JPM
JPMorgan Chase & Co.
JPM has the edge over WRB overall, supported by stronger modeled upside and stronger fundamentals.
WRB
W. R. Berkley Corporation
WRB 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.
WRB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
WRB's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like WRB.
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.
WRB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $66.55 | -14% |
| Fair | 15x | $72.25 | -6.4% |
| Current | 16x | $77.15 | — |
| Forward | 16x | $77.15 | — |
| Expensive | 20x | $94.93 | +23% |
Historical ranges are pointers, not guarantees.
WRB 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 WRB on the outlook, with more favorable profitability expectations.
WRB Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for WRB, but weaker profitability.
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% |
WRB has the stronger earnings trend. Trailing diluted EPS is up 18% for JPM versus WRB up 21%.
WRB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.77 | +0.9% |
| Q3 2024 | $3.90 | +18% |
| Q2 2024 | $3.81 | +26% |
| Q1 2024 | $3.75 | +45% |
| Q4 2023 | $3.37 | +2.4% |
| Q3 2023 | $3.30 | +6.8% |
| Q2 2023 | $3.03 | -4.1% |
| Q1 2023 | $2.59 | -22% |
| Q4 2022 | $3.29 | +35% |
WRB's earnings per share have climbed steadily: $4.73 over the past year, up 21% from the year before, and higher year over year for nine quarters in a row.
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 WRB 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 WRB on profitability, with a higher operating margin.
WRB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | -0.8% |
| Q2 2026 | $3.7B | +1.2% |
| Q1 2026 | $3.7B | +4% |
| Q4 2025 | $3.7B | +1.5% |
| Q3 2025 | $3.8B | +11% |
| Q2 2025 | $3.7B | +11% |
| Q1 2025 | $3.5B | +8.9% |
| Q4 2024 | $3.7B | +14% |
WRB's revenue has held roughly level: $3.7B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -1.8 points |
| Q2 2026 | 15% | +1.3 points |
| Q1 2026 | 17% | +1.5 points |
| Q4 2025 | 15% | -4.5 points |
| Q3 2025 | 17% | +3.3 points |
| Q2 2025 | 14% | -0.5 points |
| Q1 2025 | 15% | -2.4 points |
| Q4 2024 | 20% | +4.3 points |
WRB's operating margin was 15% last quarter, down 1.8 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.
WRB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $731.3M | -36% |
| Q2 2026 | $800M | +14% |
| Q1 2026 | $667.9M | -10% |
| Q4 2025 | $995.1M | +23% |
| Q3 2025 | $1.1B | -8.1% |
| Q2 2025 | $703.8M | -20% |
| Q1 2025 | $743.8M | -0.3% |
| Q4 2024 | $810M | +16% |
WRB 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 WRB 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.
WRB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -467K shares |
| 1 year | -2.2% | -8.9M shares |
| 3 years | -5.9% | -24.7M shares |
| 5 years | -7.4% | -31.4M shares |
WRB has 391M diluted shares, down 2.2% from a year ago, with $631M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $21.1M |
| Q2 2026 | $111.5M |
| Q1 2026 | $302.4M |
| Q4 2025 | $196.4M |
| Q3 2025 | $24.6M |
| Q2 2025 | — |
| Q1 2025 | $49.2M |
| Q4 2024 | $67.4M |
WRB spent $631M buying back its own shares over the past year, about four times what it spent 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.
WRB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.9x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -1.0x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
WRB 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).
WRB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.4 | Neutral |
| Stochastic | 73.6 | Neutral |
WRB's weekly RSI is 63 (neutral) and its Stochastic is 74 (neutral).
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM has the edge over WRB on valuation relative to its sector.
WRB PE vs Financial Services Sector
| Metric | WRB | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 25% above |
| PE % | 66 | 63 | 3 pts above |
WRB is trading at 16x earnings, a 25% premium to the Financial Services sector's median of 13x.
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.
WRB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.8 | 5.9% above |
| 20 week MA | $71.7 | 7.5% above |
| 50 week MA | $69.5 | 11% above |
| 100 week MA | $69.3 | 11% above |
| 200 week MA | $59.3 | 30% above |
WRB has the edge over JPM on trend strength, trading above more of its moving averages.
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.
WRB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.5 | $29.4 | -3.6% |
| 2021 | $29.4 | $35.6 | +21% |
| 2022 | $35.6 | $49.0 | +37% |
| 2023 | $49.0 | $47.2 | -3.7% |
| 2024 | $47.2 | $59.0 | +25% |
| 2025 | $59.0 | $70.6 | +20% |
| 2026 YTD | $70.6 | $77.2 | +9.3% |
WRB has the edge over JPM on returns for 2026, with the stronger performance.