---
title: Raymond James Financial (RJF) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/rjf
ticker: RJF
as_of: 2026-10-17
sector: Financial Services
industry: Asset Management
---
# Raymond James Financial (RJF)

Raymond James Financial (RJF) closed at $156.78 on Oct 16, 2026, undervalued by 8% vs its model value of $169.57 (from its peers' median P/E).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $156.78 (Oct 16, 2026) |
| Model value (from its peers' median P/E) | $169.57 |
| Price vs model | undervalued by 8% vs model |
| Range of that model | $136.54 – $200.44 |
| Market value | $30.1B |
| P/E (fiscal 2025) | 15.2 |
| Net margin (fiscal 2025) | 13.4% |
| Free cash flow (fiscal 2025) | $2.2B |
| Dividend yield (trailing twelve months) | 1.38% |
| Beta | 0.95 |
| Cost of capital (WACC) | 9.37% |
| Business classification | Mature & Stable (Moderate growth (~11% recent), Moderate margins (13% net margin), Moderately volatile earnings, Strong FCF yield (7.5%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.38% |
| Dividends per share, last 12 months | $2.16 |
| Coverage | — |
| Raised | 16 years in a row |
| Growth over 5 years | 15.7% a year |
| Latest payment | $0.54, ex-date Oct 1, 2026, paid Oct 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 30, 2021 | $1.04 |
| To Sep 30, 2022 | $1.36 |
| To Sep 29, 2023 | $1.68 |
| To Oct 1, 2024 | $1.80 |
| To Oct 1, 2025 | $2.00 |
| Trailing twelve months (to Oct 1, 2026) | $2.16 |

## 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/E · peers | primary | $169.57 | $136.54 | $200.44 |
| P/E · own history | cross check | $170.85 | $161.95 | $180.59 |
| PEG | sanity check | $211.86 | $211.86 | $211.86 |
| Dividend discount | cross check | $54.48 | $37.35 | $82.47 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 3 open-market sales ($4.1M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 28, 2026 | Allaire Bella Loykhter | Chief Admin Officer | Open-market sell | 7,500 | $1.3M |
| Aug 20, 2026 | Helal Tarek | Chief Strategy Officer | Bona fide gift | 23,397 | $0 |
| Aug 20, 2026 | Helal Tarek | Chief Strategy Officer | Bona fide gift | 23,397 | $0 |
| Aug 18, 2026 | Curtis Scott A | Chief Operating Officer | Bona fide gift | 1,000 | $0 |
| Jul 28, 2026 | Elwyn Tashtego S | President, PCG | Open-market sell | 10,000 | $1.8M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 23, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/720005/000072000526000077/rjf-20260923.htm |
| Sep 1, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/720005/000072000526000075/rjf-20260826.htm |
| Aug 19, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/720005/000072000526000073/rjf-20260819.htm |
| Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/720005/000072000526000070/rjf-20260630.htm |
| Jul 22, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/720005/000072000526000066/rjf-20260722.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bill Nygren | 2026-06-30 | 3,693,787 | $561.6M |
| Bridgewater | 2026-06-30 | 34,074 | $5.2M |
| First Eagle | 2026-06-30 | 2,110 | $320,783 |

3 tracked managers in all.

## About

Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services. Within the Capital Markets segment, the company…

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Source: https://sweetvaluelab.com/stocks/rjf (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.