JPMorgan Chase & Co. (JPM) is a publicly traded company in the Financial Services — Banks - Diversified industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management.
Is JPMorgan Chase & Co. stock overvalued or undervalued in 2026?
JPMorgan Chase & Co. (JPM) trades at 14.1× earnings (P/E), against a median of 12.9× across the 321 financial services companies above $2bn in Kaplio's universe. At a P/B justified by its ROTCE 19.1 % (2.0×) $278 (-18 %); at its peers' median (1.4×) $199 (-41 %).
Kaplio overview: JPMorgan Chase & Co.
Market cap $896B · 52 weeks $283 – $365 (8 % below the high) · P/E 14.1× · 2027 est. P/E 13.2× · Dividend 1.8 % · ≥ 11 years rising · Next earnings January 14, 2027 · expected EPS $5.90 · Closing price, Oct 30 · accounts published Oct 13.
- Valuation: P/B 2.4× (fairly priced).
- Business: ROTCE 19.1 % (excellent).
- Balance sheet: Capital/assets 8.2 % (passes, near the threshold).
- Earnings: 6 of 8 (on track).
What would it be worth at its usual multiples?
At a P/B justified by its ROTCE 19.1 % (2.0×) $278 (-18 %); at its peers' median (1.4×) $199 (-41 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in banking: 3 of 4 pass
- P/B (Price / Book) 2.4×, borderline.
- ROA 1.3 %, passes.
- ROTCE 19.1 %, passes.
- Equity / Assets (Tier 1 proxy) 8.2 %, passes, near the threshold.
- Sustainable dividend yield 1.8 %, info.
Against its peers (reference peers) — JPMorgan Chase & Co.: P/E 14.1×; P/B 2.4×; ROE 17.9 %; $896B. Bank of America Corporation (P/E 11.9×; P/B 1.2×; ROE 10.7 %; $346B), HSBC Holdings plc (P/E 11.2×; P/B 1.5×; ROE 14.2 %; $293B), Wells Fargo & Company (P/E 11.7×; P/B 1.4×; ROE 12.9 %; $250B).
Expensive or cheap against its last ten fiscal years?
P/B at each close: today 2.4× · median 1.6× · minimum 1.0× · maximum 2.7× · cheap below 1.4× · expensive above 2.0×. It has been cheaper than today 91% of the time over its last ten fiscal years.
Dividend
solid · Yield 1.8 % ($5.96 per share in 2025) · Years raising it ≥ 11 · 5-year growth +8 % a year · Free cash flow coverage payout 29 % · With $1,000 invested today you'd collect $18.20 a year ($1.52 a month).
Kaplio's reading: JPMorgan Chase & Co.
Updated on October 14, 2026 · accounts published on October 13, 2026
Reading of October 13, 2026: A highly profitable, well-capitalized bank whose earnings are growing slowly
JPMorgan Chase trades at 2.4× book, at the limit of what its 19.1 % ROTCE justifies, with a P/E 8 % above its sector median over the last 12 months.
- Is JPMorgan Chase expensive or cheap? At 2.4× book, JPMorgan Chase is at the upper edge of what its 19.1 % ROTCE justifies; its P/E is 8 % above its sector median.
- How is the business doing? Over the last 12 months revenue grew 3.3 % and EPS 1.5 %, while the net margin is 22 %.
- How strong is the balance sheet? The dividend has risen for 11 straight fiscal years, and the 29 % payout in fiscal 2025 leaves ample room.
- What to expect from the next earnings? On January 12, 2027 analysts expect EPS of $5.97, after a 3.0 % miss in the results of October 13, 2026.
- Is JPMorgan Chase an efficient, well-capitalized bank? Yes. ROTCE of 19.1 % in fiscal 2025 beats the 15 % bar for excellence, and ROA of 1.3 % clears the healthy 1 % mark.
Is JPMorgan Chase expensive or cheap?
JPMorgan Chase trades at 2.4× book value over the last 12 months. With a return on tangible equity of 19.1 % in fiscal 2025, that level of profitability justifies up to 2.0× book and stays borderline up to 2.5×, so the stock is at the edge of that band. The P/E of 14.3× is a secondary measure but says the same thing: it is 8 % above its ten-year median of 13.2× and 8 % above the sector median of 13.3× across 474 companies. Over the last decade the stock traded at a lower P/E 63 % of the time, within a range of 6.5× to 18.2×.
How is the business doing?
Growth is slow, but profitability is high. Over the last 12 months revenue rose 3.3 % and earnings per share rose 1.5 %, so profits are only just keeping pace with the top line. The net margin of 22 % over the same period means more than a fifth of revenue becomes profit, and a return on equity of 18 % shows strong returns on shareholders' equity. The weak spot is momentum. With earnings growing at a low single-digit pace, the story rests on the quality of the business more than on its expansion.
How strong is the balance sheet?
For a bank, capital matters more than debt. Equity was 8.2 % of assets in fiscal 2025. That is above the 8 % level considered robust but close to it, so the cushion is adequate without being generous. Shareholder returns look comfortable: the dividend per share has risen for 11 consecutive fiscal years through 2025, and the payout ratio of 29 % of fiscal 2025 earnings means most of the profit is retained. The dividend yield of 1.9 % over the last 12 months is modest. For a bank, a yield below 2 % is informational and signals no stress, since the warning level starts at 8 %.
What to expect from the next earnings?
The October 13, 2026 report broke a good run. EPS of $5.75 came in 3.0 % below the $5.93 expected, although JPMorgan Chase has beaten EPS estimates in 6 of the last 8 quarters. Analysts have not turned negative: the 2026 EPS consensus rose 0.8 % over the last 29 days, from $24.76 to $24.97 across 11 analysts, while revenue estimates barely moved. Of the 61 analysts covering the company, 31 recommend buying, 27 holding and 2 selling. The next test comes on January 12, 2027, with expected EPS of $5.97 for the quarter.
Is JPMorgan Chase an efficient, well-capitalized bank?
Banks are not judged only on P/E and ROE. The useful questions are how much profit a bank earns on its assets, how much it earns on its tangible capital and how thick its capital cushion is. JPMorgan Chase passes all three. ROA of 1.3 % over the last 12 months is above the 1 % considered healthy. ROTCE of 19.1 % in fiscal 2025 beats both the 12 % pass mark and the 15 % level for excellence. Capital at 8.2 % of assets meets the 8 % robust threshold, though with little margin. The one borderline reading is the 2.4× price to book, which tests how much that profitability can support.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve JPMorgan Chase & Co. today?
The Lynch Method approves JPMorgan Chase & Co. today. Business quality: 67 out of 100 (price not included). Lynch classifies it as an asset play. Kaplio assessment with data from the week of October 26, 2026; not investment advice.
Profitability
| Return on Equity | 17.91% |
| Return on Invested Capital | 3.28% |
| Return on Assets | 1.30% |
| Gross Margin | 63.17% |
| Operating Margin | 28.25% |
| Net Margin | 21.85% |
Financial Health
| Debt / Equity | 3.32 |
| Current Ratio | 0.83 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.08 |
Compare it with
Price Performance
| 1 month | +1.40% |
| 3 months | -5.73% |
| Year-to-date | +4.60% |
| 1 year | +8.33% |
| 3 years | +135.69% |
| 5 years | +97.64% |
| 10 years | +397.40% |
Dividend History
Paid in the last 12 months: $6.15 per share in 4 payments.
| Date | Amount |
|---|---|
| October 6, 2026 | $1.65 |
| July 6, 2026 | $1.50 |
| April 6, 2026 | $1.50 |
| January 6, 2026 | $1.50 |
| October 6, 2025 | $1.50 |
| July 3, 2025 | $1.40 |
| April 4, 2025 | $1.40 |
| January 6, 2025 | $1.25 |
| October 4, 2024 | $1.25 |
| July 5, 2024 | $1.15 |
Amounts adjusted for stock splits.
Related companies: BAC · HSBC · MS · GS · WFC · C · MUFG · SAN
Explore sector: Financial Services · Banks - Diversified
More sections of JPM: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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