Raymond James Financial (RJF) intrinsic value & 10-year financials
Raymond James Financial (RJF) has a Graham intrinsic value of $292.71 per share. At $156.78 on Oct 17, 2026, the stock trades 46% below that value. Over the last 10 fiscal years revenue grew 12.5% a year to $15.9B, with an average return on invested capital of 101.5%.
- Graham intrinsic value
- $292.71
- Share price (Oct 17, 2026)
- $156.78
- Price vs Graham value
- 46% below
- Market cap
- $32.4B
- Revenue (FY2025)
- $15.9B
- Revenue growth (10-yr CAGR)
- 12.5%
- ROIC (10-yr avg)
- 101.5%
- Free cash flow (FY2025)
- $2.2B
RJF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.9B | $2.1B | $10.30 | $2.2B | — | — |
| FY2024 | $14.9B | $2.1B | $9.70 | $1.9B | — | — |
| FY2023 | $13.0B | $1.7B | $7.97 | -$3.7B | — | — |
| FY2022 | $11.3B | $1.5B | $6.98 | -$19.0M | — | 69.7% |
| FY2021 | $9.9B | $1.4B | $6.63 | $6.6B | — | 133.4% |
| FY2020 | $8.2B | $818.0M | $5.83 | $3.9B | — | — |
| FY2019 | $8.0B | $1.0B | $7.17 | $439.0M | — | — |
| FY2018 | $7.5B | $856.7M | $5.75 | $1.8B | — | — |
| FY2017 | $6.5B | $636.2M | $4.33 | $1.1B | — | — |
| FY2016 | $5.5B | $529.4M | $3.65 | -$640.1M | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Raymond James Financial is a consistent compounder, expanding top-line revenue at 12.5% annually over the past decade.
Raymond James Financial has earned high returns on invested capital, averaging 101.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Raymond James Financial has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Raymond James Financial is modeled at 12.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $292.71 per share.