Raymond James Financial (RJF) AI Stock Analysis

• Market Cap: $30.17B
• Dividend Yield: 1.26%
• Average Volume (3M): 1.43M
• Price to Earnings (P/E): 15.0
• Beta (1Y): 1.14
• Revenue Growth: 6.45%
• EPS Growth: 5.85%
• Country: US
• Employees: 19,000
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.86
• Shares Outstanding: 197,091,030
• 10 Day Avg. Volume: 1,270,222
• 30 Day Avg. Volume: 1,429,082
• PEG Ratio: 2.75
• Price to Book (P/B): 2.79
• Price to Sales (P/S): 2.19
• P/FCF Ratio: 15.52
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 1.59
• Enterprise Value/Gross Profit: 1.79
• Enterprise Value/Ebitda: 8.87
• 1Y Price Target: $187.40
• Price Target Upside: 22.42% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 12.11
• Revenue Forecast (FY): $15.58B

• Rating: 71 Outperform
• Price Target: $169.00 ▲(10.40% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by strong underlying fundamentals and a constructive earnings outlook (profitability, ROE, record fee-based asset momentum, and ongoing capital returns). This is meaningfully tempered by weak technicals (price below key moving averages with negative momentum) and the risk signal from historically volatile cash flows and near-term rate-driven NII pressure.

Positive Factors

Fee‑based AUA momentum and adviser recruiting

Large and growing fee‑based assets increase recurring, less rate‑sensitive revenues and strengthen advisor economics. Strong recruiting and record AUA expand distribution scale, make fee revenue more predictable over months, and support cross‑sell and retention strategies.

Solid profitability and operating margins

Sustained high margins and ROE reflect scale and operating leverage across wealth, asset management and banking. Meeting a 20% adjusted pretax‑margin target shows structural cost discipline and supports durable earnings generation across business cycles.

Strong capital position and shareholder returns

Robust capital and liquidity provide operating flexibility, fund acquisitions and technology spend, and enable sustained buybacks/dividends. Manageable leverage and excess capital capacity support strategic optionality without materially weakening the balance sheet.

Negative Factors

Choppy cash generation and FCF volatility

Irregular cash conversion and periods of negative OCF increase uncertainty around internally funded investments, acquisitions and dividends. Volatile FCF complicates planning and raises reliance on capital markets or parent cash during troughs, amplifying execution risk.

High sensitivity to interest‑rate moves and NII pressure

A material portion of earnings derives from net interest income and deposit program yields; sustained lower rates or deposit outflows can erode margins and fee equivalents. This structural sensitivity can depress bank profitability over multiple quarters absent balance adjustments.

Capital Markets revenue volatility and timing uncertainty

Investment banking revenues are lumpy and timing‑dependent, creating earnings volatility and forecasting difficulty. Reliance on episodic underwriting/M&A outcomes can produce large swings in pretax income and obscure core operating trends across reporting periods.

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, and Europe. The Private Client Group segment offers investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party product partners, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; and securities borrowing and lending services. The Capital Markets segment provides investment banking services, including equity underwriting, debt underwriting, and merger and acquisition advisory services; and fixed income and equity brokerage services. The Asset Management segment offers asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Raymond James Bank segment provides insured deposit accounts; commercial and industrial, commercial real estate (CRE) and CRE construction, tax-exempt, residential, securities-based, and other loans; and loan syndication services. The Other segment engages in the private equity investments, including various direct and third-party private equity investments; and legacy private equity funds. The company was founded in 1962 and is headquartered in St. Petersburg, Florida.

How the Company Makes Money

Raymond James Financial generates revenue through multiple streams. Primarily, the company earns money from advisory fees, commissions on trades, and interest income from loans and investments. The Private Client Group segment contributes significantly through wealth management services, where financial advisors charge fees based on assets under management and commissions from investment products. The Capital Markets segment earns revenue from investment banking activities, including underwriting and advisory fees from public offerings and mergers and acquisitions. Additionally, the Asset Management segment provides investment solutions and earns fees from managed funds. The company also benefits from its banking operations through interest income from loans and mortgages. Strategic partnerships and relationships with various financial institutions enhance its service offerings and revenue potential.

Raymond James Financial Financial Statement Overview

Summary

Strong profitability and scale (TTM revenue $16.1B, ~13% net margin, ~29% EBITDA margin) with steady multi-year revenue growth and solid ROE (~16–18%). Offsetting factors are choppy cash generation (including negative OCF/FCF in 2023 and volatile FCF growth) and some inconsistency in the most recent TTM balance-sheet data that reduces near-term confidence.

Income Statement

RJF shows solid profitability and improving scale. In TTM (Trailing-Twelve-Months), revenue is $16.1B with healthy profitability (about 13% net margin and ~29% EBITDA margin). Annual revenue has grown steadily from $9.8B (2021) to $15.9B (2025), and net income has been consistently strong ($1.4B–$2.1B range). A key watchout is that the reported operating profitability metrics appear volatile across periods (including an unusual 2023 operating margin data point), suggesting earnings quality may be somewhat sensitive to business mix or reporting items.

Balance Sheet

Leverage looks manageable for a capital-markets business, with debt-to-equity around 0.31–0.35 across the annual periods, alongside steady returns on equity in the ~16%–18% range. Assets and equity have trended up over time (assets ~$61.9B in 2021 to ~$88.2B in 2025; equity ~$8.2B to ~$12.5B), supporting balance-sheet expansion. The main limitation is data consistency in the TTM (Trailing-Twelve-Months) snapshot (e.g., debt/equity and asset figures don’t reconcile cleanly), which adds uncertainty when interpreting the most recent balance-sheet position.

Cash Flow

Cash generation is positive overall but choppy. Operating cash flow rebounded strongly after a very weak 2023 (negative operating and free cash flow), and is positive again in 2024–2025, with TTM (Trailing-Twelve-Months) free cash flow at ~$1.46B and close to net income (free cash flow is ~0.92x net income). However, free cash flow growth is volatile (TTM down ~35% vs. the prior period), and the multi-year history includes periods of weak/negative cash flow, which raises risk around consistency of cash conversion.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	15.88B	15.91B	14.74B	12.84B	11.16B	9.78B
Gross Profit	14.06B	14.03B	12.59B	11.34B	10.75B	9.66B
EBITDA	2.84B	4.76B	2.82B	2.44B	2.17B	1.93B
Net Income	2.10B	2.13B	2.07B	1.74B	1.51B	1.40B
Balance Sheet
Total Assets	88.76B	88.23B	82.99B	78.36B	80.95B	61.89B
Cash, Cash Equivalents and Short-Term Investments	16.53B	18.28B	19.25B	18.47B	15.99B	15.52B
Total Debt	4.59B	4.54B	4.03B	3.48B	3.79B	3.17B
Total Liabilities	76.19B	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	1.55B	2.25B	1.95B	-3.69B	-19.00M	6.57B
Operating Cash Flow	1.75B	2.43B	2.15B	-3.51B	72.00M	6.65B
Investing Cash Flow	-5.40B	-4.32B	-968.00M	-274.00M	-7.15B	-5.14B
Financing Cash Flow	3.44B	2.36B	438.00M	1.44B	5.88B	5.23B

Raymond James Financial Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 153.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RJF, the sentiment is Negative. The current price of 153.08 is below the 20-day moving average (MA) of 161.54, below the 50-day MA of 164.58, and below the 200-day MA of 160.74, indicating a bearish trend. The MACD of -2.91 indicates Positive momentum. The RSI at 38.46 is Neutral, neither overbought nor oversold. The STOCH value of 54.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RJF.

Raymond James Financial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IBKR	75 Outperform	$31.71B	32.11	20.41%	0.46%	11.88%	28.96%
RJF	71 Outperform	$30.17B	14.99	17.11%	1.26%	6.45%	5.85%
SF	69 Neutral	$11.46B	18.91	11.72%	1.43%	7.54%	2.73%
SCHW	69 Neutral	$166.81B	20.46	18.10%	1.07%	5.90%	66.60%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LPLA	60 Neutral	$24.05B	27.52	20.86%	0.32%	35.19%	-18.62%
JEF	57 Neutral	$9.17B	15.68	6.13%	2.52%	-5.41%	25.28%

Raymond James Financial Corporate Events

Raymond James Shareholders Back Governance, Dividend Declaration

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. Shareholders also approved amendments to the 2012 Stock Incentive Plan and the 2003 Employee Stock Purchase Plan, and ratified KPMG LLP as independent auditor for the fiscal year ending September 30, 2026.

On the same day, the board declared a quarterly cash dividend of $0.54 per common share, payable April 15, 2026 to shareholders of record as of April 1, 2026, signaling continued commitment to returning capital. The combination of solid support for governance and compensation measures and the sustained dividend underscores shareholder confidence in management and the firm’s financial position.

The most recent analyst rating on (RJF) stock is a Hold with a $170.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.

Raymond James Reports Record Client Assets and Growth

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 asset inflows, with fee-based Private Client Group assets and financial assets under management each rising in the mid-teens from a year earlier. Bank loans grew 13% from January 2025 while clients’ domestic cash sweep and Enhanced Savings Program balances fell 5% sequentially to $55.0 billion, movements the firm attributed to quarterly fee billings and client reinvestment, underscoring strong recruiting momentum and healthy investment banking pipelines that reinforce its competitive positioning in wealth and capital markets.

The most recent analyst rating on (RJF) stock is a Buy with a $182.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.

Raymond James to Acquire Clark Capital Management Group

On January 15, 2026, Raymond James announced a definitive agreement to acquire Clark Capital Management Group, a Philadelphia-based asset manager founded in 1986 that specializes in wealth-focused, multi-asset-class solutions and manages more than $46 billion in discretionary and non-discretionary assets. The deal, expected to close by the third quarter of 2026 subject to customary regulatory approvals, will see Clark Capital retain its brand, leadership team, investment capabilities and service model as an independent boutique within Raymond James Investment Management, enhancing Raymond James’ advisor-centric product lineup and distribution reach in key channels such as independent firms and turnkey asset management platforms while supporting Clark Capital’s long-term growth with additional scale, resources and operational support.

The most recent analyst rating on (RJF) stock is a Hold with a $187.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.

Raymond James Reports Record Client Asset Growth

On December 17, 2025, Raymond James Financial reported operating data for November 2025, noting a 10% year-over-year increase in client assets under administration, reaching a record $1.77 trillion. The growth was primarily fueled by net asset inflows due to strong advisor recruiting and favorable equity market conditions. Despite strong investment banking pipelines, revenues in the segment were down 20% for the first two months of the quarter compared to the previous quarter, reflecting timing-related factors for closings.

The most recent analyst rating on (RJF) stock is a Hold with a $196.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.

Raymond James Financial Increases Quarterly Dividend by 8%

On December 3, 2025, Raymond James Financial announced an 8% increase in its quarterly dividend for common stock, raising it to $0.54 per share, payable on January 16, 2026. The company also declared a quarterly dividend for its Series B Preferred Stock and authorized a $2 billion share repurchase program, replacing the previous $1.5 billion authorization. This move reflects the company’s strategy to enhance shareholder value and optimize its capital structure.

The most recent analyst rating on (RJF) stock is a Buy with a $176.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.

Raymond James to Redeem Series B Preferred Stock

On December 2, 2025, Raymond James Financial announced its decision to redeem all 80,500 outstanding shares of its Series B Preferred Stock and the related depositary shares on January 2, 2026. This move will result in no remaining outstanding shares of the Series B Preferred Stock or Series B Depositary Shares, impacting the company’s capital structure and potentially influencing its financial strategy.

The most recent analyst rating on (RJF) stock is a Buy with a $176.00 price target. To see the full list of analyst forecasts on Raymond James Financial stock, see the RJF Stock Forecast page.