FG
F&G Annuities & Life, Inc.
FG offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM
JPMorgan Chase & Co.
JPM has a slight edge over FG overall, supported by stronger fundamentals and lower modeled downside.
FG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
FG's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like FG.
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.
FG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.1x | $23.62 | — |
| Forward | 5.7x | $23.62 | — |
| Cheap | 7.2x | $54.82 | +132% |
| Fair | 8.7x | $66.51 | +182% |
| Expensive | 17x | $128 | +442% |
Historical ranges are pointers, not guarantees.
FG has the edge over JPM in the historical PE scenario, which offers more potential upside but is not a forecast.
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's PE is in its expensive range at 14.4x. If earnings grow as analysts expect, today's price would be 13.7x next year's earnings.
FG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect FG's earnings to grow and its profitability to improve, with its revenue holding steady.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over FG on the outlook, with more favorable valuation and revenue expectations.
FG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.15 | -46% |
| Q3 2026 | $7.61 | +121% |
| Q2 2026 | $2.98 | +19% |
| Q1 2026 | $3.86 | +1.6% |
| Q4 2025 | $1.88 | -61% |
| Q3 2025 | $3.44 | +$3.49 |
| Q2 2025 | $2.51 | +1.2% |
| Q1 2025 | $3.80 | +93% |
| Q4 2024 | $4.88 | +$5.35 |
FG earned $7.61 per share over the past year, up 121% from the year before.
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 has the edge over FG on earnings, with more consistent year-over-year improvement.
FG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | -33% |
| Q2 2026 | $1.4B | +4.2% |
| Q1 2026 | $1.2B | +31% |
| Q4 2025 | $1.8B | +13% |
| Q3 2025 | $1.7B | +17% |
| Q2 2025 | $1.4B | +16% |
| Q1 2025 | $908M | -42% |
| Q4 2024 | $1.6B | -3.3% |
FG's revenue has held roughly level: $1.1B last quarter, down 33% 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.
FG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $982M | +4.8% |
| Q2 2026 | $1.5B | -8.2% |
| Q1 2026 | $743M | -22% |
| Q4 2025 | $1.2B | -12% |
| Q3 2025 | $937M | -55% |
| Q2 2025 | $1.6B | +54% |
| Q1 2025 | $956M | -38% |
| Q4 2024 | $1.3B | -41% |
FG has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
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.
FG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.8% | +5M shares |
| 1 year | -2.9% | -4M shares |
| 3 years | +8% | +10M shares |
FG has 135M diluted shares, down 2.9% from a year ago, with $130M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $94M |
| Q1 2026 | $29M |
| Q4 2025 | $7M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $3M |
| Q4 2024 | $6M |
FG spent $130M buying back its own shares over the past year, more than ten times what it spent 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 FG 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.
FG Net Leverage
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.
FG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.3 | Neutral |
| Stochastic | 38.0 | Neutral |
FG's weekly RSI is 47 (neutral) and its Stochastic is 38 (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).
FG PE vs Financial Services Sector
| Metric | FG | Sector median | Relative |
|---|---|---|---|
| PE | 3.1x | 13x | 76% below |
| PE % | 5 | 55 | 50 pts below |
FG has the edge over JPM on valuation relative to its sector.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM is trading at 14x earnings, a 10% premium to the Financial Services sector's median of 13x.
FG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.5 | 10% above |
| 20 week MA | $24.6 | 4.1% below |
| 50 week MA | $26.4 | 11% below |
| 100 week MA | $30.8 | 23% below |
| 200 week MA | $32.5 | 27% below |
FG has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 27% below its 200-week average.
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 has the edge over FG on trend strength, trading above more of its moving averages.
FG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $25.0 | $20.2 | -19% |
| 2023 | $20.2 | $46.0 | +127% |
| 2024 | $46.0 | $41.5 | -9.7% |
| 2025 | $41.5 | $32.1 | -23% |
| 2026 YTD | $32.1 | $23.6 | -26% |
FG has finished lower in three of the last four years. It's down 26% so far in 2026.
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 the edge over FG on returns for 2026, with the stronger performance.