JPMorgan Chase or Wells Fargo: which stock is cheaper in 2026?
As of October 5, 2026, JPMorgan Chase (JPM) trades at 14.3× earnings (P/E) and Wells Fargo (WFC) at 11.5×, according to Kaplio. The median across the 334 banking companies above $2bn in Kaplio's universe is 12.8×. Kaplio's verdict: JPMorgan Chase, fairly priced; Wells Fargo, cheap. Value range by multiples: $223–$269 for JPMorgan Chase and $118–$129 for Wells Fargo. Against its own value range, Wells Fargo is the cheaper of the two today.
According to the Kaplio Summary
The same verdict as each company's page: price range by multiples, the four lights, the expected return if consensus is right and what Buffett and Lynch would say today.
| JPMorgan Chase (JPM) | Wells Fargo (WFC) | |
|---|---|---|
| Summary valuation | fairly priced ($223–$269) | cheap ($118–$129) |
| The four lights | Valuation: P/B 2.5× (fairly priced) Business: ROTCE 19.1 % (excellent) Balance sheet: Capital/assets 8.2 % (passes, near the threshold) Results: 7 of 8 (on track) | Valuation: P/B 1.4× (justified) Business: ROTCE 14.1 % (solid) Balance sheet: Capital/assets 8.4 % (passes, near the threshold) Results: 6 of 8 (on track) |
| Expected return (per year) | — | — |
| Buffett method | outside his circle | outside his circle |
| Lynch method | asset play · approves | asset play · would not approve |
Metrics side by side
| Metric | JPMorgan Chase (JPM) | Wells Fargo (WFC) |
|---|---|---|
| Overview | ||
| Market Cap | $891B | $243B |
| Price | $332.38 | $80.45 |
| Valuation | ||
| P/E | 14.3× | 11.5× |
| P/B | 2.5× | 1.4× |
| P/S | 3.0× | 1.9× |
| EV/EBITDA | — | — |
| FCF Yield | — | — |
| Dividend Yield | 1.8 % | 2.3 % |
| Profitability | ||
| ROIC | 3.2 % | 3.2 % |
| ROE | 17.8 % | 12.6 % |
| Gross Margin | — | — |
| Operating Margin | 28.2 % | 21.2 % |
| Net Margin | 21.9 % | 17.5 % |
| Growth | ||
| Revenue 5Y CAGR | 16.6 % | 8.5 % |
| EPS 5Y CAGR | 17.7 % | 72.4 % |
| FCF 5Y CAGR | — | — |
| Balance Sheet | ||
| Net Debt / EBITDA | — | — |
| Debt / Equity | 3.3× | 2.5× |
Trailing twelve months where available; otherwise the latest fiscal year. Growth: five-year compound annual rate.