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JPMORGAN CHASE & CO

NYSE: JPM·New York, New York·

Price
$331.02
Base IV
$312.14
Your value
$312.14
-5.7%

Valuation snapshot

Above base caseOut of date
$331.02
price
$312.14
base IV/share
Bear $194.80Bull $437.51

Price is between the base and bull cases. Price as of Oct 1, 2026 · Valuation Aug 26, 2026.

Researched bygpt-5.6-sol

Track record

Reported financials are not available yet.

Why the gap?

At $331.02 the market is pricing JPMORGAN CHASE & CO as if revenue grows 6.6% a year. This valuation assumes it grows 5.1% a year. That single disagreement accounts for most of the distance between the two numbers — which makes it the first thing worth auditing.

Implied by price

+6.6%

revenue growth a year, holding everything else researched

Assumed here

+5.1%

researched base case, grounded in filings and guidance

Or, growth held

50.9%

operating margin reproduces the price, vs 48.0% assumed

Many combinations of assumptions reproduce the same price. These are ways to read what the market might expect, not its actual view.

Your valuation

Four judgments stand between the filing and a number. Audit them one at a time and leave with a valuation that is yours.

  • 01 Revenue growth6.5%
  • 02 Operating margin48.0%
  • 03 Risk and beta1.12
  • 04 Long-run growth2.5%
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What drives the base case

All three cases →

The latest quarter showed strength across lending, payments, investment banking, trading, and wealth management, but some of the headline increase came from investment gains that should not repeat. The central case therefore lets growth settle toward a mature pace as lower rates partly offset rising loan and deposit balances. Continued investment consumes savings from scale, leaving profitability close to its recent full-year level.

What shapes the assumptions

Each driver links a business metric to the forecast assumption it shapes — the basis for this case, not investment advice.

How confident is this estimate?

Quality checks
65/100Moderate

Some of any gap to the price is model uncertainty rather than real disagreement. Start with the weakest components.

  • Scenario dispersion6.1
  • Terminal-value dependency2.7
  • Historical stability8.7
  • Margin predictability—

Why the number moved

Sequential bridge

The base case moved from $325.05 to $312.14 as filings, assumptions, and market inputs changed.

  • Base revenue—
  • Diluted shares—
  • Revenue forecast—
  • Operating-margin assumption—
  • Tax-rate assumption—

Explore StockValuer's full research

All cases, evidence, value drivers, sensitivity, quality checks, and calculation detail.

Financials

Reported quarters with derived margins, cash flow, and net cash.

Methodology

How reported facts, researched judgments and deterministic math are kept apart.

Base estimate

$312.14 -5.7%

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