Raymond James Financial, Inc. (RJF) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Raymond James Financial, Inc.

Updated on October 31, 2026 · accounts published on October 28, 2026

A growing, highly profitable financial firm with light debt and a rising dividend

Raymond James Financial trades at a P/E of 13.2, 13 % below its ten-year median of 15.1, while EPS grew 16 % over the last 12 months.

• Is Raymond James Financial expensive or cheap? Its P/E of 13.2 is 13 % below its ten-year median of 15.1; it traded cheaper only 18 % of the past decade.
• How is the business doing? Over the last 12 months revenue grew 10 % and EPS 16 %, so profit per share is rising faster than sales.
• Is it a scalable business with little leverage? Revenue per share grew 15 % a year in fiscal 2020-2025, well above the 6 % that counts as healthy in its sector.
• How strong is the balance sheet? Debt to equity was 0.36 in fiscal 2025, below the 0.5 prudence line, with 11 straight years of dividend increases.
• What to expect from the next earnings? Next results on January 27, 2027: analysts expect EPS of $3.34, below the $3.59 reported on October 28, 2026.

Is Raymond James Financial expensive or cheap?

Raymond James Financial trades at a P/E of 13.2 over the last 12 months, 13 % below its ten-year median of 15.1. Over the decade the multiple ranged from 7.8 to 25.9, and the stock has been cheaper than today only 18 % of the time. Against its sector the picture is neutral: the median P/E of 324 financial-services companies is 13.0, so it sits just 1 % above. It is also slightly below its own five-year average of 13.7. An earnings yield of 10.6 % and a free cash flow yield of 7.8 % confirm a modest multiple. The shares are up 1 % over 12 months and sit 13 % below their 52-week high of $181.18.

How is the business doing?

Earnings are outpacing revenue: over the last 12 months sales rose 10.2 % while earnings per share climbed 15.6 %, a sign that growth is reaching shareholders and not being absorbed by costs or dilution. Fiscal 2025 delivered an operating margin of 28.7 %, the highest of the last 12 fiscal years and well above the 2014-2025 average of 17.4 %. On a trailing 12-month basis the operating margin reads 18.0 % and the net margin 13.9 %. Return on equity of 25.0 % over the last 12 months is a strong figure for a firm that does not lean heavily on debt to produce it.

Is it a scalable business with little leverage?

Asset managers, brokers and exchanges are not banks, so the useful questions are whether revenue keeps compounding, whether margins widen as the business grows and whether profits turn into cash. Raymond James Financial passes most of these tests. Revenue per share grew 15.0 % a year over fiscal 2020-2025, against a healthy bar of 6 %. Free cash flow reached 105.2 % of net income in fiscal 2025, above the 90 % threshold, so reported earnings are backed by cash. ROE of 25.0 % clears the 15 % bar. The one borderline figure is the fiscal 2025 operating margin of 28.7 %, just under the 30 % mark the sector considers healthy.

How strong is the balance sheet?

Leverage is moderate: debt to equity stood at 0.36 in fiscal 2025, comfortably below the 0.5 level considered prudent for financial-services firms. Shareholder returns are steady more than generous. The dividend yields 1.4 % over the last 12 months, but the company has raised its dividend per share for 11 consecutive fiscal years through fiscal 2025, and the payout took only 19 % of fiscal 2025 earnings. That low payout leaves wide room to keep raising the dividend or to reinvest, and with free cash flow above net income the dividend does not depend on borrowing.

What to expect from the next earnings?

The last report, on October 28, 2026, showed EPS of $3.59 against $3.26 expected, a 10.1 % beat, and the company has topped EPS estimates in 6 of the last 8 quarters. For the quarter due on January 27, 2027, analysts expect $3.34, a lower bar than the one just cleared. Estimates are edging up: the 2027 EPS consensus rose 0.6 % in the last 30 days, from $14.38 from $14.29 across 10 analysts, while the 2027 revenue consensus barely moved. Of 26 analysts covering the stock, 11 recommend buying, 14 holding and none selling.

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.