JPM
JPMorgan Chase & Co.
JPM has a slight edge over TROW overall, supported by stronger modeled upside and stronger fundamentals.
TROW
T. Rowe Price Group, Inc.
TROW offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
TROW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
TROW'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 TROW.
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.
TROW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $108 | -0.2% |
| Current | 11x | $108 | — |
| Forward | 11x | $108 | — |
| Fair | 14x | $134 | +24% |
| Expensive | 17x | $164 | +51% |
Historical ranges are pointers, not guarantees.
TROW 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 |
JPM has the edge over TROW on the outlook, with more favorable earnings and revenue expectations.
TROW Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect TROW's earnings, revenue and profitability to hold roughly 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 has the edge over TROW on earnings, with stronger typical year-over-year growth.
TROW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.04 | +1.7% |
| Q3 2026 | $9.88 | +7.7% |
| Q2 2026 | $9.96 | +11% |
| Q1 2026 | $9.32 | +5.8% |
| Q4 2025 | $9.24 | +1% |
| Q3 2025 | $9.17 | +0.3% |
| Q2 2025 | $8.94 | +5.5% |
| Q1 2025 | $8.81 | +4.6% |
| Q4 2024 | $9.15 | +18% |
TROW's earnings per share have fallen from their peak: $9.88 over the past year, against $13.27 in late 2021.
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 TROW on sales, with stronger typical year-over-year growth.
| 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 TROW on profitability, with a higher operating margin.
TROW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +5.9% |
| Q2 2026 | $1.9B | +11% |
| Q1 2026 | $1.9B | +5.3% |
| Q4 2025 | $1.9B | +6% |
| Q3 2025 | $1.9B | +6% |
| Q2 2025 | $1.7B | -0.6% |
| Q1 2025 | $1.8B | +0.8% |
| Q4 2024 | $1.8B | +11% |
TROW's revenue has grown year over year for five quarters in a row: $2B last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 38% | +4.4 points |
| Q2 2026 | 28% | +0.6 points |
| Q1 2026 | 37% | +2.8 points |
| Q4 2025 | 24% | -6.8 points |
| Q3 2025 | 34% | -0.4 points |
| Q2 2025 | 28% | -4.8 points |
| Q1 2025 | 34% | +0.3 points |
| Q4 2024 | 31% | +7.6 points |
TROW's operating margin was 38% last quarter, up 4.4 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.
TROW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $470.6M | -14% |
| Q2 2026 | $450.9M | -3.6% |
| Q1 2026 | $762.3M | +38% |
| Q4 2025 | -$85.4M | +$309.5M |
| Q3 2025 | $546M | -0.3% |
| Q2 2025 | $467.7M | -19% |
| Q1 2025 | $550.9M | +3% |
| Q4 2024 | -$394.9M | -$155.6M |
TROW 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 TROW 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.
TROW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -600K shares |
| 1 year | -2.8% | -6.1M shares |
| 3 years | -5% | -11.2M shares |
| 5 years | -6.8% | -15.5M shares |
| Available history | -10% | -25M shares |
TROW has 214M diluted shares, down 2.8% from a year ago, with $640M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100,000 |
| Q2 2026 | $167.3M |
| Q1 2026 | $333.5M |
| Q4 2025 | $139.1M |
| Q3 2025 | $153.5M |
| Q2 2025 | $113.1M |
| Q1 2025 | $215.2M |
| Q4 2024 | $68.1M |
TROW spent $640M buying back its own shares over the past year, up 16% 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.
TROW Net Leverage
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).
TROW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.1 | Neutral |
| Stochastic | 46.5 | Neutral |
TROW's weekly RSI is 53 (neutral) and its Stochastic is 46 (neutral).
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.
TROW PE vs Financial Services Sector
| Metric | TROW | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 16% below |
| PE % | 17 | 63 | 46 pts below |
TROW 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's trend is mixed: it's above four of its five weekly moving averages, and 45% above its 200-week average.
TROW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $105.1 | 2.9% above |
| 20 week MA | $109.6 | 1.2% below |
| 50 week MA | $104.1 | 4% above |
| 100 week MA | $102.9 | 5.2% above |
| 200 week MA | $106.9 | 1.2% above |
TROW's trend is mixed: it's above four of its five weekly moving averages, and 1.2% 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 TROW on returns for 2026, with the stronger performance.
TROW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $122.8 | $148.3 | +21% |
| 2021 | $148.3 | $195.3 | +32% |
| 2022 | $195.3 | $111.1 | -43% |
| 2023 | $111.1 | $107.7 | -3.1% |
| 2024 | $107.7 | $115.7 | +7.4% |
| 2025 | $115.7 | $104.8 | -9.4% |
| 2026 YTD | $104.8 | $108.2 | +3.3% |
TROW has finished lower in three of the last six years. It's up 3.3% so far in 2026.