# JPMorgan Chase (JPM)

Sector: Banking

| Field | Value |
|---|---|
| Price | $342.08 |
| Market cap | $908B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2027-01-14 (confirmed) |

Analysts: Leaning bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

Investors pay a premium for JPMorgan's high and steady returns, and returns that stay high when trading slows and credit losses rise can earn it.

## Themes and gap

- Themes: Interest rates (interest-rates), Regulation and courts (regulation-legal), New management (management-change)
- Gap type: Can close (closable)
- Why: The Q4 2026 report on January 14, 2027, with the 2027 guidance, and the new stress capital rules in 2027 show within about a year whether returns hold near 20%.

## About

JPMorgan Chase is the largest bank in the United States, with $5.1 trillion of assets and $372 billion of stockholders' equity at September 30, 2026. It has three business segments. Consumer & Community Banking serves households and small businesses under the Chase brand with deposits, credit cards, auto loans, mortgages and wealth management. The Commercial & Investment Bank gives companies, governments and investors advisory, loans, payments, trading and securities services. Asset & Wealth Management managed $5.2 trillion of client assets at September 30, 2026. Corporate holds the investment portfolio and treasury. In Q3 2026, managed revenue was $50.9 billion and net income was $15.3 billion. JPMorgan had the largest share of U.S. retail deposits for the sixth year in a row and the largest share of global investment banking fees in 2026.

## Thesis

JPMorgan trades at a premium because investors pay for its high and steady returns. Return on tangible common equity was 20% in Q3 2026, and it was 20% or more in most recent quarters. Its low-cost deposits, its scale in payments and its top share of investment banking fees give it more stable earnings than most banks. Investors also expect it to put its excess capital to work at high returns. The price assumes that these returns hold over a full credit cycle, not only in a strong economy. For the premium to be earned, three things must be true. Return on tangible common equity must stay near 20% when markets and deal activity are less strong, because Q2 and Q3 2026 had high trading and fee revenue. Card losses must stay near the 2026 guidance of about 3.2%, and the Apple card portfolio must add profit after it moves to JPMorgan. Net interest income must hold near the preliminary 2027 central case of about $107 billion excluding Markets as rates change. The Q4 2026 report on January 14, 2027 gives the 2027 guidance and the first test. The new stress capital rules in 2027 give a second test. A leadership change after Jamie Dimon also matters, and the board named two Co-Presidents in June 2026. If returns fall toward 15% in a weaker economy, the premium can get smaller within one to two years.

## Checkpoints

- Jan 14, 2027: Q4 2026 results and 2027 guidance. Status: Pending. Watch: Return on tangible common equity near 20%, card losses near 3.2% and 2027 net interest income guidance near the preliminary $107 billion excluding Markets pass; lower guidance or a large reserve build fail.
- 2027 (estimate): New stress capital buffer. Status: Pending. Watch: A stress capital buffer at or below the current 2.5% under the new 2027 models passes; a higher buffer that cuts buybacks fails.

## Balance sheet

JPMorgan funds itself mainly with deposits, which were $2.78 trillion at September 30, 2026, up 9% from December 31, 2025. Loans were $1.58 trillion, so the loans-to-deposits ratio was 57%. Long-term debt was $460.2 billion, and total stockholders' equity was $372.4 billion. The CET1 capital ratio was 14.0% under the Standardized approach, above the requirement of 11.5% that includes buffers, and the supplementary leverage ratio was 5.5%. The firm's average liquidity coverage ratio was 113% in Q3 2026, and the release gives about $1.5 trillion of cash and marketable securities. The allowance for credit losses was $32.0 billion, or 1.75% of retained loans. Book value per share was $132.30 and tangible book value per share was $112.64. For a bank, net debt is not a useful measure, so this profile does not show debt figures.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/19617/000162828026069523/jpm-20260930.htm
- https://www.sec.gov/Archives/edgar/data/19617/000162828026065582/a3q26erfexhibit991narrative.htm
- https://www.sec.gov/Archives/edgar/data/19617/000162828026045167/jpmc2026ccarresultsex99.htm

## Dividends

- Dividend yield: 1.8% (last 12 months, at the current price)
- Paid per share, last 12 months: $6.15 (4 payments)
- Current annual rate: $6.60 ($1.65 x 4 a year)
- Payout ratio: 28% of the earnings of the last fiscal year (the year ended 2025-12-31)
- Latest ex-dividend date: 2026-10-06, $1.65 per share
- Growth over the last 5 years: 10.7% a year
- Growth over the last 10 years: 12.8% a year

Dividends per share by year: 2016: $1.84, 2017: $2.04, 2018: $2.48, 2019: $3.30, 2020: $3.60, 2021: $3.70, 2022: $4.00, 2023: $4.05, 2024: $4.60, 2025: $5.55.

Source: company filings and market data, read on 2026-11-09.

## Recent events

- 2026-10-13: JPMorgan reported Q3 2026 results. Net income was $15.3 billion, or $5.57 per share, and $5.75 per share without $658 million of investment securities losses. Managed revenue grew 8% to $50.9 billion, and Markets revenue grew 15%. Expense grew 12% to $27.3 billion. Return on tangible common equity was 20%. JPMorgan bought back only $664 million of net stock because it wants to use the capital for growth. The CET1 ratio was 14.0% under the Standardized approach.
- 2026-07-14: JPMorgan reported Q2 2026 results. Net income was $21.2 billion, or $7.70 per share, including a $4.6 billion net gain on Visa shares and $1.0 billion of gains on other equity investments. Without these items, EPS was $6.14. Markets revenue grew 35% and investment banking fees grew 30%.
- 2026-06-25: The board named Doug Petno and Troy Rohrbaugh Co-Presidents of the firm, as part of its plan for the next CEO. Petno became sole CEO of the Commercial & Investment Bank, and Rohrbaugh became CEO of Consumer & Community Banking. Marianne Lake decided to retire.
- 2026-06-24: After the 2026 stress test, JPMorgan said that it intends to raise the quarterly dividend to $1.65 from $1.50 per share and that the board approved a new $50 billion share buyback program from July 1, 2026. Its stress capital buffer stays at 2.5% through September 30, 2027.
- 2026-04-14: JPMorgan reported Q1 2026 results. Net income was $16.5 billion, or $5.94 per share. Markets revenue reached a record $11.6 billion, and investment banking fees grew 28%.
- 2026-01-13: JPMorgan reported 2025 results. Net income was $57.0 billion, or $20.02 per share. Q4 2025 included a $2.2 billion credit reserve for its commitment to buy the Apple credit card portfolio.

## Latest news and filings

- Last earnings: 2026-10-13 (8-K: https://www.sec.gov/Archives/edgar/data/19617/000162828026065582/)
- Next earnings: 2027-01-14 (confirmed by the company)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-11-03 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | jpm-20260930 | https://www.sec.gov/Archives/edgar/data/19617/000162828026069523/jpm-20260930.htm |
| 2026-10-20 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/19617/000119312526426704/d351999d8k.htm |
| 2026-10-13 | 8-K | Investor disclosure |  | jpm-20261013 | https://www.sec.gov/Archives/edgar/data/19617/000162828026065616/jpm-20261013.htm |
| 2026-10-13 | 8-K | Earnings release |  | jpm-20261013 | https://www.sec.gov/Archives/edgar/data/19617/000162828026065582/jpm-20261013.htm |
| 2026-08-06 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | jpm-20260630 | https://www.sec.gov/Archives/edgar/data/19617/000162828026054343/jpm-20260630.htm |
| 2026-07-23 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/19617/000119312526314128/d103985d8k.htm |
| 2026-07-23 | 8-K | Change to shareholder rights or bylaws |  | jpm-20260721 | https://www.sec.gov/Archives/edgar/data/19617/000001961726000288/jpm-20260721.htm |
| 2026-07-14 | 8-K | Investor disclosure |  | jpm-20260714 | https://www.sec.gov/Archives/edgar/data/19617/000162828026048086/jpm-20260714.htm |
| 2026-07-14 | 8-K | Earnings release |  | jpm-20260714 | https://www.sec.gov/Archives/edgar/data/19617/000162828026048078/jpm-20260714.htm |
| 2026-06-25 | 8-K | Change of directors or officers |  | jpm-20260624 | https://www.sec.gov/Archives/edgar/data/19617/000001961726000241/jpm-20260624.htm |

Every filing on SEC EDGAR (CIK 19617): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000019617&type=&dateb=&owner=include&count=40

## Risks

- High: Credit losses can rise quickly in a recession. Card Services had a net charge-off rate of 2.91% in Q3 2026, and JPMorgan expects about 3.2% for 2026. The firm built reserves of $539 million in Q3 2026, mostly for wholesale loans.
- Medium: Recent earnings had help from very strong trading and deal activity. Markets revenue grew 35% in Q2 2026 and 15% in Q3 2026. If client activity falls back, revenue and returns can fall.
- Medium: Expense grew 12% in Q3 2026, faster than revenue, because of pay, technology and marketing. If revenue growth slows and expense keeps growing, returns fall.
- Medium: The board must choose the next CEO after Jamie Dimon. In June 2026, it named two Co-Presidents and gave retention awards to senior leaders. A difficult change can affect strategy and staff.
- Low: Capital rules can change. The Federal Reserve plans new stress test models in 2027, and JPMorgan said that some parts of the proposed capital rules still need changes. Higher requirements can limit buybacks.

## Links

- Page: https://picks.utilarium.app/company/JPM/
- History of changes: https://picks.utilarium.app/company/JPM/history/
- JSON with full history: https://picks.utilarium.app/data/company/JPM.json

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