JPMorgan Chase & Co. JPM

FinancialsBanking ServicesUnited States of America

Last close 337.04 USD on Nov 1, 2026, +6.6% year to date

Quant rating

Quant rating B Rank 165 of 799 in Financials

Growth B 124 of 799
Valuation D 654 of 799
Quality B 204 of 799
Revisions A 64 of 799
Momentum C 361 of 799

Wall Street consensus Buy (2.37)Average target 371.98 USD +10.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 895.9B
Enterprise value: 1.83T
52-week range: 279.10 – 366.50
3-year range: 138.94 – 366.50
Dividend yield: 1.96%
Beta (5 years): 1.03
Shares outstanding: 2,658M
Next earnings: Jan 14, 2027

About the company

JPMorgan Chase & Co. is a financial holding company engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. It operates through three segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM). Its CCB segment offers products and services to consumers and small businesses through bank branches, ATMs, digital and telephone banking. Its CIB segment consists of banking and payments and markets and securities services, and offers a suite of investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. Its AWM segment offers investment and wealth management solutions. It offers multi-asset investment management solutions, retirement products and services, brokerage, custody, estate planning, lending, deposits, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	193,341	193,933	170,588	92,807	57,864	–
Revenue growth	−0.3%	13.7%	83.8%	60.4%	−10.3%	24.5%
EPS (basic, normalized)	20.19	18.47	16.88	11.92	15.51	–
EPS growth	9.3%	9.5%	41.5%	−23.1%	25.2%	10.3%
Gross margin	–	–	–	–	–	–
Net margin	28.8%	29.3%	28.0%	38.7%	80.4%	41.0%
ROE	17.9%	18.0%	17.0%	13.8%	19.0%	17.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	15.2%
Long-term debt (mil)	460,160
Net debt (mil)	–
Total equity (mil)	372,368
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	193,341	−0.3%	9.4x	126.99	+8.8%	2.7x	20.62	+4.4%	16.3x
2026	208,330	+7.8%	8.8x	134.87	+6.2%	2.5x	24.87	+20.6%	13.6x
2027	217,399	+4.4%	8.4x	147.66	+9.5%	2.3x	25.51	+2.6%	13.2x
2028	228,789	+5.2%	8.0x	158.34	+7.2%	2.1x	27.44	+7.6%	12.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	208,330	−0.3%	−0.2%	+5.5%	24.87	−1.1%	−0.9%	+11.4%
2027	217,399	+1.7%	+2.1%	+5.7%	25.51	+1.4%	+2.2%	+8.3%
2028	228,789	+2.2%	+2.6%	+5.4%	27.44	+1.1%	+1.6%	+5.6%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	50,992	43,315	43,738	46,014	45,680	47,120	46,767	50,536	52,422	50,907
Sales mean (mil)	49,873	41,625	41,732	44,111	44,057	45,388	46,201	49,169	50,192	51,217
Surprise	+2.2%	+4.1%	+4.8%	+4.3%	+3.7%	+3.8%	+1.2%	+2.8%	+4.4%	−0.6%
EPS reported	4.26	4.37	4.81	4.91	4.96	5.07	5.23	5.94	6.14	5.57
EPS mean	4.19	4.01	4.11	4.61	4.48	4.84	5.00	5.45	5.85	5.90
Surprise	+1.7%	+9.0%	+17.1%	+6.4%	+10.7%	+4.8%	+4.5%	+9.0%	+5.0%	−5.6%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
JPM JPMorgan Chase & Co.	895.9B	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
WFC Wells Fargo & Company	250.4B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
HSBA HSBC Holdings PLC	292.7B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
AXP American Express Company	214.0B	–	13.8%	–	18.0x	15.8x	6.1x	5.4x
COF Capital One Financial Corp	123.2B	14.8%	3.1%	1.11x	9.4x	8.5x	1.2x	1.1x
Mean		14.3%	18.6%	1.60x	12.3x	11.1x	2.4x	2.1x
Median		14.8%	21.3%	1.72x	11.4x	10.0x	1.6x	1.4x

Technical analysis

1M+0.6%
3M−5.2%
1Y+12.5%
3Y+164.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, JPMorgan Chase & Co., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	193,341	193,933	170,588	92,807	57,864	64,523
Total interest expense	97,898	101,350	81,321	26,097	5,553	9,960
Net interest income	95,443	92,583	89,267	66,710	52,311	54,563
Loan loss provision	14,212	10,678	9,320	6,389	−9,256	5,380
Net interest income after loan loss provision	81,231	81,905	79,947	60,321	61,567	49,183
Non-interest income	87,004	84,973	68,837	61,985	69,338	65,388
Non-interest expense	−95,640	−91,797	−87,172	−76,140	−71,343	−78,756
Net income before taxes	72,595	75,081	61,612	46,166	59,562	35,815
Provision for taxes	15,547	16,610	12,060	8,490	11,228	6,684
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	57,048	58,471	49,552	37,676	48,334	29,131
Extraordinary items	–	–	–	–	–	–
Net income	57,048	58,471	49,552	37,676	48,334	29,131
Basic weighted average shares (mil)	2,776	2,874	2,939	2,966	3,022	3,082
Diluted weighted average shares (mil)	2,782	2,879	2,943	2,970	3,027	3,087
Basic EPS excluding extraordinary items	20.05	19.79	16.25	12.10	15.39	8.89
Basic EPS, normalized	20.19	18.47	16.88	11.92	15.51	12.38

Balance sheet in millions of USD, fiscal years

Balance sheet, JPMorgan Chase & Co., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	314,338	441,817	604,551	540,434	721,134	503,209
Other earning assets	2,145,045	1,772,684	1,533,883	1,515,042	1,516,495	1,470,414
Net loans	1,467,664	1,323,643	1,301,286	1,115,921	1,061,328	984,525
Property, plant & equipment	36,244	32,223	30,157	27,734	27,070	27,109
Goodwill	52,731	52,565	52,634	51,662	50,315	49,248
Intangibles	11,727	11,995	11,747	9,197	6,376	4,180
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	397,151	367,887	341,135	405,753	360,849	346,072
Total assets	4,424,900	4,002,814	3,875,393	3,665,743	3,743,567	3,384,757
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	307,457	271,772	281,474	291,958	254,427	222,777
Accrued expenses	9,337	8,900	8,833	8,183	8,328	8,508
Total deposits	2,559,320	2,406,032	2,400,688	2,340,179	2,462,303	2,144,257
Other bearing liabilities	18,159	29,257	41,246	11,093	11,110	14,123
Short-term borrowings	507,172	349,728	261,247	246,640	247,934	260,417
Current portion of long-term debt	41,353	29,380	33,234	25,159	22,768	–
Long-term debt	375,694	342,781	317,345	259,613	267,127	267,562
Minority interest	–	–	–	–	–	–
Other liabilities	243,970	220,206	203,448	190,586	175,443	187,759
Total liabilities	4,062,462	3,658,056	3,547,515	3,373,411	3,449,440	3,105,403
Shareholders' equity
Preferred stock	20,100	20,200	27,700	27,700	35,200	30,500
Common stock	4,105	4,105	4,105	4,105	4,105	4,105
Additional paid-in capital	91,114	90,911	90,128	89,044	88,415	88,394
Retained earnings (accumulated deficit)	416,055	376,166	332,901	296,456	272,268	236,990
Treasury stock	−164,591	−134,018	−116,217	−107,336	−105,415	−88,184
Other equity	−4,345	−12,606	−10,739	−17,637	−446	7,549
Total equity	362,438	344,758	327,878	292,332	294,127	279,354
Total liabilities & shareholders' equity	4,424,900	4,002,814	3,875,393	3,665,743	3,743,567	3,384,757

Cash flow statement in millions of USD, fiscal years

Cash flow statement, JPMorgan Chase & Co., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	57,048	58,471	49,552	37,676	48,334	29,131
Depreciation, depletion & amortization	8,821	7,938	7,512	7,051	7,932	8,614
Deferred taxes	5,611	2,004	−4,534	−2,738	3,748	−3,981
Non-cash items	1,309	−6,108	1,526	5,174	3,274	1,649
Changes in working capital	−220,571	−104,317	−41,082	59,956	14,796	−115,323
Cash from operations	−147,782	−42,012	12,974	107,119	78,084	−79,910
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−265,565	−163,403	67,643	−137,819	−129,344	−261,912
Cash from investing	−265,565	−163,403	67,643	−137,819	−129,344	−261,912
Financing activities
Financing cash flow items	296,288	82,118	−19,916	−128,206	271,488	633,366
Cash dividends paid	−16,625	−14,783	−13,463	−13,562	−12,858	−12,690
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−10,130	−3,888	7,808	15,511	17,363	−24,031
Cash from financing	269,533	63,447	−25,571	−126,257	275,993	596,645
Foreign exchange effects	17,835	−12,866	1,871	−16,643	−11,508	9,155
Net change in cash	−125,979	−154,834	56,917	−173,600	213,225	263,978
Free cash flow	−147,782	−42,012	12,974	107,119	78,084	−79,910

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.