JPM
JPMorgan Chase & Co.
JPM has slightly lower modeled downside risk, despite its lower overall score.
WTW
Willis Towers Watson Public Limited Company
WTW has a slight 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.
WTW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
WTW'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 WTW.
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 WTW in the historical PE scenario, which offers more potential upside but is not a forecast.
WTW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $208 | -37% |
| Forward | 15x | $329 | — |
| Current | 20x | $329 | — |
| Fair | 23x | $368 | +12% |
| Expensive | 27x | $441 | +34% |
Historical ranges are pointers, not guarantees.
WTW's PE is in its fair range at 20x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
WTW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
WTW 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 has the edge over WTW on earnings, with more consistent year-over-year improvement.
WTW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.62 | +33% |
| Q3 2026 | $16.27 | -23% |
| Q2 2026 | $16.14 | +976% |
| Q1 2026 | $17.03 | +$17.49 |
| Q4 2025 | $16.26 | +$17.22 |
| Q3 2025 | $21.05 | +$28.40 |
| Q2 2025 | $1.50 | -86% |
| Q1 2025 | -$0.46 | -105% |
| Q4 2024 | -$0.96 | -110% |
WTW's earnings per share have fallen from their peak: $16.27 over the past year, against $32.78 in late 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 edge over WTW 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 WTW on profitability, with a higher operating margin.
WTW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +7.5% |
| Q2 2026 | $2.5B | +9.1% |
| Q1 2026 | $2.4B | +8.5% |
| Q4 2025 | $2.9B | -3.3% |
| Q3 2025 | $2.3B | 0% |
| Q2 2025 | $2.3B | -0.2% |
| Q1 2025 | $2.2B | -5% |
| Q4 2024 | $3B | +4.2% |
WTW's revenue is recovering but still below its 2024 peak: $2.5B last quarter, up 7.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | -0.8 points |
| Q2 2026 | 15% | -1.5 points |
| Q1 2026 | 19% | -0.9 points |
| Q4 2025 | 35% | +4.9 points |
| Q3 2025 | 18% | +52 points |
| Q2 2025 | 16% | +6.9 points |
| Q1 2025 | 19% | +7.5 points |
| Q4 2024 | 30% | +3 points |
WTW's operating margin was 17% last quarter, down 0.8 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.
WTW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $675M | +8.7% |
| Q2 2026 | $425M | +40% |
| Q1 2026 | -$65M | +$21M |
| Q4 2025 | $708M | +18% |
| Q3 2025 | $621M | +29% |
| Q2 2025 | $303M | -26% |
| Q1 2025 | -$86M | -458% |
| Q4 2024 | $599M | +15% |
WTW 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.
WTW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -4.1% | -4M shares |
| 3 years | -10% | -11M shares |
| 5 years | -27% | -35M shares |
| Available history | -28% | -36M shares |
WTW has the edge over JPM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $220M |
| Q2 2026 | $450M |
| Q1 2026 | $300M |
| Q4 2025 | $350M |
| Q3 2025 | $600M |
| Q2 2025 | $500M |
| Q1 2025 | $200M |
| Q4 2024 | $395M |
WTW spent $1.3B buying back its own shares over the past year, down 22% 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 has the edge over WTW on leverage, with a lower net debt burden relative to earnings.
WTW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.2x | Elevated |
WTW's net debt is about 1.7 years of its operating earnings (EBITDA), up from 1.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WTW.
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).
WTW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.2 | Neutral |
| Stochastic | 64.5 | Neutral |
WTW's weekly RSI is 58 (neutral) and its Stochastic is 65 (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 WTW on valuation relative to its sector.
WTW PE vs Financial Services Sector
| Metric | WTW | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 55% above |
| PE % | 38 | 63 | 25 pts below |
WTW is trading at 20x earnings, a 55% 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.
WTW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $312.7 | 5.1% above |
| 20 week MA | $316.2 | 4% above |
| 50 week MA | $302.5 | 8.7% above |
| 100 week MA | $311.7 | 5.5% above |
| 200 week MA | $282.0 | 17% above |
WTW 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 the edge over WTW on returns for 2026, with the stronger performance.
WTW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $201.8 | $211.8 | +5% |
| 2021 | $211.8 | $236.5 | +12% |
| 2022 | $236.5 | $244.4 | +3.4% |
| 2023 | $244.4 | $241.2 | -1.3% |
| 2024 | $241.2 | $316.3 | +31% |
| 2025 | $316.3 | $334.6 | +5.8% |
| 2026 YTD | $334.6 | $328.8 | -1.7% |
WTW has finished higher in five of the last six years. It's down 1.7% so far in 2026.