Raymond James Financial (RJF)
NYSE:RJF
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Raymond James Financial
(NYSE:RJF)
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Rating:70Outperform
Price Target:
$161.00
â–²(10.39% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by strong underlying fundamentals (profitability, growth, and manageable leverage) and a reasonable valuation, partially offset by weak technical momentum and near-term earnings headwinds tied to lower rates, expense growth, and capital-markets volatility.
Positive Factors
Scale of client assets / fee base
A $1.8T AUA base materially strengthens recurring fee revenue and reduces reliance on trading-driven commissions. Sustained net inflows and market appreciation increase fee stability, support advisor economics, and provide a durable revenue foundation through market cycles.
Negative Factors
Volatile cash generation
Intermittent negative free cash flow history highlights uneven cash conversion tied to business mix and timing. That volatility complicates capital planning, raises refinancing/coverage risk in stress periods, and tempers confidence in sustained free cash flow growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale of client assets / fee base
A $1.8T AUA base materially strengthens recurring fee revenue and reduces reliance on trading-driven commissions. Sustained net inflows and market appreciation increase fee stability, support advisor economics, and provide a durable revenue foundation through market cycles.
Read all positive factors
Raymond James Financial (RJF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.75B
Dividend Yield1.26%
Average Volume (3M)1.54M
Price to Earnings (P/E)14.1
Beta (1Y)1.13
Revenue Growth6.45%
EPS Growth5.85%
CountryUS
Employees24,565
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.86
Shares Outstanding197,091,030
10 Day Avg. Volume1,487,210
30 Day Avg. Volume1,540,893
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/Revenue1.48
Enterprise Value/Gross Profit1.67
Enterprise Value/Ebitda8.27
Forecast
1Y Price Target
$187.50Price Target Upside28.56% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)12.12
Revenue Forecast (FY)$15.59B
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:Jan 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: record consolidated revenues, strong EPS, achievement of the firm's adjusted pretax margin target, robust adviser recruiting and net new assets, record fee-based assets and solid bank loan growth. These positives are balanced against near-term headwinds — notably lower interest rates, deposit mix shifts, continued volatility and timing uncertainty in Capital Markets, and ongoing elevated non-compensation investment spending. Management emphasized long-term strategy, continued investments in technology (including AI), acquisitions, and strong capital returns while acknowledging short-term variability in revenue drivers.Positive Updates
Record Consolidated Net Revenues and Strong Earnings
Reported record net revenues of $3.7 billion for the fiscal first quarter; net income available to common shareholders of $562 million and diluted EPS of $2.79. Adjusted net income was $577 million with adjusted diluted EPS of $2.86.
Negative Updates
Capital Markets Revenue Decline and Low Pretax Income
Capital Markets net revenues declined to $380 million with pretax income of only $9 million; revenues declined year-over-year and sequentially due to lower M&A/advisory, debt underwriting and affordable housing investment revenues. Prior quarter Capital Markets revenues exceeded $500 million, illustrating quarter-to-quarter volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Consolidated Net Revenues and Strong Earnings
Reported record net revenues of $3.7 billion for the fiscal first quarter; net income available to common shareholders of $562 million and diluted EPS of $2.79. Adjusted net income was $577 million with adjusted diluted EPS of $2.86.
Read all positive updates
Company Guidance
Management guided that fiscal Q2 asset‑management and related administrative fees are expected to be roughly +1% versus Q1 (despite two fewer billing days and after a Q1 PCG assets/fee‑based accounts increase of ~3%), while combined NII and RJBDP fees are expected to be down Q2 versus Q1 assuming current rates (including the Oct/Dec Fed cuts) and unchanged quarter‑end balances after the $1.8B Q2 fee billing collections; FY‑2026 non‑comp expense (ex specified items) is guided to ~ $2.3B (~+8% YoY), the FY tax rate ~24–25%, and management reiterated a ~20% adjusted pretax‑margin target (Q1 adj. pretax margin = 20%) and a ~65% compensation ratio goal (Q1 adj. comp ratio = 65.4%). Capital actions: Q1 repurchased $400M common stock (avg $162) and management plans ≈$400M repurchases in Q2, with Tier‑1 leverage at 12.7%, total capital ratio 24.3%, ~$3.3B parent cash (liquidity ~$2.1B above a $1.2B target) and ~ $2.4B excess capital capacity before reaching a 10% Tier‑1 target. Key Q1 metrics referenced: net revenues $3.7B, net income to common $562M (EPS $2.79; adj net income $577M, adj EPS $2.86), annualized ROE 18% (adj ROTE 21.4%), PCG fee‑based assets $1.04T (+19% YoY), record bank loans $53.4B, and combined NII+RJBDP of $667M (bank NIM 2.81%, RJBDP yield 2.76%).Raymond James Financial Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
62
Positive
| 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
Negative
145.85
Price Trends
158.64
Negative
159.81
Negative
160.82
Negative
Market Momentum
-4.05
Negative
39.30
Neutral
62.53
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 145.85 is below the 20-day moving average (MA) of 148.91, below the 50-day MA of 158.64, and below the 200-day MA of 160.82, indicating a bearish trend. The MACD of -4.05 indicates Negative momentum. The RSI at 39.30 is Neutral, neither overbought nor oversold. The STOCH value of 62.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $30.60B | 29.11 | 19.88% | 0.46% | 11.88% | 28.96% | |
74 Outperform | $166.44B | 20.00 | 17.91% | 1.07% | 5.90% | 66.60% | |
70 Outperform | $28.75B | 14.06 | 16.94% | 1.26% | 6.45% | 5.85% | |
69 Neutral | $11.23B | 12.55 | 11.96% | 1.43% | 7.54% | 2.73% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $24.08B | 32.56 | 18.57% | 0.32% | 35.19% | -18.62% | |
56 Neutral | $8.19B | 14.25 | 6.84% | 2.52% | -5.41% | 25.28% |
* Financial Sector Average
RJF
Raymond James Financial
145.85
3.20
2.24%
IBKR
Interactive Brokers
68.68
25.42
58.75%
JEF
Jefferies
39.64
-18.93
-32.32%
LPLA
LPL Financial
300.68
-37.33
-11.04%
SF
Stifel Financial
72.53
7.60
11.71%
SCHW
Charles Schwab
94.99
15.82
19.99%
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 ...
Business Operations and StrategyM&A Transactions
Raymond James to Acquire Clark Capital Management Group
Positive
Jan 15, 2026
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...
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.