JPM
JPMorgan Chase & Co.
JPM has a slight edge over WAL overall, supported by stronger fundamentals and lower modeled downside.
WAL
Western Alliance Bancorporation
WAL 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.
WAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
WAL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like WAL.
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 WAL in the historical PE scenario, which offers more potential upside but is not a forecast.
WAL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.2x | $65.13 | -12% |
| Forward | 7.2x | $74.39 | — |
| Current | 8.2x | $74.39 | — |
| Fair | 9.4x | $84.88 | +14% |
| Expensive | 13x | $118 | +58% |
Historical ranges are pointers, not guarantees.
WAL's PE is in its cheap range at 8.2x. If earnings grow as analysts expect, today's price would be 7.2x next year's earnings.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
WAL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
WAL 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.
WAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.33 | +14% |
| Q3 2026 | $9.05 | +12% |
| Q2 2026 | $8.88 | +17% |
| Q1 2026 | $8.59 | +18% |
| Q4 2025 | $8.73 | +23% |
| Q3 2025 | $8.08 | +25% |
| Q2 2025 | $7.60 | +14% |
| Q1 2025 | $7.28 | +6.1% |
| Q4 2024 | $7.09 | +8.4% |
WAL 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 WAL on profitability, with a higher operating margin.
WAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +8.1% |
| Q2 2026 | $995.7M | +18% |
| Q1 2026 | $1B | +31% |
| Q4 2025 | $980.9M | +17% |
| Q3 2025 | $938.2M | +14% |
| Q2 2025 | $845.9M | +9.6% |
| Q1 2025 | $778M | +6.8% |
| Q4 2024 | $838.4M | +23% |
WAL has the edge over JPM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 33% | 0 points |
| Q2 2026 | 33% | -1.1 points |
| Q1 2026 | 23% | -9 points |
| Q4 2025 | 36% | +5.3 points |
| Q3 2025 | 33% | +2.8 points |
| Q2 2025 | 34% | +2.3 points |
| Q1 2025 | 32% | -0.1 points |
| Q4 2024 | 31% | 0 points |
WAL's operating margin was 33% last quarter, about level with 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.
WAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $769.9M | +$1.4B |
| Q2 2026 | -$356.1M | +$1.6M |
| Q1 2026 | -$507.2M | +$1.1B |
| Q4 2025 | -$69.8M | +$551.9M |
| Q3 2025 | -$597.4M | +$470.6M |
| Q2 2025 | -$357.7M | +$388.1M |
| Q1 2025 | -$1.7B | -$1.3B |
| Q4 2024 | -$621.7M | -282% |
WAL has the edge over JPM on cash flow, with more consistent year-over-year improvement.
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 WAL 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.
WAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -200K shares |
| 1 year | -1.8% | -2M shares |
| 3 years | -0.6% | -700K shares |
| 5 years | +3.8% | +3.9M shares |
| Available history | +4.5% | +4.7M shares |
WAL has 108M diluted shares, down 1.8% from a year ago, with $203M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $93.1M |
| Q2 2026 | $2.3M |
| Q1 2026 | $50.3M |
| Q4 2025 | $57.5M |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
WAL spent $203M buying back its own shares over the past year.
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 WAL on leverage, with a lower net debt burden relative to earnings.
WAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.8x | Elevated |
| Q2 2026 | 4.3x | High |
| Q1 2026 | 3.9x | Elevated |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 4.9x | High |
| Q1 2025 | 3.4x | Elevated |
| Q4 2024 | 4.8x | High |
WAL's net debt is about 3.8 years of its operating earnings (EBITDA), up from 2.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WAL.
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).
WAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 30.1 | Neutral |
WAL's weekly RSI is 41 (neutral) and its Stochastic is 30 (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.
WAL PE vs Financial Services Sector
| Metric | WAL | Sector median | Relative |
|---|---|---|---|
| PE | 8.2x | 13x | 37% below |
| PE % | 26 | 63 | 37 pts below |
WAL 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 WAL on trend strength, trading above more of its moving averages.
WAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $75.6 | 1.7% below |
| 20 week MA | $78.7 | 5.5% below |
| 50 week MA | $80.5 | 7.6% below |
| 100 week MA | $80.3 | 7.4% below |
| 200 week MA | $70.1 | 6.2% above |
WAL has fallen below most of its moving averages, though it's still 6.2% 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 WAL on returns for 2026, with the stronger performance.
WAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $57.0 | $59.9 | +5.1% |
| 2021 | $59.9 | $105.7 | +76% |
| 2022 | $105.7 | $58.1 | -45% |
| 2023 | $58.1 | $65.8 | +13% |
| 2024 | $65.8 | $83.7 | +27% |
| 2025 | $83.7 | $86.6 | +3.4% |
| 2026 YTD | $86.6 | $74.4 | -14% |
WAL has finished higher in five of the last six years. It's down 14% so far in 2026.