FMAO
Farmers & Merchants Bancorp, Inc.
FMAO has the edge over JPM overall, supported by stronger valuation and stronger fundamentals.
JPM
JPMorgan Chase & Co.
JPM has lower modeled downside risk, despite its lower overall score.
FMAO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FMAO's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FMAO.
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.
FMAO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $33.51 | -9.1% |
| Forward | 11x | $36.88 | — |
| Fair | 12x | $38.45 | +4.3% |
| Current | 12x | $36.88 | — |
| Expensive | 16x | $49.12 | +33% |
Historical ranges are pointers, not guarantees.
FMAO 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.
FMAO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
FMAO has the edge over JPM on the outlook, with more favorable valuation expectations.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
FMAO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.35 | +7.8% |
| Q3 2026 | $3.11 | +34% |
| Q2 2026 | $2.91 | +35% |
| Q1 2026 | $2.61 | +29% |
| Q4 2025 | $2.42 | +27% |
| Q3 2025 | $2.32 | +36% |
| Q2 2025 | $2.16 | +38% |
| Q1 2025 | $2.02 | +27% |
| Q4 2024 | $1.90 | +14% |
FMAO has the edge over JPM on earnings, with stronger typical year-over-year growth.
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.
FMAO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $34.8M | +11% |
| Q2 2026 | $34.4M | +16% |
| Q1 2026 | $32.4M | +16% |
| Q4 2025 | $32.5M | +21% |
| Q3 2025 | $31.3M | +22% |
| Q2 2025 | $29.6M | +18% |
| Q1 2025 | $28.1M | +17% |
| Q4 2024 | $26.9M | +13% |
FMAO has the edge over JPM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +4.9 points |
| Q2 2026 | 43% | +10 points |
| Q1 2026 | 38% | +6.8 points |
| Q4 2025 | 40% | +0.4 points |
| Q3 2025 | 36% | +4.2 points |
| Q2 2025 | 33% | +4.1 points |
| Q1 2025 | 31% | +3 points |
| Q4 2024 | 39% | +10 points |
FMAO has the edge over JPM on profitability, with a higher operating margin.
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.
FMAO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $14.6M | +36% |
| Q2 2026 | $10.6M | +2651% |
| Q1 2026 | $7M | -34% |
| Q4 2025 | $13.2M | +604% |
| Q3 2025 | $10.7M | -41% |
| Q2 2025 | $385K | -96% |
| Q1 2025 | $10.6M | +740% |
| Q4 2024 | $1.9M | -78% |
FMAO 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.
FMAO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +7.8K shares |
| 1 year | +0.3% | +41.6K shares |
| 3 years | +0.8% | +109K shares |
| 5 years | +22% | +2.5M shares |
| Available history | +22% | +2.5M shares |
FMAO has 14M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.6M |
| Q2 2026 | $42,000 |
| Q1 2026 | $57,000 |
| Q4 2025 | $1,000 |
| Q3 2025 | $338,000 |
| Q2 2025 | — |
| Q1 2025 | $23,000 |
| Q4 2024 | — |
FMAO spent $2M buying back its own shares over the past year, about five 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 FMAO 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.
FMAO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 4.5x | High |
| Q3 2025 | 2.3x | Moderate |
| Q2 2025 | 3.2x | Elevated |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 3.1x | Elevated |
FMAO has the edge over JPM on leverage, with a lower net debt burden relative to earnings.
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.
FMAO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.0 | Overbought |
| Stochastic | 74.3 | Neutral |
FMAO's weekly RSI is 71 (overbought) and its Stochastic is 74 (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).
FMAO PE vs Financial Services Sector
| Metric | FMAO | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8.9% below |
| PE % | 39 | 63 | 24 pts below |
FMAO 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.
FMAO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.8 | 3% above |
| 20 week MA | $34.3 | 7.5% above |
| 50 week MA | $29.8 | 24% above |
| 100 week MA | $27.5 | 34% above |
| 200 week MA | $25.4 | 45% above |
FMAO 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.
FMAO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.7 | $23.0 | -25% |
| 2021 | $23.0 | $31.7 | +38% |
| 2022 | $31.7 | $27.8 | -12% |
| 2023 | $27.8 | $24.8 | -11% |
| 2024 | $24.8 | $28.6 | +15% |
| 2025 | $28.6 | $26.1 | -8.6% |
| 2026 YTD | $26.1 | $36.9 | +41% |
FMAO 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.