---
title: JPMorgan Chase (JPM) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/jpm
ticker: JPM
as_of: 2026-10-17
sector: Financial Services
industry: Banks - Diversified
---
# JPMorgan Chase (JPM)

JPMorgan Chase (JPM) closed at $339.72 on Oct 16, 2026, overvalued by 11% vs its model value of $305.55 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $339.72 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $305.55 |
| Price vs model | overvalued by 11% vs model |
| Range of that model | $267.36 – $356.47 |
| Market value | $903.0B |
| P/E (fiscal 2025) | 17.0 |
| Net margin (fiscal 2025) | 20.4% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 1.81% |
| Beta | 1.01 |
| Cost of capital (WACC) | 10.09% |
| Business classification | Mature & Stable (Low/slowing growth (~7% recent), High profitability (31% net margin), Pays dividends, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Largest companies | #14 | $903.0B | https://sweetvaluelab.com/lists/largest-companies |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.81% |
| Dividends per share, last 12 months | $6.15 |
| Dividends / earnings (fiscal 2025) | 29.1% |
| Raised | 15 years in a row |
| Growth over 5 years | 10.7% a year |
| Latest payment | $1.65, ex-date Oct 6, 2026, paid Oct 31, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Oct 5, 2021 | $3.70 |
| To Oct 5, 2022 | $4.00 |
| To Oct 5, 2023 | $4.05 |
| To Oct 4, 2024 | $4.60 |
| To Oct 6, 2025 | $5.55 |
| Trailing twelve months (to Oct 6, 2026) | $6.15 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $305.55 | $267.36 | $356.47 |
| P/E · peers | cross check | $300.09 | $273.26 | $343.78 |
| P/E · own history | cross check | $282.80 | $248.66 | $336.74 |
| PEG | sanity check | $323.59 | $323.59 | $323.59 |
| Dividend discount | cross check | $109.06 | $75.74 | $175.60 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($1.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 14, 2026 | BURKE STEPHEN B | Director | Bona fide gift | 30,000 | $0 |
| Sep 30, 2026 | Rometty Virginia M | Director | Grant / award | 120.908 | $40,000 |
| Sep 30, 2026 | NOVAKOVIC PHEBE N | Director | Grant / award | 120.908 | $40,000 |
| Sep 30, 2026 | HOBSON MELLODY L | Director | Grant / award | 136.022 | $45,000 |
| Sep 30, 2026 | BURKE STEPHEN B | Director | Grant / award | 170.027 | $56,250 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 13, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/19617/000162828026065616/jpm-20261013.htm |
| Oct 13, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/19617/000162828026065582/jpm-20261013.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/19617/000162828026054343/jpm-20260630.htm |
| Jul 23, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/19617/000119312526314128/d103985d8k.htm |
| Jul 23, 2026 | 8-K | 5.03 Amendment to Articles/Bylaws | https://www.sec.gov/Archives/edgar/data/19617/000001961726000288/jpm-20260721.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Viking Global | 2026-06-30 | 2,899,386 | $949.1M |
| Mairs & Power | 2026-06-30 | 923,550 | $302.3M |
| Christopher Davis | 2026-06-30 | 476,389 | $155.9M |
| Richard Pzena | 2026-06-30 | 334,094 | $109.4M |

17 tracked managers in all.

## About

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,…

---

Source: https://sweetvaluelab.com/stocks/jpm (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.