# Raymond James Financial, Inc. (RJF)

> Source: Nexqual · https://nexqual.com/RJF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Raymond James Financial, Inc. (RJF), nexqual.com/RJF" · informational, not investment advice.

**Price:** USD 159.19 (+2.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 155.69 · day 154.24–159.29 · 52w 138.82–182.73 · market cap $30.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.0B, net income $2.31B (13.6% margin) (SEC filings).
- Valuation: P/E 13.3x (avg 13.9x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold RJF (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $4.1M; 3 not under a Rule 10b5-1 plan ($4.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.44 on a 1–5 scale) (16 analysts), mean target USD 183.86 (range 160–209).
- Total return with dividends: 1Y -2.2% vs S&P 500 +14.9%; 5Y +66.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 3.27, revenue estimate $4.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.91B | $11.3B | $13.0B | $14.9B | $15.9B | $17.0B |
| Net income | $1.40B | $1.51B | $1.74B | $2.07B | $2.13B | $2.31B |
| EPS (diluted) | $6.63 | $6.98 | $7.97 | $9.70 | $10.30 | — |
| Free cash flow | $6.57B | -$19.0M | -$3.69B | $1.95B | $2.25B | $1.44B |
| Net margin | 14.2% | 13.3% | 13.4% | 13.9% | 13.4% | 13.6% |
| Revenue growth | +21.3% | +14.1% | +14.9% | +14.9% | +6.6% | — |
| Cash + short-term investments | $7.20B | $6.18B | $9.31B | $11.0B | $11.4B | — |
| Total debt | $8.0M | $1.0M | — | — | $700M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.3x · P/S 1.8x · P/FCF 21.2x · P/B 2.4x · FCF yield 4.72% · Earnings yield 7.54%
P/E at fiscal year-ends: Sep 2025 16.7x, Sep 2024 12.6x, Sep 2023 12.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RJF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 0.75% | $562M | Added +7.8% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $321K | Reduced -14.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Allaire Bella Loykhter | Chief Admin Officer | 7,500 | $1.3M | 13.7% | No | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Elwyn Tashtego S | President, PCG | 10,000 | $1.8M | 15.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-27 | Raney Steven M | Executive Chair RJBank | 5,770 | $998K | 11.1% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.44 on a 1–5 scale), 16 analysts; mean target USD 183.86 (low 160, high 209).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Truist Securities | Target lowered | Hold | $188 → $166 |
| 2026-10-09 | Morgan Stanley | Target lowered | Equal-Weight | $174 → $171 |
| 2026-10-07 | UBS | Target lowered | Neutral | $184 → $179 |
| 2026-10-07 | Barclays | Target raised | Overweight | $196 → $197 |
| 2026-10-06 | BMO Capital | Target lowered | Market Perform | $175 → $170 |
| 2026-10-05 | B of A Securities | Target raised | Neutral | $196 → $198 |
| 2026-10-05 | JP Morgan | Target raised | Neutral | $179 → $185 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $172 |
| 2026-09-01 | Truist Securities | Initiated | Hold | $188 |
| 2026-09-01 | TD Cowen | Target lowered | Hold | $161 → $160 |
| 2026-07-30 | Argus Research | Target raised | Buy | $178 → $196 |
| 2026-07-27 | UBS | Target raised | Neutral | $175 → $184 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.2% | +66.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.2% | +10.8% |
| Volatility (annualized) | 25.2% | 28.1% |
| Max drawdown | -18.9% (Feb 2026→Mar 2026) | -31.0% (Nov 2022→May 2023) |

## Peers (Asset Management)
NTRS (Northern Trust Corporation) USD 165.82 -0.65% · PFG (Principal Financial Group Inc) USD 110.11 +1.54% · ARES (Ares Management Corporation) USD 123.7 +5.72% · TROW (T. Rowe Price Group, Inc.) USD 103.45 +0.15% · AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · STT (State Street Corporation) USD 167.84 -0.66%

## More
Full page: https://nexqual.com/RJF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Private Client Group | $2.86B | 65.6% | +13.9% |
| Bank | $847.0M | 19.4% | +0.7% |
| Capital Markets | $500.0M | 11.5% | +23.5% |
| Asset Management | $362.0M | 8.3% | +24.4% |
| Total revenue | $4.36B | 100% | — |
The lines above cover 104.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asset Management & Related Administrative Fee Revenue | $2.08B | 47.6% | +19.7% |
| — Brokerage Revenue Securities Commissions (part of Asset Management & Related Administrative Fee Revenue) | $503.0M | 11.5% | +16.7% |
| — Account & Service Fee Revenue (part of Asset Management & Related Administrative Fee Revenue) | $316.0M | 7.2% | +4.6% |
| — Investment Banking Revenue (part of Asset Management & Related Administrative Fee Revenue) | $291.0M | 6.7% | +37.3% |
| — Account & Service Fee Revenue RJBDP Fees (part of Asset Management & Related Administrative Fee Revenue) | $283.0M | 6.5% | -6.6% |
| — Brokerage Revenue Securities Commissions Mutual & Other Fund Products (part of Asset Management & Related Administrative Fee Revenue) | $170.0M | 3.9% | +16.4% |
| — Mutual Fund & Other (part of Asset Management & Related Administrative Fee Revenue) | $149.0M | 3.4% | +18.3% |
| — Equities ET Fs & Fixed Income Products (part of Asset Management & Related Administrative Fee Revenue) | $145.0M | 3.3% | +26.1% |
| — Brokerage Revenue Securities Commissions Insurance & Annuity Products (part of Asset Management & Related Administrative Fee Revenue) | $142.0M | 3.3% | +10.1% |
| — Account & Service Fee Revenue Client Account & Other Fees (part of Asset Management & Related Administrative Fee Revenue) | $78.0M | 1.8% | +8.3% |
| Other Revenue | $57.0M | 1.3% | +23.9% |
| Investment Banking Revenue Equity Underwriting | $9.0M | 0.2% | +0.0% |
| Total revenue | $4.36B | 100% | — |
The lines above cover 49.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.27 | $3.37 | -2.9% | $4.24B | 14 |
| Next quarter (ends 2026-12-31) | $3.35 | $3.32 | +0.9% | $4.25B | 11 |
| Current fiscal year (ends 2026-09-30) | $12.12 | $11.92 | +1.7% | $15.72B | 14 |
| Next fiscal year (ends 2027-09-30) | $14.27 | $13.96 | +2.2% | $17.52B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±6.1%; last 8 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.9% | ±6.1% |
| 2026-12-18 | 56 | 25.9% | ±8.2% |
| 2027-01-15 | 84 | 26.5% | ±10.2% |
| 2027-02-19 | 119 | 24.9% | ±11.4% |
| 2027-05-21 | 210 | 25.6% | ±15.5% |
| 2027-08-20 | 301 | 25.6% | ±18.4% |
| 2027-11-19 | 392 | 26.0% | ±21.3% |