Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 18.5x · ROE 16.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $908.9B | $900.2B | $690.1B | $500.6B | $398.3B | $479.3B | $392.3B | $450.3B | $333.3B | $382.5B | $314.9B |
| Enterprise Value | $1.51T | $1.50T | $972.0B | $529.5B | $373.5B | $287.4B | $406.8B | $702.8B | $588.1B | $446.0B | $420.7B |
| P/E Ratio → | 16.92 | 16.07 | 12.14 | 10.48 | 11.09 | 10.31 | 14.31 | 13.00 | 10.85 | 16.95 | 13.94 |
| P/S Ratio | 3.25 | 3.22 | 2.55 | 2.12 | 2.59 | 3.77 | 3.02 | 3.16 | 2.57 | 3.34 | 2.96 |
| P/B Ratio | 2.61 | 2.48 | 2.00 | 1.53 | 1.36 | 1.63 | 1.40 | 1.72 | 1.30 | 1.50 | 1.24 |
| P/FCF | 9.01 | 8.92 | — | 38.59 | 3.72 | 6.14 | — | 110.05 | 21.34 | — | 14.39 |
| P/OCF | 9.01 | 8.92 | — | 38.59 | 3.72 | 6.14 | — | 110.05 | 21.34 | — | 14.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.36 | 3.59 | 2.24 | 2.43 | 2.26 | 3.13 | 4.93 | 4.53 | 3.89 | 3.95 |
| EV / EBITDA | 18.52 | 18.41 | 11.71 | 7.66 | 7.02 | 4.26 | 9.16 | 13.20 | 12.11 | 10.60 | 10.51 |
| EV / EBIT | 20.77 | 20.65 | 12.95 | 8.59 | 8.09 | 4.82 | 11.36 | 15.66 | 14.43 | 12.42 | 12.18 |
| EV / FCF | — | 14.86 | — | 40.82 | 3.49 | 3.68 | — | 171.74 | 37.67 | — | 19.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9% | 59.9% | 58.6% | 61.7% | 78.9% | 102.9% | 78.9% | 77.3% | 80.0% | 83.3% | 85.7% |
| Operating Margin | 26.0% | 26.0% | 27.7% | 26.1% | 30.0% | 46.8% | 27.6% | 31.5% | 31.4% | 31.3% | 32.5% |
| Net Profit Margin | 20.4% | 20.4% | 21.6% | 21.0% | 24.5% | 38.0% | 22.4% | 25.6% | 25.0% | 21.3% | 23.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 17.4% | 16.0% | 12.8% | 16.9% | 10.8% | 14.1% | 12.7% | 9.6% | 9.9% |
| ROA | 1.4% | 1.4% | 1.5% | 1.3% | 1.0% | 1.4% | 1.0% | 1.4% | 1.3% | 1.0% | 1.0% |
| ROIC | 4.5% | 4.5% | 5.4% | 5.1% | 4.1% | 5.4% | 3.4% | 4.3% | 4.0% | 3.6% | 3.5% |
| ROCE | 8.9% | 8.9% | 9.7% | 9.0% | 7.5% | 9.9% | 6.2% | 7.9% | 7.2% | 6.2% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.60 | 2.60 | 2.18 | 1.99 | 1.86 | 1.87 | 1.94 | 1.97 | 2.08 | 1.94 | 1.95 |
| Debt / EBITDA | 11.57 | 11.57 | 9.05 | 9.45 | 10.19 | 8.13 | 12.20 | 9.69 | 10.99 | 11.76 | 12.38 |
| Net Debt / Equity | — | 1.65 | 0.82 | 0.09 | -0.08 | -0.65 | 0.05 | 0.97 | 0.99 | 0.25 | 0.42 |
| Net Debt / EBITDA | 7.36 | 7.36 | 3.39 | 0.42 | -0.46 | -2.84 | 0.33 | 4.74 | 5.25 | 1.51 | 2.64 |
| Debt / FCF | — | 5.94 | — | 2.23 | -0.23 | -2.46 | — | 61.70 | 16.32 | — | 4.83 |
| Interest Coverage | 0.74 | 0.74 | 0.74 | 0.76 | 1.77 | 10.73 | 3.60 | 1.67 | 1.94 | 2.59 | 3.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.52 | 0.52 | 0.53 | 0.49 | 0.47 | 0.53 | 0.35 | 0.32 | 0.28 | 0.36 | 0.36 |
| Quick Ratio | 0.52 | 0.52 | 0.53 | 0.49 | 0.47 | 0.53 | 0.35 | 0.32 | 0.28 | 0.36 | 0.36 |
| Cash Ratio | 0.10 | 0.10 | 0.15 | 0.20 | 0.19 | 0.24 | 0.19 | 0.12 | 0.14 | 0.22 | 0.21 |
| Asset Turnover | — | 0.06 | 0.07 | 0.06 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.8% | 2.1% | 2.7% | 3.4% | 2.7% | 3.2% | 2.7% | 3.0% | 2.4% | 2.7% |
| Payout Ratio | 29.1% | 29.1% | 25.3% | 27.2% | 36.0% | 26.6% | 43.6% | 33.9% | 31.1% | 36.8% | 34.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 6.2% | 8.2% | 9.5% | 9.0% | 9.7% | 7.0% | 7.7% | 9.2% | 5.9% | 7.2% |
| FCF Yield | 11.1% | 11.2% | — | 2.6% | 26.9% | 16.3% | — | 0.9% | 4.7% | — | 6.9% |
| Buyback Yield | 3.8% | 3.8% | 4.2% | 2.0% | 2.7% | 4.4% | 2.0% | 6.2% | 6.5% | 4.4% | 2.9% |
| Total Shareholder Yield | 5.6% | 5.7% | 6.3% | 4.7% | 6.1% | 7.1% | 5.3% | 9.0% | 9.5% | 6.7% | 5.6% |
| Shares Outstanding | — | $2.8B | $2.9B | $2.9B | $3.0B | $3.0B | $3.1B | $3.2B | $3.4B | $3.6B | $3.6B |
Capital Requirement Regulatory Pressure
According to recent market data, JPM trades at a P/B of 2.54, a valuation multiple that suggests investors price the bank as a premium franchise rather than a commodity lender, reflecting expectations for superior long-term returns on tangible equity compared to its diversified money-center peer group.
The current P/B multiple indicates that the market assigns a significant 'complexity premium' to JPM, likely due to its proprietary technology ecosystem and dominant market share. This valuation implies that investors anticipate the bank will continue to generate returns that consistently exceed its cost of equity, even as regulatory capital requirements evolve.
Based on reported financial figures, JPM's profitability is driven by a combination of scale-based efficiency and a high fee-based revenue contribution, with the bank maintaining a consistent ROE that underscores the effectiveness of its diversified business model in navigating varying interest rate cycles and credit environments.
The decomposition of ROE highlights that JPM's profitability is not merely a function of leverage, but rather the result of high asset utilization and a robust non-interest income stream. The bank's ability to maintain stable margins despite fluctuating NIM suggests that its fee-based businesses provide a critical buffer against interest rate volatility.
As reported in recent regulatory filings, JPM achieved an efficiency ratio of 36.5% in 2026Q1, a metric that demonstrates the bank's ability to leverage its massive technology infrastructure to manage non-interest expenses while maintaining a competitive advantage in deposit gathering and transaction processing costs.
The efficiency ratio trend suggests that JPM is successfully amortizing its significant technology investments across a massive asset base, effectively lowering its marginal cost per transaction. This structural advantage allows the bank to maintain profitability even when NIM is pressured by rising deposit betas or competitive pricing in the lending market.
Based on the latest financial statements, JPM maintains an equity-to-assets ratio of 0.07, which, when viewed alongside its robust capital buffers, indicates a strong capacity for continued capital return through dividends and share buybacks while remaining well-positioned to meet potential future regulatory capital mandates.
The bank's capital adequacy ratios appear to be a binding constraint that management navigates with a conservative 'fortress' philosophy, prioritizing long-term solvency over aggressive short-term capital deployment. This approach provides the flexibility to pursue opportunistic acquisitions during market dislocations, a strategy that has historically enhanced shareholder value.
Investors should note that the P/E ratio is frequently misapplied to JPM, as it fails to account for the volatility introduced by CECL-driven credit loss provisions and non-cash mark-to-market adjustments on hedging instruments, which can significantly distort quarterly earnings and mask the underlying health of the bank.
The P/E ratio is a poor proxy for JPM's true earnings power because it treats accounting-driven provision expenses as operational costs, which can lead to misleading conclusions during periods of macroeconomic uncertainty. Analysts should instead focus on P/TBV and normalized ROE to better assess the bank's long-term value creation and franchise durability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying JPM stock.
JPMorgan Chase & Co.'s current P/E ratio is 16.9x. The historical average is 15.2x. This places it at the 77th percentile of its historical range.
JPMorgan Chase & Co.'s current EV/EBITDA is 18.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.7x.
JPMorgan Chase & Co.'s return on equity (ROE) is 16.1%. The historical average is 11.8%.
Based on historical data, JPMorgan Chase & Co. is trading at a P/E of 16.9x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JPMorgan Chase & Co.'s current dividend yield is 1.75% with a payout ratio of 29.1%.
JPMorgan Chase & Co. has 59.9% gross margin and 26.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
JPMorgan Chase & Co.'s Debt/EBITDA ratio is 11.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.