olivLaw · US equity research
Raymond James Financial, Inc. RJF
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Raymond James Financial, Inc. (RJF) is a diversified financial services company providing private client, capital markets, asset management, banking and other services. For fiscal 2025, net revenues were 14.07 billion USD, up 10%, and in fiscal third quarter 2026 net revenues reached 3.93 billion USD, up 16%. The data show solid growth, though the outlook stays conditional on market and interest rate developments.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Raymond James Financial, Inc. (RJF) stock was 168.69 USD (+4.34% on the day), with market capitalisation 32.4 bn USD, P/E 14.7 on diluted EPS of 11.49 USD over the last 12 months, dividend yield 1.26%, beta 0.98, 52-week range 140.89–181.18 USD. Latest reported quarter (Q3 2026): revenue of 4.4 bn USD (+13.5% YoY), net income of 595.0 m USD (+36.5% YoY), diluted EPS 3.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 152.28 – 164.71
- above the upper band · %B 1.32 · band width 7.8%
- SMA 50 / 200
- 163.93 / 160.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.15 / -1.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.9% | −1.1% | +6.0 pp | — |
| 3 months | −6.6% | −0.5% | −6.1 pp | — |
| 6 months | +5.8% | +4.4% | +1.5 pp | — |
| Year to date | +5.0% | +12.3% | −7.3 pp | — |
| 1 year | +6.7% | +13.5% | −6.9 pp | −16.4% |
| 3 years | +66.6% | +76.4% | −9.8 pp | +64.7% |
| 5 years | +68.7% | +63.7% | +5.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 4.0 bn | 3.8 bn | 3.8 bn | 4.2 bn | 4.2 bn | 4.3 bn | 4.4 bn |
| Depreciation & amortisation | 47.0 m | 47.0 m | 47.0 m ≈ | 49.0 m ≈ | 52.0 m | 49.0 m | 50.0 m ≈ | 55.0 m ≈ |
| Pre-tax income | — | 749.0 m | 671.0 m | 563.0 m | — | — | — | — |
| Income tax | 158.0 m | 149.0 m | 176.0 m | 127.0 m | 127.0 m | 165.0 m | 191.0 m | 155.0 m |
| Net income | 602.0 m | 600.0 m | 495.0 m | 436.0 m | 604.0 m | 563.0 m | 544.0 m | 595.0 m |
| Diluted EPS | 2.87 ≈ | 2.86 | 2.36 | 2.12 | 2.97 ≈ | 2.79 | 2.72 | 3.01 |
| Operating cash flow | 510.0 m | 830.0 m | 117.0 m ≈ | 691.0 m ≈ | 796.0 m | -10.0 m | 1.1 bn ≈ | -246.0 m ≈ |
| Capex | 50.0 m | 41.0 m | 46.0 m ≈ | 57.0 m ≈ | 44.0 m | 46.0 m | 45.0 m ≈ | 62.0 m ≈ |
| Dividends paid | 95.0 m | 105.0 m | 106.0 m ≈ | 103.0 m ≈ | 102.0 m | 112.0 m | 109.0 m ≈ | 105.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 79 percentile of its own 43-quarter history (min 7.5, median 13.0, max 16.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.5 bn | 8.0 bn | 8.2 bn | 9.9 bn | 11.3 bn | 13.0 bn | 14.9 bn | 15.9 bn |
| Revenue YoY | +14.6% | +7.3% | +1.8% | +21.3% | +14.1% | +14.9% | +14.9% | +6.6% |
| Net income | 857.0 m | 1.0 bn | 818.0 m | 1.4 bn | 1.5 bn | 1.7 bn | 2.1 bn | 2.1 bn |
| Net income YoY | +34.7% | +20.7% | −20.9% | +71.5% | +7.6% | +15.2% | +18.9% | +3.2% |
| Diluted EPS | 5.75 | 4.78 | 3.88 | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 |
| Diluted EPS YoY | +32.8% | −16.9% | −18.8% | +70.9% | +5.3% | +14.2% | +21.7% | +6.2% |
| net % | 11.5% | 12.9% | 10.0% | 14.2% | 13.3% | 13.4% | 13.9% | 13.4% |
| Free cash flow | 750.0 m | 439.0 m | 3.9 bn | 6.6 bn | -19.0 m | -3.7 bn | 2.0 bn | 2.2 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 11.4 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 12.5 bn USD
- Total assets
- 88.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 17.7%
- ROA
- 2.5%
- FCF margin
- 14.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.2 bn | 9.9 bn | 11.3 bn | 13.0 bn | 14.9 bn | 15.9 bn | SEC (XBRL)· 25 Nov 2025verified |
| Depreciation & amortisation | 119.0 m | 134.0 m | 145.0 m | 165.0 m | 179.0 m | 195.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Interest expense | 178.0 m | 150.0 m | 305.0 m | 1.4 bn | — | — | SEC (XBRL)· 21 Nov 2023verified |
| Pre-tax income | 1.1 bn | 1.8 bn | 2.0 bn | 2.3 bn | — | — | SEC (XBRL)· 21 Nov 2023verified |
| Income tax | 234.0 m | 388.0 m | 513.0 m | 541.0 m | 575.0 m | 579.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Net income | 818.0 m | 1.4 bn | 1.5 bn | 1.7 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 25 Nov 2025verified |
| Diluted EPS | 3.88 | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 | SEC (XBRL)· 25 Nov 2025verified |
| Weighted average diluted shares | 210.3 m | 211.2 m | 215.3 m | 216.9 m | 212.3 m | 206.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Dividend per share | 0.99 | 1.04 | 1.36 | 1.68 | 1.80 | 2.00 | SEC (XBRL)· 25 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.4 bn | 7.2 bn | 6.2 bn | 9.3 bn | 11.0 bn | 11.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Property, plant & equipment, net | 535.0 m | 499.0 m | 503.0 m | 561.0 m | 635.0 m | 670.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Goodwill | 466.0 m | 660.0 m | 1.4 bn | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 25 Nov 2025verified |
| Intangibles (excl. goodwill) | 134.0 m | 222.0 m | 509.0 m | 470.0 m | 435.0 m | 396.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Total assets | 47.5 bn | 61.9 bn | 81.0 bn | 78.4 bn | 83.0 bn | 88.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Long-term debt | — | 8.0 m | 1.0 m | — | — | — | SEC (XBRL)· 03 Feb 2023verified |
| Total liabilities | 40.3 bn | 53.6 bn | 71.5 bn | 68.2 bn | 71.3 bn | 75.7 bn | SEC (XBRL)· 25 Nov 2025verified |
| Equity | 7.2 bn | 8.3 bn | 9.4 bn | 10.2 bn | 11.7 bn | 12.5 bn | SEC (XBRL)· 25 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.1 bn | 6.6 bn | 72.0 m | -3.5 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Capex | 124.0 m | 74.0 m | 91.0 m | 173.0 m | 205.0 m | 188.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Free cash flow | 3.9 bn ≈ | 6.6 bn ≈ | -19.0 m ≈ | -3.7 bn ≈ | 2.0 bn ≈ | 2.2 bn ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Investing cash flow | -5.0 bn | -5.1 bn | -7.2 bn | -274.0 m | -968.0 m | -4.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Financing cash flow | 4.6 bn | 5.2 bn | 5.9 bn | 1.4 bn | 438.0 m | 2.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Dividends paid | 205.0 m | 218.0 m | 277.0 m | 355.0 m | 383.0 m | 416.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Share repurchases | 272.0 m | 128.0 m | — | — | — | — | SEC (XBRL)· 23 Nov 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 32.4 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 120.02 – 224.21 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E120.02 – 224.21 (Mid 178.78)17 companies used · median multiple 15.6x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)outside the aggregate26.28 – 35.34 (Mid 30.15)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.6% | 54 (vs peers) | 11% |
| FCF conversion · Quality | 62.5% | 46 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 12.1% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 13.8% | 92 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 14.7x | 58 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.4% | 56 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 29.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth96/100 · 2/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation57/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RAYMOND JAMES FINANCIAL, INC. (RJF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 15.9 bn USD in 2025; YoY growth 6.6%; net margin 13.6%; ROE 18.5%.
The estimated value range is 120.02–224.21 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 178.78 USD, the price of 168.69 USD leaves a potential of 6.0% (value / price − 1) and a margin of safety of 5.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 12.1%
- EPS CAGR 3Y: 13.8%
- Payout ratio (FCF): 29.7%
What contradicts it
- Shareholder yield (distributions): 1.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 29.5 | 12.3% | 24.1% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +7% / +67% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Corporation | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for RJF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 111.97 Total return -33% · Per year -33% | 197.29 Total return 18% · Per year 18% | 296.26 Total return 77% · Per year 77% |
| 3 years | 125.81 Total return -22% · Per year -8% | 247.74 Total return 52% · Per year 15% | 405.95 Total return 147% · Per year 35% |
| 5 years | 141.36 Total return -10% · Per year -2% | 311.09 Total return 94% · Per year 14% | 556.27 Total return 242% · Per year 28% |
- Exit P/E± 61.93
- Net margin± 43.35
- Annual revenue growth± 33.18
- Annual dilution± 3.64
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
In brief
Raymond James Financial, Inc. (RJF) is a diversified financial services company providing private client, capital markets, asset management, banking and other services 1. For fiscal 2025, net revenues were 14.07 billion USD, up 10% 1, and in fiscal third quarter 2026 net revenues reached 3.93 billion USD, up 16% 3. The data show solid growth, though the outlook stays conditional on market and interest rate developments.
SWOT
Strengths
- The diversified model, with complementary segments, reduces dependence on any single revenue type.
- A large base of assets under management and a high share of fee-based accounts provide recurring revenue.
- Capital and liquidity are strong, with capital ratios above regulatory requirements.
Weaknesses
- A high compensation ratio means a large share of revenue goes to advisors and staff.
- Interest-related revenue depends on rate levels and sweep deposit balances, which can be volatile.
- Non-compensation costs have risen on legal provisions and technology investment.
Opportunities
- Advisor recruiting and recent acquisitions could expand assets under management.
- The investment banking market could benefit from higher M&A and underwriting volumes.
- Securities-based and bank lending could grow if client demand remains solid.
Threats
- A market correction could reduce assets under management and fee revenue.
- Cyber-attacks and data theft could cause financial losses and reputational damage.
- Regulatory changes and litigation could raise compliance costs.
Risks
- Reputational riskhigh
Loss of client confidence due to conduct issues, litigation or sector-wide events could affect the business 1.
- Cybersecurity riskhigh
A security breach could expose client data and create financial liability and regulatory penalties 1.
- Dependence on sweep depositsmedium
A reduction in RJBDP balances could limit Bank segment growth and affect capital ratios 1.
- Access to fundingmedium
Tighter credit markets could limit the firm's access to capital and liquidity during stress periods 1.
- Legal and regulatory exposurelow
Litigation provisions and regulatory sanctions can raise expenses and affect quarterly results 12.
Investment thesis
What would need to be true (bull case)
- If growth in fee-based assets and advisor recruiting continues, recurring revenue could keep rising.
- A more active investment banking market could support growth in the Capital Markets segment.
- Strong capital and high liquidity could allow investment in growth and acquisitions.
What would break the thesis
- A market correction could reduce assets under management and related fees.
- Lower interest rates could reduce deposit-related and net interest income.
- Rising staff costs and legal provisions could compress margins.
What to watch
- Trend in net revenues and fee-based assetsQ4 2026
- Pace of advisor recruiting and net asset gathering2027
- RJBDP sweep balances and net interest margin trajectory2027
- Next annual 10-K disclosures on litigation and regulationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
The business
Raymond James Financial operates through five reportable segments: Private Client Group, Capital Markets, Asset Management, Bank and Other 1. As of September 30, 2025, client assets under administration in the PCG segment were 1.67 trillion USD, and the firm had 8,943 financial advisors affiliated with it 1. The company is listed on the NYSE under the symbol RJF and is supervised by the Federal Reserve as a bank and financial holding company 1.
The business model combines recurring revenue from fees on assets under management with transactional and banking income. As of September 30, 2025, assets under administration through the RCS division for third-party firms totaled 217.3 billion USD 1. The Bank segment had total assets of 65.26 billion USD, of which 46% were securities-based and residential mortgage loans 1.
As of September 30, 2025, the firm reported approximately 19,500 associates and 5,065 independent advisors 1. As of June 30, 2026, client assets under administration reached 1.92 trillion USD, and fee-based assets in PCG reached 1.15 trillion USD 3.
Segments
Private Client Group
The PCG segment provides financial planning, investment advisory and securities transaction services through financial advisors 1. Segment net revenues in fiscal 2025 were 10.18 billion USD 1. In fiscal third quarter 2026, net revenues rose 14% year over year to a record level 3.
Market context
The firm's results depend on broad economic conditions, equity and fixed income market activity, interest rate levels and corporate finance activity 1. A favorable market environment with tight credit spreads and attractive yields supported the firm's September 2025 senior note issuance 1.
Financial advisor recruiting and net asset gathering are key drivers of PCG growth 3. Lower short-term interest rates can reduce net interest income and sweep-related fees 1.
Competitive position
Raymond James adapts its model by combining employee, independent contractor and RIA affiliation options, supported by custody services 1. Competition in wealth management and advisory services is intense, and the firm's advantage depends on retaining advisors and clients.
In investment banking and trading, the firm competes with other financial services firms offering the same M&A, advisory and underwriting products 1. Differentiation rests on client relationships and service quality rather than price.
- Morgan StanleyMS
Direct competitor in wealth management, investment banking and trading, cited as a market reference in the firm's competitive environment.
- Goldman SachsGS
Competitor in investment banking, M&A advisory and securities underwriting.
- Stifel FinancialSF
Competitor in private client advisory and mid-sized investment banking.
- LPL FinancialLPLA
Competitor in independent advisor affiliation and custody services for advisors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- This semiconductor stock slid 35% in October. Raymond James sees a buying opportunityCNBC — Top News · 27 Oct 2026 · EN
- Raymond James Adds Retirement Plan Option for Small Business OwnersYahoo Finance — News · 16 Sept 2026 · EN
- Is Raymond James Financial Stock Underperforming the S&P 500?Yahoo Finance — News · 15 Sept 2026 · EN
- Raymond James reveals 2 stocks worth buying for the rest of 2026Yahoo Finance — News · 02 Sept 2026 · EN
- Permian Resources (PR) Just Hit a Record High. But Raymond James Says the Rally Isn’t OverYahoo Finance — News · 29 Aug 2026 · EN
- AMD Stock Alert: Raymond James Sees $201B Revenue Opportunity by 2030Yahoo Finance — News · 27 Aug 2026 · EN
- Can Nvidia Really Hit the $12.4 Trillion Number Raymond James Just Put on It?Yahoo Finance — News · 27 Aug 2026 · EN
- Are Wall Street Analysts Bullish on Raymond James Stock?Yahoo Finance — News · 25 Aug 2026 · EN
- Big Tech Apprehension Still Exists: Raymond James' DeBloomberg Markets · 22 Jun 2026 · EN
The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report23 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Sept 2026Departure or appointment of officers · Regulation FD disclosure
- Current report19 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Raymond James Financial, Inc. · 25 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Raymond James Financial, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Raymond James Financial, Inc. · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.