JPMorgan Chase & Co. JPM
- Market cap
- $889.1B
- P/E
- 14.2×
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JPMorgan Chase & Co. (JPM) Piotroski F-score
JPMorgan Chase & Co.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | (1.00) |
| FY2022 | 7 | 0.00 |
| FY2021 | 7 | 3.00 |
| FY2020 | 4 | (1.00) |
| FY2019 | 5 | (1.00) |
| FY2018 | 6 | 1.00 |
| FY2017 | 5 | (1.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.32% | 1.44% | Pass | 1 |
| Positive operating cash flow | (147.78b) | (42.01b) | Fail | 0 |
| Rising return on assets | 1.32% | 1.44% | Fail | 0 |
| Cash flow above net income | (203.46b) | (98.88b) | Fail | 0 |
| Falling long-term leverage | 0.10 | 0.10 | Fail | 0 |
| Rising current ratio | 0.85 | 0.88 | Fail | 0 |
| No new shares issued | 2,776,500,000 | 2,873,900,000 | Pass | 1 |
| Rising gross margin | 65.08% | 63.66% | Pass | 1 |
| Rising asset turnover | 0.07 | 0.07 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SMFG Sumitomo Mitsui Financial Group Inc compare | 7 |
| BAC Bank of America Corporation compare | 6 |
| MUFG Mitsubishi UFJ Financial Group, Inc. compare | 6 |
| HSBC HSBC Holdings plc compare | 6 |
| BBVA Banco Bilbao Viscaya Argentaria S.A. compare | 6 |
| SAN Banco Santander, S.A. compare | 5 |
| C Citigroup Inc. compare | 5 |
| WFC Wells Fargo & Company compare | 5 |
| JPM JPMorgan Chase & Co. | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover
More on JPM
- Revenue
- Net income
- EPS (diluted)
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- The full statement