Jpmorgan Chase & Co. (AMJB) intrinsic value & 10-year financials
Jpmorgan Chase & Co. (AMJB) has a Graham intrinsic value of $423.17 per share. Over the last 10 fiscal years revenue grew 7.4% a year to $182.4B, with an average return on invested capital of 6.8%.
- Graham intrinsic value
- $423.17
- Revenue (FY2025)
- $182.4B
- Revenue growth (10-yr CAGR)
- 7.4%
- ROIC (10-yr avg)
- 6.8%
- Free cash flow (FY2025)
- —
AMJB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $182.4B | $57.0B | $20.02 | — | — | 15.6% |
| FY2024 | $177.6B | $58.5B | $19.75 | — | — | 31.4% |
| FY2023 | $158.1B | $49.6B | $16.23 | — | — | 85.1% |
| FY2022 | $128.7B | $37.7B | $12.09 | — | — | -60.4% |
| FY2021 | $121.6B | $48.3B | $15.36 | — | — | -86.1% |
| FY2020 | $119.5B | $29.1B | $8.88 | — | — | 18.1% |
| FY2019 | $115.6B | $36.4B | $10.72 | — | — | 13.3% |
| FY2018 | $109.0B | $32.5B | $9.00 | — | — | 17.6% |
| FY2017 | $99.6B | $24.4B | $6.31 | — | — | 18.3% |
| FY2016 | $95.7B | $24.7B | $6.19 | — | — | 15.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
JPMORGAN CHASE & CO has demonstrated mature, steady growth, with revenue compounding at 7.4% annually over the past decade.
JPMORGAN CHASE & CO has historically struggled to out-earn its cost of capital, averaging just 6.8% ROIC.
Over the decade, JPMORGAN CHASE & CO shows that management has aggressively returned capital to shareholders by retiring 23.8% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, JPMORGAN CHASE & CO is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $423.17 per share.