# JPMorgan Chase & Co. (JPM.US)

Canonical: https://gigainvestors.com/s/JPM

Analysis as of: 2026-10-16T07:29:32.974Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $335.53 per share; close as of 2026-10-15.

Estimated value: low $254.63 per share, central $318.29 per share, high $424.39 per share. Buy at or below the central value $318.29 per share. Valuation as of 2026-10-16T07:29:32.974Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: $23B

- FY2017: $23B

- FY2018: $31B

- FY2019: $35B

- FY2020: $27B

- FY2021: $47B

- FY2022: $36B

- FY2023: $48B

- FY2024: $57B

- FY2025: $56B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 18.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.1%

- Cost / income, median: 57.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 13.1%

- FY2017: 12.9%

- FY2018: 17.4%

- FY2019: 19.1%

- FY2020: 14.0%

- FY2021: 23.0%

- FY2022: 17.6%

- FY2023: 20.2%

- FY2024: 21.9%

- FY2025: 20.0%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 15.0%

- Book return interval: 10 years

- Starting book value per share: $44.14

- Ending book value per share: $99.92

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 12.0%

- FY2017: 9.3%

- FY2018: 11.3%

- FY2019: 16.0%

- FY2020: 20.6%

- FY2021: 12.2%

- FY2022: 9.5%

- FY2023: 23.4%

- FY2024: 19.0%

- FY2025: 17.2%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -3.0%

- Diluted shares, 5-year annual growth: -2.1%

- Share growth excluding flagged crisis recapitalisations: -3.0%

- Five-year share growth excluding flagged crisis recapitalisations: -2.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.39×

- Book value created per share: $55.79

- Earnings retained per share after dividends and buybacks: $23.37

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 95

- FY2018: 90

- FY2019: 86

- FY2020: 82

- FY2021: 80

- FY2022: 79

- FY2023: 78

- FY2024: 76

- FY2025: 74

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 7.2%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.2% a year forever · "JPMorgan Raises 2026 NII Outlook: What Does It Mean for Earnings?" (finance.yahoo.com, Aug 2026) · net income -2.1%

Story as of 2026-10-16T09:58:59.981Z; price observation 2026-10-15.

The price assumes profits grow 6.2% a year forever

- 2025-05-19: JPMorgan says interest income could rise this year even as uncertainty persists ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/jpmorgan-says-charge-offs-card-103602613.html))

- 2025-09-09: JPMorgan expects its Q3 investment banking revenue to grow in low double digits ([finance.yahoo.com](https://finance.yahoo.com/news/jpmorgan-expects-q3-investment-banking-153239061.html))

- 2026-01-13: JPMorgan Profit Falls on Investment-Banking Miss, Apple Card Charge ([finance.yahoo.com](https://finance.yahoo.com/m/6ce95c19-f268-3a9f-b74b-2e151f72b684/jpmorgan-profit-falls-on.html))

- 2026-04-14: JPMorgan tops earnings estimates on trading, investment banking strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-tops-earnings-estimates-trading-102500595.html))

- 2026-07-14: JPMorgan Chase Q2 2026 earnings: record profit on trading surge ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-q2-2026-earnings-115434127.html))

- 2026-09-17: JPMorgan Falls as Prime Lending Reprices to 7% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-falls-prime-lending-reprices-184659168.html))

### Net income · FY2025

net income -2.1%; source https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm; observed 2026-02-13.

- FY2016: $23B 

- FY2017: $23B 

- FY2018: $31B 

- FY2019: $35B 

- FY2020: $27B 

- FY2021: $47B 

- FY2022: $36B 

- FY2023: $48B 

- FY2024: $57B 

- FY2025: $56B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Gets 42.3% of managed revenue from Commercial & Investment Banking.

- Source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm#000162828026008131 (filed 2026-02-13); FY2025: revenue 182447000000.

- Source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm (filed 2026-02-13); rate equity on page 96 for additional information on capital allocation. JPMorgan Chase & Co./2025 Form 10-K 63 Segment & Corporate Results – Managed Basis The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated. Year ended December 31, Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management (in millions, except ratios) 2025 2024 2023 2025 2024 2023 2025 2024 2023 Total net revenue $ 76,029 $ 71,507 $ 70,148 $ 78,454 $ 70,114 $ 64,353 $ 24,073 $ 21,578 $ 19,827 Total noninterest expense 40,267 38,036 34,819 38,216 35,353 33,972 15,332 14,414 12,780 Pre-provision profit 35,762 33,471 35,329 40,238 34,761 30,381 8,741 7,164 7,047 Provision for credit losses 11,493 (a) 9,974 6,899 2,615 762 2,091 97 (68) 159 Net income 18,245 17,603 21,232 27,761 24,846 20,272 6,522 5,421 5,227 Return on equity (“ROE”) 32 % 32 % 38 % 18 % 18 % 14 % 40 % 34 % 31 % Year ended December 31, Corporate Total (in millions, except ratios) 2025 2024 2023 2025 2024 2023 Total net revenue $ 7,025 $ 17,394 (b) $ 8,038 $ 185,581 $ 180,593 (b) $ 162,366 Total noninterest expense 1,825 3, [Separate filing excerpt] 3 33,972 15,332 14,414 12,780 Pre-provision profit 35,762 33,471 35,329 40,238 34,761 30,381 8,741 7,164 7,047 Provision for credit losses 11,493 (a) 9,974 6,899 2,615 762 2,091 97 (68) 159 Net income 18,245 17,603 21,232 27,761 24,846 20,272 6,522 5,421 5,227 Return on equity (“ROE”) 32 % 32 % 38 % 18 % 18 % 14 % 40 % 34 % 31 % Year ended December 31, Corporate Total (in millions, except ratios) 2025 2024 2023 2025 2024 2023 Total net revenue $ 7,025 $ 17,394 (b) $ 8,038 $ 185,581 $ 180,593 (b) $ 162,366 Total noninterest expense 1,825 3,994 (c) 5,601 95,640 91,797 (c) 87,172 Pre-provision profit 5,200 13,400 2,437 89,941 88,796 75,194 Provision for credit losses 7 10 171 14,212 10,678 9,320 Net income 4,520 10,601 2,821 57,048 58,471 49,552 Return on equity (“ROE”) NM NM NM 17 % 18 % 17 % (a)Includes a provision for lending-related commitments of $2.2 billion related to the Apple Card transaction. (b)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Note 6 for additional information. (c)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chas

### Why customers stay

It earns 18.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on tangible equity observations [[2016,0.1313234718995146],[2017,0.12878282058744642],[2018,0.1743858533316676],[2019,0.19139649495016464],[2020,0.13994475730485084],[2021,0.22953336163239518],[2022,0.17588168707643004],[2023,0.20229316413447243],[2024,0.21859864384888603],[2025,0.20033820857394716]]; median 0.18363909101329734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 34.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,8476000000],[2017,8993000000],[2018,10109000000],[2019,12343000000],[2020,12690000000],[2021,12858000000],[2022,13562000000],[2023,13463000000],[2024,14783000000],[2025,16625000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 34591000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JPM.US SharesStats.PercentInsiders = 0.391 percentage points; cache date 2026-10-16.

### What could break it

"JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm (filed 2026-02-13); JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.

### What the price says

The price assumes profits grow 6.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Price 335.53; FX 1; original perpetual distributable cash 12.73171624140674; discount 0.1; growth 0.06205490942268429. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $69.26 per share

- 2016-11: $80.17 per share

- 2016-12: $86.29 per share

- 2017-01: $84.63 per share

- 2017-02: $90.62 per share

- 2017-03: $87.84 per share

- 2017-04: $87.00 per share

- 2017-05: $82.15 per share

- 2017-06: $91.40 per share

- 2017-07: $91.80 per share

- 2017-08: $90.89 per share

- 2017-09: $95.51 per share

- 2017-10: $100.61 per share

- 2017-11: $104.52 per share

- 2017-12: $106.94 per share

- 2018-01: $115.67 per share

- 2018-02: $115.50 per share

- 2018-03: $109.97 per share

- 2018-04: $108.78 per share

- 2018-05: $107.01 per share

- 2018-06: $104.20 per share

- 2018-07: $114.95 per share

- 2018-08: $114.58 per share

- 2018-09: $112.84 per share

- 2018-10: $109.02 per share

- 2018-11: $111.19 per share

- 2018-12: $97.62 per share

- 2019-01: $103.50 per share

- 2019-02: $104.36 per share

- 2019-03: $101.23 per share

- 2019-04: $116.05 per share

- 2019-05: $105.96 per share

- 2019-06: $111.80 per share

- 2019-07: $116.00 per share

- 2019-08: $109.86 per share

- 2019-09: $117.69 per share

- 2019-10: $124.92 per share

- 2019-11: $131.76 per share

- 2019-12: $139.40 per share

- 2020-01: $132.36 per share

- 2020-02: $116.11 per share

- 2020-03: $90.03 per share

- 2020-04: $95.76 per share

- 2020-05: $97.31 per share

- 2020-06: $94.06 per share

- 2020-07: $96.64 per share

- 2020-08: $100.19 per share

- 2020-09: $96.27 per share

- 2020-10: $98.04 per share

- 2020-11: $117.88 per share

- 2020-12: $127.07 per share

- 2021-01: $128.67 per share

- 2021-02: $147.17 per share

- 2021-03: $152.23 per share

- 2021-04: $153.81 per share

- 2021-05: $164.24 per share

- 2021-06: $155.54 per share

- 2021-07: $151.78 per share

- 2021-08: $159.95 per share

- 2021-09: $163.69 per share

- 2021-10: $169.89 per share

- 2021-11: $158.83 per share

- 2021-12: $158.35 per share

- 2022-01: $148.60 per share

- 2022-02: $141.80 per share

- 2022-03: $136.32 per share

- 2022-04: $119.36 per share

- 2022-05: $132.23 per share

- 2022-06: $112.61 per share

- 2022-07: $115.36 per share

- 2022-08: $113.73 per share

- 2022-09: $104.50 per share

- 2022-10: $125.88 per share

- 2022-11: $138.18 per share

- 2022-12: $134.10 per share

- 2023-01: $139.96 per share

- 2023-02: $143.35 per share

- 2023-03: $130.31 per share

- 2023-04: $138.24 per share

- 2023-05: $135.71 per share

- 2023-06: $145.44 per share

- 2023-07: $157.96 per share

- 2023-08: $146.33 per share

- 2023-09: $145.02 per share

- 2023-10: $139.06 per share

- 2023-11: $156.08 per share

- 2023-12: $170.10 per share

- 2024-01: $174.36 per share

- 2024-02: $186.06 per share

- 2024-03: $200.30 per share

- 2024-04: $191.74 per share

- 2024-05: $202.63 per share

- 2024-06: $202.26 per share

- 2024-07: $212.80 per share

- 2024-08: $224.80 per share

- 2024-09: $210.86 per share

- 2024-10: $221.92 per share

- 2024-11: $249.72 per share

- 2024-12: $239.71 per share

- 2025-01: $267.30 per share

- 2025-02: $264.65 per share

- 2025-03: $245.30 per share

- 2025-04: $244.62 per share

- 2025-05: $264.00 per share

- 2025-06: $289.91 per share

- 2025-07: $296.24 per share

- 2025-08: $301.42 per share

- 2025-09: $315.43 per share

- 2025-10: $311.12 per share

- 2025-11: $313.08 per share

- 2025-12: $322.22 per share

- 2026-01: $305.89 per share

- 2026-02: $300.30 per share

- 2026-03: $294.16 per share

- 2026-04: $313.23 per share

- 2026-05: $299.31 per share

- 2026-06: $327.33 per share

- 2026-07: $351.79 per share

- 2026-08: $356.02 per share

- 2026-09: $330.83 per share

- 2026-10: $331.43 per share

## Annual estimated value (USD per share)

- FY2016: low $61.78 per share, central $67.96 per share, high $75.51 per share

- FY2017: low $71.83 per share, central $89.79 per share, high $119.72 per share

- FY2018: low $77.47 per share, central $96.84 per share, high $129.12 per share

- FY2019: low $94.94 per share, central $118.68 per share, high $158.24 per share

- FY2020: low $99.40 per share, central $124.24 per share, high $165.66 per share

- FY2021: low $106.56 per share, central $133.20 per share, high $177.60 per share

- FY2022: low $105.86 per share, central $132.33 per share, high $176.44 per share

- FY2023: low $151.82 per share, central $189.77 per share, high $253.03 per share

- FY2024: low $197.96 per share, central $247.44 per share, high $329.93 per share

- FY2025: low $233.46 per share, central $291.83 per share, high $389.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.