JPM
JPMorgan Chase · Financials · Diversified Banks
$356.39
52w 279.10 – 366.50
20y monthly, adjusted
Mkt cap
$947.4B
P/E
16.9
P/FCF
—
FCF yield
-15.3%
ROE
15.7%
Shldr yield
5.0%
div 1.7% + bb 3.3%
Historical multiple lens
At its own median P/OCF of 4.2× across 13 years, JPM would trade near $20/share (25th–75th percentile: $11–$54); it trades at 73.0× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+12.3%
Rev 5y
+8.7%
Rev 10y
+6.9%
EPS 5y
+17.7%
EPS 10y
+12.8%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $57.3B | +27.7% | $21.2B | +41.2% | 7.70 | −$25.3B |
| Q1'26 | $49.8B | +10.0% | $16.5B | +12.6% | 5.94 | −$211.8B |
| Q4'25 * | $45.8B | +7.1% | $13.0B | −7.0% | 4.64 | $119.7B |
| Q3'25 | $46.4B | +8.8% | $14.4B | +11.6% | 5.07 | −$45.2B |
| Q2'25 | $44.9B | −10.5% | $15.0B | −17.4% | 5.24 | $29.5B |
| Q1'25 | $45.3B | +8.1% | $14.6B | +9.1% | 5.07 | −$251.8B |
| Q4'24 * | $42.8B | +10.9% | $14.0B | +50.5% | 4.82 | $147.8B |
| Q3'24 | $42.7B | +7.0% | $12.9B | −1.9% | 4.37 | −$74.1B |
| Q2'24 | $50.2B | +21.5% | $18.1B | +25.4% | 6.12 | $38.5B |
| Q1'24 | $41.9B | +9.3% | $13.4B | +6.3% | 4.44 | −$154.2B |
| Q4'23 * | $38.6B | +11.7% | $9.3B | −15.5% | 3.05 | $60.2B |
| Q3'23 | $39.9B | +21.9% | $13.2B | +35.1% | 4.33 | $45.1B |
| Q2'23 | $41.3B | +34.5% | $14.5B | +67.3% | 4.75 | $18.9B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +12.3% | +8.7% | +6.9% | +3.9% |
| Operating cash flow | +33.4% | −3.6% | −19.1% | −4.0% |
| Free cash flow | +33.4% | −3.6% | −19.1% | −4.0% |
| EPS (diluted) | +18.3% | +17.7% | +12.8% | +11.4% |
| Equity | +7.4% | +5.3% | +3.9% | +4.9% |
| LT debt | +13.7% | +9.1% | +4.2% | +3.2% |
| Diluted shares | −2.2% | −2.1% | −3.0% | −2.4% |
| Stock price | +37.5% | +20.4% | +21.2% | +19.4% |
$100, 3 years ago
$260vs $176 in SPY
37.5% vs 20.7%/yr
$100, 5 years ago
$253vs $181 in SPY
20.4% vs 12.6%/yr
$100, 10 years ago
$687vs $412 in SPY
21.2% vs 15.2%/yr
$100, 15 years ago
$1,421vs $813 in SPY
19.4% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$2.76
$496.2B created / $179.8B retained
Last 10 years
$2.45
$672.7B created / $274.4B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
-18.5%
OCF ÷ (equity + debt)
OCF / EV yield
—
MC vs 10× OCF
—
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$151.4B
OCF − capex − SBC
OE yield
-15.7%
Share count 5y
−1.2%
per year; negative = buybacks
Growth engine (5y): reinvested 5020.6% of operating cash flow at an incremental return of -16.1% — an organically fundable growth rate of about -809.6% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
13 of 19 checks pass · 68%. Checks with structurally missing inputs are excluded.
Growth & Consistency
4/6
- pass
Revenue growth
8.7% · 5y CAGR ≥ 5%
- pass
EPS growth
17.7% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
6 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
-3.6% vs 8.7% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
2/5
- pass
Net margin
31.3% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
15.7% · ≥ 12%
- fail
Cash ROIC
-18.5% · ≥ 12%
- fail
FCF margin
-81.0% · ≥ 5%
- fail
Earnings back their cash
OCF −$147.8B vs NI $57.0B · OCF ≥ net income (latest FY)
Balance Sheet
3/3
- na
Debt payable from cash flow
— · LT debt ≤ 3× FCF
- pass
Cash cushion
79% · cash ≥ 50% of LT debt
- pass
Leverage
1.20 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$362.4B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
2/2
- pass
Share count flat or shrinking
-1.2% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/3
- fail
FCF yield
-15.3% · ≥ 3%
- pass
Earnings multiple
16.9 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
5.0% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 182,447 | — | — | 57,048 | 20.02 | -147,782 | — | -147,782 | 16,625 | 31,591 | 3,614 | 343,338 | 435,206 | 362,438 | 2,782 |
| 2024 | 177,556 | — | — | 58,471 | 19.75 | -42,012 | — | -42,012 | 14,783 | 18,830 | 3,504 | 469,317 | 401,418 | 344,758 | 2,879 |
| 2023 | 158,104 | — | — | 49,552 | 16.23 | 12,974 | — | 12,974 | 13,463 | 9,824 | 3,117 | 624,151 | 391,825 | 327,878 | 2,943 |
| 2022 | 128,695 | — | — | 37,676 | 12.09 | 107,119 | — | 107,119 | 13,562 | 3,162 | 2,794 | 567,234 | 295,865 | 292,332 | 2,970 |
| 2021 | 121,649 | — | — | 48,334 | 15.36 | 78,084 | — | 78,084 | 12,858 | 18,408 | 2,929 | 740,834 | 301,005 | 294,127 | 3,027 |
| 2020 | 119,951 | — | — | 29,131 | 8.88 | -79,910 | — | -79,910 | 12,690 | 6,517 | 2,451 | 527,609 | 281,685 | 279,354 | 3,087 |
| 2019 | 115,720 | — | — | 36,431 | 10.72 | 4,092 | — | 4,092 | 12,343 | 24,001 | 2,256 | 263,631 | 291,498 | 261,330 | 3,230 |
| 2018 | 108,783 | — | — | 32,474 | 9.00 | 15,614 | — | 15,614 | 10,109 | 19,983 | 2,322 | 278,793 | 282,031 | 256,515 | 3,414 |
| 2017 | 100,705 | — | — | 24,441 | 6.31 | -10,827 | — | -10,827 | 8,993 | 15,410 | 2,070 | 431,304 | 284,080 | 255,693 | 3,577 |
| 2016 | 96,569 | — | — | 24,733 | 6.19 | 21,884 | — | 21,884 | 8,476 | 9,082 | 1,940 | 391,154 | 295,245 | 254,190 | 3,690 |
| 2015 | 93,543 | — | — | 24,442 | 6.00 | 73,466 | — | 73,466 | 7,873 | 5,616 | 1,987 | 361,683 | 288,651 | 247,573 | 3,774 |
| 2014 | 95,112 | — | — | 21,745 | 5.29 | 36,593 | — | 36,593 | 6,990 | — | 2,190 | — | 276,379 | 231,727 | 3,798 |
| 2013 | 97,367 | — | — | 17,886 | 4.34 | 107,953 | — | 107,953 | 6,056 | — | 2,219 | — | 267,889 | 211,178 | 3,815 |
| 2012 | 97,031 | — | — | 21,284 | 5.20 | 25,079 | — | 25,079 | 5,194 | — | 2,545 | — | 249,024 | 204,069 | 3,822 |
| 2011 | 97,234 | — | — | 18,976 | 4.48 | 95,932 | — | 95,932 | 3,895 | — | 2,675 | — | 256,775 | 183,573 | 3,920 |
| 2010 | 102,694 | — | — | 17,370 | 3.96 | -3,752 | — | -3,752 | 1,486 | 2,999 | 3,251 | — | 270,653 | 176,106 | 3,977 |
| 2009 | 100,434 | — | — | 11,728 | 2.26 | 122,797 | — | 122,797 | 3,422 | 0 | 3,355 | — | 266,318 | 160,845 | 3,880 |
| 2008 | 67,252 | — | — | 5,605 | 1.35 | 23,930 | — | 23,930 | 5,911 | 0 | 2,637 | — | 270,683 | 166,884 | 3,522 |
| 2007 | 71,372 | — | — | 15,365 | 4.33 | -110,560 | — | -110,560 | 5,051 | 8,178 | 2,025 | — | — | 123,221 | 3,445 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.