JPM
JPMorgan Chase & Co.
JPM has the edge over LAZ overall, supported by stronger modeled upside and stronger valuation.
LAZ
Lazard Ltd
LAZ's outlook is improving despite an expensive valuation.
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.
LAZ Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| N/A | |
| N/A |
LAZ's revenue and profitability are currently stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like LAZ.
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 LAZ in the historical PE scenario, which offers more potential upside but is not a forecast.
LAZ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $13.66 | -67% |
| Fair | 14x | $23.64 | -42% |
| Forward | 18x | $40.87 | — |
| Expensive | 20x | $32.49 | -21% |
| Current | 25x | $40.87 | — |
Historical ranges are pointers, not guarantees.
LAZ's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 18x next year's earnings.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
LAZ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for LAZ, with profitability holding steady. However, they disagree widely on these estimates.
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 LAZ on earnings, with more consistent year-over-year improvement.
LAZ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.29 | +40% |
| Q3 2026 | $1.64 | -36% |
| Q2 2026 | $2.03 | -30% |
| Q1 2026 | $2.52 | -13% |
| Q4 2025 | $2.17 | -19% |
| Q3 2025 | $2.55 | -1.2% |
| Q2 2025 | $2.92 | +80% |
| Q1 2025 | $2.89 | +$3.17 |
| Q4 2024 | $2.68 | +$3.58 |
LAZ's earnings per share have fallen from their peak: $1.64 over the past year, against $4.93 in early 2022.
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 has the edge over LAZ on sales, with more consistent year-over-year improvement.
| 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 has the edge over LAZ on profitability, with a higher operating margin.
LAZ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $814.2M | +8.8% |
| Q2 2026 | $807.7M | +1.5% |
| Q1 2026 | $756.6M | +17% |
| Q4 2025 | $906.7M | +11% |
| Q3 2025 | $748.1M | -4.7% |
| Q2 2025 | $796M | +16% |
| Q1 2025 | $648.1M | -15% |
| Q4 2024 | $816.9M | +1.3% |
LAZ's revenue is recovering but still below its 2021 peak: $814M last quarter, up 8.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.7% | -6 points |
| Q2 2026 | 4.7% | -7 points |
| Q1 2026 | 12% | +3.4 points |
| Q4 2025 | 9.4% | -3.7 points |
| Q3 2025 | 13% | -7.8 points |
| Q2 2025 | 12% | +2.4 points |
| Q1 2025 | 8.4% | +1.3 points |
| Q4 2024 | 13% | +4.2 points |
LAZ's operating margin was 6.7% last quarter, down 6 points from the same quarter a year ago.
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.
LAZ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $310.8M | +9.2% |
| Q2 2026 | $199.5M | +425% |
| Q1 2026 | -$221.5M | +$9.9M |
| Q4 2025 | $396.1M | +14% |
| Q3 2025 | $284.6M | +3.1% |
| Q2 2025 | $38M | -78% |
| Q1 2025 | -$231.4M | -$134.7M |
| Q4 2024 | $348M | +4.6% |
LAZ has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
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 LAZ 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.
LAZ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -56.7K shares |
| 1 year | -0.7% | -717K shares |
| 3 years | +21% | +18.6M shares |
| 5 years | -5.6% | -6.3M shares |
| Available history | -7.6% | -8.8M shares |
LAZ has 107M diluted shares, down 0.7% from a year ago, with $135M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $33.3M |
| Q2 2026 | $50M |
| Q1 2026 | $1.7M |
| Q4 2025 | $50M |
| Q3 2025 | $1.1M |
| Q2 2025 | $3.8M |
| Q1 2025 | $36.2M |
| Q4 2024 | $15.6M |
LAZ spent $135M buying back its own shares over the past year, up 139% from the year before.
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 has the edge over LAZ on leverage, with a lower net debt burden relative to earnings.
LAZ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 0.9x | Very low |
LAZ's net debt is about 1.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like LAZ.
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).
LAZ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 39.4 | Neutral |
LAZ's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
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 LAZ on valuation relative to its sector.
LAZ PE vs Financial Services Sector
| Metric | LAZ | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 91% above |
| PE % | 96 | 63 | 33 pts above |
LAZ is trading at 25x earnings, a 91% premium to the Financial Services sector's median of 13x.
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 LAZ on trend strength, trading above more of its moving averages.
LAZ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 8.8% above |
| 20 week MA | $40.6 | 0.7% above |
| 50 week MA | $44.9 | 8.9% below |
| 100 week MA | $46.8 | 13% below |
| 200 week MA | $42.7 | 4.3% below |
LAZ has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 4.3% below its 200-week average.
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 LAZ on returns for 2026, with the stronger performance.
LAZ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.6 | $41.6 | +5.2% |
| 2021 | $41.6 | $44.0 | +5.7% |
| 2022 | $44.0 | $35.6 | -19% |
| 2023 | $35.6 | $34.8 | -2.3% |
| 2024 | $34.8 | $52.0 | +49% |
| 2025 | $52.0 | $50.0 | -3.7% |
| 2026 YTD | $50.0 | $40.9 | -18% |
LAZ has finished lower in three of the last six years. It's down 18% so far in 2026.