BNS
The Bank of Nova Scotia
BNS has a slight edge over JPM overall, supported by stronger valuation.
JPM
JPMorgan Chase & Co.
JPM has slightly lower modeled downside risk, despite its lower overall score.
BNS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
BNS's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like BNS.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
BNS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $44.63 | -52% |
| Fair | 12x | $58.69 | -37% |
| Expensive | 16x | $79.47 | -14% |
| Current | 18x | $92.66 | — |
Historical ranges are pointers, not guarantees.
BNS's PE is 18x, but its earnings don't support one, so it isn't a reliable read right now.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM has the edge over BNS in the historical PE scenario, which offers more potential upside but is not a forecast.
BNS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BNS, with profitability improving.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
BNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.08 | +52% |
| Q1 2026 | $4.71 | +38% |
| Q4 2025 | $3.96 | -4.1% |
| Q3 2025 | $3.66 | -8.5% |
| Q2 2025 | $3.35 | -21% |
| Q1 2025 | $3.42 | -20% |
| Q4 2024 | $4.13 | +1.2% |
| Q3 2024 | $4.00 | -10% |
BNS has the stronger earnings trend. Trailing diluted EPS is up 52% for BNS versus JPM up 18%.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM's earnings per share have climbed steadily: $23.85 over the past year, up 18% from the year before, and higher year over year for 15 quarters in a row.
BNS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $12.1B | -4.2% |
| Q1 2026 | $12.4B | -7.5% |
| Q4 2025 | $12.8B | -3.6% |
| Q3 2025 | $12.6B | -6.8% |
| Q2 2025 | $12.6B | -3.3% |
| Q1 2025 | $13.4B | +127% |
| Q4 2024 | $13.3B | +138% |
| Q3 2024 | $13.6B | +140% |
JPM has the stronger quarterly revenue trend. Revenue is down 4.2% for BNS versus up 8.1% for JPM.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 20% | +5.6 points |
| Q1 2026 | 18% | +9 points |
| Q4 2025 | 16% | +4.1 points |
| Q3 2025 | 19% | +7.9 points |
| Q2 2025 | 14% | +14 points |
| Q1 2025 | 9% | -23 points |
| Q4 2024 | 12% | -7.2 points |
| Q3 2024 | 11% | -23 points |
BNS's operating margin was 20% last quarter, up 5.6 points from the same quarter a year ago.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM's operating margin was 40% last quarter, about level with the same quarter a year ago.
BNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $11.9B | +619% |
| Q1 2026 | $8.9B | +168% |
| Q4 2025 | -$4.5B | -190% |
| Q3 2025 | $3B | -38% |
| Q2 2025 | $1.7B | +$2.6B |
| Q1 2025 | $3.3B | +120% |
| Q4 2024 | $5B | +54% |
| Q3 2024 | $4.9B | -70% |
BNS has the stronger cash trend. Its trailing FCF is up 49% versus its history, compared with JPM at down 229%.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
BNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -15M shares |
| 1 year | -1.3% | -16M shares |
| 3 years | +2.8% | +33M shares |
| 5 years | +0.6% | +7M shares |
| Available history | -1.7% | -21M shares |
BNS has 1.2B diluted shares, down 1.3% from a year ago, with $1.4B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $451.3M |
| Q1 2026 | $341M |
| Q4 2025 | $460.5M |
| Q3 2025 | $168.7M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BNS spent $1.4B buying back its own shares over the past year, after none the year before.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has the edge over BNS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
BNS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 34.6x | High |
| Q1 2026 | 33.3x | High |
| Q4 2025 | 36.2x | High |
| Q3 2025 | 35.9x | High |
| Q2 2025 | 39.4x | High |
| Q1 2025 | 39.5x | High |
| Q4 2024 | 20.4x | High |
| Q3 2024 | 21.9x | High |
BNS's net debt is more than 20 years of its operating earnings (EBITDA), down from more than 20 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BNS.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
BNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.4 | Neutral |
| Stochastic | 63.5 | Neutral |
BNS's weekly RSI is 60 (neutral) and its Stochastic is 63 (neutral).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
BNS PE vs Financial Services Sector
| Metric | BNS | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 40% above |
| PE % | 98 | 63 | 35 pts above |
BNS is trading at 18x earnings, a 40% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM has the edge over BNS on valuation relative to its sector.
BNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $92.0 | 0.8% above |
| 20 week MA | $90.7 | 2.1% above |
| 50 week MA | $81.7 | 13% above |
| 100 week MA | $68.7 | 35% above |
| 200 week MA | $58.7 | 58% above |
BNS has the edge over JPM on trend strength, trading above more of its moving averages.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM's trend is mixed: it's above four of its five weekly moving averages, and 45% above its 200-week average.
BNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.1 | $53.5 | -4.7% |
| 2021 | $53.5 | $69.8 | +30% |
| 2022 | $69.8 | $48.8 | -30% |
| 2023 | $48.8 | $48.7 | -0.3% |
| 2024 | $48.7 | $53.8 | +10% |
| 2025 | $53.8 | $74.2 | +38% |
| 2026 YTD | $74.2 | $92.7 | +25% |
BNS has the edge over JPM on returns for 2026, with the stronger performance.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has finished higher in four of the last six years. It's up 4.5% so far in 2026.