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Raymond James Financial
(NYSE:RJF)
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Rating:74Outperform
Price Target:
$189.00
â–²(24.55% Upside)
Action:Reiterated
Date:06/25/26
RJF scores well due to solid underlying financial performance (strong multi-year growth and profitability) and a constructive earnings-call backdrop (record results and sizable capital returns). The overall score is tempered by the recent TTM operating-profitability step-down and cash-flow volatility, while technicals are positive but not fully confirmed versus the 200-day trend; valuation appears reasonable with a modest dividend yield.
Positive Factors
Revenue and Margin Track Record
Sustained multi-year revenue growth combined with consistently healthy net margins indicates durable client relationships and diversified revenue streams across wealth, banking and capital markets. This supports predictable earnings power, reinvestment capacity and resilience through business cycles over the medium term.
Negative Factors
Cash Flow Volatility
Historical swings in operating and free cash flow reflect capital-markets sensitivity and episodic working-capital or collection timing effects. This variability reduces predictability of internal funding for buybacks, investments and dividends, requiring larger capital buffers and constraining planning over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Track Record
Sustained multi-year revenue growth combined with consistently healthy net margins indicates durable client relationships and diversified revenue streams across wealth, banking and capital markets. This supports predictable earnings power, reinvestment capacity and resilience through business cycles over the medium term.
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
$32.22B
Dividend Yield1.26%
Average Volume (3M)1.49M
Price to Earnings (P/E)15.6
Beta (1Y)1.12
Revenue Growth5.83%
EPS Growth1.44%
CountryUS
Employees19,500
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)10.79
Shares Outstanding194,883,040
10 Day Avg. Volume1,528,464
30 Day Avg. Volume1,494,713
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 Cap0.78
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit1.72
Enterprise Value/Ebitda8.48
Forecast
1Y Price Target
$179.67Price Target Upside18.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)11.98
Revenue Forecast (FY)$15.65B
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 makes money by earning fees and commissions from wealth management and brokerage activity, generating interest income from its banking and lending operations, and collecting revenues from capital markets activities.
1) Wealth manage...
Raymond James Financial Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive picture: record quarterly revenues, strong pretax income, robust adviser recruiting and retention, sizable fee-based and loan growth, meaningful capital returns, and continued heavy investment in technology and AI. These strengths offset near-term headwinds from lower interest-related revenues, elevated compensation and non-compensation expenses, modest declines in sweep cash balances, and some uncertainty around timing of investment banking deal conversions. Overall the positive operational momentum, balance sheet strength and capital returns outweigh the challenges.Positive Updates
Record Quarterly Revenues and Profitability
Net revenues of $3.86 billion were a record for the quarter, up 13% year-over-year and 3% sequentially. Pretax income was $735 million, up 10% year-over-year and 1% sequentially. Net income available to common shareholders was $542 million with diluted EPS of $2.72; adjusted net income was $564 million with adjusted EPS of $2.83. Adjusted pretax margin was 19.7%.
Negative Updates
Interest-Related Revenue Pressure and NII Decline
Combined net interest income and RJBDP fees from third-party banks declined 3% sequentially to $650 million. Average yield on RJBDP balances decreased 6 basis points to 2.7%, reflecting the full-quarter impact of Fed rate cuts and contributing to lower interest-related revenues.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenues and Profitability
Net revenues of $3.86 billion were a record for the quarter, up 13% year-over-year and 3% sequentially. Pretax income was $735 million, up 10% year-over-year and 1% sequentially. Net income available to common shareholders was $542 million with diluted EPS of $2.72; adjusted net income was $564 million with adjusted EPS of $2.83. Adjusted pretax margin was 19.7%.
Read all positive updates
Company Guidance
Guidance highlights: for fiscal Q3 2026 Raymond James expects asset management and related administrative fees to be about 1% higher than Q2 (helped by one additional billing day and slightly higher PCG fee‑based assets, which were a record $1.04 trillion), and—assuming static interest rates and unchanged quarter‑end balances and net of the ~$1.9 billion Q3 fee billing collection—expects the aggregate of net interest income and RJBDP third‑party fees to be up roughly 1% from Q2 (Q2 combined NII and RJBDP fees were $650 million; bank NIM 2.81%; average RJBDP yield 2.7%); fiscal 2026 effective tax rate is estimated at ~24–25% (Q2 was 26%). Management noted Clark Capital is expected to close this quarter, and reiterated strong capital and liquidity positions: $3.0 billion corporate cash at the parent (≈$1.8 billion excess above a $1.2 billion target), Tier 1 leverage ratio 12.4%, total capital ratio 24%, and roughly $2.1 billion of excess capital capacity before reaching their conservative 10% Tier 1 target. Capital returned in Q2 totaled $507 million (including $400 million of share repurchases at an average $155/share); over the past 12 months the firm repurchased $1.6 billion and returned >$2 billion to common shareholders (≈94% of earnings).Raymond James Financial Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
76
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.35B | 15.91B | 14.74B | 12.84B | 11.16B | 9.78B |
| Gross Profit | 14.58B | 14.03B | 12.59B | 11.34B | 10.75B | 9.66B |
| EBITDA | 2.96B | 4.76B | 2.82B | 2.44B | 2.17B | 1.93B |
| Net Income | 2.15B | 2.13B | 2.07B | 1.74B | 1.51B | 1.40B |
Balance Sheet | ||||||
| Total Assets | 91.94B | 88.23B | 82.99B | 78.36B | 80.95B | 61.89B |
| Cash, Cash Equivalents and Short-Term Investments | 19.45B | 18.28B | 19.25B | 18.47B | 15.99B | 15.52B |
| Total Debt | 5.36B | 4.54B | 4.03B | 3.48B | 3.79B | 3.17B |
| Total Liabilities | 79.33B | 75.73B | 71.33B | 68.17B | 71.52B | 53.59B |
| Stockholders Equity | 12.57B | 12.50B | 11.67B | 10.21B | 9.46B | 8.24B |
Cash Flow | ||||||
| Free Cash Flow | 2.38B | 2.25B | 1.95B | -3.69B | -19.00M | 6.57B |
| Operating Cash Flow | 2.58B | 2.43B | 2.15B | -3.51B | 72.00M | 6.65B |
| Investing Cash Flow | -5.93B | -4.32B | -968.00M | -274.00M | -7.15B | -5.14B |
| Financing Cash Flow | 5.14B | 2.36B | 438.00M | 1.44B | 5.88B | 5.23B |
Raymond James Financial Technical Analysis
Positive
151.75
Price Trends
153.61
Positive
151.43
Positive
157.00
Positive
Market Momentum
3.86
Negative
69.17
Neutral
89.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RJF, the sentiment is Positive. The current price of 151.75 is below the 20-day moving average (MA) of 156.74, below the 50-day MA of 153.61, and below the 200-day MA of 157.00, indicating a bullish trend. The MACD of 3.86 indicates Negative momentum. The RSI at 69.17 is Neutral, neither overbought nor oversold. The STOCH value of 89.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $41.61B | 40.72 | 19.89% | 0.46% | 12.92% | 28.20% | |
74 Outperform | $32.22B | 15.64 | 17.21% | 1.26% | 5.83% | 1.44% | |
72 Outperform | $176.87B | 20.14 | 19.08% | 1.07% | 8.11% | 53.31% | |
71 Outperform | $11.25B | 9.13 | 15.14% | 1.43% | 9.07% | 45.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $24.06B | 27.66 | 17.04% | 0.32% | 38.08% | -22.75% | |
60 Neutral | $10.45B | 13.73 | 7.08% | 2.52% | 16.38% | 39.47% |
* Financial Sector Average
RJF
Raymond James Financial
168.72
12.46
7.97%
IBKR
Interactive Brokers
95.28
36.95
63.34%
JEF
Jefferies
52.46
-0.66
-1.25%
LPLA
LPL Financial
311.47
-59.14
-15.96%
SF
Stifel Financial
75.74
4.85
6.85%
SCHW
Charles Schwab
101.91
11.09
12.21%
Raymond James Financial Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Raymond James Outlines Growth Strategy at Analyst Day
Positive
May 27, 2026
Raymond James Financial held its annual Analyst Investor Day on May 27, 2026, outlining a strategy centered on expanding market share across all business units, investing in technology and AI, and enhancing infrastructure while maintaining a stro...
Business Operations and StrategyFinancial Disclosures
Raymond James Reports Record Client Assets Under Administration
Positive
May 20, 2026
On May 20, 2026, Raymond James Financial reported April operating data showing client assets under administration reached a record $1.87 trillion, up 22% year over year and 6% sequentially, largely driven by higher equity markets and net asset inf...
Dividends
Raymond James Declares Quarterly Cash Dividend for Shareholders
Positive
May 19, 2026
On May 13, 2026, Raymond James Financial’s board of directors declared a quarterly cash dividend of $0.54 per share on its common stock, payable on July 15, 2026 to shareholders of record as of July 1, 2026. The decision underscores the comp...
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.