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.
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Raymond James Financial, Inc. (RJF) Altman Z-score
Raymond James Financial, Inc.'s Altman Z-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Altman Z-score, annual
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | 0.15 | — | 0.22 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.46 | — | 0.28 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | n/a — not meaningful for banks, insurers and REITs | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AMP Ameriprise Financial, Inc. compare | — |
| TPG TPG Inc. compare | — |
| RJF Raymond James Financial, Inc. | — |
| BEN Franklin Resources Inc compare | — |
| STT State Street Corporation compare | — |
| PFG Principal Financial Group, Inc. compare | — |
| NTRS Northern Trust Corporation compare | — |
| ARES Ares Management Corporation compare | — |
| TROW T. Rowe Price Group, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on RJF
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- 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
- 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
- Piotroski F-score
- The full statement