Financials
Largest US bank by assets, dominant in investment banking, consumer banking, and asset management.
View forensic reportJPMorgan trades at 15.5x earnings with a 33.9% profit margin — but Jamie Dimon's own warning about a brewing market storm suggests the bank's $836 billion market cap is priced for calm seas that aren't coming.
Net interest income defied rate-cut models, investment banking fees surged, and normalised earnings now look closer to $52-55 billion than our prior $45-48 billion estimate.
JPMorgan offers fortress-grade defence at 13.7x forward, Goldman Sachs rides capital markets momentum after an 89% surge, and Bank of America bets on rate sensitivity.
Net income of $57 billion and a 14.7x PE look compelling — but the risk picture has shifted since our last analysis, and not in the direction bulls want.
$191 billion in revenue, a 37% operating margin, and a capital return programme that makes most tech companies look timid. JPMorgan isn't just a bank — it's a capital allocation machine.