What is Raymond James Financial, Inc. (RJF) DCF Fair Value and Intrinsic Value in 2026?

Raymond James Financial, Inc. (RJF) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Raymond James Financial, Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

Raymond James Financial, Inc. operates in the Financials sector (Capital Markets) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Raymond James Financial, Inc.'s financial health rating and Piotroski F-Score?

Raymond James Financial, Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Raymond James Financial, Inc. (RJF) for quarterly SEC filing thesis breaks?

LocalAlpha audits Raymond James Financial, Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksRJF

RJF

Raymond James Financial, Inc.Financial Services / Asset ManagementINTACT

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. The Capital Markets segment provides investment banking services, such as equity and debt underwriting, and merger and acquisition advisory; and fixed income and equity brokerage services. This segment also offers institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. The Asset Management segment provides asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Bank segment offers various types of loans, including securities-based, corporate, commercial and industrial, commercial real estate and construction, real estate investment trust, residential mortgage, and tax-exempt loans; Federal Deposit Insurance Corporation-insured deposit accounts; retail and corporate deposit; and liquidity management products and services. The Other segment engages in the private equity investments comprising investments in third-party funds. The company offers corporate, retail banking and trust services. Raymond James Financial, Inc. was founded in 1962 and is headquartered in Saint Petersburg, Florida.

Share Price

$172.52

52W: $138.82 - $182.73

DCF Fair Value

$300.20

+42.5% MoS

Thesis Hub

P/E (TTM)

15x

ROIC

14.5%

Operating Margin

19.3%

FCF Yield

6.3%

Debt / Equity

0.48x

Piotroski Score

7/9

Altman Z-Score

4.51

Market Cap

$33.2B

Price vs. Intrinsic Value Corridor

Margin of Safety Buy Zone (<25% Discount)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$300.20

MOS Buy Target (-25%)

$225.15

Valuation Overlays: DCF Fair Value ($300.20) 25% MOS Buy Target ($225.15) Revised Graham ($241.83) Graham Number ($130.61)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$172.52

DCF Fair Value

$300.92

+42.7% MoS

Starting Free Cash Flow ($M)$2,096M

$100M$2,096M (Reported)$50,000M

Stage 1 Growth (Years 1-5)9.7%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)-$9,900M (Net Cash)

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$20.2B

PV of Terminal Value

$27.6B

Implied Enterprise Value

$47.9B

Implied Equity Value

$57.8B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$2,299	$2,522	$2,767	$3,035	$3,330	$3,480	$3,636	$3,800	$3,971	$4,150
Present Value (PV)	$2,109	$2,123	$2,137	$2,150	$2,164	$2,075	$1,989	$1,907	$1,828	$1,753

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-32.1% Premium

$130.61

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $11.47BVPS: $66.10

Revised Graham Formula+28.7% MoS

$241.83

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings6% Yield

$10.37 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $2.0BYield: 6%

Reverse DCF: Market Growth Expectation

MODEST BARRIER

2.5% CAGR (Next 10 Yrs)

At the current price of $172.52, the market is assuming the business will compound Free Cash Flow at 2.5% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

✓ Low market hurdle: Easy for a wide-moat compounder to beat.

Autonomous Thesis Underwriting

Surveil RJF with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Raymond James Financial, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 19.3% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Raymond James Financial, Inc. (RJF) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Raymond James Financial, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Raymond James Financial, Inc. has an estimated DCF intrinsic fair value of $300.20 per share compared to its current market price of $172.52. This represents an estimated 42.5% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $130.61.