Raymond James Financial, Inc. (RJF) 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

+194.6%

$477.04

vs $161.94 price

Levered DCF

-$4.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.03×	16.39×	12.32×	12.31×	13.8×	13.55×	12.25×	11.26×
P/B	0×	2.79×	2.17×	2.08×	2.19×	2.3×	1.41×	1.77×
P/S	1.76×	2.19×	1.72×	1.66×	1.86×	1.94×	1.24×	1.47×
EV / EBITDA	6.38×	5.89×	6.52×	6.31×	8.47×	7.77×	6.96×	6.9×
Gross margin	98.5%	88.2%	85.4%	88.3%	96.4%	98.8%	94.9%	96.2%
Operating margin	27.5%	28.7%	17.9%	17.8%	18.1%	18.3%	13.0%	17.3%
Net margin	13.5%	13.4%	14.0%	13.5%	13.5%	14.3%	10.1%	13.0%
Current ratio	0×	0.32×	0.38×	0.38×	0.32×	0.41×	0.51×	0.43×
Debt / equity	0×	0.36×	0.34×	0.34×	0.4×	0.38×	0.5×	0.39×
Interest coverage	2.76×	2.47×	1.26×	1.66×	6.63×	11.94×	5.91×	4.86×
Dividend yield	1.3%	1.2%	1.5%	1.7%	1.3%	1.1%	2.0%	1.6%
Payout ratio	17.4%	19.5%	18.5%	20.4%	18.4%	15.5%	25.1%	18.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.0%	17.1%	17.7%	17.0%	16.0%	17.0%	11.5%	15.7%
Return on invested capital	0.0%	15.9%	10.2%	9.7%	8.7%	9.2%	6.0%	8.7%
Return on assets	1527.7%	2.4%	2.5%	2.2%	1.9%	2.3%	1.7%	2.7%
Free cash flow yield	0.0%	6.4%	7.7%	-17.3%	-0.1%	34.6%	39.4%	3.8%
Earnings yield	7.7%	6.1%	8.2%	8.2%	7.3%	7.4%	8.2%	8.9%
Enterprise value	$30.8B	$28B	$18.4B	$15.4B	$18.4B	$15B	$8.2B	$10.3B
Net debt / EBITDA	0×	-1.44×	-2.47×	-2.39×	-1.1×	-2.09×	-1.59×	-0.92×
Cash conversion cycle (days)	0	-1,028	-878	-1,204	-10,167	-43,134	-5,880	-5,058