JPM
JPMorgan Chase & Co.
JPM has slightly lower modeled downside risk, despite its lower overall score.
NDAQ
Nasdaq, Inc.
NDAQ has the edge over JPM overall, supported by stronger valuation and stronger fundamentals.
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.
NDAQ Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
NDAQ's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NDAQ.
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.
NDAQ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $87.92 | -19% |
| Forward | 24x | $109 | — |
| Fair | 27x | $100 | -7.9% |
| Current | 30x | $109 | — |
| Expensive | 35x | $128 | +18% |
Historical ranges are pointers, not guarantees.
NDAQ has the edge over JPM in the historical PE scenario, which offers more potential upside but is not a forecast.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
NDAQ Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
NDAQ has the edge over JPM on the outlook, with more favorable valuation expectations.
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.
NDAQ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.57 | +25% |
| Q3 2026 | $3.66 | +30% |
| Q2 2026 | $3.43 | +31% |
| Q1 2026 | $3.32 | +50% |
| Q4 2025 | $3.09 | +60% |
| Q3 2025 | $2.81 | +71% |
| Q2 2025 | $2.61 | +53% |
| Q1 2025 | $2.21 | +18% |
| Q4 2024 | $1.93 | -7.2% |
NDAQ earned $3.66 per share over the past year, up 30% from the year before.
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 has the edge over NDAQ on profitability, with a higher operating margin.
NDAQ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +22% |
| Q2 2026 | $2.5B | +21% |
| Q1 2026 | $2.1B | +2.2% |
| Q4 2025 | $2.1B | +4.6% |
| Q3 2025 | $2B | +2.9% |
| Q2 2025 | $2.1B | +17% |
| Q1 2025 | $2.1B | +25% |
| Q4 2024 | $2B | +23% |
NDAQ has the edge over JPM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | +0.7 points |
| Q2 2026 | 28% | +0.9 points |
| Q1 2026 | 31% | +4.6 points |
| Q4 2025 | 30% | +4.1 points |
| Q3 2025 | 30% | +6.4 points |
| Q2 2025 | 27% | +3.6 points |
| Q1 2025 | 26% | +1.7 points |
| Q4 2024 | 25% | +4 points |
NDAQ's operating margin was 31% last quarter, up 0.7 points from the same quarter a year ago, near the top of its range since 2019.
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.
NDAQ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $459M | +202% |
| Q2 2026 | $634M | -7.7% |
| Q1 2026 | $629M | +2.4% |
| Q4 2025 | $536M | -17% |
| Q3 2025 | $152M | -19% |
| Q2 2025 | $687M | +68% |
| Q1 2025 | $614M | +25% |
| Q4 2024 | $645M | +72% |
NDAQ 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 NDAQ 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.
NDAQ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -4.4M shares |
| 1 year | -2.7% | -15.7M shares |
| 3 years | +14% | +69.2M shares |
| 5 years | +10% | +52.8M shares |
| Available history | +12% | +62.4M shares |
NDAQ has 563M diluted shares, down 2.7% from a year ago, with $1.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $323M |
| Q2 2026 | $355M |
| Q1 2026 | $548M |
| Q4 2025 | $286M |
| Q3 2025 | $115M |
| Q2 2025 | $100M |
| Q1 2025 | $115M |
| Q4 2024 | — |
NDAQ spent $1.5B buying back its own shares over the past year, about five times what it spent 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 NDAQ on leverage, with a lower net debt burden relative to earnings.
NDAQ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 2.6x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.0x | Elevated |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 3.4x | Elevated |
| Q4 2024 | 3.7x | Elevated |
NDAQ's net debt is about 2.5 years of its operating earnings (EBITDA), down from 3.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NDAQ.
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).
NDAQ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.4 | Neutral |
| Stochastic | 87.1 | Overbought |
NDAQ's weekly RSI is 68 (neutral) and its Stochastic is 87 (overbought).
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 NDAQ on valuation relative to its sector.
NDAQ PE vs Financial Services Sector
| Metric | NDAQ | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 13x | 128% above |
| PE % | 69 | 63 | 6 pts above |
NDAQ is trading at 30x earnings, a 128% 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's trend is mixed: it's above four of its five weekly moving averages, and 45% above its 200-week average.
NDAQ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $99.5 | 9.2% above |
| 20 week MA | $95.9 | 13% above |
| 50 week MA | $92.1 | 18% above |
| 100 week MA | $88.2 | 23% above |
| 200 week MA | $73.9 | 47% above |
NDAQ has the edge over JPM on trend strength, trading above more of its moving averages.
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.
NDAQ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.0 | $42.9 | +19% |
| 2021 | $42.9 | $68.5 | +60% |
| 2022 | $68.5 | $61.3 | -11% |
| 2023 | $61.3 | $58.1 | -5.1% |
| 2024 | $58.1 | $78.4 | +35% |
| 2025 | $78.4 | $99.4 | +27% |
| 2026 YTD | $99.4 | $108.7 | +9.4% |
NDAQ has the edge over JPM on returns for 2026, with the stronger performance.