Raymond James Financial, Inc.

NYSE:RJF Stock Report

Market Cap: US$31.6b

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.

Below Fair Value: RJF ($155.05) is trading below our estimate of fair value ($208.11)

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 Ratio15.4x
EarningsUS$2.06b
Market CapUS$31.64b

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 Average34.7x
HOOD Robinhood Markets
64.5x17.1%US$33.9b
LPLA LPL Financial Holdings
24.4x15.8%US$24.6b
JEF Jefferies Financial Group
29.6x35.4%US$15.7b
FUTU Futu Holdings
20.3x22.7%US$11.6b
RJF Raymond James Financial
15.4x6.0%US$31.6b

Price-To-Earnings vs Peers: RJF is good value based on its Price-To-Earnings Ratio (15.4x) compared to the peer average (34.7x).

Price to Earnings Ratio vs Industry

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

22 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADX Adams Diversified Equity Fund
3.6xn/aUS$2.26b
CET Central Securities
4.4xn/aUS$1.29b
GAM General American Investors Company
4.2xn/aUS$1.20b
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
RJF 15.4xIndustry Avg. 23.6xNo. of Companies73PE020406080100+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RJF is good value based on its Price-To-Earnings Ratio (15.4x) compared to the US Capital Markets industry average (23.6x).

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 Ratio15.4x
Fair PE Ratio18.7x

Price-To-Earnings vs Fair Ratio: RJF is good value based on its Price-To-Earnings Ratio (15.4x) compared to the estimated Fair Price-To-Earnings Ratio (18.7x).

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 RJF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$155.05
US$155.14
+0.06%
10.3%US$201.00US$135.00n/a14
Dec ’25US$169.28
US$149.57
-11.6%
8.0%US$182.00US$132.00n/a14
Nov ’25US$144.29
US$146.07
+1.2%
4.9%US$159.00US$132.00n/a14
Oct ’25US$123.00
US$131.08
+6.6%
5.6%US$141.00US$116.00n/a13
Sep ’25US$119.57
US$131.08
+9.6%
4.7%US$141.00US$123.00n/a12
Aug ’25US$112.17
US$131.08
+16.9%
4.7%US$141.00US$123.00n/a12
Jul ’25US$123.20
US$132.08
+7.2%
5.6%US$141.00US$118.00n/a13
Jun ’25US$122.75
US$132.23
+7.7%
5.5%US$141.00US$118.00n/a13
May ’25US$122.55
US$131.92
+7.6%
5.7%US$141.00US$118.00n/a13
Apr ’25US$128.52
US$124.25
-3.3%
7.7%US$140.00US$112.00n/a12
Mar ’25US$120.07
US$120.88
+0.7%
6.4%US$135.00US$112.00n/a12
Feb ’25US$110.49
US$120.88
+9.4%
6.4%US$135.00US$112.00n/a12
Jan ’25US$111.50
US$113.09
+1.4%
6.1%US$125.00US$100.00n/a11
Dec ’24US$107.92
US$112.45
+4.2%
6.2%US$125.00US$100.00US$169.2811
Nov ’24US$96.01
US$112.45
+17.1%
6.2%US$125.00US$100.00US$144.2911
Oct ’24US$100.43
US$120.00
+19.5%
4.9%US$132.00US$110.00US$123.0011
Sep ’24US$106.41
US$120.22
+13.0%
5.2%US$132.00US$110.00US$119.579
Aug ’24US$109.49
US$120.22
+9.8%
5.2%US$132.00US$110.00US$112.179
Jul ’24US$103.77
US$110.11
+6.1%
6.8%US$118.00US$95.00US$123.209
Jun ’24US$91.14
US$111.89
+22.8%
9.8%US$136.00US$95.00US$122.759
May ’24US$89.76
US$110.70
+23.3%
10.0%US$136.00US$95.00US$122.5510
Apr ’24US$93.27
US$121.85
+30.6%
10.0%US$136.00US$95.50US$128.5210
Mar ’24US$106.82
US$126.10
+18.0%
6.0%US$136.00US$111.00US$120.0710
Feb ’24US$112.10
US$126.10
+12.5%
6.0%US$136.00US$111.00US$110.4910
Jan ’24US$106.85
US$123.60
+15.7%
9.3%US$148.00US$100.00US$111.5010
Dec ’23US$117.41
US$124.60
+6.1%
9.3%US$148.00US$100.00US$107.9210

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 01:46
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/09/30

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 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

Raymond James Financial, Inc. is covered by 27 analysts. 13 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
Mark McLaughlinBofA Global Research
James MitchellBuckingham Research Group Inc.