JPMorgan Chase (JPM)
Forward P/E 13.37x vs a 10.66x peer median (+25%) and price/book 2.54x at the top of JPM's own five-year range (1.35-2.42x), with trailing P/E 14.10x above its FY2021-24 range of 10.06-11.87x (all SECONDARY, stockanalysis.com, Oct 28). The premium is partly earned — ROE of 18.01% is the peer set's highest and the book multiple sits between ROE-comparable GS (2.45x) and MS (2.76x) — but the market is paying a peak multiple for peak-cycle earnings.
What would change this label: If JPM sustains ROE at or above ~17% through the next four quarters while forward P/E stays at or below ~13.5x, the label moves to FAIRLY PRICED; ROE falling toward ~13% with price/book still above ~2.3x would deepen the overvaluation.
JPMorgan is the strongest bank in America, and its share price knows it. You pay about 13.4 times next year's expected earnings and 2.5 times book value — more than most rival banks and the most this bank itself has charged in five years — because it earns an 18% return on its equity, the best in the group. The price is fair for the quality but leaves no cushion: it assumes today's near-record profits are the new normal, so we call it mildly overvalued rather than a bargain or a bubble.
Both lines start at 100 on 2020-09-01. Over the full window JPMorgan Chase returned +235.32% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for JPMorgan Chase: -40.6% (2021-10-22 to 2022-10-11). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 13.37x vs a 10.66x peer median (+25%) and price/book 2.54x at the top of JPM's own five-year range (1.35-2.42x), with trailing P/E 14.10x above its FY2021-24 range of 10.06-11.87x (all SECONDARY, stockanalysis.com, Oct 28). The premium is partly earned — ROE of 18.01% is the peer set's highest and the book multiple sits between ROE-comparable GS (2.45x) and MS (2.76x) — but the market is paying a peak multiple for peak-cycle earnings. The company’s forward P/E is 13.4× against a peer median of 10.7×. Its own history: Trailing P/E at fiscal year-end (SECONDARY, stockanalysis.com ratios): FY21 10.06x, FY22 10.96x, FY23 10.30x, FY24 11.87x, FY25 15.75x, current 14.10x. Price/book: FY21 1.59x, FY22 1.35x, FY23 1.50x, FY24 1.96x, FY25 2.42x, current 2.54x (top of range).. Sector demand read: Sector demand healthy and bank earnings power at a cyclical high — JPM's latest quarter (Q/E Jun 2026, PRIMARY) printed net revenue +27.7% YoY and $21.2B net income; the risk is earnings normalisation, not falling demand. Latest-quarter sales growth was +27.7% versus a year earlier (SEC filings).
| Company | Price (Oct 27, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| JPMorgan Chase (JPM) | $335.79 | 13.4× | 14.1× |
| BAC | $50.68 | 10.1× | 12.1× |
| WFC | $82.66 | 10.7× | 11.7× |
| C | $122.69 | 10.0× | 12.0× |
| GS | $911.77 | 12.6× | 13.1× |
| MS | $186.91 | 14.0× | 14.8× |
| Peer median | 10.7× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow by quarter is not shown for JPMorgan Chase. Its SEC cash-flow facts do not separately tag spending on plant and equipment (normal for a bank), so a quarterly free-cash-flow figure cannot be built without estimating — and this programme does not estimate.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $57.3B | — | $21.2B | 7.70 | — |
| Q/E Mar 2026 2026-03-31 | $49.8B | — | $16.5B | 5.94 | — |
| Q/E Dec 2025 2025-12-31 | $45.8B | — | $13.0B | — | — |
| Q/E Sep 2025 2025-09-30 | $46.4B | — | $14.4B | 5.07 | — |
| Q/E Jun 2025 2025-06-30 | $44.9B | — | $15.0B | 5.24 | — |
| Q/E Mar 2025 2025-03-31 | $45.3B | — | $14.6B | 5.07 | — |
| Q/E Dec 2024 2024-12-31 | $42.8B | — | $14.0B | — | — |
| Q/E Sep 2024 2024-09-30 | $42.7B | — | $12.9B | 4.37 | — |
| Q/E Jun 2024 2024-06-30 | $50.2B | — | $18.1B | 6.12 | — |
| Q/E Mar 2024 2024-03-31 | $41.9B | — | $13.4B | 4.44 | — |
| Q/E Dec 2023 2023-12-31 | $38.6B | — | $9.3B | — | — |
| Q/E Sep 2023 2023-09-30 | $39.9B | — | $13.2B | 4.33 | — |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | JPMORGAN CHASE & CO |
| Chief executive | Jamie Dimon (source: Wikipedia profile of Jamie Dimon (Chairman and CEO of JPMorgan Chase; CEO since 2005, chairman since 2006), fetched Oct 28, 2026 — https://en.wikipedia.org/wiki/Jamie_Dimon) |
| Sector | Financials — Diversified banks (US large-cap) |
| Share price (Oct 27, 2026) | $335.79 |
| Market value (market cap) | $892.6B — share price times shares outstanding of 2,658,186,195 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $199.4B |
| Net income, last twelve months | $65.1B |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +235.32% vs +118.28% |
| Worst peak-to-trough fall | -40.6% (2021-10-22 to 2022-10-11) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- TTM GAAP diluted EPS could not be summed from SEC EDGAR company facts (standalone Q4 EPS is not tagged); trailing P/E is SECONDARY (stockanalysis.com).
- Free cash flow is not computable for JPM — its EDGAR facts carry no PP&E payments line (normal for a bank); no FCF figure is stated or estimated.
- Gross margin does not exist for a bank in this data — no gross-profit line is tagged in JPM's EDGAR company facts.
- Forward P/E, peer multiples, own-history ratios, ROE and the EPS growth forecast are aggregator SECONDARY (stockanalysis.com / S&P Global), fetched Oct 28, 2026; the consensus EPS build behind the forward P/E was not independently re-derived.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000019617.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000019617.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/JPM/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.