JPM
JPMorgan Chase
Bank / BV
★ Quality 42/100Price today
$358.64
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What this business is made of
The business
JPMorgan is so big the government uses it as a crutch in every crisis.
Largest universal bank in the U.S. by assets. Makes money on four fronts: consumer banking (cards, mortgages, deposits), investment banking (M&A, trading), asset management, and commercial banking. Projected 2026 NII is a record: $104.5B.
Regulatory scale no new competitor can replicate — $4 trillion in assets and a balance-sheet strength the government itself leans on in crises. The low-cost deposit franchise and simultaneous leadership in IB and consumer is structural. Dimon turned 'too big to fail' into a competitive advantage.
Revenue history
From $119.5B to $177.4B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $182.4B · FY2025
Of every $100 in sales, $69 goes to costs and operations; $31 is left as net profit (31% margin).
Catalysts and risks
2026 NII guide at a record $104.5B.
Apple Card adds ~$20B in card balances.
AI investment of $19.8B with $600M in identified efficiencies.
Trades at P/BV 2.43x vs historical average 1.57x — highest of the decade.
Credit cycle: provisions rise if the American consumer cracks.
Dimon succession still not fully resolved.
Charlie's note
“Paying 1.6x for the most fortified banking franchise in the country, with a regulatory moat no one will replicate, is about as sensible as the sector gets; 6% growth isn't dazzling, but with that margin and that scale you pay little for a lot of quality. Patience here rewards itself.”
Analysis · May 2026
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