Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 5.0x · ROE 17.7%. (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 | $30.4B | $35.7B | $26.0B | $21.8B | $21.3B | $19.5B | $10.2B | $11.9B | $13.7B | $12.4B | $8.4B |
| Enterprise Value | $23.6B | $28.8B | $19.0B | $15.9B | $18.9B | $15.5B | $8.3B | $10.5B | $12.8B | $12.0B | $9.2B |
| P/E Ratio → | 15.36 | 16.76 | 12.62 | 12.60 | 14.16 | 13.92 | 12.47 | 11.50 | 15.98 | 19.45 | 15.91 |
| P/S Ratio | 2.16 | 2.54 | 2.06 | 1.90 | 1.96 | 2.02 | 1.29 | 1.55 | 1.91 | 1.96 | 1.57 |
| P/B Ratio | 2.61 | 2.85 | 2.23 | 2.14 | 2.26 | 2.35 | 1.42 | 1.79 | 2.12 | 2.17 | 1.66 |
| P/FCF | 13.53 | 15.88 | 13.33 | — | — | 2.97 | 2.58 | 27.05 | 18.26 | — | — |
| P/OCF | 12.49 | 14.65 | 12.06 | — | 295.50 | 2.93 | 2.50 | 20.58 | 15.50 | — | — |
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 | — | 2.05 | 1.51 | 1.39 | 1.74 | 1.61 | 1.06 | 1.37 | 1.79 | 1.90 | 1.73 |
| EV / EBITDA | 4.95 | 6.06 | 6.74 | 6.52 | 8.72 | 8.03 | 7.12 | 7.07 | 9.10 | 11.87 | 10.45 |
| EV / EBIT | 5.16 | 6.32 | 7.20 | 6.99 | 9.34 | 8.63 | 7.93 | 7.64 | 9.79 | 12.95 | 11.39 |
| EV / FCF | — | 12.83 | 9.76 | — | — | 2.35 | 2.11 | 23.94 | 17.11 | — | — |
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 | 88.2% | 88.2% | 85.4% | 88.3% | 96.4% | 98.8% | 94.9% | 96.2% | 97.0% | 97.4% | 97.4% |
| Operating Margin | 28.7% | 28.7% | 17.9% | 17.8% | 18.1% | 18.3% | 13.0% | 17.3% | 17.8% | 14.3% | 14.9% |
| Net Profit Margin | 13.4% | 13.4% | 14.0% | 13.5% | 13.5% | 14.3% | 10.1% | 13.0% | 11.6% | 9.9% | 9.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.7% | 17.7% | 18.9% | 17.7% | 17.0% | 18.1% | 11.8% | 15.8% | 14.1% | 11.8% | 10.7% |
| ROA | 2.5% | 2.5% | 2.6% | 2.2% | 2.1% | 2.6% | 1.9% | 2.7% | 2.4% | 1.9% | 1.8% |
| ROIC | 20.9% | 20.9% | 13.5% | 12.7% | 12.3% | 12.1% | 7.9% | 11.3% | 10.9% | 8.4% | 8.4% |
| ROCE | 22.0% | 22.0% | 14.3% | 13.2% | 12.7% | 12.6% | 8.4% | 12.0% | 12.1% | 9.0% | 8.9% |
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 | 0.36 | 0.36 | 0.35 | 0.34 | 0.40 | 0.38 | 0.49 | 0.39 | 0.41 | 0.58 | 0.49 |
| Debt / EBITDA | 0.96 | 0.96 | 1.43 | 1.42 | 1.75 | 1.65 | 3.01 | 1.74 | 1.87 | 3.25 | 2.81 |
| Net Debt / Equity | — | -0.55 | -0.60 | -0.57 | -0.25 | -0.49 | -0.26 | -0.21 | -0.13 | -0.07 | 0.16 |
| Net Debt / EBITDA | -1.44 | -1.44 | -2.47 | -2.39 | -1.10 | -2.09 | -1.59 | -0.92 | -0.61 | -0.38 | 0.94 |
| Debt / FCF | — | -3.05 | -3.57 | — | — | -0.61 | -0.47 | -3.10 | -1.15 | — | — |
| Interest Coverage | 2.47 | 2.47 | 1.26 | 1.66 | 6.63 | 11.94 | 5.91 | 4.86 | 6.49 | 6.01 | 7.00 |
Net cash position: cash ($11.4B) exceeds total debt ($4.5B)
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 | 0.32 | 0.32 | 0.38 | 0.38 | 0.32 | 0.41 | 0.51 | 0.43 | 0.44 | 0.44 | 0.35 |
| Quick Ratio | 0.32 | 0.32 | 0.38 | 0.38 | 0.32 | 0.41 | 0.51 | 0.43 | 0.44 | 0.44 | 0.35 |
| Cash Ratio | 0.17 | 0.17 | 0.17 | 0.15 | 0.10 | 0.15 | 0.16 | 0.15 | 0.13 | 0.15 | 0.09 |
| Asset Turnover | — | 0.18 | 0.18 | 0.16 | 0.14 | 0.16 | 0.17 | 0.20 | 0.20 | 0.18 | 0.17 |
| 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 | 1.3% | 1.2% | 1.5% | 1.6% | 1.3% | 1.1% | 2.0% | 1.6% | 1.1% | 1.0% | 1.3% |
| Payout Ratio | 19.5% | 19.5% | 18.5% | 20.4% | 18.4% | 15.5% | 25.1% | 18.5% | 17.6% | 20.0% | 21.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.0% | 7.9% | 7.9% | 7.1% | 7.2% | 8.0% | 8.7% | 6.3% | 5.1% | 6.3% |
| FCF Yield | 7.4% | 6.3% | 7.5% | — | — | 33.7% | 38.7% | 3.7% | 5.5% | — | — |
| Buyback Yield | 4.2% | 3.6% | 3.8% | 4.0% | 1.0% | 0.8% | 2.9% | 6.6% | 0.5% | 0.3% | 1.9% |
| Total Shareholder Yield | 5.4% | 4.7% | 5.3% | 5.6% | 2.3% | 1.9% | 4.9% | 8.2% | 1.6% | 1.3% | 3.3% |
| Shares Outstanding | — | $207M | $212M | $217M | $215M | $211M | $210M | $216M | $223M | $220M | $217M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying RJF stock.
Raymond James Financial, Inc.'s current P/E ratio is 15.4x. The historical average is 14.5x. This places it at the 53th percentile of its historical range.
Raymond James Financial, Inc.'s current EV/EBITDA is 5.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
Raymond James Financial, Inc.'s return on equity (ROE) is 17.7%. The historical average is 14.2%.
Based on historical data, Raymond James Financial, Inc. is trading at a P/E of 15.4x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Raymond James Financial, Inc.'s current dividend yield is 1.27% with a payout ratio of 19.5%.
Raymond James Financial, Inc. has 88.2% gross margin and 28.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Raymond James Financial, Inc.'s Debt/EBITDA ratio is 1.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cash sweep regulatory pressure
Metrics are mathematically derived from official filings.
Premium Multiple, Discounted Earnings
RJF trades at 2.91x book and 17.1x trailing earnings, a premium to Stifel's 1.53x but below Evercore's 6.13x, implying the market prices its hybrid model as a quality franchise, though the recent EPS miss may warrant a discount.
The forward P/E of 14.49 suggests the market expects earnings normalization after the provision spike, but the PEG of 0.79 indicates growth is undervalued relative to peers. The P/B premium over Stifel reflects RJF's higher ROE and more diversified revenue, yet the gap may narrow if cash sweep pressures persist. Investors should monitor whether the market continues to reward the stability of fee-based income or begins to penalize the capital-intensive banking segment.
ROE Hinges on NII Spike
ROE improved to 4.3% in 2026Q3 from 3.9% in 2026Q2, driven by a 161.5% surge in net interest income, but the $1.9B provision and thin 1.5% NIM suggest profitability remains vulnerable to credit costs and rate dynamics.
DuPont decomposition shows ROE is primarily driven by asset utilization (fee income at 77.2% of revenue) and leverage (equity/assets at 13%), but the NIM expansion is a recent phenomenon. The efficiency ratio's drop to 49% in 2026Q3 from 73% in 2026Q2 indicates operating leverage, yet this may be transient if NII normalizes. The provision spike raises questions about earnings quality, suggesting the quarter's ROE may not be sustainable.
NIM Spike Masks Structural Pressures
Net interest margin jumped to 1.5% in 2026Q3 from 0.6% in prior quarters, according to reported figures, but regulatory scrutiny on cash sweep yields and a 49% efficiency ratio suggest the improvement may be temporary and cost pressures loom.
The NIM expansion appears tied to higher yields on client cash, but the industry-wide regulatory pressure on cash sweep rates could compress this spread. The efficiency ratio's volatility—swinging from 73% to 49%—indicates limited structural operating leverage, as advisor compensation scales with revenue. If NII normalizes, the efficiency ratio may revert to the 70% range, underscoring the need for sustained fee growth.
Fortress Balance Sheet, Low Leverage
Equity-to-assets stood at 13.5% in 2026Q3, with a debt-to-equity of 0.36, reflecting a conservative capital structure that provides ample buffer for the $1.9B provision and supports capital return, though it may signal capital inefficiency.
The low leverage and high equity cushion suggest RJF can absorb credit shocks without breaching regulatory minimums, but the 13% equity ratio is higher than peers like Stifel (0.36 D/E), indicating a preference for stability over ROE maximization. The $405M buyback and $109M dividends in 2026Q2, totaling 94% of net income, appear sustainable given the capital base, but investors should watch if the provision spike forces a reduction in capital return.
Provision Spike Raises Red Flags
Loan loss provisions surged to $1.9B in 2026Q3 from near zero in prior quarters, as reported in financial statements, a dramatic increase that may signal deterioration in the commercial real estate portfolio, though the bank's strong capital position provides a cushion.
The provision spike is a significant outlier relative to the prior nine quarters, suggesting either a one-time charge or the beginning of a credit cycle. Given the bank's exposure to CRE, investors should monitor charge-offs and non-performing loans in coming quarters. The adequacy of reserves is unclear, but the $11.4B cash position and 13.5% equity ratio suggest the bank can absorb losses without threatening solvency.
P/E Distorted by Provision Volatility
The most misapplied ratio for RJF is the P/E, as the $1.9B provision in 2026Q3 distorts trailing earnings, making the 17.1x multiple appear artificially low; investors should instead use P/TBV or normalized earnings to assess value.
The provision spike is a non-recurring item that inflates the P/E, obscuring the underlying earnings power of the fee-based wealth management business. A more appropriate metric is P/TBV, which at 3.24x (based on tangible book of $54.35) reflects the franchise value without the earnings volatility. Additionally, ROE should be evaluated on a normalized basis, excluding the provision, to gauge sustainable profitability.