| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 59 | 13.9x | 17.3x | Around median | |
Growth | 64 | 8.7% | 7.1% | Around median | |
Quality | 90 | — | — | Top tier | |
Safety | 12 | — | — | Bottom tier | |
Capital Return | 57 | 1.75% | 0.06% | Around median | |
Momentum | 77 | 15.1% | -1.5% | Top tier | |
Sentiment | 45 | 11 | 3 | Around median |
10-year US Treasury yield 5.13% as of 2026-10-21. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
JPMorgan Chase combines consumer and business banking, investment banking and markets, and asset and wealth management. It earns income from net interest on lending and deposit activities, as well as fees from services, advisory, money management, and markets activities. In quarter 3 of fiscal year 2026 (ended 2026-09-30), the Consumer & Community Banking segment CCB generated approximately $21.2 billion in net revenue and $5.7 billion in net income, while the Commercial & Investment Bank segment CIB generated $22.7 billion in net revenue and $8.2 billion in net income, illustrating the substantial contribution of these two businesses to the bank's operations.
Consolidated net revenue in quarter 3 of fiscal year 2026 (ended 2026-09-30) reached approximately $50.2 billion, up 8.1% compared with the same quarter of the previous year, when it totaled $46.4 billion in quarter 3 of fiscal year 2025 (ended 2025-09-30). Net income reached $15.3 billion and diluted earnings per share were $5.57 in quarter 3 of fiscal year 2026, compared with net income of $14.4 billion and diluted earnings per share of $5.07 in quarter 3 of fiscal year 2025. The operating margin, according to EL7's calculation based on the data provider's operating income divided by net revenue, was 40.1% in quarter 3 of fiscal year 2026.
The Asset & Wealth Management segment AWM contributed $6.9 billion in net revenue and $1.8 billion in net income, with a pretax margin of 36%, in quarter 3 of fiscal year 2026 (ended 2026-09-30). Assets under management reached $5.2 trillion at the end of that quarter, with long-term net inflows of $51 billion during the quarter, providing a source of fees alongside interest and markets income. Meanwhile, expenses rose 12% compared with the same quarter of the previous year to $27.3 billion, and credit costs totaled $2.7 billion in the same quarter; sustaining profitability therefore depends as much on controlling expenses and credit losses as on business growth.
Q3 FY2026
When: Quarter 4 of fiscal year 2026
Total net interest income at the $28 billion threshold
Expenses at the $27.5 billion threshold
When: 2027-01-14
Update to the $107 billion base case for net interest income excluding markets for fiscal year 2027
The median analyst target is $375, within a range of $312 to $425 from 7 analysts in the 2026-10-19 snapshot, a method that reflects growth and profitability expectations and tends to be optimistic by nature. The industry-multiple value is $215, within a range of $185 to $244, based on book value and a median multiple of 1.6 across 16 companies, meaning it prices the bank against its peers' benchmark. The two methods differ clearly and their ranges do not overlap, because analyst targets incorporate expectations for future performance, while the industry method links value to the book value base and comparable company multiples. On 2026-10-13, Goldman Sachs lowered its target to $392 from $398, while Wells Fargo raised its target to $390 from $375 on 2026-08-14 and UBS raised its target to $400 from $384 on 2026-08-03, reflecting differences in institutions' estimates of the earnings trajectory.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
JPMorgan combines net interest income with fees from investment banking, money management, and markets activities. In quarter 3 of fiscal year 2026 (ended 2026-09-30), CCB generated net income of $5.7 billion, compared with $8.2 billion at CIB and $1.8 billion at AWM. Equities revenue grew 49% and investment banking fees increased 14% compared with the same quarter of the previous year, illustrating the importance of client and markets businesses alongside lending.
Management's base case includes net interest income excluding markets of approximately $107 billion in fiscal year 2027, but it depends on uncertain assumptions about interest rates and balance sheet growth. In quarter 3 of fiscal year 2026 (ended 2026-09-30), CCB deposits grew 4% compared with the same quarter of the previous year, supporting the funding base. However, customers shifting into certificates of deposit and higher-yielding deposits could raise funding costs, so higher interest rates do not automatically translate into a corresponding increase in earnings.
Automated analysis for informational purposes only — not investment advice.
On the 2026-10-13 call, management explained that its preference for organic growth opportunities and deploying capital at good returns was the main reason for reducing repurchases. The standardized CET1 ratio stood at 13.9% at the end of quarter 3 of fiscal year 2026 (ended 2026-09-30), while risk-weighted assets increased by approximately $52 billion during the quarter. At the same time, the diluted share count fell to 2.68 billion shares in that quarter from 2.77 billion shares in quarter 3 of fiscal year 2025 (ended 2025-09-30), a decline of 3.1%, but the continuation of this effect depends on capital distribution decisions.
Management said on the 2026-10-13 call that Smart Cash was in a limited pilot and that productivity benefits from artificial intelligence were not visible in quarterly earnings. The opportunity lies in improving software, productivity, and customer service, while the competitive risk involves making it easier to move funds into higher-yielding products and protecting accounts from unauthorized agents. There is also a separate financing risk, as the bank confirmed that it had tightened some credit standards and was assessing direct and indirect exposures to the artificial intelligence ecosystem, while describing them as modest relative to its total corporate exposures.
The designated earnings announcement date is 2027-01-14, which is an expected date. Management guides to total net interest income of approximately $28 billion and net interest income excluding markets of approximately $25.5 billion in quarter 4 of fiscal year 2026. It also expects expenses of approximately $27.5 billion for that quarter, and the results and commentary on deposits and credit will help assess earnings sustainability.