JPM
JPMorgan Chase & Co.
JPM offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
WTM
White Mountains Insurance Group, Ltd.
WTM has the edge over JPM overall, supported by stronger valuation and stronger fundamentals.
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.
WTM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
WTM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like WTM.
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.
WTM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.8x | $1,792 | -20% |
| Current | 6x | $2,247 | — |
| Fair | 8.2x | $3,092 | +38% |
| Expensive | 24x | $9,021 | +302% |
Historical ranges are pointers, not guarantees.
WTM 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.
WTM Forward outlook
There aren't enough analyst estimates for WTM to show an outlook.
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.
WTM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $375.30 | +593% |
| Q2 2026 | $437.19 | +449% |
| Q1 2026 | $404.36 | +3697% |
| Q4 2025 | $430.14 | +379% |
| Q3 2025 | $54.14 | -79% |
| Q2 2025 | $79.64 | -59% |
| Q1 2025 | $10.65 | -95% |
| Q4 2024 | $89.79 | -55% |
WTM earned $375.30 per share over the past year, about seven times what it earned the year before.
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 WTM on sales, with more consistent year-over-year improvement.
| 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 WTM on profitability, with a higher operating margin.
WTM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $641.1M | -26% |
| Q2 2026 | $844.6M | +23% |
| Q1 2026 | $517.8M | -10% |
| Q4 2025 | $1.6B | +348% |
| Q3 2025 | $864.2M | +3% |
| Q2 2025 | $689.2M | +74% |
| Q1 2025 | $577.8M | -11% |
| Q4 2024 | $358M | -51% |
WTM's revenue is growing: $641M last quarter, down 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3.6% | -24 points |
| Q2 2026 | 30% | +4.7 points |
| Q1 2026 | -4.9% | -17 points |
| Q4 2025 | 56% | +90 points |
| Q3 2025 | 21% | -7.8 points |
| Q2 2025 | 26% | +34 points |
| Q1 2025 | 13% | -23 points |
| Q4 2024 | -34% | -78 points |
WTM's operating margin was −3.6% last quarter, down 24 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.
WTM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $356.6M | -0.8% |
| Q2 2026 | -$55.5M | -131% |
| Q1 2026 | $30.5M | +$70.7M |
| Q4 2025 | $53.9M | -16% |
| Q3 2025 | $359.3M | +33% |
| Q2 2025 | $177.5M | -18% |
| Q1 2025 | -$40.2M | -210% |
| Q4 2024 | $64.1M | +162% |
WTM 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.
WTM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.2% | -52.5K shares |
| 1 year | -7.4% | -187K shares |
| 3 years | -6.7% | -168K shares |
| 5 years | -23% | -697K shares |
| Available history | -25% | -786K shares |
WTM has the edge over JPM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $190.9M |
| Q1 2026 | $25.9M |
| Q4 2025 | $192.7M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $9.9M |
| Q4 2024 | $200,000 |
WTM spent $410M buying back its own shares over the past year, more than ten 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 has the edge over WTM on leverage, with a lower net debt burden relative to earnings.
WTM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 2.2x | Moderate |
| Q4 2024 | 0.9x | Very low |
WTM's net debt is less than a year of its operating earnings (EBITDA), down from 1.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WTM.
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).
WTM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.9 | Neutral |
| Stochastic | 75.8 | Neutral |
WTM's weekly RSI is 61 (neutral) and its Stochastic is 76 (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.
WTM PE vs Financial Services Sector
| Metric | WTM | Sector median | Relative |
|---|---|---|---|
| PE | 6x | 13x | 54% below |
| PE % | 39 | 63 | 24 pts below |
WTM 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.
WTM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2,156.7 | 4.2% above |
| 20 week MA | $2,143.8 | 4.8% above |
| 50 week MA | $2,134.0 | 5.3% above |
| 100 week MA | $1,986.9 | 13% above |
| 200 week MA | $1,803.2 | 25% above |
WTM 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.
WTM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1,098.0 | $985.8 | -10% |
| 2021 | $985.8 | $1,012.4 | +2.7% |
| 2022 | $1,012.4 | $1,394.8 | +38% |
| 2023 | $1,394.8 | $1,505.0 | +7.9% |
| 2024 | $1,505.0 | $1,918.7 | +27% |
| 2025 | $1,918.7 | $2,062.3 | +7.5% |
| 2026 YTD | $2,062.3 | $2,246.5 | +8.9% |
WTM has the edge over JPM on returns for 2026, with the stronger performance.