JPM
JPMorgan Chase & Co.
JPM has the edge over WHF overall, supported by stronger modeled upside and stronger fundamentals.
WHF
WhiteHorse Finance, Inc.
WHF 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.
WHF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
WHF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like WHF.
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.
WHF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.5x | $8.31 | — |
| Cheap | 8.9x | $9.91 | +19% |
| Forward | 9.3x | $8.31 | — |
| Fair | 14x | $15.50 | +87% |
| Expensive | 21x | $23.35 | +181% |
Historical ranges are pointers, not guarantees.
WHF's PE is in its cheap range at 7.5x. Analysts expect earnings to fall, which would put today's price at 9.3x next year's earnings.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over WHF on the outlook, with more favorable valuation and earnings expectations.
WHF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect WHF's earnings and profitability to decline, with its revenue 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 has the edge over WHF on earnings, with more consistent year-over-year improvement.
WHF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.90 | -19% |
| Q3 2026 | $1.11 | +158% |
| Q2 2026 | $0.79 | +427% |
| Q1 2026 | $0.41 | +5.1% |
| Q4 2025 | $0.62 | +32% |
| Q3 2025 | $0.43 | -4.4% |
| Q2 2025 | $0.15 | -85% |
| Q1 2025 | $0.39 | -52% |
| Q4 2024 | $0.47 | -47% |
WHF's earnings per share have fallen from their peak: $1.11 over the past year, against $2.97 in early 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 stronger quarterly revenue trend. Revenue is up 8.1% for JPM versus down 13% for WHF.
| 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's operating margin was 40% last quarter, about level with the same quarter a year ago.
WHF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $13.7M | -13% |
| Q1 2022 | $11.8M | -10% |
| Q4 2021 | $9.6M | -25% |
| Q3 2021 | $13.4M | -47% |
| Q2 2021 | $15.8M | -42% |
| Q4 2020 | $12.8M | -3.5% |
WHF's revenue has slid since its 2020 peak: $14M last quarter, down 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 55% | -14 points |
| Q1 2022 | 50% | -13 points |
| Q4 2021 | 34% | -32 points |
| Q3 2021 | 63% | -23 points |
| Q2 2021 | 69% | -16 points |
| Q1 2021 | 64% | N/A |
| Q4 2020 | 66% | -1 points |
| Q3 2020 | 86% | N/A |
WHF's operating margin was 55% last quarter, down 14 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.
WHF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $422K | -99% |
| Q2 2026 | -$13M | -160% |
| Q1 2026 | $28.2M | +$35.3M |
| Q4 2025 | $959K | -95% |
| Q3 2025 | $61.6M | +323% |
| Q2 2025 | $21.7M | -48% |
| Q1 2025 | -$7M | -538% |
| Q4 2024 | $21.1M | +33% |
WHF 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 2.7B diluted shares, down 3.1% from a year ago, with $24.5B in buybacks over the past year.
| 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.
WHF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -94.9K shares |
| 1 year | -7.6% | -1.8M shares |
| 3 years | -7.6% | -1.8M shares |
| 5 years | +3% | +625K shares |
| Available history | +4.5% | +930K shares |
WHF has the edge over JPM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $2.6M |
| Q1 2026 | $3M |
| Q2 2022 | $74,000 |
| Q1 2022 | $50,000 |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
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.
WHF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 16.4x | High |
| Q1 2022 | 16.2x | High |
| Q4 2021 | 14.9x | High |
| Q3 2021 | 10.2x | High |
| Q2 2021 | 7.1x | High |
| Q1 2021 | 5.3x | High |
| Q4 2020 | 11.6x | High |
| Q3 2020 | 8.6x | High |
WHF's net debt is about 16 years of its operating earnings (EBITDA), up from 7.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WHF.
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).
WHF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 89.8 | Overbought |
WHF's weekly RSI is 69 (neutral) and its Stochastic is 90 (overbought).
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.
WHF PE vs Financial Services Sector
| Metric | WHF | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 13x | 42% below |
| PE % | 10 | 63 | 53 pts below |
WHF 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.
WHF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.65 | 8.6% above |
| 20 week MA | $7.17 | 16% above |
| 50 week MA | $7.08 | 17% above |
| 100 week MA | $8.00 | 3.9% above |
| 200 week MA | $10.2 | 19% below |
WHF has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 19% below 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.
WHF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.6 | $13.3 | -2.8% |
| 2021 | $13.3 | $15.5 | +17% |
| 2022 | $15.5 | $12.6 | -19% |
| 2023 | $12.6 | $12.3 | -2.2% |
| 2024 | $12.3 | $9.75 | -21% |
| 2025 | $9.75 | $6.98 | -28% |
| 2026 YTD | $6.98 | $8.31 | +19% |
WHF has the edge over JPM on returns for 2026, with the stronger performance.