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Raymond James Financial

RJF
67
Asset Management · Financial Services
Also trades as: 0KU1.L GBP 1.59 (+0.37%)
Price
$158.28
-0.32 (-0.20%)
Market Cap
$30.41B
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Mixed
2/5

67 of 100 counted points = Winston Score 67.

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Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 211.2M (2021) → 206.6M (2025)

§Winston Score History

The full picture

Raymond James Financial is a financial services company that helps people manage and invest their money. Its main businesses include wealth management, investment banking, and stock brokerage services. The company works with individual investors, businesses, and governments, and is one of the larger independent financial advisory firms in the United States.

Raymond James makes money by charging fees and commissions on investment accounts, earning interest on loans and deposits through its banking arm, and collecting fees for helping companies raise money or complete mergers. It operates mainly in the United States, with some presence in Canada and Europe, and reported roughly $12 billion in annual revenue in recent years. Its large network of independent financial advisors is a key competitive strength, since those advisors bring loyal client relationships that are difficult for rivals to pull away. The main risk the company faces is that falling stock markets or rising interest rate swings can reduce client assets and hurt fee revenue.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+41.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

10.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$76.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Raymond James Financial is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
66.2%
Premium pricing power — 66.2% gross margin
Profit after running costs
Operating Margin
17.2%
Healthy — 17.2% operating margin
Return on the money invested
ROCE
16.4%
Strong — 16.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.1%
Steady sales growth (+9.1% YoY)
Profit growth
EPS YoY
+12.0%
Earnings growing (+12.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
107%
Turns 107% of profit into real cash
Spare cash per sale
FCF Margin
13.4%
Converts sales into free cash efficiently (13.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.42
Conservative — low debt load (0.42)
Covers its interest
Interest Cover
3.37x
Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.5x
Attractive valuation — P/E 13.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.3
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.37%
Small dividend — 1.37% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+8.0%
Dividend growing modestly (8.0% YoY)

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