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JPMorgan Chase & Co. — Intrinsic Value & Fair Price

JPM
NYSEFinancial ServicesBanks - DiversifiedCIK 0000019617jpmorganchase.comAbout JPM
Last close · Oct 16, 2026339.72+4.19 (+1.25%)
Market cap$903.0B
Model value · P/TBV · justified
305.55
JPMorgan Chase closed at $339.72 — overvalued by 11% vs model.
267.36the model's range356.47

P/TBV · justified leads for a bank. From the justified price to tangible book.

Other models
109.06 – 323.59
Wall St. target
383.50 11% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
1.81%
Past 2 years
low 1.64%high 2.40%
Dividends per share, a year at a time
$3.70Oct ’21$4.00Oct ’22$4.05Oct ’23$4.60Oct ’24$5.55Oct ’25$6.15TTM
Dividends / earnings, FY2025
29.1%
Raised
15 years in a row
Growth, 5 yrs
10.7% a year
Last change
+10.0% · Oct 2026
Every payment, with ex-dates · latest $1.65, paid Oct 31, 2026

Research on JPM

1 post
How to value a bank: P/TBV, ROTCE and the line
A step-by-step walk from a bank's balance sheet to the three questions that price it: tangible book, the return on it, whether the equity is real, on JPMorgan.
Allen Yan · · 11 min · 中文
Studied JPM from its filings? Guest posts are reviewed before they go live.Write about JPM →

How it is valued

Valued asBank
Low/slowing growth (~7% recent)High profitability (31% net margin)Pays dividendsHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for banks
Price / tangible book
3.2×
Price / book
2.6×
Return on equity
15.7%
P/E
17.0×
Dividend yield, TTM
1.81%
Payout ratio
29.1%
On the lists: #14 Largest companies
Full financials

Analyst actions

third-party, quoted
10-14Morgan Stanley · target377.00
10-14Robert W. Baird · target312.00
10-14Truist Financial · target361.00
11-20Oppenheimer · “Perform” from “Outperform”downgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just JPM. No account.

About JPMorgan Chase

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. The company offers deposit, investment and lending products, and cash management; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, payment solutions, travel services, merchant offers, lifestyle benefits, auto loans, and leases to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. It also provides investment banking, market-making, financing, custody, and securities products and services; corporate strategy and structure advisory, equity and debt market capital-raising, and loan origination and syndication services; cash and derivative instruments, risk management solutions, prime brokerage, clearing, and research; and fund services, liquidity and trading services, and data solutions products for large corporations, financial institutions, merchants, start-ups, small and midsized companies, local governments, municipalities, nonprofits, and commercial real estate clients. In addition, the company offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; retirement products and services, estate planning, lending, deposits, and investment management products to high-net-worth clients; and financial transaction processing. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

CEO
Jamie Dimon
Headquarters
New York, NY
Employees
320,560
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.