JPMorgan Chase & Co. (JPM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+105.8%

$703.63

vs $341.97 price

Levered DCF

$258.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.2

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.07×	12.11×	10.47×	11.08×	10.29×	14.29×	12.97×	10.8×
P/B	2.47×	2×	1.52×	1.36×	1.63×	1.4×	1.72×	1.29×
P/S	3.2×	2.54×	2.12×	2.59×	3.76×	3.02×	3.15×	2.55×
EV / EBITDA	18.35×	11.69×	7.65×	7.01×	4.25×	9.14×	13.18×	12.08×
Gross margin	59.9%	58.6%	61.7%	78.9%	102.9%	78.9%	77.3%	80.0%
Operating margin	26.0%	27.7%	26.1%	30.0%	46.8%	27.6%	31.5%	31.4%
Net margin	20.4%	21.6%	21.0%	24.5%	38.0%	22.4%	25.6%	25.0%
Current ratio	0.52×	0.53×	0.49×	0.47×	0.53×	0.35×	0.32×	0.28×
Debt / equity	2.6×	2.18×	1.99×	1.86×	1.87×	1.94×	1.97×	2.08×
Interest coverage	0.74×	0.74×	0.76×	1.77×	10.73×	3.6×	1.67×	1.94×
Dividend yield	1.9%	2.1%	2.7%	3.4%	2.7%	3.2%	2.7%	3.0%
Payout ratio	29.1%	25.3%	27.2%	36.0%	26.6%	43.6%	33.9%	31.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.7%	17.0%	15.1%	12.9%	16.4%	10.4%	13.9%	12.7%
Return on invested capital	4.2%	5.1%	4.9%	4.4%	5.6%	3.4%	4.5%	4.0%
Return on assets	1.3%	1.5%	1.3%	1.0%	1.3%	0.9%	1.4%	1.2%
Free cash flow yield	-16.5%	-6.1%	2.6%	26.9%	16.3%	-20.4%	0.9%	4.7%
Earnings yield	6.4%	8.5%	9.9%	9.5%	10.1%	7.4%	8.1%	9.8%
Enterprise value	$1.5T	$970.7B	$528.8B	$373B	$286.6B	$406.2B	$701.5B	$586.4B
Net debt / EBITDA	7.36×	3.39×	0.42×	-0.46×	-2.84×	0.33×	4.74×	5.25×
Cash conversion cycle (days)	-89	-67	-177	-1,387	17,724	-1,616	-1,148	-1,411