Comprehensive Stock Comparison
Compare Stifel Financial Corp. (SF) vs Raymond James Financial, Inc. (RJF) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | SF | 15.4% revenue growth vs RJF's 7.9% |
| Value | RJF | PEG 0.59 vs 0.67 |
| Quality / Margins | RJF | 13.4% net margin vs SF's 12.4% |
| Stability / Safety | RJF | Beta 1.03 vs SF's 1.39, lower leverage |
| Dividends | SF | 2.3% yield, 9-year raise streak, vs RJF's 1.3% |
| Momentum (1Y) | SF | +7.2% vs RJF's +0.3% |
| Efficiency (ROA) | RJF | 2.4% ROA vs SF's 1.6%, ROIC 20.9% vs 8.4% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Stifel Financial is a diversified financial services firm that operates as both a brokerage and investment bank. It generates revenue primarily from wealth management fees and commissions (~60% of revenue) and investment banking services (~30%), with the remainder from institutional trading and banking operations. The company's competitive advantage lies in its integrated model that combines retail brokerage with institutional capabilities—allowing it to serve clients across the wealth spectrum while maintaining strong regional banking relationships.
Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, and banking services to individuals, corporations, and institutions. It generates revenue primarily through its Private Client Group — which contributes roughly 60% of earnings via fees and commissions — along with Capital Markets investment banking and trading, Asset Management fees, and banking interest income. The company's key advantage is its integrated advisor-centric model that combines independent and employee advisors with full-service banking and capital markets capabilities under one roof.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
RJF leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). SF leads in 2 (Valuation Metrics, Total Returns). 1 tied.
Financial Metrics (TTM)
RJF is the larger business by revenue, generating $15.9B annually — 2.7x SF's $5.9B. Profitability is closely matched — net margins range from 13.4% (RJF) to 12.4% (SF).
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| RevenueTrailing 12 months | $5.9B | $15.9B |
| EBITDAEarnings before interest/tax | $913M | $2.8B |
| Net IncomeAfter-tax profit | $663M | $2.1B |
| Free Cash FlowCash after capex | $1.4B | $1.5B |
| Gross MarginGross profit ÷ Revenue | +82.9% | +88.2% |
| Operating MarginEBIT ÷ Revenue | +15.8% | +28.7% |
| Net MarginNet income ÷ Revenue | +12.4% | +13.4% |
| FCF MarginFCF ÷ Revenue | +7.1% | +14.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +37.3% | -2.4% |
Valuation Metrics
At 11.8x trailing earnings, SF trades at a 20% valuation discount to RJF's 14.9x P/E. Adjusting for growth (PEG ratio), RJF offers better value at 0.69x vs SF's 1.05x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| Market CapShares × price | $7.5B | $30.3B |
| Enterprise ValueMkt cap + debt − cash | $7.4B | $23.5B |
| Trailing P/EPrice ÷ TTM EPS | 11.85x | 14.86x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.60x | 12.63x |
| PEG RatioP/E ÷ EPS growth rate | 1.05x | 0.69x |
| EV / EBITDAEnterprise value multiple | 7.28x | 4.94x |
| Price / SalesMarket cap ÷ Revenue | 1.28x | 1.91x |
| Price / BookPrice ÷ Book value/share | 1.45x | 2.53x |
| Price / FCFMarket cap ÷ FCF | 18.07x | 13.50x |
Profitability & Efficiency
RJF delivers a 16.8% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $12 for SF. RJF carries lower financial leverage with a 0.36x debt-to-equity ratio, signaling a more conservative balance sheet compared to SF's 0.49x.
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| ROE (TTM)Return on equity | +11.5% | +16.8% |
| ROA (TTM)Return on assets | +1.6% | +2.4% |
| ROICReturn on invested capital | +8.4% | +20.9% |
| ROCEReturn on capital employed | +11.4% | +22.0% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.49x | 0.36x |
| Net DebtTotal debt minus cash | -$148M | -$6.8B |
| Cash & Equiv.Liquid assets | $2.9B | $11.4B |
| Total DebtShort + long-term debt | $2.8B | $4.5B |
| Interest CoverageEBIT ÷ Interest expense | 0.97x | 1.50x |
Total Returns (with DRIP)
A $10,000 investment in RJF five years ago would be worth $19,983 today (with dividends reinvested), compared to $18,894 for SF. Over the past 12 months, SF leads with a +7.2% total return vs RJF's +0.3%. The 3-year compound annual growth rate (CAGR) favors SF at 21.0% vs RJF's 13.5% — a key indicator of consistent wealth creation.
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| YTD ReturnYear-to-date | -13.4% | -6.1% |
| 1-Year ReturnPast 12 months | +7.2% | +0.3% |
| 3-Year ReturnCumulative with dividends | +77.4% | +46.3% |
| 5-Year ReturnCumulative with dividends | +88.9% | +99.8% |
| 10-Year ReturnCumulative with dividends | +538.0% | +464.9% |
| CAGR (3Y)Annualised 3-year return | +21.0% | +13.5% |
Risk & Volatility
RJF is the less volatile stock with a 1.03 beta — it tends to amplify market swings less than SF's 1.39 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RJF currently trades 86.2% from its 52-week high vs SF's 56.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.39x | 1.03x |
| 52-Week HighHighest price in past year | $130.67 | $177.66 |
| 52-Week LowLowest price in past year | $48.85 | $117.57 |
| % of 52W HighCurrent price vs 52-week peak | +56.7% | +86.2% |
| RSI (14)Momentum oscillator 0–100 | 42.1 | 46.2 |
| Avg Volume (50D)Average daily shares traded | 1.8M | 1.1M |
Analyst Outlook
Wall Street rates SF as "Buy" and RJF as "Hold". Consensus price targets imply 96.7% upside for SF (target: $146) vs 22.2% for RJF (target: $187). For income investors, SF offers the higher dividend yield at 2.31% vs RJF's 1.32%.
| Metric | SFStifel Financial … | RJFRaymond James Fin… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $145.67 | $187.00 |
| # AnalystsCovering analysts | 22 | 23 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +1.3% |
| Dividend StreakConsecutive years of raises | 9 | 22 |
| Dividend / ShareAnnual DPS | $1.71 | $2.01 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.9% | +4.2% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 100 | 321.27 | +221.3% |
| Raymond James Finan… (RJF) | 100 | 288.07 | +188.1% |
Raymond James Finan… (RJF) returned +100% over 5 years vs Stifel Financial Co… (SF)'s +89%. A $10,000 investment in RJF 5 years ago would be worth $19,983 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | $2.6B | $5.9B | +126.7% |
| Raymond James Finan… (RJF) | $5.5B | $15.9B | +191.4% |
Raymond James Financial, Inc.'s revenue grew from $5.5B (2016) to $15.9B (2025) — a 12.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 3.1% | 12.4% | +295.8% |
| Raymond James Finan… (RJF) | 9.7% | 13.4% | +38.4% |
Raymond James Financial, Inc.'s net margin went from 10% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 18.5 | 11.3 | -38.9% |
| Raymond James Finan… (RJF) | 20.6 | 15.6 | -24.3% |
Stifel Financial Corp. has traded in a 6x–19x P/E range over 8 years; current trailing P/E is ~12x. Raymond James Financial, Inc. has traded in a 13x–21x P/E range over 9 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Stifel Financial Co… (SF) | 0.67 | 6.25 | +832.8% |
| Raymond James Finan… (RJF) | 2.44 | 10.3 | +322.1% |
Raymond James Financial, Inc.'s EPS grew from $2.44 (2016) to $10.30 (2025) — a 17% CAGR.
Chart 6Free Cash Flow — 5 Years
Stifel Financial Corp. generated $417M FCF in 2024 (-39% vs 2021). Raymond James Financial, Inc. generated $2B FCF in 2025 (-66% vs 2021).
SF vs RJF: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SF or RJF a better buy right now?
Stifel Financial Corp. (SF) offers the better valuation at 11.8x trailing P/E (7.6x forward), making it the more compelling value choice. Analysts rate Stifel Financial Corp. (SF) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — SF or RJF?
On trailing P/E, Stifel Financial Corp. (SF) is the cheapest at 11.8x versus Raymond James Financial, Inc. at 14.9x. On forward P/E, Stifel Financial Corp. is actually cheaper at 7.6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Raymond James Financial, Inc. wins at 0.59x versus Stifel Financial Corp.'s 0.67x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SF or RJF?
Over the past 5 years, Raymond James Financial, Inc. (RJF) delivered a total return of +99.8%, compared to +88.9% for Stifel Financial Corp. (SF). A $10,000 investment in RJF five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SF returned +538.0% versus RJF's +464.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — SF or RJF?
By beta (market sensitivity over 5 years), Raymond James Financial, Inc. (RJF) is the lower-risk stock at 1.03β versus Stifel Financial Corp.'s 1.39β — meaning SF is approximately 36% more volatile than RJF relative to the S&P 500. On balance sheet safety, Raymond James Financial, Inc. (RJF) carries a lower debt/equity ratio of 36% versus 49% for Stifel Financial Corp. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SF or RJF?
Raymond James Financial, Inc. (RJF) is the more profitable company, earning 13.4% net margin versus 12.4% for Stifel Financial Corp. — meaning it keeps 13.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RJF leads at 28.7% versus 15.8% for SF. At the gross margin level — before operating expenses — RJF leads at 88.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is SF or RJF more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Raymond James Financial, Inc. (RJF) is the more undervalued stock at a PEG of 0.59x versus Stifel Financial Corp.'s 0.67x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Stifel Financial Corp. (SF) trades at 7.6x forward P/E versus 12.6x for Raymond James Financial, Inc. — 5.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SF: 96.7% to $145.67.
07Which pays a better dividend — SF or RJF?
All stocks in this comparison pay dividends. Stifel Financial Corp. (SF) offers the highest yield at 2.3%, versus 1.3% for Raymond James Financial, Inc. (RJF).
08Is SF or RJF better for a retirement portfolio?
For long-horizon retirement investors, Raymond James Financial, Inc. (RJF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.03), 1.3% yield, +464.9% 10Y return). Both have compounded well over 10 years (RJF: +464.9%, SF: +538.0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between SF and RJF?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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