A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
RAYMOND JAMES FINANCIAL INC
RJF
$35.0B
Mkt Cap
$169.30
+1.90%
RAYMOND JAMES FINANCIAL INC (RJF) has a current P/E ratio of 16.5, compared to its historical median P/E of 13.5. The stock is currently considered Expensive based on its historical valuation range.
RAYMOND JAMES FINANCIAL INC (RJF) has a 5-year average return on invested capital (ROIC) of 17.9%. This indicates strong capital allocation and a potential competitive advantage.
RAYMOND JAMES FINANCIAL INC (RJF) has a market capitalization of $33.0B. It is classified as a large-cap stock.
Yes, RAYMOND JAMES FINANCIAL INC (RJF) pays a dividend with a trailing twelve-month yield of 1.27%. The company also returns capital through share buybacks, with a buyback yield of 4.86%.
Based on historical P/E analysis, RAYMOND JAMES FINANCIAL INC (RJF) appears expensive. The current P/E of 16.5 is 23% above its historical median of 13.5. The estimated fair value CAGR (P/E method) is 15.5%.
RAYMOND JAMES FINANCIAL INC (RJF) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
Raymond James Financial is a diversified financial services firm providing private client advisory, capital markets, asset management, and banking services to individuals, corporations, and municipalities, predominantly in the United States with operations in Canada, the United Kingdom, and Europe. The Private Client Group, the firm's largest segment, operates through multiple affiliation models—employee advisors in traditional branches, independent contractors with higher payout percentages, and third-party registered investment advisors served through the RIA and Custody Services division—generating revenue from asset-based fees on $1.67 trillion in client assets under administration, brokerage commissions, and account servicing fees. The Capital Markets segment provides merger and acquisition advisory, equity and debt underwriting, institutional fixed income and equity brokerage, and affordable housing investment syndication, earning revenues from advisory fees, underwriting spreads, and trading activities. The Asset Management segment earns fees on assets under management through both retail programs and institutional accounts, while the Bank segment generates net interest income from securities-based loans (46% of bank assets), corporate loans, residential mortgages, and deposit products, with a focus on securities-based lending as the highest-growth category. The firm's competitive positioning rests on its integrated platform offering complementary services across segments, its emphasis on client-first values and long-term decision-making, and its ability to recruit and retain financial advisors through multiple affiliation options that balance firm support with advisor autonomy.
【Strong recruiting momentum continuing】 Management expects robust financial advisor recruiting activity to persist into fiscal 2026, with the pipeline described as "extremely strong, probably the strongest it's ever been entering the fiscal year," driven by the firm's differentiated culture and integrated platform. The firm anticipates continued organic growth in fee-based assets and securities-based lending, with management noting that lower interest rate environments are expected to drive higher utilization of securities-based loans as the highest-growth lending category. Capital Markets investment banking activity is expected to improve, with management confident in the pipeline strength and the ability to achieve the firm's 20% adjusted pre-tax margin target over time. The firm is investing significantly in artificial intelligence and technology capabilities to enhance advisor productivity and service quality, with management budgeting for increased AI expenses in fiscal 2026 as a key differentiator, while maintaining disciplined expense management with non-compensation expenses targeted at approximately $2.3 billion for the fiscal year.
| Metric | Target | Period |
|---|---|---|
| Non-compensation expenses | approximately $2.3 billion | FY2026 |
| Effective tax rate | approximately 24%-25% | FY2026 |
| Asset management and related administrative fees | higher by approximately 1% | Q3 FY2026 |
| Aggregate of NII and RJBDP third-party fees | up approximately 1% | Q3 FY2026 |
Non-compensation expenses (FY2026): “For the fiscal year, we remain on track with our target level of non-compensation expenses of approximately $2.3 billion.”
Effective tax rate (FY2026): “Looking ahead, we continue to estimate our effective tax rate for fiscal 2026 to be approximately 24%-25%.”
Asset management and related administrative fees (Q3 FY2026): “we expect fiscal third quarter 2026 asset management and related administrative fees to be higher by approximately 1% over the second quarter level”
Aggregate of NII and RJBDP third-party fees (Q3 FY2026): “Based on static interest rates and assuming unchanged quarter-end balances, net of the fiscal third quarter fee billing collection of $1.9 billion, we would expect the aggregate of NII and RJBDP third-party fees in the third quarter to be up approximately 1% from the second quarter level.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Asset management and related administrative fees | $4.87B | $5.56B | $5.36B | $6.20B | $7.08B | 37% |
Operating segments | $4.06B | $4.71B | $4.54B | $5.25B | $5.98B | 31% |
Securities commissions | $1.65B | $1.59B | $1.46B | $1.65B | $1.77B | 9% |
Equities, ETFs and fixed income products | $530M | $520M | $473M | $557M | $650M | 3% |
Merger & acquisition and advisory | $639M | $709M | $418M | $521M | $623M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.5B | 15.9B | 14.9B | 13.0B | 11.3B | 9.9B |
| Net Income | 2.1B | 2.1B | 2.1B | 1.7B | 1.5B | 1.4B |
| EPS | $10.86 | $10.30 | $9.70 | $7.97 | $6.98 | $6.63 |
| Free Cash Flow | 2.4B | 2.2B | 1.9B | -3.7B | -19M | 6.6B |
| ROIC | 13.3% | 17.6% | 18.9% | 17.6% | 17.0% | 18.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.28 | 6.06 | 6.11 | 6.67 | 7.56 | 6.50 |
| Dividends/Share | $2.14 | $2.00 | $1.80 | $1.68 | $1.36 | $1.04 |
| Operating Income | 71M | 2.6B | 2.5B | 2.3B | 2.0B | 124M |
| Operating Margin | 0.4% | 16.4% | 17.0% | 17.5% | 17.9% | 1.3% |
| ROE | 17.0% | 17.6% | 18.9% | 17.6% | 17.0% | 18.3% |
| Shares Outstanding | 195M | 207M | 213M | 217M | 216M | 212M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.0B | 5.3B | 5.5B | 6.5B | 7.5B | 8.0B | 8.2B | 9.9B | 11.3B | 13.0B | 14.9B | 15.9B | 16.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.3B | 3.5B | 3.6B | 4.2B | 4.8B | 5.1B | 5.5B | 6.6B | 7.3B | 7.3B | 8.2B | 9.1B | 9.6B |
| EBIT | 68M | 97M | 82M | 74M | 65M | 64M | 1.1B | 124M | 2.0B | 2.3B | 2.5B | 2.6B | 71M |
| Op. Margin | 1.4% | 1.8% | 1.5% | 1.1% | 0.9% | 0.8% | 12.9% | 1.3% | 17.9% | 17.5% | 17.0% | 16.4% | 0.4% |
| Net Income | 480M | 502M | 529M | 636M | 857M | 1.0B | 818M | 1.4B | 1.5B | 1.7B | 2.1B | 2.1B | 2.1B |
| Net Margin | 9.7% | 9.5% | 9.6% | 9.7% | 11.5% | 12.9% | 10.0% | 14.2% | 13.3% | 13.3% | 13.8% | 13.4% | 13.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 19M | 46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.4% | 10.2% | 11.2% | 12.1% | 14.3% | 16.0% | 11.9% | 18.3% | 17.0% | 17.6% | 18.9% | 17.6% | 13.3% |
| ROE | 12.3% | 11.6% | 11.2% | 12.1% | 14.3% | 16.0% | 11.9% | 18.3% | 17.0% | 17.6% | 18.9% | 17.6% | 17.0% |
| ROA | 2.1% | 2.0% | 1.8% | 1.9% | 2.4% | 2.7% | 1.9% | 2.6% | 2.1% | 2.2% | 2.6% | 2.5% | 2.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 508M | 899M | -573M | -125M | 884M | 577M | 4.1B | 6.6B | 72M | -3.5B | 2.2B | 2.4B | 2.6B |
| Free Cash Flow | 447M | 825M | -695M | -315M | 750M | 439M | 3.9B | 6.6B | -19M | -3.7B | 1.9B | 2.2B | 2.4B |
| Owner Earnings | 430M | 819M | -715M | -305M | 700M | 368M | 3.9B | 6.5B | -153M | -3.8B | 1.8B | 2.1B | 1.0B |
| CapEx | 60M | 74M | 122M | 190M | 134M | 138M | 124M | 74M | 91M | 173M | 205M | 188M | 192M |
| Maint. CapEx | 7.6M | 8.3M | 63M | 71M | 85M | 97M | 13M | 21M | 33M | 96M | 102M | 109M | 1.3B |
| Growth CapEx | 53M | 66M | 59M | 119M | 49M | 41M | 111M | 53M | 58M | 77M | 103M | 79M | 0 |
| D&A | 7.6M | 8.3M | 63M | 71M | 85M | 97M | 13M | 21M | 33M | 96M | 102M | 109M | 1.3B |
| CapEx/OCF | 11.8% | 8.2% | N/A | 14.5% | 15.2% | 23.9% | 3.1% | 1.1% | 126.4% | N/A | 9.5% | 7.7% | 7.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 88M | 103M | 113M | 127M | 151M | 191M | 205M | 218M | 277M | 355M | 383M | 416M | 417M |
| Dividend Yield | 2.2% | 2.2% | 2.6% | 2.0% | 1.9% | 1.8% | 2.0% | 1.4% | 1.3% | 1.6% | 1.6% | 1.3% | 1.3% |
| Share Buybacks | 8.4M | 89M | 163M | 34M | 62M | 778M | 272M | 128M | 162M | 788M | 900M | 1.1B | 1.6B |
| Buyback Yield | 0.1% | 1.5% | 2.2% | 0.3% | 0.5% | 7.1% | 2.9% | 0.8% | 1.0% | 4.1% | 3.9% | 3.5% | 4.9% |
| Stock-Based Comp | 70M | 71M | 79M | 109M | 99M | 112M | 120M | 132M | 192M | 237M | 254M | 254M | 240M |
| Debt Repayment | 4.0M | 509M | 4.4M | 655M | 855M | 855M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.6B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -7.7B |
| Cash & Equiv. | 2.2B | 2.6B | 1.7B | 3.7B | 3.5B | 4.0B | 5.4B | 7.2B | 6.2B | 9.3B | 11.0B | 11.4B | 11.2B |
| Long-Term Debt | 1.2B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.5B |
| Debt/Equity | 0.29 | 4.79 | 5.37 | 5.23 | 4.86 | 4.89 | 5.67 | 6.50 | 7.56 | 6.67 | 6.11 | 6.06 | 0.28 |
| Interest Coverage | 0.6 | 0.9 | 0.7 | 0.5 | 0.3 | 0.2 | 5.9 | 0.8 | 6.6 | 1.7 | 0.2 | 0.2 | 0.0 |
| Equity | 4.1B | 4.5B | 4.9B | 5.6B | 6.4B | 6.6B | 7.1B | 8.2B | 9.5B | 10.2B | 11.7B | 12.5B | 12.6B |
| Total Assets | 23.3B | 26.5B | 31.5B | 34.9B | 37.4B | 38.8B | 47.5B | 61.9B | 81.0B | 78.4B | 83.0B | 88.2B | 91.9B |
| Total Liabilities | 18.9B | 21.7B | 26.4B | 29.2B | 31.0B | 32.2B | 40.3B | 53.6B | 71.5B | 68.2B | 71.3B | 75.7B | 79.3B |
| Intangibles | 59M | 69M | 95M | 83M | 161M | 147M | 134M | 222M | 509M | 470M | 435M | 396M | 0 |
| Retained Earnings | 3.0B | 3.4B | 3.8B | 4.3B | 5.0B | 5.9B | 6.5B | 7.6B | 8.8B | 10.2B | 11.9B | 13.6B | 14.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.32 | 3.43 | 3.65 | 4.33 | 5.75 | 4.78 | 3.88 | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 | 10.86 |
| Owner EPS | 2.98 | 5.59 | -4.93 | -2.08 | 4.70 | 1.70 | 18.69 | 30.69 | -0.71 | -17.69 | 8.46 | 10.01 | 5.18 |
| Book Value | 28.63 | 30.89 | 33.90 | 38.00 | 42.73 | 30.42 | 33.74 | 38.96 | 43.87 | 46.97 | 54.89 | 60.46 | 64.56 |
| Cash Flow/Share | 3.51 | 6.14 | -3.95 | -0.85 | 5.93 | 2.67 | 19.32 | 31.41 | 0.33 | -16.16 | 10.13 | 11.77 | 17.83 |
| Dividends/Share | 0.64 | 0.72 | 0.80 | 0.88 | 1.10 | 0.91 | 0.99 | 1.04 | 1.36 | 1.68 | 1.80 | 2.00 | 2.14 |
| Shares Out. | 144.7M | 146.4M | 145.0M | 146.9M | 149.0M | 216.3M | 210.8M | 211.6M | 215.6M | 217.4M | 212.7M | 206.8M | 194.6M |
| Valuation | |||||||||||||
| P/E Ratio | 14.0 | 12.1 | 13.7 | 17.2 | 14.3 | 10.6 | 11.5 | 13.2 | 13.7 | 12.2 | 12.4 | 17.0 | 15.6 |
| P/FCF | 10.0 | 4.9 | N/A | N/A | 10.9 | 24.9 | 2.4 | 2.8 | N/A | N/A | 13.1 | 16.1 | 13.8 |
| EV/EBIT | 81.7 | 45.7 | 69.1 | 56.6 | 4.5 | 3.3 | 0.6 | 3.2 | 4.5 | 0.3 | 0.4 | 1.0 | 355.7 |
| Price/Book | 1.6 | 1.3 | 1.5 | 2.0 | 1.9 | 1.7 | 1.3 | 2.2 | 2.2 | 2.1 | 2.2 | 2.9 | 2.6 |
| Price/Sales | 1.2 | 1.3 | 1.2 | 1.5 | 1.6 | 1.3 | 1.2 | 1.5 | 1.8 | 1.7 | 1.6 | 2.0 | 2.0 |
| FCF Yield | 6.7% | 13.5% | -9.6% | -2.9% | 6.1% | 4.0% | 41.9% | 35.6% | -0.1% | -17.4% | 7.6% | 6.2% | 7.2% |
| Market Cap | 6.7B | 6.1B | 7.3B | 10.9B | 12.3B | 11.0B | 9.4B | 18.5B | 20.7B | 21.2B | 25.5B | 36.1B | 33.0B |
| Avg. Price | 28.28 | 31.97 | 30.10 | 43.71 | 54.00 | 49.09 | 47.51 | 71.98 | 95.44 | 99.98 | 112.05 | 152.14 | 169.30 |
| Year-End Price | 30.96 | 27.73 | 33.40 | 49.66 | 54.86 | 50.63 | 44.74 | 87.36 | 95.91 | 97.33 | 120.03 | 174.59 | 169.30 |
RAYMOND JAMES FINANCIAL INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
RAYMOND JAMES FINANCIAL INC trades at 16.5x trailing earnings, compared to its 15-year median P/E of 13.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.8x vs a median of 12.0x. The company's 5-year average ROIC is 17.9%. Total shareholder yield (dividends + buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is +0.0%.
RAYMOND JAMES FINANCIAL INC (RJF) reported annual revenue of $15.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
RAYMOND JAMES FINANCIAL INC (RJF) has a net profit margin of 13.4%. This is a healthy margin.
RAYMOND JAMES FINANCIAL INC (RJF) generated $2.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RAYMOND JAMES FINANCIAL INC (RJF) has a debt-to-equity ratio of 6.06. This indicates higher leverage, which may increase financial risk.
RAYMOND JAMES FINANCIAL INC (RJF) reported earnings per share (EPS) of $10.30 in its most recent fiscal year.
RAYMOND JAMES FINANCIAL INC (RJF) has a return on equity (ROE) of 17.6%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 18 years of financial data for RAYMOND JAMES FINANCIAL INC (RJF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RAYMOND JAMES FINANCIAL INC (RJF) has a book value per share of $60.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects robust financial advisor recruiting activity to persist into fiscal 2026, with the pipeline described as "extremely strong, probably the strongest it's ever been entering the fiscal year," driven by the firm's differentiated culture and integrated platform. The firm anticipates continued organic growth in fee-based assets and securities-based lending, with management noting that lower interest rate environments are expected to drive higher utilization of securities-based loans as the highest-growth lending category. Capital Markets investment banking activity is expected to improve, with management confident in the pipeline strength and the ability to achieve the firm's 20% adjusted pre-tax margin target over time. The firm is investing significantly in artificial intelligence and technology capabilities to enhance advisor productivity and service quality, with management budgeting for increased AI expenses in fiscal 2026 as a key differentiator, while maintaining disciplined expense management with non-compensation expenses targeted at approximately $2.3 billion for the fiscal year.
Based on recent SEC filings and earnings calls, RAYMOND JAMES FINANCIAL INC (RJF) has provided the following forward guidance: Non-compensation expenses: approximately $2.3 billion (FY2026); Effective tax rate: approximately 24%-25% (FY2026); Asset management and related administrative fees: higher by approximately 1% (Q3 FY2026); Aggregate of NII and RJBDP third-party fees: up approximately 1% (Q3 FY2026).