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what it is
Raymond James helps rich people invest money, advises companies on deals, manages assets, and runs a bank on the side.
how it gets paid
Last year Raymond James made $15.9B in revenue. Private Client Group was the main engine at $11.0B, or 69% of sales.
why it's growing
Revenue grew 6.6% last year. The number that mattered was $2.79 EPS, because it beat the $2.72 estimate while revenue only grew 3%.
what just happened
Latest quarter EPS came in at $2.79, beating the $2.72 estimate, even as profit slipped from last year.
At a glance
A+ balance sheet — rock-solid finances — built to survive anything
80/100 earnings predictability — you can trust these numbers
15.7x trailing p/e — the market's not buying it — or you found a deal
1.3% dividend yield — cash in your pocket every quarter
14.0% return on capital — solid for a diversified financial
xvary composite: 76/100 — average
What they do
Raymond James helps rich people invest money, advises companies on deals, manages assets, and runs a bank on the side.
This business wins because your adviser relationship is sticky. Moving money, tax history, and trust is a pain. Private Client Group was 69% of fiscal 2024 revenue, which tells you where the gravity sits. Distribution → the advisers who own the client relationship → so what: your assets usually stay where your adviser stays.
How they make money
$15.9B
annual revenue · their business grew +6.6% last year
Private Client Group
$11.0B
RJ Bank
$1.9B
Capital Markets
$1.7B
Asset Management
$1.3B
The products that matter
wealth management
Private Client Group
$11.0B · ~69% of firm revenue
It sits on $1.4T in client assets and is the core fee engine for the firm.
asset-based fees
investment banking & trading
Capital Markets
$1.7B · ~11% of firm revenue
Capital Markets is the more cyclical piece at firm-reported scale (~$1.7B in the segment table); quarterly firm revenue can still print ~$4B+ when markets cooperate.
deal-cycle leverage
banking & lending
Raymond James Bank
$1.9B · ~12% of firm revenue
RJ Bank adds net interest income at ~$1.9B in the segment table—rates can help or hurt depending on the cycle.
rate sensitivity
Key numbers
15.7x
trailing p/e
You are paying 15.7 times trailing earnings for a firm with 16.5% past earnings growth. Cheap vs growth is the setup.
14.0%
return on capital
Return on capital → profit earned on money invested in the business → so what: 14.0% says management is not lighting cash on fire.
16.0%
return on equity
Return on equity → profit on shareholder money → so what: 16% is healthy for a financial firm that is not running a junk balance sheet.
$206
18m target
The 18-month target is $206 versus $167.33 today. That is about 23% upside if operations stay on script.
Financial health
A+
strength
- balance sheet grade A+ — near the highest rating possible
- risk rank 2 — safer than 80% of stocks
- price stability 70 / 100
- long-term debt $4.2B (11% of capital)
- net profit margin 13.8% — keeps 14 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
A+ — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in RJF 3 years ago → it's now worth $16,300.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Latest quarter EPS came in at $2.79, beating the $2.72 estimate, even as profit slipped from last year.
Quarterly revenue was $4.2B, up 3% vs. prior year, according to EDGAR. EPS fell 2% vs. prior year, so this was a beat against expectations, not a blowout business trend.
$4.2B
revenue
$2.79
eps
2.57%
eps surprise
the number that mattered
The number that mattered was $2.79 EPS, because it beat the $2.72 estimate while revenue only grew 3%. RJF is still clearing the bar in a slower tape.
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raymond james financial fared well in fiscal 2025 (year ended september 30th).the company’s top line settled at $15.9 billion for the year, led by strength across the core business segments (private client group, capital markets, asset management, and rj bank). raymond james has successfully managed to lift client asset levels, which has helped boost management and administrative fee income. in addition, revenues from brokerage services and investment banking solutions have moved nicely higher. for the full year, adjusted profits reached $10.66 per diluted share, somewhat better than we had anticipated.
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the business outlook is encouraging, too.
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for fiscal 2026, we think raymond james will post revenues of $17.5 billion, suggesting a 10% annual advance.
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the company continues to add advisors to expand its offerings and enter new regional markets.acquisitions, like the recent purchase of greensledge holdings llc, a firm that specializes in capital markets transactions, are also being pursued.
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we have raised our profit forecast by $0.50, to $12.00 per share.costs should be well controlled, despite spending for communication services, information processing, and business development.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a broad market selloff hitting client assets and deal activity at the same time.
high
market-driven asset declines
Private Client Group sits on $1.4T in client assets. When markets fall, fee-bearing assets fall with them. That pressure shows up fast.
largest revenue engine under pressure
med
capital markets slowdown
Capital Markets is ~$1.7B at firm-reported annual scale (~11% of revenue). If issuance and advisory activity freeze, this segment still moves sentiment outsize to its dollars.
cyclical revenue swing
med
rate pressure at the bank
Raymond James Bank contributes $1.6B in Banking & Other revenue. Net interest income helps in some rate environments and compresses in others.
banking earnings sensitivity
low
adviser attrition
The wealth moat is real, but portable. Advisers can leave, and client relationships often follow them. That matters more here than at a pure custody platform.
franchise quality risk
Between the $1.4T asset base and a cyclical capital markets line (~$1.7B in the segment table), Raymond James has more market sensitivity than its steady reputation suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
private client asset growth
The $1.4T asset base is the fee engine. If client assets keep compounding, the core case stays intact.
risk
capital markets activity
Capital Markets is ~$1.7B in the annual segment mix. Watch whether deal flow actually improves or just gets talked about.
calendar
q2 2026 earnings report
Expected late April 2026. You want to see whether record revenue was a one-quarter event or part of a trend.
trend
buyback execution
A new $2.0B authorization is only interesting if management actually uses it. Pace matters.
Analyst rankings
earnings predictability
80 / 100
in human-speak, analysts see a business that usually delivers what it says it will.
balance sheet strength
A+
That is a top-tier balance sheet grade grade. You are not buying a balance-sheet adventure here.
risk rank
2
A risk rank of 2 means safer than roughly 80% of stocks in the data set.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 387 buyers vs. 374 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$138
$274
$167
current price
$206
target midpoint · +23% from current · 3-5yr high: $265 (+60% · 14% ann'l return)
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