Northern Trust (BSP:N1TR34) Cyclically Adjusted PB Ratio: 3.20 (As of Sep. 15, 2026) — 35% Above Median

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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
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BSP:N1TR34 Northern Trust Corp BSP:N1TR34
64 GF Score
Price R$451.50
GF Value R$295.12
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Northern Trust Cyclically Adjusted PB Ratio?

Northern Trust BSP:N1TR34 64 Cyclically Adjusted PB Ratio is 3.20 as of Sep. 15, 2026, which is 35% above its 10-year median of 2.37. GuruFocus rates BSP:N1TR34 with a GF Score™ of 64/100 and a GF Value™ of R$295.12 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 967 Asset Management companies, Northern Trust ranks worse than 90.59% on this metric.

As of today (2026-09-15), Northern Trust's current share price is R$451.50. Northern Trust's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 was R$141.10. Northern Trust's Cyclically Adjusted PB Ratio for today is 3.20.

The historical rank and industry rank for Northern Trust's Cyclically Adjusted PB Ratio or its related term are showing as below:

BSP:N1TR34' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.22   Med: 2.37   Max: 3.29
Current: 3.14

During the past years, Northern Trust's highest Cyclically Adjusted PB Ratio was 3.29. The lowest was 1.22. And the median was 2.37.

BSP:N1TR34's Cyclically Adjusted PB Ratio is ranked worse than
90.59% of 967 companies
in the Asset Management industry
Industry Median: 0.84 vs BSP:N1TR34: 3.14

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Northern Trust's adjusted book value per share data for the three months ended in Jun. 2026 was R$177.053. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is R$141.10 for the trailing ten years ended in Jun. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation

Northern Trust  (BSP:N1TR34) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.

Northern Trust Cyclically Adjusted PB Ratio Related Terms

Northern Trust Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Northern Trust's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Northern Trust Cyclically Adjusted PB Ratio Chart

Northern Trust Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.24 2.32 1.82 1.90 2.47

Northern Trust Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.86 2.64 2.55 2.47 2.84

BSP:N1TR34 vs RJF, ARES, PFG: Cyclically Adjusted PB Ratio Comparison

For the Asset Management subindustry, Northern Trust's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Northern Trust Cyclically Adjusted PB Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Northern Trust's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Northern Trust's Cyclically Adjusted PB Ratio falls into.


BSP:N1TR34
64GF Score
Northern Trust Corp BSP:N1TR34
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Northern Trust Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Northern Trust's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=451.50/141.10
=3.20

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Northern Trust's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Northern Trust's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=177.053/333.9520*333.9520
=177.053

Current CPI (Jun. 2026) = 333.9520.

Northern Trust Quarterly Data

Book Value per Share CPI Adj_Book
201609 62.398 241.428 86.311
201612 63.273 241.432 87.520
201703 62.892 243.801 86.148
201706 66.602 244.955 90.800
201709 64.559 246.819 87.350
201712 68.463 246.524 92.743
201803 69.015 249.554 92.356
201806 81.638 251.989 108.192
201809 85.523 252.439 113.139
201812 85.176 251.233 113.220
201903 87.016 254.202 114.315
201906 88.495 256.143 115.377
201909 97.601 256.759 126.944
201912 94.162 256.974 122.369
202003 124.582 258.115 161.186
202006 138.493 257.797 179.405
202009 144.813 260.280 185.802
202012 134.705 260.474 172.704
202103 143.325 264.877 180.701
202106 131.687 271.696 161.862
202109 144.499 274.310 175.917
202112 149.221 278.802 178.739
202203 120.006 287.504 139.394
202206 127.794 296.311 144.028
202209 131.649 296.808 148.124
202212 131.401 296.797 147.851
202303 130.234 301.836 144.091
202306 125.268 305.109 137.110
202309 132.509 307.789 143.773
202312 130.400 306.746 141.965
202403 137.217 312.332 146.715
202406 162.125 314.175 172.331
202409 162.976 315.301 172.617
202412 187.626 315.605 198.533
202503 176.559 319.799 184.373
202506 170.979 322.561 177.017
202509 169.961 324.800 174.750
202512 177.519 324.054 182.941
202603 170.762 330.213 172.696
202606 177.053 333.952 177.053

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 3.20 mean?
Northern Trust (BSP:N1TR34) has a Cyclically Adjusted PB Ratio of 3.20 as of Sep. 15, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Northern Trust and its competitors. This is 35% above median its historical median of 2.37. Over the past decade, Northern Trust's Cyclically Adjusted PB Ratio has ranged from 1.22 to 3.29. According to the industry distribution chart, Northern Trust ranks #876 out of 967 companies in the Asset Management industry, placing it in the top 90.6%.
Is Northern Trust's Cyclically Adjusted PB Ratio too high?
Northern Trust's current Cyclically Adjusted PB Ratio of 3.20 is 35% above median its 10-year median of 2.37. Over the past 10 years, this metric has ranged from a low of 1.22 to a high of 3.29. The Asset Management industry median Cyclically Adjusted PB Ratio is 0.84. Northern Trust's value of 3.20 is 281% above this industry median. Based on the distribution chart, Northern Trust ranks #876 out of 967 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Northern Trust has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Trust's Cyclically Adjusted PB Ratio compare to RJF and ARES?
According to the Asset Management industry distribution chart, Northern Trust ranks #876 out of 967 companies for Cyclically Adjusted PB Ratio. This places Northern Trust in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 0.84. Northern Trust's value of 3.20 is 281% above this benchmark. Historically, Northern Trust's own Cyclically Adjusted PB Ratio has ranged from 1.22 to 3.29 over the past decade. While the company's 10-year median is 2.37 vs. the industry median of 0.84, Northern Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Asset Management company?
The median Cyclically Adjusted PB Ratio among Asset Management companies is 0.84, based on 967 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Northern Trust's current Cyclically Adjusted PB Ratio of 3.20 is 281% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Northern Trust and its competitors. For the Asset Management industry, the median Cyclically Adjusted PB Ratio is 0.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Trust's current Cyclically Adjusted PB Ratio is 3.20, which is 35% above median its own 10-year median of 2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Trust stock overvalued right now?
Based on GuruFocus' analysis, Northern Trust (BSP:N1TR34) is currently considered Significantly Overvalued. The stock's GF Value™ is R$295.12, compared to a current price of R$451.50 — trading 53% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 3.20, which is 35% above median its 10-year median of 2.37 and 281% above the Asset Management industry median of 0.84. Northern Trust's overall GF Score™ is 64/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Northern Trust (BSP:N1TR34), the current Cyclically Adjusted PB Ratio is 3.20 as of Sep. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Northern Trust (BSP:N1TR34) Overvalued in 2026?

Based on GuruFocus' analysis, Northern Trust stock appears to be overvalued. The current stock price of R$451.50 is trading 53% above its estimated GF Value™ of R$295.12. GuruFocus considers Northern Trust to be Significantly Overvalued.

Key valuation signals for BSP:N1TR34:

  • Cyclically Adjusted PB Ratio: 3.20 (35% above median its 10-year median of 2.37)
  • GF Value™: R$295.12 vs. price of R$451.50 (53% above fair value)
  • GF Score™: 64/100 with 5 warning signs
  • Industry Position: 281% above the Asset Management median (#876 of 967)

No single metric tells the full story. See the BSP:N1TR34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Northern Trust Business Description

Address 50 South La Salle Street, Chicago, IL, USA, 60603
Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Founded in Chicago in 1889, Northern Trust has offices in 20 states and Washington, D.C. as well as 23 locations in Canada, Europe, the Middle East, and Asia-Pacific. As of December 2025, Northern Trust had assets under custody or administration of $18.7 trillion and assets under management of $1.8 trillion.
64GF Score

Get the complete analysis for BSP:N1TR34

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$451.50
Price
R$295.12
GF Value