JPMorgan Chase & Co. (JPM) Stock Analysis — Graham Number, Scorecard & Financials

NYSE · Financial Services

JPMorgan Chase & Co.

JPM · Banks - Diversified

$307.33

▼ -5.14 (-1.64%)

Data cached · refreshes every 10 min

Mr. Market is currently offering JPMorgan Chase & Co. at $307.33.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 31.4%

Fin. Health F

Years to Pay Off Debt 8.8 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.41x

Cash Flow F

Free Cash Flow -$147.8B

5/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $823.5B

Enterprise Value $596.2B

P/E (TTM) 14.71

Dividend Yield 1.89%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 31.4%

Company Info

Sector Financial Services

Industry Banks - Diversified

Employees 320079

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering JPMorgan Chase & Co. at $307.33.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $307.33, the stock trades at a 28% premium to its Graham Number of $239.92. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. The company offers deposit, investment and lending products, and cash management; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, payment solutions, travel services, merchant offers, lifestyle benefits, auto loans, and leases to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. It also provides investment banking, market-making, financing, custody, and securities products and services; corporate strategy and structure advisory, equity and debt market capital-raising, and loan origination and syndication services; cash and derivative instruments, risk management solutions, prime brokerage, clearing, and research; and fund services, liquidity and trading services, and data solutions products for large corporations, financial institutions, merchants, start-ups, small and midsized companies, local governments, municipalities, nonprofits, and commercial real estate clients. In addition, the company offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; retirement products and services, estate planning, lending, deposits, and investment management products to high-net-worth clients; and financial transaction processing. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	31.4% ▼	34.5%	32.0%	29.5%
Diluted EPS	20.02 ▲	19.75	16.23	12.09

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$4,424.9B	$4,002.8B	$3,875.4B	$3,665.7B
Total Debt	$500.0B ↑	$454.3B	$436.5B	$339.9B
Working Capital	N/A •	N/A	N/A	N/A
Years to Pay Debt	8.76	7.77	8.81	9.02

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$147.8B ▼	-$42.0B	$13.0B	$107.1B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	220,586	1,294,404	-447,272	119,232
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	1,030,000	5,851,000	-2,282,000	648,000
Total Unusual Items Excluding Goodwill	1,030,000	5,851,000	-2,282,000	648,000
Net Income From Continuing Operation Net Minority Interest	57,048,000	58,471,000	49,552,000	37,676,000
Reconciled Depreciation	8,821,000	7,938,000	7,512,000	7,051,000
Net Interest Income	95,443,000	92,583,000	89,267,000	66,710,000
Interest Expense	97,898,000	101,350,000	81,321,000	26,097,000
Interest Income	193,341,000	193,933,000	170,588,000	92,807,000
Normalized Income	56,238,586	53,914,404	51,386,728	37,147,232
Net Income From Continuing And Discontinued Operation	57,048,000	58,471,000	49,552,000	37,676,000
Diluted Average Shares	2,781,500	2,879,000	2,943,100	2,970,000
Basic Average Shares	2,776,500	2,873,900	2,938,600	2,965,800
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	55,681,000	56,868,000	47,760,000	35,892,000
Net Income Common Stockholders	55,681,000	56,868,000	47,760,000	35,892,000
Otherunder Preferred Stock Dividend	268,000	344,000	291,000	189,000
Preferred Stock Dividends	1,099,000	1,259,000	1,501,000	1,595,000
Net Income	57,048,000	58,471,000	49,552,000	37,676,000
Net Income Including Noncontrolling Interests	57,048,000	58,471,000	49,552,000	37,676,000
Net Income Continuous Operations	57,048,000	58,471,000	49,552,000	37,676,000
Tax Provision	15,547,000	16,610,000	12,060,000	8,490,000
Pretax Income	72,595,000	75,081,000	61,612,000	46,166,000
Special Income Charges	1,030,000	5,851,000	-2,282,000	648,000
Other Special Charges	-402,000	-6,525,000	4,336,000	-648,000
Restructuring And Mergern Acquisition	-628,000	674,000	-2,054,000	0
Gain On Sale Of Security	-29,000	-1,045,000	-3,218,000	-2,434,000
Selling General And Administration	60,018,000	56,331,000	51,056,000	45,547,000
Selling And Marketing Expense	5,531,000	4,974,000	4,591,000	3,911,000
General And Administrative Expense	54,487,000	51,357,000	46,465,000	41,636,000
Salaries And Wages	54,487,000	51,357,000	46,465,000	41,636,000
Total Revenue	181,847,000	169,439,000	154,952,000	127,727,000
Operating Revenue	181,847,000	169,439,000	154,952,000	127,727,000
Occupancy And Equipment	16,490,000	14,857,000	13,836,000	14,054,000
Professional Expense And Contract Services Expense	12,356,000	11,057,000	10,235,000	10,174,000
Other Non Interest Expense	7,178,000	7,310,000	6,649,000	6,099,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	1,408,661	1,307,313	1,228,275	1,170,676
Preferred Shares Number	391,850	391,850	391,850	391,850
Ordinary Shares Number	2,696,273	2,797,620	2,876,659	2,934,258
Share Issued	4,104,934	4,104,934	4,104,934	4,104,934
Net Debt	156,644,000
Total Debt	499,982,000	454,311,000	436,537,000	339,892,000
Tangible Book Value	277,935,000	260,148,000	236,093,000	204,069,000
Invested Capital	842,375,000	779,019,000	737,011,000	604,820,000
Net Tangible Assets	297,980,000	280,198,000	263,497,000	231,473,000
Common Stock Equity	342,393,000	324,708,000	300,474,000	264,928,000
Preferred Stock Equity	20,045,000	20,050,000	27,404,000	27,404,000
Total Capitalization	796,408,000	746,176,000	719,703,000	588,197,000
Total Equity Gross Minority Interest	362,438,000	344,758,000	327,878,000	292,332,000
Stockholders Equity	362,438,000	344,758,000	327,878,000	292,332,000
Gains Losses Not Affecting Retained Earnings	-4,290,000	-12,456,000	-10,443,000	-17,341,000
Other Equity Adjustments	-4,290,000	-12,456,000	-10,443,000	-17,341,000
Treasury Stock	164,591,000	134,018,000	116,217,000	107,336,000
Retained Earnings	416,055,000	376,166,000	332,901,000	296,456,000
Additional Paid In Capital	91,114,000	90,911,000	90,128,000	89,044,000
Capital Stock	24,150,000	24,155,000	31,509,000	31,509,000
Common Stock	4,105,000	4,105,000	4,105,000	4,105,000
Preferred Stock	20,045,000	20,050,000	27,404,000	27,404,000
Total Liabilities Net Minority Interest	4,062,462,000	3,658,056,000	3,547,515,000	3,373,411,000
Long Term Debt And Capital Lease Obligation	433,970,000	401,418,000	391,825,000	295,865,000
Long Term Debt	433,970,000	401,418,000	391,825,000	295,865,000
Current Debt And Capital Lease Obligation	66,012,000	52,893,000	44,712,000	44,027,000
Current Debt	66,012,000	52,893,000	44,712,000	44,027,000
Other Current Borrowings	66,012,000	52,893,000	44,712,000	44,027,000
Payables And Accrued Expenses	347,123,000	305,933,000	317,954,000	339,982,000
Payables	347,123,000	305,933,000	317,954,000	339,982,000
Other Payable	160,465,000	152,780,000	155,994,000	151,290,000
Accounts Payable	186,658,000	153,153,000	161,960,000	188,692,000
Total Assets	4,424,900,000	4,002,814,000	3,875,393,000	3,665,743,000
Investments And Advances	1,406,543,000	1,172,872,000	973,946,000	982,116,000
Held To Maturity Securities	270,134,000	274,468,000	369,848,000	425,305,000
Trading Securities	636,946,000	501,714,000	411,613,000	360,112,000
Goodwill And Other Intangible Assets	64,458,000	64,560,000	64,381,000	60,859,000
Other Intangible Assets	11,727,000	11,995,000	11,747,000	9,197,000
Goodwill	52,731,000	52,565,000	52,634,000	51,662,000
Net PPE	36,244,000	32,223,000	30,157,000	27,734,000
Gross PPE	36,244,000	32,223,000	30,157,000	27,734,000
Other Properties	17,203,000	15,349,000	15,295,000	14,248,000
Properties	19,041,000	16,874,000	14,862,000	13,486,000
Receivables	111,599,000	101,223,000	107,363,000	125,189,000
Accounts Receivable	111,599,000	101,223,000	107,363,000	125,189,000
Other Short Term Investments	499,463,000	396,690,000	192,485,000	196,699,000
Cash And Cash Equivalents	343,338,000	469,317,000	624,151,000	567,234,000
Cash Financial	21,742,000	23,372,000	29,066,000	27,697,000
Cash Cash Equivalents And Federal Funds Sold	679,764,000	764,318,000	900,303,000	882,826,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-147,782,000	-42,012,000	12,974,000	107,119,000
Repurchase Of Capital Stock	-34,591,000	-28,680,000	-9,824,000	-10,596,000
Repayment Of Debt	-108,100,000	-96,605,000	-64,880,000	-45,556,000
Issuance Of Debt	120,761,000	109,915,000	75,417,000	78,442,000
Issuance Of Capital Stock	3,000,000	2,500,000	0	0
Interest Paid Supplemental Data	96,436,000	99,642,000	77,114,000	23,143,000
Income Tax Paid Supplemental Data	5,309,000	11,715,000	9,908,000	4,355,000
End Cash Position	343,338,000	469,317,000	624,151,000	567,234,000
Beginning Cash Position	469,317,000	624,151,000	567,234,000	740,834,000
Effect Of Exchange Rate Changes	17,835,000	-12,866,000	1,871,000	-16,643,000
Changes In Cash	-143,814,000	-141,968,000	55,046,000	-156,957,000
Financing Cash Flow	269,533,000	63,447,000	-25,571,000	-126,257,000
Cash Flow From Continuing Financing Activities	269,533,000	63,447,000	-25,571,000	-126,257,000
Net Other Financing Charges	-3,037,000	74,000	7,508,000	2,439,000
Cash Dividends Paid	-16,625,000	-14,783,000	-13,463,000	-13,562,000
Net Preferred Stock Issuance	0	-7,350,000	0	-7,434,000
Preferred Stock Payments	-3,000,000	-9,850,000	0	-7,434,000
Preferred Stock Issuance	3,000,000	2,500,000	0	0
Net Common Stock Issuance	-31,591,000	-18,830,000	-9,824,000	-3,162,000
Common Stock Payments	-31,591,000	-18,830,000	-9,824,000	-3,162,000
Net Issuance Payments Of Debt	22,083,000	20,749,000	8,603,000	23,902,000
Net Short Term Debt Issuance	9,422,000	7,439,000	-1,934,000	-8,984,000
Net Long Term Debt Issuance	12,661,000	13,310,000	10,537,000	32,886,000
Long Term Debt Payments	-108,100,000	-96,605,000	-64,880,000	-45,556,000
Long Term Debt Issuance	120,761,000	109,915,000	75,417,000	78,442,000
Investing Cash Flow	-265,565,000	-163,403,000	67,643,000	-137,819,000
Cash Flow From Continuing Investing Activities	-265,565,000	-163,403,000	67,643,000	-137,819,000
Net Other Investing Changes	-12,665,000	-2,146,000	-16,740,000	-11,932,000
Net Investment Purchase And Sale	-80,704,000	-114,934,000	95,594,000	12,467,000
Sale Of Investment	233,500,000	242,487,000	215,234,000	172,401,000
Purchase Of Investment	-314,204,000	-357,421,000	-119,640,000	-159,934,000
Net Business Purchase And Sale	0	-2,362,000	-9,920,000	0
Purchase Of Business	0	-2,362,000	-9,920,000	0
Operating Cash Flow	-147,782,000	-42,012,000	12,974,000	107,119,000
Cash Flow From Continuing Operating Activities	-147,782,000	-42,012,000	12,974,000	107,119,000
Change In Working Capital	-218,801,000	-114,220,000	-56,168,000	32,686,000
Change In Other Working Capital	-199,975,000	-112,215,000	-83,678,000	-76,000
Change In Other Current Assets	-12,582,000	-7,650,000	32,970,000	-2,882,000
Change In Payables And Accrued Expense	5,270,000	-90,000	-25,388,000	58,614,000
Change In Payable	5,270,000	-90,000	-25,388,000	58,614,000
Change In Account Payable	5,270,000	-90,000	-25,388,000	58,614,000
Change In Receivables	-11,514,000	5,735,000	19,928,000	-22,970,000
Changes In Account Receivables	-11,514,000	5,735,000	19,928,000	-22,970,000
Other Non Cash Items	-14,673,000	1,107,000	7,292,000	26,055,000
Deferred Tax	5,611,000	2,004,000	-4,534,000	-2,738,000
Deferred Income Tax	5,611,000	2,004,000	-4,534,000	-2,738,000
Depreciation Amortization Depletion	8,821,000	7,938,000	7,512,000	7,051,000
Depreciation And Amortization	8,821,000	7,938,000	7,512,000	7,051,000
Operating Gains Losses		-7,990,000	-2,775,000
Gain Loss On Investment Securities	0	-7,990,000	0	0
Gain Loss On Sale Of Business			-2,775,000	0	0
Net Income From Continuing Operations	57,048,000	58,471,000	49,552,000	37,676,000

These metrics estimate what JPMorgan Chase & Co. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$239.92

Margin of Safety

Market Cap ÷ Company Value

2.20

P/B Ratio

2.41

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$181.8B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.89%

vs Uninterrupted dividends

✅ Earnings Growth

+65.6% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

14.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.41x P/B (P/E×P/B: 35.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$34.6B	-$28.7B	-$9.8B	-$10.6B	N/A
Free Cash Flow	-$147.8B ▼	-$42.0B ▼	$13.0B ▼	$107.1B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Banks - Diversified. You can manually compare JPM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.41%

Low — management has little skin in the game

Return on Equity (ROE)

16.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

1.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$34.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+10.1% YoY

Debt is growing — management is leveraging up

Leadership Team

James Dimon

Chairman & CEO

Age 69

Pay: $8,087,852

0.014% of net income

Jeremy Barnum

Executive VP & CFO

Age 52

Pay: $8,400,000

0.015% of net income

Mary Callahan Erdoes

Chief Executive Officer of Asset & Wealth Management and Executive VP

Age 58

Pay: $13,000,000

0.023% of net income

Daniel Eduardo Pinto

Vice Chairman

Age 62

Pay: $6,616,871

0.012% of net income

Douglas Petno

Co-Chief Executive Officer of the Commercial & Investment Bank

Age 59

Pay: $11,631,825

0.020% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.91%	265,758,185
Blackrock Inc.	7.89%	211,596,732
State Street Corporation	4.67%	125,342,135
Morgan Stanley	2.48%	66,385,268
Geode Capital Management, LLC	2.28%	61,268,688
Bank of America Corporation	2.11%	56,719,109
FMR, LLC	1.33%	35,700,719
NORGES BANK	1.32%	35,368,681

Risk Analysis

Beta (Market Risk)

1.02

Moderate volatility — moves slightly more than market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $248.83 Current: $307.33 High: $337.25

Currently at 66% of 52-week range

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