Raymond James Financial, Inc.RJF
NYSE•Financial Services•Asset Management
Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe. The Private Client Group segment offers financial planning, investment advisory, securities transaction, investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party mutual fund and annuity companies, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; securities borrowing and lending services; and custodial, trade execution, research, and other support and services. The Capital Markets segment provides investment banking services, such as equity and debt underwriting, and merger and acquisition advisory; and fixed income and equity brokerage services. This segment also offers institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. The Asset Management segment provides asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Bank segment offers various types of loans, including securities-based, corporate, commercial and industrial, commercial real estate and construction, real estate investment trust, residential mortgage, and tax-exempt loans; Federal Deposit Insurance Corporation-insured deposit accounts; retail and corporate deposit; and liquidity management products and services. The Other segment engages in the private equity investments comprising investments in third-party funds. The company offers corporate, retail banking and trust services. Raymond James Financial, Inc. was founded in 1962 and is headquartered in Saint Petersburg, Florida.
Raymond James Financial, Inc. (RJF) reported trailing twelve months revenue of $16.47B as of March 2026, a 5.3% increase year-over-year. Quarterly revenue reached $4.26B, reflecting continued top-line momentum.
Raymond James Financial, Inc. generated $2.15B in TTM net income, with quarterly EBITDA of $735.00M. The operating margin contracted from 17.5% to 17.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (17.2%) and net margin (12.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 12.9% a year ago, reflecting increased costs or interest expense.
RJF trades at a P/E of 12.9x (below the broader market average) and a P/S of 1.7x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $1.05B in free cash flow over the trailing twelve months, a 1384.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $91.94B in total assets with no in long-term debt against $12.57B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~17.4% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 17.4% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~14.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation