JPM
JPMorgan Chase & Co.
JPM has lower modeled downside risk, despite its lower overall score.
SAN
Banco Santander, S.A.
SAN has a slight edge over JPM overall, supported by stronger 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.
SAN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
SAN's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like SAN.
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 SAN in the historical PE scenario, which offers more potential upside but is not a forecast.
SAN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $6.79 | -44% |
| Fair | 6.9x | $8.02 | -34% |
| Expensive | 11x | $12.46 | +2.7% |
| Current | 11x | $12.13 | — |
Historical ranges are pointers, not guarantees.
SAN's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
SAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SAN, with profitability improving.
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.
SAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.16 | +27% |
| Q2 2026 | $1.14 | +24% |
| Q1 2026 | $1.12 | +24% |
| Q4 2025 | $0.96 | +12% |
| Q3 2025 | $0.91 | +11% |
| Q2 2025 | $0.92 | +15% |
| Q1 2025 | $0.90 | +18% |
| Q4 2024 | $0.86 | +18% |
SAN 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 has the edge over SAN 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 SAN on profitability, with a higher operating margin.
SAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $36.4B | +170% |
| Q2 2026 | $37.2B | +134% |
| Q1 2026 | $33B | -6% |
| Q4 2025 | $16.6B | -5.3% |
| Q3 2025 | $13.4B | -19% |
| Q2 2025 | $15.9B | -7.5% |
| Q1 2025 | $35.1B | -6.4% |
| Q4 2024 | $17.6B | +9.8% |
SAN's revenue has picked up after two years of holding roughly level: $36.4B last quarter, up 170% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -18 points |
| Q2 2026 | 14% | -16 points |
| Q1 2026 | 17% | +0.5 points |
| Q4 2025 | 33% | +3.8 points |
| Q3 2025 | 33% | -0.1 points |
| Q2 2025 | 31% | -1 points |
| Q1 2025 | 16% | +2.8 points |
| Q4 2024 | 29% | +1.9 points |
SAN's operating margin was 15% last quarter, down 18 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% |
SAN has the stronger cash trend. Its trailing FCF is down 186% versus its history, compared with JPM at down 229%.
SAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$21.9B | +$416.6M |
| Q4 2025 | $0 | -100% |
| Q3 2025 | -$11.1B | -186% |
| Q2 2025 | $21.6B | +$38.8B |
| Q1 2025 | -$22.3B | +$32.7B |
| Q4 2024 | $23B | +370% |
| Q3 2024 | $12.9B | +101% |
| Q2 2024 | -$17.1B | -1043% |
SAN's free cash flow was −$11.3B over the past year, against −$3.6B the year before. Free cash flow isn't a meaningful measure for financial services companies like SAN.
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 SAN 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.
SAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +15% | +2.2B shares |
| 1 year | +6.2% | +990M shares |
| 3 years | +6.1% | +977M shares |
| 5 years | -9.7% | -1.8B shares |
| Available history | -6.8% | -1.2B shares |
SAN has 16.9B diluted shares, up 6.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | $3.4B |
| Q4 2025 | — |
| Q3 2025 | $560.5M |
| Q2 2025 | $1.3B |
| Q1 2025 | $954.3M |
| Q4 2024 | $2.3B |
| Q3 2024 | $658.8M |
| Q2 2024 | $1.4B |
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 SAN on leverage, with a lower net debt burden relative to earnings.
SAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 15.4x | High |
| Q2 2026 | 14.8x | High |
| Q1 2026 | 13.8x | High |
| Q4 2025 | 14.6x | High |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 11.9x | High |
SAN's net debt is about 15 years of its operating earnings (EBITDA), up from 1.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SAN.
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).
SAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 14.4 | Oversold |
SAN's weekly RSI is 42 (neutral) and its Stochastic is 14 (oversold).
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.
SAN PE vs Financial Services Sector
| Metric | SAN | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 81 | 63 | 18 pts above |
SAN has the edge over JPM on valuation relative to its sector.
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 SAN on trend strength, trading above more of its moving averages.
SAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 5.3% below |
| 20 week MA | $13.7 | 12% below |
| 50 week MA | $12.7 | 4.5% below |
| 100 week MA | $10.3 | 18% above |
| 200 week MA | $7.25 | 67% above |
SAN has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 67% 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 SAN on returns for 2026, with the stronger performance.
SAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.96 | $3.19 | -19% |
| 2021 | $3.19 | $3.26 | +2.2% |
| 2022 | $3.26 | $2.94 | -9.8% |
| 2023 | $2.94 | $4.14 | +41% |
| 2024 | $4.14 | $4.49 | +8.5% |
| 2025 | $4.49 | $11.8 | +163% |
| 2026 YTD | $11.8 | $12.1 | +2.7% |
SAN has finished higher in four of the last six years. It's up 2.7% so far in 2026.