JPMORGAN CHASE & CO
$346.19
+3.37 (+0.98%) · delayed · Nov 13, 2026
Five-year price
52w $279.10 to $366.50
- Market cap
- $919.3B
- Enterprise value
- $640.8B
- P/E
- 17.3×
- 18.5× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- −16.1%
- ROIC
- —
- Debt / equity
- 0.18
- Piotroski F
- 3/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 15.4%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income 28% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.7%
- ●Shrinking share countDiluted shares -9.9% over 5y
Value
25
- ○P/E below 15P/E 17.3
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -16.1%
- ○Price below Graham NumberGraham Number $247.95
- ●P/B below 3P/B 2.5
Safety
67
- ●Debt / equity below 0.5D/E 0.18
- ●Debt payable in < 4 yrs of earningsNet debt $-278.6B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 3/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $182.4B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 160%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 18.5
- ○P/E × P/B ≤ 22.5Product 47.0
Valuation lab
What do you have to believe?
Starting cash flow
Net debt −$278.6B · 2656M shares · 5y revenue CAGR 8.7%
Intrinsic value
$658.47
Price
$346.19
Margin of safety
47%
What the price implies
The market is paying for −2.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 96,569 | 100,705 | 108,783 | 115,720 | 119,951 | 121,649 | 128,695 | 158,104 | 177,556 | 182,447 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 34,536 | 35,900 | 40,764 | 44,866 | 35,815 | 59,562 | 46,166 | 61,612 | 75,081 | 72,595 |
| Income tax | 9,803 | 11,459 | 8,290 | 8,435 | 6,684 | 11,228 | 8,490 | 12,060 | 16,610 | 15,547 |
| Net income | 24,733 | 24,441 | 32,474 | 36,431 | 29,131 | 48,334 | 37,676 | 49,552 | 58,471 | 57,048 |
| EPS (diluted) | 6.19 | 6.31 | 9.00 | 10.72 | 8.88 | 15.36 | 12.09 | 16.23 | 19.75 | 20.02 |
| Diluted shares | 3,690 | 3,577 | 3,414 | 3,230 | 3,087 | 3,027 | 2,970 | 2,943 | 2,879 | 2,782 |
Who owns it