Northern Trust Corporation Financial Ratios — NTRS Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	8.66	9.39	9.47	10.05	11.61	11.73	12.61	15.93	14.87	11.18	13.71	12.04	9.96	17.36	14.14
Return on Assets (%)	0.66	0.7	0.73	0.76	0.86	0.86	0.91	1.15	1.11	0.79	0.87	0.79	0.72	1.33	1.04
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	7.03	7.43	7.85	7.75	7.64	7.71	7.85	7.73	7.56	8.2	7.98	8.19	9.37	8.65	9.63
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	23.45	25.47	26.51	27.48	31.83	31.35	30.4	32.85	32.01	26.68	31.09	26.12	21.63	32.08	28.93
Profit Margin (%)	16.01	17.64	18.03	18.74	21.16	21.34	22.31	26.11	24.57	19.82	23.9	19.76	16.35	24.5	21.48
Net Income to Common Margin (%)	16.01	17.64	18.03	18.52	20.65	20.85	21.38	25.33	23.81	18.9	23.26	19.14	15.73	24	20.96
Effective Tax Rate (%)	31.7	30.74	32	31.79	33.53	31.94	26.62	20.5	23.24	25.7	23.12	24.36	24.41	23.63	25.76
Dvd Payout Ratio (%)	45.34	51.55	30.17	36.57	34.2	33	31.05	26.85	36.64	49.8	38.8	58.33	58.33	30.28	34.9
Sustainable Growth Rate (%)	4.73	4.55	6.62	6.37	7.64	7.86	8.7	11.65	9.42	5.61	8.39	5.02	4.15	12.1	9.2

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	6,400	4,472	5,542	5,074	7,201	8,214	9,275	11,303	10,744	8,601	7,235	12,383	13,406	13,372	13,994
ST Debt	932	- -	- -	- -	- -	- -	- -	- -	- -	- -	500	- -	- -	- -	- -
LT Debt	5,468	4,472	5,542	5,074	7,201	8,214	9,275	11,303	10,744	8,601	6,735	12,383	13,406	13,372	13,994
Total Debt/EBITDA	24.14	15.45	17.4	15.12	20.48	22	22	24.52	23.41	17.19	14.03	22.37	21.13	18.66	17.96
Net Debt/EBITDA	-106.02	-88.96	-94.09	-90.33	-84.8	-76.66	-98.05	-59.93	-70.78	-111.26	-120.93	-61.86	-43.57	-44.68	-60.5
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.1	7.72	7.69	7.33	7.12	7.17	6.74	7.28	7.18	6.35	6.05	6.69	7.3	7.65	6.82
Long-Term Debt/Equity (%)	76.83	59.41	70.04	60.06	82.72	84.07	90.79	107.56	96.87	73.59	56.05	109.98	112.68	104.56	108
Long-Term Debt/Capital (%)	40.46	37.27	41.19	37.52	45.27	45.67	47.59	51.82	49.2	42.39	34.98	52.38	52.98	51.12	51.92
Long-Term Debt/Total Assets (%)	5.46	4.59	5.38	4.62	6.17	6.63	6.69	8.55	7.85	5.06	3.66	7.99	8.89	8.6	7.9
Total Debt/Equity (%)	89.92	59.41	70.04	60.06	82.72	84.07	90.79	107.56	96.87	73.59	60.21	109.98	112.68	104.56	108
Total Debt/Capital (%)	47.35	37.27	41.19	37.52	45.27	45.67	47.59	51.82	49.2	42.39	37.58	52.38	52.98	51.12	51.92
Total Debt/Total Assets (%)	6.39	4.59	5.38	4.62	6.17	6.63	6.69	8.55	7.85	5.06	3.93	7.99	8.89	8.6	7.9
Net Debt to Equity	-394.89	-342.04	-378.75	-358.89	-342.47	-292.88	-404.73	-262.87	-292.84	-476.24	-518.89	-304.13	-232.4	-250.42	-363.74
Net Debt/Capital (%)	134.2	141.64	136.1	138.83	141.44	152.03	132.88	161.4	151.86	126.58	123.87	148.99	175.53	166.48	137.92
EBITDA	265	289	318	336	352	373	422	461	459	500	516	554	635	717	779
EBITDA-CapEx	-106	-23	-66	-74	-82	-100	-51	-45	-141	-60	- -	-170	-41	-29	5
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.1	7.72	7.69	7.33	7.12	7.17	6.74	7.28	7.18	6.35	6.05	6.69	7.3	7.65	6.82
Long-Term Debt/Equity (%)	76.83	59.41	70.04	60.06	82.72	84.07	90.79	107.56	96.87	73.59	56.05	109.98	112.68	104.56	108
Long-Term Debt/Capital (%)	40.46	37.27	41.19	37.52	45.27	45.67	47.59	51.82	49.2	42.39	34.98	52.38	52.98	51.12	51.92
Long-Term Debt/Total Assets (%)	5.46	4.59	5.38	4.62	6.17	6.63	6.69	8.55	7.85	5.06	3.66	7.99	8.89	8.6	7.9
Total Debt/Equity (%)	89.92	59.41	70.04	60.06	82.72	84.07	90.79	107.56	96.87	73.59	60.21	109.98	112.68	104.56	108
Total Debt/Capital (%)	47.35	37.27	41.19	37.52	45.27	45.67	47.59	51.82	49.2	42.39	37.58	52.38	52.98	51.12	51.92
Total Debt/Total Assets (%)	6.39	4.59	5.38	4.62	6.17	6.63	6.69	8.55	7.85	5.06	3.93	7.99	8.89	8.6	7.9
CFO/Total Liabilities	1.35	0.91	0.88	0.92	1.7	1.32	1.34	1.45	2.06	1.2	0.79	1.66	1.89	-0.34	3.37
CFO/CapEx	3.38	2.61	2.18	2.29	4.23	3.19	3.64	3.49	4.32	3.38	2.63	3.31	3.89	-0.65	7.15
Altman's Z-Score	0.19	0.22	0.23	0.23	0.23	0.25	0.24	0.25	0.27	0.21	0.22	0.25	0.25	0.28	0.27

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	9,558	11,984	14,688	15,731	16,530	20,357	22,588	18,307	22,279	19,400	24,850	18,444	17,309	20,087	25,452
- Cash & Cash Equivalents	34,460	30,176	35,471	35,365	36,986	36,807	50,609	38,926	43,222	64,266	69,588	46,626	41,057	45,397	61,127
+ Preferred Equity and Hybrid Capital	- -	- -	- -	388	388	882	882	882	1,273	885	885	885	885	885	885
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	6,400	4,472	5,542	5,074	7,201	8,214	9,275	11,303	10,744	8,601	7,235	12,383	13,406	13,372	13,994
Enterprise Value	-28,171	-23,201	-25,818	-23,163	-24,108	-18,861	-29,783	-45,323	-47,802	-77,402	-74,629	-41,614	-32,547	-40,055	-36,272
Total Capital	13,517	11,999	13,454	13,523	15,907	17,985	19,492	21,811	21,835	20,289	19,252	23,642	25,304	26,160	26,952
Total Debt/Capital (%)	47.35	37.27	41.19	37.52	45.27	45.67	47.59	51.82	49.2	42.39	37.58	52.38	52.98	51.12	51.92
Total Debt / EV	-0.23	-0.19	-0.21	-0.22	-0.3	-0.44	-0.31	-0.25	-0.22	-0.11	-0.1	-0.3	-0.41	-0.33	-0.39
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	9,590	12,083	14,888	16,022	16,885	20,406	22,940	18,765	22,906	19,467	24,986	18,483	17,514	20,692	26,259
Diluted Enterprise Value	-18,470	-13,622	-15,042	-13,880	-12,512	-7,305	-17,512	-7,976	-8,300	-35,313	-36,482	-14,875	-9,252	-10,449	-19,989
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	3,769	3,896	4,057	4,331	4,603	4,839	5,375	5,960	6,073	6,101	6,464	6,761	6,774	8,290	8,086
TTM EBITDA	265	289	318	336	352	373	422	461	459	500	516	554	635	717	779
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1,254	814	839	936	1,834	1,510	1,720	1,768	2,592	1,897	1,356	2,392	2,626	-486	5,534
TTM Free Cash Flow to Firm	1,625	1,127	1,224	1,346	2,268	1,983	2,193	2,274	3,192	2,457	1,871	3,116	3,301	260	6,308

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.9	10.72	12.16	11.91	7.45	10.29	10.46	8.25	7.18	7.92	13.35	5.93	5.31	79.74	4.16
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-28,171	-23,201	-25,818	-23,163	-24,108	-18,861	-29,783	-45,323	-47,802	-77,402	-74,629	-41,614	-32,547	-40,055	-36,272
Low Price	33.2	39.86	49.27	58.3	61.1	54.38	81.92	75.96	81.75	60.67	88.2	76.15	62.44	76.67	81.62
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	15.86	17.55	20.25	19.81	17.62	20.08	19.84	12.35	15.76	16.83	16.55	14.24	16.41	10.37	15.42
Price/Earnings Average	17.91	16.03	18.3	18.93	17.61	15.78	18	15.2	13.97	15.33	15.46	16.42	15.5	9.01	13.25
Price/Earnings High	22.74	17.65	20.29	20.82	19.37	20.51	20.15	17.08	16.39	19.85	17.54	21.75	19.5	11.32	15.95
Price/Earnings Low	13.28	13.94	16.12	17.14	14.93	12.26	16.27	11.23	12.13	10.96	12.21	12.26	12.15	7.76	9.21
Price/Book Value	1.34	1.59	1.86	1.95	1.99	2.29	2.42	1.9	2.27	1.8	2.23	1.78	1.57	1.69	2.11
Price/Book Value Average	1.52	1.45	1.68	1.86	1.99	1.8	2.2	2.34	2.01	1.64	2.08	2.05	1.48	1.47	1.81
Price/Book Value High	1.93	1.6	1.86	2.05	2.18	2.34	2.46	2.63	2.36	2.12	2.37	2.72	1.87	1.84	2.18
Price/Book Value Low	1.12	1.27	1.48	1.69	1.68	1.4	1.98	1.73	1.75	1.17	1.65	1.53	1.16	1.26	1.26
Price/Tangible Book Value	1.45	1.71	1.99	2.09	2.12	2.43	2.59	2.04	2.44	1.92	2.38	1.9	1.68	1.79	2.24
Price/Tangible Book Value Average	1.64	1.57	1.8	2	2.12	1.91	2.35	2.51	2.17	1.75	2.23	2.2	1.59	1.56	1.93
Price/Tangible Book Value High	2.08	1.72	2	2.2	2.33	2.48	2.63	2.83	2.54	2.27	2.53	2.91	1.99	1.96	2.32
Price/Tangible Book Value Low	1.22	1.36	1.59	1.81	1.8	1.49	2.12	1.86	1.88	1.25	1.76	1.64	1.24	1.34	1.34
Price/Sales	2.54	3.1	3.65	3.67	3.64	4.19	4.24	3.13	3.75	3.18	3.85	2.73	2.58	2.49	3.23
Price/Sales Average	2.87	2.83	3.3	3.51	3.64	3.29	3.85	3.85	3.33	2.9	3.59	3.14	2.44	2.16	2.78
Price/Sales High	3.64	3.11	3.66	3.86	4	4.28	4.31	4.33	3.9	3.75	4.08	4.16	3.07	2.72	3.34
Price/Sales Low	2.13	2.46	2.91	3.17	3.08	2.56	3.48	2.84	2.89	2.07	2.84	2.35	1.91	1.86	1.93
Price/Cash Flow	7.63	14.81	17.64	16.98	9.13	13.42	13.25	10.55	8.79	10.23	18.35	7.7	6.66	-42.45	4.72
Price/Cash Flow Average	8.62	13.53	15.94	16.22	9.13	10.55	12.03	12.98	7.79	9.32	17.14	8.88	6.29	-36.86	4.06
Price/Cash Flow High	10.94	14.9	17.68	17.85	10.03	13.71	13.46	14.6	9.14	12.07	19.45	11.77	7.91	-46.33	4.88
Price/Cash Flow Low	6.39	11.77	14.05	14.69	7.74	8.2	10.87	9.59	6.77	6.66	13.53	6.63	4.93	-31.75	2.82
Price/Free Cash Flow Average	6.66	9.79	10.99	11.38	7.44	8.08	9.49	10.15	6.36	7.22	12.47	6.84	5.01	69.25	3.58
Price/Free Cash Flow High	8.46	10.79	12.19	12.52	8.18	10.51	10.62	11.42	7.46	9.35	14.15	9.06	6.3	87.03	4.31
Price/Free Cash Flow Low	4.94	8.52	9.68	10.3	6.31	6.28	8.58	7.5	5.52	5.16	9.85	5.1	3.93	59.64	2.49
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	-65.14	-51	-52.3	-44.31	-36.61	-31.38	-47.32	-9.16	-24.96	-74.17	-74.22	-21.86	-16.42	-19.11	-31.29
EV/EBITDA High	-54.16	-47.16	-47.76	-39.82	-31.93	-18.53	-41.52	-3.08	-17.51	-63.75	-68.15	-9.37	-9.77	-12.86	-25.58
EV/EBITDA Low	-75.67	-55.91	-57.26	-48.54	-43.76	-40.93	-52	-21.92	-30.64	-84.24	-83.68	-31.59	-21.99	-22.48	-39.84
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	39.66	50.16	61.89	67.4	72.09	89.05	99.89	83.59	106.24	93.14	119.61	88.49	84.38	102.5	136.59
High Price	56.86	50.46	62.02	70.84	79.25	90.96	101.46	115.61	110.48	109.88	126.73	135.15	100.25	111.87	141.25
Enterprise Value Average	-17,268	-14,758	-16,657	-14,873	-12,871	-11,713	-19,957	-4,222	-11,456	-37,108	-38,267	-12,101	-10,422	-13,696	-24,375
Enterprise Value High	-14,357	-13,648	-15,211	-13,369	-11,225	-6,916	-17,509	-1,421	-8,037	-31,893	-35,139	-5,189	-6,202	-9,217	-19,928
Enterprise Value Low	-20,059	-16,181	-18,237	-16,296	-15,387	-15,279	-21,927	-10,105	-14,062	-42,143	-43,144	-17,486	-13,958	-16,115	-31,039

Shares Outstanding	241	239	237	233	229	229	226	219	210	208	208	208	205	196	186
Diluted Weighted Avg Shares	242	241	241	238	234	229	230	224	216	209	209	209	208	202	192
Basic Weighted Avg Shares	241	240	239	236	232	228	228	223	215	208	208	208	207	201	191
Revenue per Share	15.61	16.21	16.95	18.37	19.82	21.26	23.55	26.71	28.31	29.29	31.07	32.46	32.68	41.19	42.26
EBITDA per Share	1.1	1.2	1.33	1.42	1.51	1.64	1.85	2.07	2.14	2.4	2.48	2.66	3.06	3.56	4.07
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.5	2.86	3.06	3.4	4.09	4.43	5.03	6.77	6.74	5.54	7.23	6.21	5.14	9.88	8.86
Basic EPS from Cont Ops	2.5	2.86	3.06	3.44	4.19	4.54	5.25	6.97	6.96	5.81	7.43	6.41	5.34	10.09	9.08
Diluted EPS, GAAP	2.5	2.85	3.04	3.37	4.06	4.4	5	6.73	6.71	5.52	7.2	6.2	5.13	9.85	8.82
Diluted EPS from Cont Ops	2.5	2.85	3.04	3.41	4.16	4.51	5.22	6.93	6.92	5.79	7.4	6.4	5.33	10.06	9.03
Dividend per Share	1.13	1.47	0.92	1.28	1.5	1.57	1.78	2.02	2.69	3.03	3	3.82	3.2	3.2	3.31
Cash Flow per Share	5.2	3.39	3.51	3.97	7.9	6.64	7.54	7.92	12.08	9.11	6.52	11.48	12.67	-2.41	28.92
Free Cash Flow per Basic Share	3.66	2.09	1.9	2.23	6.03	4.55	5.47	5.65	9.29	6.42	4.04	8.01	9.41	-6.12	24.87
Cash & Equivalents per Share	183.1	165.99	194.03	190.05	210.33	211.35	276.52	346.17	391.49	510.29	517.9	351.8	312.72	379.64	411.1
Book Value per Share	29.53	31.5	33.34	34.54	36.27	38.88	41.28	43.95	46.82	51.87	53.58	49.78	53.69	60.74	64.79
Tangible Book Value per Share	27.32	29.25	31.06	32.25	33.98	36.61	38.6	40.9	43.49	48.47	50.18	46.46	50.27	57.2	60.97

Northern Trust Corporation