Research / Stock / JPM

JPM

JPMORGAN CHASE & CO · NYSE · Banks

FY2025Mkt cap 1.02TFinancialDual-class

356.69

+0.30 +0.08%

close 2026-08-25

JPM reports no free cash flow we can read, so this model is discounting net income instead. That is a different model — net income carries non-cash charges and ignores capital spending — and its answer should be read as a rougher one.

Assumptions

FCF growth rate

2.1%

Market is pricing 2.1%— you agree

No trailing FCF growth rate — the series crosses zero or is too short, and a CAGR through a negative is not a number worth printing.

Projection years

10 yrs

Terminal growth

3.00%

Discount rate (WACC)

8.70%

8.7% derived for this company beta 0.89 (1232d vs the S&P 500) · cost of equity 8.7% = 4.7% risk-free + 0.89 × 4.5% premium · treated as all-equity cost of debt not derivable; risk-free + 1.5pts assumed; no debt figure; treated as all-equity

Fair value DCF model

$356.62

-0.0%

At the market's assumptions

Current price $356.69Enterprise value 961.8B

Bear $243.43 (-2.9% growth)Bull $524.68 (7.1%)

market $356.69

Today's market price is inside the range · band = your growth ±5pts, same model · the market itself prices 2.1%

Y10

Present value of each projected year, Y1–Y10

43% the 10 forecast years57% terminal value

Same industry · Banks · trailing P/E for context

BACP/E 16499.9B WFCP/E 14289.0B CP/E 19272.7B COFP/E 54131.6Bthis P/E: 18

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Assumptions

Fair valuei DCF model

Same industryi · Banks · trailing P/E for context

Assumptions

Fair valuei DCF model

Same industryi · Banks · trailing P/E for context

Fair value DCF model

Same industry · Banks · trailing P/E for context

Fair value DCF model

Same industry · Banks · trailing P/E for context