Raymond James Financial, Inc.

RJF Financial Asset Management

Raymond James Financial, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $15.9 billion, up 6.63% from fiscal 2024. In the quarter to June 2026, revenue grew 13.5%, EPS grew 41.7%, free cash flow fell 148.6% and total debt rose 38.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three.

156.78 0.59 −0.37%
Market cap
$30.3B
P/E
13.4×
Fwd P/E
13.4×
Dividend yield
1.38%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total sells 30.39
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — 1 1 — — — 2 1 — —
Insider Ownership 11.28%

Capital & Financial Ratios $m

Market Cap 30,270.00
Revenue 16,990.00
Net Income 2,306.00
Free Cash Flow 1,442.00
Net Debt (8,903.00)
Current Ratio 1.06
Debt/Equity 0.43
P/E ratio 13.40
Fwd P/E 13.40
P/S ratio 1.79
P/B ratio 2.38
Past 5Y EPS Growth 21.52% (at or above 15%: strong)
This Y EPS Growth 13.51%
Next Y EPS Growth 18.88% (at or above 15%: strong)
Next Y revenue growth (1.17%) (below 0%: weak)
Next 5Y EPS Growth 16.17% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 32.36%
10-year low 10-year high
P/S against its own 10 years 44.31%
10-year low 10-year high
P/B against its own 10 years 71.25%
10-year low 10-year high

Dividends

Payout Ratio 0.19
Annual Dividend Rate 2.16
Annual Dividend Yield 1.38%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.16
0.54
0.54
0.54
0.54
2025 2.00
0.50
0.50
0.50
0.50
2024 1.35
0.45
0.45
0.45
2023 1.71
0.42
0.42
0.42
0.45
2022 1.78
0.34
0.34
0.34
0.34
0.42
2021 1.04
0.26
0.26
0.26
0.26
2020 0.74
0.25
0.25
0.25
2019 1.15
0.23
0.23
0.23
0.23
0.25
2018 0.73
0.17
0.17
0.20
0.20
2017 0.44
0.15
0.15
0.15
2016 0.55
0.13
0.13
0.13
0.15
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 12,966 15,097 15,485 14,419
Receivables 5,269 5,862 6,261 7,865
Inventory 1,187 1,480 1,538 1,627
Other — — — —
63,197 68,433 74,851 80,138
2023 2024 2025 Q'26
Payables 7,378 7,763 7,814 9,173
ST’ Debt — — — —
Other 54,915 56,986 59,788 64,210
64,207 67,074 70,205 75,938

Compound Annual Growth %

10y 5y 3y
Sales 11.60% 14.27% 12.06%
Cash Flow 10.48% (9.78%) 223.34%
Earnings 15.53% 21.06% 12.22%
Book Value 10.08% 11.75% 9.85%

Revenue $m

Dec Mar Jun Sep Year
’26 4,176 4,262 4,362 — —
’25 4,035 3,845 3,842 4,190 15,912
’24 3,520 3,638 3,762 4,003 14,923
’23 3,027 3,157 3,293 3,515 12,992
’22 2,818 2,711 2,778 3,001 11,308
’21 2,260 2,409 2,511 2,730 9,910
’20 2,060 2,111 1,876 2,121 8,168
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (10) 1,099 (246) — —
’25 830 117 691 796 2,434
’24 543 391 711 510 2,155
’23 (3,136) (624) (188) 434 (3,514)
’22 (2,287) 1,117 5,740 (4,498) 72
’21 1,921 (1,185) 1,409 4,502 6,647
’20 546 2,397 (288) 1,418 4,073
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (56) 1,054 (308) — —
’25 789 71 634 752 2,246
’24 493 342 655 460 1,950
’23 (3,163) (666) (241) 383 (3,687)
’22 (2,306) 1,094 5,714 (4,521) (19)
’21 1,896 (1,222) 1,372 4,527 6,573
’20 510 2,362 (314) 1,391 3,949
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 2.79 2.72 3.01 — —
’25 2.86 2.36 2.12 2.95 10.30
’24 2.32 2.22 2.31 2.86 9.70
’23 2.30 1.93 1.71 2.02 7.97
’22 2.10 1.52 1.38 1.98 6.98
’21 1.49 1.67 1.45 2.02 6.63
’20 1.26 0.80 0.82 1.00 3.89
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 26.56 46.06 46.07 47.59 36.14 62.02 84.86 82.00 104.24 117.57

Analyst estimates 2026–2028

Powerpack
High 49.80 60.86 68.11 61.33 68.30 103.47 126.00 120.73 171.38 177.66
People
People Employees 11,900 12,700 13,900 14,200 14,800 15,000 17,000 18,000 19,000 19,500
Revenue/emp, $m 0.46 0.51 0.54 0.57 0.55 0.66 0.67 0.72 0.79 0.82
Income, $m
Income, $m Revenue 5,521 6,525 7,476 8,023 8,168 9,910 11,308 12,992 14,923 15,912
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 812 925 1,311 1,375 1,052 1,791 2,022 2,280 2,643 2,714
EBT margin, % 14.71 14.18 17.54 17.14 12.88 18.07 17.88 17.55 17.71 17.06
Net income 529 636 857 1,034 818 1,403 1,509 1,739 2,068 2,135
Depreciation 47 41 120 126 176 149 168 116 143 176
Per share, $
Per share, $ Revenue 25.96 30.36 34.30 37.93 39.57 48.18 53.87 61.34 72.06 78.77
Earnings 2.49 2.95 3.93 4.88 3.96 6.81 7.16 8.16 9.94 10.53
Cash flow (2.70) (0.58) 4.06 2.73 19.73 32.31 0.34 (16.59) 10.41 12.05
Capex (0.57) (0.88) (0.61) (0.65) (0.60) (0.36) (0.43) (0.82) (0.99) (0.93)
Free cash flow (3.27) (1.47) 3.44 2.08 19.13 31.95 (0.09) (17.41) 9.42 11.12
Book value 23.81 26.49 29.60 31.41 34.77 40.36 44.94 48.10 56.34 61.90
Shares, m 213 215 218 212 206 206 210 212 207 202
Valuation, ×
Valuation, × P/E 15.61 19.13 15.70 11.26 12.27 13.56 13.80 12.04 12.31 16.38
P/S 1.49 1.86 1.79 1.45 1.23 1.92 1.83 1.60 1.70 2.19
P/B 1.63 2.13 2.08 1.75 1.40 2.29 2.23 2.06 2.19 2.81
EV/Sales 0.70 1.20 1.28 0.97 0.40 0.34 0.86 0.91 0.97 1.56
EV/FCF (5.53) (24.91) 12.73 17.82 0.83 0.51 (510.75) (3.19) 7.44 11.09
Cash, $m
Cash, $m Operating cash flow (573) (125) 884 577 4,073 6,647 72 (3,514) 2,155 2,434
Capex (122) (190) (134) (138) (124) (74) (91) (173) (205) (188)
Free cash flow (695) (315) 750 439 3,949 6,573 (19) (3,687) 1,950 2,246
Balance, $m
Balance, $m Working capital 3,986 4,050 3,641 3,215 (842) (668) (1,621) (1,010) 1,359 4,646
Total debt 2,765 3,420 2,696 2,757 3,326 3,400 4,325 3,966 4,251 5,521
Net debt (4,411) (4,269) (3,873) (3,805) (6,730) (15,629) (11,038) (9,000) (10,846) (9,964)
Shareholders’ equity 5,063 5,693 6,452 6,643 7,176 8,303 9,432 10,187 11,667 12,504
Returns, %
Returns, % ROA 1.82 1.91 2.37 2.71 1.90 2.57 2.11 2.17 2.55 2.48
ROIC 95.59 47.91 37.25 37.33 211.46 0.00 0.00 199.29 364.65 113.14
ROE 10.72 11.81 14.10 15.76 11.84 18.13 17.09 17.80 18.98 17.72
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Raymond James Financial, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
STT State Street Corporation $46.0B 13.1× 13.4× +5.36% (above 0%: growing) +40.48% (above 0%: growing) +65.74% (above 0%: growing) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.4B 11.9× 10.7× +12.91% (above 0%: growing) +11.40% (above 0%: growing) +65.06% (above 0%: growing) 100.00% 29.70% Compare
ARES Ares Management Corporation $37.7B 51.5× 21.0× +5.81% (above 0%: growing) +6.52% (above 0%: growing) −197.89% (below 0%: shrinking) 100.00% 17.40% Compare
RJF Raymond James Financial, Inc. $30.3B 13.4× 13.4× +13.53% (above 0%: growing) +41.67% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 26.55%
NTRS Northern Trust Corporation $30.3B 14.1× 15.2× +16.99% (above 0%: growing) +98.60% (above 0%: growing) −113.28% (below 0%: shrinking) 64.06% 0.00% Compare
PFG Principal Financial Group, Inc. $23.3B 15.2× 11.5× +6.39% (above 0%: growing) +3.31% (above 0%: growing) +154.82% (above 0%: growing) 48.38% 12.71% Compare
TROW T. Rowe Price Group, Inc. $21.6B 10.1× 11.9× +10.68% (above 0%: growing) +28.57% (above 0%: growing) −3.59% (below 0%: shrinking) 100.00% 28.34% Compare
TPG TPG Inc. $16.7B 36.0× 14.3× +100.04% (above 0%: growing) n/m −14.25% (below 0%: shrinking) 100.00% 20.65% Compare
BEN Franklin Resources Inc $15.9B 21.1× 18.2× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
Median of peers $26.8B 14.7× 13.9× +11.80% +28.57% −8.92% 100.00% 15.06%

All 120 Asset Management stocks →

RJF metrics, ten years each

Raymond James Financial, Inc. (RJF) key facts

  • Strength: Raymond James Financial, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $15.9 billion, up 6.63% from fiscal 2024.
  • Strength: Net income was $2.1 billion, or $10.53 per share (basic), a net margin of 13.4%.
  • Raymond James Financial, Inc. (RJF) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, RJF traded at $156.78, a market capitalization of $30.3 billion.
  • At that price the stock trades at 13.4× trailing-twelve-month earnings and 1.8× sales; its P/E is higher than 32% of its own readings over the past ten years.
  • Raymond James Financial, Inc. pays an annual dividend of $2.16 per share, a yield of 1.38%, with a payout ratio of 18.8%.
  • Return on equity was 17.7% and debt-to-equity 0.43.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Raymond James Financial, Inc. (RJF) Latest News

30 Jul

stockrow.com/RJF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com