SMA 50 Dist−7.41%$178.44
SMA 100 Dist−8.19%$179.98
Window High−14.94%$194.26
Window Low+11.58%$148.08
RSI (14) · Vol36.928%v
Income Distribution & Cash Flow ConversionHow every dollar of STT revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$0 ($0.0 / $100)
Operating Expenses$0 ($0.0 / $100)
Tax & Non-Operating$11.0B ($78.9 / $100)
Net Profit Kept$2.9B ($21.1 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$2.9B (21.1% margin)
Operating Cash Flow (OCF)$11.9B(85.3% of rev)
Less: Capital Expenditures−$1.1B(7.6% of rev)
Standard Free Cash Flow (FCF)$10.8B(77.8% margin)
Less: Stock-Based Comp (SBC)−$262.0M(2.4% of FCF)
True FCF (Owner Cash ex-SBC)$10.6B(75.9% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $12.0B | $12.1B | $11.9B | $13.0B | $13.9B | +7.3% | +3.8% | |
| Interest Expense | $3.0M | $1.5B | $6.4B | — | $6.4B | — | +580.2% | |
| Income Tax Expense | $478.0M | $553.0M | $372.0M | $708.0M | $786.0M | +11.0% | +13.2% | |
| GAAP Net Income | $2.7B | $2.8B | $1.9B | $2.7B | $2.9B | +9.6% | +2.3% | |
| Diluted EPS | $7.19 | $7.19 | $5.58 | $8.21 | $9.40 | +14.5% | +6.9% | |
| Diluted Shares | 358.0M | 370.1M | 326.6M | 302.2M | 289.0M | −4.4% | −5.2% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $3.6B | $4.0B | $4.0B | $3.1B | $4.4B | +41.0% | +5.1% | |
| Total Assets | $314.6B | $301.4B | $297.3B | $353.2B | $366.0B | +3.6% | +3.9% | |
| Total Debt (Short + Long Term) | $11.8B | $11.8B | $11.8B | $11.8B | $11.8B | +0.0% | +0.0% | |
| Total Liabilities | $287.3B | $276.3B | $273.5B | $327.9B | $338.2B | +3.1% | +4.2% | |
| Stockholders' Equity | $27.4B | $25.2B | $23.8B | $25.3B | $27.8B | +9.9% | +0.4% | |
| Net Cash / (Net Debt) | $-8.2B | $-7.9B | $-7.8B | $-8.7B | $-7.4B | +14.8% | — | |
| Invested Capital | $35.6B | $33.1B | $31.6B | $34.0B | $35.2B | +3.6% | −0.2% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $-6.7B | $12.0B | $690.0M | $-13.2B | $11.9B | +190.1% | — | |
| Depreciation & Amortization (D&A) | — | — | — | — | $599.0M | — | — | |
| Stock-Based Compensation (SBC) | — | — | — | — | $262.0M | — | — | |
| Capital Expenditures (CapEx) | $811.0M | $734.0M | $816.0M | $926.0M | $1.1B | +13.9% | +6.8% | |
| Free Cash Flow (FCF) | $-7.5B | $11.2B | $-126.0M | $-14.1B | $10.8B | +176.7% | — | |
| True FCF (ex-SBC Owner Cash) | $-7.5B | $11.2B | $-126.0M | $-14.1B | $10.6B | +174.9% | — | |
| Share Repurchases (Buybacks) | $900.0M | $1.5B | $3.8B | $1.3B | $1.2B | −9.0% | +7.5% | |
| Dividends Paid | $866.0M | $972.0M | $970.0M | $1.0B | $1.1B | +8.4% | +6.6% | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
what STT did at the next close after each storyNo Wire story has named STT yet.
The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.