SuperworthJPMorgan Chase JPM
- Market cap
- $881.4B
- PE
- 13.9×
- 10y median 12.9×
- Forward PE
- 13.2×
- 10y median 12.3×
- Revenue, 12 months
- $203.2B
- +13% on a year ago
- Net margin
- 32.5%
A Superworth story
JPM's premium now rests on what it does with its cash
A rare miss, rising costs and fewer buybacks test a price near its highs
The market pays a big premium for its book
Book value is what the bank owns minus what it owes. JPM trades at about 2.4 times its book, higher than on nineteen of every twenty days in the last ten years, and its dividend yield is lower than on nineteen days in twenty. The premium is paid for profit. Over the last four quarters the bank earned about 17 cents for every dollar of book, a bit less without a spring gain on Visa shares.
Earnings rose more than 40 percent since 2023
Over the last four quarters the bank earned 23.84 dollars a share, more than 40 percent above late 2023. That is strong growth for a bank this big, but some of it was one-time. In the spring, gains on Visa shares and other investments added about one and a half dollars a share. The stock did far more.
Most of the gain came from a richer multiple
The share price more than doubled in three years, roughly three times as fast as earnings. The PE, the price divided by a year of earnings, rose by about two thirds to about 14, above its ten-year norm near 13 and the median of four industry peers. So most of the stock's gain came from that richer multiple, not from earnings.
The third quarter was a rare miss
In mid-October the bank reported a third quarter that Reuters called its first profit miss since late 2023. Even leaving out a one-time loss on investment securities, which the bar on the chart includes, it earned less than analysts expected. The worry is costs. Revenue rose 8 percent and expenses half again as fast, and the bank raised its 2026 expense outlook to about 108.6 billion dollars.
Dimon held back the buybacks
The share count is down about 8 percent in three years. With the October results, chief executive Jamie Dimon said the bank had reduced buybacks to deploy the capital at very attractive returns. The dividend still rose by a tenth in September, to 1.65 dollars a quarter. The fear is slower per-share growth, the hope that kept capital earns what the book does now, about seventeen cents a dollar.
Now the growth has to come back
At today's price, JPM costs about 14 times analysts' adjusted forecast for the next twelve months, above its usual level (its line before late September is rebuilt with hindsight). That forecast is up only about 4 percent, because the spring Visa gain sets a high base. Without it, growth is more than a tenth. The January report tests whether Dimon's held-back capital turns into earnings.
What has happened lately
- JPMorgan Chase (SEC filing), JPMorgan Chase third-quarter net income of $15.3 billion, or $5.57 per shareEPS was $5.75 excluding a $658M securities loss. Revenue rose 8% while expenses rose 12%. Dimon said the bank reduced share repurchases, believing it can deploy the capital at very attractive returns.
- Reuters via BNN Bloomberg, JPMorgan posts rare profit miss as dealmaking, bond trading lose momentumFirst profit miss since late 2023. Fixed-income trading fell 4%. The bank raised its 2026 expense outlook to about $108.6B and its net interest income outlook to about $106.2B.
- JPMorganChase, JPMorganChase declares increased quarterly common stock dividend of $1.65 per shareThe quarterly common dividend rises from $1.50 to $1.65 per share, a 10% increase that lifts the firm's ongoing capital return run rate.
- JPMorgan Chase (SEC filing), JPMorganChase reports second-quarter 2026 net income of $21.2 billion ($7.70 per share)The quarter included a $4.6B net gain related to Visa shares and $1.0B of gains on equity investments. Without them EPS was $6.14 rather than $7.70, which raises the base next year's forecasts are set against.
Headlines link to the original source.
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Charts
Financials
| Income statement | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $38.6B+12% | $41.9B+9% | $50.2B+22% | $42.7B+7% | $42.8B+11% | $45.3B+8% | $44.9B−11% | $46.4B+9% | $45.8B+7% | $49.8B+10% | $57.3B+28% | $50.2B+8% | |
| Interest expense | $23.3B+81% | $24.4B+50% | $25.8B+30% | $27B+24% | $24.2B+4% | $23.6B−3% | $25B−3% | $25.5B−6% | $23.8B−2% | $23.8B+1% | $25.1B+0% | n/a |
| Pre-tax income | $11.3B−14% | $17.3B+8% | $23.4B+33% | $17B+2% | $17.4B+53% | $18.4B+6% | $18.3B−22% | $18.7B+10% | $17.2B−1% | $20.5B+11% | $27.5B+51% | $20.1B+7% |
| $2B−9% | $3.9B+16% | $5.3B+70% | $4.1B+14% | $3.4B+67% | $3.8B−3% | $3.3B−38% | $4.3B+7% | $4.1B+23% | $4B+6% | $6.4B+93% | $4.8B+11% | |
| Net income | $9.3B−16% | $13.4B+6% | $18.1B+25% | $12.9B−2% | $14B+51% | $14.6B+9% | $15B−17% | $14.4B+12% | $13B−7% | $16.5B+13% | $21.2B+41% | $15.3B+6% |
| $3.04−15% | $4.44+8% | $6.12+29% | $4.37+1% | $4.81+58% | $5.07+14% | $5.24−14% | $5.07+16% | $4.63−4% | $5.94+17% | $7.70+47% | $5.57+10% | |
| 2.9B−2% | 2.9B−2% | 2.9B−2% | 2.9B−2% | 2.8B−3% | 2.8B−3% | 2.8B−4% | 2.8B−3% | 2.7B−4% | 2.7B−4% | 2.7B−4% | 2.7B−3% |
Net income: 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
EPS, diluted: Q4 FY96 and Q4 FY97: quarter's net income to common over its shares, to the cent, the shares from counts implied by EPS, near the year's EPS less the nine months'. 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
Diluted shares: 17 periods, Q2 FY95 to Q2 FY02: not printed by the filing, worked out from its own lines. Q4 FY01 and Q4 FY02: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 6 periods, Q4 FY03 to Q4 FY08: share-days: the 12-month average less the 9-month, weighted by days. 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q4 FY26 | $51.1B | $50.1B to $51.8B | $5.88 | $5.58 to $6.31 | 9 |
| Q1 FY27 | $54.3B | $53.3B to $55.6B | $6.37 | $6.22 to $6.60 | 5 |
| Q2 FY27 | $54.3B | $53B to $55.5B | $6.30 | $6.11 to $6.49 | 3 |
| Q3 FY27 | $54.6B | $53.4B to $55.9B | $6.49 | $6.29 to $6.68 | 3 |
| Q4 FY27 | $54.4B | $53.2B to $55.7B | $6.47 | $6.27 to $6.66 | 3 |
| Q1 FY28 | $57.4B | $56.1B to $58.7B | $6.85 | $6.65 to $7.06 | 4 |
| Q2 FY28 | $56.9B | $55.6B to $58.2B | $6.72 | $6.52 to $6.92 | 4 |
| Q3 FY28 | $57.2B | $55.8B to $58.5B | $6.88 | $6.67 to $7.09 | 4 |
Peers
Companies in Banks - Diversified nearest JPMorgan Chase's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| JPMJPMorgan Chase | $881.4B | 13.9× | 12.9× | 13.2× | n/m | +13% | 32.5% |
| BACBank of America | $353.6B | 12.0× | 13.5× | 10.3× | n/m | n/m | n/m |
| WFCWells Fargo | $249.1B | 11.6× | 12.7× | 10.5× | n/m | +5% | 26.3% |
| CCitigroup | $202.3B | 11.8× | 10.5× | 9.9× | n/m | +10% | 20.8% |
| USBU.S. Bancorp | $92.8B | 11.9× | 12.6× | 10.9× | n/m | +7% | 27.6% |
| Peer median | $225.7B | 11.8× | 12.6× | 10.4× | n/a | +7% | 26.3% |
Investors who own it
Investors we follow who held JPMorgan Chase at the end of Jun 30, 2026, from their 13F filings.
- Andreas HalvorsenViking Global Investors2.7% of portfolioadded
- Tom GaynerMarkel Group0.6% of portfolio
- François RochonGiverny Capital0.5% of portfoliotrimmed
- Tom RussoGardner Russo & Quinn0.1% of portfoliotrimmed
- Bill NygrenHarris Associates (Oakmark)0.0% of portfolioadded
- Ron BaronBaron Capital0.0% of portfolionew
More on JPMorgan Chase
Each number over time
- PE ratio
- Forward PE
- Price to book ratio
- Dividend yield
- Market cap
- Revenue
- EPS
- Profit margin
- Shares outstanding
Its groups
About
- Chief executive
- Jamie Dimon, since 2005Came with the Bank One merger in 2004, CEO since the end of 2005.
- Industry
- Banks - Diversified
- Sector
- Financial Services
Valuation data, not investment advice. Prices as of .