RJF · Intrinsic value
Is Raymond James Financial, Inc. (RJF) overvalued or undervalued?
Raymond James Financial, Inc. (RJF) trades at the delayed market price of $154.65 a share. That price already implies revenue growth of −11.3% a year for 5 years. TickerWorth's fair value is $260.90 a share (priced within our range of $103.21 – $314.25). We do not call it over- or undervalued from inside our range.
Model by Miraaj Patel · generated from market data · Updated Oct 19, 2026 · How these pages are made
Is RJF fairly valued?
- Fair value
- $260.90
- Market price
- $154.65
- Upside to fair value
- +68.7%
- Verdict
- Priced within our range of $103.21 – $314.25
Reverse DCF: Today's price implies revenue growth of −11.3% a year for 5 years; our model assumes 9.5% a year on average over the same horizon.
What is RJF's TickerWorth Score?
Scores higher than almost every company we compare it with
Compared with Financial Services companies in US
Its strongest point: trades below our estimate of what it's worth. Its weakest: recent price trend has been weak.
- Value · 57 of 100
Cheaper than 57% of Financial Services companies in US
- Price vs worth · 100 of 100
- Quality · 52 of 100
More profitable than 52% of Financial Services companies in US
- Financial health · 72 of 100
Financially stronger than 72% of Financial Services companies in US
- Growth · 64 of 100
Growing faster than 64% of Financial Services companies in US
- Momentum · 37 of 100
Outperformed 37% of Financial Services companies in US over the past year
Confidence: High confidence · Scored
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RJF DCF valuation, input by input
TickerWorth's fair value for Raymond James Financial, Inc. (RJF) is $260.90 a share, against the delayed market price of $154.65 (priced within our range of $103.21 – $314.25). We do not call it over- or undervalued from inside our range. It is a model estimate, and every input behind it is sourced below. This is an educational model, not a price target or a recommendation.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values RJF at about $314.25 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts Raymond James Financial, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 8.9%, with a long-run terminal growth rate of 2.5%. About 75% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -11.3% annual revenue growth for RJF. Our base case instead compounds to about 9.5% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, RJF's modeled DCF value ranges from about $245.42 to $470.13 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Raymond James Financial, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of RJF's intrinsic value. Figures update as new filings and prices come in.
Every input behind RJF's DCF
| Input | Value |
|---|---|
| Base-year revenueLive feed — totalRevenue (TTM) | $15,240,000,000 |
| Base EBIT marginComputed — trailing operatingMargins, held roughly flat | 19.3% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 15% → 12% → 10% → 7% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.1% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.95 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesLive feed — sharesOutstanding | 192M |
| Market priceLast known price · as of 2026-10-19 22:16 UTC | $154.65 |
Change RJF's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
What does Raymond James Financial, Inc. do?
What does it do?
Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe. The Private Client Group segment offers financial planning, investment advisory, securities transaction, investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party mutual fund and annuity companies, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; securities borrowing and lending services; and custodial, trade execution, research, and other support and services. It operates in the Asset Management industry (Financial Services sector), headquartered in United States. The company employs roughly 19,500 people.
How does it make money?
The business turns $15.9B in annual revenue into profit. Out of every $100 of sales, about $19 is left as operating profit (operating margin of 19.3%), after a 93% gross margin on the products/services it sells. After all costs, taxes and interest, 15.1% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.5× equity), comfortably covers its short-term bills (2.1× current ratio), and is currently profitable.
Who at RJF filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| Bunn James E | President, Capital Markets | Option exercise | — | Form 4 for Bunn James E (opens sec.gov in a new tab) | |
| Bunn James E | President, Capital Markets | Option exercise | — | Form 4 for Bunn James E (opens sec.gov in a new tab) | |
| Bunn James E | President, Capital Markets | Option exercise | — | Form 4 for Bunn James E (opens sec.gov in a new tab) | |
| Bunn James E | President, Capital Markets | Shares withheld (tax) | $210,383.40 | Form 4 for Bunn James E (opens sec.gov in a new tab) | |
| Bunn James E | President, Capital Markets | Shares withheld (tax) | $350,639.00 | Form 4 for Bunn James E (opens sec.gov in a new tab) | |
| Bunn James E | President, Capital Markets | Shares withheld (tax) | $672,604.25 | Form 4 for Bunn James E (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans
Common questions
What is RJF's intrinsic value?
TickerWorth's blended fair value for Raymond James Financial, Inc. (RJF) is $260.90 per share, versus a market price of $154.65 (priced within our range of $103.21 – $314.25).
Is RJF overvalued or undervalued?
Priced within our range of $103.21 – $314.25 at $154.65. We don't call RJF overvalued or undervalued from a range. This is an educational estimate, not advice.
What discount rate is used for RJF?
A WACC of 8.9% and a terminal growth rate of 2.5%.
Is Raymond James Financial stock undervalued?
TickerWorth's fair value for Raymond James Financial, Inc. (RJF) is $260.90 against a market price of $154.65. Our read: Priced within our range of $103.21 – $314.25. This is a model estimate, not investment advice.
Raymond James Financial (RJF) DCF valuation and fair value
Our fair value for Raymond James Financial, Inc. (RJF) is $260.90, built on a 8.9% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Raymond James Financial stock?
Today's price implies revenue growth of −11.3% a year for 5 years; our model assumes 9.5% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $154.65. A model estimate, not investment advice.
Raymond James Financial (RJF) insider trading
The most recent insider filing (SEC Form 4) for Raymond James Financial, Inc. (RJF): Bunn James E, President, Capital Markets, option exercise on 2025-12-15. The latest filings are listed on this page. A disclosure, not a signal to trade.
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.