Raymond James Financial, Inc.
- Open
- 168.87
- Day high
- 169.29
- Day low
- 166.89
- Prev close
- 168.36
- Volume
- 1.1M
- Mkt cap
- $32.8B
- P/E (TTM)
- 15.6
- EPS (TTM)
- $10.79
- P/B
- 2.6
- P/S
- 2.0
- Yield
- 1.26%
- Per share
- $2.12
Raymond James Financial, Inc. (RJF) is a Financial Services company listed on NYSE. The stock is up 5% over the past year.
Raymond James Financial, Inc. (RJF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RJF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $2.76 | $2.83 | +2.5% | $3.9B | +0.4% |
| Jan 28, 2026 | $2.83 | $2.86 | +1.1% | $4.2B | +9.6% |
| Oct 22, 2025 | $2.83 | $3.11 | +9.9% | $4.1B | +13.4% |
| Jul 23, 2025 | $2.37 | $2.18 | -8.0% | $3.8B | +12.1% |
| Apr 23, 2025 | $2.45 | $2.42 | -1.2% | $3.8B | +10.8% |
| Jan 29, 2025 | $2.62 | $2.93 | +11.8% | $4.0B | +14.5% |
| Oct 23, 2024 | $2.41 | $2.95 | +22.4% | $4.0B | +19.1% |
| Jul 24, 2024 | $2.32 | $2.39 | +3.0% | $3.7B | +14.5% |
| Jan 24, 2024 | $2.26 | $2.40 | +6.2% | $3.5B | +13.6% |
| Oct 25, 2023 | $2.28 | $2.13 | -6.6% | $3.5B | +15.8% |
| Jul 26, 2023 | $2.16 | $1.85 | -14.4% | $3.3B | +11.7% |
| Jan 25, 2023 | $2.28 | $2.29 | +0.4% | $3.0B | +6.0% |
RJF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 20, 2026 | Allaire Bella Loykhterofficer: Chief Admin Officer | Sell | 29,551 | $142.34 |
| Feb 23, 2026 | Mistarz Cecilydirector | Grant | 248 | — |
| Feb 23, 2026 | MCDANIEL RAYMOND Wdirector | Grant | 1,303 | — |
| Feb 23, 2026 | GARCIA ART Adirector | Grant | 1,303 | — |
| Feb 23, 2026 | Seshadri Rajdirector | Grant | 1,303 | — |
| Feb 23, 2026 | Begor Mark Wdirector | Grant | 1,303 | — |
| Feb 23, 2026 | Edwards Jeffrey Ndirector | Grant | 1,303 | — |
| Feb 23, 2026 | Mistarz Cecilydirector | Grant | 1,303 | — |
| Feb 23, 2026 | Mistarz Cecilydirector | Option | 250 | — |
| Feb 23, 2026 | DEBEL MARLENEdirector | Option | 1,253 | — |
| Feb 23, 2026 | DEBEL MARLENEdirector | Grant | 1,303 | — |
| Feb 23, 2026 | Esty Benjamindirector | Grant | 1,303 | — |
| Feb 23, 2026 | Gates Annedirector | Grant | 1,303 | — |
| Feb 23, 2026 | MCGEARY RODERICK Cdirector | Grant | 1,303 | — |
| Feb 23, 2026 | Edwards Jeffrey Ndirector | Option | 1,253 | — |
Source: RJF SEC Form 4 filings, latest Mar 20, 2026. For informational purposes only — not investment advice.
See the full RJF insider & 13F page →Raymond James Financial, Inc. company profile
Overview
Raymond James Financial, Inc. (NYSE:RJF) is a diversified financial services company founded in 1962 and headquartered in St. Petersburg, Florida. The company has grown from a small regional brokerage firm into one of the largest independent financial services companies in North America, serving individual and institutional clients across the United States, Canada, and Europe. Raymond James went public in 1983 and has built its reputation on providing comprehensive wealth management, investment banking, and banking services while maintaining a culture focused on long-term client relationships and advisor support.
Business
Raymond James operates as a full-service financial services firm across multiple business segments that collectively serve the entire spectrum of financial needs for individuals, corporations, and institutions. The Private Client Group represents the company's largest segment, generating approximately 65-70% of total revenues. This division provides comprehensive wealth management services to individual investors through a network of financial advisors. Services include investment advisory and brokerage services, portfolio management, insurance and annuity products, mutual funds, and margin lending. The advisors help clients with retirement planning, estate planning, and investment management, earning revenue through commissions on transactions, fees on managed assets, and spreads on various financial products. The Capital Markets segment, contributing roughly 12-15% of revenues, operates as an investment bank serving corporate clients. This division provides equity and debt underwriting services, helping companies raise capital through initial public offerings (IPOs) and bond issuances. It also offers merger and acquisition (M&A) advisory services, guiding companies through complex transactions, and operates fixed income and equity trading desks that facilitate securities transactions for institutional clients. The Asset Management segment, representing about 7-8% of revenues, manages investment portfolios for both retail and institutional clients through various investment strategies and funds. This includes the Raymond James Investment Management subsidiary, which creates and manages mutual funds, separately managed accounts, and other investment vehicles. The Raymond James Bank segment, contributing approximately 11-13% of revenues, operates as a full-service bank providing traditional banking services. It offers various deposit accounts, commercial and industrial loans, commercial real estate financing, residential mortgages, and securities-based lending. The bank also provides loan syndication services, where it coordinates with other financial institutions to fund large commercial loans. The Other segment includes private equity investments and legacy operations, representing a small portion of overall revenues.
Revenue model
Raymond James employs multiple revenue streams across its diversified business model, creating a balanced approach to generating income from different client types and market conditions. The Private Client Group generates revenue primarily through asset-based fees and transaction commissions. Asset-based fees are charged as a percentage of assets under management in fee-based advisory accounts, providing recurring revenue that grows with market appreciation and net new assets. Transaction-based revenue comes from commissions on stock, bond, and mutual fund trades, as well as spreads on fixed income securities and insurance product sales. This segment also earns net interest income from margin loans provided to clients for securities purchases. The Capital Markets segment operates on a transaction fee model, earning revenue from successful completion of investment banking deals. Underwriting fees are earned as a percentage of capital raised for corporate clients, while M&A advisory fees are typically based on transaction values. The trading operations generate revenue through bid-ask spreads and market-making activities in fixed income and equity securities. The Asset Management segment primarily uses a fee-based model, charging management fees as a percentage of assets under management. These fees provide stable, recurring revenue that scales with the growth of managed assets. Raymond James Bank generates income through net interest margin - the difference between interest earned on loans and interest paid on deposits. The bank also earns fee income from various banking services and loan origination fees. Several factors influence the company's profitability margins. Rising interest rates generally benefit the bank segment through higher net interest margins and increase revenue from cash sweep programs where client cash earns higher yields. However, rising rates can pressure bond values and fixed income trading. Market volatility can boost trading revenues and transaction volumes but may reduce asset values and client confidence. Economic growth typically increases M&A activity, IPO volumes, and loan demand, while regulatory changes can impact fee structures, particularly around cash sweep programs and fiduciary standards. Competitive pressures from discount brokers, robo-advisors, and fee compression trends can pressure margins, while the company's ability to recruit and retain high-producing financial advisors directly impacts revenue growth potential.
Competitive moat
Raymond James possesses a moderate but sustainable competitive moat built primarily around its advisor-centric culture and integrated service platform, though it faces increasing competitive pressures in the evolving financial services landscape. The company's strongest moat component is its advisor retention and recruitment capability. Raymond James maintains one of the lowest advisor attrition rates in the industry at approximately 1%, significantly below industry averages of 5-7%. This retention stems from the company's unique culture that emphasizes advisor autonomy, comprehensive back-office support, and competitive compensation structures. The firm's reputation for treating advisors as partners rather than employees creates strong switching costs, as advisors value the operational support, technology platform, and client service capabilities that would be difficult to replicate elsewhere. The integrated platform advantage provides another layer of competitive protection. By offering wealth management, investment banking, asset management, and banking services under one roof, Raymond James can provide comprehensive solutions that smaller, specialized competitors cannot match. This integration allows for cross-selling opportunities and creates deeper client relationships that are harder for competitors to penetrate. However, the moat faces several challenges. Technology disruption from robo-advisors and digital platforms threatens the traditional advisor model, particularly for smaller accounts and younger clients. Fee compression pressures from discount brokers and ETF proliferation challenge the traditional commission and fee structures. Regulatory changes around fiduciary standards and fee transparency could commoditize some services. The company's moat is also geographically concentrated, with heavy exposure to U.S. markets, making it vulnerable to domestic economic cycles. Unlike global investment banks with diversified revenue streams across multiple continents, Raymond James has limited international presence to offset regional downturns. Large competitors like Merrill Lynch, Morgan Stanley, and UBS have greater resources for technology investment and can offer more comprehensive global services. Meanwhile, specialized competitors in each business segment may offer superior capabilities in their particular niches. The moat is sufficient to maintain market position and profitability but requires continuous investment in technology, advisor support, and service capabilities to remain competitive.
Risks & safety
Raymond James demonstrates a strong margin of safety with solid financial fundamentals, though typical of financial services firms, it carries inherent leverage and regulatory risks. **Liquidity and Solvency:** - Strong cash position with $10+ billion in cash and short-term investments - Tier 1 leverage ratio of approximately 13%, well above regulatory minimums - Debt-to-equity ratio around 0.30-0.34, indicating conservative leverage for a financial services firm - Positive free cash flow generation of $1.9+ billion annually - No immediate solvency concerns given strong capital ratios and diversified revenue streams **Valuation Metrics:** - Trading at P/E ratio of approximately 12-14x, reasonable for a financial services firm - Price-to-book ratio around 2.1-2.7x, in line with industry peers - EV/EBITDA of 6-8x, suggesting moderate valuation - Return on equity consistently above 17%, indicating efficient capital utilization **Other Considerations:** - Regulatory capital requirements provide cushion but limit flexibility - Asset quality appears sound with diversified loan portfolio - Revenue diversification across multiple business segments reduces concentration risk - Interest rate sensitivity creates both opportunities and risks depending on rate environment - Strong competitive position in wealth management provides defensive characteristics
Recent development
Over the past few years, Raymond James has pursued several strategic initiatives focused on organic growth, technological advancement, and selective acquisitions while navigating a leadership transition. The company has prioritized advisor recruitment and retention as a core growth strategy, consistently recruiting financial advisors with substantial trailing production. In recent quarters, the firm has recruited advisors representing $90-100 million in annual production, contributing to steady growth in assets under administration, which reached record levels of $1.57 trillion. The company maintains its industry-leading low advisor attrition rate of approximately 1%, demonstrating the effectiveness of its advisor-centric culture. A significant leadership transition occurred with Paul Reilly stepping down as CEO and Paul Shoukry taking over, while Reilly remains as Executive Chairman. This transition represents a planned succession designed to maintain the company's cultural values while positioning for future growth. Technology and automation investments have been a key focus, with management emphasizing AI applications and enhanced digital capabilities to improve advisor productivity and client service. The company has been investing in technology infrastructure to compete more effectively with digital-first competitors while maintaining its high-touch service model. The firm has expanded its Enhanced Savings Program, which provides clients with attractive FDIC-insured deposit options while helping the bank segment grow deposits and diversify funding sources. This program has attracted significant client cash balances and improved the bank's deposit mix. In the Capital Markets segment, Raymond James has focused on diversification and market share gains, with management noting improvements in M&A advisory revenues as market conditions have become more favorable. The firm has maintained its investment banking capabilities through market downturns, positioning for recovery when transaction volumes increase. The company has maintained a disciplined approach to capital deployment, prioritizing organic growth investments, advisor recruiting, and selective acquisitions that fit culturally and strategically. Management has indicated willingness to pursue acquisitions in Private Client Group, Capital Markets, and Asset Management segments while maintaining conservative capital management practices.
RJF company profile · for informational purposes only — not investment advice.
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