# Raymond James Financial (RJF.US)

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

Analysis as of: 2026-10-16T07:31:35.611Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $157.37 per share; close as of 2026-10-15.

Estimated value: low $244.96 per share, central $264.84 per share, high $291.30 per share. Buy at or below the central value $264.84 per share. Valuation as of 2026-10-16T07:31:35.611Z; scenarios are not confidence intervals.

Expected annual return: 24.2% at the stated quote. About 24.2% 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: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.61×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.15×

- FY2018: 0.18×

- FY2019: 0.18×

- FY2020: 0.13×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.62×

- FY2024: 0.21×

- FY2025: 0.32×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.8%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 97.9%

- Recent gross margin (lower of latest and 3-year median): 98.2%

- Years with nonpositive capital: 4

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.4%

- FY2017: 18.4%

- FY2018: 27.8%

- FY2019: 4.2%

- FY2020: 3.4%

- FY2021: 5.0%

- FY2022: 11.3%

- FY2023: 40.2%

- FY2024: 13.2%

- FY2025: 21.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.0B

- Net income, five-year total: $8.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -11.9 pp

- Working capital / revenue, change between three-year averages: -83.5 pp

- Working capital / revenue, final three-year average: 37.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.04×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.4% vs 21.0%

- Per-share earnings: 2.44 to 9.74 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $22B

- Cumulative retained earnings: $9.3B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.9%

- Per-share value change: $7.30

- Per-share value, starting three-year median: $2.44

- Per-share value, ending three-year median: $9.74

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 2.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 18.4%

- ROIC, last three-year median: 21.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.44

- FY2017: $2.89

- FY2018: $3.84

- FY2019: $4.79

- FY2020: $3.89

- FY2021: $6.64

- FY2022: $7.01

- FY2023: $8.02

- FY2024: $9.74

- FY2025: $10.33

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.3%

- FY2017: 2.2%

- FY2018: -0.1%

- FY2019: 1.2%

- FY2020: -6.8%

- FY2021: -8.4%

- FY2022: 1.8%

- FY2023: 6.7%

- FY2024: -0.1%

- FY2025: -0.3%

## Holders

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

## Price story

Price needs cash profits to shrink 12.7% a year for ten years · sales +9.7%

Story as of 2026-10-16T09:59:30.274Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.7% a year for ten years

- 2025-04-24: Raymond James' Q2 Earnings Lag, Stock Slides 2.3% on Muted IB Business ([finance.yahoo.com](https://finance.yahoo.com/news/raymond-james-q2-earnings-lag-111100049.html))

- 2026-01-29: Raymond James Q1 Earnings Beat on Higher Revenues, IB Weakness Ails ([finance.yahoo.com](https://finance.yahoo.com/news/raymond-james-q1-earnings-beat-121800100.html))

- 2026-04-23: Raymond James Q2 Earnings Beat on Higher Revenues, Cost Woes Remain ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/raymond-james-q2-earnings-beat-142000755.html))

- 2026-07-23: Raymond James Q3 Earnings Beat on Higher Revenues, Provision Benefit ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/raymond-james-q3-earnings-beat-132000580.html))

### Sales · FY2024–2025

sales +9.7%; source https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm; observed 2025-11-25.

- FY2016: $5.5B 

- FY2017: $6.4B 

- FY2018: $7.3B 

- FY2019: $7.7B 

- FY2020: $8.0B 

- FY2021: $9.9B 

- FY2022: $11B 

- FY2023: $12B 

- FY2024: $13B 

- FY2025: $14B 

### Gross margin · FY2025

gross margin 99.7%; source https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm; observed 2025-11-25.

- FY2016: 96.3% 

- FY2017: 98.6% 

- FY2018: 98.5% 

- FY2019: 98.5% 

- FY2020: 95.8% 

- FY2021: 97.5% 

- FY2022: 95.1% 

- FY2023: 96.4% 

- FY2024: 98.2% 

- FY2025: 99.7% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are USD 14.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm#000072000525000093 (filed 2025-11-25); FY2025: revenue 14065000000; grossProfit 14028000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RJF.US: Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe. The Private Client Group segment offers financial planning, investment advisory, securities transaction, investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party mutual fund and annuity companies, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; securities borrowing and lending services; and custodial, trade execution, research, and other support and services. The Capital Markets segment provides investment banking services, such as equity and debt underwriting, and merger and acquisition advisory; and fixed income and equity brokerage services. This segment also offers institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. The Asset Management segment provides asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Bank segment offers various types of loans, including securities-based, corporate, commercial and industrial, commercial real estate and construction, real estate investment trust, residential mortgage, and tax-exempt loans; Federal Deposit Insurance Corporation-insured deposit accounts; retail and corporate deposit; and liquidity management products and services. The Other segment engages in the private equity investments comprising investments in third-party funds. The company offers corporate, retail banking and trust services. Raymond James Financial, Inc. was founded in 1962 and is headquartered in Saint Petersburg, Florida.

### Why customers stay

Margins ranged from 96.4% to 99.7% during 2023–25; it earns 14.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2023-09-30 (filed 2025-11-25); FY2023: grossProfit / revenue = 96.4%.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2024-09-30 (filed 2025-11-25); FY2024: grossProfit / revenue = 98.2%.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2025-09-30 (filed 2025-11-25); FY2025: grossProfit / revenue = 99.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on capital observations [[2016,0.16396654864170201],[2017,0.18409766670680539],[2018,0.2775939568087125],[2019,0.042495479204339964],[2020,0.033838007776950445],[2021,0.049886218176646284],[2022,0.11308453237410072],[2023,0.40186225699383593],[2024,0.13171974522292992],[2025,0.2104624741550754]]; median 0.14784314693231598. 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 1.3 billion of shares.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2016-09-30 (filed 2025-11-25); FY2016: growth capex 11347149.281176537; upkeep 110385850.71882346; cash acquisitions 175283000; owner earnings 491347149.28117657. Growth capex plus acquisitions / owner earnings = 0.3798335851835303.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2017-09-30 (filed 2025-11-25); FY2017: growth capex 47196946.38232365; upkeep 142803053.61767635; cash acquisitions 0; owner earnings 577196946.3823236. Growth capex plus acquisitions / owner earnings = 0.08176922396789907.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2018-09-30 (filed 2025-11-25); FY2018: growth capex 35000000; upkeep 99000000; cash acquisitions 159000000; owner earnings 857000000. Growth capex plus acquisitions / owner earnings = 0.22637106184364061.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2019-09-30 (filed 2025-11-25); FY2019: growth capex 26000000; upkeep 112000000; cash acquisitions 5000000; owner earnings 1034000000. Growth capex plus acquisitions / owner earnings = 0.029980657640232108.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2020-09-30 (filed 2025-11-25); FY2020: growth capex 5000000; upkeep 119000000; cash acquisitions 5000000; owner earnings 818000000. Growth capex plus acquisitions / owner earnings = 0.012224938875305624.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2021-09-30 (filed 2025-11-25); FY2021: growth capex 0; upkeep 74000000; cash acquisitions 266000000; owner earnings 1463000000. Growth capex plus acquisitions / owner earnings = 0.18181818181818182.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2022-09-30 (filed 2025-11-25); FY2022: growth capex 0; upkeep 91000000; cash acquisitions 1461000000; owner earnings 1563000000. Growth capex plus acquisitions / owner earnings = 0.9347408829174664.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2023-09-30 (filed 2025-11-25); FY2023: growth capex 8000000; upkeep 165000000; cash acquisitions 0; owner earnings 1739000000. Growth capex plus acquisitions / owner earnings = 0.004600345025876941.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2024-09-30 (filed 2025-11-25); FY2024: growth capex 26000000; upkeep 179000000; cash acquisitions 0; owner earnings 2068000000. Growth capex plus acquisitions / owner earnings = 0.012572533849129593.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2025-09-30 (filed 2025-11-25); FY2025: growth capex 0; upkeep 188000000; owner earnings 2142000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,113435000],[2017,127000000],[2018,151000000],[2019,191000000],[2020,205000000],[2021,218000000],[2022,277000000],[2023,355000000],[2024,383000000],[2025,416000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/RJF.US.json#2025-09-30 (filed 2025-11-25); FY2025: cash repurchases 1267000000 USD.

### Are managers owners

Insiders own 10.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RJF.US SharesStats.PercentInsiders = 10.546 percentage points; cache date 2026-10-16.

### What could break it

"We are exposed to market risk, including interest rate risk." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm (filed 2025-11-25); We are exposed to market risk, including interest rate risk.

### What the price says

The price assumes cash profits shrink 12.7% yearly over ten years; actual growth was 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Ten-year compound average after fade. Initial solved rate -0.1890215872628634. Price 157.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2938350954851 → FY2025 10.36786060019361. Closing-price date 2026-10-15.

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

- 2016-10: $40.08 per share

- 2016-11: $47.96 per share

- 2016-12: $46.18 per share

- 2017-01: $49.95 per share

- 2017-02: $52.37 per share

- 2017-03: $50.84 per share

- 2017-04: $49.68 per share

- 2017-05: $48.18 per share

- 2017-06: $53.48 per share

- 2017-07: $55.46 per share

- 2017-08: $52.21 per share

- 2017-09: $56.22 per share

- 2017-10: $56.52 per share

- 2017-11: $58.87 per share

- 2017-12: $59.53 per share

- 2018-01: $64.26 per share

- 2018-02: $61.81 per share

- 2018-03: $59.61 per share

- 2018-04: $59.83 per share

- 2018-05: $64.37 per share

- 2018-06: $59.57 per share

- 2018-07: $61.06 per share

- 2018-08: $62.03 per share

- 2018-09: $61.37 per share

- 2018-10: $51.13 per share

- 2018-11: $53.15 per share

- 2018-12: $49.61 per share

- 2019-01: $53.67 per share

- 2019-02: $55.05 per share

- 2019-03: $53.61 per share

- 2019-04: $61.05 per share

- 2019-05: $55.05 per share

- 2019-06: $56.37 per share

- 2019-07: $53.78 per share

- 2019-08: $52.34 per share

- 2019-09: $54.97 per share

- 2019-10: $55.66 per share

- 2019-11: $59.88 per share

- 2019-12: $59.64 per share

- 2020-01: $60.95 per share

- 2020-02: $55.75 per share

- 2020-03: $42.13 per share

- 2020-04: $43.95 per share

- 2020-05: $46.19 per share

- 2020-06: $45.89 per share

- 2020-07: $46.32 per share

- 2020-08: $50.48 per share

- 2020-09: $48.51 per share

- 2020-10: $50.96 per share

- 2020-11: $60.63 per share

- 2020-12: $63.78 per share

- 2021-01: $66.62 per share

- 2021-02: $77.83 per share

- 2021-03: $81.71 per share

- 2021-04: $87.19 per share

- 2021-05: $88.39 per share

- 2021-06: $86.60 per share

- 2021-07: $86.32 per share

- 2021-08: $93.27 per share

- 2021-09: $92.28 per share

- 2021-10: $98.59 per share

- 2021-11: $98.29 per share

- 2021-12: $100.40 per share

- 2022-01: $105.87 per share

- 2022-02: $109.65 per share

- 2022-03: $109.91 per share

- 2022-04: $97.46 per share

- 2022-05: $98.49 per share

- 2022-06: $89.41 per share

- 2022-07: $98.47 per share

- 2022-08: $104.37 per share

- 2022-09: $98.82 per share

- 2022-10: $118.14 per share

- 2022-11: $116.90 per share

- 2022-12: $106.85 per share

- 2023-01: $112.77 per share

- 2023-02: $108.46 per share

- 2023-03: $93.27 per share

- 2023-04: $90.53 per share

- 2023-05: $90.35 per share

- 2023-06: $103.77 per share

- 2023-07: $110.07 per share

- 2023-08: $104.59 per share

- 2023-09: $100.43 per share

- 2023-10: $95.44 per share

- 2023-11: $105.15 per share

- 2023-12: $111.50 per share

- 2024-01: $110.18 per share

- 2024-02: $120.32 per share

- 2024-03: $128.42 per share

- 2024-04: $122.00 per share

- 2024-05: $122.75 per share

- 2024-06: $123.61 per share

- 2024-07: $116.00 per share

- 2024-08: $119.57 per share

- 2024-09: $122.46 per share

- 2024-10: $148.22 per share

- 2024-11: $169.28 per share

- 2024-12: $155.33 per share

- 2025-01: $168.48 per share

- 2025-02: $154.67 per share

- 2025-03: $138.91 per share

- 2025-04: $137.04 per share

- 2025-05: $146.98 per share

- 2025-06: $153.37 per share

- 2025-07: $167.13 per share

- 2025-08: $169.44 per share

- 2025-09: $172.60 per share

- 2025-10: $158.67 per share

- 2025-11: $156.54 per share

- 2025-12: $160.59 per share

- 2026-01: $165.86 per share

- 2026-02: $153.08 per share

- 2026-03: $144.79 per share

- 2026-04: $158.32 per share

- 2026-05: $143.41 per share

- 2026-06: $152.03 per share

- 2026-07: $175.98 per share

- 2026-08: $178.17 per share

- 2026-09: $158.02 per share

- 2026-10: $157.37 per share

## Annual estimated value (USD per share)

- FY2016: low $41.31 per share, central $44.72 per share, high $49.27 per share

- FY2017: low $58.96 per share, central $69.27 per share, high $76.62 per share

- FY2018: low $66.30 per share, central $79.35 per share, high $88.28 per share

- FY2019: low $77.99 per share, central $97.74 per share, high $109.23 per share

- FY2020: low $114.13 per share, central $136.79 per share, high $149.98 per share

- FY2021: low $147.68 per share, central $179.89 per share, high $198.64 per share

- FY2022: low $168.95 per share, central $209.82 per share, high $233.63 per share

- FY2023: low $184.75 per share, central $227.89 per share, high $253.01 per share

- FY2024: low $186.90 per share, central $200.34 per share, high $218.22 per share

- FY2025: low $198.47 per share, central $213.83 per share, high $234.27 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/720005/000072000525000093/rjf-20250930.htm); period 2025-09-30, filed 2025-11-25.

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.