JPMorgan Chase
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JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational banking institution headquartered in New York City and incorporated in Delaware.
From Wikipedia, CC BY-SA 4.0, revision of 31 Oct 2026.
What stands out
- Sales have grown about 8.8% a year for five years, so each $1 of sales in FY2020 is about $1.53 now.Revenue growth over 5–10 years: +8.8% a year
- JPMorgan has earned more on its money than that money costs, in 5 of the last 5 years.Return on invested capital (ROIC); ROE for banks: 17.0% ROE
From filed figures and the weekly screener snapshot, 30 Oct 2026. Observations to check in the tabs below, not advice.
What has the price done?
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Press and drag across the chart to see the change between two points. Source: Yahoo Finance, delayed. Bars are daily and prices are adjusted for splits, not dividends. Past returns don't predict future returns.
Dividends
Full chart
TradingView's advanced chart, with indicators and drawing tools. It loads when you scroll to it.
How does it make money?
What it does
JPMorgan reports 4 businesses. In FY2025, consumer and community brought in 42%, commercial and investment brought in 43%, asset and wealth brought in 13% and corporate brought in 4% of total income.
By region, North America made up 77%, then Europe, Middle East and Africa at 13%.
From JPMorgan Chase & Co. (SEC EDGAR), Form 10-K for the fiscal year ended 31 Dec 2025.
Where the total income comes from
- Commercial and investment43%
- Consumer and community42%
- Asset and wealth13%
- Corporate4%
Shares of total income, FY2025. "Other" includes reconciling items (fully taxable-equivalent adjustments). Source: JPMorgan Chase & Co. (SEC EDGAR), Form 10-K for the fiscal year ended 31 Dec 2025.
How it makes money
Where JPMorgan's FY2025 total income came from, what it cost to earn, and what was left for shareholders.
- Income
- Costs, allowances and tax
- Profit
- % = share of total income
Source: JPMorgan Chase & Co. (SEC EDGAR), Form 10-K for the fiscal year ended 31 Dec 2025 (13 Feb 2026), statement of income, Notes 6, 31 and 32. FY2025 is the year to 31 Dec 2025. Figures as reported, in US$ millions in the tooltips and table.
Technical: expenses were 52.4% of total income and net profit 31.3%. Allowances for bad loans took 7.8%.
Plain: of every dollar JPMorgan earned, about 52 cents went on running the bank and about 31 cents ended up as profit for shareholders.
Total income by business
Reconciling items (fully taxable-equivalent adjustments): −US$3,134M, reported outside the slices above.
Total income by region
See the numbers
| FY2025 | US$M | % of income |
|---|---|---|
| Net interest income | 95,443 | 52.3% |
| Net fee and commission income | 52,294 | 28.7% |
| Other non-interest income | 34,710 | 19.0% |
| Total income | 182,447 | 100.0% |
| Expenses | −95,640 | 52.4% |
| Allowances for credit and other losses | −14,212 | 7.8% |
| Profit before tax | 72,595 | 39.8% |
| Income tax | −15,547 | 8.5% |
| Net profit to shareholders | 57,048 | 31.3% |
- Fee income here groups investment banking, lending and deposit, asset management, commissions and card fees. Other income is trading (principal transactions), mortgage fees, securities gains and losses, and other income.
- JPMorgan calls its total income total net revenue, and its allowances the provision for credit losses.
- JPMorgan reports its businesses on a managed basis, which grosses up tax-exempt income. The US$3,134M reconciling item takes that back out.
History and context
JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational banking institution headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by market capitalization as of 2026. As the largest of the Big Four banks in America, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the development of an internal "Fortress Balance Sheet".
From Wikipedia's article JPMorgan Chase, the lead section as of the revision of 31 Oct 2026, retrieved 1 Nov 2026. Text under CC BY-SA 4.0, pronunciation guides removed. Wikipedia can be edited by anyone; the company's own filings are the primary source.
What it actually sells Soon
A product-by-product guide to JPMorgan: what each one is, who buys it, and how much it brings in, in plain English and in the company's own terms. We're starting with the companies that are hardest to picture, like Broadcom.
Moat rating
Wide moat
8.0 / 10
Return on common equity averaged 17.0% over FY2021 to FY2025, 9.7 percentage points above a 7.34% cost of equity, and beat it in every year.
For five years running, JPMorgan earned well above what its shareholders could reasonably expect, even in its weakest year.
The numbers
8.8 / 10Return on equity against cost of equity, money-centre banks
- Average ROE
- 17.0%
- Average excess return
- +9.7 pp
- Years above the hurdle
- 5 of 5
Spread 8 × 60% + durability 10 × 40% = 8.8
The sources
7.2 / 10Where JPMorgan's advantage comes from
- 1. Brand and pricing power7 / 10
Loans-to-deposits ratio of 58% at end-2025, so deposits fund lending with room to spare. Net interest income was US$95.4B.
JPMorgan holds far more deposits than it lends out, so it never has to pay up for funding.
- 2. Barriers to entry8 / 10
Banking needs a US charter and regulatory capital. JPMorgan's CET1 ratio was 14.6% (standardised) at end-2025.
You can't just open a bank, let alone one this size. Regulators decide who gets a licence and how much capital to hold.
- 3. Switching costs7 / 10
Consumer & Community Banking earned US$76.0B of revenue in 2025 from deposits, cards, home loans and branches.
Moving your salary, mortgage and cards to another bank is a hassle most people never get round to.
- 4. Network effects6 / 10
Markets trading (principal transactions) brought in US$27.2B. More client flow gives a dealer better prices and deal access, which draws more clients.
Big investors go where the trading is busiest, and the busiest desks get busier.
- 5. Economies of scale8 / 10
Overhead ratio of 52% in 2025 on US$4.42T of total assets.
JPMorgan spends about 52 cents of every dollar it earns on running the bank. That's more than DBS's 40 cents, but its costs are spread over US$4.4 trillion of assets.
Return on equity: JPMorgan Chase & Co. (SEC EDGAR), Form 10-K for the fiscal year ended 31 Dec 2023, consolidated financial highlights; JPMorgan Chase & Co. (SEC EDGAR), Form 10-K for the fiscal year ended 31 Dec 2025, consolidated financial highlights. Hurdle: Aswath Damodaran, NYU Stern, Cost of capital by sector (US), data as of January 2026. JPMorgan is a US money-centre bank, so Damodaran's figure applies directly.
Lens scores are rasinbun's judgment, reviewed 19 Oct 2026. A wide moat is a reason to dig deeper, not a verdict on the price. For education only. Not financial advice.
How we rate moats ›Is it a good business at a fair price?
What each method implies
Ranges, not targetsThe five questions, and the price
Six checks from the annual reports. A flag marks a reason to dig deeper, not a verdict.
- 1. Is it growing?Within the guide
+8.8% a year
Revenue growth over 5–10 years
Revenue $119.5B in FY2020 to $182.4B in FY2025; +6.9% a year over 10 years. It fell in 0 of the last 5 years.
Sales have grown about 8.8% a year for five years, so each $1 of sales in FY2020 is about $1.53 now.
What to look for Steady growth, not one lucky year.
Source: FY2020 10-K, filed 23 Feb 2021; FY2025 10-K, filed 13 Feb 2026.
- 2. Is it profitable?
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Operating margin (operating income ÷ revenue)
Operating margin doesn't describe a bank: interest paid is a cost of doing business, not financing.
For a bank, the better test is return on equity, in the next rows.
What to look for Stable or rising. It's cleaner than net income, which one-off items and tax can distort.
- 3. Is the profit real cash?
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Free cash flow (operating cash flow − capex), and FCF ÷ net income
Free cash flow doesn't fit a bank: lending and deposits run through operating cash flow.
A bank's cash flow swings with its loans and deposits, so this test doesn't apply.
What to look for FCF positive and growing, and close to net income over time.
- 4. Is it a good business?Within the guide
17.0% ROE
Return on invested capital (ROIC); ROE for banks
FY2025 ROE. 5-year average 17.0% against a 7.34% cost of equity, money-centre banks; above it in 5 of 5 years.
JPMorgan has earned more on its money than that money costs, in 5 of the last 5 years.
What to look for Clearly above the cost of capital (roughly 8–10%). Sustained 15%+ usually means a moat.
Source: Our moat rating, Moat tab; Aswath Damodaran, NYU Stern, January 2026.
- 5. Can it survive a bad year?
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Net debt ÷ EBITDA or ÷ FCF, plus interest cover
Debt ratios don't fit a bank: borrowing is its raw material. Capital ratios (CET1) are the test, and we haven't typed them up yet.
For a bank, the safety test is how much capital it holds against its loans. Soon.
What to look for Debt payable from about 3 years of FCF or less, interest covered many times.
- 6. Is the price right?
16.8x P/E
FCF yield or EV/EBIT, and price against a cash-flow value
Market cap $895.9B. P/E 16.8x on FY2025 diluted EPS. The valuation sheet's default story values it at US$397.54–US$474.63 a share (middle US$434.37); at US$339.72, its 16 Oct 2026 price, the price is −21.8% against the middle.
Buyers are paying about $17 for each $1 of last year's profit. On the sheet's default story the price sits below the middle of its value range, by 22%. Change the story and that moves.
What to look for Pay less than a cash-flow value estimate, with a margin of safety.
Source: Price $337.04, Yahoo Finance weekly snapshot, 30 Oct 2026; 2,658M shares, 10-Q 30 Jun 2026; FY2025 10-K, filed 13 Feb 2026; Stock valuation, 16 Oct 2026.
US figures: each company's Form 10-K as tagged on SEC EDGAR, collected 19 Oct 2026. Free cash flow is operating cash flow less purchases of property and equipment. Borrowings exclude leases. For education only. Not financial advice.
Ten years of financials
FY2016 to FY2025, in US dollars.
Source: JPMorgan Chase, Form 10-K for each year as first filed, via SEC EDGAR XBRL. Latest: FY2025 10-K, filed 13 Feb 2026. Later restatements aren't applied.
How peers compare
Singapore and US banksBanks are compared on return on equity and the price paid for each dollar of profit. EV/EBITDA doesn't fit a bank's balance sheet, so it's left out here.
| Company | Return on equity | Dividend yield | P/E |
|---|---|---|---|
| JPM | 15.7% | 1.82% | 16.8x |
| D05 | 17.5% | 4.35% | 18.4x |
| O39 | 13.7% | 3.58% | 15.7x |
| U11 | 11.6% | 3.84% | 11.7x |
| BAC | 10.1% | 2.32% | 13.1x |
- Peers' middle-half P/E
- 12.8x–16.4x (median 14.4x, 4 peers)
At the peers' middle-half P/E, JPMorgan's earnings per share from the FY2025 10-K would put the share between $256 and $327. Those are the peer bars in the valuation chart above — one way to read the price, not a target.
Prices: weekly screener snapshot, 30 Oct 2026. Profits: each company's latest annual filing via SEC EDGAR, as filed, or the Stock valuation sheet's typed-up figures for SGX names, which don't file with the SEC. Peers are hand-picked for this industry. A multiple compares one year's profit with today's price; it says nothing about what either does next.
Dividend discount model, from Stock valuation
Ten years of dividends a bank can pay, from JPMorgan's latest figures and Damodaran's industry averages. It's one story told with numbers, so it comes as a range.
- Value range, the default story$397.54–$474.63Middle $434.37 a share
- Price, 16 Oct 2026 close$339.72−21.79% ▼ against the middle
- What the price implies9.8% ROEReturn on equity that makes value equal the price; the story uses 18.0%
To be worth today's price, JPMorgan would need a return on equity of about 9.8%. One way to read this is to ask whether that sounds believable.
The story's assumptions
- Net income, last 12 months
- $64,530M
- Payout ratio, years 1–5
- 49.5%
- Return on equity, years 1–5
- 18.0%
- Return on equity after year 10
- 12.3%
- Cost of equity, years 1–5
- 9.3%
- Cost of equity after year 10
- 9.3%
- Growth after year 10
- 5.1%
- Beta
- 1.00
Value per share as two inputs change (return on equity down, cost of equity, years 1–5 across)
| Return on equity | 8.8% | 9.3% | 9.8% |
|---|---|---|---|
| 16.0% | $421.41 | $409.27 | $397.54 |
| 18.0% | $447.30 | $434.37 | $421.88 |
| 20.0% | $474.63 | $460.87 | $447.58 |
Middle cell: the default story. Each step is 2 points of return on equity or 0.5 points of cost of equity.
| Year | Growth | Net income | Payout | Dividends | Cost of equity | Present value |
|---|---|---|---|---|---|---|
| 1 | 9.1% | $70,396M | 49.5% | $34,866M | 9.3% | $31,902M |
| 2 | 9.1% | $76,795M | 49.5% | $38,035M | 9.3% | $31,844M |
| 3 | 9.1% | $83,775M | 49.5% | $41,492M | 9.3% | $31,785M |
| 4 | 9.1% | $91,391M | 49.5% | $45,264M | 9.3% | $31,727M |
| 5 | 9.1% | $99,698M | 49.5% | $49,378M | 9.3% | $31,669M |
| 6 | 8.3% | $107,963M | 51.3% | $55,427M | 9.3% | $32,527M |
| 7 | 7.5% | $116,049M | 53.2% | $61,681M | 9.3% | $33,120M |
| 8 | 6.7% | $123,813M | 55.0% | $68,050M | 9.3% | $33,434M |
| 9 | 5.9% | $131,106M | 56.8% | $74,433M | 9.3% | $33,461M |
| 10 | 5.1% | $137,779M | 58.6% | $80,717M | 9.3% | $33,202M |
| After 10 | 5.1% | $144,792M | 58.6% | $84,825M | 9.3% | $830,752M |
- Present value of years 1–10
- $324,670M
- Present value after year 10
- $830,752M
- Value of equity
- $1,155,422M
- Shares
- 2,660M
- Value per share, default story
- $434.37
Company figures: https://stockanalysis.com/stocks/jpm/statistics/, TTM to Sep 2026. Industry averages: Aswath Damodaran, January 2026 US data. Risk-free rates: US 10-year Treasury 5.09% and Singapore 10-year 2.34%, 16 Oct 2026. Equity risk premium: Damodaran's implied premium of 4.20%, 1 Oct 2026. Company figures are the latest reported before 19 Oct 2026. Data as of 16 Oct 2026. The sheet follows the spreadsheets Aswath Damodaran publishes; it is not affiliated with or endorsed by him. A model's value is not a price target. For education only. Not financial advice.
Who owns it, and what's the mood?
Tracked investors and insiders
Trades in JPMorgan Chase by the people we follow: Warren Buffett and Michael Burry (13F), Grab's officers (Form 4) and Nancy Pelosi (House reports). They show what happened, often weeks later, not what to copy.
| Who | Did | Size | When | Disclosed |
|---|---|---|---|---|
| Tom RussoGardner Russo & Quinn | TrimmedShares | −124,079 sharesabout $40,614,779 at quarter-end value | Q2 2026 | 13 Aug 202644 days after Q2 2026 ended |
| Jamie DimonChairman & CEO, JPMorgan Chase | SoldShares | −130,488 shares | 15 Apr 2026 | 15 Apr 2026Same day |
| Jamie DimonChairman & CEO, JPMorgan Chase | Exercised or vestedShares | +320,473.213 shares | 25 Mar 2026 | 27 Mar 20262 days after the trade |
| Jamie DimonChairman & CEO, JPMorgan Chase | Withheld for taxShares | −177,222.213 shares | 25 Mar 2026 | 27 Mar 20262 days after the trade |
| Jamie DimonChairman & CEO, JPMorgan Chase | AwardedPerformance Share Units | +320,473.213 units | 17 Mar 2026 | 19 Mar 20262 days after the trade |
| Jamie DimonChairman & CEO, JPMorgan Chase | SoldShares | −69,512 shares | 19 Feb 2026 | 19 Feb 2026Same day |
| Jamie DimonChairman & CEO, JPMorgan Chase | Gave awayShares | −90,000 shares | 20 Jan 2026 | 21 Jan 20261 day after the trade |
| Jamie DimonChairman & CEO, JPMorgan Chase | Gave awayShares | −37,812 shares | 14 May 2025 | 15 May 20251 day after the trade |
| Jamie DimonChairman & CEO, JPMorgan Chase | SoldShares | −133,639 shares | 14 Apr 2025 | 14 Apr 2025Same day |
| Jamie DimonChairman & CEO, JPMorgan Chase | Exercised or vestedShares | +297,186.022 shares | 25 Mar 2025 | 27 Mar 20252 days after the trade |
Sources: SEC EDGAR 13F-HR and Form 4 filings, and the US House Clerk's Periodic Transaction Reports, checked 30 Oct 2026. 13F values are the quarter-end value, not the price paid. Showing the 10 latest of 14. All tracked trades ›
- Largest shareholdersSoonThe biggest holders from 13F filings and the annual proxy statement.—
- Chief executive and board holdingsSoonShares held by the CEO and directors, from the proxy statement and Form 4s.—
- Short interestSoonHow many shares are sold short, from exchange short-interest reports.—
Crowd favourite or value trap?
Neither is a label we can put on a stock. These are signs worth looking into, each from a figure on this page.
Signs of a crowd-driven price
Meme stocks move on attention more than on results: big swings, a price far from cash-flow value, thin profits.
0 of 3 signs (1 without data)
- NoSwings at least twice as much as the marketBeta 1.04, 5 years of monthly returns
- NoUp more than 100%, or down more than 50%, in a year1-year price change +10.42%
- NoPrice more than 50% above the valuation sheet's middle valuePrice −22% against the sheet's default story, 16 Oct 2026
- —Thin profits: operating margin under 5%, or a lossDoesn't fit a bank
Signs of a value trap
A value trap looks cheap because the business is shrinking or earning less than its capital costs.
0 of 4 signs
- NoLooks cheap: P/E under 12 or FCF yield over 8%P/E 16.8x
- NoRevenue lower than five years agoRevenue +8.8% a year over 5 years
- NoReturns below the cost of capital5-year average ROE 17.0% against 7.3%
- NoMore than 30% below its 52-week high−8.0% from the 52-week high
Prices, beta and 1-year change: Yahoo Finance weekly snapshot, 30 Oct 2026. Business figures: the five questions under Valuation and financials. A sign is a reason to dig deeper, not a verdict. For education only. Not financial advice.
Read it through a lens
Price data: Yahoo Finance, delayed. Company figures: each company's own filings, dated where they appear. A ticker on this site is not a recommendation. For education only. Not financial advice.