JPM
JPMorgan Chase & Co.
JPM has the edge over NNI overall, supported by stronger modeled upside and stronger fundamentals.
NNI
Nelnet, Inc.
NNI trails on the overall score without a compensating advantage in the available component scores.
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.
NNI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NNI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NNI.
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 NNI in the historical PE scenario, which offers more potential upside but is not a forecast.
NNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.1x | $53.77 | -57% |
| Fair | 15x | $110 | -12% |
| Forward | 15x | $125 | — |
| Current | 16x | $125 | — |
| Expensive | 26x | $200 | +60% |
Historical ranges are pointers, not guarantees.
NNI's PE is in its fair range at 16x. On analysts' estimates for next year's earnings, today's price would be 15x.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
NNI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect NNI's revenue to grow, but its profitability to weaken.
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.
NNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.43 | +11% |
| Q3 2026 | $7.57 | -36% |
| Q2 2026 | $8.38 | -7.4% |
| Q1 2026 | $11.50 | +117% |
| Q4 2025 | $11.79 | +135% |
| Q3 2025 | $11.92 | +291% |
| Q2 2025 | $9.05 | +116% |
| Q1 2025 | $5.31 | +43% |
| Q4 2024 | $5.02 | +105% |
NNI's earnings per share have fallen from their peak: $7.57 over the past year, against $13.43 in late 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'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.
NNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $101.4M | +19% |
| Q2 2026 | $96M | +21% |
| Q1 2026 | $101.6M | +23% |
| Q4 2025 | $107.1M | +34% |
| Q3 2025 | $85.3M | +18% |
| Q2 2025 | $79.4M | +20% |
| Q1 2025 | $82.7M | +11% |
| Q4 2024 | $80.1M | +15% |
NNI has the edge over JPM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | -80 points |
| Q2 2026 | 68% | -231 points |
| Q1 2026 | 74% | -54 points |
| Q4 2025 | 71% | -27 points |
| Q3 2025 | 160% | +163 points |
| Q2 2025 | 299% | +211 points |
| Q1 2025 | 128% | +1.5 points |
| Q4 2024 | 98% | +155 points |
NNI has the edge over JPM on profitability, with a higher operating margin.
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.
NNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $187.9M | +87% |
| Q2 2026 | $71.6M | -8.3% |
| Q1 2026 | $61.6M | -30% |
| Q4 2025 | $130.1M | -34% |
| Q3 2025 | $100.8M | -24% |
| Q2 2025 | $78.1M | -36% |
| Q1 2025 | $87.8M | -53% |
| Q4 2024 | $197.9M | +239% |
NNI 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 NNI 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.
NNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -192K shares |
| 1 year | -1.3% | -471K shares |
| 3 years | -4.4% | -1.7M shares |
| 5 years | -7.1% | -2.8M shares |
| Available history | -10% | -4.2M shares |
NNI has 36M diluted shares, down 1.3% from a year ago, with $110M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $53.1M |
| Q2 2026 | $24.4M |
| Q1 2026 | $16.3M |
| Q4 2025 | $16.3M |
| Q3 2025 | $27.3M |
| Q2 2025 | $21.4M |
| Q1 2025 | $4.5M |
| Q4 2024 | $403,000 |
NNI spent $110M buying back its own shares over the past year, up 106% 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 NNI on leverage, with a lower net debt burden relative to earnings.
NNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 18.1x | High |
| Q2 2026 | 16.6x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 12.1x | High |
| Q3 2025 | 12.2x | High |
| Q2 2025 | 15.7x | High |
| Q1 2025 | 26.4x | High |
| Q4 2024 | 25.5x | High |
NNI's net debt is about 18 years of its operating earnings (EBITDA), up from 12 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NNI.
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).
NNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 32.3 | Neutral |
NNI's weekly RSI is 46 (neutral) and its Stochastic is 32 (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 NNI on valuation relative to its sector.
NNI PE vs Financial Services Sector
| Metric | NNI | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 27% above |
| PE % | 57 | 63 | 6 pts below |
NNI is trading at 16x earnings, a 27% 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 NNI on trend strength, trading above more of its moving averages.
NNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $125.2 | 0.3% below |
| 20 week MA | $128.4 | 2.8% below |
| 50 week MA | $130.4 | 4.3% below |
| 100 week MA | $124.3 | 0.5% above |
| 200 week MA | $110.7 | 13% above |
NNI has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 13% above 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 NNI on returns for 2026, with the stronger performance.
NNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $58.5 | $68.7 | +17% |
| 2021 | $68.7 | $97.6 | +42% |
| 2022 | $97.6 | $89.6 | -8.2% |
| 2023 | $89.6 | $88.2 | -1.5% |
| 2024 | $88.2 | $106.2 | +20% |
| 2025 | $106.2 | $135.7 | +28% |
| 2026 YTD | $135.7 | $124.8 | -8% |
NNI has finished higher in four of the last six years. It's down 8% so far in 2026.