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$357.62
Market Capi
$951B
Growth-adj P/E (3-yr hist)i
1.1x
Growth-adj P/E (3-yr proj)i
3.0x
P/S 26Ei
4.6x
P/S 28Ei
4.3x
P/B 26Ei
2.6x
P/B 28Ei
2.3x
P/E 26Ei
14x
P/E 28Ei
13x
P/S 26Ei
4.6x
P/B 26Ei
2.6x
P/E 26Ei
14x
P/S 28Ei
4.3x
P/B 28Ei
2.3x
P/E 28Ei
13x
Revenue
2026E
$197B
Gross Margini
n/a
Hist. CAGRi
11%
Proj. CAGRi
8.3%
EBIT
2026E
$91B
Op. Margini
52%
Hist. CAGRi
18%
Proj. CAGRi
5.4%
Net profit
2026E
$60B
Net Margini
34%
Hist. CAGRi
15%
Proj. CAGRi
4.3%
Business Model
Recent Developments
Average Targeti
$373.65+5%
Consensusi
Outperform
23 analysts covering
TBV/sharei
$106.48
Div. Yieldi
1.8%
Buyback Yldi
3.3%
Market Capi
$951B
P/E 26Ei
14x
Adj. P/E (fwd.)i
3.0x
Revenue 26E
$197B
Proj. CAGRi
8.3%
Gross Margini
—
EBIT 26E
$91B
Proj. CAGRi
5.4%
Op. Margini
52%
Net Profit 26E
$60B
Proj. CAGRi
4.3%
Net Margini
34%
Average Targeti
$373.65+5%
Consensusi
Outperform
23 analysts covering
Profile
JPMorgan Chase is one of the largest financial institutions in the world, operating across four major business lines:
Industry
JPMorgan serves a broad cross-section of customers: retail consumers and small businesses via its branch network, institutional investors through its asset management arm, and corporations ranging from mid-market to the world's largest multinationals through investment banking and commercial banking. Geographic split is heavily weighted toward the United States (roughly 77% of revenue), with the remainder split across EMEA, Asia-Pacific, and Latin America. The industry is highly regulated, capital-intensive, and benefits from meaningful scale advantages — larger banks can price more competitively on loans and underwriting while spreading fixed costs across more products.
Key metrics
Economic moat
JPMorgan's moat is a combination of scale, regulatory barriers, and network effects. Its size allows it to underwrite deals too large for most competitors and to absorb compliance costs that would cripple smaller institutions. The consumer branch network creates deposit stickiness — checking account holders rarely switch banks. In capital markets, a top-tier league table position in underwriting and M&A advisory is self-reinforcing: clients prefer advisors with the broadest distribution and deepest trading relationships. The fortress balance sheet also acts as a competitive advantage during stress periods, when smaller banks retreat and JPMorgan can expand market share.
Jamie Dimon
Dimon has led JPMorgan Chase since December 2005, steering the bank through the 2008 financial crisis, multiple acquisitions (Bear Stearns, Washington Mutual, First Republic), and two decades of consistent market share gains. Before JPMorgan, he served as CEO of Bank One, which JPMorgan acquired in 2004. His combined Chairman and CEO role gives him significant strategic control, and his annual shareholder letters are closely read across the investment community as a barometer for macro and regulatory conditions.
Jeremy Barnum
Barnum became CFO in May 2021 after nearly two decades at JPMorgan, primarily in the investment bank. His background is squarely in markets and investment banking, which informs the firm's capital allocation discipline and its approach to balance sheet sizing. He is JPMorgan's primary voice on financial guidance and capital return frameworks.
Daniel Pinto
Pinto joined the board in June 2025 and has long served as President and Chief Operating Officer, effectively running day-to-day operations and the corporate & investment bank. His ascent has been widely discussed as part of JPMorgan's internal succession planning, given Dimon's extended tenure and ongoing investor questions about long-term leadership continuity.
Other key figures
Lori Beer (CTO, since 2017) leads JPMorgan's large-scale technology and digital transformation efforts. Jennifer Piepszak has held senior finance roles since 2019 and has been involved in key consumer and payments strategy decisions alongside Barnum.
P/S Ratioi
P/B Ratioi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Margins
Returns & spread
Efficiency
Balance sheet
Values in trillions of USD.
Tangible book value
Capital & asset quality
Last earnings
JPMorgan reported second-quarter 2026 results on July 14, 2026, posting net income of $21.2 billion, up 41% year over year, with EPS of $7.70 versus a consensus estimate near $5.80.
Total net revenue reached $57.3 billion, up 28%, helped by a $4.6 billion gain tied to the firm's Visa shares and about $1.0 billion of equity-investment gains; net interest income rose to $25.5 billion, up 10%.
The Corporate & Investment Bank led the quarter, with investment banking fees up 30% — the highest level since 2021 — and equities trading revenue up 86%; asset and wealth management AUM reached $5.1 trillion, up 18%.
Credit costs totaled $2.5 billion, including $2.4 billion of net charge-offs, and management raised full-year net interest income guidance to about $105.5 billion while lowering the expected card charge-off rate to roughly 3.2%.
Recent developments
JPMorgan served as one of five lead underwriters on the SpaceX initial public offering, which priced June 11, 2026 and began trading the next day, alongside Goldman Sachs, Morgan Stanley, Bank of America and Citigroup.
The board approved a 10% dividend increase, raising the quarterly payout to $1.65 per share starting in the third quarter of 2026.
A new $50 billion share-repurchase authorization took effect July 1, 2026, following roughly $6.7 billion of buybacks completed during the second quarter, with the CET1 capital ratio holding at 14.1%.
Debate & sentiment
Bulls point to the breadth of the quarter's strength — every major business line posted record revenue — as evidence the bank can keep compounding capital even as the current credit and rate cycle matures.
CEO Jamie Dimon struck a cautious note alongside the results, calling conditions "close to as good as it gets" while warning that risks including geopolitical conflict, sticky inflation, large fiscal deficits and elevated asset prices are building beneath the surface.
Skeptics note that a meaningful share of the quarter's earnings beat came from one-time Visa share and equity-investment gains rather than core operating trends, complicating comparisons with prior and future quarters.
Stretched valuation multiples and elevated short interest suggest the market has already priced in a favorable outcome, leaving less room for error if trading activity or credit conditions normalize.
Consensusi
Outperform
Average targeti
$373.65+5%
Highest targeti
$420.00+17%
Lowest targeti
$305.00-15%
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