Raymond James Financial (RJF)
Financials · $31.2B market cap · SEC CIK 0000720005
fundamentals score out of 100
Next reports on Oct 28, 2026, after the close, with analysts expecting $3.39 in earnings per share.
The case for RJF
- Revenue growing 8.0% year over year.
- Reasonably priced at 13.5× earnings.
- Has compounded revenue at 14.3% a year over five years.
- Return on equity of 18%.
- Gross margin of 87% absorbs cost shocks.
- Pays a modest 1.6% dividend.
The case against
- Weakest against its peers: net margin of 14% is thinner than 75% of Financials companies.
- Its weakest area is the price trend (50/100): -5.1% over a year, +6.0% over three months, 47% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 64 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 64 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 62 |
| Momentumhow the price has behaved lately | 50 |
| Stabilityhow violently it moves, what it owes and what it pays you | 64 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 13.5× |
|---|---|
| Price / book | 2.33× |
| Price / sales | 1.8× |
| Revenue growth (YoY) | +8.0% |
| EPS growth (YoY) | +12.5% |
| Gross margin | 87% |
| Operating margin | 17% |
| Net margin | 14% |
| Return on equity | 18% |
| Debt / equity | 5.40× |
| Current ratio | 0.25 |
| Dividend yield | 1.59% |
| Beta | 0.94 |
| 52-week range | $138.82 – $182.73 |
| Position in that range | 47% of the way up |
| 3-month return | +6.0% |
| 1-year return | -5.1% |
Five years of financials, as filed
Pulled from Raymond James Financial's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.9B | $14.9B | $13.0B | $11.3B | $9.9B |
| Net income | $2.1B | $2.1B | $1.7B | $1.5B | $1.4B |
| Operating cash flow | $2.4B | $2.2B | -$3.5B | $72.0M | $6.6B |
| Capital expenditure | $188M | $205M | $173M | $91.0M | $74.0M |
| Total assets | $88.8B | $82.3B | $80.1B | $77.0B | $68.5B |
| Total liabilities | $76.2B | $70.4B | $69.3B | $67.2B | $59.8B |
| Shareholder equity | $12.6B | $11.9B | $10.8B | $9.9B | $8.6B |
| Cash | $9.9B | $10.0B | $10.2B | $6.2B | $8.2B |
| Long-term debt | — | — | — | $0 | — |
| Free cash flow | $2.2B | $1.9B | -$3.7B | -$19.0M | $6.6B |
| Net margin | 13.4% | 13.9% | 13.4% | 13.3% | 14.2% |
| Diluted shares | 207M | 212M | 217M | 215M | 211M |
Share count is essentially flat over 4 years.
What Raymond James Financial says it does
" of this Form 10-K. 50 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Asset management and related administrative fees $ 5,980 $ 5,246 $ 4,545 14 % 15 % Brokerage revenues: Mutual and other fund products 605 567 540 7 % 5 % Insurance and annuity products 511 519 439 (2) % 18 % Equities, ETFs and fixed income products 621 545 455 14 % 20 % Total brokerage revenues 1,737 1,631 1,434 6 % 14 % Account and service fees: Mutual fund and other investment products 518 461 415 12 % 11 % RJBDP fees: Bank segment 754 824 1,093 (8) % (25) % Third-party banks 486 607 498 (20) % 22 % Client account and other fees 275 264 231 4 % 14 % Total account and service fees 2,033 2,156 2,237 (6) % (4) % Investment banking 35 38 35 (8) % 9 % Interest income (1) 468 480 455 (3) % 5 % All other 29 27…
Risk factors RJF lists in its 10-K
- Management’s Discussion and Analysis
- Report of Independent Registered Public Accounting Firm (PCAOB ID No. 185 )
- Consolidated Statements of Financial Condition
- Consolidated Statements of Income and Comprehensive Income
- Consolidated Statements of Changes in Shareholders’ Equity
- Consolidated Statements of Cash Flows
- Notes to Consolidated Financial Statements
- Report of Independent Registered Public Accounting Firm
- Opinion on the Consolidated Financial Statements
- Internal Control – Integrated Framework (2013)
- Assessment of the allowance for credit losses related to the commercial and industrial (C&I) and the commercial real estate (CRE) portfolio segments that are collectively evaluated for impairment
- $ in millions, except per share amounts
- Liabilities and shareholders’ equity
- Total liabilities and shareholders’ equity