JPM
JPMorgan Chase & Co.
JPM has lower modeled downside risk, despite its lower overall score.
PIPR
Piper Sandler Companies
PIPR 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.
PIPR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
PIPR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like PIPR.
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 PIPR in the historical PE scenario, which offers more potential upside but is not a forecast.
PIPR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $48.99 | -26% |
| Forward | 15x | $66.09 | — |
| Current | 16x | $66.09 | — |
| Fair | 21x | $88.71 | +34% |
| Expensive | 36x | $153 | +132% |
Historical ranges are pointers, not guarantees.
PIPR's PE is in its fair range at 16x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
PIPR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PIPR, with profitability holding steady.
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.
PIPR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.52 | +6.4% |
| Q3 2026 | $4.25 | +28% |
| Q2 2026 | $4.32 | +46% |
| Q1 2026 | $3.96 | +38% |
| Q4 2025 | $3.95 | +54% |
| Q3 2025 | $3.32 | +42% |
| Q2 2025 | $2.96 | +55% |
| Q1 2025 | $2.86 | +95% |
| Q4 2024 | $2.56 | +106% |
PIPR has the edge over JPM on earnings, with stronger typical year-over-year growth.
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 PIPR on profitability, with a higher operating margin.
PIPR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $443M | -7.6% |
| Q2 2026 | $495.5M | +25% |
| Q1 2026 | $474.4M | +33% |
| Q4 2025 | $666.1M | +38% |
| Q3 2025 | $479.3M | +33% |
| Q2 2025 | $396.8M | +17% |
| Q1 2025 | $357.3M | +4.1% |
| Q4 2024 | $484.1M | +2.6% |
PIPR has the edge over JPM on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -7.4 points |
| Q2 2026 | 20% | +7.9 points |
| Q1 2026 | 19% | +10 points |
| Q4 2025 | 28% | +11 points |
| Q3 2025 | 22% | +6.9 points |
| Q2 2025 | 12% | +4 points |
| Q1 2025 | 8.2% | -7 points |
| Q4 2024 | 17% | -1.2 points |
PIPR's operating margin was 15% last quarter, down 7.4 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.
PIPR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $349.9M | +997% |
| Q2 2026 | $36.3M | +13% |
| Q1 2026 | -$291.7M | -$84.5M |
| Q4 2025 | $729.8M | +345% |
| Q3 2025 | $31.9M | -60% |
| Q2 2025 | $32.1M | -88% |
| Q1 2025 | -$207.2M | -$10M |
| Q4 2024 | $163.8M | -61% |
PIPR 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 PIPR 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.
PIPR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -574K shares |
| 1 year | -0.8% | -565K shares |
| 3 years | +2.4% | +1.6M shares |
| 5 years | +3.6% | +2.5M shares |
| Available history | +25% | +14.3M shares |
PIPR has 71M diluted shares, down 0.8% from a year ago, with $160M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $39.4M |
| Q2 2026 | $31M |
| Q1 2026 | $69.9M |
| Q4 2025 | $19.8M |
| Q3 2025 | $3.7M |
| Q2 2025 | $20.9M |
| Q1 2025 | $80.6M |
| Q4 2024 | $6.5M |
PIPR spent $160M buying back its own shares over the past year, up 43% 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'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.
PIPR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -2.0x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | -1.9x | Net Cash |
PIPR has the edge over JPM on leverage, with a lower net debt burden relative to earnings.
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).
PIPR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.8 | Neutral |
| Stochastic | 22.5 | Neutral |
PIPR's weekly RSI is 38 (neutral) and its Stochastic is 22 (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 PIPR on valuation relative to its sector.
PIPR PE vs Financial Services Sector
| Metric | PIPR | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 19% above |
| PE % | 34 | 63 | 29 pts below |
PIPR is trading at 16x earnings, a 19% 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 PIPR on trend strength, trading above more of its moving averages.
PIPR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.0 | 0.1% above |
| 20 week MA | $71.4 | 7.4% below |
| 50 week MA | $77.9 | 15% below |
| 100 week MA | $75.9 | 13% below |
| 200 week MA | $61.9 | 6.8% above |
PIPR's trend is mixed: it's above two of its five weekly moving averages, and 6.8% 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 PIPR on returns for 2026, with the stronger performance.
PIPR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.9 | $25.0 | +26% |
| 2021 | $25.0 | $45.0 | +80% |
| 2022 | $45.0 | $33.5 | -26% |
| 2023 | $33.5 | $43.7 | +31% |
| 2024 | $43.7 | $75.3 | +72% |
| 2025 | $75.3 | $87.5 | +16% |
| 2026 YTD | $87.5 | $66.1 | -24% |
PIPR has finished higher in five of the last six years, two of them by more than 50%. It's down 24% so far in 2026.