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1. Company Snapshot

1.a. Company Description

JPMorgan Chase & Co. operates as a financial services company worldwide.It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM).The CCB segment offers s deposit, investment and lending products, payments, and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit card, auto loan, and leasing services.


The CIB segment provides investment banking products and services, including corporate strategy and structure advisory, and equity and debt markets capital-raising services, as well as loan origination and syndication; payments and cross-border financing; and cash and derivative instruments, risk management solutions, prime brokerage, and research.This segment also offers securities services, including custody, fund accounting and administration, and securities lending products for asset managers, insurance companies, and public and private investment funds.The CB segment provides financial solutions, including lending, payments, investment banking, and asset management to small business, large and midsized companies, local governments, and nonprofit clients; and commercial real estate banking services to investors, developers, and owners of multifamily, office, retail, industrial, and affordable housing properties.


The AWM segment offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; and retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits, and investment management products.The company also provides ATM, online and mobile, and telephone banking services.JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

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1.b. Last Insights on JPM

JPMorgan Chase's recent performance was driven by strong Q2 earnings, beating estimates with $5.24 EPS and $45.7B in managed revenue. The company's diversified business lines performed well, with Consumer & Community Banking revenue up 6% YoY, Commercial & Investment Bank revenue up 9% YoY, and Asset & Wealth Management revenue up 10% YoY. A $1.40 quarterly dividend increase, the second this year, and a $50B buyback plan, following strong stress test results, also contributed positively. Robust capital markets activity and investment banking performance drove the beat. (Source: JPMorgan Chase Q2 2025 earnings release)

1.c. Company Highlights

2. JPMorgan Chase Posts Strong Q4 2025 Earnings, Driven by Revenue Growth

JPMorgan Chase reported a net income of $13 billion and EPS of $4.63 for the fourth quarter of 2025, with an ROTCE of 18%. The firm's revenue was $46.8 billion, up 7% year on year, driven by higher markets revenue, asset management fees, and auto lease income. Expenses were $24 billion, up 5% year on year. For the full year, the firm reported net income of $57.5 billion, EPS of $20.18, and revenue of $185 billion, with an ROTCE of 20%. The actual EPS came in lower than the estimated $4.85.

Publication Date: Jan -14

📋 Highlights
  • Q4 2025 Net Income: JPMorgan reported $13 billion net income with EPS of $4.63 and ROTCE of 18%, driven by 7% YoY revenue growth to $46.8 billion.
  • Full-Year 2025 Performance: Net income reached $57.5 billion (EPS $20.18) with revenue of $185 billion and ROTCE of 20%, despite a 30-basis-point CET1 ratio decline to 14.5%.
  • Business Segment Highlights: CIB (net income $7.3B, +10% revenue), AWM ($1.8B, +13% revenue), and DCP ($3.6B, +6% revenue) led growth, supported by markets, fees, and deposit margins.
  • 2026 Guidance: NII from markets expected at $95 billion (total $103 billion) with expenses projected at $105 billion, reflecting investments in AI, tech, and global expansion.

Business Performance

The firm's business segments performed well, with DCP reporting net income of $3.6 billion, CIB reporting net income of $7.3 billion, and AWM reporting net income of $1.8 billion. Revenue growth was driven by higher NII on card and deposit margin, markets revenue, payments, and security services. The firm expects strong client engagement and deal activity in 2026, supported by constructive market dynamics.

Outlook and Guidance

The firm expects NII in its markets to be about $95 billion in 2026 and total NII to be about $103 billion. Expenses are expected to be about $105 billion, reflecting investments across businesses. The firm is optimistic about its investment banking fees, markets, and wealth management businesses, but cautious about regulatory risks, including potential caps on credit card APRs.

Valuation

With a P/TBV ratio of 2.4 and a Dividend Yield of 1.87%, JPMorgan Chase's valuation appears reasonable. The ROE of 15.95% suggests that the bank is generating strong returns on equity. Analysts estimate next year's revenue growth at 4.5%, which is slightly higher than the current P/S Ratio of 3.3.

Credit and Deposit Growth

The bank's credit environment remains stable, with charge-offs slightly elevated but largely already provisioned for. Deposit growth is expected to be modest in 2026, with wholesale deposit growth expected to be lower than the 6% scenario presented at Investor Day. The Fed's plan to buy $40 billion/month in T-bills will add liquidity to the system, primarily impacting wholesale deposits.

Investment and Innovation

The company plans to continue investing in its businesses, with a focus on long-term growth over short-term expense targets. Management believes that JPMorgan Chase will stay ahead of the competition by investing in technology and innovation, including AI, and expanding its presence globally.

3. NewsRoom

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JPMorgan Chase & Co. (JPM) Presents at UBS Financial Services Conference 2026 Transcript

Feb -10

Source: seekingalpha.com

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Building Dividend Income: A Steadier Approach or a Higher-Paying One With VYM and SCHD

Feb -10

Source: fool.com

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Thrivent Financial for Lutherans Acquires 95,604 Shares of JPMorgan Chase & Co. $JPM

Feb -10

Source: defenseworld.net

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Mutual Advisors LLC Purchases 4,244 Shares of JPMorgan Chase & Co. $JPM

Feb -10

Source: defenseworld.net

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JPMorgan Chase & Co. $JPM is UMB Bank n.a.’s 10th Largest Position

Feb -10

Source: defenseworld.net

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The 0.04% Fee ETF That Turned $10,000 Into Over $35,000 Like Magic

Feb -09

Source:

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3 Safety-First ETFs to Retire in Comfort

Feb -09

Source: 247wallst.com

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2 stocks to hit $1 trillion market cap in Q1 2026

Feb -09

Source: finbold.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.97%)

6. Segments

Commercial and Investment Bank

Expected Growth: 8.4%

JPMorgan Chase & Co.'s financial services and investment banking division is driven by growth in corporate and investment banking, robust M&A activity, and increasing demand for advisory services.

Consumer & Community Banking

Expected Growth: 8.4%

JPMorgan Chase & Co.’s financial services for consumers and small businesses will drive growth, fueled by increasing adoption of digital banking, rising demand for credit cards and loans, and expansion into new markets.

Asset & Wealth Management

Expected Growth: 8.1%

JPMorgan Chase & Co.’s financial services and investment management segment is expected to grow driven by increasing demand for wealth management, digital banking, and investment products, as well as expansion into new markets and strategic partnerships.

Corporate Segment

Expected Growth: 4.2%

JPMorgan Chase & Co.’s Corporate segment is expected to grow driven by increasing demand for treasury services, growth in commercial lending, and improvement in interest income

Reconciling Items

Expected Growth: 5.6%

JPMorgan Chase & Co. expects growth driven by increasing consumer spending, expansion in digital payments, and strong corporate investment banking performance.

7. Detailed Products

Consumer Banking

Provides financial services to individuals and small businesses, including checking and savings accounts, credit cards, home and auto loans, and investment services.

Corporate and Investment Bank

Provides investment banking, markets, and treasury services to corporations, governments, and institutional investors.

Commercial Banking

Provides financial services to mid-sized businesses, including cash management, lending, and trade finance.

Asset and Wealth Management

Provides investment management and wealth management services to individuals, institutions, and retirement plans.

Mortgage Banking

Provides mortgage lending and servicing to individuals and businesses.

Auto Finance

Provides financing for new and used vehicles to dealerships and consumers.

Card Services

Provides credit card services to consumers and businesses.

Merchant Services

Provides payment processing and merchant services to businesses.

Treasury Services

Provides cash management and treasury services to corporations and institutions.

8. JPMorgan Chase & Co.'s Porter Forces

Forces Ranking

Threat Of Substitutes

JPMorgan Chase & Co. has a diversified product portfolio, which reduces the threat of substitutes. The company's strong brand recognition and customer loyalty also make it difficult for substitutes to gain traction.

Bargaining Power Of Customers

JPMorgan Chase & Co. has a large customer base, which gives customers some bargaining power. However, the company's diversified product offerings and strong brand recognition mitigate this power to some extent.

Bargaining Power Of Suppliers

JPMorgan Chase & Co. is a large financial institution with significant bargaining power over its suppliers. The company's scale and scope of operations give it an upper hand in negotiations with suppliers.

Threat Of New Entrants

The financial services industry has high barriers to entry, making it difficult for new entrants to compete with established players like JPMorgan Chase & Co. The company's strong brand recognition and regulatory hurdles also deter new entrants.

Intensity Of Rivalry

The financial services industry is highly competitive, with many established players competing for market share. JPMorgan Chase & Co. faces intense rivalry from other major banks and financial institutions, which can lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 57.11%
Debt Cost 9.53%
Equity Weight 42.89%
Equity Cost 9.53%
WACC 9.53%
Leverage 133.14%

11. Quality Control: JPMorgan Chase & Co. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
JPMorgan Chase

A-Score: 6.6/10

Value: 5.6

Growth: 5.2

Quality: 6.5

Yield: 5.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Citigroup

A-Score: 6.4/10

Value: 6.3

Growth: 4.7

Quality: 4.4

Yield: 6.0

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
East West Bank

A-Score: 6.3/10

Value: 4.9

Growth: 7.6

Quality: 8.1

Yield: 5.0

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Wells Fargo

A-Score: 6.1/10

Value: 5.6

Growth: 5.1

Quality: 5.7

Yield: 4.0

Momentum: 8.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Bank of America

A-Score: 6.0/10

Value: 5.4

Growth: 5.2

Quality: 4.9

Yield: 4.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Truist

A-Score: 5.7/10

Value: 4.7

Growth: 2.8

Quality: 5.7

Yield: 8.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

318.28$

Current Price

318.28$

Potential

-0.00%

Expected Cash-Flows