BAC
Bank of America Corporation
BAC has the edge over JEF overall, supported by lower modeled downside and stronger modeled upside.
JEF
Jefferies Financial Group Inc.
JEF offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
JEF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
JEF's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JEF.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC has the edge over JEF in the historical PE scenario, which offers more potential upside but is not a forecast.
JEF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $26.66 | -42% |
| Current | 11x | $46.27 | — |
| Forward | 11x | $46.27 | — |
| Fair | 13x | $53.80 | +16% |
| Expensive | 26x | $105 | +126% |
Historical ranges are pointers, not guarantees.
JEF's PE is in its fair range at 11.4x. If earnings grow as analysts expect, today's price would be 11.0x next year's earnings.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over JEF on the outlook, with more favorable valuation and revenue expectations.
JEF Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect JEF's earnings to grow and its profitability to improve, with its revenue holding steady.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC's earnings per share have climbed steadily: $4.19 over the past year, up 14% from the year before, and higher year over year for eight quarters in a row.
JEF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.21 | +3.3% |
| Q3 2026 | $4.07 | +39% |
| Q2 2026 | $3.82 | +44% |
| Q1 2026 | $2.96 | +2.1% |
| Q4 2025 | $2.83 | -5.4% |
| Q3 2025 | $2.92 | +25% |
| Q2 2025 | $2.66 | +47% |
| Q1 2025 | $2.90 | +138% |
| Q4 2024 | $2.99 | +172% |
JEF's earnings per share have fallen from their peak: $4.07 over the past year, against $5.86 in late 2021.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC's revenue has grown year over year for 10 quarters in a row: $30B last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC has the edge over JEF on profitability, with a higher operating margin.
JEF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +8.5% |
| Q2 2026 | $2.2B | +35% |
| Q1 2026 | $2B | +27% |
| Q4 2025 | $2.1B | +5.7% |
| Q3 2025 | $2B | +22% |
| Q2 2025 | $1.6B | -1.3% |
| Q1 2025 | $1.6B | -8.4% |
| Q4 2024 | $2B | +63% |
JEF's revenue has grown year over year for five quarters in a row: $2.2B last quarter, up 8.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -0.4 points |
| Q2 2026 | 14% | +6.1 points |
| Q1 2026 | 11% | +1 points |
| Q4 2025 | 12% | -3.3 points |
| Q3 2025 | 16% | +1.2 points |
| Q2 2025 | 8.3% | -5.5 points |
| Q1 2025 | 9.5% | -3.2 points |
| Q4 2024 | 16% | +8.3 points |
JEF's operating margin was 16% last quarter, about level with the same quarter a year ago.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC's free cash flow was $41.4B over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BAC.
JEF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +1917% |
| Q2 2026 | $1.6B | +$2.6B |
| Q1 2026 | -$1.8B | +$912.6M |
| Q4 2025 | $1.9B | +16% |
| Q3 2025 | $126M | +$831.9M |
| Q2 2025 | -$1B | -3629% |
| Q1 2025 | -$2.7B | -$1.4B |
| Q4 2024 | $1.6B | +4531% |
JEF has the edge over BAC on cash flow, with more consistent year-over-year improvement.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has the edge over JEF on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
JEF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +26.3M shares |
| 1 year | +3.1% | +6.9M shares |
| 3 years | -1% | -2.4M shares |
| 5 years | -19% | -54.2M shares |
| Available history | -31% | -101M shares |
JEF has 230M diluted shares, up 3.1% from a year ago, despite $440M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $68.2M |
| Q2 2026 | $197.4M |
| Q1 2026 | $174.3M |
| Q4 2025 | $29,000 |
| Q3 2025 | $918,000 |
| Q2 2025 | $1.3M |
| Q1 2025 | $56.3M |
| Q4 2024 | $1,000 |
JEF spent $440M buying back its own shares over the past year, about eight times what it spent the year before.
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
JEF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 6.3x | High |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 5.2x | High |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 4.3x | High |
| Q4 2024 | 1.5x | Healthy |
JEF has the edge over BAC on leverage, with a lower net debt burden relative to earnings.
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
JEF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.6 | Neutral |
| Stochastic | 27.1 | Neutral |
JEF's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
JEF PE vs Financial Services Sector
| Metric | JEF | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 13% below |
| PE % | 43 | 63 | 20 pts below |
JEF has the edge over BAC on valuation relative to its sector.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
JEF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $45.9 | 0.8% above |
| 20 week MA | $50.5 | 8.3% below |
| 50 week MA | $52.1 | 11% below |
| 100 week MA | $55.7 | 17% below |
| 200 week MA | $49.8 | 7.1% below |
JEF has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 7.1% below its 200-week average.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has the edge over JEF on returns for 2026, with the stronger performance.
JEF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.2 | $22.6 | +12% |
| 2021 | $22.6 | $36.9 | +63% |
| 2022 | $36.9 | $33.4 | -9.6% |
| 2023 | $33.4 | $40.4 | +21% |
| 2024 | $40.4 | $78.9 | +95% |
| 2025 | $78.9 | $63.9 | -19% |
| 2026 YTD | $63.9 | $46.3 | -28% |
JEF has finished higher in four of the last six years, two of them by more than 50%. It's down 28% so far in 2026.