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Raymond James Financial, Inc.

RJF Financial Asset Management

Raymond James Financial, Inc.’s revenue for fiscal 2026 (year ended September 2026) was $17.5 billion, up 10.2% from fiscal 2025.

Revenue
+13.1%
EPS
+14.4%
Free cash flow
−148.6%
Total debt
+38.5%

Quarter to September 2026, against a year earlier

164.57 0.25 −0.15%
Market cap
$31.7B
P/E
13.6×
Fwd P/E
13.5×
Dividend yield
1.31%
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Private Client Group
  • Bank
  • Capital Markets
  • Bank
  • Asset Management

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 30.39
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 1 1 — — — 2 1 — — —
Insider Ownership 10.41%

Capital & Financial Ratios $m

Size
Market Cap 31,650.00
Revenue ttm 17,539.00
Net income ttm 2,306.00
Free cash flow ttm 1,442.00
Net debt Q (8,903.00)
Valuation
P/E 13.61
Forward P/E 13.50
Price / sales 1.81
Forward P/S Powerpack
Price / FCF 22.00
Price / book 2.48
Financial health
Current ratio Q 1.06
Debt / equity Q 0.43
Interest coverage Q 2.82
Growth
Revenue growth Q +13.10% (above 0%: growing)
Operating income growth Q +10.33% (above 0%: growing)
EPS, this year +15.45% (at or above 15%: strong)
EPS, next year A +16.93% (at or above 15%: strong)
Revenue, next year A −1.20% (below 0%: weak)
EPS, past 5 yrs +12.49%
EPS, next 5 yrs A +15.50% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 35.86%
10-year low 10-year high
P/S against its own 10 years 48.26%
10-year low 10-year high
P/B against its own 10 years 82.69%
10-year low 10-year high

Dividends raised 2 years running

Yield
1.31%
Annual rate
2.16
Payout ratio
18.1%
Growth, 2018–26
+14.5%/yr
  1. 0.73 ’18
  2. 1.15 ’19 +57
  3. 0.74 ’20 −36
  4. 1.04 ’21 +41
  5. 1.78 ’22 +71
  6. 1.71 ’23 −4
  7. 1.35 ’24 −21
  8. 2.00 ’25 +48
  9. 2.16 ’26 +8
paid change on the year, % Powerpack

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 12.25% 12.09% 10.52%
Cash Flow 10.48% (9.78%) 223.34%
Earnings 16.17% 11.01% 11.03%
Book Value 10.08% 11.75% 9.85%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 3.28 Actual 3.59

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 2.83 2.86 Beat by 0.03
Q2 FY26 2.76 2.83 Beat by 0.07
Q3 FY26 2.91 3.14 Beat by 0.23
Q4 FY26 3.28 3.59 Beat by 0.31
Q1 FY27 3.35 — Reports 27 January 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 2.79 2.72 3.01 3.40 11.94
’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
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 4,176 4,262 4,362 4,739 17,539
’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
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.

Valuation

The price implies the dividend a share growing 23.1% a year for ten years.

Implied
23.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 6,525 7,476 8,023 8,168 9,910 11,308 12,992 14,923 15,912 17,539 +11.6% 17,646 18,872 — +3.7%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 925 1,311 1,375 1,052 1,791 2,022 2,280 2,643 2,714 3,075 +14.3%
EBT margin, % 14.18 17.54 17.14 12.88 18.07 17.88 17.55 17.71 17.06 17.53 +3.4 pt
Net income 636 857 1,034 818 1,403 1,509 1,739 2,068 2,135 — +16.3%
Per share, $
Per share, $ Revenue 30.36 34.30 37.93 39.57 48.18 53.87 61.34 72.06 78.77 90.04 +12.8%
Earnings 2.95 3.93 4.88 3.96 6.81 7.16 8.16 9.94 10.53 12.16 +17.0%
Cash flow (0.58) 4.06 2.73 19.73 32.31 0.34 (16.59) 10.41 12.05 0.00 n/m
Capex (0.88) (0.61) (0.65) (0.60) (0.36) (0.43) (0.82) (0.99) (0.93) 0.00 n/m
Free cash flow (1.47) 3.44 2.08 19.13 31.95 (0.09) (17.41) 9.42 11.12 0.00 n/m
Book value 26.49 29.60 31.41 34.77 40.36 44.94 48.10 56.34 61.90 0.00 n/m
Shares, m 215 218 212 206 206 210 212 207 202 195 (1.1%)
Valuation, ×
Valuation, × P/E 19.13 15.70 11.26 12.27 13.56 13.80 12.04 12.31 16.38 13.02 13.9
P/S 1.86 1.79 1.45 1.23 1.92 1.83 1.60 1.70 2.19 1.73 1.7
P/B 2.13 2.08 1.75 1.40 2.29 2.23 2.06 2.19 2.81 2.37 2.1
EV/Sales 1.20 1.28 0.97 0.40 0.34 0.86 0.91 0.97 1.56 — 0.9
EV/FCF (24.91) 12.73 17.82 0.83 0.51 (510.75) (3.19) 7.44 11.09 — (54.3)
Cash, $m
Cash, $m Operating cash flow (125) 884 577 4,073 6,647 72 (3,514) 2,155 2,434 — n/m
Capex (190) (134) (138) (124) (74) (91) (173) (205) (188) — (0.1%)
Free cash flow (315) 750 439 3,949 6,573 (19) (3,687) 1,950 2,246 — n/m
Balance, $m
Balance, $m Working capital 4,050 3,641 3,215 (842) (668) (1,621) (1,010) 1,359 4,646 — +1.7%
Net debt (4,269) (3,873) (3,805) (6,730) (15,629) (11,038) (9,000) (10,846) (9,964) — +11.2%
Shareholders’ equity 5,693 6,452 6,643 7,176 8,303 9,432 10,187 11,667 12,504 — +10.3%
Returns, %
Returns, % ROA 1.91 2.37 2.71 1.90 2.57 2.11 2.17 2.55 2.48 0.00 (1.9) pt
ROIC 47.91 37.25 37.33 211.46 0.00 0.00 199.29 364.65 113.14 0.00 (47.9) pt
ROE 11.81 14.10 15.76 11.84 18.13 17.09 17.80 18.98 17.72 0.00 (11.8) pt
People
People Employees 12,700 13,900 14,200 14,800 15,000 17,000 18,000 19,000 19,500 — +5.5%
Revenue/emp, $m 0.51 0.54 0.57 0.55 0.66 0.67 0.72 0.79 0.82 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Raymond James Financial is a financial services company that helps individuals manage and invest money and provides financial services to businesses, institutions and municipalities. Its activities span financial advice, investment banking, asset management, banking and trust services. Founded in 1962, the company is headquartered in St. Petersburg and led by Chief Executive Officer Paul Shoukry.

Its Private Client Group connects clients with financial advisors who provide planning, investment advice and help with securities transactions. Advisors can work as employees or independent contractors. Raymond James also serves independent advisory firms and broker-dealers, holding client assets for them and providing trade execution, research and other support.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Private Client Group 10,282 64.62%
Bank 3,376 21.22%
Capital Markets 1,869 11.75%
Bank 1,776 11.16%
Asset Management 1,188 7.47%
Gross margin 100.00%
Operating margin 28.90%
Pre-tax margin 17.06%

Revenue by segment since 2009

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 $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87% Compare
RJF Raymond James Financial, Inc. $31.7B 13.6× 13.5× +13.10% (above 0%: growing) +14.42% (above 0%: growing) −148.58% (below 0%: shrinking) 100.00% 27.94%
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
PFG Principal Financial Group, Inc. $24.0B 12.6× 12.2× +25.39% (above 0%: growing) +190.78% (above 0%: growing) +51.01% (above 0%: growing) 49.13% 18.17% Compare
TROW T. Rowe Price Group, Inc. $23.2B 11.0× 9.8× +5.88% (above 0%: growing) −3.12% (below 0%: shrinking) −13.81% (below 0%: shrinking) 100.00% 38.40% Compare
PS Pershing Square Inc. $20.1B — — — n/m — 100.00% (166.36%) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
Median of peers $27.5B 13.3× 12.6× +5.36% +32.86% −33.84% 100.00% 18.13%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • Paul Shoukry said investment-banking activity, dialogues and signed engagement letters pointed to greater potential revenue, while industry-specific concerns and seller-buyer valuation gaps still needed to align.
  • Paul Shoukry said Raymond James completed the full rollout of Raymond and invested in AI to reduce administrative work, allowing advisors more time to develop client relationships.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Raymond James Oct 23, 2026 Target cut Outperform 800.00 → 675.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.90%
Held by the ten largest 42.30%
Holder Shares Stake Change
Vanguard 21.86m 11.38% −314.12k
BlackRock 14.34m 7.47% +224.75k
Wellington Management 9.45m 4.92% −254.05k
PRIMECAP Management 9.24m 4.81% −104.62k
State Street 7.89m 4.11% +35.29k
Geode Capital Management 4.65m 2.42% +10.48k
Fidelity (FMR) 4.40m 2.29% −1.44m
HARRIS ASSOCIATES L P 3.62m 1.88% +280.97k
T. Rowe Price 3.10m 1.61% −614.44k
JPMorgan Chase 2.71m 1.41% −1.76m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 23.08m 34.07m 266.64
2023 34.91m 39.84m 216.24
2022 17.63m 24.78m 209.25
2021 13.66m 33.84m 192.74
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Raymond James Financial, Inc. (RJF) Latest News

2 Nov

Impact 3 · · StockStory

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 3 · · wealthmanagement.com
Impact 3 · · Zacks
Impact 3 · · Moby

28 Oct

Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · TIKR
Impact 3 · · Investing.com

16 Oct

Impact 3 · · wealthmanagement.com

14 Oct

Impact 3 · · Barchart

12 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

8 Oct

Impact 3 · · Zacks
Impact 3 · · wealthmanagement.com

29 Sep

Impact 4 · · wealthmanagement.com

24 Sep

Impact 3 · · wealthmanagement.com

15 Sep

Impact 3 ·

11 Aug

Impact 3 ·

RJF metrics, ten years each

stockrow.com/RJF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com