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Raymond James Financial
(NYSE:RJF)
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Rating:78Outperform
Price Target:
$192.00
â–²(13.41% Upside)
Action:Reiterated
Date:07/23/26
RJF scores well due to strong earnings-call momentum (record results, resilient margins near target, strong net new assets/recruiting and sustained buybacks) and supportive technical trends (price above key moving averages with positive MACD). The score is held back by financial variability—particularly cash-flow volatility, a TTM operating margin step-down, and some TTM balance-sheet data inconsistencies—while valuation is reasonable but not especially cheap and the dividend is modest.
Positive Factors
Sustained revenue growth
Multi-year top-line expansion reflects successful scaling across wealth management, banking and capital markets. Durable revenue growth from diversified businesses reduces reliance on any single cycle, supports investment spending, and underpins longer-term profit and cash-generation potential.
Negative Factors
Volatile cash flow conversion
Inconsistent operating and free cash flow undermines predictability of internal funding for buybacks, tech spend and acquisitions. Large swings (including a deeply negative year) suggest sensitivity to timing of fee billing, capital markets receipts and working capital that can strain liquidity planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Multi-year top-line expansion reflects successful scaling across wealth management, banking and capital markets. Durable revenue growth from diversified businesses reduces reliance on any single cycle, supports investment spending, and underpins longer-term profit and cash-generation potential.
Read all positive factors
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 (RJF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$33.81B
Dividend Yield1.2%
Average Volume (3M)1.47M
Price to Earnings (P/E)15.1
Beta (1Y)1.10
Revenue Growth7.75%
EPS Growth12.12%
CountryUS
Employees19,500
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)11.69
Shares Outstanding192,100,000
10 Day Avg. Volume1,433,731
30 Day Avg. Volume1,467,374
Financial Highlights & Ratios
PEG Ratio2.76
Price to Book (P/B)2.79
Price to Sales (P/S)2.19
P/FCF Ratio15.52
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$185.80Price Target Upside9.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)12.15
Revenue Forecast (FY)$15.73B
Raymond James Financial Business Overview & Revenue Model
Company Description
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 ar...
How the Company Makes Money
RJF primarily makes money by earning fees and commissions from wealth management and brokerage activity, generating interest income from its banking and lending operations, and collecting revenues from capital markets activities.
1) Wealth manage...
Raymond James Financial Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record-breaking financial and operational achievements — including record quarterly revenues, pretax income, EPS, strong recruiting, sizable net new assets, significant AI adoption and a completed strategic acquisition — while acknowledging near-term headwinds in capital markets activity, elevated legal/professional expenses tied to industry litigation, and some margin noise related to acquisitions and deposit mix. On balance, the positive growth, strong margins, healthy returns, robust adviser recruiting pipeline, and proactive technology investments materially outweigh the challenges, which management positions as manageable or transitory.Positive Updates
Record Quarterly and YTD Financial Results
Net revenues of $3.93 billion (record quarter), up 16% year-over-year and 2% sequentially; pretax income of $750 million, up 33% year-over-year and 2% sequentially; net income available to common shareholders $595 million with record diluted EPS of $3.01; adjusted net income $620 million and adjusted EPS $3.14 (record).
Negative Updates
Investment Banking Activity Below Normalized Levels
Capital Markets activity remains below a normalized environment, especially in middle market and sponsor-driven segments; although pipeline is encouraging, timing and conversion of transactions remain uncertain, limiting near-term upside in Investment Banking revenues.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly and YTD Financial Results
Net revenues of $3.93 billion (record quarter), up 16% year-over-year and 2% sequentially; pretax income of $750 million, up 33% year-over-year and 2% sequentially; net income available to common shareholders $595 million with record diluted EPS of $3.01; adjusted net income $620 million and adjusted EPS $3.14 (record).
Read all positive updates
Company Guidance
Raymond James gave modest near‑term guidance anchored to several metrics: it expects fiscal Q4 2026 asset management and related administrative fees to increase about 11% from Q3, and—assuming static rates and unchanged quarter‑end balances and net of a $2.1 billion fee billing collection—aggregate NII and RJBDP fees from third‑party banks to be approximately flat quarter‑over‑quarter. Management reiterated an adjusted pretax margin target of ~20% (Q3 adjusted pretax margin was 19.9%), an estimated fiscal‑year effective tax rate of ~24%, a fiscal‑year non‑compensation expense target of roughly $2.3 billion, and a target total compensation ratio of ~65%; it plans more than $1.1 billion of annual technology spend and maintains a Tier 1 leverage ratio target of 10% (currently 11.7% with about $1.5 billion of excess capital capacity). The firm also signaled continued capital returns—$400 million repurchased this quarter and ~$1.6 billion over the past 12 months—while holding $2.5 billion of parent corporate cash (about $1.3 billion above its $1.2 billion target).Raymond James Financial Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.93B | 15.91B | 14.74B | 12.84B | 11.16B | 9.78B |
| Gross Profit | 14.14B | 14.03B | 12.59B | 11.34B | 10.75B | 9.66B |
| EBITDA | 3.10B | 4.76B | 2.82B | 2.44B | 2.17B | 1.93B |
| Net Income | 2.31B | 2.13B | 2.07B | 1.74B | 1.51B | 1.40B |
Balance Sheet | ||||||
| Total Assets | 94.20B | 88.23B | 82.99B | 78.36B | 80.95B | 61.89B |
| Cash, Cash Equivalents and Short-Term Investments | 19.70B | 18.28B | 19.25B | 18.47B | 15.99B | 15.52B |
| Total Debt | 5.30B | 4.54B | 4.03B | 3.48B | 3.79B | 3.17B |
| Total Liabilities | 81.50B | 75.73B | 71.33B | 68.17B | 71.52B | 53.59B |
| Stockholders Equity | 12.70B | 12.50B | 11.67B | 10.21B | 9.46B | 8.24B |
Cash Flow | ||||||
| Free Cash Flow | 2.44B | 2.25B | 1.95B | -3.69B | -19.00M | 6.57B |
| Operating Cash Flow | 2.47B | 2.43B | 2.15B | -3.51B | 72.00M | 6.65B |
| Investing Cash Flow | -7.55B | -4.32B | -968.00M | -274.00M | -7.15B | -5.14B |
| Financing Cash Flow | 5.50B | 2.36B | 438.00M | 1.44B | 5.88B | 5.23B |
Raymond James Financial Technical Analysis
Positive
169.30
Price Trends
161.55
Positive
155.56
Positive
157.73
Positive
Market Momentum
4.76
Negative
62.43
Neutral
68.73
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 169.3 is below the 20-day moving average (MA) of 172.55, above the 50-day MA of 161.55, and above the 200-day MA of 157.73, indicating a bullish trend. The MACD of 4.76 indicates Negative momentum. The RSI at 62.43 is Neutral, neither overbought nor oversold. The STOCH value of 68.73 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $183.03B | 19.07 | 20.40% | 1.16% | 11.20% | 48.07% | |
78 Outperform | $33.81B | 15.05 | 18.32% | 1.25% | 7.75% | 12.12% | |
77 Outperform | $12.57B | 9.12 | 16.36% | 1.79% | 11.06% | 60.96% | |
73 Outperform | $39.20B | 34.78 | 20.51% | 0.36% | 16.12% | 31.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $28.29B | 28.09 | 18.45% | 0.37% | 38.82% | -14.48% | |
60 Neutral | $12.59B | 14.72 | 8.51% | 2.86% | 29.74% | 35.56% |
* Financial Sector Average
RJF
Raymond James Financial
176.56
13.86
8.52%
IBKR
Interactive Brokers
87.83
21.95
33.32%
JEF
Jefferies
56.62
-0.58
-1.02%
LPLA
LPL Financial
362.63
-6.67
-1.81%
SF
Stifel Financial
83.09
10.27
14.10%
SCHW
Charles Schwab
107.60
10.92
11.30%
Raymond James Financial Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Raymond James Reports Record May Client Assets Growth
Positive
Jun 24, 2026
On June 24, 2026, Raymond James Financial reported selected operating data for May 2026, highlighting record client assets under administration of $1.92 trillion, up 21% year over year and 3% from April, driven by higher equity markets and net inf...
Business Operations and StrategyFinancial Disclosures
Raymond James Outlines Growth Strategy at Analyst Day
Positive
May 27, 2026
Raymond James Financial held its annual Analyst Investor Day on May 27, 2026, outlining a strategy centered on expanding market share across all business units, investing in technology and AI, and enhancing infrastructure while maintaining a stro...
Business Operations and StrategyFinancial Disclosures
Raymond James Reports Record Client Assets Under Administration
Positive
May 20, 2026
On May 20, 2026, Raymond James Financial reported April operating data showing client assets under administration reached a record $1.87 trillion, up 22% year over year and 6% sequentially, largely driven by higher equity markets and net asset inf...
Dividends
Raymond James Declares Quarterly Cash Dividend for Shareholders
Positive
May 19, 2026
On May 13, 2026, Raymond James Financial’s board of directors declared a quarterly cash dividend of $0.54 per share on its common stock, payable on July 15, 2026 to shareholders of record as of July 1, 2026. The decision underscores the comp...
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.