JPMorgan Chase (JPM) stock analysis: valuation and financials

Business quality scorecard

• Growth33
• Cash flow47
• Capital allocation100
• Valuation93

0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.

How it makes money

Consumers, corporations and institutions pay interest, fees and commissions for deposits, loans, cards, payments, markets, advisory and asset management; CIB ($78.5B FY2025 revenue) and CCB ($76.0B) are the largest profit pools, with segment ROEs of CCB 32%, AWM 40% and CIB 18%.

Financials by year

Amounts in USD · What is free cash flow?

Margins No gross margin for a bank. Net margin 31.3% FY2025 vs 32.9% FY2024; net yield 2.50%, -13 bps, on deposit margin compression and the absence of the 2024 $7.9B Visa gain. Q2 FY2026 margin rebounded to 36.9% (TTM 32.6%) on a $4.6B Visa gain.

• Cash flow WatchFY2025 operating cash flow -$147.8B against net income $57.0B; TTM OCF -$162.5B vs net income $65.1B, cash conversion -1.07x, so the OCF-below-net-income gap persists.
• Debt ManageableTotal debt $500.0B at FY2025 (FY2024 $454.3B) and $533.0B TTM; net debt $223.1B against $309.8B cash; debt/equity 1.42x, normal funding leverage for a global bank.

Balance sheet

Cash & short-term investments

$309.8B

Total debt

$533.0B

Net debt

$223.1B

Net debt / EBITDA

—

As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet

Management and track record

• Management StrongLong-tenured team: CEO since 2005, most officers in seat 4-13 years, all in senior roles for at least five years. FY2025 revenue $182.4B, net income $57.1B, ROE 16.1%.
• Credibility MediumThe five quarterly releases from 3Q25 to 3Q26 contain no quantitative outlook for revenue, EPS, margin, expense or capital, so no guidance-versus-actual beat/miss record can be graded.