Raymond James Financial Inc. (RJF) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Raymond James Financial Inc. stock $311, price $159, upside +95.6%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range $79.38 – $180.56 · fair‑value band $106.61 – $437.22 · the $159.19 price screens below the $311.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Raymond 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.
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The Private Client Group segment offers financial planning, investment advisory, securities transaction, investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party mutual fund and annuity companies, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; securities borrowing and lending services; and custodial, trade execution, research, and other support and services.
The Capital Markets segment provides investment banking services, such as equity and debt underwriting, and merger and acquisition advisory; and fixed income and equity brokerage services.
This segment also offers institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature.
The Asset Management segment provides asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping.
The Bank segment offers various types of loans, including securities-based, corporate, commercial and industrial, commercial real estate and construction, real estate investment trust, residential mortgage, and tax-exempt loans; Federal Deposit Insurance Corporation-insured deposit accounts; retail and corporate deposit; and liquidity management products and services.
The Other segment engages in the private equity investments comprising investments in third-party funds. The company offers corporate, retail banking and trust services. Raymond James Financial, Inc. was founded in 1962 and is headquartered in Saint Petersburg, Florida.
Stock analysis
Raymond James Financial Inc. (RJF) currently trades at $159.19, while our model-based Fair Value estimate is $311.38, implying the stock looks roughly 48.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $316.50 per share, and 6 of the 13 models we run sit above the $159.19 price.
Bear case: the Dividend Discount group reads lowest at $34.39, and 7 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: $106.61 (bear) to $437.22 (bull), the price of $159.19 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Raymond James Financial Inc. reported revenue of $15.9B in FY2025 versus $9.8B in FY2021, a compound +12.9%/yr. Reported net income was $2.1B in FY2025, compounding +11.1%/yr from FY2021.
Key figures
Market cap $31.4B Large · P/E ratio 13.9 · P/S ratio 2.06 · EPS (TTM) $11.47 · Dividend yield 1.3% · Net margin 15.1% · Return on equity 18.4% · Return on assets (EBIT) 4.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 96%, RJF screens cheaper than that median.
Fair Value models
Bear$106.61Fair Value $311.38Bull$437.22
Price $159.19 · Upside +95.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($9.35 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
Start year 2020 (pandemic). Over 10 years: +11.8% a year
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.0%
Dividend (yield on the price)1.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.16.6% vs 16.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 29%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.1% a year for the price and +2.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate moat rests on expanding recurring fee-based assets from advisor recruiting and acquisitions, yet thin public signals limit evidence of durable differentiation in asset management.
Main risk: Extended softness in investment banking would pressure capital markets revenues while the firm shifts toward stable wealth management fees.
Raymond James keeps building record fee-based client assets through advisor recruiting and recent acquisitions like Clark Capital. This bolsters recurring asset management revenues even as capital markets activity stays below normalized levels despite a healthy pipeline. Our models see the shares as undervalued. Will the shift to stable wealth management fees outweigh any extended softness in investment banking?
Compare Raymond James Financial Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 669 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+95.6% · Top 25%
Profitability
Return on equity (12 months)18.4% · Top 25%
Return on assets2.4% · Below median
Net margin (12 months)15.1% · Below median
Operating margin (12 months)19.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)15.1% · Above median
Dividend yield (12 months)1.3% · Bottom 25%
Balance sheet
Debt / equity0.34× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Raymond James Financial Inc. Fair Value". https://www.fairvalue-calculator.com/stock/RJF
Frequently asked questions
Is Raymond James Financial Inc. (RJF) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of $311.38 versus a price of $159.19, about +96% upside (undervalued).
What is the fair value of RJF?
Our model-based fair value for Raymond James Financial Inc. is $311.38 (as of Oct 22, 2026), built from audited fundamentals. The current price: $159.19.
What is the quality score of RJF?
Raymond James Financial Inc. has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Raymond James Financial Inc. (RJF)?
Our model-based price target is the fair value of $311.38 (as of Oct 22, 2026) from 13 valuation models. Cautious scenario $106.61, optimistic scenario $437.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Raymond James Financial Inc. stock forecast for 2026?
Our models put fair value at $311.38, about +96% upside versus a price of $159.19 (undervalued). Cautious scenario $106.61, optimistic scenario $437.22. The calculation is refreshed regularly with new filings.
What is the revenue of Raymond James Financial Inc. (RJF)?
Raymond James Financial Inc. reported trailing-twelve-month revenue of about $15.2B (latest available figure, as of Oct 22, 2026).
Does Raymond James Financial Inc. pay a dividend?
Raymond James Financial Inc. currently shows a dividend yield of 1.33% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Raymond James Financial Inc. (RJF)?
For today's price to be fair in a discounted-cash-flow model, Raymond James Financial Inc. would have to grow free cash flow by -9.0 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.6 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of RJF use?
Our models discount Raymond James Financial Inc. at 9.1 %: a base by market capitalisation (large), damped by beta 0.95, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Raymond James Financial Inc. that is -9.0 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Raymond James Financial Inc. (RJF) delivered so far?
Over the past 5 years revenue at Raymond James Financial Inc. grew +14.6 % a year. The price currently implies -9.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Raymond James Financial Inc. (RJF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Raymond James Financial Inc. (-9.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Raymond James Financial Inc. (RJF)?
The free-cash-flow yield on the price is 7.15 %: that much free cash flow Raymond James Financial Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Raymond James Financial Inc. (RJF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Raymond James Financial Inc. it is $311.38 per share (as of Oct 22, 2026), against a price of $159.19. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Raymond James Financial Inc. stock overvalued or undervalued in 2026?
As of Oct 22, 2026, RJF trades below its calculated fair value: price $159.19, fair value $311.38, a gap of about +96% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RJF?
No. The price is what the market pays today ($159.19); the fair value is what the company's own numbers justify ($311.38). For Raymond James Financial Inc. the two are $152.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Raymond James Financial Inc. worth?
The market values Raymond James Financial Inc. at about $31.4B (market capitalisation, as of Oct 22, 2026). Per share that is $159.19; our models calculate a fair value of $311.38 per share.
What do the bullish and bearish scenarios say about RJF?
Our models span a range for Raymond James Financial Inc.: cautious scenario $106.61, base $311.38, optimistic $437.22 per share (as of Oct 22, 2026, price $159.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RJF?
Raymond James Financial Inc. trades at a price-to-earnings ratio of 13.9 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $311.38 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 13.9. Other multiples: PEG 0.8, P/B 2.5, P/S 2.1, EV/EBITDA 5.1.
What is the PEG ratio of RJF?
The PEG ratio of Raymond James Financial Inc. is 0.78 (P/E divided by earnings growth, as of Oct 22, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Raymond James Financial Inc. (RJF)?
Balance-sheet figures for Raymond James Financial Inc. (as of Oct 22, 2026): return on equity 18.4%, debt of 0.34 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is RJF from its 52-week high?
Raymond James Financial Inc. trades at $159.19, about 12% below its 52-week high of $180.56 and 14% above the low of $139.39 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of $311.38 is for.
Which stocks are comparable to Raymond James Financial Inc.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Raymond James Financial Inc. stock attractive at the current price?
The data as of Oct 22, 2026: price $159.19, calculated fair value $311.38 (+96%), Quality Score 66/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RJF calculated?
We run Raymond James Financial Inc. through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $311.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Raymond James Financial Inc. currently trades 49 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Raymond James Financial Inc. (RJF)?
The closing price on Oct 22, 2026 was $159.19. Our model-based fair value is $311.38, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Raymond James Financial Inc. right now?
The model range is unusually wide ($106.61 to $437.22). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Raymond James Financial Inc. (RJF) come from?
Earnings per share at Raymond James Financial Inc. grew +16.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.0 %, EBIT margin +9.5 %, tax rate +2.1 %, residual (interest, one-offs) −6.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Raymond James Financial Inc.
How large is the market capitalisation of Raymond James Financial Inc. (RJF)?
The market capitalisation of Raymond James Financial Inc. is $31.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Raymond James Financial Inc. (RJF)?
The price-to-sales ratio of Raymond James Financial Inc. is 2.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Raymond James Financial Inc. (RJF)?
Earnings per share at Raymond James Financial Inc. are $11.47 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Raymond James Financial Inc. (RJF)?
The dividend yield of Raymond James Financial Inc. is 1.3% (payout 18.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Raymond James Financial Inc. (RJF)?
The net margin of Raymond James Financial Inc. is 15.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Raymond James Financial Inc. (RJF)?
The return on equity (ROE) of Raymond James Financial Inc. is 18.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Raymond James Financial Inc. (RJF)?
On an EBIT basis the return on assets of Raymond James Financial Inc. is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Raymond James Financial Inc. (RJF)?
The operating margin of Raymond James Financial Inc. is 19.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Raymond James Financial Inc. (RJF)?
Revenue at Raymond James Financial Inc. is growing +15.1% versus a year earlier (3y avg +12.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Raymond James Financial Inc. (RJF)?
Earnings per share at Raymond James Financial Inc. are growing +42.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Raymond James Financial Inc. (RJF) hold?
Raymond James Financial Inc. holds more cash than debt, $6.8B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 22, 2026