Raymond James Financial Inc (RJF)
Financials · Investment Banking & Brokerage · US stock · S&P 500 component
$159.19
▲ +3.50 (2.25%)
Fair valueUndervalued
$188 +18.3% to fair value
$94fair band $160–$228$283
Day's range
$154.24 – $159.29
52-week range
$138.82 – $182.73
About Raymond James Financial Inc
Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, trading, asset management and banking services. Financial advisors affiliated with its private client group manage investments for individuals, families and institutions. Its capital markets business advises and trades for companies and investors, while its asset management arm runs investment strategies and Raymond James Bank lends to clients and supports the group.
Revenue comes from advisory fees and commissions on client assets, investment banking and brokerage fees, asset management fees and interest income from the bank. Revenue was $17.0 billion over the last twelve months, with growth of 12.1% a year across the last three years. The site holds no operating margin or leverage figure for the company at present. It pays a dividend with a yield of 1.4%. On the site's X-Ray Score it receives 55 out of 100.
Price chart
52-wk range $138.82 – $182.73Volume 1,366,449Daily, split-adjusted
Vitals
Market cap$31.4B
52-week range$138.82 – $182.73
Volume (last day)1,366,449
P/E (TTM)13.9
EBIT / EV yield–
Free-cash-flow yield4.6%
Dividend yield1.4%
Revenue (TTM)$17.0B
Net income (TTM)$2.3B
Operating margin–
Return on capital–
Debt incl. leasesData missing
Cash & securities$10.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$188middle half of models $159 – $191
Undervalued
+18.3% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $159
Undervalued < $160Fair $160 – $228Overvalued > $228
P/E multiple
$160
P/B multiple
$158
P/S multiple · not used
$362
Dividend discount, stable
$164
Dividend discount, multi-stage
$272
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
61/100
Priced about in line with its sector.
See the numbers →
Free-cash-flow yield4.6%
Fair value vs price1.2×
Growth
Fair
64/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)12.1%
EPS growth (3y)13.8%
Growth consistency100%
Profitability
Weak
39/100
Earns lower returns on its capital than most peers.
See the numbers →
Financial health
n/a
–/100
Not enough data.
See the numbers →
Dividends
Fair
59/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.4%
Dividends vs free cash flow30%
Dividend growth14.5%
Quarterly results: last 6 quarters
+5.7%
Mar '25
+2.1%
Jun '25
+4.7%
Sep '25
+3.5%
Dec '25
+10.8%
Mar '26
+13.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.4B, diluted EPS $3.01.
Compare with peers
SCHW Schwab Charles Corp68 IBKR Interactive Brokers Gr...51 GS Goldman Sachs Group In...49 HOOD Robinhood Markets, Inc...45Other Investment Banking & Brokerage companies by X-Ray Score.
SWOT analysis: Raymond James Financial Inc
Strengthsinside the company
- Revenue has grown 12.1% a year over three years (median 17.5% for industry peers).
- Earnings per share have compounded at 13.8% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 30% of free cash flow, which leaves room to raise them.
- The price is 18% below our fair value estimate, with the gap larger than the margin we allow for error.
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Revenue growth slowed to 6.6% last year from 12.1% a year over three years.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare RJF with peers and sector
Medians of 5 Investment Banking & Brokerage peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): MS 34, GS 49, SCHW 68, HOOD 45, IBKR 51.
| Metric | RJF | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 49 | 50 |
| Valuation | 61 | 32 | 52 |
| Growth | 64 | 72 | 54 |
| Profitability | 39 | 52 | 49 |
| Financial health | – | 43 | 51 |
| Dividends | 59 | 61 | 54 |
Sector leaders: highest X-Ray Score in Financials
RJF ranks #27 of 71 in Financials and #2 of 6 in Investment Banking & Brokerage by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for RJF
Each factor is rated by where RJF stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 2 Good · 5 Average · 1 Bad of 8
Growth: 1 · 2 · 0
Profitability: 0 · 1 · 1
Valuation: 1 · 2 · 0
| Factor | RJF | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +12.1% | Good beats 76% | +8.3% | – | – |
| Revenue growth, last year | +6.6% | Average beats 48% | +6.9% | +14.9% | ▼ Worse |
| EPS growth, 3 years a year | +13.8% | Average beats 56% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 13.6% | Bad beats 28% | 21.8% | 13.4% | ≈ In line |
| Return on equity | 18.2% | Average beats 62% | 15.7% | 17.0% | ≈ In line |
| Valuation | |||||
| P/E ratio | 13.6x | Average beats 54% | 13.8x | 13.9x | ≈ In line |
| Price / book | 2.5x | Average beats 41% | 2.2x | 2.2x | ≈ In line |
| Price / sales | 1.8x | Good beats 76% | 3.1x | 1.9x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 1 Average · ● 2 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Growth
EPS growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Valuation
Fair value vs priceGood
Profitability
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.9B | $11.3B | $13.0B | $14.9B | $15.9B |
| Operating income | $1.9B | $2.3B | $3.7B | – | – |
| Net income | $1.4B | $1.5B | $1.7B | $2.1B | $2.1B |
| Operating cash flow | $6.6B | $72M | −$3.5B | $2.2B | $2.4B |
| Operating margin | 19.6% | 20.6% | 28.1% | – | – |
| Free cash flow | $6.6B | −$19M | −$3.7B | $2.0B | $2.2B |
| Diluted EPS | $6.63 | $6.98 | $7.97 | $9.70 | $10.30 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 4 neutral · 8 bearish
Weekly
Neutral
5 bullish · 1 neutral · 6 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 156.9 | Bullish |
| EMA 10 | 157.1 | Bullish |
| SMA 20 | 158.0 | Bullish |
| EMA 20 | 158.7 | Bullish |
| SMA 50 | 166.6 | Bearish |
| EMA 50 | 162.8 | Bearish |
| SMA 100 | 164.9 | Bearish |
| EMA 100 | 163.1 | Bearish |
| SMA 200 | 159.4 | Bearish |
| EMA 200 | 160.9 | Bearish |
Oscillators (daily)
| RSI (14) | 47.86 | Neutral |
| MACD (12, 26) | -2.57 | Bearish |
| Momentum (12) | -0.15 | Bearish |
| Stochastic %K (14) | 67.75 | Neutral |
| Williams %R (14) | -32.25 | Neutral |
| CCI (20) | -16.67 | Neutral |
Pivot points (classic, last session)
S3 150.8 | S2 152.5 | S1 155.9 | Pivot 157.6 | R1 160.9 | R2 162.6 | R3 166.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.16 USD
Yield on today's price
1.36%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.5400 | |
| 0.5400 | |
| 0.5400 | |
| 0.5400 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold RJF
| ETF | Share of the fund |
|---|---|
| FTCS First Trust Capital Strength | 2.02% |
| CLSE Convergence Long/Short Equity | 0.78% |
| FFSM Fidelity Fundamental Small-Mid Cap | 0.57% |
| IYF iShares U.S. Financials | 0.47% |
| VOE Vanguard Mid-Cap Value | 0.44% |
| RDVI FT Cboe Vest Rising Dividend Achievers... | 0.42% |
| WTV WisdomTree U.S. Quality Shareholder Yi... | 0.40% |
| DFLV Dimensional US Large Cap Value | 0.38% |
The eight funds with the largest weight in RJF among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
RJF stock splits
RJF has split its stock 8 times since 1991. The latest was a 3-for-2 split on 22 Sep 2021.
Full RJF stock split history →RJF SEC filings
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.