JPM
JPMorgan Chase & Co.
JPM has a slight edge over XP overall, supported by stronger fundamentals.
XP
XP Inc.
XP 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.
XP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
XP's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like XP.
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.
XP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.3x | $15.04 | — |
| Cheap | 10x | $18.35 | +22% |
| Fair | 15x | $27.61 | +84% |
| Expensive | 59x | $106 | +606% |
Historical ranges are pointers, not guarantees.
XP 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 XP on the outlook, with more favorable profitability expectations.
XP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for XP, with profitability 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'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.
XP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.81 | +11% |
| Q1 2026 | $1.76 | +14% |
| Q4 2025 | $1.74 | +18% |
| Q3 2025 | $1.68 | +17% |
| Q2 2025 | $1.63 | +17% |
| Q1 2025 | $1.55 | +15% |
| Q4 2024 | $1.48 | +16% |
| Q3 2024 | $1.43 | +20% |
XP 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 has the edge over XP 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 XP on profitability, with a higher operating margin.
XP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $894.2M | +14% |
| Q1 2026 | $826.4M | +6.9% |
| Q4 2025 | $906.4M | +6.5% |
| Q3 2025 | $822.2M | +5.5% |
| Q2 2025 | $784.5M | -6% |
| Q1 2025 | $773.3M | +3.3% |
| Q4 2024 | $850.9M | +16% |
| Q3 2024 | $779.6M | +1.3% |
XP's revenue has grown year over year for four quarters in a row: $894M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 33% | -0.1 points |
| Q1 2026 | 31% | -2.3 points |
| Q4 2025 | 33% | -0.5 points |
| Q3 2025 | 31% | -0.7 points |
| Q2 2025 | 33% | -2.9 points |
| Q1 2025 | 33% | +1.7 points |
| Q4 2024 | 33% | +3.5 points |
| Q3 2024 | 32% | +0.8 points |
XP'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.
XP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2B | +139% |
| Q1 2026 | $124.3M | +$599.5M |
| Q4 2025 | -$437.1M | -164% |
| Q3 2025 | $2.2B | +166% |
| Q2 2025 | $832.5M | -22% |
| Q1 2025 | -$475.2M | +$132.3M |
| Q4 2024 | $679M | -9.3% |
| Q3 2024 | $818M | +$1.1B |
XP 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 XP 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.
XP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -4.8M shares |
| 1 year | -2.8% | -15.3M shares |
| 3 years | -2.1% | -11M shares |
| 5 years | -9% | -51.7M shares |
| Available history | -5.7% | -31.3M shares |
XP has 521M diluted shares, down 2.8% from a year ago, with $359M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $147.6M |
| Q1 2026 | $34.7M |
| Q4 2025 | $152.6M |
| Q3 2025 | $23.9M |
| Q2 2025 | $74.7M |
| Q1 2025 | $89.1M |
| Q4 2024 | $18.8M |
| Q3 2024 | — |
XP spent $359M buying back its own shares over the past year, up 96% 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 XP on leverage, with a lower net debt burden relative to earnings.
XP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 12.9x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 11.9x | High |
| Q3 2025 | 9.7x | High |
| Q2 2025 | 10.2x | High |
| Q1 2025 | 8.4x | High |
| Q4 2024 | 17.6x | High |
| Q3 2024 | 8.0x | High |
XP's net debt is about 13 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like XP.
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).
XP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.4 | Neutral |
| Stochastic | 5.5 | Oversold |
XP's weekly RSI is 42 (neutral) and its Stochastic is 6 (oversold).
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.
XP PE vs Financial Services Sector
| Metric | XP | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 13x | 36% below |
| PE % | 2 | 63 | 61 pts below |
XP 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 XP on trend strength, trading above more of its moving averages.
XP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.3 | 33% below |
| 20 week MA | $19.4 | 22% below |
| 50 week MA | $18.7 | 19% below |
| 100 week MA | $17.6 | 14% below |
| 200 week MA | $18.8 | 20% below |
XP is in a downtrend: it's below all five of its weekly moving averages, and 20% 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 the edge over XP on returns for 2026, with the stronger performance.
XP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $37.7 | $38.5 | +2.1% |
| 2020 | $38.5 | $41.4 | +7.4% |
| 2021 | $41.4 | $29.8 | -28% |
| 2022 | $29.8 | $15.5 | -48% |
| 2023 | $15.5 | $26.1 | +68% |
| 2024 | $26.1 | $12.1 | -54% |
| 2025 | $12.1 | $16.4 | +36% |
| 2026 YTD | $16.4 | $15.0 | -8.5% |
XP has finished lower in three of the last six years. It's down 8.5% so far in 2026.