State Street Corp
Held by 5 superinvestors (STT).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
State Street Corp (STT): A conservative earnings-power estimate, $80–$115 / sh; today’s price sits above it (price $171 as of 2026-07-02).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $79.64 – $114.70 · Greenwald zero-growth $100.29 · zero-growth base $100.29 · reproduction $64.86
Moat Franchise (moat) · terminal value 38% of present value · owner-earnings yield 5% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$82.05 – $100.29 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $18.75B = $64.86 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 2% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
5 superinvestors hold it · $1.38B combined
Largest holder Bill Nygren
Held by 5 superinvestors of State Street Corp (STT); this quarter 1 added, 4 trimmed (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
STT's price is not below its conservative value band.
See which stocks are in the strike zone right nowSuperinvestors Holding This Security
- Value$778.1MWeight (prev→now)1.0% → 1.0% ▼
- Value$442.9MWeight (prev→now)0.3% → 0.2% ▼
- Value$115.1MWeight (prev→now)1.6% → 1.5% ▼
- Value$20.8MWeight (prev→now)0.2% → 0.1% ▼
- Value$19.3MWeight (prev→now)0.1% → 0.1% ▲
Ownership overview
State Street Corp (STT) is held by 5 of the superinvestors tracked on Compounder, with a combined $1.38B in reported 13F value. The largest position belongs to Bill Nygren, where it makes up 1.0% of the portfolio.
Other notable holders by value include Dodge & Cox (0.2% of its book), Donald Yacktman (1.5% of its book) and Ray Dalio (0.1% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in STT, 1 added to existing ones, 4 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 6 → 5.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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