JPMorgan Chase & Co (JPM) fair value: what the stock is really worth
We calculate from audited financials what JPMorgan Chase & Co is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range $93.37 – $365.18 · fair‑value band $145.75 – $272.46 · the $349.67 price screens above the $192.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 17, 2026.
JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management.
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JPMorgan Chase & Co. operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean. It operates in three segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. The company offers deposit, investment and lending products, and cash management; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, payment solutions, travel services, merchant offers, lifestyle benefits, auto loans, and leases to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. It also provides investment banking, market-making, financing, custody, and securities products and services; corporate strategy and structure advisory, equity and debt market capital-raising, and loan origination and syndication services; cash and derivative instruments, risk management solutions, prime brokerage, clearing, and research; and fund services, liquidity and trading services, and data solutions products for large corporations, financial institutions, merchants, start-ups, small and midsized companies, local governments, municipalities, nonprofits, and commercial real estate clients. In addition, the company offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; retirement products and services, estate planning, lending, deposits, and investment management products to high-net-worth clients; and financial transaction processing. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.
Stock analysis
JPMorgan Chase & Co (JPM) currently trades at $349.67, while our model-based Fair Value estimate is $192.16, implying the stock looks roughly 82.0% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $195.09 per share, and 0 of the 6 models we run sit above the $349.67 price.
Bear case: the Asset-Based group reads lowest at $91.35, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $145.75 (bear) to $272.46 (bull), the price of $349.67 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
JPMorgan Chase & Co reported revenue of $280B in FY2025 versus $127B in FY2021, a compound +21.8%/yr. Reported net income was $57.0B in FY2025, compounding +4.2%/yr from FY2021.
Key figures
Market cap $977B · P/E ratio 16.7 · P/S ratio 3.42 · EPS (TTM) $20.88 · Dividend yield 1.7% · Net margin 20.4% · Return on equity 16.5% · Return on assets (EBIT) 1.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −14% fair-value upside, at −45%, JPM screens richer than that median.
Fair Value models
Bear $145.75Fair Value $192.16Bull $272.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($10.83 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.6%
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13% vs 12%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 26%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−13.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−4.9%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Diversified · 47 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−39% · Bottom 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets1% · Top 25%
Net margin (TTM)35% · Above median
Operating margin (TTM)50% · Above median
Growth and dividend
Revenue growth30% · Top 25%
Dividend yield (TTM)1.7% · Bottom 25%
Balance sheet
Debt / equity1.20× · Above median
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
P/E (TTM)16.7× · Pricier than median
P/B2.50× · Priciest 25%
P/S (TTM)4.87× · Priciest 25%
P/FCF9.0× · Pricier than median
EV/EBITDA12.3× · Cheaper than median
PEG1.77× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 3
FUTURE (revenue growth)100· sector 25
PAST (return on equity)71· sector 41
HEALTH (low debt)40· sector 48
DIVIDEND (yield)34· sector 72
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "JPMorgan Chase & Co Fair Value". https://www.fairvalue-calculator.com/stock/JPM
Frequently asked questions
Is JPMorgan Chase & Co (JPM) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of $192.16 versus a price of $349.67, about −45% upside (overvalued).
What is the fair value of JPM?
Our model-based fair value for JPMorgan Chase & Co is $192.16 (as of Sep 17, 2026), built from audited fundamentals. The current price: $349.67.
What is the quality score of JPM?
JPMorgan Chase & Co has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JPMorgan Chase & Co (JPM)?
Our model-based price target is the fair value of $192.16 (as of Sep 17, 2026) from 6 valuation models. Cautious scenario $145.75, optimistic scenario $272.46. It is a calculation from audited fundamentals, not an analyst target.
What is the JPMorgan Chase & Co stock forecast for 2026?
Our models put fair value at $192.16, about −45% upside versus a price of $349.67 (overvalued). Cautious scenario $145.75, optimistic scenario $272.46. The calculation is refreshed regularly with new filings.
What is the revenue of JPMorgan Chase & Co (JPM)?
JPMorgan Chase & Co reported trailing-twelve-month revenue of about $174B (latest available figure, as of Sep 17, 2026).
Does JPMorgan Chase & Co pay a dividend?
JPMorgan Chase & Co currently shows a dividend yield of about 1.69% relative to its recent price (as of Sep 17, 2026).
What growth is priced into JPMorgan Chase & Co (JPM)?
For today's price to be fair in a discounted-cash-flow model, JPMorgan Chase & Co would have to grow free cash flow by -13.5 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.6 % per year. As of Sep 17, 2026.
What discount rate (WACC) does the fair value of JPM use?
Our models discount JPMorgan Chase & Co at 8.8 %: a base by market capitalisation (mega), damped by beta 1.02, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JPMorgan Chase & Co that is -13.5 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has JPMorgan Chase & Co (JPM) delivered so far?
Over the past 5 years revenue at JPMorgan Chase & Co grew +16.6 % a year. The price currently implies -13.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JPMorgan Chase & Co (JPM) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into JPMorgan Chase & Co (-13.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JPMorgan Chase & Co (JPM)?
The free-cash-flow yield on the price is 10.33 %: that much free cash flow JPMorgan Chase & Co produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JPMorgan Chase & Co (JPM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JPMorgan Chase & Co it is $192.16 per share (as of Sep 17, 2026), against a price of $349.67. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is JPMorgan Chase & Co stock overvalued or undervalued in 2026?
As of Sep 17, 2026, JPM trades above its calculated fair value: price $349.67, fair value $192.16, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JPM?
No. The price is what the market pays today ($349.67); the fair value is what the company's own numbers justify ($192.16). For JPMorgan Chase & Co the two are $157.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is JPMorgan Chase & Co worth?
The market values JPMorgan Chase & Co at about $977B (market capitalisation, as of Sep 17, 2026). Per share that is $349.67; our models calculate a fair value of $192.16 per share.
What do the bullish and bearish scenarios say about JPM?
Our models span a range for JPMorgan Chase & Co: cautious scenario $145.75, base $192.16, optimistic $272.46 per share (as of Sep 17, 2026, price $349.67). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JPM?
JPMorgan Chase & Co trades at a price-to-earnings ratio of 16.7 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $192.16 is built from several models across several years. Other multiples: PEG 1.8, P/B 2.5, P/S 4.9, EV/EBITDA 12.3.
What is the PEG ratio of JPM?
The PEG ratio of JPMorgan Chase & Co is 1.77 (P/E divided by earnings growth, as of Sep 17, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of JPMorgan Chase & Co (JPM)?
Balance-sheet figures for JPMorgan Chase & Co (as of Sep 17, 2026): return on equity 17.8%, debt of 1.20 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is JPM from its 52-week high?
JPMorgan Chase & Co trades at $349.67, about 5% below its 52-week high of $334.16 and 37% above the low of $255.35 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of $192.16 is for.
Which stocks are comparable to JPMorgan Chase & Co?
From the same area (Financial Services) we also value Bank of America Corporation, China Construction Bank Corporation, Industrial and Commercial Bank of China Limited, HSBC Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JPMorgan Chase & Co stock attractive at the current price?
The data as of Sep 17, 2026: price $349.67, calculated fair value $192.16 (−45%), Quality Score 63/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JPM calculated?
We run JPMorgan Chase & Co through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $192.16, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. JPMorgan Chase & Co itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JPMorgan Chase & Co (JPM)?
The closing price on Sep 18, 2026 was $349.67. Our model-based fair value is $192.16, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JPMorgan Chase & Co right now?
The price sits above even our optimistic bull case ($272.46). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($145.75 to $272.46) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of JPMorgan Chase & Co (JPM) come from?
Earnings per share at JPMorgan Chase & Co grew +13.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.2 %, EBIT margin −1.7 %, tax rate +0.7 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of JPMorgan Chase & Co
How large is the market capitalisation of JPMorgan Chase & Co (JPM)?
The market capitalisation of JPMorgan Chase & Co is $977B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JPMorgan Chase & Co (JPM)?
The price-to-sales ratio of JPMorgan Chase & Co is 3.42 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JPMorgan Chase & Co (JPM)?
Earnings per share at JPMorgan Chase & Co are $20.88 (price ÷ EPS = P/E 16.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JPMorgan Chase & Co (JPM)?
The dividend yield of JPMorgan Chase & Co is 1.7% (payout 28.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JPMorgan Chase & Co (JPM)?
The net margin of JPMorgan Chase & Co is 20.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JPMorgan Chase & Co (JPM)?
The return on equity (ROE) of JPMorgan Chase & Co is 16.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JPMorgan Chase & Co (JPM)?
On an EBIT basis the return on assets of JPMorgan Chase & Co is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JPMorgan Chase & Co (JPM)?
The operating margin of JPMorgan Chase & Co is 43.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JPMorgan Chase & Co (JPM)?
Revenue at JPMorgan Chase & Co is growing +12.7% versus a year earlier (3y avg +22.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JPMorgan Chase & Co (JPM)?
Earnings per share at JPMorgan Chase & Co are growing +17.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JPMorgan Chase & Co (JPM) carry?
The net debt of JPMorgan Chase & Co is $157B (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 17, 2026