JPMorgan Chase & Co.

NYSE:JPM Stock Report

Market Cap: US$668.9b

JPMorgan Chase Valuation

Is JPM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of JPM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: JPM ($237.6) is trading below our estimate of fair value ($354.44)

Significantly Below Fair Value: JPM is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for JPM?

Key metric: As JPM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for JPM. This is calculated by dividing JPM's market cap by their current earnings.
What is JPM's PE Ratio?
PE Ratio12.8x
EarningsUS$52.07b
Market CapUS$668.92b

Price to Earnings Ratio vs Peers

How does JPM's PE Ratio compare to its peers?

The above table shows the PE ratio for JPM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.9x
BAC Bank of America
15.4x9.9%US$338.9b
WFC Wells Fargo
13.8x4.1%US$234.2b
C Citigroup
19.5x31.0%US$130.9b
USB U.S. Bancorp
14.7x11.6%US$74.8b
JPM JPMorgan Chase
12.8x-2.7%US$668.9b

Price-To-Earnings vs Peers: JPM is good value based on its Price-To-Earnings Ratio (12.8x) compared to the peer average (15.9x).

Price to Earnings Ratio vs Industry

How does JPM's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
JPM 12.8xIndustry Avg. 12.4xNo. of Companies83PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: JPM is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the US Banks industry average (12.4x).

Price to Earnings Ratio vs Fair Ratio

What is JPM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

JPM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.8x
Fair PE Ratio16.7x

Price-To-Earnings vs Fair Ratio: JPM is good value based on its Price-To-Earnings Ratio (12.8x) compared to the estimated Fair Price-To-Earnings Ratio (16.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst JPM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$237.60
US$246.56
+3.8%
9.3%US$276.00US$178.00n/a20
Dec ’25US$249.72
US$239.06
-4.3%
8.8%US$270.00US$178.00n/a20
Nov ’25US$222.94
US$232.39
+4.2%
7.9%US$257.00US$178.00n/a21
Oct ’25US$207.04
US$221.14
+6.8%
6.7%US$241.00US$178.00n/a21
Sep ’25US$224.80
US$222.59
-1.0%
6.9%US$241.00US$178.00n/a22
Aug ’25US$207.96
US$221.90
+6.7%
7.2%US$243.00US$178.00n/a21
Jul ’25US$205.45
US$209.96
+2.2%
7.6%US$230.00US$168.00n/a23
Jun ’25US$202.63
US$209.83
+3.6%
7.6%US$230.00US$168.00n/a23
May ’25US$191.86
US$207.83
+8.3%
7.6%US$224.00US$168.00n/a23
Apr ’25US$198.94
US$199.85
+0.5%
9.2%US$229.00US$160.00n/a23
Mar ’25US$185.29
US$192.32
+3.8%
9.1%US$238.00US$154.00n/a24
Feb ’25US$173.73
US$191.49
+10.2%
9.9%US$238.00US$150.00n/a24
Jan ’25US$170.10
US$174.70
+2.7%
11.5%US$234.00US$140.00n/a24
Dec ’24US$156.84
US$169.79
+8.3%
11.1%US$233.00US$140.00US$249.7224
Nov ’24US$138.94
US$170.75
+22.9%
10.2%US$233.00US$140.00US$222.9424
Oct ’24US$145.02
US$168.62
+16.3%
8.6%US$215.00US$140.00US$207.0424
Sep ’24US$146.82
US$169.00
+15.1%
8.8%US$219.00US$140.00US$224.8024
Aug ’24US$157.18
US$168.91
+7.5%
9.5%US$227.00US$140.00US$207.9624
Jul ’24US$145.44
US$160.17
+10.1%
8.8%US$212.00US$140.00US$205.4523
Jun ’24US$137.58
US$159.96
+16.3%
7.5%US$193.00US$140.00US$202.6323
May ’24US$141.20
US$160.28
+13.5%
8.0%US$196.00US$140.00US$191.8624
Apr ’24US$130.31
US$156.46
+20.1%
8.5%US$189.00US$132.00US$198.9424
Mar ’24US$142.55
US$157.13
+10.2%
9.2%US$189.00US$130.00US$185.2924
Feb ’24US$139.59
US$156.63
+12.2%
8.7%US$189.00US$130.00US$173.7324
Jan ’24US$134.10
US$143.00
+6.6%
8.9%US$169.00US$118.00US$170.1025
Dec ’23US$136.24
US$140.22
+2.9%
10.0%US$174.00US$118.00US$156.8424

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 02:27
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

JPMorgan Chase & Co. is covered by 61 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Stephen BiggarArgus Research Company
David GeorgeBaird
Jason GoldbergBarclays