JPM
JPMorgan Chase & Co.
JPM has slightly lower modeled downside risk, despite its lower overall score.
USB
U.S. Bancorp
USB has the 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.
USB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
USB's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like USB.
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.
USB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $51.43 | -15% |
| Forward | 11x | $60.47 | — |
| Fair | 12x | $60.09 | -0.6% |
| Current | 12x | $60.47 | — |
| Expensive | 14x | $71.44 | +18% |
Historical ranges are pointers, not guarantees.
USB 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.
USB Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| Moderate |
USB 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.
USB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.70 | +11% |
| Q3 2026 | $5.13 | +17% |
| Q2 2026 | $5.01 | +20% |
| Q1 2026 | $4.77 | +18% |
| Q4 2025 | $4.62 | +22% |
| Q3 2025 | $4.37 | +34% |
| Q2 2025 | $4.18 | +33% |
| Q1 2025 | $4.04 | +34% |
| Q4 2024 | $3.79 | +16% |
USB 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 USB on profitability, with a higher operating margin.
USB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.9B | +8.9% |
| Q2 2026 | $7.7B | +10% |
| Q1 2026 | $7.3B | +4.8% |
| Q4 2025 | $7.3B | +5.1% |
| Q3 2025 | $7.3B | +6.8% |
| Q2 2025 | $7B | +2% |
| Q1 2025 | $6.9B | +3.6% |
| Q4 2024 | $7B | +3.7% |
USB's revenue has grown year over year for eight quarters in a row: $7.9B last quarter, up 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +0.6 points |
| Q2 2026 | 35% | +2.5 points |
| Q1 2026 | 33% | +2.2 points |
| Q4 2025 | 35% | +4.3 points |
| Q3 2025 | 35% | +4.4 points |
| Q2 2025 | 33% | +2.8 points |
| Q1 2025 | 31% | +6.1 points |
| Q4 2024 | 30% | +15 points |
USB's operating margin was 35% last quarter, up 0.6 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.
USB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.8B | +12% |
| Q2 2026 | $4.8B | +137% |
| Q1 2026 | $1.3B | +$1.6B |
| Q4 2025 | $2.8B | -40% |
| Q3 2025 | $3.4B | +249% |
| Q2 2025 | $2B | -29% |
| Q1 2025 | -$285M | -111% |
| Q4 2024 | $4.8B | +1046% |
USB 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 USB 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.
USB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +4M shares |
| 1 year | +0.1% | +2M shares |
| 3 years | +0.6% | +10M shares |
| 5 years | +5.1% | +75M shares |
| Available history | -1.5% | -24M shares |
USB has 1.6B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1M |
| Q2 2026 | $201M |
| Q1 2026 | $276M |
| Q4 2025 | $122M |
| Q3 2025 | $101M |
| Q2 2025 | $106M |
| Q1 2025 | $160M |
| Q4 2024 | $122M |
USB spent $600M buying back its own shares over the past year, up 23% 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.
USB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.5x | Net Cash |
| Q2 2026 | -2.6x | Net Cash |
| Q1 2026 | -2.9x | Net Cash |
| Q4 2025 | -2.9x | Net Cash |
| Q3 2025 | -5.1x | Net Cash |
| Q2 2025 | -4.5x | Net Cash |
| Q1 2025 | -3.5x | Net Cash |
| Q4 2024 | -4.6x | Net Cash |
USB 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).
USB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.9 | Neutral |
| Stochastic | 39.8 | Neutral |
USB's weekly RSI is 54 (neutral) and its Stochastic is 40 (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.
USB PE vs Financial Services Sector
| Metric | USB | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 9.4% below |
| PE % | 51 | 63 | 12 pts below |
USB 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.
USB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.0 | 2.6% above |
| 20 week MA | $61.3 | 1.4% below |
| 50 week MA | $57.6 | 4.9% above |
| 100 week MA | $51.7 | 17% above |
| 200 week MA | $46.1 | 31% above |
USB's trend is mixed: it's above four of its five weekly moving averages, and 31% 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 finished higher in four of the last six years. It's up 4.5% so far in 2026.
USB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $59.7 | $46.5 | -22% |
| 2021 | $46.5 | $56.3 | +21% |
| 2022 | $56.3 | $43.2 | -23% |
| 2023 | $43.2 | $43.3 | +0.2% |
| 2024 | $43.3 | $48.5 | +12% |
| 2025 | $48.5 | $55.0 | +13% |
| 2026 YTD | $55.0 | $60.5 | +10% |
USB has the edge over JPM on returns for 2026, with the stronger performance.