RJF
Raymond James Financial, Inc.
RJF's fundamentals are mixed: revenue grew 10%, but its operating margin fell 1 points to 19%. At 15x earnings, it's trading right at its usual valuation. Analysts expect strong earnings growth.
RJF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
RJF's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like RJF.
RJF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $167 | — |
| Cheap | 13x | $145 | -13% |
| Fair | 15x | $169 | +0.8% |
| Current | 15x | $167 | — |
| Expensive | 17x | $190 | +14% |
Historical ranges are pointers, not guarantees.
RJF's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
RJF Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RJF, with profitability improving.
RJF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.31 | +25% |
| Q2 2026 | $11.48 | +13% |
| Q1 2026 | $10.59 | +2% |
| Q4 2025 | $10.23 | -0.1% |
| Q3 2025 | $10.30 | +6.2% |
| Q2 2025 | $10.19 | +15% |
| Q1 2025 | $10.38 | +25% |
| Q4 2024 | $10.24 | +28% |
| Q3 2024 | $9.70 | +22% |
RJF earned $11.48 per share over the past year, up 13% from the year before.
RJF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.9B | +16% |
| Q1 2026 | $3.9B | +13% |
| Q4 2025 | $3.7B | +5.6% |
| Q3 2025 | $3.7B | +7.7% |
| Q2 2025 | $3.4B | +5.3% |
| Q1 2025 | $3.4B | +9.1% |
| Q4 2024 | $3.5B | +17% |
| Q3 2024 | $3.5B | +13% |
RJF's revenue has grown year over year every quarter since late 2020: $3.9B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2025 | 17% | -2 points |
| Q2 2025 | 17% | -3.4 points |
| Q1 2025 | 20% | +0.2 points |
| Q4 2024 | 21% | +0.3 points |
| Q3 2024 | 19% | -0.4 points |
| Q2 2024 | 20% | +3.2 points |
| Q1 2024 | 20% | +0.1 points |
| Q4 2023 | 21% | -2.5 points |
RJF's operating margin was 17% last quarter, down 2 points from the same quarter a year ago.
RJF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$308M | -149% |
| Q1 2026 | $1.1B | +1385% |
| Q4 2025 | -$56M | -107% |
| Q3 2025 | $752M | +63% |
| Q2 2025 | $634M | -3.2% |
| Q1 2025 | $71M | -79% |
| Q4 2024 | $789M | +60% |
| Q3 2024 | $460M | +20% |
RJF's free cash flow was $1.4B over the past year, down 26% from the year before. Free cash flow isn't a meaningful measure for financial services companies like RJF.
RJF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -2M shares |
| 1 year | -4% | -8.3M shares |
| 3 years | -8.2% | -17.6M shares |
| 5 years | -6.8% | -14.4M shares |
| Available history | -8.7% | -18.8M shares |
RJF has 197M diluted shares, down 4% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2023 | $302M |
| Q1 2023 | $369M |
| Q4 2022 | $189M |
| Q2 2022 | $101M |
| Q1 2022 | $8M |
| Q4 2021 | $51M |
| Q3 2021 | $1M |
| Q2 2021 | $48M |
RJF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -2.3x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -2.1x | Net Cash |
| Q4 2024 | -2.1x | Net Cash |
| Q3 2024 | -2.5x | Net Cash |
| Q2 2024 | -1.9x | Net Cash |
| Q1 2024 | -2.3x | Net Cash |
| Q4 2023 | -2.5x | Net Cash |
RJF has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like RJF.
RJF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 32.1 | Neutral |
RJF's weekly RSI is 55 (neutral) and its Stochastic is 32 (neutral).
RJF PE vs Financial Services Sector
| Metric | RJF | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 12% above |
| PE % | 47 | 63 | 16 pts below |
RJF is trading at 15x earnings, a 12% premium to the Financial Services sector's median of 13x.
RJF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $159.8 | 4.7% above |
| 20 week MA | $167.6 | 0.2% below |
| 50 week MA | $160.7 | 4.1% above |
| 100 week MA | $158.2 | 5.7% above |
| 200 week MA | $136.0 | 23% above |
RJF's trend is mixed: it's above four of its five weekly moving averages, and 23% above its 200-week average.
RJF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.2 | $62.0 | +2.9% |
| 2021 | $62.0 | $99.4 | +60% |
| 2022 | $99.4 | $107.4 | +8% |
| 2023 | $107.4 | $111.5 | +3.9% |
| 2024 | $111.5 | $156.9 | +41% |
| 2025 | $156.9 | $165.3 | +5.3% |
| 2026 YTD | $165.3 | $167.3 | +1.2% |
RJF has finished every year since 2020 higher, and it's up 1.2% so far in 2026.