Raymond James Financial, Inc.

NYSE:RJF Stock Report

Market Cap: US$30.4b

Raymond James Financial Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 RJF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$225.48
Fair Value
30.9% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: RJF ($155.75) is trading below our estimate of fair value ($225.48)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for RJF. This is calculated by dividing RJF's market cap by their current earnings.
What is RJF's PE Ratio?
PE Ratio14.4x
EarningsUS$2.13b
Market CapUS$30.39b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for RJF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average26.2x
LPLA LPL Financial Holdings
34x28.00%US$27.9b
FUTU Futu Holdings
18.7x11.99%US$23.4b
HLI Houlihan Lokey
28.8x17.26%US$12.3b
EVR Evercore
23.2x10.16%US$12.4b
RJF Raymond James Financial
14.4x8.76%US$30.4b

Price-To-Earnings vs Peers: RJF is good value based on its Price-To-Earnings Ratio (14.4x) compared to the peer average (26.2x).

Price to Earnings Ratio vs Industry

How does RJF's PE Ratio compare vs other companies in the US Capital Markets Industry?

18 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ASA ASA Gold and Precious Metals
2.6xn/aUS$923.80m
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
CRRC.F Cohn Robbins Holdings
4.3xn/aUS$283.01m
SSSS SuRo Capital
3.3x-141.71%US$223.56m
RJF 14.4xIndustry Avg. 23.4xNo. of Companies69PE020406080100+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RJF is good value based on its Price-To-Earnings Ratio (14.4x) compared to the US Capital Markets industry average (23.4x).

Price to Earnings Ratio vs Fair Ratio

What is RJF'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.

RJF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.4x
Fair PE Ratio15.6x

Price-To-Earnings vs Fair Ratio: RJF is good value based on its Price-To-Earnings Ratio (14.4x) compared to the estimated Fair Price-To-Earnings Ratio (15.6x).

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 RJF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$155.75
US$183.80
+18.01%
4.42%US$198.00US$171.00n/a10
Nov ’26US$158.67
US$184.42
+16.23%
4.79%US$200.00US$171.00n/a12
Oct ’26US$165.90
US$174.64
+5.27%
5.06%US$190.00US$156.00n/a11
Sep ’26US$169.44
US$173.27
+2.26%
4.75%US$190.00US$156.00n/a11
Aug ’26US$163.03
US$173.27
+6.28%
4.75%US$190.00US$156.00n/a11
Jul ’26US$154.64
US$155.25
+0.39%
8.41%US$175.00US$136.00n/a12
Jun ’26US$146.98
US$154.31
+4.99%
8.26%US$175.00US$136.00n/a13
May ’26US$137.71
US$152.15
+10.49%
9.55%US$175.00US$126.00n/a13
Apr ’26US$138.10
US$174.07
+26.05%
9.66%US$201.00US$139.00n/a14
Mar ’26US$154.67
US$175.00
+13.14%
10.51%US$201.00US$139.00n/a15
Feb ’26US$168.48
US$173.93
+3.23%
11.15%US$201.00US$139.00n/a14
Jan ’26US$155.33
US$155.14
-0.12%
10.34%US$201.00US$135.00n/a14
Dec ’25US$169.28
US$149.57
-11.64%
7.99%US$182.00US$132.00n/a14
Nov ’25US$144.29
US$146.07
+1.23%
4.86%US$159.00US$132.00US$158.6714
Oct ’25US$123.00
US$131.08
+6.57%
5.60%US$141.00US$116.00US$165.9013
Sep ’25US$119.57
US$131.08
+9.63%
4.68%US$141.00US$123.00US$169.4412
Aug ’25US$112.17
US$131.08
+16.86%
4.68%US$141.00US$123.00US$163.0312
Jul ’25US$123.20
US$132.08
+7.21%
5.60%US$141.00US$118.00US$154.6413
Jun ’25US$122.75
US$132.23
+7.72%
5.53%US$141.00US$118.00US$146.9813
May ’25US$122.55
US$131.92
+7.65%
5.67%US$141.00US$118.00US$137.7113
Apr ’25US$128.52
US$124.25
-3.32%
7.74%US$140.00US$112.00US$138.1012
Mar ’25US$120.07
US$120.88
+0.67%
6.38%US$135.00US$112.00US$154.6712
Feb ’25US$110.49
US$120.88
+9.40%
6.38%US$135.00US$112.00US$168.4812
Jan ’25US$111.50
US$113.09
+1.43%
6.13%US$125.00US$100.00US$155.3311
Dec ’24US$107.92
US$112.45
+4.20%
6.19%US$125.00US$100.00US$169.2811
Nov ’24US$96.01
US$112.45
+17.13%
6.19%US$125.00US$100.00US$144.2911
US$183.8
Fair Value
15.3% undervalued intrinsic discount
10
Number of Analysts

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 Analysis2025/11/26 22:29
End of Day Share Price 2025/11/26 00:00
Earnings2025/09/30
Annual Earnings2025/09/30

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.

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 Github.

Analyst Sources

Raymond James Financial, Inc. is covered by 23 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kevin HealArgus Research Company
Brennan HawkenBMO Capital Markets Equity Research
Craig SiegenthalerBofA Global Research