A Business at a Glance
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JPMORGAN CHASE & CO
JPM
$982.4B
Mkt Cap
$353.21
+0.95%
JPMORGAN CHASE & CO (JPM) has a current P/E ratio of 17.6, compared to its historical median P/E of 10.9. The stock is currently considered Expensive based on its historical valuation range.
JPMORGAN CHASE & CO (JPM) has a 5-year average return on invested capital (ROIC) of 7.3%. This is below average and may indicate limited pricing power.
JPMORGAN CHASE & CO (JPM) has a market capitalization of $946.4B. It is classified as a mega-cap stock.
Yes, JPMORGAN CHASE & CO (JPM) pays a dividend with a trailing twelve-month yield of 1.81%. The company also returns capital through share buybacks, with a buyback yield of 3.42%.
Based on historical P/E analysis, JPMORGAN CHASE & CO (JPM) appears expensive. The current P/E of 17.6 is 62% above its historical median of 10.9. The estimated fair value CAGR (P/E method) is 13.3%.
JPMORGAN CHASE & CO (JPM) operates in the National Commercial Banks industry, within the Financials sector.
JPMORGAN CHASE & CO (JPM) reported annual revenue of $182.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
JPMorgan Chase & Co. is a leading global financial services firm with $4.4 trillion in assets, operating through three primary business segments: Consumer & Community Banking (CCB), which serves millions of consumers and small businesses predominantly in the U.S.; Commercial & Investment Bank (CIB), which provides investment banking, commercial lending, and markets services to corporate, institutional, and government clients; and Asset & Wealth Management (AWM), which manages investments and provides wealth advisory services. The firm earns revenue through net interest income from lending and deposit-taking activities, transaction fees from payments and securities processing, investment banking advisory and underwriting fees, asset management fees, and trading revenues. JPMorgan Chase operates a capital-intensive banking model with significant deposit-gathering operations and a global distribution network spanning 48 U.S. states and Washington, D.C., plus overseas branches and subsidiaries in key financial centers including the United Kingdom and Germany. The firm's competitive moat derives from its scale, brand reputation, technology infrastructure, and comprehensive product suite that enables cross-selling across consumer and wholesale segments. JPMorgan Chase Bank, N.A. serves as the principal subsidiary bank, while J.P. Morgan Securities LLC operates as the principal broker-dealer, and the firm competes globally with other banks, investment firms, fintech companies, and non-financial institutions offering financial services.
【Modest growth with investment focus】 Management expects continued modest loan and deposit growth in 2026, with card loan growth anticipated at approximately 6–7% reflecting normalization of revolving account dynamics, while consumer deposit growth is expected to remain in the low to mid-single digits as yield-seeking flows moderate. The firm is maintaining disciplined expense management while investing significantly in technology, artificial intelligence, bankers, branches, and product capabilities to strengthen competitive positioning against both traditional and non-traditional competitors. Management remains cautious about near-term macroeconomic uncertainties, including potential recession risks and geopolitical factors, while noting that credit performance remains resilient and in line with expectations; the firm is prepared to navigate various economic scenarios and is monitoring regulatory developments, particularly proposed changes to the Basel III capital framework and stress testing methodologies that could affect capital requirements.
| Metric | Target | Period |
|---|---|---|
| Net Interest Income ex-Markets | $95 billion | FY2026 |
| Total Net Interest Income | approximately $103 billion | FY2026 |
| Adjusted Expense | about $105 billion | FY2026 |
| Card Net Charge-Off Rate | approximately 3.4% | FY2026 |
Net Interest Income ex-Markets (FY2026): “we continue to expect NII ex markets to be about $95 billion”
Total Net Interest Income (FY2026): “we now expect total NII to be approximately $103 billion as a function of markets NII decreasing to about $8 billion”
Adjusted Expense (FY2026): “The adjusted expense outlook continues to be about $105 billion”
Card Net Charge-Off Rate (FY2026): “the card net charge-off rate continues to be approximately 3.4%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 187.0B | 182.4B | 177.6B | 158.1B | 128.7B | 121.6B |
| Net Income | 57.5B | 55.7B | 56.9B | 47.8B | 35.9B | 46.5B |
| EPS | $21.21 | $20.02 | $19.75 | $16.23 | $12.09 | $15.36 |
| Free Cash Flow | 0 | -147.8B | -42.0B | 13.0B | 107.1B | 78.1B |
| ROIC | 0.0% | 7.2% | 7.8% | 7.3% | 6.1% | 8.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.42 | 1.38 | 1.32 | 1.33 | 1.16 | 1.21 |
| Dividends/Share | $6.41 | $5.80 | $4.80 | $4.10 | $4.00 | $3.80 |
| Operating Income | 0 | 72.6B | 75.1B | 61.6B | 46.2B | 59.6B |
| Operating Margin | 0.0% | 39.8% | 42.3% | 39.0% | 35.9% | 49.0% |
| ROE | 15.8% | 15.7% | 16.9% | 15.4% | 12.2% | 16.2% |
| Shares Outstanding | 2,680M | 2,781M | 2,879M | 2,943M | 2,969M | 3,028M |
JPMORGAN CHASE & CO passes 5 of 9 quality checks, suggesting mixed fundamentals.
JPMORGAN CHASE & CO trades at 17.6x trailing earnings, compared to its 15-year median P/E of 10.9x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 7.3%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is +23.1%.
JPMORGAN CHASE & CO (JPM) has a net profit margin of 30.5%. This is a strong margin indicating high profitability.
JPMORGAN CHASE & CO (JPM) generated $-147.8 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
JPMORGAN CHASE & CO (JPM) has a debt-to-equity ratio of 1.38. This indicates moderate leverage.
JPMORGAN CHASE & CO (JPM) reported earnings per share (EPS) of $20.02 in its most recent fiscal year.
JPMORGAN CHASE & CO (JPM) has a return on equity (ROE) of 15.7%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 19 years of financial data for JPMORGAN CHASE & CO (JPM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
JPMORGAN CHASE & CO (JPM) has a book value per share of $130.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued modest loan and deposit growth in 2026, with card loan growth anticipated at approximately 6–7% reflecting normalization of revolving account dynamics, while consumer deposit growth is expected to remain in the low to mid-single digits as yield-seeking flows moderate. The firm is maintaining disciplined expense management while investing significantly in technology, artificial intelligence, bankers, branches, and product capabilities to strengthen competitive positioning against both traditional and non-traditional competitors. Management remains cautious about near-term macroeconomic uncertainties, including potential recession risks and geopolitical factors, while noting that credit performance remains resilient and in line with expectations; the firm is prepared to navigate various economic scenarios and is monitoring regulatory developments, particularly proposed changes to the Basel III capital framework and stress testing methodologies that could affect capital requirements.
Based on recent SEC filings and earnings calls, JPMORGAN CHASE & CO (JPM) has provided the following forward guidance: Net Interest Income ex-Markets: $95 billion (FY2026); Total Net Interest Income: approximately $103 billion (FY2026); Adjusted Expense: about $105 billion (FY2026); Card Net Charge-Off Rate: approximately 3.4% (FY2026).