NYSE · Financial Services

JPMorgan Chase & Co.

JPM · Banks - Diversified

$325.22

▼ -8.24 (-2.47%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Net Income Margin 33.1%

Fin. Health

F⤢

Years to Pay Off Debt 31.3 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.53x

Cash Flow

F⤢

Free Cash Flow -$211.8B

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

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.

Market Data

Market Cap $871.4B

Enterprise Value $646.2B

P/E (TTM) 15.57

Dividend Yield 1.77%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 33.1%

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 $325.22.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $325.22, the stock trades at a 148% premium to its Graham Number of $130.99. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A
Net Income %	33.1%▲	28.4%•	N/A
Diluted EPS	5.94▲	4.63•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$4,900.5B	$4,424.9B	N/A
Total Debt	$516.8B▲	$500.0B•	N/A
Working Capital	N/A•	N/A•	N/A
Years to Pay Debt	31.33	38.39	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$211.8B▼	$119.7B•	N/A
Owner Earnings	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-43,393	169,400
Tax Rate For Calcs	0	0
Total Unusual Items	-223,000	703,000
Total Unusual Items Excluding Goodwill	-223,000	703,000
Net Income From Continuing Operation Net Minority Interest	16,494,000	13,025,000
Reconciled Depreciation	2,364,000	2,312,000
Net Interest Income	25,366,000	24,995,000
Interest Expense	23,825,000	23,813,000
Interest Income	49,191,000	48,808,000
Normalized Income	16,673,607	12,491,400
Net Income From Continuing And Discontinued Operation	16,494,000	13,025,000
Diluted Average Shares	2,720,200	2,740,500
Basic Average Shares	2,716,200	2,735,300
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	16,148,000	12,690,000
Net Income Common Stockholders	16,148,000	12,690,000
Otherunder Preferred Stock Dividend	70,000	55,000
Preferred Stock Dividends	276,000	280,000
Net Income	16,494,000	13,025,000
Net Income Including Noncontrolling Interests	16,494,000	13,025,000
Net Income Continuous Operations	16,494,000	13,025,000
Tax Provision	3,985,000	4,135,000
Pretax Income	20,479,000	17,160,000
Special Income Charges	-223,000	703,000
Other Special Charges	223,000	-703,000
Restructuring And Mergern Acquisition		0	162,000
Gain On Sale Of Security	61,000	-73,000
Selling General And Administration	17,275,000	14,586,000
Selling And Marketing Expense	1,604,000	1,468,000
General And Administrative Expense	15,671,000	13,118,000
Insurance And Claims	332,000
Salaries And Wages	15,339,000	13,118,000
Total Revenue	49,833,000	45,796,000
Operating Revenue	49,833,000	45,796,000
Occupancy And Equipment	4,468,000	4,383,000
Professional Expense And Contract Services Expense	3,483,000	3,338,000
Other Non Interest Expense	1,401,000	2,379,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	1,425,422	1,408,661
Preferred Shares Number	391,850	391,850
Ordinary Shares Number	2,679,511	2,696,273
Share Issued	4,104,934	4,104,934
Net Debt	204,670,000	156,644,000
Total Debt	516,812,000	499,982,000
Tangible Book Value	279,704,000	277,935,000
Invested Capital	860,805,000	842,375,000
Net Tangible Assets	299,749,000	297,980,000
Common Stock Equity	343,993,000	342,393,000
Preferred Stock Equity	20,045,000	20,045,000
Total Capitalization	812,802,000	796,408,000
Total Equity Gross Minority Interest	364,038,000	362,438,000
Stockholders Equity	364,038,000	362,438,000
Gains Losses Not Affecting Retained Earnings	-6,689,000	-4,290,000
Other Equity Adjustments	-6,689,000	-4,290,000
Treasury Stock	171,716,000	164,591,000
Retained Earnings	428,206,000	416,055,000
Additional Paid In Capital	90,087,000	91,114,000
Capital Stock	24,150,000	24,150,000
Common Stock	4,105,000	4,105,000
Preferred Stock	20,045,000	20,045,000
Total Liabilities Net Minority Interest	4,536,437,000	4,062,462,000
Long Term Debt And Capital Lease Obligation	448,764,000	433,970,000
Long Term Debt	448,764,000	433,970,000
Current Debt And Capital Lease Obligation	68,048,000	66,012,000
Current Debt	68,048,000	66,012,000
Other Current Borrowings	68,048,000	66,012,000
Payables And Accrued Expenses	51,290,000	347,123,000
Payables	51,290,000	347,123,000
Other Payable	51,290,000	160,465,000
Accounts Payable		186,658,000	153,153,000
Total Assets	4,900,475,000	4,424,900,000
Investments And Advances	1,626,063,000	1,406,543,000
Held To Maturity Securities	272,142,000	270,134,000
Trading Securities	814,300,000	636,946,000
Goodwill And Other Intangible Assets	64,289,000	64,458,000
Other Intangible Assets	11,583,000	11,727,000
Goodwill	52,706,000	52,731,000
Net PPE	36,771,000	36,244,000
Gross PPE		36,244,000	32,223,000
Other Properties		17,203,000	15,349,000
Properties		19,041,000	16,874,000
Receivables	142,334,000	111,599,000
Accounts Receivable	142,334,000	111,599,000
Other Short Term Investments	539,621,000	499,463,000
Cash And Cash Equivalents	312,142,000	343,338,000
Cash Financial	22,039,000	21,742,000
Cash Cash Equivalents And Federal Funds Sold	794,846,000	679,764,000

Cash Flow

	2026	2025
Free Cash Flow	-211,761,000	119,724,000
Repurchase Of Capital Stock	-8,325,000	-8,264,000
Repayment Of Debt	-31,938,000	-29,488,000
Issuance Of Debt	49,898,000	35,747,000
Issuance Of Capital Stock	0	0
Interest Paid Supplemental Data	23,414,000	23,657,000
Income Tax Paid Supplemental Data	917,000	2,136,000
End Cash Position	312,142,000	343,338,000
Beginning Cash Position	343,338,000	303,436,000
Effect Of Exchange Rate Changes	-2,343,000	-3,147,000
Changes In Cash	-28,853,000	43,049,000
Financing Cash Flow	400,677,000	-123,557,000
Cash Flow From Continuing Financing Activities	400,677,000	-123,557,000
Net Other Financing Charges	-2,648,000	-827,000
Cash Dividends Paid	-4,374,000	-4,417,000
Preferred Stock Payments	0	0
Preferred Stock Issuance	0	0
Net Common Stock Issuance	-8,325,000	-8,264,000
Common Stock Payments	-8,325,000	-8,264,000
Net Issuance Payments Of Debt	21,398,000	1,516,000
Net Short Term Debt Issuance	3,438,000	-4,743,000
Net Long Term Debt Issuance	17,960,000	6,259,000
Long Term Debt Payments	-31,938,000	-29,488,000
Long Term Debt Issuance	49,898,000	35,747,000
Investing Cash Flow	-217,769,000	46,882,000
Cash Flow From Continuing Investing Activities	-217,769,000	46,882,000
Net Other Investing Changes	-3,072,000	-3,272,000
Net Investment Purchase And Sale	-48,926,000	8,246,000
Sale Of Investment	71,688,000	60,483,000
Purchase Of Investment	-120,614,000	-52,237,000
Operating Cash Flow	-211,761,000	119,724,000
Cash Flow From Continuing Operating Activities	-211,761,000	119,724,000
Change In Working Capital	-241,031,000	109,820,000
Change In Other Working Capital	-234,980,000	85,688,000
Change In Other Current Assets	-11,614,000	-5,023,000
Change In Payables And Accrued Expense	36,857,000	-714,000
Change In Payable	36,857,000	-714,000
Change In Account Payable	36,857,000	-714,000
Change In Receivables	-31,294,000	29,869,000
Changes In Account Receivables	-31,294,000	29,869,000
Other Non Cash Items	7,782,000	-11,548,000
Deferred Tax	123,000	1,460,000
Deferred Income Tax	123,000	1,460,000
Depreciation Amortization Depletion	2,364,000	2,312,000
Depreciation And Amortization	2,364,000	2,312,000
Net Income From Continuing Operations	16,494,000	13,025,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $45.3B ▲ $49.8B +9.9%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Net Margin

Prior year: 32.3% ▲ 33.1% +0.8pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$49.8B/qtr (≈$199.3B ann.)

vs > $1.5B annualised revenue

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$211.8B

vs Positive

Operating Cash Flow

-$211.8B

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

2.4x

Net Assets: $364.0B

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

0.38%

Low — management has little skin in the game

Return on Equity (ROE)

4.8%

Weak — poor returns on equity

Return on Assets (ROA)

0.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$34.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+3.4% YoY

Debt is roughly stable

Leadership Team

James Dimon

Chairman & CEO

Age 69

Pay: $8,087,852

0.049% of net income

Jeremy Barnum

Executive VP & CFO

Age 52

Pay: $8,400,000

0.051% of net income

Mary Callahan Erdoes

Chief Executive Officer of Asset & Wealth Management and Executive VP

Age 58

Pay: $13,000,000

0.079% of net income

Daniel Eduardo Pinto

Vice Chairman

Age 62

Pay: $6,616,871

0.040% of net income

Douglas Petno

Co-Chief Executive Officer of the Commercial & Investment Bank

Age 59

Pay: $11,631,825

0.071% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	7.77%	208,220,293
Vanguard Capital Management LLC	6.17%	165,278,733
State Street Corporation	4.64%	124,276,661
Morgan Stanley	2.56%	68,544,442
Vanguard Portfolio Management LLC	2.45%	65,580,826
Bank of America Corporation	2.45%	65,660,460
Geode Capital Management, LLC	2.33%	62,550,814
Northern Trust Corporation	1.17%	31,221,042

Risk Analysis

Beta (Market Risk)

1.00

Low volatility — more stable than the market

Short Interest

1.1% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $272.11 Current: $325.22 High: $338.09

Currently at 80% of 52-week range