— Know what they know.
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Not Investment Advice

RJF

NYSE · USD
Raymond James Financial, Inc.
Financial Services · Asset Management
CEO Paul Marone Shoukry Employees 19,500 R&D / revenue 0.0%
Last price
$156.78−0.37%last session
Market cap
$30.1B
P/E (TTM)
13.4x
From 52w high
−14.2%
From 52w low
+12.9%
1-year return
−0.7%
RSI 14 · vs SMA200
37.1 · −1.8%
IS score
50.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

RJF   SPY   XLF (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107RJF 99

Score DNA

Each bar is a 0-100 score within the scored universe
58
Profitability
53
Growth
71
Value
75
Momentum
15
Risk (safety)
76
Quality
59
Balance sheet
70
Earnings quality

Flags

Strengths
✓ Net cash✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for RJF (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Switching CostsPiotroski 7 / 9Beta 0.921 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
3 open-market sales, $4.1M
Form 144 notices (12m): 6, $47.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−18
76 new holders, 87 closed
906 filers hold 78.8% · 332 added, 343 trimmed
ETFETF holdings · 30 days
Net funds accumulating
−32
985 funds adding shares
1,017 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
63.4%
20-day avg 61.2%, 50-day avg 60.4%
Latest 2.2 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$15.9B
Revenue growth YoY+7.9%
Gross margin88.2%
Operating income$4.6B
Operating margin28.7%
Net income$2.1B
Net margin13.4%
EPS (diluted)$10.30
Cash flow
Operating cash flow$2.4B
Capital expenditure$188.0M
Free cash flow$2.2B
FCF conversion (FCF / OCF)92.3%
Stock-based compensation$254.0M
FCF less SBC$2.0B
Buybacks$1.3B
Dividends$416.0M
Balance sheet & returns
Cash & short-term investments$18.3B
Total debt$4.5B
Net cash$13.7B
Shareholders' equity$12.5B
Goodwill & intangibles$1.8B
Debt / equity0.42
ROE (TTM)18.3%
ROIC (TTM)8.5%
Operating margin by fiscal year
18.3%FY202118.1%FY202217.8%FY202317.9%FY202417.3%FY2025
Revenue $9.8B (FY2021) to $15.9B (FY2025), a 12.9% CAGR.

Valuation

P/E (TTM)13.4x
EV / EBITDA7.6x
Price / sales1.78x
Price / FCF13.3x
FCF yield7.54%
Buyback yield4.21%
SBC / revenue2.2%
Price / book2.39x
Forward P/E FY202710.9x
Forward P/E FY20289.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $180.50 across 10 analysts last quarter is theirs, not ours.

RJF vs industry median

908 companies in Asset Management
Gross margin 83.5% 84.6% Operating margin 17.4% 34.7% Net margin 13.6% 18.2% ROIC 8.5% 6.4%
RJF (TTM)Industry median Asset turnover 0.18 vs industry 0.11 · financial leverage 7.42

Earnings delivery

Next report 2026-10-28 · consensus EPS $3.26
67%
beat rate, 8 of 12 quarters
+2.8%
median EPS surprise
4
longest beat streak
-7+6+0+3+22+12-1-8+10+1+3+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
RJF Raymond James Financial, Inc $30.1B13.4x18.3%13.6%+7.9% −0.7%
NTRS Northern Trust Corporation $30.3B14.1x17.1%18.8%+3.1% +33.7%
ARES Ares Management Corporation $36.9B49.0x15.0%10.5%+45.4% −20.0%
PFG Principal Financial Group, I $23.3B15.5x13.1%10.3%+3.7% +40.1%
TROW T. Rowe Price Group, Inc. $21.5B10.1x20.6%33.1%+7.0% +3.0%
AMP Ameriprise Financial, Inc. $44.2B11.9x63.4%22.2%+9.0% —
STT State Street Corporation $45.5B13.3x12.4%18.0%+2.2% —
PS Pershing Square Inc. $17.8B1,112.0x-3.1%-78.8%— —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-09-23Regulation FD; Exhibits
2026-09-01Officer/Director Change; Regulation FD
2026-08-19Regulation FD; Exhibits
2026-07-22Earnings Release; Exhibits
2026-06-24Regulation FD; Exhibits
2026-05-27Regulation FD; Exhibits

Context

Shares outstanding192,100,000
Free float89.6%
Institutional ownership78.8%
Beta0.92
Dividend yield1.38%
Last dividend$0.54 on 2026-10-01
50 / 200-day average$169.35 / $160.65
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where RJF sits among 110 scored companies in Asset Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureRJFIndustry medianIndustry percentileSector median
P/E (TTM) 13.1x 13.3x
48th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.01 0.88
55th		 1.04
Price / sales 1.8x 3.9x
15th		 2.5x
Price / book 2.4x 1.4x
67th		 1.3x
Price / tangible book 2.8x 1.4x
77th		 1.6x
Price / free cash flow 13.3x 10.3x
65th		 11.8x
Price / operating cash flow 12.2x 10.2x
67th		 11.7x
Enterprise value $15.7B $3.4B
76th		 $3.4B
EV / sales 0.9x 6.7x
0th		 6.0x
EV / EBITDA 5.0x 12.2x
12th		 13.0x
EV / EBIT 5.3x 14.4x
11th		 15.5x
EV / free cash flow 6.9x 11.6x
22nd		 15.9x
Earnings yield 7.7% 5.7%
64th		 7.9%
FCF yield 7.5% 8.3%
47th		 6.3%
Operating cash flow yield 8.2% 8.6%
44th		 7.8%
Graham number (per share) $130.17 $27.85
86th		 $50.71

Profitability (TTM)

MeasureRJFIndustry medianIndustry percentileSector median
Gross margin 83.5% 71.8%
76th		 71.9%
EBITDA margin 18.6% 39.3%
19th		 37.9%
Operating margin 17.4% 30.2%
23rd		 23.3%
EBIT margin 17.4% 32.7%
23rd		 23.3%
Net margin 13.6% 15.3%
42nd		 18.7%
NOPAT margin 13.6% 23.0%
22nd		 18.7%
FCF margin 13.4% 24.3%
30th		 23.3%
Operating cash flow margin 14.6% 29.1%
30th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 63.0% 9.8%
90th		 20.1%
Stock comp / revenue 2.2% 0.0%
74th		 0.7%
Effective tax rate 21.7% 19.9%
75th		 21.0%

Returns on capital

MeasureRJFIndustry medianIndustry percentileSector median
ROE (on average equity) 18.5% 11.2%
70th		 11.9%
ROA 2.6% 2.3%
52nd		 1.4%
ROIC -135.6% 5.5%
0th		 7.8%
ROCE 11.7% 4.9%
77th		 5.8%
Return on tangible assets 3.3% 4.7%
37th		 2.0%
Cash ROIC (OCF / invested capital) —
Gross profitability (GP / assets) 15.0% 8.8%
67th		 10.3%
ROIC, 3-yr average —
ROIC, 5-yr average —
ROE, 5-yr average 17.2% 11.2%
78th		 10.7%
Incremental ROIC 32.3% 12.9%
63rd		 8.4%

Growth

MeasureRJFIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.1% 15.4%
39th		 7.1%
Revenue growth (QoQ) 2.3% 6.6%
38th		 2.8%
Revenue CAGR, 3 yr 11.1% 13.1%
44th		 10.8%
Revenue CAGR, 5 yr 13.0% 5.8%
70th		 11.3%
Gross profit CAGR, 3 yr 8.3% 20.6%
21st		 18.0%
Operating income CAGR, 3 yr 8.4% 12.7%
39th		 8.8%
Net income growth (TTM YoY) 8.1% 17.8%
41st		 24.7%
Net income CAGR, 3 yr 9.8% 9.1%
53rd		 9.4%
EPS growth (TTM YoY) 12.7% 14.5%
48th		 25.1%
EPS CAGR, 3 yr 12.9% 5.5%
56th		 7.3%
EPS CAGR, 5 yr 15.9% -5.9%
87th		 4.2%
FCF growth (TTM YoY) 16.3% 18.5%
48th		 15.9%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr —
Book value CAGR, 3 yr 11.6% 3.6%
72nd		 8.9%
Dividend CAGR, 3 yr 20.0% -1.2%
96th		 1.9%
Sustainable growth rate 13.3% 3.5%
75th		 8.3%

Margin history & stability

MeasureRJFIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 85.4% 63.7%
87th		 63.4%
Operating margin, 3-yr average 17.5% 33.3%
21st		 21.4%
Net margin, 3-yr average 13.6% 26.3%
30th		 16.5%
FCF margin, 3-yr average 13.0% 28.9%
33rd		 28.2%
Revenue stability (0-1) 1.00 0.58
97th		 0.86
Earnings stability (0-1) 0.99 0.40
100th		 0.37
Margin stability (0-1) 0.94 0.80
86th		 0.81

Liquidity (latest quarter)

MeasureRJFIndustry medianIndustry percentileSector median
Cash & short-term investments $19.7B $142.5M
94th		 $145.5M
Net cash (− = net debt) $14.4B −$692.3M
97th		 −$676.0M
Working capital −$44.2B $90.6M
0th		 $86.3M
Current ratio 0.36 1.16
22nd		 1.19
Quick ratio 0.36 1.16
22nd		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.29 0.62
35th		 0.55
Defensive interval (days) 809 days 365 days
79th		 417 days

Leverage & solvency (latest quarter)

MeasureRJFIndustry medianIndustry percentileSector median
Total debt $5.3B $1.3B
77th		 $1.2B
Debt / equity 0.42 0.99
25th		 0.81
Net debt / equity −1.13 0.84
3rd		 0.66
Debt / assets 5.6% 37.6%
15th		 33.5%
Debt / capital 29.4% 49.7%
25th		 44.6%
Debt / EBITDA 1.68 4.80
27th		 3.20
Net debt / EBITDA −4.57 3.41
4th		 2.19
Interest coverage (EBIT / interest) 3.4x 2.6x
64th		 2.9x
Cash interest coverage 2.8x 3.1x
46th		 3.7x
Debt payback (years of OCF) 2.1 yrs 3.5 yrs
29th		 3.7 yrs
Liabilities / assets 86.5% 55.3%
92nd		 86.2%
IS credit model rating BB+ — —
Implied credit spread (bps) 400 475
39th		 175

Efficiency

MeasureRJFIndustry medianIndustry percentileSector median
Asset turnover 0.19 0.12
65th		 0.15
Fixed asset turnover 13.48 9.51
60th		 11.68
Inventory turnover —
Receivables turnover 5.4 8.4
32nd		 8.2
Days sales outstanding 67 days 37 days
70th		 43 days
Days inventory outstanding —
Days payables outstanding 407 days 49 days
94th		 39 days
Cash conversion cycle (days) −340 days −8 days
7th		 0 days
Capex / revenue 1.2% 0.0%
82nd		 0.2%
Capex / depreciation 0.96 0.05
85th		 0.13
Operating expense ratio 49.0% 43.6%
57th		 38.9%

Cash flow & earnings quality

MeasureRJFIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.07 1.20
47th		 1.28
FCF / net income 0.99 0.99
50th		 1.15
FCF / operating cash flow 92.0% 99.6%
18th		 98.5%
Capex / operating cash flow 8.0% 0.0%
85th		 0.6%
Accruals ratio -0.2% -1.4%
63rd		 -2.0%
Sloan accruals ratio -0.5% -0.3%
48th		 -0.6%
Earnings quality score (0-1) 1.00 0.75
60th		 0.75

Dividends & buybacks

MeasureRJFIndustry medianIndustry percentileSector median
Dividend yield 1.4% 6.6%
16th		 2.3%
Dividend per share (TTM) $2.16 $1.49
72nd		 $1.03
Payout ratio (dividends / net income) 28.1% 67.8%
13th		 30.0%
Dividends / FCF 28.6% 52.7%
31st		 49.0%
Dividend growth (YoY) 65.4% 6.9%
96th		 6.4%
Buyback yield 5.6% 1.0%
78th		 1.7%
Shareholder yield (dividends + buybacks) 7.7% 10.3%
37th		 5.2%
Share count change (YoY) -4.0% 0.0%
21st		 -0.3%
Buybacks, last 5 years $7.5B $40.9M
98th		 $85.3M

Scores & forensic checks

MeasureRJFIndustry medianIndustry percentileSector median
IS score 51 45
60th		 53
IS profitability 58 60
48th		 59
IS growth 53 53
49th		 57
IS value 71 66
57th		 77
IS momentum 75 59
67th		 76
IS risk (safety) 15 15
6th		 65
IS quality 76 64
82nd		 71
IS balance sheet 59 42
78th		 51
IS earnings quality 70 68
53rd		 74
IS cash flow 63 69
39th		 71
Piotroski F-score (0-9) 7 6
74th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −5.64 −7.13
93rd		 −6.00
IS credit score 50 41
61st		 68

Per share

MeasureRJFIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.69 $1.19
89th		 $3.36
Book value per share $64.40 $16.24
90th		 $28.13
Tangible book per share $55.24 $13.69
95th		 $21.49
Revenue per share $85.85 $4.23
93rd		 $17.62
FCF per share $11.52 $1.85
84th		 $1.99
Operating cash flow per share $12.52 $2.62
84th		 $2.45
Cash per share $99.90 $1.06
94th		 $1.75

Size (TTM)

MeasureRJFIndustry medianIndustry percentileSector median
Market cap $30.1B $3.1B
86th		 $2.5B
Revenue $16.9B $703.1M
90th		 $1.0B
EBITDA $3.1B $205.6M
86th		 $269.3M
Net income $2.3B $151.7M
91st		 $168.0M
Free cash flow $2.3B $219.5M
93rd		 $160.0M
Total assets $94.2B $2.9B
84th		 $8.5B
Shareholders' equity $12.7B $1.2B
87th		 $1.5B
Employees 19,500 1,700
88th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-28Allaire Bella Loykhter
Chief Admin Officer
 Open-market sale 7,500$177.60$1.3M46,086
2026-08-20Helal Tarek
Chief Strategy Officer
 Gift 23,397——48,537
2026-08-20Helal Tarek
Chief Strategy Officer
 Gift 23,397——25,140
2026-08-18Curtis Scott A
Chief Operating Officer
 Gift 1,000——191,418
2026-07-28Elwyn Tashtego S
President, PCG
 Open-market sale 10,000$176.06$1.8M45,114
2026-07-27Raney Steven M
Executive Chair RJBank
 Open-market sale 5,770$172.97$998,03343,046
2026-06-26James Thomas A
10 percent owner
 — 1,352——0
2026-06-26James Thomas A
10 percent owner
 — 1,353——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarJunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
GiftDisposed224,397—
GiftAcquired123,397—
Open-market saleDisposed323,270$4.1M
—Disposed72,705—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 289,144 shares · $47.5M
FiledFilerShares proposedEst. proceeds
2026-08-28Allaire Bella Loykhter7,500$1.3M
2026-07-28Elwyn Tashtego S10,000$1.8M
2026-07-27Raney Steven M5,770$997,986
2026-02-04Santelli Jonathan N4,500$764,505
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-04-06Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-05-15
2023-10-31Ro KhannaHousePurchase$1,001 - $15,0002023-11-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.14,343,870$2.2B7.47%
VANGUARD CAPITAL MANAGEMENT LLC11,237,644$1.7B5.85%
WELLINGTON MANAGEMENT GROUP LLP9,446,121$1.4B4.92%
PRIMECAP MANAGEMENT CO/CA/9,242,552$1.4B4.81%
VANGUARD PORTFOLIO MANAGEMENT LLC8,900,131$1.4B4.63%
STATE STREET CORP7,889,824$1.2B4.11%
GEODE CAPITAL MANAGEMENT, LLC4,647,639$703.7M2.42%
FMR LLC4,404,819$669.7M2.29%
T. Rowe Price Investment Management, Inc.2,805,776$426.6M1.46%
JPMORGAN CHASE & CO2,595,185$386.9M1.35%
DIMENSIONAL FUND ADVISORS LP2,449,646$372.4M1.28%
NORGES BANK2,432,562$369.8M1.27%
BANK OF AMERICA CORP /DE/2,371,847$360.6M1.23%
VICTORY CAPITAL MANAGEMENT INC2,328,700$354.0M1.21%
EARNEST PARTNERS LLC2,203,294$335.0M1.15%

Institutional ownership by quarter

2023-092026-0678.8%
% of shares held by 13F filers
2023-092026-06906
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3090678.8%7633234387
2026-03-3192478.2%10130137098
2025-12-3193978.9%13832032473
2025-09-3089377.8%10429632260
2025-06-3086280.2%10132329288
2025-03-3186180.8%11933027087
2024-12-3184079.3%14227229948
2024-09-3076680.4%7528226354
2024-06-3075279.3%7928224751
2024-03-3173380.2%7329622457
2023-12-3172480.4%12324223947
2023-09-3066080.5%7021824145

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-08-12SCHEDULE 13G/AWellington Investment Advisors Holdings LLP4.7%9,568,625
2025-05-13SCHEDULE 13G/APRIMECAP MANAGEMENT CO/CA/4.7%9,718,689
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$830.8M
VTI0.04%$830.8M
VSMPX0.04%$830.8M
VTSAX0.04%$830.8M
VFFSX0.04%$687.7M
VFIAX0.04%$687.7M

Share structure

Shares outstanding192,100,000
Float172,109,936
Free float89.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$9.8B$11.2B$12.8B$14.7B$15.9B
Cost of revenue$118.0M$405.0M$1.5B$2.1B$1.9B
Gross profit$9.7B$10.8B$11.3B$12.6B$14.0B
R&D$0$0$0$0$0
SG&A$6.6B$7.3B$7.3B$8.2B$7.2B
Operating income$1.8B$2.0B$2.3B$2.6B$4.6B
EBITDA$1.9B$2.2B$2.4B$2.8B$4.8B
Pretax income$1.8B$2.0B$2.3B$2.6B$2.7B
Income tax$388.0M$513.0M$541.0M$575.0M$579.0M
Net income$1.4B$1.5B$1.7B$2.1B$2.1B
EPS, diluted$6.63$6.98$7.97$9.70$10.30
Diluted shares211.2M215.3M216.9M212.3M206.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$15.5B$16.0B$18.5B$19.2B$18.3B
Receivables$3.8B$4.5B$4.1B$4.5B$4.6B
Inventory$0$0$0$0$0
Total current assets$19.5B$20.7B$22.8B$24.0B$21.1B
PP&E, net$945.0M$983.0M$1.1B$1.2B$1.5B
Goodwill & intangibles$882.0M$1.9B$1.9B$1.9B$1.8B
Total assets$61.9B$81.0B$78.4B$83.0B$88.2B
Accounts payable$14.0B$11.4B$5.4B$5.8B$5.9B
Total current liabilities$46.9B$64.1B$60.7B$63.7B$66.0B
Long-term debt$2.9B$3.3B$3.1B$3.1B$4.2B
Total liabilities$53.6B$71.5B$68.2B$71.3B$75.7B
Shareholders' equity$8.3B$9.4B$10.2B$11.7B$12.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.4B$1.5B$1.7B$2.1B$2.1B
Depreciation & amortization$134.0M$145.0M$165.0M$179.0M$195.0M
Stock-based compensation$132.0M$192.0M$237.0M$254.0M$254.0M
Change in working capital$5.0B−$2.1B−$5.8B$4.0M−$107.0M
Operating cash flow$6.6B$72.0M−$3.5B$2.2B$2.4B
Capital expenditure−$74.0M−$91.0M−$173.0M−$205.0M−$188.0M
Free cash flow$6.6B−$19.0M−$3.7B$1.9B$2.2B
Investing cash flow−$5.1B−$7.2B−$274.0M−$968.0M−$4.3B
Net debt issued / repaid−$138.0M$58.0M−$191.0M−$50.0M−$250.0M
Buybacks−$150.0M−$216.0M−$862.0M−$984.0M−$1.3B
Dividends paid−$218.0M−$277.0M−$355.0M−$383.0M−$416.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin98.8%96.4%88.3%85.4%88.0%
Operating margin18.3%18.1%17.8%17.9%17.3%
Net margin14.3%13.5%13.5%14.0%13.6%
FCF margin67.2%-0.2%-28.7%13.2%14.3%
ROE18.3%17.0%17.7%18.9%17.7%
ROIC-34.2%-55.2%-36.4%-58.3%-173.7%
ROA2.6%2.1%2.2%2.6%2.5%
Debt / equity0.380.400.340.340.36
Interest coverage11.9x6.6x1.7x1.3x1.5x
Current ratio0.410.320.380.380.32
Revenue growth+21.2%+14.1%+15.1%+14.8%+6.4%
EPS growth+69.7%+3.2%+18.9%+19.8%+6.1%
P/E at year end13.1x13.8x12.0x12.4x16.7x
EV / EBITDA at year end3.2x4.0x2.4x3.7x7.5x
FCF yield at year end35.66%-0.09%-17.65%7.63%6.32%
Dividend payout15.5%18.4%20.4%18.5%19.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Private Client Group$6.6B—$8.8B$9.6B$10.3B
Asset Management And Related Administrative Fee Revenue—$5.6B———
RJ Bank$714.0M—$3.2B$3.6B$3.4B
Brokerage Revenue—$2.1B———
Capital Markets$1.9B—$1.3B$1.6B$1.9B
Brokerage Revenue, Securities Commissions—$1.6B———
Asset Management Segment$867.0M—$885.0M$1.0B$1.2B
Investment Banking Revenue—$1.1B———
Account And Service Fee Revenue—$833.0M———
Investment Banking Revenue, Mergers And Acquisition And Advisory—$709.0M———
Brokerage Revenue, Securities Commissions, Mutual And Other Fund Products—$631.0M———
Equities, ETFs And Fixed Income Products—$520.0M———
Brokerage Revenue, Securities Commissions, Insurance And Annuity Products—$438.0M———
Account And Service Fee Revenue, Mutual Fund And Annuity Services Fees—$427.0M———
Investment Banking Revenue, Equity Underwriting—$248.0M———
Account And Service Fee Revenue, Client Account And Other Fees—$204.0M———
Account And Service Fee Revenue, RJBDP Fees—$202.0M———
Other Revenue—$188.0M———
Investment Banking Revenue, Debt Underwriting—$143.0M———

Revenue by region · FY2025

UNITED STATES$12.9B · 92%
CANADA$645.0M · 5%
Europe$549.0M · 4%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $3.26 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$15.7B$15.6B – $15.8B$12.10$11.60 – $12.411013.0x
2027$17.6B$16.8B – $18.0B$14.38$12.70 – $15.991010.9x
2028$19.0B$16.9B – $20.0B$16.71$14.10 – $17.9459.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$2.93$3.14+7.2%$3.9B$3.9B+1.5%
2026-04-22$2.76$2.83+2.5%$3.8B$3.9B+0.4%
2026-01-28$2.83$2.86+1.1%$3.8B$3.7B−2.0%
2025-10-22$2.83$3.11+9.9%$3.6B$4.1B+13.4%
2025-07-23$2.37$2.18−8.0%$3.4B$3.8B+12.1%
2025-04-23$2.45$2.42−1.2%$3.4B$3.8B+10.8%
2025-01-29$2.62$2.93+11.8%$3.5B$4.0B+14.5%
2024-10-23$2.41$2.95+22.4%$3.3B$4.0B+19.1%
2024-07-24$2.32$2.39+3.0%$3.2B$3.7B+14.5%
2024-04-24$2.31$2.310.0%$3.1B$3.6B+14.2%
2024-01-24$2.26$2.40+6.2%$3.1B$3.5B+13.6%
2023-10-25$2.28$2.13−6.6%$3.0B$3.5B+15.8%
2023-07-26$2.16$1.85−14.4%$2.9B$3.3B+11.7%
2023-04-26$2.23$2.03−9.0%$2.9B$3.1B+8.0%
2023-01-25$2.28$2.29+0.4%$2.8B$3.0B+6.0%
2022-10-26$2.00$2.08+4.0%$2.8B$3.0B+7.7%
2022-07-27$1.66$1.61−3.0%$2.6B$2.7B+3.5%
2022-04-27$1.64$1.55−5.5%$2.7B$2.7B+0.1%
2022-01-26$1.76$2.12+20.5%$2.6B$2.8B+6.0%
2021-10-27$1.71$2.06+20.5%$2.5B$2.7B+6.9%
2021-07-28$1.59$1.83+15.1%$2.4B$2.5B+3.8%
2021-04-28$1.45$1.67+15.2%$2.2B$2.4B+7.0%
2021-01-27$1.15$1.49+29.6%$2.1B$2.2B+8.0%
2020-10-28$0.89$1.19+33.7%$1.4B$2.1B+51.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.406-220.206-290.207-060.307-130.407-200.307-270.208-030.208-100.208-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$283.2M1,598,76746,171
2026-08-24$268.4M1,518,86943,703
2026-08-17$226.8M1,278,93845,032
2026-08-10$182.8M1,014,29939,543
2026-08-03$175.9M984,32242,696
2026-07-27$328.5M1,873,58852,716

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1563.4%
DateShort shareShort volumeTotal volume
2026-10-1563.4%289,553456,391
2026-10-1450.3%260,865518,749
2026-10-1359.1%185,730314,322
2026-10-1264.4%169,115262,608
2026-10-0972.0%224,303311,438
2026-10-0874.8%389,457520,625
2026-10-0772.3%188,550260,870
2026-10-0653.8%167,211310,513
2026-10-0541.9%176,729421,655
2026-10-0260.6%198,804328,013
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.3Jan-2.1Feb+1.1Mar+0.7Apr+0.8May-0.4Jun+2.8Jul+0.7Aug+1.2Sep+4.7Oct+3.6Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan+2.3%75%20
Feb−2.1%45%20
Mar+1.1%52%21
Apr+0.7%55%20
May+0.8%65%20
Jun−0.4%55%20
Jul+2.8%55%20
Aug+0.7%65%20
Sep+1.2%55%20
Oct+4.7%80%20
Nov+3.6%70%20
Dec+0.9%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1437.1
MFI57.9
ADX37.8
Stochastic %K / %D35.8 / 35.1
Williams %R-67.1
CCI-74
TSI / signal-25.5 / -25.4
Chaikin money flow0.04
ATR$3.40
Bollinger width4.4%
Volume vs 20-day avg1.16x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$158.77 (−1.3%)
SMA 50$168.45 (−6.9%)
SMA 200$159.58 (−1.8%)
EMA 21$160.25 (−2.2%)
EMA 50$164.03 (−4.4%)
EMA 200$161.08 (−2.7%)
Bollinger upper$162.29 (−3.4%)
Bollinger lower$155.24 (+1.0%)
Parabolic SAR$161.70 (−3.0%)
Open the live chart, 110+ indicators

About Raymond James Financial, Inc.

Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services. Within the Capital Markets segment, the company engages in investment banking activities, which include orchestrating equity and debt offerings, along with offering expert advisory services for mergers and acquisitions. It further provides robust brokerage services for both fixed income and equity securities. The Asset Management segment specializes in delivering sophisticated asset and portfolio management services, complemented by administrative support functions such as detailed record-keeping, for both individual (retail) and institutional clients. Raymond James Bank maintains a portfolio of insured deposit accounts and a diverse range of lending products. These include commercial and industrial loans, financing for commercial real estate (CRE) and CRE construction, tax-exempt loans, residential mortgages, and securities-based loans. The bank also plays a role in loan syndication. Finally, the Other segment encompasses the firm's private equity activities, comprising direct investments and those made through third-party private equity funds, as well as the management of legacy private equity portfolios. Established in 1962, the company's corporate headquarters are situated in St. Petersburg, Florida.

https://www.raymondjames.com

Key executives

NameTitlePayBorn
Paul Christopher ReillyExecutive Chair$9.4M1955
Paul Marone ShoukryChief Executive Officer & Director$8.7M1983
Tashtego Spring ElwynPresident of Private Client Group$4.7M1972
Bella Loykhter AllaireChief Administrative Officer$4.6M1953
James E. BunnPresident of Capital Markets & Advisory$4.6M1973
Scott Alan CurtisChief Operating Officer$4.0M1963
Jonathan W. Oorlog Jr.Senior Vice President, Chief Financial Officer & Controller$3.0M1964
Jonathan N. SantelliExecutive Vice President, General Counsel & Corporate Secretary—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Paul C. Reilly Chair and Chief Executive Officer2022$687,500$1.3M$0$19.0M
Scott A. Curtis President, Private Client Group2022$450,000$5.6M$0$10.1M
Tashtego S. Elwyn President and Chief Executive Officer Raymond James and Associates2022$450,000$5.6M$0$9.8M
James E. Bunn President Global Equities and Investment Banking2022$450,000$1.6M$0$8.6M
Paul M. Shoukry Chief Financial Officer2022$450,000$1.6M$0$6.3M

Employees

13k201714k201814k201915k202015k202118k202319k202420k2025

Dividends

Ex-dateAmountPaid
2026-10-01$0.542026-10-15
2026-07-01$0.542026-07-15
2026-04-01$0.542026-04-15
2026-01-02$0.542026-01-16
2025-10-01$0.52025-10-15
2025-07-01$0.52025-07-15
2025-04-01$0.52025-04-15
2025-01-02$0.52025-01-16

Moat model

Weak · Switching Costs · 2026-06-30
Cost advantage50
Intangibles31
Switching costs79
Network effect62
Efficient scale37
Our component scores (0-100) and overall 52.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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