Raymond James Financial (RJF)
NYSE:RJF
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Raymond James Financial
(NYSE:RJF)
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Rating:75Outperform
Price Target:
$174.00
â–²(14.66% Upside)
Action:ReiteratedDate:04/23/26
RJF scores well on fundamentals, driven by strong multi-year growth and solid profitability, reinforced by a positive earnings update highlighting record revenues, strong client asset growth, and substantial capital returns. The score is held back by the recent TTM operating margin step-down, historically volatile cash flow, and a mixed technical setup (stronger short-term trend but still below longer-term moving averages). Valuation appears reasonable at ~14x earnings with a modest dividend yield.
Positive Factors
Fee-based AUM growth
Sustained, large fee-based assets and rising asset management fees increase recurring, less-volatile revenue and reduce reliance on transaction-driven or capital-markets income. Over months, a rising fee base supports predictable margins, improves revenue stickiness and strengthens long-term earnings resilience.
Negative Factors
TTM operating margin step-down
A secular reduction in operating margins signals weaker operating leverage or an adverse revenue mix that could persist absent structural changes. Sustained margin compression would reduce earnings power, requiring more revenue growth or cost control to maintain returns over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Fee-based AUM growth
Sustained, large fee-based assets and rising asset management fees increase recurring, less-volatile revenue and reduce reliance on transaction-driven or capital-markets income. Over months, a rising fee base supports predictable margins, improves revenue stickiness and strengthens long-term earnings resilience.
Read all positive factors
Raymond James Financial (RJF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.08B
Dividend Yield1.26%
Average Volume (3M)1.31M
Price to Earnings (P/E)13.0
Beta (1Y)1.12
Revenue Growth5.83%
EPS Growth1.44%
CountryUS
Employees24,565
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)10.79
Shares Outstanding194,883,040
10 Day Avg. Volume1,285,134
30 Day Avg. Volume1,305,176
Financial Highlights & Ratios
PEG Ratio2.75
Price to Book (P/B)2.79
Price to Sales (P/S)2.19
P/FCF Ratio15.52
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue1.50
Enterprise Value/Gross Profit1.68
Enterprise Value/Ebitda8.59
Forecast
1Y Price Target
$168.56Price Target Upside11.07% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)11.85
Revenue Forecast (FY)$15.48B
Raymond James Financial Business Overview & Revenue Model
Company Description
Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, a...
How the Company Makes Money
Raymond James Financial makes money primarily through fees and commissions generated by its wealth management and capital markets activities, plus interest-related revenue and asset management fees.
1) Wealth Management (brokerage and advisory): ...
Raymond James Financial Key Performance Indicators (KPIs)
Any
Assets Under Management
Tracks the total value of assets the company manages on behalf of clients, reflecting its scale, client confidence, and ability to generate management fees.
Tracks the total value of assets the company manages on behalf of clients, reflecting its scale, client confidence, and ability to generate management fees.
Data provided by:
The Fly
The FlyRaymond James Financial Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive picture: record quarterly revenues, strong pretax income, robust adviser recruiting and retention, sizable fee-based and loan growth, meaningful capital returns, and continued heavy investment in technology and AI. These strengths offset near-term headwinds from lower interest-related revenues, elevated compensation and non-compensation expenses, modest declines in sweep cash balances, and some uncertainty around timing of investment banking deal conversions. Overall the positive operational momentum, balance sheet strength and capital returns outweigh the challenges.Positive Updates
Record Quarterly Revenues and Profitability
Net revenues of $3.86 billion were a record for the quarter, up 13% year-over-year and 3% sequentially. Pretax income was $735 million, up 10% year-over-year and 1% sequentially. Net income available to common shareholders was $542 million with diluted EPS of $2.72; adjusted net income was $564 million with adjusted EPS of $2.83. Adjusted pretax margin was 19.7%.
Negative Updates
Interest-Related Revenue Pressure and NII Decline
Combined net interest income and RJBDP fees from third-party banks declined 3% sequentially to $650 million. Average yield on RJBDP balances decreased 6 basis points to 2.7%, reflecting the full-quarter impact of Fed rate cuts and contributing to lower interest-related revenues.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenues and Profitability
Net revenues of $3.86 billion were a record for the quarter, up 13% year-over-year and 3% sequentially. Pretax income was $735 million, up 10% year-over-year and 1% sequentially. Net income available to common shareholders was $542 million with diluted EPS of $2.72; adjusted net income was $564 million with adjusted EPS of $2.83. Adjusted pretax margin was 19.7%.
Read all positive updates
Company Guidance
Guidance highlights: for fiscal Q3 2026 Raymond James expects asset management and related administrative fees to be about 1% higher than Q2 (helped by one additional billing day and slightly higher PCG fee‑based assets, which were a record $1.04 trillion), and—assuming static interest rates and unchanged quarter‑end balances and net of the ~$1.9 billion Q3 fee billing collection—expects the aggregate of net interest income and RJBDP third‑party fees to be up roughly 1% from Q2 (Q2 combined NII and RJBDP fees were $650 million; bank NIM 2.81%; average RJBDP yield 2.7%); fiscal 2026 effective tax rate is estimated at ~24–25% (Q2 was 26%). Management noted Clark Capital is expected to close this quarter, and reiterated strong capital and liquidity positions: $3.0 billion corporate cash at the parent (≈$1.8 billion excess above a $1.2 billion target), Tier 1 leverage ratio 12.4%, total capital ratio 24%, and roughly $2.1 billion of excess capital capacity before reaching their conservative 10% Tier 1 target. Capital returned in Q2 totaled $507 million (including $400 million of share repurchases at an average $155/share); over the past 12 months the firm repurchased $1.6 billion and returned >$2 billion to common shareholders (≈94% of earnings).Raymond James Financial Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
76
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.35B | 15.91B | 14.74B | 12.84B | 11.16B | 9.78B |
| Gross Profit | 14.58B | 14.03B | 12.59B | 11.34B | 10.75B | 9.66B |
| EBITDA | 2.86B | 4.76B | 2.82B | 2.44B | 2.17B | 1.93B |
| Net Income | 2.15B | 2.13B | 2.07B | 1.74B | 1.51B | 1.40B |
Balance Sheet | ||||||
| Total Assets | 91.94B | 88.23B | 82.99B | 78.36B | 80.95B | 61.89B |
| Cash, Cash Equivalents and Short-Term Investments | 19.45B | 18.28B | 19.25B | 18.47B | 15.99B | 15.52B |
| Total Debt | 5.36B | 4.54B | 4.03B | 3.48B | 3.79B | 3.17B |
| Total Liabilities | 79.33B | 75.73B | 71.33B | 68.17B | 71.52B | 53.59B |
| Stockholders Equity | 12.57B | 12.50B | 11.67B | 10.21B | 9.46B | 8.24B |
Cash Flow | ||||||
| Free Cash Flow | 2.38B | 2.25B | 1.95B | -3.69B | -19.00M | 6.57B |
| Operating Cash Flow | 2.58B | 2.43B | 2.15B | -3.51B | 72.00M | 6.65B |
| Investing Cash Flow | -5.93B | -4.32B | -968.00M | -274.00M | -7.15B | -5.14B |
| Financing Cash Flow | 5.14B | 2.36B | 438.00M | 1.44B | 5.88B | 5.23B |
Raymond James Financial Technical Analysis
Positive
151.75
Price Trends
151.01
Positive
157.34
Negative
160.10
Negative
Market Momentum
0.68
Negative
55.84
Neutral
76.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RJF, the sentiment is Positive. The current price of 151.75 is above the 20-day moving average (MA) of 146.06, above the 50-day MA of 151.01, and below the 200-day MA of 160.10, indicating a neutral trend. The MACD of 0.68 indicates Negative momentum. The RSI at 55.84 is Neutral, neither overbought nor oversold. The STOCH value of 76.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RJF.
Raymond James Financial Risk Analysis
Raymond James Financial disclosed 28 risk factors in its most recent earnings report. Raymond James Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Raymond James Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $37.62B | 27.97 | 19.89% | 0.46% | 12.92% | 28.20% | |
75 Outperform | $30.08B | 13.05 | 17.21% | 1.26% | 5.83% | 1.44% | |
74 Outperform | $11.74B | 7.56 | 15.14% | 1.43% | 9.07% | 45.94% | |
69 Neutral | $154.01B | 16.55 | 19.09% | 1.07% | 8.11% | 53.31% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $24.28B | 16.91 | 17.04% | 0.32% | 38.08% | -22.75% | |
53 Neutral | $10.83B | 13.64 | 7.08% | 2.52% | 1.91% | 2.34% |
* Financial Sector Average
RJF
Raymond James Financial
154.33
4.75
3.17%
IBKR
Interactive Brokers
84.42
35.36
72.08%
JEF
Jefferies
52.98
0.47
0.90%
LPLA
LPL Financial
303.52
-71.96
-19.17%
SF
Stifel Financial
76.50
12.06
18.71%
SCHW
Charles Schwab
88.61
4.31
5.11%
Raymond James Financial Corporate Events
Business Operations and StrategyFinancial Disclosures
Raymond James Reports Record February Client Assets Growth
Positive
Mar 25, 2026
Raymond James Financial reported selected operating data for February 2026 on March 25, 2026, highlighting record client assets under administration of $1.83 trillion, up 16% year over year, driven by higher equity markets and net inflows. Private...
DividendsShareholder Meetings
Raymond James Shareholders Back Governance, Dividend Declaration
Positive
Feb 23, 2026
At its annual meeting of shareholders held on February 19, 2026, Raymond James Financial investors elected all 12 director nominees and gave strong support to the company’s executive pay program, with more than 94% of votes cast in favor. Sh...
Business Operations and StrategyFinancial Disclosures
Raymond James Reports Record Client Assets and Growth
Positive
Feb 18, 2026
Raymond James Financial on February 18, 2026 reported January 31, 2026 operating data showing record client assets under administration of $1.80 trillion, up 13% year over year and 2% from December, driven largely by higher equity markets and net ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.