Raymond James Financial, Inc. (RJF) 10-Year Financial Performance & Capital Metrics

RJF • • Banking & Credit

Financial ServicesCapital MarketsSecurities Brokerage & Wealth ManagementInstitutional Brokerage & Wealth Management

AboutRaymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe. The Private Client Group segment offers investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party product partners, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; and securities borrowing and lending services. The Capital Markets segment provides investment banking services, including equity underwriting, debt underwriting, and merger and acquisition advisory services; and fixed income and equity brokerage services. The Asset Management segment offers asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Raymond James Bank segment provides insured deposit accounts; commercial and industrial, commercial real estate (CRE) and CRE construction, tax-exempt, residential, securities-based, and other loans; and loan syndication services. The Other segment engages in the private equity investments, including various direct and third-party private equity investments; and legacy private equity funds. The company was founded in 1962 and is headquartered in St. Petersburg, Florida.Show more

Net Interest Income $2.15B +0.8%
Total Revenue $15.91B +7.9%
Net Income $2.13B +3.2%
Return on Equity 17.67% -6.7%
Net Interest Margin 2.43% -5.2%
Efficiency Ratio 59.5% -11.9%
ROA 2.49% -2.7%
Equity / Assets 14.17% +0.8%
Book Value per Share 60.52 +10.1%
Tangible BV/Share 51.58 +12.0%
Debt/Equity 0.35 +2.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.2%
✓22 consecutive years of dividend growth
✓Well capitalized: 14.2% equity/assets
✓Good 3Y average ROE of 18.1%
✓Share count reduced 2.7% through buybacks
✓Diversified revenue: 74.9% from non-interest income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.82%

5Y14.55%

3Y12.57%

TTM-

Profit (Net Income) CAGR

10Y15.57%

5Y21.15%

3Y12.26%

TTM3.24%

EPS CAGR

10Y16.23%

5Y21.5%

3Y13.85%

TTM6.08%

ROCE

10Y Avg12.91%

5Y Avg15.75%

3Y Avg17.8%

Latest25.87%

Peer Comparison

Institutional Brokerage & Wealth Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRHCFreedom Holding Corp.	7.71B	126.09	90.06	22.74%	4.16%	0.39%	20.56%	1.61
WHGWestwood Holdings Group, Inc.	173.67M	18.46	71	5.5%	2.33%	5.76%	12.1%	0.03
LPLALPL Financial Holdings Inc.	30.16B	376.83	26.86	23.2%	8.55%	22.03%		1.96
SFStifel Financial Corp.	13.26B	130.20	20.83	15.45%	12.42%	11.53%	3.14%	0.49
RJFRaymond James Financial, Inc.	33.88B	171.55	16.66	7.94%	13.42%	17.07%	6.63%	0.35
OPYOppenheimer Holdings Inc.	823.46M	79.02	12.41	14.71%	5%	9.21%		0.81
GSIWGarden Stage Limited Ordinary Shares	29.89M	0.14	-0.49	295.95%	-79.91%	14.93%		0.03
DOMHDominari Holdings Inc.	66.61M	4.16	-1.75	7.9%	-81.03%	52.5%		0.08

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	524.34M	648M	842M	998M	822M	673M	1.2B	2.38B	2.13B	2.15B
NII Growth %	0.2%	0.24%	0.3%	0.19%	-0.18%	-0.18%	0.79%	0.97%	-0.1%	0.01%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	640.4M	802M	1.04B	1.28B	1B	823M	1.51B	3.75B	4.23B	3.99B
Interest Expense	116.06M	154M	202M	283M	178M	150M	305M	1.37B	2.1B	1.85B
Loan Loss Provision	28.17M	13M	20M	22M	233M	-32M	100M	132M	45M	37M
Non-Interest Income+	4.82B	5.64B	6.34B	6.65B	7.07B	8.96B	9.65B	9.09B	10.51B	11.92B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	5.46B	6.45B	7.38B	7.93B	8.07B	9.78B	11.16B	12.84B	14.74B	15.91B
Revenue Growth %	0.05%	0.18%	0.15%	0.07%	0.02%	0.21%	0.14%	0.15%	0.15%	0.08%
Non-Interest Expense	4.51B	5.35B	5.85B	6.25B	6.6B	7.87B	8.73B	9.06B	9.95B	9.47B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	811.94M	925M	1.31B	1.38B	1.05B	1.79B	2.02B	2.28B	2.64B	4.56B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0%	0.14%	0.42%	0.05%	-0.23%	0.7%	0.13%	0.13%	0.16%	0.73%
Pretax Income+	811.94M	925M	1.31B	1.38B	1.05B	1.79B	2.02B	2.28B	2.64B	2.71B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	271.29M	289M	454M	341M	234M	388M	513M	541M	575M	579M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	529.35M	636M	857M	1.03B	818M	1.4B	1.51B	1.74B	2.07B	2.13B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.05%	0.2%	0.35%	0.21%	-0.21%	0.72%	0.08%	0.15%	0.19%	0.03%
Net Income (Continuing)	540.65M	636M	857M	1.03B	818M	1.4B	1.51B	1.74B	2.07B	2.13B
EPS (Diluted)+	2.44	2.89	3.84	4.78	3.89	6.63	6.98	7.97	9.70	10.30
EPS Growth %	0.07%	0.18%	0.33%	0.24%	-0.19%	0.7%	0.05%	0.14%	0.22%	0.06%
EPS (Basic)	2.48	2.96	3.93	4.88	3.96	6.81	7.16	8.16	9.94	10.53
Diluted Shares Outstanding	216.77M	219.9M	223.2M	216M	210.3M	211.2M	215.3M	216.9M	212.3M	206.6M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.9B	3.67B	3.5B	3.96B	5.39B	7.2B	6.18B	9.31B	11B	11.39B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	19.49B	22.15B	25.35B	27.05B	31.92B	34.98B	54.67B	54.63B	55.97B	7.28B
Investments Growth %	0.19%	0.14%	0.14%	0.07%	0.18%	0.1%	0.56%	-0%	0.02%	-0.87%
Long-Term Investments	17.45B	18.99B	21.58B	22.91B	23.33B	26.66B	44.86B	45.48B	47.72B	390M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	408.07M	410.72M	478.25M	464M	466M	660M	1.42B	1.44B	1.45B	1.45B
Intangible Assets	94.97M	82.46M	161M	147M	134M	222M	509M	470M	435M	396M
PP&E (Net)	321.46M	437.37M	486.27M	527M	856M	945M	983M	1.12B	1.2B	1.54B
Other Assets	5.36B	4.01B	2.94B	2.83B	4.97B	13.62B	11.84B	6.33B	7.53B	61.51B
Total Current Assets	7.53B	10.64B	11.56B	11.72B	17.46B	19.47B	20.71B	22.81B	24B	21.1B
Total Non-Current Assets	23.96B	24.25B	25.85B	27.11B	30.02B	42.42B	60.24B	55.55B	58.99B	67.13B
Total Assets+	31.49B	34.88B	37.41B	38.83B	47.48B	61.89B	80.95B	78.36B	82.99B	88.23B
Asset Growth %	0.19%	0.11%	0.07%	0.04%	0.22%	0.3%	0.31%	-0.03%	0.06%	0.06%
Return on Assets (ROA)	0.02%	0.02%	0.02%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%
Accounts Payable	6.75B	5.58B	5.83B	4.36B	6.79B	13.99B	11.45B	5.45B	5.83B	5.85B
Total Debt+	2.48B	3.28B	2.63B	2.59B	3.53B	3.17B	3.79B	3.48B	4.03B	4.41B
Net Debt	832.02M	-385.88M	-865M	-1.36B	-1.86B	-4.03B	-2.38B	-5.84B	-6.97B	-6.98B
Long-Term Debt	2.29B	2.45B	2.45B	2.44B	2.93B	2.9B	3.33B	3.14B	3.09B	3.52B
Short-Term Debt	193.5M	830.94M	186M	150M	250M	277M	466M	337M	938M	891M
Other Liabilities	2.61B	2.37B	2.32B	2.65B	2.94B	3.75B	4.08B	4.33B	4.49B	0
Total Current Liabilities	21.53B	24.37B	26.19B	27.09B	34.08B	46.94B	64.11B	60.7B	63.75B	72.21B
Total Non-Current Liabilities	4.9B	4.82B	4.77B	5.1B	6.22B	6.65B	7.41B	7.47B	7.58B	3.52B
Total Liabilities	26.42B	29.19B	30.96B	32.19B	40.31B	53.59B	71.52B	68.17B	71.33B	75.73B
Total Equity+	5.06B	5.69B	6.45B	6.64B	7.18B	8.3B	9.43B	10.19B	11.67B	12.5B
Equity Growth %	0.06%	0.12%	0.13%	0.03%	0.08%	0.16%	0.14%	0.08%	0.15%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.12%	0.14%	0.16%	0.12%	0.18%	0.17%	0.18%	0.19%	0.18%
Book Value per Share	23.36	25.89	28.91	30.75	34.12	39.31	43.81	46.97	54.96	60.52
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1.51M	1.54M	1.56M	2M	2M	2M	2M	2M	2M	3M
Additional Paid-in Capital	1.5B	1.65B	1.81B	1.94B	2.01B	2.09B	2.99B	3.14B	3.25B	3.23B
Retained Earnings	3.83B	4.34B	5.03B	5.87B	6.48B	7.63B	8.84B	10.21B	11.89B	13.6B
Accumulated OCI	-55.73M	-15.2M	-26.93M	-23M	11M	-41M	-982M	-971M	-502M	-396M
Treasury Stock	-362.94M	-390.08M	-447.27M	-1.21B	-1.39B	-1.44B	-1.51B	-2.25B	-3.05B	-4.02B
Preferred Stock	0	0	0	0	0	0	120M	79M	79M	79M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	-518.32M	-125M	884M	577M	4.07B	6.65B	72M	-3.51B	2.15B	2.43B
Operating CF Growth %	-1.58%	0.76%	8.07%	-0.35%	6.06%	0.63%	-0.99%	-49.81%	1.61%	0.13%
Net Income	506.08M	636.24M	850.92M	1.03B	818M	1.4B	1.51B	1.74B	2.07B	2.13B
Depreciation & Amortization	72.38M	84.13M	98.73M	112M	119M	134M	145M	165M	179M	195M
Deferred Taxes	-58.8M	-12M	117M	-23M	-39M	-37M	-16M	-88M	-83M	-52M
Other Non-Cash Items	-98.02M	89M	-35M	165M	371M	4M	390M	206M	-267M	9M
Working Capital Changes	-1.11B	-1.03B	-253M	-823M	2.68B	5.01B	-2.15B	-5.77B	4M	-107M
Cash from Investing+	-2.92B	-3.38B	-3.48B	-1.9B	-4.99B	-5.14B	-7.15B	-274M	-968M	-4.32B
Purchase of Investments	-463.2M	-1.73B	-1.12B	-1.03B	-5.71B	-4.22B	-3.07B	-712M	-545M	-275M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-175.28M	0	-159.2M	-5M	-5M	-266M	1.46B	0	0	0
Other Investing	-2.26B	-1.85B	-2.6B	-1.37B	-561M	-3.76B	-7.24B	-651M	-2.25B	-4.16B
Cash from Financing+	2.54B	4.07B	1.42B	1.37B	4.57B	5.23B	5.88B	1.44B	438M	2.36B
Dividends Paid	-113.44M	-127M	-151M	-191M	-205M	-218M	-277M	-355M	-383M	-416M
Share Repurchases	-162.5M	-34M	-62M	-778M	-291M	-150M	-216M	-862M	-984M	-1.27B
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K
Other Financing	2.37B	3.5B	2.25B	2.35B	4.58B	5.74B	6.31B	2.89B	1.85B	4.29B
Net Change in Cash+	-950.55M	611M	-1.21B	30M	3.66B	6.82B	-1.79B	-2.11B	1.8B	439M
Exchange Rate Effect	188K	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	-1000K
Cash at Beginning	2.6B	6.54B	7.15B	5.94B	5.97B	9.63B	16.45B	14.66B	12.55B	14.35B
Cash at End	1.65B	7.15B	5.94B	5.97B	9.63B	16.45B	14.66B	12.55B	14.35B	14.79B
Interest Paid	113.52M	156M	201M	283M	164M	145M	323M	1.31B	2.12B	651M
Income Taxes Paid	303.79M	349M	231M	390M	246M	437M	524M	565M	664M	1.85B
Free Cash Flow+	-640.06M	-315M	750M	439M	3.95B	6.57B	-19M	-3.69B	1.95B	2.25B
FCF Growth %	-1.78%	0.51%	3.38%	-0.41%	8%	0.66%	-1%	-193.05%	1.53%	0.15%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.75%	11.83%	14.11%	15.79%	11.84%	18.13%	17.02%	17.73%	18.93%	17.67%
Return on Assets (ROA)	1.82%	1.92%	2.37%	2.71%	1.9%	2.57%	2.11%	2.18%	2.56%	2.49%
Net Interest Margin	1.67%	1.86%	2.25%	2.57%	1.73%	1.09%	1.49%	3.03%	2.57%	2.43%
Efficiency Ratio	82.49%	83.06%	79.24%	78.81%	81.86%	80.48%	78.24%	70.52%	67.51%	59.5%
Equity / Assets	16.08%	16.32%	17.25%	17.11%	15.11%	13.42%	11.65%	13%	14.06%	14.17%
Book Value / Share	23.36	25.89	28.91	30.75	34.12	39.31	43.81	46.97	54.96	60.52
NII Growth	19.93%	23.58%	29.94%	18.53%	-17.64%	-18.13%	78.75%	97.42%	-10.32%	0.8%
Dividend Payout	21.43%	19.97%	17.62%	18.47%	25.06%	15.54%	18.36%	20.41%	18.52%	19.48%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Private Client Group	3.63B	4.44B	-	5.4B	-	6.62B	-	8.75B	9.58B	10.28B
Private Client Group Growth	-	22.36%	-	-	-	-	-	-	9.41%	7.35%
RJ Bank	517.24M	627.85M	-	1B	-	714M	-	3.15B	3.55B	3.38B
RJ Bank Growth	-	21.38%	-	-	-	-	-	-	12.68%	-5.01%
Capital Markets	1.02B	1.03B	-	1.12B	-	1.9B	-	1.3B	1.57B	1.87B
Capital Markets Growth	-	1.76%	-	-	-	-	-	-	21.25%	18.67%
Asset Management	404.42M	487.74M	-	691M	-	867M	-	885M	1.03B	1.19B
Asset Management Growth	-	20.60%	-	-	-	-	-	-	16.05%	15.68%
Asset Management And Related Administrative Fee Revenue	-	-	-	-	3.83B	-	5.56B	-	-	-
Asset Management And Related Administrative Fee Revenue Growth	-	-	-	-	-	-	-	-	-	-
Brokerage Revenue	-	-	-	-	-	-	2.12B	-	-	-
Brokerage Revenue Growth	-	-	-	-	-	-	-	-	-	-
Brokerage Revenue, Securities Commissions	-	-	-	-	1.47B	-	1.59B	-	-	-
Brokerage Revenue, Securities Commissions Growth	-	-	-	-	-	-	-	-	-	-
Investment Banking Revenue	-	-	-	-	650M	-	1.1B	-	-	-
Investment Banking Revenue Growth	-	-	-	-	-	-	-	-	-	-
Account And Service Fee Revenue	-	-	-	-	624M	-	833M	-	-	-
Account And Service Fee Revenue Growth	-	-	-	-	-	-	-	-	-	-
Investment Banking Revenue, Mergers And Acquisition And Advisory	-	-	-	-	290M	-	709M	-	-	-
Investment Banking Revenue, Mergers And Acquisition And Advisory Growth	-	-	-	-	-	-	-	-	-	-
Brokerage Revenue, Securities Commissions, Mutual And Other Fund Products	-	-	-	-	579M	-	631M	-	-	-
Brokerage Revenue, Securities Commissions, Mutual And Other Fund Products Growth	-	-	-	-	-	-	-	-	-	-
Equities, ETFs And Fixed Income Products	-	-	-	-	492M	-	520M	-	-	-
Equities, ETFs And Fixed Income Products Growth	-	-	-	-	-	-	-	-	-	-
Brokerage Revenue, Securities Commissions, Insurance And Annuity Products	-	-	-	-	397M	-	438M	-	-	-
Brokerage Revenue, Securities Commissions, Insurance And Annuity Products Growth	-	-	-	-	-	-	-	-	-	-
Account And Service Fee Revenue, Mutual Fund And Annuity Services Fees	-	-	-	-	348M	-	427M	-	-	-
Account And Service Fee Revenue, Mutual Fund And Annuity Services Fees Growth	-	-	-	-	-	-	-	-	-	-
Investment Banking Revenue, Equity Underwriting	-	-	-	-	227M	-	248M	-	-	-
Investment Banking Revenue, Equity Underwriting Growth	-	-	-	-	-	-	-	-	-	-
Account And Service Fee Revenue, Client Account And Other Fees	-	-	-	-	126M	-	204M	-	-	-
Account And Service Fee Revenue, Client Account And Other Fees Growth	-	-	-	-	-	-	-	-	-	-
Account And Service Fee Revenue, RJBDP Fees	-	-	-	-	150M	-	202M	-	-	-
Account And Service Fee Revenue, RJBDP Fees Growth	-	-	-	-	-	-	-	-	-	-
Other Revenue	-	-	-	-	-	-	188M	-	-	-
Other Revenue Growth	-	-	-	-	-	-	-	-	-	-
Investment Banking Revenue, Debt Underwriting	-	-	-	-	133M	-	143M	-	-	-
Investment Banking Revenue, Debt Underwriting Growth	-	-	-	-	-	-	-	-	-	-
Other Revenue, Tax Credit Fund Revenues	-	-	-	-	83M	-	-	-	-	-
Other Revenue, Tax Credit Fund Revenues Growth	-	-	-	-	-	-	-	-	-	-
Financial Service	-	-	4.48B	-	-	-	-	-	-	-
Financial Service Growth	-	-	-	-	-	-	-	-	-	-
Financial Service, Other	-	-	771.01M	-	-	-	-	-	-	-
Financial Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Investment Advisory, Management and Administrative Service	-	-	605.63M	-	-	-	-	-	-	-
Investment Advisory, Management and Administrative Service Growth	-	-	-	-	-	-	-	-	-	-
Others	46.29M	65.5M	-	-	-	-	-	-	-	-
Others Growth	-	41.49%	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	5.12B	6.06B	6.91B	7.21B	7.45B	9.07B	10.06B	10.61B	11.73B	12.87B
UNITED STATES Growth	-	18.35%	14.13%	4.29%	3.26%	21.77%	11.01%	5.40%	10.55%	9.75%
CANADA	278.65M	354.69M	422.6M	391M	386M	485M	542M	563M	599M	645M
CANADA Growth	-	27.29%	19.15%	-7.48%	-1.28%	25.65%	11.75%	3.87%	6.39%	7.68%
Europe	85.72M	107.83M	139.11M	138M	158M	208M	396M	447M	494M	549M
Europe Growth	-	25.80%	29.00%	-0.80%	14.49%	31.65%	90.38%	12.88%	10.51%	11.13%
Other Geographic Areas	37.21M	4.39M	-	-	-	-	-	-	-	-
Other Geographic Areas Growth	-	-88.21%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Raymond James Financial, Inc. (RJF) has a price-to-earnings (P/E) ratio of 16.7x. This is roughly in line with market averages.

Growth & Financials

Raymond James Financial, Inc. (RJF) grew revenue by 7.9% over the past year. This is steady growth.

Yes, Raymond James Financial, Inc. (RJF) is profitable, generating $2.13B in net income for fiscal year 2025 (13.4% net margin).

Dividend & Returns

Yes, Raymond James Financial, Inc. (RJF) pays a dividend with a yield of 1.17%. This makes it attractive for income-focused investors.

Raymond James Financial, Inc. (RJF) has a return on equity (ROE) of 17.7%. This is reasonable for most industries.

Industry Metrics

Raymond James Financial, Inc. (RJF) has a net interest margin (NIM) of 2.4%. NIM has been under pressure due to interest rate environment.

Raymond James Financial, Inc. (RJF) has an efficiency ratio of 59.5%. This is reasonable for a bank.

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