Raymond James Financial Inc. (RJF)

NYSE: RJF · USD

$157

-0.81 (-0.5%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: RJF rated Buy

Raymond James Financial Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$190 / share

Potential value

$258 / share

Upside to FV

+19.8%

from $157

Moat

7/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$30.4B
Revenue (ttm)	15.2B
Net income (ttm)	2.3B
EPS (ttm)	$11.5
Shares out	192.4M
P/E (trailing)	13.7x
P/E (forward)	11.3x
Dividend	$2.16 (1.37%)
Volume	1,501,961
Beta	0.95

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 15.2B
Net income (ttm): 2.3B
EPS (ttm): $11.5
P/E (trailing): 13.7x
P/E (forward): 11.3x
Market cap: $30.4B

Item	P1	P2	P3	P4	P5	Trend
Period	2022-09-30	2023-09-30	2024-09-30	2025-09-30	2026-09-30	Trend
Revenue	$11.31B	$12.99B	$14.92B	$15.91B	—	+12.1%
Gross profit	$10.75B	$11.20B	$12.59B	$14.03B	—	+9.3%
Operating income	$2.02B	$7.21B	$2.64B	$4.56B	—	+31.1%
Net income	$1.51B	$1.74B	$2.07B	$2.14B	—	+12.3%
EPS (diluted)	$6.98	$7.97	$9.70	$10.30	$8.72	+5.7%
EBITDA	$2.17B	$7.38B	$2.82B	$4.76B	—	+30.0%
R&D	$0	$0	—	—	—	+0.0%
SG&A	$7.33B	$7.30B	$8.21B	$7.24B	—	-0.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	强力买入
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	强力买入
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	持有
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	买入
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	强力买入
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	买入

Base and Bull scenarios

Base60%

Price target

$189.51

+19.8% from spot

The base case reflects steady organic asset gathering across Private Client Group affiliation channels, supported by disciplined non-compensation cost containment. At $158.21, the shares trade at an attractive discount to Fair value of $189.51, offering an implied upside of 19.8%. Under this path, the target reaches $189.51 with a probability of 60.0%, representing an expected return of 19.8%. Disconfirmation would occur if organic asset recruitment decelerates materially over consecutive reporting cycles.

Private Client Group organic net new asset recruitment sustains mid-single-digit expansion
Annual non-compensation overhead remains aligned with management targets
Active common share repurchases consistently outpace stock-based compensation dilution

Bull20%

Price target

$258.24

+63.2% from spot

The upside case envisions accelerating adviser recruiting across employee and independent channels, driving organic asset growth into the high single digits. A concurrent rebound in M&A advisory pipelines unfreezes capital markets activity, expanding operating margins toward top peer levels. Under this path, the target reaches $258.24 with a probability of 20.0%, representing an implied return of 63.2% toward Potential value of $258.24. Disconfirmation would emerge if transaction backlogs fail to convert as buyer-seller valuation spreads adjust.

Adviser recruitment surges across both independent and employee wealth channels
Capital markets advisory and underwriting transactions rebound strongly
Operating margins expand toward upper peer benchmarks

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($189.51). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.7%	$205	$210	$215	$221	$227
8.2%	$193	$197	$201	$206	$211
8.7%	$183	$186	$190	$193	$197
9.2%	$173	$176	$179	$182	$186
9.7%	$165	$168	$170	$173	$176

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E11.4

P25 8.7P50 10.4P75 12.8

Trailing P/E13.8

P25 10.7P50 13.5P75 31.8

ROE18.4

P25 4.9P50 11P75 15.4

ROIC12.2

P25 -0.7P50 6.7P75 12.6

Benchmarks · 1M

All RJF indicators

Market & fundamental data

Available fields

262

Groups with data

Currency

USD

Showing 262 of 262 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000720005
Company name	Raymond James Financial, Inc.
Country	United States
Country code	US
CUSIP number	754730109
Earnings date	2026-10-28
Earnings time	amc
Employees	19,500
Employees change	500
Employees growth	2.63%
Enterprise value	$20.3B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	September
Founded	1962
In index	SP500
Industry	Asset Management
Is primary listing	Yes
Is SPAC	No
ISIN number	US7547301090
Last 10-K release date	2025-11-25
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split date	2021-09-22
Last stock split type	Forward
Market cap	$30.3B
Market cap category	Large-Cap
Next earnings date	2027-01-27
Options	Yes
Price	$157.32
Price currency	USD
Sector	Financials
SIC code	6211
Stock price date	2026-10-28
Symbol	RJF
U.S. state	Florida
Website	https://www.raymondjames.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	13.18x
Average P/E ratio (10Y)	14.3x
Average P/E ratio (3Y)	13.87x
Average P/E ratio (5Y)	13.77x
Earnings yield	7.3%
EV/Earnings	8.84x
EV/FCF	14.1x
EV/Sales	1.33x
FCF / EV yield	7.09%
FCF yield	4.77%
Forward EV/Sales	1.18x
Forward P/E	11.47x
Forward P/S	1.75x
Graham number	130.66011
Graham upside	-16.95%
Industry forward P/E	12.81x
Industry P/E	27.36x
Lynch fair value	$163.36
Lynch upside	3.84%
P/(FCF - SBC) ratio	25.13x
P/(OCF - SBC) ratio	21.6x
P/B ratio	2.39x
P/E ratio	13.7x
P/FCF ratio	20.99x
P/OCF ratio	18.46x
P/S ratio	1.99x
PEG ratio	0.6x
Price / tangible book value	3x
Sector forward P/E	13.61x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
Effective tax rate	21.67%
FCF margin	9.46%
Gross margin	93.16%
Operating margin	19.25%
Pretax margin	19.32%
Profit margin	15.13%
Profit per employee	$117,897
Profitable quarters	127
Profitable years	32
Revenue per employee	$781,538
ROA	2.58%
ROA (5Y)	2.38%
ROE	18.42%
ROE (5Y)	17.89%
ROIC	12.22%
ROIC (5Y)	12.65%
SBC / revenue	1.56%
Tax / revenue	4.19%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	12.43%
EPS growth (Q)	41.98%
EPS growth (QoQ)	10.66%
EPS growth 10Y	17.79%
EPS growth 3Y	13.11%
EPS growth 5Y	15.41%
EPS growth quarters	2
EPS growth years	5
FCF growth	-26.2%
FCF growth 5Y	-15.85%
Net income growth	8.11%
Net income growth (Q)	36.47%
Net income growth (QoQ)	9.59%
Net income growth 3Y	9.88%
Net income growth 5Y	14.23%
Net income growth quarters	2
Net income growth years	5
OCF growth	-23.7%
OCF growth 10Y	15.32%
OCF growth 5Y	-14.29%
Operating income growth	2.34%
Operating income growth (Q)	12.39%
Operating income growth 3Y	7.71%
Operating income growth 5Y	12.44%
Revenue growth	10.67%
Revenue growth (Q)	15.07%
Revenue growth (QoQ)	2.68%
Revenue growth 10Y	11.26%
Revenue growth 3Y	10.66%
Revenue growth 5Y	10.84%
Revenue growth quarters	24
Revenue growth years	16

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-197M
EPS	$11.48
FCF per share	$7.50
Financing cash flow	$5.5B
Free cash flow	$1.4B
Free cash flow minus SBC	$1.2B
Gross profit	$14.2B
Income taxes	$638M
Investing cash flow	$-6.7B
Net borrowing	$1.6B
Net cash flow	$289M
Net income	$2.3B
Operating cash flow minus SBC	$1.4B
Operating income	$2.9B
Revenue	$15.2B
Stock-based compensation	$238M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$66.10
Debt / equity	0.48
Debt / FCF	4.22
Net cash (debt)	$9.9B
Net cash / market cap	32.83%
Net cash growth	-7.8%
Net debt / equity	-0.78
Net debt / FCF	-6.89
Piotroski F-Score	4
Property, plant and equipment	$1.3B
Shareholders' equity	$12.8B
Tangible book value	$10.1B
Tangible book value per share	$52.52
Total assets	$94.2B
Total cash	$16B
Total debt	$6.1B
Total liabilities	$81.5B
WACC	7.87%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.17
Current ratio	2.11
Quick ratio	2.1
Working capital	$42.3B
Working capital turnover	0.38

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.82%
Dividend growth	8%
Dividend growth (10Y)	15.01%
Dividend growth (3Y)	8.74%
Dividend growth (5Y)	15.74%
Dividend growth years	1
Dividend payment date	2026-10-15
Dividend payment years	42
Dividend payout frequency	Quarterly
Dividend per share	$2.16
Dividend yield	1.37%
Ex-dividend date	2026-10-01
FCF payout ratio	28.81%
Last dividend	$0.54
Payout ratio	18.82%
Shareholder yield	5.19%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	280.86%
10Y return CAGR	16%
10Y total return	340.96%
150-day SMA	$160.76
15Y price change	634.45%
15Y return CAGR	15.87%
15Y total return	811.11%
1D price change	-0.51%
1M price change	-1.6%
1M total return	-1.26%
1W price change	1.05%
1W total return	1.05%
1Y price change	-2.72%
1Y return CAGR	-1.34%
1Y total return	-1.34%
20-day SMA	$157.70
200-day SMA	$160.23
20Y price change	652.73%
20Y return CAGR	12.3%
20Y total return	917.42%
3M price change	-9.38%
3M total return	-9.07%
3Y price change	66.42%
3Y return CAGR	20.17%
3Y total return	73.55%
50-day SMA	$165.24
50-day SMA vs 200-day SMA	50over200
52-week high	$182.73
52-week high date	2026-08-06
52-week low	$138.82
52-week low date	2026-04-02
5Y price change	57.53%
5Y return CAGR	11.11%
5Y total return	69.35%
6M price change	1.96%
6M total return	2.67%
All-time high	$182.73
All-time high date	2026-08-06
All-time low	$0.28
All-time low date	1985-04-24
Average true range (ATR)	$3.18
Average volume	1.1M
Beta (1Y)	0.63
Beta (2Y)	1.07
Beta (5Y)	0.95
Change from 52-week high	-13.91%
Change from 52-week low	13.33%
Change from all-time high	-13.91%
Change from all-time low	55,647.7%
Change from open	-0.3%
Day's gap	-0.2%
Dollar volume	$236.3M
High price	$158.05
Low price	$155.55
Monthly RSI	52.51
Open price	$157.80
Position in 52-week range	70.8%
Premarket change	0.25%
Premarket close	$158.12
Premarket price	$158.51
Previous close	$158.12
Price vs 150-day SMA	-2.14%
Price vs 20-day SMA	-0.24%
Price vs 200-day SMA	-1.82%
Price vs 50-day SMA	-4.8%
Relative volume	1.36
RSI	43.49
Sharpe ratio	-0.09
Sharpe ratio (3Y)	0.7
Sharpe ratio (5Y)	0.36
Sortino ratio	0.09
Sortino ratio (3Y)	1.23
Sortino ratio (5Y)	0.71
Volume	1.5M
Weekly RSI	44.09
YTD price change	-2.04%
YTD total return	-0.65%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	171.7M
Float percentage	89.28%
Shares change (QoQ)	-1%
Shares change (YoY)	-3.82%
Shares held by insiders	10.52%
Shares held by institutions	81.06%
Shares outstanding	192.4M
Short % of float	3.82%
Short % of shares	3.41%
Short ratio	4.9 days

Deeper analysis on RJF

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this RJF report

What is the latest published RJF stock rating?

Raymond James Financial Inc. is shown with Buy in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full RJF analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/RJF/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for RJF?

The latest published report analyzed 2026-10-04 gives RJF a fair value of USD 190 and a potential value of USD 258. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the RJF page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyRJF · Fair value $190+19.8%

Read full analysis →

Raymond James Financial Inc. (RJF)

Our latest published analysis: RJF rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · RJF

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All RJF indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on RJF

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	7.5
Management	8.5
Balance Sheet	7.5
Profitability	6.5
Revenue Growth	7.5
Risk Assessment	7.0
Competitive Moat	7.0
Earnings Quality	7.5
Capital Efficiency	4.0