Jpmorgan Chase & Co. (JPM) intrinsic value & 10-year financials
Jpmorgan Chase & Co. (JPM) has a Graham intrinsic value of $423.17 per share. At $339.72 on Oct 17, 2026, the stock trades 20% below that value. Over the last 10 fiscal years revenue grew 7.4% a year to $182.4B, with an average return on invested capital of 13.3%.
- Graham intrinsic value
- $423.17
- Share price (Oct 17, 2026)
- $339.72
- Price vs Graham value
- 20% below
- Market cap
- $944.9B
- Revenue (FY2025)
- $182.4B
- Revenue growth (10-yr CAGR)
- 7.4%
- ROIC (10-yr avg)
- 13.3%
- Free cash flow (FY2025)
- —
JPM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $182.4B | $57.0B | $20.02 | — | — | — |
| FY2024 | $177.6B | $58.5B | $19.75 | — | — | — |
| FY2023 | $158.1B | $49.6B | $16.23 | — | — | — |
| FY2022 | $128.7B | $37.7B | $12.09 | — | — | — |
| FY2021 | $121.6B | $48.3B | $15.36 | — | — | — |
| FY2020 | $119.5B | $29.1B | $8.88 | — | — | — |
| FY2019 | $115.6B | $36.4B | $10.72 | — | — | — |
| FY2018 | $109.0B | $32.5B | $9.00 | — | — | — |
| FY2017 | $99.6B | $24.4B | $6.31 | — | — | — |
| FY2016 | $95.7B | $24.7B | $6.19 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
JPMorgan Chase has demonstrated mature, steady growth, with revenue compounding at 7.4% annually over the past decade.
JPMorgan Chase is evaluated as a financial franchise, with average ROE near 13.6% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, JPMorgan Chase 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 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.