Want to see RJF full AI Analyst Report?
Top Page
Raymond James Financial
(NYSE:RJF)
Select Model
Select Model
Rating:66Neutral
Price Target:
$172.00
â–¼(-2.65% Downside)
Action:Downgraded
Date:09/23/26
The score is anchored by solid fundamentals and a constructive earnings-call backdrop (record results, strong asset growth, and continued capital returns). These positives are partially offset by a clearly bearish technical setup (price below major moving averages with negative MACD) and financial variability signals, including volatile cash-flow conversion and a recent step-down in operating margin.
Positive Factors
Wealth-management asset growth
Rapid growth in fee-based assets expands the recurring revenue base and deepens client relationships across Raymond James’ wealth-management platform. Continued asset gathering can support durable fee growth, improve operating scale, and strengthen the firm’s competitive position over the next several quarters.
Negative Factors
Volatile cash conversion
Although Raymond James has generated positive operating and free cash flow in recent periods, the sharp historical swings make earnings conversion less dependable. Inconsistent cash generation can constrain capital-allocation flexibility and complicate the timing of investment, acquisitions, and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Wealth-management asset growth
Rapid growth in fee-based assets expands the recurring revenue base and deepens client relationships across Raymond James’ wealth-management platform. Continued asset gathering can support durable fee growth, improve operating scale, and strengthen the firm’s competitive position over the next several quarters.
Read all positive factors
Raymond James Financial Key Performance Indicators (KPIs)
Any
Assets Under Management
Tracks the total value of assets the company manages on behalf of clients, reflecting its scale, client confidence, and ability to generate management fees.
Tracks the total value of assets the company manages on behalf of clients, reflecting its scale, client confidence, and ability to generate management fees.
Data provided by:
The Fly
The FlyRaymond James Financial (RJF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.43B
Dividend Yield1.37%
Average Volume (3M)1.26M
Price to Earnings (P/E)13.5
Beta (1Y)1.07
Revenue Growth7.75%
EPS Growth12.07%
CountryUS
Employees19,500
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)11.69
Shares Outstanding192,361,710
10 Day Avg. Volume1,501,834
30 Day Avg. Volume1,258,516
Financial Highlights & Ratios
PEG Ratio2.76
Price to Book (P/B)2.79
Price to Sales (P/S)2.19
P/FCF Ratio15.52
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue1.29
Enterprise Value/Gross Profit1.54
Enterprise Value/Ebitda7.05
Forecast
1Y Price Target
$184.82Price Target Upside4.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)14.28
Revenue Forecast (FY)$17.60B
Raymond James Financial Business Overview & Revenue Model
Company Description
Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations ar...
How the Company Makes Money
RJF primarily earns revenue from providing wealth management and related financial services, complemented by capital markets activities and banking. Key revenue streams include: (1) Asset management and related administrative fees: the company ear...
Raymond James Financial Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record-breaking financial and operational achievements — including record quarterly revenues, pretax income, EPS, strong recruiting, sizable net new assets, significant AI adoption and a completed strategic acquisition — while acknowledging near-term headwinds in capital markets activity, elevated legal/professional expenses tied to industry litigation, and some margin noise related to acquisitions and deposit mix. On balance, the positive growth, strong margins, healthy returns, robust adviser recruiting pipeline, and proactive technology investments materially outweigh the challenges, which management positions as manageable or transitory.Positive Updates
Record Quarterly and YTD Financial Results
Net revenues of $3.93 billion (record quarter), up 16% year-over-year and 2% sequentially; pretax income of $750 million, up 33% year-over-year and 2% sequentially; net income available to common shareholders $595 million with record diluted EPS of $3.01; adjusted net income $620 million and adjusted EPS $3.14 (record).
Negative Updates
Investment Banking Activity Below Normalized Levels
Capital Markets activity remains below a normalized environment, especially in middle market and sponsor-driven segments; although pipeline is encouraging, timing and conversion of transactions remain uncertain, limiting near-term upside in Investment Banking revenues.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly and YTD Financial Results
Net revenues of $3.93 billion (record quarter), up 16% year-over-year and 2% sequentially; pretax income of $750 million, up 33% year-over-year and 2% sequentially; net income available to common shareholders $595 million with record diluted EPS of $3.01; adjusted net income $620 million and adjusted EPS $3.14 (record).
Read all positive updates
Company Guidance
Raymond James gave modest near‑term guidance anchored to several metrics: it expects fiscal Q4 2026 asset management and related administrative fees to increase about 11% from Q3, and—assuming static rates and unchanged quarter‑end balances and net of a $2.1 billion fee billing collection—aggregate NII and RJBDP fees from third‑party banks to be approximately flat quarter‑over‑quarter. Management reiterated an adjusted pretax margin target of ~20% (Q3 adjusted pretax margin was 19.9%), an estimated fiscal‑year effective tax rate of ~24%, a fiscal‑year non‑compensation expense target of roughly $2.3 billion, and a target total compensation ratio of ~65%; it plans more than $1.1 billion of annual technology spend and maintains a Tier 1 leverage ratio target of 10% (currently 11.7% with about $1.5 billion of excess capital capacity). The firm also signaled continued capital returns—$400 million repurchased this quarter and ~$1.6 billion over the past 12 months—while holding $2.5 billion of parent corporate cash (about $1.3 billion above its $1.2 billion target).Raymond James Financial Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.93B | 15.91B | 14.74B | 12.84B | 11.16B | 9.78B |
| Gross Profit | 14.14B | 14.03B | 12.59B | 11.34B | 10.75B | 9.66B |
| EBITDA | 3.10B | 4.76B | 2.82B | 2.44B | 2.17B | 1.93B |
| Net Income | 2.31B | 2.13B | 2.07B | 1.74B | 1.51B | 1.40B |
Balance Sheet | ||||||
| Total Assets | 94.20B | 88.23B | 82.99B | 78.36B | 80.95B | 61.89B |
| Cash, Cash Equivalents and Short-Term Investments | 19.70B | 18.28B | 19.25B | 18.47B | 15.99B | 15.52B |
| Total Debt | 5.30B | 4.54B | 4.03B | 3.48B | 3.79B | 3.17B |
| Total Liabilities | 81.50B | 75.73B | 71.33B | 68.17B | 71.52B | 53.59B |
| Stockholders Equity | 12.70B | 12.50B | 11.67B | 10.21B | 9.46B | 8.24B |
Cash Flow | ||||||
| Free Cash Flow | 2.27B | 2.25B | 1.95B | -3.69B | -19.00M | 6.57B |
| Operating Cash Flow | 2.47B | 2.43B | 2.15B | -3.51B | 72.00M | 6.65B |
| Investing Cash Flow | -7.55B | -4.32B | -968.00M | -274.00M | -7.15B | -5.14B |
| Financing Cash Flow | 5.50B | 2.36B | 438.00M | 1.44B | 5.88B | 5.23B |
Raymond James Financial Technical Analysis
Negative
176.69
Price Trends
171.93
Negative
163.77
Negative
159.74
Negative
Market Momentum
-4.11
Positive
35.10
Neutral
26.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RJF, the sentiment is Negative. The current price of 176.69 is above the 20-day moving average (MA) of 164.91, above the 50-day MA of 171.93, and above the 200-day MA of 159.74, indicating a bearish trend. The MACD of -4.11 indicates Positive momentum. The RSI at 35.10 is Neutral, neither overbought nor oversold. The STOCH value of 26.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RJF.
Raymond James Financial Risk Analysis
Raymond James Financial disclosed 28 risk factors in its most recent earnings report. Raymond James Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Raymond James Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $12.29B | 17.66 | 28.86% | 1.02% | 11.21% | 6.93% | |
85 Outperform | $31.36B | 14.64 | 17.14% | 1.91% | 3.18% | 37.10% | |
79 Outperform | $22.32B | 10.48 | 20.45% | 4.94% | 6.97% | 11.41% | |
77 Outperform | $43.36B | 11.68 | 61.73% | 1.34% | 8.79% | 28.59% | |
77 Outperform | $23.97B | 15.90 | 13.03% | 2.90% | 3.72% | 41.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $30.43B | 13.53 | 18.32% | 1.37% | 7.75% | 12.07% |
* Financial Sector Average
RJF
Raymond James Financial
158.21
-7.08
-4.29%
AMP
Ameriprise Financial
490.91
3.57
0.73%
PFG
Principal Financial
111.96
30.58
37.59%
SEIC
SEI Investments Company
102.43
18.10
21.46%
TROW
T Rowe Price
104.62
4.21
4.19%
NTRS
Northern
171.40
41.93
32.39%
Raymond James Financial Corporate Events
Business Operations and StrategyFinancial Disclosures
Raymond James Reports Record Client Assets Under Administration
Positive
Sep 23, 2026
On September 23, 2026, Raymond James Financial reported record client assets under administration of $1.97 trillion as of August 31, 2026, up 16% year over year and 2% from July, driven by higher equity markets and net inflows supported by strong ...
Executive/Board ChangesDividends
Raymond James Expands Board, Declares Quarterly Dividend
Positive
Sep 1, 2026
On August 26, 2026, Raymond James Financial announced the election of Will Weatherford, managing partner of family-owned private investment firm Weatherford Capital, to its Board of Directors, effective December 15, 2026. A Tampa Bay native with e...
Business Operations and StrategyFinancial Disclosures
Raymond James Financial Reports Record July Client Assets
Positive
Aug 19, 2026
Raymond James Financial reported selected operating data for July 2026 on August 19, 2026, highlighting the performance of its wealth management, asset management and banking businesses. The firm continues to emphasize client assets under administ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Raymond James Reports Record May Client Assets Growth
Positive
Jun 24, 2026
On June 24, 2026, Raymond James Financial reported selected operating data for May 2026, highlighting record client assets under administration of $1.92 trillion, up 21% year over year and 3% from April, driven by higher equity markets and net inf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.