Stock fact sheet · data as of
JPMorgan Chase & Co. (JPM): fair value, margin of safety and Wheel Score
Ticker symbol JPM · Financial Services · Banks - Diversified · United States · Blend
Is JPM undervalued?
JPMorgan Chase & Co. (JPM) closed at 352.11 on 5 Nov 2026, close to the GLS average fair value of 378.96 (7.1% below fair value). 3 of the 7 models that produced a number sit above the price, 4 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between DDM (90.49) and GLS Growth (714.35). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for JPM, so the nightly engine files it under Blend (value score 43, growth score 47, out of 100).
Nine valuation models for JPM
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 698.81 | +98% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 277.57 | -21% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 464.83 | +32% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 133.01 | -62% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 714.35 | +103% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 90.49 | -74% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 273.69 | -22% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -821.96 | -333% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 373.36 | +6% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
JPMorgan Chase & Co. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 7.8/10 puts JPM among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are thin or negative - ROIC 4.4%, ROE 15.7%, ROA 1.3% - with debt at 2.60 times equity and negative free cash flow. Debt of 2.60 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 1.75% at a payout ratio of 20%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Consumer & Community Banking 42%, Commercial And Investment Bank 41%, Asset and Wealth Management 14% (quarter Q4 FY2025).
Institutional ownership scores 9/10, insider activity 1/10 and Congressional trading 1/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 4.4% |
|---|---|---|---|
| GLS Moat | 7.8 / 10 | ROE | 15.7% |
| Debt / equity | 2.60 | ROA | 1.3% |
| Free-cash-flow yield | -9.0% | Payout ratio | 20% |
| Institutions | 9 / 10 | Insiders · Congress | 1 · 1 / 10 |
Wheel Score 39: Weak
With a Wheel Score of 39 JPMorgan Chase & Co. sits in the Weak band. It fails filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 7, a premium worth selling - implied volatility 24% (under 25%); Value (weak) is its weakest part.
Implied volatility on the near-the-money contracts is 24%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. The option chain is deep: 378,267 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 10.3M shares a day on a market cap of $936.0B, with a beta of 1.02; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 24% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 7% below fair value | |
| Premium | Weak | implied volatility 24% | |
| Moat | Good | moat 7.8/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Strong | 56,798 contracts a day, 378,267 open interest | |
| Stability | Strong | beta 1.02, $936.0B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 14 Jan 2027, 70 days away - outside the window of a 30-45-day put sold today.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Diversified
The 12 companies below are the closest to JPMorgan Chase & Co. by market cap within the Banks - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| BACRP Bank of America Corporation PFD SER B 7% | 192.00 | 301.46 | +36% | 32No options | $359.1B |
| BAC Bank of America Corporation | 51.63 | 118.20 | +56% | 81Good | $356.3B |
| HSBC HSBC Holdings plc | 89.37 | 147.87 | +40% | 49Weak | $311.8B |
| RY Royal Bank of Canada | 209.79 | 305.64 | +31% | 81Good | $290.9B |
| WFC Wells Fargo & Company | 87.43 | 158.36 | +45% | 84Good | $262.5B |
| MUFG Mitsubishi UFJ Financial Group, Inc. | 21.97 | 30.73 | +29% | 87Prime | $248.2B |
| TD The Toronto-Dominion Bank | 128.20 | 133.06 | +4% | 70Good | $216.6B |
| C Citigroup Inc. | 124.75 | 174.18 | +28% | 52Fair | $209.3B |
| SAN Banco Santander, S.A. | 12.07 | 38.86 | +69% | 48Weak | $179.8B |
| UBS UBS Group AG | 50.67 | 77.43 | +35% | 80Good | $155.1B |
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | 25.47 | 52.66 | +52% | 49Weak | $140.8B |
| BMO Bank of Montreal | 177.47 | 317.92 | +44% | 81Good | $123.4B |
⚖ Compare JPM with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about JPM
Is JPM undervalued right now?
Not meaningfully: at 352.11 the stock trades within a few percent of the GLS average fair value of 378.96 (7.1% below fair value, data as of 5 Nov 2026).
What is the Wheel Score of JPM and what does it mean?
JPM scores 39 out of 100 (Weak) - it fails Wheel Trade Filters 4, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for JPM?
378.96 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does JPMorgan Chase & Co. report earnings next?
The next earnings report is due on 14 Jan 2027, 70 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does JPM have listed options, and how liquid are they?
Yes. The nightly snapshot found 824 listed contracts with 378,267 open interest across all expiries and implied volatility of 24% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.