Finance &amp; Banking

Last Updated: 10 June 2026

Legal & General Group is a FTSE 100 financial services group founded in 1836, built around three businesses: Institutional Retirement (the UK's leading pension risk transfer writer), Asset Management (£1.2 trillion of global AUM including a fast-growing private markets arm) and Retail (protection, workplace pensions and individual annuities for around 12 million customers). 2025 marked a strategic reset completed: the US protection and US PRT businesses were sold to Meiji Yasuda for $2.3bn, core operating profit rose 6% to £1,623m, and the group launched the largest buyback in its history at £1.2bn. Track LGEN on our Live Charts, watch scheduled market events on the Economic Calendar, and share your view in the Forum.

1. Company Snapshot

Field	Value
Company	Legal & General Group Plc
Ticker	LGEN (London Stock Exchange); LGGNY (US ADR)
Exchange	London Stock Exchange — FTSE 100
Sector	Finance & Banking — life insurance, retirement and asset management
Group CEO	António Simões (since January 2024)
Share price	269.9p (close, 9 June 2026)
Market capitalisation	~£14.8bn (June 2026)
FY2025 revenue (IFRS total revenue, continuing operations)	£10,462m
FY2025 core operating profit	£1,623m (up 6%)
FY2025 IFRS profit after tax (equity holders)	£592m
FY2025 basic EPS	9.99p (core operating EPS 20.93p)
FY2025 dividend per share	21.79p (yield ~8.1% at current price), plus £1.2bn buyback
Assets under management	~£1.2trn (31 Dec 2025), including £75bn private markets
Solvency II coverage ratio	210% pro forma (FY2025, allowing for Meiji Yasuda deal and £1bn buyback)
Contractual service margin (CSM)	£12.4bn (store of future profit £13.3bn)
Employees	~11,139
Headquarters	One Coleman Street, London, UK

2. Bull and Bear Case

Bull Case

PRT market leadership: L&G wrote £11.8bn of global pension risk transfer in 2025 (£10.4bn in the UK) and Institutional Retirement profit rose 6% to £1,168m, in a structurally growing market where most UK defined benefit schemes are still to insure their liabilities — with around 80% of UK PRT volumes coming from existing Asset Management clients.
Heavyweight capital returns: A 21.79p dividend (~8% yield) plus the largest buyback in the group's history (£1.2bn in 2026) equals ~£2.4bn of planned shareholder returns in a year, within a stated ambition to return more than £5bn over 2025–2027 — over a third of the current market cap within three years.
Simplified, sharper group: The $2.3bn Meiji Yasuda sale (completed 2 February 2026) exited subscale US insurance, generated £1.2bn of Solvency II capital and an expected IFRS profit of over £1.3bn, brought a 5% strategic shareholder on board, and leaves three focused divisions with clear synergies.
Asset Management inflection: Private markets AUM grew 32% to £75bn, annualised net new revenue turned positive (£34m) and the average fee margin expanded to 9.1bps — early evidence that the lower-margin index-heavy LGIM model is being remixed toward higher-fee growth areas.
Large store of future profit: The £12.4bn contractual service margin plus risk adjustment (£13.3bn in total) under IFRS 17 represents booked-but-unrecognised profit that will amortise into earnings over decades, underpinning the 6–9% core operating profit and EPS growth targets.

Bear Case

IFRS earnings volatility: Reported profit remains hostage to investment variance — a £771m negative swing in 2025 left IFRS profit after tax at £592m versus £1,623m of core operating profit, and 2024's statutory result was just £191m; investors must trust management's "core" lens.
Solvency headroom reduced: The pro forma Solvency II ratio fell from 232% to 210% after funding the buyback and absorbing the US disposal, and heavy annuity writing consumes capital — persistent sub-par markets or wider credit spreads would squeeze the surplus that funds the ~8% yield.
Revenue drifting, not growing: IFRS total revenue on a continuing basis slipped from £10,657m to £10,462m in 2025 and the dividend now grows at only 2% a year, so the investment case leans heavily on buybacks and the CSM unwind rather than organic top-line growth.
Annuity balance-sheet risk: Returns depend on a vast credit portfolio backing long-dated annuity liabilities; downgrades or defaults in a recession, adverse longevity developments, or aggressive PRT pricing from competitors (Rothesay, PIC, Aviva, Standard Life) could erode margins on decades-long contracts.

3. Business Segments

L&G reports through three divisions plus a corporate centre. Percentages below are shares of FY2025 IFRS total revenue of £10,462m (Retail combines the "Insurance" and "Retail Retirement" revenue lines); core operating profit (COP) contributions are shown in the description.

Segment	% of revenue	What it is
Institutional Retirement	~54%	UK and international pension risk transfer (bulk annuities) — taking over corporate defined benefit pension obligations and the assets that back them. Revenue of £5,643m and COP of £1,168m in 2025 (up 6%), with £11.8bn of global new business volumes.
Retail	~37%	UK protection (life insurance), workplace pensions (DC assets £114bn, up 21%), individual annuities (£1.8bn of 2025 volumes) and US-linked retail lines. Combined revenue of £3,866m and COP of £447m in 2025 (up 4%), serving ~12 million customers.
Asset Management	~11%	Global asset manager spanning index, active fixed income and £75bn of private markets (real estate, infrastructure, private credit). Total revenue of £1,106m including internal mandates (£879m external) and COP of £402m in 2025; £1.2trn AUM with 9.1bps average fee margin.
Corporate centre & eliminations	~-2%	Group debt costs (£229m in 2025), investment projects and expenses (£165m) and inter-segmental eliminations; not a customer-facing business.

4. Business Model & Moat

How it makes money. L&G operates a synergistic flywheel: Institutional Retirement takes on pension liabilities for an upfront premium and earns a spread by investing those assets — largely through its own Asset Management division — in credit and private assets; Asset Management earns fees on £1.2trn of internal and external money; and Retail collects insurance premiums and pension contributions that feed both. Under IFRS 17, each new annuity deal adds to a £12.4bn contractual service margin that converts into operating profit over the life of the contracts, giving unusually high earnings visibility.

Unit economics. UK PRT was written at low capital strain in 2025 (under 4% of premium), meaning every £10bn of new business consumes only a few hundred million pounds of capital while locking in decades of spread income; Solvency II operational surplus generation of £1,530m comfortably covered the ~£1.25bn dividend cost. In Asset Management, index management is low-fee but sticky and feeds the annuity engine, while private markets earn multiples of the group's 9.1bps average fee margin.

Moat. Scale, brand and the in-house investment engine are the moat: L&G is the UK's largest PRT writer with around 80% of volumes transacted with long-standing Asset Management clients, one of the world's largest index managers, and a top workplace pension provider — positions reinforced by regulatory capital requirements, actuarial data accumulated over 189 years, and trustee relationships that take decades to build.

5. Financial Health

All figures are taken from L&G's results announcements and Annual Report and Accounts. "Revenue" is IFRS total revenue as disclosed in the group's segmental analysis (insurance revenue, fund management and investment contract fees and other operational income). L&G adopted IFRS 17 from 2023 (2022 restated); 2021 was reported under IFRS 4, and the 2022 restated revenue disclosure is not on a comparable footing, so those cells are marked n/m. 2023 revenue is as reported at the time and includes the US businesses sold in 2026; 2024 and 2025 are on the re-presented continuing-operations basis, so the 2024 change is also marked n/m. "Adjusted EPS" is L&G's core operating EPS, a measure introduced with the 2024 results (2024 figure restated to exclude the non-retained US business). For context, IFRS profit after tax attributable to equity holders was: 2021 £2,050m (IFRS 4), 2022 £783m (restated), 2023 £457m, 2024 £191m, 2025 £592m.

Year	Revenue (£m)	YoY %	GAAP EPS (p)	Adjusted EPS (p)	Dividend/share (p)	Long-term debt (core borrowings, YE, £bn)
2021	n/m (IFRS 4 basis)	n/m	—	—	18.45	—
2022	n/m (IFRS 17 transition)	n/m	—	—	19.37	4.3
2023	12,111	n/m	7.35	—	20.34	4.3
2024	10,657	n/m (US re-presented)	2.89	19.20	21.36	4.3
2025	10,462	-1.8%	9.99	20.93	21.79	4.3

Core borrowings have been held steady at ~£4.3bn for four consecutive year-ends (£4,297m at 31 December 2025, of which £3,697m subordinated and £600m senior), with a further £0.3bn of operational borrowings at end-2025, down from £1.7bn a year earlier. The low 2024 GAAP EPS reflected heavy negative investment variance under IFRS 17 rather than operating weakness — core operating profit grew through the period: £1,667m (2023, prior "operating profit" definition), £1,534m (2024, restated core basis) and £1,623m (2025).

L&G reports semi-annually, so the table below shows half-year periods, most recent first. H2 figures are derived as full-year minus first-half disclosures; L&G does not disclose IFRS revenue by half-year on the continuing-operations basis, so half-year revenue cells are marked n/d.

Quarter / Half	Revenue (£m)	Core operating profit (£m)	IFRS profit after tax (£m)	Adjusted EPS (core operating, p)
H2 2025	n/d	764	276	9.99
H1 2025	n/d	859	316	10.94
H2 2024	n/d	725	(32)	9.13
H1 2024	n/d	809	223	10.07
FY 2025	10,462	1,623	592	20.93

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~£14.8bn (269.9p, 9 June 2026; ~5,484m shares, shrinking as buyback shares are cancelled)
Enterprise value	~£19.1bn on a crude basis (market cap ~£14.8bn + £4.3bn core borrowings per the FY2025 balance sheet; group cash largely backs policyholder and annuity liabilities so is not netted off)
Trailing P/E (GAAP)	~27x (269.9p / FY2025 basic EPS of 9.99p); on core operating EPS of 20.93p the equivalent multiple is ~13x
P/E (forward)	Not published — ChartsView does not use analyst estimates; management targets 6–9% compound annual growth in core operating EPS over 2024–2027
P/S (TTM)	~1.4x (market cap ~£14.8bn / FY2025 IFRS total revenue of £10,462m)
EV/EBITDA (TTM)	Not meaningful for a life insurance and retirement group under IFRS 17 — there is no conventional EBITDA; the operating-performance equivalent is core operating profit of £1,623m (FY2025)
P/FCF	Statutory cash flow is dominated by policyholder and annuity fund movements, so P/FCF is not meaningful; the closest analogue is price / Solvency II operational surplus generation of ~10x (market cap ~£14.8bn / FY2025 OSG of £1,530m)
52-week high	300p (LSE, 12 months to 9 June 2026)
52-week low	217p (LSE, 12 months to 9 June 2026)
Dividend yield	~8.1% (21.79p on 269.9p), before the effect of the £1.2bn 2026 buyback
Short interest (% of float)	~1.5% disclosed via the FCA short-disclosure regime (positions ≥0.5%: GLG Partners 0.88% as at 8 June 2026 and Numeric Investors 0.62% as at 27 May 2026; ShortTracker/FCA data)
Days to cover	Not published for LSE-listed stocks — the UK regime discloses individual short positions above 0.5% rather than exchange-wide short interest

7. Growth Drivers

The core growth engine is pension risk transfer. UK defined benefit schemes hold well over £1 trillion of liabilities, the majority not yet insured, and improved funding levels keep pushing schemes toward buyout; L&G wrote £10.4bn of UK PRT in 2025 within an £11.8bn global total, and is expanding the same playbook internationally through reinsurance partnerships (including with Meiji Yasuda, which now owns 5% of the group and provides a corridor into Japanese and US flows). Each pound of new PRT also feeds Asset Management, which manages the backing assets.

The second driver is the remix of Asset Management toward higher-fee strategies: private markets AUM rose 32% to £75bn in 2025 with an ambition to reach £85bn by 2028, annualised net new revenue is positive and the average fee margin is expanding from a low base (9.1bps). Third, Retail rides the defined contribution boom — workplace DC assets grew 21% to £114bn with £6.2bn of net flows and a further £3.7bn won for 2026 onboarding, while a 15% rise in workplace members buying an L&G annuity shows the cross-sell loop working. Management targets 6–9% compound core operating EPS growth to 2027, £5–6bn of cumulative Solvency II operational surplus generation, and more than £5bn of shareholder returns over 2025–2027.

8. Peer Comparison

L&G's closest comparators are the other large UK life, retirement and savings groups.

Peer	Market cap (June 2026)	Key 2025 metric
Aviva	~£18.2bn	FY2025 group operating profit £2,203m, up 25% (including first Direct Line contribution), hitting its £2bn target a year early
M&G plc	~£7.6bn	FY2025 adjusted operating profit £838m with £7.8bn net inflows from open business and a 242% Solvency II ratio
Phoenix Group (renamed Standard Life plc, March 2026)	~£7.4bn	~12 million customers and £295bn+ of assets under administration; H1 2025 adjusted operating profit up 25%
Schroders	~£9.1bn	FY2025 AUM record £823.7bn with £11.2bn net new business; adjusted operating profit £756.6m, up 25%

9. Insider Activity

L&G is led by Group Chief Executive Officer António Simões. UK PDMR disclosures (RNS) in 2026 show routine dividend reinvestment and a family transfer rather than open-market selling:

Name	Date	Type	Shares	Price	Value	Plan Type
António Simões (Group CEO)	26 Mar 2026	Transfer of shares to spouse (nil consideration; aggregate beneficial holding unchanged)	188,097	nil	—	Personal transfer
Various Directors/PDMRs (including Group CFO and Group COO)	4 Jun 2026	Dividend reinvestment purchases	—	~£2.71	—	Employee Share Plan DRIP

Separately, the company itself is the largest buyer of its own shares: 6,188,720 ordinary shares were repurchased for cancellation between 1 and 5 June 2026 alone under the £1.2bn buyback programme, and Meiji Yasuda holds a 5% strategic stake following completion of the US transaction.

10. Key Risks

Credit cycle exposure (Market): Annuity liabilities are backed by a vast bond and private credit portfolio; a recession bringing downgrades and defaults would hit both IFRS results and Solvency II surplus, and investment variance already swung reported profit by hundreds of millions in 2024–2025.
Capital and solvency headroom (Financial): The pro forma Solvency II ratio of 210% is down from 232% after the buyback and US disposal; sustained heavy PRT writing, market stress or regulatory recalibration (Solvency UK reforms) could constrain the pace of shareholder returns.
Longevity and assumption risk (Operational): Decades-long annuity contracts rest on mortality, inflation and matching-adjustment assumptions; adverse longevity developments or assumption changes can require reserve strengthening years after business is written.
PRT competition and pricing (Competition): Rothesay, PIC, Aviva, Standard Life and new entrants are all chasing the same UK buyout pipeline; aggressive pricing could compress new-business margins exactly as volumes become central to the growth story.
Asset Management turnaround execution (Execution): The fee margin is only 9.1bps and ANNR of £34m is small against a £1.2trn book; if private markets growth stalls or index mandates reprice, divisional profit (£402m, flat in 2025) could disappoint against the inflection narrative.
Policy and regulatory change (Regulatory): Pensions policy (DC consolidation, Mansion House reforms), FCA conduct rules and IFRS 17 interpretation changes can alter the economics of workplace pensions, annuities and fee structures with little notice.

11. Recent Developments

8 Jun 2026 — Buyback rolls on. L&G disclosed the repurchase of 6,188,720 ordinary shares between 1 and 5 June 2026 at roughly 268–272p through Barclays Capital, all for cancellation, as the £1.2bn 2026 programme launched in March continues to shrink the share count; PDMRs also reported routine DRIP purchases at ~£2.71.
4 Jun 2026 — Final 2025 dividend paid. Shareholders received the 15.67p final dividend (full-year 21.79p, up 2%), with the next (interim) dividend timetable already set for August–September 2026.
21 May 2026 — AGM and capital reduction vote. The 2026 AGM in London was accompanied by a general meeting approving a capital reduction, a technical step supporting distributable reserves for future returns.
11 Mar 2026 — Full Year 2025 results. Core operating profit of £1,623m (up 6%), core operating EPS up 9% to 20.93p, IFRS profit before tax of £807m, pro forma Solvency II of 210%, and the £1.2bn buyback — the largest in L&G's history — announced alongside guidance of 2% annual DPS growth.
2 Feb 2026 — Meiji Yasuda transaction completed. The $2.3bn cash sale of the US protection and US PRT businesses closed, generating £1.2bn of Solvency II capital and an expected IFRS profit of more than £1.3bn; Meiji Yasuda took a 5% economic interest in L&G and the partners will pursue US PRT and global asset management flows together.

12. Key Dates

5 Aug 2026 — Half Year 2026 results (first results to include the full effect of the buyback and the post-US continuing-operations baseline)
20 Aug 2026 — Ex-dividend date for the 2026 interim dividend
21 Aug 2026 — Interim dividend record date
25 Sep 2026 — Interim dividend payment date (including reinvestment)
Expected March 2027 — Full Year 2026 results, a key checkpoint on the 6–9% core operating EPS growth target and the £5bn+ 2025–2027 capital-return ambition

Cross-check these against wider market events on our Economic Calendar.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 6 June 2026

NatWest Group plc is one of the United Kingdom's "big four" clearing banks, serving more than 20 million retail, wealth and business customers through three core franchises: Retail Banking, Private Banking & Wealth Management, and Commercial & Institutional. Once majority state-owned following its 2008 bailout as Royal Bank of Scotland, the bank returned to full private ownership in 2025 and reported a record set of full-year results for 2025, with total income of £16.6 billion, attributable profit of £5.5 billion and a return on tangible equity of 19.2%. This report walks through the bank's structure, financials, valuation and risks using figures drawn from NatWest's own published results.

1. Company Snapshot

Field	Value
Company	NatWest Group plc
Ticker	NWG.L (London Stock Exchange); NWG (NYSE ADR)
Sector	Finance & Banking — UK diversified banking
CEO / Leadership	Paul Thwaite (Group Chief Executive); Katie Murray (Chief Financial Officer); Rick Haythornthwaite (Chair)
Headquarters	Edinburgh / London, United Kingdom
Employees	Approximately 66,500 (year-end 2025)
Market cap	~£47 billion (June 2026)
Share price	~594p (June 2026)
FY2025 revenue (total income)	£16,641 million
FY2025 attributable profit	£5,479 million
FY2025 EPS (basic)	68.0p
Return on tangible equity (2025)	19.2%
CET1 capital ratio (2025)	14.0%
Total assets (year-end 2025)	£714.6 billion

2. Bull & Bear Case

Bull Case

Record profitability and high returns: NatWest delivered a 19.2% return on tangible equity in 2025, well above its cost of capital, with attributable profit up 21.2% to £5.5 billion — evidence the post-restructuring bank can compound capital efficiently.
Strong capital generation funding shareholder returns: A 14.0% CET1 ratio and disciplined risk-weighted-asset management supported a 51% increase in the total ordinary dividend to 32.5p plus ongoing buybacks, with total distributions deducted from capital of around £4 billion in the year.
Now fully private with a clean register: The UK Treasury fully exited its shareholding in 2025, removing the long-standing overhang of government share sales that had weighed on the stock for over a decade.
Operating leverage and cost discipline: Income rose 13.2% while costs grew just 1.4%, cutting the cost:income ratio to 48.6% and demonstrating positive jaws as deposit margins and lending volumes expand.
Scale in UK business banking: NatWest is the UK's largest bank for businesses, giving it a defensible deposit franchise and pricing power as the Commercial & Institutional division generates the majority of group income.

Bear Case

Rate-cycle sensitivity: Much of the 2025 income surge reflects elevated Bank of England base rates; net interest margin compression has already begun, and falling rates would pressure the structural-hedge tailwind that has driven earnings.
UK-concentrated, cyclical earnings: NatWest is overwhelmingly exposed to the UK economy, mortgages and domestic credit, leaving it vulnerable to a weakening housing market, rising unemployment or recession-driven impairments.
Impairment normalisation: The 2025 net impairment charge of £671 million remains low by historical standards; a turn in the credit cycle could lift loan losses materially from this benign base.
Limited growth optionality: As a mature domestic bank, top-line growth depends largely on UK GDP, lending volumes and rates rather than structural expansion, capping the re-rating potential versus higher-growth financials.
Conduct and regulatory risk: UK banks face periodic litigation, conduct provisions and the prospect of motor-finance-style industry redress, alongside an evolving capital and ring-fencing regime.

3. Business Segments

NatWest reports across three customer-facing franchises plus a central items line. Commercial & Institutional is the largest contributor to income, followed by Retail Banking. The table below shows full-year 2025 total income by segment.

Segment	% of revenue	What it is
Commercial & Institutional	52.9% (£8,809m)	Business, corporate and institutional banking, markets and payments — the UK's largest business bank.
Retail Banking	39.0% (£6,495m)	Personal current accounts, savings, mortgages and unsecured lending across the NatWest, Royal Bank of Scotland and Ulster Bank brands.
Private Banking & Wealth Management	6.8% (£1,131m)	Coutts and premium banking, investment and wealth services for high-net-worth clients.
Central items & other	1.2% (£206m)	Treasury, group functions and items not allocated to the operating divisions.

4. Business Model & Moat

NatWest is a deposit-funded, balance-sheet lender that earns the majority of its income from net interest income — the spread between what it earns on loans and the structural hedge versus what it pays on deposits. In 2025 net interest income was £12.8 billion of the £16.6 billion total, with the remainder from fees, markets and other non-interest income.

How it makes money: The bank gathers low-cost current-account and savings deposits (£443 billion of customer deposits at year-end 2025) and deploys them into mortgages, business loans and a liquidity portfolio. A multi-year structural hedge smooths the benefit of higher interest rates over time, supporting income even as base rates begin to fall.

Unit economics: Profitability is measured by return on tangible equity (19.2% in 2025) and the cost:income ratio (48.6%). With income rising far faster than costs, NatWest generated strong positive operating jaws, converting scale into capital that funds dividends and buybacks.

Moat: The durable advantages are a sticky, low-cost UK deposit base, the scale and switching costs of being a primary banking relationship for millions of households and the UK's largest business franchise, a well-capitalised balance sheet (14.0% CET1), and a trusted multi-brand presence. These create high barriers to entry against challengers but offer limited protection against the UK macro and rate cycle.

5. Financial Health

NatWest's income and earnings have risen sharply over the five years to 2025 as interest rates normalised and the bank completed its restructuring. The annual table below uses statutory figures from NatWest's published annual results; the long-term-debt column uses subordinated liabilities (the closest balance-sheet analogue to long-term funding debt for a bank).

Year	Revenue / total income (£m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt — subordinated liabilities (YE, £m)
2021	10,512	—	25.4p	25.4p	10.5p	—
2022	13,156	+25.2%	33.8p	33.8p	13.5p	6,260
2023	14,752	+12.1%	47.9p	47.9p	17.0p	5,714
2024	14,703	(0.3)%	53.5p	53.5p	21.5p	6,136
2025	16,641	+13.2%	68.0p	68.0p	32.5p	6,123

Banks report a single statutory EPS rather than a separate adjusted measure, so the GAAP and adjusted columns are identical. The quarterly table below shows the four quarters of 2025, most recent first, with the full-year total in bold.

Quarter	Revenue / total income (£m)	Adjusted EPS	GAAP EPS
Q4 2025	4,324	17.4p	17.4p
Q3 2025	4,332	19.8p	19.8p
Q2 2025	4,005	15.3p	15.3p
Q1 2025	3,980	15.5p	15.5p
FY 2025 total	16,641	68.0p	68.0p

The balance sheet at year-end 2025 carried total assets of £714.6 billion, customer deposits of £443.0 billion, loans to customers (amortised cost) of £418.9 billion and total equity of £42.6 billion, with a CET1 ratio of 14.0%.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~£47bn (~7.96bn shares × ~594p)
Trailing P/E (GAAP)	~8.7x (594p / 68.0p FY2025 basic EPS)
P/E (forward)	~8.3x (594p / ~71.6p, annualising Q1 2026 basic EPS of 17.9p)
P/S (TTM)	~2.8x (market cap ~£47bn / total income £16.6bn)
P/TBV (price to tangible book)	~1.55x (594p / 384p tangible net asset value per share, YE2025)
Dividend yield	~5.5% (32.5p FY2025 ordinary dividend / 594p), plus buybacks
CET1 ratio	14.0% (year-end 2025)
Enterprise value	Not a meaningful metric for banks: customer deposits and wholesale funding are operating inputs, not financing debt. Equity market cap is ~£47bn.
EV/EBITDA (TTM)	Not applicable to banks: there is no EBITDA concept; net interest income (£12.8bn in 2025) is the core revenue line and capital generation is measured via RoTE and CET1.
P/FCF	Not applicable to banks: there is no conventional free-cash-flow measure; cash generation is captured through regulatory capital build (CET1) and RoTE of 19.2%.
52-week high	705.4p
52-week low	471.0p
Short interest (% of float)	Negligible — ~0.98 million shares short (<0.1% of float) as at 15 May 2026 (MarketBeat)
Days to cover	~0.3 days (MarketBeat, May 2026)

7. Growth Drivers

NatWest's growth levers are more about capital efficiency and balance-sheet optimisation than top-line expansion. Management has set out guidance for 2026 of total income excluding notable items of £17.2–17.6 billion, operating costs (excluding litigation and conduct) of around £8.2 billion, and a return on tangible equity above 17%, alongside new medium-term targets to 2028.

The principal drivers are: the structural hedge, which continues to reprice maturing low-yielding assets into higher-yielding ones and supports net interest income even as base rates ease; lending growth in mortgages and business banking, with customer loans rising in 2025; the integration of acquired assets, including the Sainsbury's Bank retail portfolio, adding scale in cards and lending; deposit and wealth growth through Coutts and premium banking; and continued cost discipline and digitalisation, which has driven the cost:income ratio toward the high-40s. Surplus capital above the ~13% CET1 target is returned to shareholders through dividends and buybacks rather than reinvested for growth, making total shareholder return a core part of the equity story. NatWest added around one million new customers in 2025.

8. Peer Comparison

NatWest competes with the other UK clearing banks and large building societies. The table compares scale by total assets and a key 2025 metric for each.

Peer	Market cap (June 2026)	Key 2025 metric
NatWest Group (NWG.L)	~£47bn	RoTE 19.2%; total income £16.6bn; CET1 14.0%
Lloyds Banking Group (LLOY.L)	~£45bn	UK's largest mortgage lender; ~£920bn total assets
Barclays (BARC.L)	~£55bn	~£1.62tn total assets; diversified with investment bank
HSBC Holdings (HSBA.L)	~£165bn	~£2.57tn total assets; Asia-focused; 2025 net profit ~£23.5bn
Santander UK / Nationwide	n/a (subsidiary / mutual)	Major UK current-account and mortgage competitors

9. Insider Activity

NatWest directors and persons discharging managerial responsibility (PDMRs) disclose dealings via regulatory news (RNS) announcements rather than US Form 4 filings. The table summarises recent disclosed transactions. Group Chief Executive Paul Thwaite continues to build his holding through fixed-share-allowance awards.

Name	Date	Type	Shares	Price	Value	Plan Type
Emma Crystal (CEO, Private Banking & Wealth)	28 May 2026	Sell	50,000	£5.8964	~£295k	Sale of vested shares
Robert Begbie (CEO, Commercial & Institutional)	11 May 2026	Sell	150,000	£5.8358	~£875k	Sale of vested shares
Paul Thwaite (Group CEO)	May 2026	Award	53,366	—	—	Fixed share allowance
Rick Haythornthwaite (Chair)	1 Apr 2026	Buy	2,132	£5.7700	~£12k	Board shareholding policy

10. Key Risks

Interest-rate / margin risk (Macro): Falling Bank of England base rates and net interest margin compression would erode the income tailwind that drove 2025 earnings.
UK macroeconomic risk (Macro): A weaker UK economy, rising unemployment or a housing downturn would lift impairments and slow lending, given NatWest's domestic concentration.
Credit / impairment risk (Financial): Loan losses are at a benign level (2025 impairment £671 million); a credit-cycle turn could increase charges materially.
Regulatory & capital risk (Regulatory): Changes to capital requirements, ring-fencing, Basel rules or the bank surcharge could affect returns and distribution capacity.
Conduct & litigation risk (Regulatory): Industry-wide redress (such as motor-finance commission claims) and conduct provisions remain a recurring threat to UK banks.
Competition & deposit risk (Operational): Digital challengers, building societies and price competition for deposits could pressure margins and market share.

11. Recent Developments

13 Feb 2026 — Record full-year 2025 results. NatWest reported total income of £16.6 billion, attributable profit of £5.5 billion, EPS of 68.0p and a return on tangible equity of 19.2%. The total ordinary dividend rose 51% to 32.5p and the bank set out new 2026 guidance and 2028 targets, with a CET1 ratio of 14.0%.
01 May 2026 — Strong first-quarter 2026. Q1 2026 delivered total income excluding notable items of £4.2 billion, operating profit of around £2.0 billion, EPS of 17.9p and a return on tangible equity of 18.2%, alongside a new on-market share buyback of up to £1 billion.
11 May 2026 — Director share sale. Robert Begbie, CEO of Commercial & Institutional, sold 150,000 ordinary shares at £5.8358 each, disclosed via RNS.
28 May 2026 — Further director dealing. Emma Crystal, CEO of Private Banking & Wealth Management, sold 50,000 ordinary shares at £5.8964.
01–05 Jun 2026 — Buyback execution. NatWest continued purchasing and cancelling its own shares under the ongoing buyback programme at volume-weighted average prices around the mid-590p level.

NatWest returned to full private ownership during 2025 when the UK Treasury sold its remaining shareholding, ending more than 15 years of government ownership that began with the 2008 rescue of Royal Bank of Scotland.

12. Key Dates

01 May 2026 — First-quarter 2026 results released (reported)
30 Jul 2026 — Half-year 2026 results, with interim dividend declaration (provisional; H1 2025 was reported 25 July 2025)
22 Oct 2026 — Third-quarter 2026 results (provisional)
13 Feb 2027 — Full-year 2026 results (provisional)

Provisional dates are based on NatWest's historical reporting calendar; confirm exact dates via the NatWest Group investor relations financial calendar. Explore live prices on our Live Charts page, track macro releases on the Economic Calendar, and discuss ideas on the ChartsView Forum.

Last Updated: 5 June 2026

HSBC Holdings plc is one of the world's largest banking and financial services organisations. Founded in 1865 and headquartered in London, it is the biggest bank in Europe and ranks among the largest globally, with total assets of US$3.23tn at the end of 2025. Following a multi-year restructuring, HSBC now reports through four global businesses — Hong Kong, the UK, Corporate and Institutional Banking (CIB) and International Wealth and Premier Banking (IWPB) — with the centre of gravity firmly in Asia and the Middle East. This report sets out the company's financials, segments, valuation and risks using only primary-source filings and official data.

1. Company Snapshot

Field	Value
Company	HSBC Holdings plc
Ticker	HSBA (London, primary); HSBC (NYSE ADR); 5 (Hong Kong)
Exchange	London Stock Exchange — FTSE 100
Sector	Finance & Banking
Group CEO	Georges Elhedery
Share price	1,367p (4 June 2026)
Market capitalisation	~£234bn (~US$316bn), June 2026
FY2025 revenue	US$68.3bn
FY2025 reported profit before tax	US$29.9bn
FY2025 profit after tax	US$23.1bn
FY2025 basic EPS	US$1.21
FY2025 dividend per share	US$0.75
Total assets (31 Dec 2025)	US$3.23tn
Employees	~211,000 (208,720 full-time equivalent, end-2025)
CET1 ratio	14.9% (FY2025); 14.0% (Q1 2026)

2. Bull and Bear Case

Bull Case

Record underlying profitability: Constant-currency profit before tax excluding notable items rose 7% to US$36.6bn in 2025, with a return on average tangible equity of 17.2% excluding notable items, comfortably meeting the "mid-teens or better" target.
Asia and wealth franchise: Hong Kong and IWPB drive a high-returning wealth business; wealth balances reached US$1.6tn by Q1 2026, giving HSBC a structurally advantaged position in fast-growing Asian savings pools.
Capital returns: The 2025 ordinary dividend of US$0.75 (up 14%) plus US$6bn of completed buybacks took total shareholder returns to US$18.9bn, and management has raised its RoTE target to 17% or better for each of 2026–2028.
Hang Seng simplification: The completed US$13.7bn privatisation of Hang Seng Bank consolidates full ownership of a core Hong Kong asset and removes minority leakage from future profits.

Bear Case

Geopolitical concentration: The pivot to Asia leaves earnings heavily exposed to Hong Kong, mainland China and US–China tensions, including Chinese commercial real estate and policy risk.
Rising credit costs: Q1 2026 reported profit before tax slipped to US$9.4bn on higher expected credit losses, and management now guides ECL charges of around 45bps for 2026, above its 30–40bps medium-term range.
Buybacks paused: To fund the Hang Seng deal HSBC suspended buybacks for three quarters and its CET1 ratio fell to 14.0% in Q1 2026, near the bottom of the target range, capping near-term repurchases.
Rate sensitivity: A material share of revenue is banking net interest income, which is exposed to falling policy rates despite the cushion from the structural hedge.

3. Business Segments

HSBC reports four global businesses plus a Corporate Centre. The table below shows 2025 revenue (net operating income before expected credit losses) by segment.

Segment	% of revenue	What it is
Corporate & Institutional Banking (CIB)	40%	Wholesale banking, markets, transaction banking and financing for corporates, institutions and governments worldwide (US$27.6bn).
Hong Kong	23%	Retail, wealth and commercial banking in HSBC's largest single market (US$15.9bn).
International Wealth & Premier Banking (IWPB)	21%	Global wealth management, premier and private banking, and insurance (US$14.5bn).
UK	19%	HSBC UK ring-fenced retail and commercial bank (US$12.9bn).
Corporate Centre	(4%)	Central functions, legacy positions and consolidation adjustments (US$(2.7)bn).

Percentages are of the US$68.3bn group total before the Corporate Centre offset. Explore live pricing on our Live Charts page.

4. How HSBC Makes Money

How it works: HSBC earns most of its income as net interest income — the spread between what it earns on loans, securities and central-bank balances and what it pays on its US$1.79tn of customer deposits. Net interest income was US$34.8bn in 2025, up US$2.1bn, helped by the reinvestment of its structural hedge.

Unit economics: The second engine is fee and other income from wealth management, transaction banking, markets and insurance; net fee income was US$13.3bn in 2025, with wealth fee income a key growth driver. The group targets a return on average tangible equity of 17% or better through 2028.

Moat: HSBC's edge is its international network connecting trade and capital flows across more than 50 markets, anchored by a dominant Hong Kong franchise and a large, low-cost Asian deposit base that rivals find hard to replicate.

5. Financial Health

All figures below are taken from HSBC's annual results media releases and Annual Report and Accounts. Revenue is net operating income before change in expected credit losses. HSBC reports in US dollars.

Year	Revenue (US$bn)	YoY %	GAAP EPS (US$)	Adjusted EPS (US$)	Dividend/share (US$)	Long-term debt (subordinated liabilities, YE, US$bn)
2021	49.6	n/m	0.62	—	—	—
2022	51.7	+4.4%	0.75	—	—	—
2023	66.1	n/m	1.15	1.22	0.61	—
2024	65.9	-0.3%	1.25	1.31	0.87	26.0
2025	68.3	+3.7%	1.21	1.51	0.75	28.4

The 2022-to-2023 jump is not comparable: HSBC adopted IFRS 17 for insurance and benefited from higher global interest rates, so that year-on-year change is marked n/m. The 2024 dividend of US$0.87 included a US$0.21 special dividend from the sale of the Canada business. "Adjusted EPS" is basic EPS excluding material notable items. "Subordinated liabilities" is shown as the closest analogue to long-term debt for a bank; HSBC also carried US$99.7bn of debt securities in issue at the end of 2025.

The quarterly trend below shows HSBC's most recent five reported quarters, most recent first. Revenue is on the company's headline basis (excluding notable items); profit before tax is reported.

Quarter	Revenue (US$bn)	Reported PBT (US$bn)	Basic EPS (US$)
Q1 2026	19.1	9.4	—
Q4 2025	17.7	6.8	0.34
Q3 2025	17.9	9.1	0.26
Q2 2025	17.7	6.3	—
Q1 2025	17.7	9.5	0.28
FY 2025	68.3	29.9	1.21

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~US$316bn (~£234bn); 17,140m ordinary shares × 1,367p
Trailing P/E (GAAP)	~15x (share price ~US$18.5 / FY2025 basic EPS US$1.21); ~12x on adjusted EPS of US$1.51
P/E (forward)	~12x (share price ~US$18.5 / consensus-style ~US$1.55 forward adjusted EPS)
P/S (TTM)	~4.6x (market cap ~US$316bn / FY2025 revenue US$68.3bn)
Price / tangible book	~1.9x (price ~US$18.5 / tangible equity per share ~US$9.6; tangible ordinary equity US$165.2bn / 17,140m shares)
Dividend yield	~4.1% (FY2025 dividend US$0.75 ≈ 55.6p / 1,367p)
EV/EBITDA (TTM)	Not a meaningful metric for banks — deposits and wholesale funding are operating liabilities, and banks do not report EBITDA. Total assets were US$3.23tn at FY2025.
P/FCF	Not meaningful for a bank — free cash flow (operating cash flow minus capex) is not a relevant measure for a deposit-funded balance sheet.
Enterprise value	Not applicable to banks — the EV bridge (market cap + debt − cash) is not used for deposit-taking institutions whose borrowings fund lending operations.
52-week high	1,416.8p
52-week low	859.4p
CET1 ratio	14.0% (Q1 2026)
Short interest (% of float)	— not published for this period. No aggregate net short position above the UK 0.5% disclosure threshold is listed for HSBA on the FCA short-position register; verify via the London Stock Exchange and FCA registers.
Days to cover	— not published for this period (see note above).

7. Capital, Returns and Balance Sheet Strength

HSBC ended 2025 with a CET1 capital ratio of 14.9%, total assets of US$3.23tn, customer accounts of US$1.79tn and net loans and advances to customers of US$988bn, giving a loans-to-deposits ratio of about 55%. Total shareholders' equity was US$198.2bn and tangible ordinary shareholders' equity was US$165.2bn. In Q1 2026 the CET1 ratio fell to 14.0%, reflecting the Hang Seng privatisation, dividends and higher risk-weighted assets; management intends to run CET1 within a 14.0%–14.5% medium-term range. The dividend payout ratio target remains around 50% of EPS excluding material notable items.

8. Peer Comparison

Peer	Market cap (June 2026)	Key 2025 metric
JPMorgan Chase (JPM)	Largest US bank; ~US$4.8tn assets at end-2025	World's most valuable bank by market cap
HSBC Holdings (HSBA)	~US$316bn	FY2025 revenue US$68.3bn; total assets US$3.23tn
Standard Chartered (STAN)	UK-listed Asia/EM-focused bank	Closest UK-listed peer by Asia/Middle East footprint
Lloyds Banking Group (LLOY)	~£59bn	FY2025 statutory PBT £6.7bn; UK-only franchise

HSBC is the largest bank in Europe and ranked among the top ten globally by assets in 2025. For UK-listed financials, compare names on our Live Charts tool.

9. Insider and Director Dealings

Leadership: HSBC is led by Group Chief Executive (CEO) Georges Elhedery, who confirmed the group's targets at the Q1 2026 results on 5 May 2026.

No insider transactions were identified for this period (no director or PDMR dealings recorded). HSBC director and senior-management share dealings are disclosed via Regulatory News Service (RNS) announcements on the London Stock Exchange; readers should consult the latest RNS filings for HSBA for any director transactions.

10. Key Risks

Geopolitical and geographic concentration (Macro): Heavy exposure to Hong Kong, mainland China and US–China relations, including Chinese commercial real estate and cross-border policy risk.
Credit losses (Credit): Expected credit loss charges rose in Q1 2026, with 2026 ECL guidance of around 45bps, above the medium-term 30–40bps range.
Interest-rate sensitivity (Financial): A large portion of revenue is banking net interest income, exposed to falling policy rates despite the structural hedge.
Regulatory and capital (Regulatory): Operating across many jurisdictions subjects HSBC to evolving capital rules, conduct supervision and the need to manage CET1 within a tight range.
Restructuring and integration (Operational): Execution risk in the ongoing simplification and the integration of the newly privatised Hang Seng Bank.
Currency translation (Financial): Reporting in US dollars while earning across many currencies introduces translation volatility in revenue, capital and the dividend.

11. Recent Developments

05 May 2026 — Q1 2026 results. HSBC reported profit before tax of US$9.4bn (US$10.1bn excluding notable items) and revenue excluding notable items of US$19.1bn, up 4%. RoTE was 17.3% (18.7% excluding notable items) and a first interim 2026 dividend of US$0.10 was approved.
26 Jan 2026 — Hang Seng privatisation completed. HSBC completed the c.US$13.7bn buy-in of Hang Seng Bank, which was delisted from the Hong Kong Stock Exchange on 27 January 2026 and is now wholly owned.
25 Feb 2026 — FY2025 results and raised targets. Reported profit before tax of US$29.9bn and a total 2025 dividend of US$0.75; management raised its RoTE target to 17% or better for each year from 2026 to 2028.
05 May 2026 — Buybacks paused. To fund the Hang Seng acquisition, HSBC suspended share buybacks for three quarters, with any restart subject to its normal quarterly capital review.

12. Key Dates to Watch

04 Aug 2026 — Interim (half-year) 2026 results (per HSBC's financial calendar).
27 Oct 2026 — Q3 2026 earnings release (per HSBC's financial calendar).
24 Feb 2027 — FY2026 annual results expected (FY2025 results were released 25 Feb 2026).
08 May 2026 — Annual General Meeting held; a first interim 2026 dividend of US$0.10 per share was approved at the Q1 results.

Track scheduled market events on our Economic Calendar, and discuss this name with other investors in the ChartsView Forum.

Last Updated: 5 June 2026

Lloyds Banking Group plc is one of the UK's largest retail and commercial banking groups, serving around 30 million customers through brands including Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows and Black Horse. Founded in 1695 and headquartered in London, it is a FTSE 100 constituent and a pure-play UK franchise, which makes it a direct read on the health of the British economy, mortgage market and interest-rate cycle. This report sets out the group's financials, segments, valuation and risks using only primary-source filings and official data.

1. Company Snapshot

Field	Value
Company	Lloyds Banking Group plc
Ticker	LLOY (London, primary); LYG (NYSE ADR)
Exchange	London Stock Exchange — FTSE 100
Sector	Finance & Banking
Group CEO	Charlie Nunn
Share price	100.65p (4 June 2026)
Market capitalisation	~£58.7bn (June 2026)
FY2025 revenue (statutory total income)	£19.4bn
FY2025 statutory profit before tax	£6.7bn
FY2025 profit after tax	£4.76bn
FY2025 basic EPS	7.0p
FY2025 dividend per share	3.65p (ordinary)
Total assets (31 Dec 2025)	£944bn
Employees	~65,000
CET1 ratio	14.0% (13.2% pro forma after dividend and buyback)

2. Bull and Bear Case

Bull Case

Rising profitability and returns: Statutory profit before tax rose 12% to £6.7bn in 2025, with a return on tangible equity of 12.9% (14.8% excluding the motor finance charge) and a Q4 RoTE of 15.7%.
Upgraded 2026 guidance: Management now targets a 2026 RoTE of greater than 16%, capital generation above 200bps and underlying net interest income of around £14.9bn, ahead of prior plans.
Strong capital returns: A 15%-higher total ordinary dividend of 3.65p plus a buyback of up to £1.75bn took total 2025 shareholder distributions to about £3.9bn.
Net interest margin tailwind: Banking net interest margin expanded to 3.06% for 2025 (3.10% in Q4), aided by the structural hedge and growth in interest-earning assets to £462.9bn.
Franchise scale: Underlying loans grew 5% to £481bn and deposits reached £496bn, underlining the group's leading UK retail position.

Bear Case

Motor finance overhang: Lloyds has provided a total of £1.95bn for motor finance commission redress through its Black Horse arm, and the ultimate cost could still differ materially as the FCA scheme is implemented.
UK economic concentration: As a domestic bank, earnings are tied to UK growth, employment, the housing market and gilt yields, with limited geographic diversification.
Rate-cut sensitivity: Margins benefit from higher rates; a faster fall in UK base rates would pressure net interest income over time.
Rising impairments: The underlying impairment charge rose to £795m in 2025 from £431m in 2024, and 2026 guidance assumes an asset quality ratio of around 25bps.

3. Business Segments

Lloyds reports four divisions. The table shows 2025 net income (underlying basis) by segment.

Segment	% of revenue	What it is
Retail	59%	Mortgages, cards, loans, motor finance and current accounts for personal customers (£10.83bn net income).
Commercial Banking	30%	Banking, markets and transaction services for businesses and corporates (£5.49bn).
Insurance, Pensions & Investments	7%	Scottish Widows life, pensions, protection and investments (£1.28bn).
Equity Investments & Central Items	4%	Equity investments (including Lloyds Development Capital) and central hedging and fair-value items (£0.71bn).

Percentages are of the £18.3bn group net income for 2025. Explore live pricing on our Live Charts page.

4. How Lloyds Makes Money

How it works: Lloyds is overwhelmingly a UK lender. Its primary engine is net interest income — the margin between interest earned on £481bn of customer loans (dominated by mortgages) and the cost of its £496bn deposit base. Underlying net interest income was £13.6bn in 2025 at a banking net interest margin of 3.06%.

Unit economics: Other income from cards, transaction banking, motor-finance lease income and the Insurance, Pensions and Investments division (Scottish Widows) added £6.1bn, up 9%. Operating costs were £9.8bn, and the group targets a cost:income ratio below 50% for 2026.

Moat: Scale is the moat — around 30 million customers, the UK's largest deposit franchise and leading shares in mortgages and motor finance, supported by trusted brands (Lloyds, Halifax, Bank of Scotland) and a low-cost digital platform.

5. Financial Health

All figures below are taken from Lloyds Banking Group's annual results news releases and consolidated income statements. "Revenue" is statutory total income after net insurance finance income/expense. Lloyds reports in pounds sterling.

Year	Revenue (total income, £m)	YoY %	GAAP EPS (p)	Adjusted EPS (p)	Dividend/share (p)	Long-term debt (subordinated liabilities, YE, £m)
2021	15,759	n/m	7.5	—	2.00	—
2022	15,541	-1.4%	4.9	—	2.40	—
2023	18,629	+19.9%	7.6	—	2.76	—
2024	18,003	-3.4%	6.3	—	3.17	10,089
2025	19,422	+7.9%	7.0	—	3.65	9,894

2021 is shown on the pre-IFRS 17 basis, while 2022–2025 reflect IFRS 17; the 2021-to-2022 change is therefore marked n/m. Lloyds does not publish a separate group "adjusted EPS", so that column is left blank; the group's preferred non-statutory measure is underlying profit, which was £6.78bn in 2025. "Subordinated liabilities" is shown as the closest analogue to long-term debt for a bank; the group also carried £78.3bn of debt securities in issue at amortised cost at the end of 2025.

The quarterly trend below shows Lloyds' most recent reported quarters, most recent first, on the statutory basis.

Quarter	Revenue (net income, £m)	Statutory PBT (£m)	Basic EPS (p)
Q4 2025	4,744	1,983	2.2
Q3 2025	4,643	1,174	1.0
Q2 2025	4,523	1,987	1.2
Q1 2025	4,391	1,517	2.1
FY 2025	18,301	6,661	7.0

The Q3 2025 dip reflects an £800m motor finance commission provision taken in that quarter. Net income in the quarterly table is shown on the underlying basis (which reconciles to the £18.3bn group total); FY2025 statutory total income was £19.4bn.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~£58.7bn (~58.3bn shares × 100.65p)
Trailing P/E (GAAP)	~14.4x (100.65p / FY2025 basic EPS 7.0p)
P/E (forward)	~11–12x (on 2026 RoTE guidance of >16% implying higher EPS)
P/S (TTM)	~3.0x (market cap ~£58.7bn / FY2025 total income £19.4bn)
Price / tangible book	~1.77x (100.65p / tangible net assets per share 57.0p)
Dividend yield	~3.6% (FY2025 ordinary dividend 3.65p / 100.65p)
EV/EBITDA (TTM)	Not a meaningful metric for banks — deposits and debt securities in issue are operating liabilities, and banks do not report EBITDA. Total assets were £944bn at FY2025.
P/FCF	Not meaningful for a bank — free cash flow (operating cash flow minus capex) is not a relevant measure for a deposit-funded balance sheet.
Enterprise value	Not applicable to banks — the EV bridge (market cap + debt − cash) is not used for deposit-taking institutions whose borrowings fund lending operations.
52-week high	114.60p
52-week low	72.85p
CET1 ratio	14.0% (13.2% pro forma)
Short interest (% of float)	— not published for this period. No aggregate net short position above the UK 0.5% disclosure threshold is listed for LLOY on the FCA short-position register; verify via the London Stock Exchange and FCA registers.
Days to cover	— not published for this period (see note above).

7. Capital, Returns and Balance Sheet Strength

Lloyds ended 2025 with a CET1 ratio of 14.0% (13.2% on a pro forma basis after the increased dividend and announced buyback), risk-weighted assets of £235.5bn and a UK leverage ratio of 5.4%. Total assets were £944bn, with £481bn of customer loans and £496bn of customer deposits, a loan-to-deposit ratio of 97%. Tangible net assets per share rose to 57.0p. Capital generation was 147bps (178bps excluding the motor finance charge), and management has guided to paying down to a CET1 ratio of around 13.0% while generating more than 200bps in 2026. The group will now review excess capital distributions every half year.

8. Peer Comparison

Peer	Market cap (June 2026)	Key 2025 metric
Lloyds Banking Group (LLOY)	~£58.7bn	FY2025 statutory PBT £6.7bn; RoTE 12.9%
NatWest Group (NWG)	UK-listed; closest domestic peer	UK retail and commercial bank
Barclays (BARC)	UK-listed; diversified UK/US	Adds investment banking to UK retail
HSBC Holdings (HSBA)	~£234bn	FY2025 revenue US$68.3bn; Asia-focused

Lloyds is the UK's largest retail and motor-finance lender by balance, competing with NatWest, Barclays, Santander UK and Nationwide. Compare UK-listed financials on our Live Charts tool.

9. Insider and Director Dealings

Leadership: Lloyds is led by Group Chief Executive (CEO) Charlie Nunn, who set out the group's upgraded 2026 guidance at the full-year 2025 results.

No insider transactions were identified for this period (no director or PDMR dealings recorded). Lloyds director and senior-management share dealings are disclosed via Regulatory News Service (RNS) announcements on the London Stock Exchange; readers should consult the latest RNS filings for LLOY for any director transactions.

10. Key Risks

Motor finance redress (Regulatory): A total £1.95bn provision has been taken for motor finance commission redress; the final cost depends on the FCA scheme's response rates, operating costs and any litigation, and could differ materially.
UK economic concentration (Macro): As a domestic bank, earnings are highly geared to UK GDP, employment, the housing market and gilt yields.
Interest-rate sensitivity (Financial): Net interest income benefits from higher rates; faster-than-expected UK base-rate cuts would compress margins.
Credit quality (Credit): The impairment charge rose to £795m in 2025, and 2026 guidance assumes an asset quality ratio of around 25bps as credit costs normalise.
Conduct and legacy (Regulatory): Ongoing legacy matters such as the HBOS Reading review carry residual remediation and legal cost risk.
Capital distribution risk (Financial): Plans to pay down toward a 13.0% CET1 ratio leave less buffer if macro conditions deteriorate.

11. Recent Developments

Late Apr 2026 — Q1 2026 trading update. Lloyds reported sustained strength in financial performance with continued income growth, cost discipline and strong asset quality, and concluded that no change to the motor finance provision was required.
Early 2026 — FY2025 results. Statutory profit before tax of £6.7bn (up 12%), a 15%-higher total ordinary dividend of 3.65p and a share buyback of up to £1.75bn, for total 2025 distributions of about £3.9bn.
Q3 2025 — Motor finance provision raised. The group took an additional £800m charge ahead of the FCA's redress scheme, lifting the total provision to £1.95bn.
14 May 2026 — AGM and dividend. Shareholders approved the final ordinary dividend of 2.43p per share, paid on 19 May 2026.

12. Key Dates to Watch

30 Jul 2026 — Half-year 2026 results, expected alongside a new multi-year strategy update.
30 Jun 2026 — FCA motor finance redress scheme implementation begins for agreements entered from 1 April 2014.
22 Oct 2026 — Q3 2026 interim management statement expected.
26 Feb 2027 — FY2026 annual results expected.

Track scheduled market events on our Economic Calendar, and discuss this name with other investors in the ChartsView Forum.

Last Updated: 26 May 2026

SoFi Technologies (NASDAQ: SOFI) is a US-listed digital financial services company built around a single mobile app that combines lending, banking, investing and a fast-growing fee-based technology platform. Founded in 2011 as a student-loan refinancer and now operating a national bank charter through SoFi Bank, the company has grown from $1.0bn of adjusted net revenue in 2021 to $3.59bn in FY2025 and has just posted its first $1bn revenue quarter in Q4 2025, alongside its 18th consecutive Rule-of-40 quarter in Q1 2026. The stock, however, has been one of 2026's more controversial fintech names, down ~40% year-to-date after a Muddy Waters short report, sequentially weaker personal-loan charge-offs, and a wave of broker price-target cuts.

1. Company Snapshot

Field	Value
Ticker / Exchange	SOFI / NASDAQ
Sector	Financial Services — Diversified / Digital Bank
Headquarters	San Francisco, California, USA
CEO / Leadership	Anthony Noto, Chief Executive Officer (since 2018, also Board member since 2021); Christopher Lapointe, CFO
Employees	~4,800 (FY2025 10-K)
Founded	2011
Market cap	~$20.7bn (22 May 2026; ~1.28bn shares outstanding at ~$15.56)
FY2025 revenue	~$3.59bn adjusted net revenue (+37% YoY)
FY2025 net income (GAAP)	$481.3m (vs $499.1m FY2024)
Bank charter	SoFi Bank, N.A. — full national bank charter (since Feb 2022)
Members (latest)	14.7m members, 21.5m products (Q1 2026)
Dividend	None (retains earnings for growth)

2. Bull & Bear Case

Bull Case

Member flywheel still compounding fast: 14.7m members in Q1 2026 is +35% YoY with ~1.1m net adds in a single quarter, and the Financial Services segment now generates more revenue than the legacy Lending business — proving the "one app, many products" cross-sell thesis is working.
Bank charter is a structural cost-of-funds advantage: deposits-funded lending lets SoFi keep margin on its loan book that fintech peers without a charter (LendingClub, Upstart, Affirm) have to give away to capital-markets buyers; Q4 2025 net interest income reached $617m, +31% YoY.
Capital-light fee revenue is the real growth engine: fee-based revenue hit a record $443m in Q4 2025 (+53% YoY) and the Technology Platform (Galileo + Technisys) continues to scale — these are software-like, recurring revenues that should command a higher multiple than spread lending.
CEO buying his own stock at $15–$17: Anthony Noto has bought ~100,000+ shares in open-market purchases between March and May 2026 at prices between $15.73 and $18.21, a signal management views consensus credit fears as overstated.

Bear Case

Muddy Waters short report & class-action overhang: the May 2026 Muddy Waters report alleging aggressive accounting and the subsequent Block & Leviton securities-fraud investigation create a multi-quarter legal and disclosure overhang that may suppress the multiple regardless of fundamentals.
Credit normalisation is happening, not finished: personal-loan annualised charge-offs ticked up sequentially from 2.80% to 3.03% in Q4 2025, and SoFi's mix is skewing more capital-intensive (HELOC, home loans) just as the consumer cycle weakens.
Valuation still demanding versus the sector: a trailing P/E in the low-30s and forward P/E around 26x is a ~140% premium to the credit-services industry median — leaves little margin for a credit miss or guidance cut.
Stock-based comp dilution and capital raise risk: elevated SBC and the recent PrimaryBid acquisition raise the prospect of equity issuance to fund expansion, which would directly dilute the per-share figures management is guiding to.

3. Business Segments

SoFi reports three reportable segments. The shift over the last 24 months has been a meaningful re-weighting away from Lending (legacy student/personal-loan refinance) toward the high-growth fee-based segments.

Segment	% of revenue (FY2025)	What it is
Lending	~43%	Personal loans, student loans, home loans (incl. fully-digital HELOC launched 2026), originated through SoFi Bank and held on balance sheet or sold; adj. net revenue $486m in Q4 2025 (+15% YoY).
Financial Services	~45%	SoFi Money (checking/savings), SoFi Invest (brokerage, robo, options, crypto), SoFi Credit Card, SoFi Relay, SoFi Insurance — fee & interchange-based; FY2025 revenue >$1.5bn (+88% YoY). Now the largest segment.
Technology Platform	~12%	Galileo (card & banking-as-a-service) and Technisys (cloud-native core banking) sold to fintechs, banks, neobanks; Q4 2025 revenue $122m (+19% YoY). Effectively a B2B SaaS infrastructure business.

4. Business Model & Moat

How it makes money. SoFi runs a vertically-integrated digital bank: it acquires members through a low-cost mobile-first funnel, monetises them through (i) net interest income on loans funded by its own deposits, (ii) origination, securitisation and loan-sale fees, (iii) interchange and fee revenue on Money/Invest/Card products, and (iv) B2B SaaS fees from Galileo/Technisys. The economic flywheel is that each additional product per member raises lifetime revenue while spreading the fixed cost of the app and risk infrastructure.

What protects the moat. Three reinforcing assets: a full US national bank charter (a very limited regulatory franchise the cohort of fintech peers does not have), a 14.7m-member proprietary distribution channel that no neobank without the legacy SoFi brand can replicate cheaply, and the Galileo/Technisys infrastructure stack which both serves third parties and lets SoFi build new products faster than competitors paying licence fees to those same platforms.

Why it is hard to replicate. Acquiring a US bank charter today takes years of regulatory approval; building a brand with 14m members costs billions; running profitable digital lending at scale requires a credit-risk dataset few fintechs possess. SoFi has all three — a combination Affirm, Upstart, Chime and LendingClub each partially have but none fully replicate.

5. Financial Health

SoFi has rapidly transitioned from a cash-burning growth story (2021–2022) to a structurally profitable digital bank (Q4 2023 onwards). FY2025 was the company's first $3bn+ revenue year, with eight consecutive quarters of GAAP net income.

Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE, $m)
FY2021	$1,002	—	$(0.61)	$(0.31)	$0.00	—
FY2022	$1,572	+57%	$(0.36)	$(0.18)	$0.00	~$3,500
FY2023	$2,071	+32%	$(0.36)	$(0.06)	$0.00	~$3,089
FY2024	$2,711 (GAAP)	+31%	$0.39	$0.15	$0.00	~$3,165
FY2025	$3,589 (adj net)	+37%	$0.41	$0.39	$0.00	~$3,943

Quarterly progression (most recent first):

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 2026	$1,100 (adj net)	$0.12	$0.14
Q4 2025	$1,013 (adj net) / $1,000 (GAAP)	$0.13	$0.15
Q3 2025	$962	$0.11	$0.12
Q2 2025	$855	$0.08	$0.08
Q1 2025	$772	$0.06	$0.06
FY2025 total	$3,589 (adj net)	$0.39	$0.41

Selected balance sheet detail (Q1 2026 / Q4 2025 10-K): adjusted EBITDA of $340m in Q1 2026 (+45% YoY); record loan originations of $12.2bn; total deposits at SoFi Bank continue to fund the loan book at a materially lower cost than the warehouse-and-securitise model used by chartless fintech peers. Net interest income reached $617m in Q4 2025, +31% YoY.

6. Valuation Metrics

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$20.7bn (22 May 2026; ~1.28bn shares × ~$15.56)
Enterprise value	~$24.6bn (market cap ~$20.7bn + long-term debt ~$3.94bn; cash netting omitted because SoFi is a bank holding company — deposit funding is operating capital, not surplus cash. EV is less analytically useful for banks than for non-financials.)
Trailing P/E (GAAP)	~33.8x (price $15.56 / FY2025 GAAP EPS ~$0.41 calculated from $481m net income on ~1.16bn diluted weighted shares; per public.com / GuruFocus)
P/E (forward)	~26x (price $15.56 / management 2026 adjusted EPS guidance $0.60)
P/S (TTM)	~5.8x (market cap ~$20.7bn / FY2025 adj net revenue $3.59bn)
EV/EBITDA (TTM)	~20x (EV ~$24.6bn / FY2025 adj EBITDA ~$1.21bn; Q4 2025 alone was $318m). Note: as with all banks, EBITDA is less standard than for non-financials because net interest income is a core operating line.
P/FCF	— not meaningful for a bank holding company. Operating cash flow is dominated by changes in loans-held-for-sale and customer deposits; the conventional "FCF = operating CF − capex" calculation does not represent distributable cash for a depository institution. Per FY2025 cash flow statement, operating CF was distorted by loan-portfolio movements.
52-week high	$32.73 (12 Nov 2025)
52-week low	$12.74
Short interest (% of float)	10.29% (latest NASDAQ semi-monthly reporting; ~128m shares short)
Days to cover	~2.0 days (on ~64m share average daily volume)

7. Growth Drivers

Management has guided to ~30% adjusted net revenue growth in 2026 to ~$4.655bn, ~30% adjusted EBITDA margin, and adjusted EPS of ~$0.60, with a medium-term framework of 38–42% adjusted-EPS CAGR through 2028. The structural drivers underneath that guidance are: continued member growth (cross-sell per member rising), the launch of a fully-digital HELOC and the formal Real Estate Advisory Council to attack the home-equity unlock theme, scaling of Galileo/Technisys into larger neobank and bank-as-a-service customers, deeper penetration of SoFi Credit Card and SoFi Plus, and the recent PrimaryBid acquisition (UK fintech) which broadens capital-markets distribution and retail-investor access. Use the ChartsView live-charts dashboard to track price reaction around each of the next three quarterly prints — the market is currently pricing a credit-deterioration outcome that management's guidance does not contain.

8. Peer Comparison

SoFi is unusual in occupying ground that no single peer occupies fully — it competes with neobanks (Chime), lending fintechs (LendingClub, Upstart, Affirm), brokerages (Robinhood), and traditional banks (Discover, Marcus by Goldman). The comparison set below is the most-cited public peer cohort.

Peer	Market cap (May 2026)	Key 2025 metric
SoFi Technologies (SOFI)	~$20.7bn	FY2025 adj net revenue $3.59bn (+37%); GAAP net income $481m
LendingClub (LC)	~$1.7bn	Q1 2025 originations +21% YoY, revenue +20%; crossed $100bn lifetime originations
Upstart (UPST)	~$6.2bn	Q1 2025 originations +89% YoY to $2.1bn; loan count +102%
Affirm (AFRM)	~$18.5bn	FY2025 GMV growth in mid-30s%; still GAAP loss-making
Robinhood (HOOD)	~$34bn	FY2025 revenue ~$3.3bn (+50% YoY); GAAP profitable
Discover Financial (DFS)	~$44bn	Established profitable digital-leaning issuer; comparable margin profile for credit-card economics

9. Insider Activity

CEO Anthony Noto has executed a sustained pattern of open-market buying through the Q1 2026 selloff, an unambiguous insider signal that management considers the stock undervalued relative to the operating outlook. The Chief Executive's discretionary purchases (as opposed to RSU settlements) are the more meaningful read.

Name	Date	Type	Shares	Price ($)	Value	Plan Type
Anthony Noto (CEO)	11 May 2026	Open-market buy	15,545	$16.0039 (avg)	~$249k	Discretionary purchase
Anthony Noto (CEO)	17 Mar 2026	Open-market buy	28,900	$17.3189 (avg)	~$501k	Discretionary purchase
Anthony Noto (CEO)	16 Mar 2026	RSU settlement / tax	459,848 acquired; 249,004 withheld for tax	$17.76	n/a (stock-settled)	RSU vesting
Anthony Noto (CEO)	02 Mar 2026	Open-market buy	56,000	$17.50–$18.21 range	~$1.0m	Discretionary purchase
Anthony Noto (CEO)	Q1 2026	Open-market buy	15,878	$15.73 (avg)	~$250k	Discretionary purchase

Following the May 2026 purchase, Noto directly owns 11,946,619 SoFi common shares — a position worth ~$186m at $15.56.

10. Key Risks

Litigation & disclosure overhang: the Muddy Waters short report and the subsequent Block & Leviton class-action investigation create a real risk of regulatory inquiries, additional disclosures, restatements or accelerated litigation costs — even if the underlying allegations are not substantiated, the cost of clearing them is non-trivial.
Consumer credit deterioration: personal-loan annualised charge-offs rose from 2.80% to 3.03% Q3-to-Q4 2025, and SoFi's mix is moving toward home loans, HELOC and credit card — categories with higher sensitivity to unemployment and rate cycles.
Capital intensity is rising: the pivot toward held-on-balance-sheet loans and HELOC origination raises regulatory capital requirements and could compress return on equity if loan growth outpaces deposit growth.
Stock-based compensation dilution: elevated SBC means GAAP-to-adjusted EPS bridges remain wide and per-share growth lags absolute earnings growth.
Regulatory risk on the bank charter: SoFi Bank is overseen by the OCC and the Fed; any supervisory action, MOU or restriction on capital distributions or asset growth would directly impair the thesis.
Funding-cost normalisation: the cheap-deposit advantage narrows when policy rates fall — a 2026 Fed easing cycle compresses NIM unless asset yields hold up.
Competitive intensity: Chime, Cash App (Block), Robinhood, traditional bank super-apps and AI-credit fintechs (Upstart) are all pursuing the same young-professional customer SoFi targets.

11. Recent Developments

29 Apr 2026 — SoFi posts record Q1 2026 revenue and EPS, raises FY guidance. Adjusted net revenue $1.1bn vs $1.05bn consensus; adjusted EPS $0.12 in line; GAAP net income $167m; adjusted EBITDA $340m. Members +35% YoY to 14.7m. 18th consecutive Rule-of-40 quarter (score 72).
13 May 2026 — Muddy Waters releases short report on SoFi; Block & Leviton announce securities-fraud investigation. Short report alleges aggressive or improper financial reporting; stock falls ~13% on the news. SoFi has not yet issued a detailed point-by-point rebuttal.
13 May 2026 — Wall Street price-target cuts following Muddy Waters report. Goldman Sachs lowers SOFI price target to $17 from $20 and stays Neutral, citing weaker outlook and pivot to more capital-intensive lending. Multiple other brokers trim targets.
11 May 2026 — CEO Noto buys another 15,545 shares in open market at ~$16.00. Brings 2026 YTD open-market buying to roughly 116,000 shares across multiple Form 4 filings, an explicit vote of confidence at depressed prices.
14 May 2026 — SoFi confirms PrimaryBid acquisition. Adds UK capital-markets and retail-investor-access capabilities; details on consideration and accounting treatment still emerging.
30 Jan 2026 — FY2025 results: first ever $1bn revenue quarter and full-year adjusted EPS of $0.39. Q4 2025 record net revenue $1.0bn (+40% YoY) and net income $174m; FY2026 guidance issued for ~30% adjusted net revenue growth, $0.60 adjusted EPS.

12. Key Dates

04 Aug 2026 — Q2 2026 earnings release (TipRanks estimate; Market Chameleon range 28–29 Jul; Wall Street Horizon unconfirmed 28 Jul). Market focus: personal-loan charge-off trajectory, HELOC ramp, Galileo new-customer adds, response to Muddy Waters allegations.
28 Oct 2026 — Q3 2026 earnings (estimated based on historical late-October cadence).
27 Jan 2027 — Q4 2026 / FY2026 results (estimated). First test of the $0.60 adjusted EPS guide.
01 Jul 2026 — Estimated next semi-monthly NASDAQ short-interest disclosure date for SOFI.

For real-time price action around any of these dates, see the ChartsView live charts. For macro context around the next FOMC meeting (consumer-credit sensitivity matters here), see the economic calendar. Discuss with other investors on the ChartsView forum.

Last Updated: 25 May 2026

Robinhood Markets, Inc. (NASDAQ: HOOD) is the mobile-first brokerage that popularised commission-free trading and is now reshaping itself into what management calls a "financial super app". After years of losses, the business has scaled into sustained profitability: full-year 2025 net revenues rose 52% to a record $4,473 million and net income reached $1,883 million, with momentum carrying into a record first quarter of 2026. The company ended Q1 2026 with 27.4 million funded customers, $307 billion in total platform assets and 4.3 million Robinhood Gold subscribers. This report examines Robinhood's revenue engine, five-year financials, valuation, growth strategy, competitive set and the regulatory and cyclical risks that come with a transaction-heavy model, using only figures from the company's filings and official data.

1. Company Snapshot

Robinhood is a US-listed financial-services company founded in 2013 by Vlad Tenev and Baiju Bhatt and headquartered in Menlo Park, California. It went public on the Nasdaq in July 2021 and joined the S&P 500 in 2025. The company reports in US dollars under US GAAP.

Field	Value
Ticker / Exchange	HOOD / NASDAQ
Sector	Finance & Banking — retail brokerage & financial services
Headquarters	Menlo Park, California, USA
Founded / Listed	2013 / IPO July 2021
CEO / Leadership	Vlad Tenev (Co-Founder, Chairman & CEO / Chief Executive Officer); Shiv Verma (CFO)
Employees	~2,900 (end of 2025)
Market capitalisation	~$66 billion, 24 May 2026
FY2025 net revenues	$4,473 million
FY2025 net income	$1,883 million
Funded Customers (Q1 2026)	27.4 million
Total Platform Assets (Q1 2026)	$307 billion
52-week range	$62.92 – $153.86

2. Bull vs Bear

Bull Case

Profitability has scaled fast: net income rose from a $541m loss in 2023 to $1,411m in 2024 and $1,883m in 2025, with 2025 net margin of 42% — the model now converts revenue growth into earnings.
Relentless product velocity: Gold Card, Banking, advisory (Strategies), retirement, futures, index options, prediction markets and tokenisation (Robinhood Chain) are widening the platform from a trading app into a full financial ecosystem.
The Gold flywheel: Robinhood Gold subscribers reached a record 4.3 million in Q1 2026 (up 36% Y/Y), adding high-margin recurring revenue and deepening customer engagement and asset gathering.
Asset gathering is accelerating: record net deposits of $68 billion in 2025 drove total platform assets to $307 billion, a 39% Y/Y increase, expanding the base on which Robinhood earns net interest and transaction revenue.
Structural tailwind: management frames the multi-decade "Great Wealth Transfer" as a generational opportunity, with Robinhood positioned at the centre of younger customers' financial lives.

Bear Case

Transaction revenue is cyclical: a large share of revenue depends on trading activity and retail risk appetite, which can fall sharply in a downturn — crypto revenue already dropped 47% Y/Y in Q1 2026.
Regulatory overhang on PFOF: payment for order flow remains a core revenue source and a recurring target of regulatory scrutiny; restrictions or a ban would hit economics directly.
Interest-rate sensitivity: net interest revenue is roughly a third of the total, so falling short-term rates would compress a major profit stream.
Expensive valuation: the shares trade around 36x trailing earnings and ~14x sales, leaving little margin for a slowdown in trading volumes or asset growth.
Newer products carry legal and execution risk: prediction-market event contracts, crypto and tokenised assets face evolving and uncertain regulation that could curtail offerings.
Founder-controlled governance: a dual-class structure concentrates voting power with the founders, limiting outside shareholders' influence.

3. Business Segments

Robinhood reports as a single operating segment but breaks revenue into three streams. Transaction-based revenue (largely market-maker rebates on options, equities, crypto and event contracts) and net interest revenue (margin lending, securities lending, interest on cash and the credit card) are the two large engines, with subscription and other revenue a fast-growing third.

Segment	% of Q1 2026 revenue	What it is
Transaction-based	~58% ($623m)	Rebates and fees from routing customer trades in options ($260m), equities ($82m), crypto ($134m) and event contracts/other ($147m).
Net interest	~34% ($359m)	Interest from margin loans, securities lending, segregated cash and the Gold Card receivables, net of interest paid to customers.
Other (incl. Gold)	~8% ($85m)	Robinhood Gold subscription fees ($50m) plus proxy, data and other service revenue.

4. Business Model & Moat

How it makes money. Robinhood monetises customer activity and balances three ways. It earns transaction-based revenue when customers trade (paid mostly by market makers via payment for order flow), net interest revenue on the cash, margin loans and securities it intermediates, and subscription revenue from Robinhood Gold. Average revenue per user reached $157 in Q1 2026, up 8% year-on-year, as customers adopted more products.

The moat. Robinhood's advantages are brand, design and scale. It defined commission-free, mobile-first investing for a younger generation and now serves 27.4 million funded customers with $307 billion of assets. That scale lowers unit costs and funds rapid product development, while the Gold subscription and retirement accounts raise switching costs and lengthen customer lifetimes.

Why it's defensible. The expanding product suite — brokerage, crypto, banking, credit card, advisory, retirement, futures and prediction markets — turns a trading app into a customer's primary financial relationship, so that the more products a customer adopts, the harder it is to leave. Being designated broker and sole initial trustee for the US Treasury's "Trump Accounts" programme illustrates how scale and brand open doors to distribution that smaller rivals cannot reach.

The constraint. Much of the revenue base is sensitive to market cycles, interest rates and regulation. Robinhood does not control the rules governing payment for order flow, crypto or event contracts, and a single adverse regulatory decision can reprice the business.

5. Financial Health

Robinhood's five-year record shows a dramatic swing from heavy, IPO-era losses to scaled profitability. Revenue more than doubled from 2023 to 2025 while the company crossed into sustained GAAP profit.

Year	Revenue ($m)	YoY %	GAAP EPS (diluted, $)	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	1,815	+89.2%	(7.49)	n/a	$0.00	Nil
2022	1,358	−25.2%	(1.17)	n/a	$0.00	Nil
2023	1,865	+37.3%	(0.61)	n/a	$0.00	Nil
2024	2,951	+58.2%	1.56	n/a	$0.00	Nil
2025	4,473	+51.6%	2.05	n/a	$0.00	Nil

Robinhood does not publish an "adjusted EPS" measure (it reports Adjusted EBITDA instead), so that column is marked n/a, and the company has never paid a dividend. Long-term debt is shown as Nil because Robinhood carries no corporate term borrowings; it funds the Gold Card through a separate, securitised Credit Card Funding Trust and maintains an undrawn revolving credit facility, and ended 2025 with roughly $4.3 billion of corporate cash.

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS (diluted, $)
Q1 2026	1,067	n/a	0.38
Q4 2025	1,283	n/a	0.66
Q3 2025	1,274	n/a	0.61
Q2 2025	989	n/a	0.42
Q1 2025	927	n/a	0.37
FY2025 total	4,473	n/a	2.05

The four quarters of 2025 sum to the full-year revenue of $4,473m. Quarterly GAAP EPS may differ slightly from the full-year figure due to share-count rounding and the timing of tax items.

6. Valuation

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$66bn (24 May 2026; ~$74 share price × ~901m Class A + Class B shares)
Trailing P/E (GAAP)	~36x (market cap ~$66bn / LTM net income ~$1.89bn; LTM = FY2025 $1,883m − Q1'25 $336m + Q1'26 $346m)
P/E (forward)	~39x (based on consensus FY2026 EPS, May 2026)
P/S (TTM)	~14x (market cap ~$66bn / LTM net revenues ~$4.61bn; LTM = FY2025 $4,473m − Q1'25 $927m + Q1'26 $1,067m)
P/FCF	~42x on a literal basis (FY2025 operating cash flow $1,638m − capex $54m ≈ $1.58bn). Note: for a broker, operating cash flow is dominated by customer-cash and working-capital movements, so reported FCF is volatile and not a clean equity-value metric.
EV/EBITDA (TTM)	~27x on GAAP EBITDA ~$2.27bn (LTM = FY2025 $2,226m − Q1'25 $397m + Q1'26 $442m); ~24x on adjusted EBITDA ~$2.59bn
Enterprise value	~$62bn (market cap ~$66bn + corporate term debt ~$0 − corporate cash & equivalents ~$5.0bn per Q1 2026 balance sheet)
52-week high	$153.86
52-week low	$62.92
Short interest (% of float)	~4% (≈31.8m shares; ~3.5% of shares outstanding, late May 2026)
Days to cover	~1.0

7. Growth Drivers

Robinhood's growth strategy is to deepen wallet share through relentless product expansion. In recent quarters it has launched or scaled Robinhood Banking (over $2 billion of deposits crossed in Q1 2026), the Gold Card and new Platinum Card, the Strategies advisory product, retirement accounts (retirement assets under custody up 90% Y/Y to a record $27.4 billion), futures, index options and prediction-market event contracts (a record 8.8 billion contracts traded in Q1 2026).

A second leg is new asset classes and markets. Robinhood is building Robinhood Chain, an Ethereum Layer-2 for tokenised real-world assets, expanding internationally (including in-principle approval from the Monetary Authority of Singapore and the Bitstamp acquisition), and has launched Robinhood Ventures Fund I to give retail investors access to private markets. The April 2026 designation as broker and sole initial trustee for the US Treasury's "Trump Accounts" programme adds a potentially large new customer funnel.

Underpinning it all is asset gathering: record net deposits of $68 billion in 2025 and an annualised ~22% deposit growth rate in Q1 2026 expand the balances on which Robinhood earns interest and trading revenue, while the multi-decade "Great Wealth Transfer" provides a structural backdrop. You can follow HOOD's price action and build watchlists on the ChartsView Live Charts page.

8. Peer Comparison

Robinhood competes across several fronts: traditional discount brokers, automated global brokers and crypto-native platforms. It is smaller than the incumbents by client assets but has been growing customers and revenue faster.

Peer	Market cap (May 2026)	Key 2025 metric
Charles Schwab (SCHW)	~$157 billion	~$11.9 trillion total client assets (FY2025)
Interactive Brokers (IBKR)	~$121 billion	4.4m client accounts; ~$780bn client equity (FY2025)
Coinbase (COIN)	~$49 billion	~$7.2bn total revenue (FY2025); largest US crypto exchange
Robinhood (HOOD)	~$66 billion	27.4m funded customers; $307bn platform assets (Q1 2026)

Peer market caps are approximate publicly quoted values in May 2026; operating metrics are the latest disclosed by each company. Robinhood sits between the trillion-dollar-asset incumbents and the pure-play crypto exchanges, with a younger, more active customer base and a broader product roadmap than most.

9. Insider Activity

As a US domestic filer, Robinhood's officers and directors report transactions on Form 4. The most recent notable open-market sale by a named executive is shown below.

Name	Date	Type	Shares	Price	Value	Plan Type
Vlad Tenev (Chairman & CEO)	06 Apr 2026	Sale	375,000	$69.53–$70.12	~$26.19m	Rule 10b5-1 (adopted 5 Sep 2025)

Founders and executives at Robinhood have sold shares periodically under pre-arranged Rule 10b5-1 trading plans, which schedule sales in advance and are common for senior insiders; such sales are not necessarily signals about the business. Investors should consult Robinhood's SEC Form 4 filings for the complete, current record.

10. Key Risks

Robinhood's risks are a mix of regulatory, cyclical and structural:

Payment-for-order-flow regulation: PFOF is central to transaction revenue and a perennial regulatory target; restrictions or a ban would directly damage economics.
Cyclicality of trading revenue: revenue is tied to retail trading activity and risk appetite, which can fall sharply in market downturns; crypto revenue fell 47% Y/Y in Q1 2026.
Interest-rate sensitivity: net interest revenue is roughly a third of the total, so a falling-rate environment would compress a key profit stream.
Emerging-product legal risk: prediction-market event contracts, crypto, staking and tokenised assets face evolving and uncertain regulation that could curtail or ban offerings.
Competition: deep-pocketed incumbents (Schwab, Fidelity, Morgan Stanley/E*Trade), automated brokers (Interactive Brokers) and crypto platforms (Coinbase) are all expanding into Robinhood's territory.
Valuation and sentiment risk: a high earnings and sales multiple leaves the shares exposed to any slowdown in volumes, deposits or product adoption.
Governance: a dual-class share structure concentrates control with the founders.

11. Recent Developments

28 Apr 2026 — Q1 2026 results. Net revenues of $1,067m (+15% Y/Y), net income of $346m, diluted EPS of $0.38, total platform assets of $307bn (+39%) and a record 4.3m Gold subscribers; Adjusted EBITDA of $534m.
28 Apr 2026 — Strategic milestones disclosed. Robinhood was named broker and sole initial trustee for the US Treasury's "Trump Accounts" programme (working with BNY); launched the IPO of Robinhood Ventures Fund I for private-market access; opened the public testnet for Robinhood Chain; crossed $2bn in Banking deposits; and secured in-principle approval from the Monetary Authority of Singapore.
06 Apr 2026 — CEO share sale. Chairman and CEO Vlad Tenev sold 375,000 shares for roughly $26.2m under a pre-arranged Rule 10b5-1 plan.
10 Feb 2026 — Q4 and full-year 2025 results. Record full-year revenue of $4.5bn and net income of $1.9bn, with record net deposits of $68bn for the year.

12. Key Dates

05 Aug 2026 — expected Q2 2026 results.
28 Apr 2026 — Q1 2026 results released (most recent reported quarter).
10 Feb 2026 — Q4 and full-year 2025 results released.

Robinhood typically reports quarterly in early February, late April/early May, late July/early August and early November; exact dates are confirmed by the company ahead of time. Track the ChartsView Economic Calendar for rate decisions and macro events that move financial stocks, and compare notes with other investors in the Forum.

Coinbase Global (COIN) — Company Research

Last Updated: 21 May 2026

Coinbase Global is the largest US-listed cryptocurrency exchange and the most prominent regulated on-ramp to digital assets in the Western world. Founded in 2012 and a member of the S&P 500 since May 2025, the company earns money primarily from trading fees, but has spent the past three years deliberately diversifying into recurring "subscription and services" revenue — stablecoin (USDC) income, staking rewards, custody and its Coinbase One membership. Full-year 2025 was a record on the top line, with total revenue of $7.18 billion (up 9% year over year), yet the business remains fundamentally cyclical: a softer crypto market in late 2025 and into Q1 2026 pulled trading volumes lower and pushed the company to a GAAP net loss in both Q4 2025 and Q1 2026. This report walks through Coinbase's financials, segments, valuation, competitive position and risks using only figures drawn from the company's SEC filings and other primary sources.

COIN chart by TradingView

1. Company Snapshot

Field Value

Company Coinbase Global, Inc.

Exchange / Ticker NASDAQ: COIN (Class A)

Sector Financials — Crypto exchange & financial services

Market cap ~$51.4bn (20 May 2026, $193.45/share)

Revenue (FY2025) $7,181.3m total revenue (+9.4% YoY)

Net income (FY2025) $1,260.3m (down from $2,579.1m in FY2024)

GAAP diluted EPS (FY2025) $4.45 (FY2024: $9.48)

Adjusted EBITDA (FY2025) $2,808.5m

CEO Brian Armstrong (co-founder, Chairman & CEO)

Employees 4,951 full-time (end 2025, +31% YoY)

Headquarters Remote-first; incorporated in Delaware, USA

Founded / IPO 2012; direct listing April 2021

Fiscal year end 31 December

52-week range $139.36 – $444.65

2. Bull & Bear Case

Bull Case

Category-leading franchise: Coinbase is the largest regulated crypto exchange in the US and stored roughly 12% of all crypto globally in 2025, custodian to over 80% of US spot BTC and ETH ETF assets — a trust-and-scale moat that is hard to replicate.

Revenue diversification is working: Subscription and services revenue reached $2,828.0m in FY2025 (up 23% YoY), roughly 5.5x its 2021 cycle peak, reducing reliance on volatile trading fees.

The "Everything Exchange" optionality: New 2025/2026 launches — equities trading, prediction markets (with Kalshi), expanded derivatives via the $2.9bn Deribit acquisition, and the Base chain — widen the addressable market well beyond spot crypto.

Stablecoin tailwind: Average USDC held in Coinbase products hit all-time highs in Q4 2025; with US stablecoin legislation advancing, USDC-linked revenue is a structural growth lever tied to Coinbase's partnership with Circle.

Strong balance sheet and buybacks: Coinbase ended 2025 with $11.3bn of cash and equivalents, generated $2.4bn of operating cash flow, and repurchased more than $1.7bn of stock in Q4 2025 through early February 2026.

Bear Case

Earnings are crypto-cyclical: Transaction revenue still drives the model, and Coinbase posted GAAP net losses in both Q4 2025 (-$667m) and Q1 2026 (-$394m) as volumes fell — results swing violently with crypto prices.

Crypto-asset mark-to-market noise: GAAP earnings are distorted by gains and losses on crypto held for investment ($718m loss in Q4 2025, $482m decline in Q1 2026), making reported profit hard to forecast.

Cost base climbing fast: Full-year operating expenses rose 35% to $5.7bn in 2025, outpacing the 9% revenue gain and compressing operating margins.

Intensifying competition: Binance dominates global spot volume (~38% share), while Robinhood, Kraken and others compete aggressively on price, pressuring take rates over time.

Regulatory and concentration risk: Despite a friendlier US backdrop, the business depends on evolving crypto rules, and a meaningful share of revenue is sensitive to interest rates on USDC reserves.

3. Revenue Segments

Coinbase reports two primary revenue lines — transaction revenue and subscription and services revenue — plus a small "other" line for corporate interest income. The split below is for full-year 2025 against total revenue of $7,181.3m.

Segment % of revenue What it is

Transaction revenue ~56% ($4,055.4m) Fees on consumer and institutional spot trading plus derivatives (including Deribit options and perpetual futures).

Subscription & services ~39% ($2,828.0m) Stablecoin (USDC) revenue, blockchain/staking rewards, interest and finance-fee income, custody, and Coinbase One membership.

Other revenue ~4% ($297.9m) Corporate interest income and other items earned on Coinbase's own balance sheet.

4. Business Model

Coinbase operates a two-sided platform connecting retail and institutional customers to crypto markets, monetised across several layers.

How it makes money. The largest piece is transaction revenue — a take rate applied to trading volume across consumer (higher fee) and institutional (lower fee) channels, supplemented by a fast-growing derivatives business after the Deribit acquisition. The second pillar, subscription and services, is designed to be far less volume-dependent: Coinbase earns interest-like income on USDC reserves (shared with issuer Circle), staking commissions, custody fees from institutions and ETF issuers, and recurring fees from its Coinbase One membership.

Unit economics and the flywheel. Management frames the strategy as an "asset accumulation flywheel": build trusted products so customers store more assets on the platform, then layer on more services those assets can plug into — lending, staking, payments and trading — which deepens engagement and revenue per customer. The more assets on platform, the more recurring, lower-volatility revenue Coinbase can capture between trading cycles.

The moat. Coinbase's competitive edge is regulatory standing and trust at scale — it is the custodian of choice for the majority of US crypto ETF assets, holds licences across the UK (FCA) and EU (MiCA), and stores more crypto than any other company. That trust is the foundation it is using to extend into equities, prediction markets and stablecoin payments.

5. Financial Health

The table below shows five years of GAAP results. Coinbase's history is unmistakably cyclical: a 2021 boom, a deep 2022 trough, recovery through 2024 and a record-revenue but lower-profit 2025. All figures are in US$ millions except per-share data, sourced from Coinbase shareholder letters and 10-K filings.

Year Revenue ($m) YoY % GAAP EPS Adjusted EPS Dividend/share Long-term debt (YE, $m)

FY2021 7,839.4 +514% $14.50 n/a $0.00 3,384.8

FY2022 3,194.2 -59.3% -$11.83 n/a $0.00 3,393.4

FY2023 3,108.4 -2.7% $0.37 n/a $0.00 2,980.0

FY2024 6,564.0 +111.2% $9.48 $7.58 $0.00 4,234.1

FY2025 7,181.3 +9.4% $4.45 $4.03 $0.00 5,937.0

The quarterly table below shows the most recent five quarters of total revenue and earnings per share, with the full-year 2025 total in bold. Note the swing in GAAP EPS driven by crypto-asset mark-to-market movements, while adjusted EPS strips out those tax-effected investment gains and losses.

Quarter Revenue ($m) Adjusted EPS GAAP EPS

Q1 2026 1,410 n/a -$1.49

Q4 2025 1,781.1 $0.66 -$2.49

Q3 2025 1,868.7 $1.44 $1.50

Q2 2025 1,497.2 $0.12 $5.14

Q1 2025 2,034.3 $1.93 $0.24

FY2025 total 7,181.3 $4.03 $4.45

Balance-sheet and cash-flow highlights for FY2025: operating cash flow of $2,426.4m, cash and cash equivalents of $11,285.5m (USDC and other payment stablecoins are now classified as cash equivalents), long-term debt of $5,937.0m plus a current portion of $1,269.6m, and depreciation and amortisation of $188.4m. The full-year effective tax rate was 17%.

COIN fundamentals by TradingView

6. Valuation

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric Value

Market cap ~$51.4bn (20 May 2026, $193.45/share)

Enterprise value ~$47.3bn (market cap $51.4bn + total debt ~$7.21bn − cash & equivalents $11.29bn, per FY2025 balance sheet)

Trailing P/E (GAAP) ~43x (price $193.45 / FY2025 GAAP diluted EPS $4.45; trailing-twelve-month GAAP EPS is distorted by crypto-asset mark-to-market losses in Q4'25 and Q1'26)

P/E (forward) Not meaningful — Coinbase issues no EPS guidance and GAAP earnings are dominated by crypto-asset mark-to-market swings

P/S (TTM) ~7.8x (market cap $51.4bn / TTM total revenue ~$6.56bn, Q2'25–Q1'26)

EV/EBITDA (TTM) ~29x (EV ~$47.3bn / FY2025 EBITDA ~$1.62bn = GAAP operating income $1,435m + D&A $188m); on company-defined adjusted EBITDA of $2,808m the multiple is ~17x

P/FCF ~21x (market cap $51.4bn / FCF ~$2.43bn; FCF = operating cash flow $2,426m − capex, which Coinbase does not separately disclose as it is immaterial, per FY2025 cash flow statement)

52-week high $444.65 (July 2025)

52-week low $139.36 (February 2026)

Short interest (% of float) ~9.9% (~19.9m shares short, per Finviz/MarketBeat, April–May 2026)

Days to cover ~0.9 days (low)

COIN technicals by TradingView

7. What They're Building

Coinbase's central 2026 project is the "Everything Exchange" — one platform to trade crypto, derivatives, equities and prediction markets side by side. During 2025 and into 2026 the company rolled out stock and ETF trading inside the Coinbase app (early access starting with 3,000 stocks, expanding toward 10,000), launched US prediction markets with initial flow powered by Kalshi, and closed its $2.9bn acquisition of Deribit to become the global leader in crypto derivatives by open interest and options volume.

The second priority is stablecoins and payments: Coinbase is scaling USDC utility with payment APIs, embedded wallets and merchant integrations (including USDC on Base inside Shopify Payments), and announced the x402 open payment standard aimed at agentic commerce. The third is bringing the world onchain through Base — faster, cheaper infrastructure (roughly 200ms block times), Stage 1 decentralisation, and the consumer-facing Base App bundling wallet, trading, payments and social features. Together these initiatives are designed to compound the asset-accumulation flywheel and grow recurring revenue between trading cycles. Readers can track price action on our Live Charts page and scheduled macro events on the Economic Calendar.

8. Competitive Landscape

Coinbase competes with global crypto exchanges, US fintech brokers and the stablecoin ecosystem. The table below lists key peers with current market values and a recent metric for context.

Peer Market cap (May 2026) Key 2025 metric

Binance Private (not listed) Largest exchange globally, ~38% of centralised spot trading volume in December 2025; ~$7.3tn 2025 volume.

Robinhood Markets (HOOD) ~$62.3bn Crypto, equities and options brokerage; expanding crypto reach after acquiring Bitstamp.

Circle Internet Group (CRCL) ~$27.6bn Issuer of the USDC stablecoin; Coinbase shares in USDC reserve income via its long-running partnership.

Kraken Private (IPO anticipated) Major US and global spot exchange; roughly $1.1bn daily spot volume in late 2025.

9. Leadership & Ownership

Coinbase is led by co-founder Brian Armstrong, who serves as Chairman and CEO and remains the company's most influential shareholder through high-vote Class B stock. The senior team includes CFO Alesia Haas, President and COO Emilie Choi, and Chief Legal Officer Paul Grewal. Insider activity over the past year has been consistently weighted toward sales — common for a founder-led company where executives diversify via pre-arranged 10b5-1 plans rather than open-market buys. Selected recent transactions are shown below.

Name Date Type Shares Price Value Plan Type

Brian Armstrong (Chairman & CEO) 05 Jan 2026 Sell 40,000 ~$248.96 ~$9.96m 10b5-1

Paul Grewal (Chief Legal Officer) 27 Feb 2026 Sell 1,314 ~$175.05 ~$0.23m 10b5-1

Over the trailing 18 months, CFO Alesia Haas recorded a net sale of roughly 529,000 shares and President Emilie Choi a net sale of roughly 498,000 shares, per insider-filing trackers — again predominantly through scheduled plans rather than discretionary selling.

10. Risks

Crypto-market cyclicality (Macro): Trading revenue rises and falls with crypto prices and volumes; a prolonged downturn would materially cut transaction income, as seen in the Q4 2025 and Q1 2026 losses.

Earnings volatility from crypto holdings (Financial): Mark-to-market gains and losses on crypto held for investment and strategic stakes swing GAAP results sharply quarter to quarter.

Regulatory uncertainty (Regulatory): Although the US backdrop has improved, Coinbase's products remain exposed to evolving securities, derivatives and stablecoin rules across many jurisdictions.

Competition and fee pressure (Operational): Larger global volume at Binance and aggressive pricing from Robinhood, Kraken and others could erode take rates and market share.

Interest-rate sensitivity (Macro): A large slice of subscription and services revenue is tied to interest earned on USDC reserves and customer balances, which falls as rates decline.

Execution and integration risk (Operational): The "Everything Exchange" expansion into equities, derivatives (Deribit) and prediction markets adds complexity, integration risk and rising operating costs.

Security and operational incidents (Operational): Coinbase disclosed a data-theft incident in May 2025; custodial scale makes it a continual target and any breach carries financial and reputational cost.

11. Recent Developments

07 May 2026 — Q1 2026 results. Revenue of $1.41bn (down 31% YoY) missed expectations; the company posted a GAAP net loss of $394.1m (-$1.49 per share) but recorded its 13th consecutive positive adjusted EBITDA quarter at $303.3m. Shares fell on the print.

Feb 2026 — "Everything Exchange" expansion. Coinbase launched US prediction markets (initial flow powered by Kalshi) and rolled out stock and ETF trading inside its app, alongside continued growth in derivatives.

12 Feb 2026 — Q4 and full-year 2025 results. Full-year total revenue of $7.18bn (+9% YoY) and net income of $1.26bn; Q4 swung to a $667m net loss on a $718m crypto-investment mark-down.

Jan 2026 — expanded capital return. The board authorised an additional $2.0bn for repurchases of Class A common stock and long-term debt, on top of more than $1.7bn already bought back.

Aug 2025 — Deribit acquisition closed. Coinbase completed its ~$2.9bn purchase of Deribit, becoming the global leader in crypto derivatives by open interest and options volume.

May 2025 — S&P 500 inclusion and data-theft incident. Coinbase joined the S&P 500 and separately disclosed a customer data-theft incident, the costs of which were excluded from adjusted metrics through 2025.

12. Key Dates

30 Jul 2026 — Q2 2026 earnings results (expected, after US market close)

Expected early Nov 2026 — Q3 2026 earnings results

Expected summer 2026 — potential US CLARITY Act market-structure floor vote, a key crypto-regulation catalyst

Expected mid-2026 — annual shareholder meeting (proxy filed 24 Apr 2026); note Coinbase pays no dividend, so there is no ex-dividend date

For ongoing discussion of Coinbase and other names, visit the ChartsView community forum.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Block Inc. (XYZ) — Company Research

Last Updated: 20 May 2026

Block, Inc. (NYSE: XYZ; formerly ticker SQ until 21 January 2025) is the San Francisco-headquartered fintech holding company behind Square (seller-side commerce and POS), Cash App (consumer-side P2P, banking and investing), Afterpay (BNPL), TIDAL (music streaming) and a growing bitcoin ecosystem. The company reshaped around its two cash engines — Square and Cash App — through 2025 and cut roughly 40% of its workforce in early 2026 as part of an AI-led restructuring. Q1 2026 gross profit grew 27% to $2.91 billion and management raised the FY2026 guide. This research note summarises what the most recent filings actually say.

XYZ chart by TradingView

1. Company Snapshot

Field Value

Ticker NYSE: XYZ (changed from SQ on 21 Jan 2025); ASX CDIs also XYZ

Headquarters Oakland / San Francisco, California, USA

Founded / IPO 2009 (as Square) / 2015 (NYSE IPO); renamed Block 10 Dec 2021

CEO & Co-Founder Jack Dorsey ("Block Head"; chairperson and principal executive officer)

Sector Financial Services — Diversified Payments / Fintech

Employees ~7,500 post-restructure (~40% reduction announced 2026 from prior ~12,500)

Market cap (May 2026) ~$41bn (shares ~$69; cap printed $41.16bn per Capital.com / Companiesmarketcap May 2026 snapshot)

FY2025 net revenue $24.19bn

FY2025 gross profit $10.4bn

FY2025 Square GPV $250bn across 4.5m sellers and 5.9bn transactions

FY2025 Cash App MTAs 59m monthly transacting actives; $316bn inflows

Q1 2026 gross profit $2.91bn (+27% YoY)

Q1 2026 Adj. operating income $728m (+56% YoY)

2. Bull and Bear Case

Bull Case

Operating leverage is real: Q1 2026 Adjusted Operating Income rose 56% YoY to $728m and Adjusted Diluted EPS rose 52% to $0.85, even after $852m of restructuring charges — underlying margin expansion is visible.

Cash App engine still compounding: Cash App gross profit grew 38% in Q1 2026, lapping 59m MTAs and $316bn of annual inflows; banking, lending and Borrow continue to drive ARPU.

AI-led restructuring delivering: The ~40% workforce reduction in early 2026 cut headcount aggressively and management raised the FY2026 gross profit guide to $12.33bn (+19%) and Adjusted EPS to $3.85 (+62%).

Free cash flow inflection: Q1 2026 FCF was $935m, up 822% YoY, signalling that the post-restructure cost base scales materially with gross profit.

Bitcoin optionality: Block holds material BTC on the balance sheet and the bitcoin ecosystem revenue line ($8.5bn FY2025) gives both upside exposure and merchant payment optionality.

Bear Case

Square deceleration: Square gross profit grew only 9% in Q1 2026, well below Cash App's 38%, signalling that the seller-side business is more mature and exposed to small-business cyclicality.

Restructuring charges still flowing through: Q1 2026 carried $852m of restructuring and other charges and a $173m bitcoin remeasurement loss, leaving a $309m GAAP net loss.

Rising debt load: Block raised $2.2bn of senior notes in August 2025 on top of existing convertible and senior notes, taking long-term debt above $5.7bn at end-Q3 2025.

Regulatory and credit risk: Cash App is increasingly bank-like; consumer credit losses, deposit-account regulation and AML/KYC scrutiny all sit higher up the risk register than three years ago.

Bitcoin exposure cuts both ways: A sustained BTC drawdown would compress bitcoin-ecosystem gross profit and force further remeasurement losses on the corporate BTC position.

3. What the Company Does

Block is a multi-ecosystem fintech with three reported revenue engines. Square is the seller-side stack — POS hardware, payments, payroll, capital, banking and SaaS tools for the 4.5m merchants using the platform. Cash App is the consumer-side mobile finance app covering P2P, cards, direct deposit, Bitcoin, stocks and Borrow. The Bitcoin Ecosystem line captures the gross sale of bitcoin to Cash App customers (very low margin but very large dollar volume) plus newer bitcoin-related infrastructure efforts. TIDAL (music streaming) and TBD (a decentralised finance arm) are smaller initiatives folded inside the corporate structure.

Segment % of revenue What it is

Commerce Enablement (Square) ~43% (FY2025 $10.5bn of $24.2bn net revenue) POS payments, hardware, Square Banking, Square Capital, Square for Restaurants/Retail, Afterpay BNPL on the seller side.

Bitcoin Ecosystem ~35% (FY2025 $8.5bn) Reported gross of bitcoin sold to Cash App customers; high revenue-low-margin pass-through line plus newer bitcoin infrastructure work.

Financial Solutions (Cash App) ~17% (FY2025 $4.2bn ex-bitcoin) Cash App fees, instant deposit, Cash Card interchange, Borrow lending, brokerage and Afterpay consumer BNPL.

Headline net revenue is dominated by bitcoin pass-through, but the more economically meaningful figure is gross profit ($10.4bn FY2025), which strips out the low-margin BTC line and shows Cash App and Square as roughly comparable contributors.

4. How the Business Model Works

How it makes money. Block's two real economic engines are (i) Square, which earns a take-rate on seller payment volume plus subscription/SaaS fees for software tools, hardware margin, and finance income on Square Capital, and (ii) Cash App, which earns instant-deposit fees, Cash Card interchange, Bitcoin spread, Borrow interest income, and brokerage flow. Bitcoin revenue is large but pass-through, with gross margin in the very low single digits.

Unit economics. Cash App's gross profit per active is rising as the company adds higher-ARPU products (Borrow, Stocks, paychecks). Square's blended take-rate is roughly 2.6%-2.9% across hardware/online/keyed-in, with software and finance attaches lifting overall economics. Q1 2026 Adjusted Operating Income of $728m on $2.91bn of gross profit implies a 25% gross-profit-margin proxy — meaningful operating leverage versus the high-teens print three years earlier.

Moat. Block's defensibility is split: Cash App benefits from genuine consumer network effects (P2P pulls in counterparties) plus high switching costs once a customer uses Cash App as a primary direct-deposit account; Square benefits from a vertically-integrated payment-plus-software stack inside small businesses. The Bitcoin line is more commodity-like and depends on regulatory positioning and crypto-cycle exposure.

Capital intensity. Block carries material long-term debt ($5.7bn+ at end-Q3 2025) and a sizeable convertible note stack, and the company has actively used the balance sheet for buybacks and to hold corporate bitcoin. Operating cash flow is strong ($965m in Q1 2026 alone), and capex is modest relative to gross profit.

5. Financial Health

All figures from Block's quarterly press releases, 10-K (FY2025), and 10-Q (Q1 FY2026) filed with the SEC. Currency: USD.

Year Revenue YoY % GAAP EPS Adjusted EPS Dividend/share Long-term debt (YE)

FY2021 $17.66bn +86% $0.36 $1.39 $0.00 (none) $4.55bn (convertible notes)

FY2022 $17.53bn -1% $(1.10) $0.38 $0.00 (none) $4.08bn (convertible notes)

FY2023 $21.92bn +25% $0.02 $2.31 $0.00 (none) $4.36bn (convertibles + senior notes)

FY2024 $24.12bn +10% $4.65 $3.50 $0.00 (none) $4.11bn (mix of convertibles and senior notes)

FY2025 $24.19bn +0.3% ~$1.10 $2.38 $0.00 (none) ~$5.7bn (post-Aug 2025 $2.2bn senior notes raise)

Quarterly view (most recent first; bold row is FY-total):

Quarter Revenue Adjusted EPS GAAP EPS

Q1 FY2026 ~$6.0bn (gross profit $2.91bn, +27%) $0.85 (+52% YoY) $(0.49) (impacted by $852m restructuring + $173m BTC remeasurement)

Q4 FY2025 ~$6.0bn ~$0.71 ~$0.18

Q3 FY2025 $5.95bn ~$0.55 ~$0.32

Q2 FY2025 $6.16bn ~$0.62 ~$0.30

Q1 FY2025 $6.03bn ~$0.50 ~$0.31 (net income $190m attributable)

FY2025 total $24.19bn (+0.3%) $2.38 ~$1.10

Cash flow snapshot. Q1 2026 operating cash flow was $965.6m, up 624% YoY, against $30m of capex, leaving $935m of free cash flow. The company also reported $300m of net cash from investing activities and $(252)m used in financing activities. FY2025 free cash flow was meaningful but the Q1 2026 inflection is partly seasonal (Cash App tax-refund flow) and partly genuine cost-out from the restructuring.

Balance sheet (end Q4 2025): $6.56bn cash and equivalents, $518m short-term debt securities, $189m long-term debt securities, ~$9.2bn total liquidity. Total long-term debt sits around $5.7bn (mix of 2025/2026/2027 convertible notes plus the August 2025 $2.2bn senior notes raise; current portion roughly $1.6bn). Net debt position is therefore modestly negative on a strict cash-vs-debt basis.

XYZ fundamentals by TradingView

6. Valuation

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric Value

Market cap ~$41bn (shares ~$69 mid-May 2026)

Trailing P/E (GAAP) ~62x (market cap $41bn / FY2025 net income ~$0.66bn; GAAP figure depressed by 2025 charges)

P/E (forward) ~18x (FY2026 management Adjusted EPS guide $3.85; uses Adjusted EPS not GAAP)

P/S (TTM) ~1.7x (market cap $41bn / FY2025 net revenue $24.19bn; metric distorted by low-margin bitcoin revenue)

P/FCF ~12x on annualised Q1 2026 FCF (market cap $41bn / annualised Q1 FCF ~$3.4bn; FCF = OCF $965.6m − capex ~$30m per Q1 cash flow statement; full-year run-rate likely lower than annualised Q1 due to tax-refund seasonality, ~20-25x on a full-year basis)

EV/EBITDA (TTM) ~17x (EV ~$37bn / FY2025 Adjusted EBITDA ~$2.2bn; EBITDA proxy = Adjusted Operating Income $1.85bn + D&A ~$350m FY2025 cash flow statement; GAAP EBITDA much lower due to charges)

Enterprise value ~$37bn (market cap $41bn + total debt ~$7.3bn − cash & marketable securities ~$9.2bn + minority interest items per FY2025 balance sheet)

52-week high $82.50

52-week low $48.21

Short interest (% of float) Approximately 5-7% per recent Finviz/MarketBeat data (verified ranges; Block historically runs above sector median given crypto exposure)

Days to cover ~3-4 days (Mar 2026 print per MarketBeat)

Context: XYZ trades at a low-teens forward P/E on Adjusted EPS, which is materially cheaper than diversified fintech peers PayPal and Adyen, reflecting (i) lower revenue growth headline, (ii) bitcoin distortion, and (iii) execution risk on the post-restructure cost base. P/S looks low but is misleading because of bitcoin revenue passthrough.

XYZ technicals by TradingView

7. Growth Drivers

Five structural drivers determine how Block compounds gross profit through 2027. First, Cash App ARPU expansion: layering Borrow (lending), Cash App Card interchange, paychecks/direct deposit, and Stocks/Bitcoin on top of P2P is lifting per-actives economics without commensurate user-acquisition spend. Second, Square upmarket: the seller business is pushing harder into mid-market and food-and-beverage verticals where take-rate and software attach are higher. Third, AI-led cost-out: the 40% workforce reduction announced in 2026 collapses the cost base and management has explicitly tied future hiring to AI productivity gates — if the FY2026 Adjusted EPS guide of $3.85 lands, operating margins will have re-rated materially. Fourth, Afterpay re-monetisation: the BNPL acquisition is being integrated more tightly into both Square and Cash App, opening cross-sell. Fifth, bitcoin infrastructure: Block's bitcoin mining (Bitkey, Proto mining hardware) and the new merchant bitcoin payment rails introduce optionality if BTC remains a structural asset.

8. Competitive Landscape

Block competes across consumer fintech (PayPal/Venmo, Robinhood, SoFi, Chime), seller payments and POS (Stripe, Toast, Clover/Fiserv, Adyen, Shopify), BNPL (Klarna, Affirm), and bitcoin/crypto (Coinbase, Strategy). No single peer overlaps with all four lines, but each line has at least one well-funded competitor.

Peer Market cap (May 2026) Key 2025 metric

PayPal (PYPL) ~$67bn FY2024 net revenue ~$32bn, ~430m active accounts — direct competitor to Cash App via Venmo.

Shopify (SHOP) ~$130bn FY2025 revenue $11.56bn, GMV $378bn — competes with Square in seller-side commerce stack.

Toast (TOST) ~$25bn FY2025 ARR ~$1.7bn (estimate) — restaurant-vertical pure-play directly attacking Square Restaurants.

Adyen (ADYEN.AS) ~€44bn (~$48bn) FY2025 net revenue ~€2.0bn — enterprise payments competitor to Square at upmarket.

Affirm (AFRM) ~$22bn FY2025 GMV ~$33bn — BNPL pure-play competing with Afterpay inside both seller and consumer journeys.

Stripe (private) is arguably the most significant Square competitor on the online-payments side but remains unlisted; Klarna (private) competes most directly with Afterpay.

9. Leadership, Ownership and Insider Activity

CEO Jack Dorsey ("Block Head") continues to lead the company as both principal executive officer and chairperson. Dorsey is the co-founder, draws an annual cash salary of $2.75 (literal dollars, not thousands), and is compensated entirely through long-held founder equity. Amrita Ahuja serves as Chief Operating Officer and Chief Financial Officer following the 2024 structural simplification. Recent SEC filings show standard programmatic insider sales by named executive officers under 10b5-1 plans during 2026.

No material insider open-market purchases of note in the trailing six months: Form 4 filings on SEC EDGAR for CIK 0001512673 show routine 10b5-1 plan-based sales by Block executives during 2026 alongside ordinary-course option exercises and tax-withholding events. Dorsey has not added to or trimmed his founder stake in the most recent disclosed window. For granular Form 4 detail, see SEC EDGAR CIK 0001512673.

10. Key Risks

Small-business cyclicality: Square is heavily exposed to US small-business activity; a recessionary downturn would compress GPV growth and increase Square Capital credit losses. Category: Macro.

Bitcoin price exposure: Block holds a corporate BTC position and earns gross profit from BTC sales via Cash App; a sustained BTC drawdown would hit GAAP earnings via remeasurement losses (as evidenced by the $173m Q1 2026 hit) and depress bitcoin-line gross profit. Category: Financial.

Restructuring execution: The 40% workforce reduction is aggressive; risks include attrition of critical talent, product velocity slowdown, customer-support degradation, and morale-driven churn that may not show up in disclosed metrics until 2027. Category: Operational.

Consumer credit and lending risk: Cash App Borrow and Square Capital expose Block to consumer/small-business credit cycles; rising defaults would force reserve builds and compress segment economics. Category: Financial.

Regulatory scrutiny of Cash App: Cash App operates as a quasi-bank, and US, AU and UK regulators continue to examine consent-order requirements, AML/KYC, deposit-protection and dispute-handling. Category: Regulatory.

Competitive intensity in payments: Stripe at the high end, Toast in verticals, Clover/Fiserv on the bank-led side, and PayPal/Venmo on the consumer side all push back on take-rate. Category: Operational.

Debt-stack refinancing: Convertible notes and senior notes total ~$7.3bn; while comfortably covered by cash and FCF, future refinancing depends on rates and credit spreads. Category: Financial.

11. Recent Developments

07 May 2026 — Q1 2026 earnings released. Gross profit $2.91bn (+27%), Adjusted Operating Income $728m (+56%), Adjusted EPS $0.85 (+52%); GAAP net loss $309m absorbing $852m of restructuring charges and a $173m BTC remeasurement loss. FY2026 guidance raised.

17 Apr 2026 — Jack Dorsey explains 40% workforce cut. Block confirmed the deep AI-driven layoffs implemented earlier in 2026, with Dorsey publicly framing the move as a long-term productivity reset rather than a cost-cutting exercise.

13 Aug 2025 — $2.2bn senior notes priced. Block upsized a senior unsecured offering: $1.2bn 5.625% notes due 2030 and $1.0bn 6.000% notes due 2033, strengthening liquidity and refinancing capability.

21 Jan 2025 — Ticker change to XYZ. Block's NYSE ticker changed from SQ to XYZ to consolidate brand identity across Square, Cash App, Afterpay, TIDAL and bitcoin initiatives.

10 Dec 2021 — Renamed from Square to Block. Historical reference: the corporate name change took effect in late 2021, marking the strategic pivot away from Square as a single-product identity.

12. Key Dates and Catalysts

07 Aug 2026 — Expected Q2 FY2026 earnings release; management's Q2 guide is gross profit $3.04bn and Adjusted EPS $0.86.

06 Nov 2026 — Expected Q3 FY2026 earnings release (historical cadence early November).

26 Nov 2026 — US Thanksgiving / Black Friday window; key indicator for Square seller GPV trajectory into Q4.

23 Apr 2027 — Expected FY2026 annual meeting of shareholders (based on prior cadence).

11 Feb 2027 — Expected Q4 / FY2026 earnings (based on prior cadence).

For live charts, see our Live Charts page; macro catalysts that touch Block's read across (rates, consumer spending data, BTC price action) are on the Economic Calendar. Discuss this name with the community in the ChartsView Forum.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

PayPal Holdings, Inc. (PYPL) — Company Research

Last Updated: 18 May 2026

PayPal Holdings (NASDAQ: PYPL) is one of the world's largest pure-play digital payments companies, with 439 million active accounts and $1.79 trillion in total payment volume processed in 2025. After three years of margin pressure, branded-checkout share loss to Apple Pay and Shop Pay, and a leadership shake-up, the company is now run by former HP CEO Enrique Lores, who took over on 1 March 2026. The thesis is no longer about growth — it is about whether a 28-year-old payments incumbent can defend its consumer franchise, monetise Venmo and BNPL, and execute a $1.5bn cost programme while the stock trades at single-digit earnings multiples.

PYPL chart by TradingView

1. Company Snapshot

Field Value

Full name PayPal Holdings, Inc.

Ticker NASDAQ: PYPL

Sector / Industry Financials / Diversified Financial Services — Digital Payments

Founded 1998 (as Confinity); spun off from eBay July 2015

Headquarters San Jose, California, USA

CEO Enrique Lores (since 1 Mar 2026); previously HP CEO 2019–2026

Board Chair David W. Dorman (Independent, appointed Feb 2026)

Market cap ~$39.9bn (16 May 2026 close $44.40)

FY2025 revenue $33.17bn (+4% YoY)

FY2025 GAAP net income $5.23bn (+26% YoY)

FY2025 GAAP diluted EPS $5.41

Active accounts ~439 million (FY2025, +1.1% YoY)

Employees ~24,400 (per FY2025 10-K)

Exchanges NASDAQ (PYPL); component of S&P 500

Website www.paypal.com / investor.pypl.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

Valuation reset: Trades at ~8.2x trailing GAAP earnings and ~7x FY2025 FCF — roughly 80% below its 10-year median P/E of 42, a multiple last seen in 2014.

Cash generation: FY2025 free cash flow of $5.56bn (operating CF $6.42bn minus capex $852m); $6.0bn returned to shareholders via buybacks in the last 12 months, retiring ~9% of the share count.

Diversification working: Venmo revenue grew ~20% in 2025 to ~$1.7bn; BNPL TPV ~$40bn growing >20% YoY; debit-card volumes are scaling — the higher-margin product mix added ~4% to underlying TM$ growth.

New CEO with operator pedigree: Enrique Lores ran HP through a six-year cost and capital-discipline overhaul; arrived Mar 2026 with a $1.5bn cost-out target and a three-unit reorganisation (Checkout, Venmo/Consumer Financial Services, Payment Services & Crypto).

Stablecoin and agentic commerce optionality: PYUSD has reached ~$2.5bn in circulation; PayPal is positioning the platform for agentic-AI checkout via partnerships and APIs — embedded optionality the current multiple does not reflect.

Bear Case

Branded checkout share loss: Q4 2025 results were the trigger for the CEO change — the Board cited "execution has not been where it needs to be, particularly in branded checkout." Apple Pay (65.6m US users), Shop Pay and Stripe Link are taking share at the top of the funnel.

Margin compression from investment: Q1 2026 GAAP EPS fell 6% to $1.21 even as revenue grew 7% — rising opex on customer-experience upgrades flagged by management. Q2 2026 guidance: TM$ down ~3%, non-GAAP EPS down ~9%.

Active-account growth stalling: Active accounts grew only 1.1% in 2025 to 439m; transactions per active account fell 5% (TPA ex-PSP +5%), pointing to lower engagement on the branded side.

Regulatory and litigation drag: $30m DOJ settlement on DEI-related claims (May 2026); ongoing FTC scrutiny of Honey browser-extension practices; competing wallet rules under EU DMA exposure.

Stablecoin and crypto regulatory uncertainty: PYUSD operates under the New York DFS BitLicense regime; the US GENIUS Act and EU MiCA frameworks are still bedding in. Crypto-related strategic investments contributed ~$0.14 to FY2025 GAAP EPS — a tail-wind that can reverse.

3. What Does This Company Actually Do?

PayPal is a two-sided digital payments network that lets consumers pay merchants and lets people send money to each other. The company earns revenue primarily as a percentage of the total payment volume (TPV) it processes — in 2025 it processed $1.79 trillion across 25.4 billion transactions for 439 million active accounts in approximately 200 markets.

Reporting is consolidated under one operating segment, but the business mix splits between two revenue lines and several customer-facing brands. PayPal does not break out revenue by brand in the 10-K, but it does separate two revenue types and discloses brand-level operating metrics during earnings calls.

Segment % of revenue What it is

Transaction revenues ~90% (~$29.8bn FY2025) Fees earned from processing payments across PayPal, Venmo, Braintree, Hyperwallet and Xoom. Includes branded checkout, unbranded card processing (Braintree) for merchants like Uber and Airbnb, P2P transfers, and POS via Zettle.

Other value-added services (OVAS) ~10% (~$3.4bn FY2025) Interest on customer balances held at PayPal, BNPL consumer credit, partnerships (Synchrony co-branded credit cards), gateway fees and revenue from acquired assets such as Honey rewards.

Geographic split US ~58%, International ~42% UK, Germany and Australia are the largest non-US markets. Cross-border TPV grew at a faster rate than domestic in 2025 as Xoom and global Braintree merchant volumes scaled.

Customer base is roughly 80% consumer-facing (the orange-button checkout and Venmo network) and 20% large-merchant unbranded acquiring through Braintree. Branded checkout is the structurally higher-margin product line; unbranded Braintree volumes carry far thinner take-rates and have been the main reason transaction take-rate has compressed since 2021.

4. The Business Model

How a digital-payments network makes money. PayPal's core economic engine is the merchant discount rate (MDR) it charges on each transaction — typically 2.59% to 3.49% plus a per-transaction fixed fee for branded checkout, with lower per-bp rates on Braintree's enterprise unbranded volumes. On top of MDR the company earns currency-conversion margin, interest on customer cash balances, BNPL late fees, and gateway/service fees. Total payment volume of $1.79tn at a blended take-rate of ~1.85% produces ~$33bn of revenue.

Unit economics. Transaction margin dollars (TM$) — revenue minus direct transaction costs — grew 6% to $15.47bn in FY2025, with a transaction margin of 46.6%. After opex, GAAP operating margin expanded 154 bps to 18.3%, and GAAP net margin reached 15.8%. The non-GAAP "transaction margin ex-interest on customer balances" grew 6% to $14.24bn, which strips out the rate-sensitive interest income stream.

Moat. Two-sided network effect: 36 million merchant accounts and 439 million consumer accounts mean both sides find each other — a merchant cannot easily drop the orange button when ~40% of US households hold a PayPal account, and consumers stay because every meaningful e-commerce checkout supports it. Secondary moats: 25 years of fraud-modelling data, 100+ regulatory licences globally, the Venmo P2P social graph (~95 million US accounts), and proprietary BNPL underwriting on PayPal Pay-Later. The moat is narrower at the top of the funnel (Apple Pay/Shop Pay can win first-click) but thicker further down (no rival matches PayPal's combined cross-border and unbranded reach).

Subsidies / regulatory credits. PayPal does not receive material government subsidies. Strategic investment portfolio and crypto assets held for investment contributed ~$0.14 to FY2025 GAAP EPS — a non-operating, non-recurring tailwind that should not be projected forward.

Customer-balance interest mechanic. PayPal earns interest on the $38.2bn of "funds receivable and customer accounts" held on its balance sheet at FY2025 year-end. This is reported within OVAS and is highly sensitive to short-end interest rates — a 100 bp Fed cut would shave several hundred million dollars off OVAS revenue. Management has flagged this as a 2026 headwind.

5. Financial Health

All figures below are taken directly from the PayPal 4Q25/FY25 Earnings Release (3 February 2026) and from SEC Form 10-K / 10-Q filings. Historical long-term debt sourced from SEC EDGAR XBRL companyfacts (US-GAAP LongTermDebtNoncurrent) to ensure the LT debt sparkline has multiple data points.

Five-year trend (fiscal year ended 31 December):

Fiscal year Revenue ($bn) YoY % GAAP EPS (diluted) Adjusted EPS Dividend/share Long-term debt (YE, $bn)

FY2021 25.37 +18% $3.52 $4.60 — 8.05

FY2022 27.52 +8% $2.09 $4.13 — 10.42

FY2023 29.77 +8% $3.84 $5.10 — 9.68

FY2024 31.80 +7% $3.99 $4.65 — 9.88

FY2025 33.17 +4% $5.41 $5.31 $0.14 (Q4'25 initial) 9.99

Quarterly trend (most-recent first):

Quarter Revenue ($bn) Adjusted EPS GAAP EPS (diluted)

Q1 2026 8.35 (+7% YoY) $1.34 (+1%) $1.21 (−6%)

Q4 2025 8.68 (+4%) $1.23 (+3%) $1.53 (+38%)

Q3 2025 8.42 (+7%) $1.34 (+12%) $1.46

Q2 2025 8.29 (+5%) $1.40 (+18%) $1.29

Q1 2025 7.79 (+1%) $1.33 (+23%) $1.29

FY2025 total 33.17 $5.31 $5.41

Cash flow, balance sheet and capital return (FY2025, per 4Q25 release):

Operating cash flow: $6.42bn (FY2024: $7.45bn — the year-over-year decline reflects timing on BNPL receivable sales)

Capital expenditure: $852m

Free cash flow: $5.56bn (FCF formula = operating cash flow minus capex; both lines from the consolidated cash flow statement)

Adjusted FCF: $6.41bn (excludes the net timing impact between originating BNPL receivables as held-for-sale and the subsequent sale of those receivables)

Cash, cash equivalents and investments: $14.8bn at year-end

Long-term debt: $9.99bn (noncurrent, per balance sheet)

Total debt: $11.6bn (per press release; includes current maturities)

Capital return: $6.0bn returned to shareholders in FY2025 via buyback (~86m shares); ~9% of float retired

Dividend: Inaugural quarterly dividend of $0.14/share declared in Q4 2025 (payable Mar 2026); Q2 2026 dividend payable 25 June 2026

D&A (FY2025): $963m (from cash flow statement)

Note: PayPal does not report a meaningful gross margin in the same way a product company does — the relevant operating metric is "transaction margin." See Section 4 for the unit-economics breakdown.

PYPL fundamentals by TradingView

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric Value

Share price (16 May 2026 close) $44.40

Market cap ~$39.9bn

Enterprise value ~$36.7bn (market cap $39.9bn + total debt $11.6bn − cash & investments $14.8bn per FY2025 balance sheet)

Trailing P/E (GAAP) ~8.2x ($44.40 / FY2025 GAAP EPS $5.41)

P/E (forward) ~8.4x (consensus FY2026 GAAP EPS ~$5.30, management guidance "mid-single-digit decline")

P/S (TTM) ~1.20x (market cap $39.9bn / FY2025 revenue $33.17bn)

EV/EBITDA (TTM) ~5.2x (EV $36.7bn / EBITDA $7.03bn; EBITDA = GAAP operating income $6.07bn + D&A $963m per FY2025 cash flow statement)

P/FCF ~7.2x (market cap $39.9bn / FCF $5.56bn; FCF = operating cash flow $6.42bn − capex $852m per FY2025 cash flow statement)

52-week high $79.50

52-week low $38.46

Current vs 52-week range ~14% above 52w low; ~44% below 52w high

Short interest (% of float) ~4.8% (~45m shares short, latest FINRA report)

Days to cover ~3.5 days (on 12.8m average daily volume)

Dividend yield ~1.3% ($0.56 annualised at $44.40)

Share count (diluted) ~898m (post-Q1'26 buybacks)

PYPL technicals by TradingView

7. What Are They Building / What's Coming?

Following CEO Enrique Lores' arrival on 1 March 2026, PayPal announced (late April 2026) a strategic reorganisation into three business units to "sharpen accountability" and accelerate execution. Per management's published statements:

Three-unit reorganisation (announced Apr 2026): (1) Checkout Solutions & PayPal — the orange button and branded checkout; (2) Consumer Financial Services & Venmo — including BNPL, PayPal Pay-Later, Venmo and the debit card; (3) Payment Services & Crypto — Braintree unbranded acquiring, Hyperwallet, PYUSD stablecoin and crypto rails. Each unit has dedicated P&L ownership.

$1.5bn cost programme: Lores has guided to $1.5bn of organisational and AI-driven cost reductions to fund the product reinvestment. Job cuts disclosed in April 2026 as part of the turnaround plan.

Branded-checkout modernisation: Management has flagged checkout as "highest priority" — replacing legacy code paths with a single unified stack, embedded one-click flows for marquee merchants, and a relaunched consumer wallet UX rolling out through FY2026.

PYUSD stablecoin: Issued via Paxos Trust under the New York DFS BitLicense; ~$2.5bn in circulation (Q4 2025). Use cases include cross-border merchant settlement and on-ramp for crypto purchases. PayPal earns reserve interest on the float and small transaction-conversion margin.

Agentic commerce / AI: Management has publicly discussed an "agentic commerce" stack — APIs that let third-party AI agents authenticate, authorise and settle payments on a consumer's behalf. Partnerships announced in 2025 with Perplexity, Stripe (for agent SDK interop) and other agent platforms.

Venmo monetisation: Targeted to generate $1.7bn in 2025 revenue (up ~20%); 2026 plan emphasises Venmo Debit Card, Pay with Venmo at merchant checkout, and embedded BNPL.

BNPL scaling: ~$40bn of BNPL TPV in 2025 growing 20%+; merchant fee uplift from 3.49% to 4.99% (announced end-2024) is flowing through 2025 transaction margin.

$6bn FY2026 free-cash-flow target: Management has publicly guided to $6bn of FY26 FCF, with continued buyback as the primary capital-return mechanism alongside the new dividend.

8. Competitive Landscape

Digital payments is a multi-vector competitive market. PayPal competes with closed-loop wallets at the top of the funnel (Apple Pay, Shop Pay, Google Pay), with merchant acquirers in unbranded processing (Stripe, Adyen, Worldpay), with peer-to-peer apps (Zelle), and with stablecoin/crypto rails for cross-border. Roughly: PayPal still holds the largest combined consumer-and-merchant network, but is losing top-of-funnel share to closed-loop wallets and back-end share to API-first acquirers.

Peer Market Cap (May 2026) FY2025 Revenue P/E (TTM, May 2026) Primary product / differentiator

Block (NYSE: XYZ, formerly SQ) ~$41.5bn $24.19bn (per FY2025 10-K) ~28x Square SMB POS plus Cash App consumer; bitcoin reseller revenue inflates topline. Owns Afterpay BNPL.

Stripe (private) $159bn (Feb 2026 tender) ~$5.84bn net revenue 2025 ($1.9tn TPV) — (private) API-first unbranded acquirer; developer-led; dominant in marketplaces, SaaS and AI-native startups (OpenAI, Anthropic).

Adyen (AMS: ADYEN) ~$55bn (May 2026) €2,364m net revenue 2025 (+18% YoY) ~35x Single-platform enterprise acquirer; deep retail (Uber, Spotify, McDonald's); higher take-rate, lower volume than Stripe.

Apple Pay (within AAPL) (AAPL ~$3.0tn) Not disclosed; ~$7.6tn processed 2025 (AAPL ~30x) Closed-loop wallet on 1bn+ iPhones; 49% of US wallet users; takes the first-click slot from PayPal at branded checkout.

Zelle (within Early Warning Services, bank-owned) (private) ~$1.0tn US P2P volume 2025 (private) Bank-funded P2P competitor to Venmo; instant, free, no app required — structural pressure on Venmo's consumer P2P moat.

Policy impact — UK PSR and EU DMA. The UK Payment Systems Regulator and the EU Digital Markets Act are progressively forcing closed-loop wallets to interoperate with rivals — the EU DMA's iPhone NFC access decision (2024) has already let third-party wallets use the iPhone NFC chip in Europe. This is a structural positive for PayPal, which had been locked out of in-store tap-to-pay on iPhones in Europe. Roll-out to US is uncertain and depends on FTC/DOJ action.

9. Leadership and Ownership

CEO: Enrique Lores — appointed President & CEO 1 March 2026. Previously CEO of HP Inc. (Nov 2019 to Feb 2026), where he ran a six-year cost programme, expanded recurring-revenue businesses (Instant Ink, gaming, hybrid work), and returned ~$15bn to shareholders. PayPal board member since 2021; Board Chair from July 2024 until taking the CEO role. The board's stated rationale is execution discipline and operating focus rather than a strategic pivot.

Interim CEO predecessor: Jamie Miller (former CFO) ran the company between Alex Chriss' departure and Lores' arrival.

Outgoing CEO: Alex Chriss departed February 2026 after roughly 28 months in the role; the Board cited execution shortfalls in branded checkout. Chriss had succeeded Dan Schulman in September 2023.

Board Chair: David W. Dorman (Independent, appointed Feb 2026); previously chair of CVS Health and former CEO of AT&T.

Key executives:

Frank Keller — President, Checkout Solutions & PayPal (the new unit owning branded checkout)

Diego Scotti — EVP & GM, Consumer Group (oversees Venmo, BNPL); previously CMO at Verizon

Suzan Kereere — Chief Growth Officer; previously Fiserv, Visa

Michelle Gill — EVP, Small Business & Financial Services

Jamie Miller — CFO (returned to CFO role after interim CEO stint); previously CFO of EY Global and GE Industrial Solutions

Insider ownership: Combined officers and directors hold under 1% of shares outstanding — typical for a large-cap public company without a founder still in seat. No single insider holds a material stake.

Major institutional holders (per 13F filings in latest reporting period): Vanguard (~10%), BlackRock (~8%), State Street (~5%), Capital Group, Geode Capital, T. Rowe Price. Total institutional ownership is approximately 75% of float.

Recent insider transactions (from SEC Form 4 filings, last ~90 days):

Name Date Type Shares Price Value Plan Type

Frank Keller (Pres., Checkout) 29 Apr 2026 Sell 10,000 $50.00 $500,000 10b5-1

Frank Keller (Pres., Checkout) 29 Apr 2026 Sell 732 $49.46 ~$36,200 10b5-1

Chris Natali (SVP, CAO) Apr 2026 Sell 1,337 $49.46 ~$66,100 10b5-1

Suzan Kereere (CGO) Mar 2026 RSU vest 8,504 $45.04 ~$383,000 (4,342 withheld for tax) RSU

Michelle Gill (EVP) 15 Mar 2026 RSU vest 12,005 n/a (5,836 withheld for tax) RSU

Diego Scotti (EVP) 1 Mar 2026 RSU grant 158,536 n/a (3-year vest) RSU

Net insider activity in 2026: predominantly RSU vesting and tax-withholding with small 10b5-1 open-market sales. No discretionary open-market purchases by named executive officers in the reporting period.

10. Risks and Challenges

Branded-checkout share erosion (Strategic): Apple Pay (65.6m US users), Shop Pay and Stripe Link are taking first-click position from PayPal at checkout. The Board cited this as the proximate cause of the February 2026 CEO change.

Take-rate compression (Financial): Mix shift from branded checkout to unbranded Braintree volumes compresses the blended take-rate — the structural drag behind FY2024's flat operating margin and the Q2 2026 guidance for low-single-digit TM$ decline.

Active-account stagnation (Operational): 1.1% YoY active-account growth in FY2025; transactions per active account −5%. If user engagement deteriorates further the network effect weakens.

Interest-rate sensitivity (Macro): OVAS includes interest earned on $38bn of customer balances. Each 100 bp Fed cut materially reduces high-margin interest revenue — the back half of 2026 is exposed.

Cyber and platform security (Operational): Payments platforms are systemic targets. Any material outage, data breach, or fraud event would invite both regulatory action and customer-trust damage; PayPal's 25-year fraud history is a competitive asset that a single severe incident can erode.

Regulatory and litigation (Regulatory): $30m DOJ settlement (May 2026) on alleged improper DEI practices; ongoing scrutiny of Honey browser-extension affiliate-redirection practices (multiple state AG investigations). EU DMA and UK PSR rule changes carry both upside and downside.

Stablecoin and crypto rules (Regulatory): PYUSD is regulated as a New York limited-purpose trust company product; the federal stablecoin regulatory framework is still in flux. A change in reserve-asset or issuance rules could constrain PYUSD economics.

Cost-programme execution (Operational): The $1.5bn cost-out target requires headcount reduction, vendor renegotiation and tech-stack rationalisation simultaneously — large programmes of this scale historically run 30–50% over time and under benefit.

Concentration in US (Geographic): ~58% of revenue from the US market; weaker e-commerce growth or recession would disproportionately hit results.

Key-person risk (Operational): Lores has run the company for under 90 days; the transformation thesis depends heavily on a single new CEO with no prior payments operating experience.

Capital-return policy risk (Financial): The buyback is a major support for the share count and per-share metrics; any deterioration in FCF below the $6bn target would force a reduction in repurchases.

One-off-gain dependence (Financial): ~$0.14 of FY2025 GAAP EPS came from strategic-investment and crypto gains — this is non-operating and unlikely to repeat at the same level.

11. Recent Developments

15 May 2026 — DOJ DEI settlement disclosed. PayPal agreed to pay $30m to the US Department of Justice to resolve claims related to certain diversity-equity-inclusion hiring and contracting practices. The settlement does not include an admission of wrongdoing.

5 May 2026 — Q1 2026 earnings. Net revenue $8.35bn (+7% YoY); GAAP EPS $1.21 (−6%); non-GAAP EPS $1.34 (+1%) — beat consensus on both lines. Total payment volume $464bn (+11%). Shares fell ~10% intraday after Q2 guidance for TM$ −3% and non-GAAP EPS −9%.

29 Apr 2026 — Three-unit business reorganisation announced. Three new operating units: Checkout Solutions & PayPal; Consumer Financial Services & Venmo; Payment Services & Crypto. Job-cut disclosures accompanied the announcement.

1 Mar 2026 — Enrique Lores becomes CEO. Replaces Alex Chriss; David W. Dorman steps up to Independent Board Chair from Lores' prior chair role.

3 Feb 2026 — CEO transition announced; 4Q25/FY25 results. FY25 revenue $33.17bn (+4%); GAAP EPS $5.41 (+35%); $1.5bn Q4 buyback; $0.14 inaugural quarterly dividend declared. Board appointed Lores to succeed Chriss effective 1 Mar 2026.

Q4 2025 — PayPal Everywhere debit-card adoption. Management disclosed accelerating Venmo Debit Card take-up and PayPal Everywhere card usage as part of the Venmo monetisation track.

Late 2025 — PYUSD reaches ~$2.5bn circulation. The stablecoin's supply roughly doubled month-over-month at one point; growing usage in cross-border merchant settlement and crypto on-ramps.

12. Key Dates Coming Up

4 Jun 2026 — Q2 2026 dividend ex-dividend date ($0.14/share)

25 Jun 2026 — Q2 2026 dividend payment date

28 Jul 2026 — Q2 2026 earnings release and conference call (expected; confirm at investor.pypl.com)

15 Sep 2026 — Q3 2026 dividend ex-dividend date (expected pattern based on Q2 cadence; confirm at investor.pypl.com)

28 Oct 2026 — Q3 2026 earnings release (expected; first investor update under the three-unit reporting structure)

03 Feb 2027 — Q4 2026 / FY2026 results and FY2027 guidance (expected; based on prior-year cadence)

For a live picture of the U.S. macro backdrop affecting consumer spending and rate expectations, see the ChartsView Economic Calendar. For interactive technical analysis of PYPL and US fintech peers, use ChartsView Live Charts. Discuss this report and share your view in the ChartsView Forum.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

JPMorgan Chase & Co. (JPM) — Company Research

Last Updated: 14 May 2026

JPMorgan Chase & Co. (NYSE: JPM) is the largest bank in the United States by total assets, operating across consumer banking, investment banking, commercial banking, and asset management. With a balance sheet exceeding $4.4 trillion, the firm serves tens of millions of customers globally and consistently ranks among the most profitable financial institutions in the world. Jamie Dimon, CEO since 2005, has steered the bank through multiple crises including the 2008 financial collapse, the First Republic Bank acquisition in 2023, and the current era of AI-driven banking transformation. This report is sourced from company press releases, SEC filings, and web searches conducted 14 May 2026. For live price data, visit ChartsView Live Charts.

JPM chart by TradingView

1. Company Snapshot

Field Value

Full name JPMorgan Chase & Co.

Ticker JPM (NYSE)

Sector Finance & Banking

Industry Diversified Banks

Founded 1799 (earliest predecessor); current corporate form 2004 merger

Headquarters 383 Madison Avenue, New York, NY 10179

CEO Jamie Dimon (Chairman & CEO since 2005)

Market cap ~$817bn (May 2026)

Revenue (FY2025) $182.4bn net revenue (per FY2025 earnings press release)

Net income (FY2025) $57.0bn GAAP (per FY2025 earnings press release)

Employees ~318,512 (as of 31 Dec 2025, per annual report)

Exchange NYSE

Website jpmorganchase.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

Unrivalled scale and diversification: JPMorgan is the largest US bank by assets ($4.4 trillion) with four major segments — consumer banking, investment banking, commercial banking, and asset management — providing natural revenue hedges across economic cycles. Record Q1 2026 net income of $16.5bn (+13% YoY) demonstrates continued earnings power.

AI and technology leadership: The bank is investing $20bn in technology in 2026, operating over 500 AI use cases in production and deploying LLM tools to 200,000 employees. AI is expected to generate $2.5bn in annual value through efficiency gains and new revenue streams.

Record investment banking performance: Q1 2026 markets revenue reached a record $11.6bn. IB fees grew 28% YoY in Q1 2026, benefiting from higher advisory and ECM activity, and the firm holds a top-tier market position in global IB league tables.

Consistent capital return: A growing dividend (next ex-date: 3 Jul 2026) and active buyback programme signal management confidence. ROTCE of 23% in Q1 2026 demonstrates highly efficient capital deployment.

Crypto and tokenisation expansion: JPMorgan filed for its second tokenised money market fund (OnChain Liquidity-Token MMF) in May 2026 and is building institutional-grade crypto trading infrastructure, positioning itself ahead of regulatory clarity.

Bear Case

Key-person succession risk: Jamie Dimon has led JPMorgan since 2005. Speculation about his succession intensified in May 2026, and any transition could unsettle investors — Dimon's leadership is widely cited as central to the bank's cultural and strategic identity.

NII guidance cut: Management lowered full-year 2026 net interest income guidance from $104.5bn to approximately $103bn, citing uncertain interest-rate dynamics. NII is a critical earnings driver and any further rate cuts would compress this figure.

Geopolitical and tariff uncertainty: Dimon's Q1 2026 shareholder letter warned of "complex risks" from geopolitical tensions, including Iran, and the impact of trade tariffs on global economic growth. These macro headwinds could slow loan growth and increase provisions.

Private credit exposure: In May 2026 a JPMorgan-led bank group reduced its credit line to a troubled KKR private credit fund as losses mounted — a signal of potential stress in the fast-growing private credit market where JPMorgan has significant exposure.

3. What Does This Company Actually Do?

JPMorgan Chase is a global financial services firm operating four principal segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). It serves consumers, small businesses, large corporations, governments, and institutional investors across more than 60 countries.

In Q1 2026, CCB generated $19.6bn in net revenue, accounting for approximately 39% of group net revenue. CIB was the largest segment with $23.4bn (47%), CB contributed $4.0bn (8%), and AWM $5.7bn (11%), with corporate/eliminations accounting for the reconciling difference. Revenue is generated primarily from net interest income (the spread between lending rates and deposit costs) and noninterest income (fees from investment banking, markets trading, asset management, and payments).

Segment % of revenue What it is

Consumer & Community Banking (CCB) ~39% ($19.6bn Q1 2026) Retail banking, mortgages, auto loans, credit cards, and Chase business banking serving ~68m digital customers. Serves individuals and small businesses through ~4,700 branches and digital channels.

Corporate & Investment Bank (CIB) ~47% ($23.4bn Q1 2026) Global investment banking (M&A advisory, equity and debt capital markets), markets (FICC and equities trading), prime brokerage, and wholesale payments. Home of the world's leading markets franchise.

Commercial Banking (CB) ~8% ($4.0bn Q1 2026) Lending, treasury, and advisory services to mid-sized companies, municipalities, and real estate clients. Bridges retail and institutional banking.

Asset & Wealth Management (AWM) ~11% ($5.7bn Q1 2026) Investment management, financial planning, and private banking for individuals and institutions. Long-term AUM net inflows of $54bn in Q1 2026.

Geographically, the United States accounts for the majority of revenue, with international operations (principally Europe, Asia-Pacific, and Latin America) contributing a meaningful share through CIB and AWM activities. The firm does not break out exact geographic revenue percentages at the group level.

4. The Business Model

How JPMorgan makes money. JPMorgan earns revenue through two primary channels. Net interest income (NII) — the difference between interest earned on loans, securities, and other assets versus interest paid on deposits and debt — is the largest driver in CCB and CB. Noninterest income encompasses trading revenues, investment banking fees (advisory, underwriting), asset management fees, payments fees, and commissions. In FY2025, net revenue of $182.4bn was composed of both streams. Management guided FY2026 NII of approximately $103bn (revised down from $104.5bn), reflecting expectations for modest rate movements.

Unit economics. Key metrics for a bank differ from industrial companies. In Q1 2026, JPMorgan's return on common equity (ROE) was 19% and return on tangible common equity (ROTCE) was 23%. The overhead (efficiency) ratio — noninterest expense as a percentage of net revenue — is a critical profitability measure. Provision for credit losses in Q1 2026 fell 24% YoY to $2.5bn with stable net charge-offs, suggesting manageable credit quality. Net interest margin is not reported as a single consolidated figure given the complexity of the balance sheet.

Moat. JPMorgan's competitive advantages are structural: unmatched scale ($4.4T balance sheet), brand recognition built over more than 200 years, a global network that attracts the largest and most complex transactions, proprietary data from 68 million digital customers, and switching costs that make moving away from JPMorgan difficult for both retail depositors and large corporate clients. In investment banking, JPMorgan consistently tops global league tables, a self-reinforcing position because deal flow attracts talent, which attracts more deals.

Technology and AI investment. JPMorgan's $20bn 2026 technology budget — among the largest of any company globally — is a structural moat element. The firm has deployed AI across fraud detection (reducing false positives by 95%), liquidity management, trading, and customer service. Over 500 AI use cases are in production as of Q1 2026, with plans to reach 1,000 by end-2026. 75% of applications are now cloud-hosted, up from 50% in 2024. JPMorgan also launched a private markets index tracking 6,400 US mid-sized companies in May 2026, demonstrating its data infrastructure advantage.

Subsidies / regulatory credits. JPMorgan does not rely on government subsidies. As a systemically important financial institution (SIFI), it is subject to heightened capital requirements (Basel III endgame rules remain in flux), stress testing, and resolution planning — these represent regulatory costs, not subsidies. The bank benefits from implicit government backstops that apply to all large US banks under the Dodd-Frank framework.

5. Financial Health

Note: JPMorgan Chase is a bank. Conventional metrics such as gross margin, EBITDA, and free cash flow (operating cash flow minus capex) are not standard for financial institutions. Revenue below refers to net revenue (net interest income plus noninterest income), which is how JPMorgan officially reports. Long-term debt represents senior notes and subordinated debt issued by the firm — a standard bank liability used to fund operations, not capital expenditure. FCF is not a meaningful metric for banks and is therefore not reported here. Capital expenditure in FY2025 was approximately $5.5bn per disclosures. Figures are sourced from the FY2025 earnings press release (January 2026) and Q1 2026 earnings press release (April 2026).

Five-year trend (FY2021–FY2025)

Fiscal year Net revenue YoY % GAAP EPS (diluted) Adjusted EPS Dividend/share Long-term debt (YE)

FY2021 ~$121.6bn — — — — —

FY2022 ~$128.7bn — — — — —

FY2023 $158.1bn — $16.23 — ~$4.40 $391.8bn

FY2024 $177.6bn +12.3% $19.75 — ~$5.00 $401.4bn

FY2025 $182.4bn +2.7% $20.02 — ~$5.20 ~$410bn

Note: FY2021–FY2022 figures were not retrieved from primary sources during this session. JPMorgan does not publish a separate "adjusted EPS" in the way technology companies do; GAAP diluted EPS is the primary per-share metric. Long-term debt figures represent senior notes, subordinated notes, and other long-term borrowings as reported on the consolidated balance sheet per press releases and SEC filings. FY2025 YE long-term debt is estimated from Q1 2026 balance sheet ($427.2bn, +4.16% YoY) and FY2024 confirmed figure of $401.4bn. FY2023 LT debt of $391.8bn is per SEC EDGAR data. Dividends are approximate; $5.20/share for FY2025 is estimated based on a $1.25–$1.40/quarter range during the year — confirm exact figure at investor.jpmorganchase.com.

Most recent quarterly results (Q1 2026 most recent — per official press releases)

Quarter Net revenue Adjusted EPS GAAP EPS (diluted)

Q1 2026 $49.8bn — $5.94

Q4 2025 $46.8bn — $4.63

Q3 2025 $47.1bn — $5.07

Q2 2025 $45.7bn — est. $5.23*

Q1 2025 $46.0bn — est. $5.12*

FY2025 total $182.4bn — $20.02

*Q2 2025 and Q1 2025 GAAP EPS figures are calculated from confirmed net income ($15.0bn and $14.6bn respectively) divided by approximate diluted share count (~2.87bn); exact figures should be confirmed at jpmorganchase.com. All quarterly net revenue figures are per JPMorgan press releases. JPMorgan does not report a separately disclosed "adjusted EPS." See live data on the ChartsView Economic Calendar.

Balance sheet and capital position. Total assets grew to $4.4 trillion by end-FY2025, up from $4.0 trillion at end-FY2023, driven partly by the First Republic Bank acquisition assets. Common Equity Tier 1 (CET1) capital ratio is a critical metric for banks; JPMorgan targets a CET1 above its regulatory minimum (currently 11.5%+ following Basel III requirements). Return on equity was 19% and ROTCE was 23% in Q1 2026, among the highest of any major global bank.

Credit quality. Provision for credit losses in Q1 2026 was $2.5bn, down 24% YoY, with net charge-offs of $2.3bn remaining stable. This suggests the loan book is performing within acceptable parameters as of Q1 2026.

JPM fundamentals by TradingView

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric Value

Market cap ~$817bn (May 2026)

Enterprise value ~$959bn (per GuruFocus, May 2026)

Trailing P/E (GAAP) ~14.47x (TTM, per GuruFocus, May 2026)

P/E (forward) ~13.3x (based on FY2026E NI ~$58.9bn, May 2026)

P/S (TTM) ~4.47x (per Yahoo Finance, May 2026)

EV/EBITDA (TTM) Not applicable — banks do not report EBITDA; see P/E and P/TBV instead

P/FCF Not applicable — free cash flow is not a standard bank metric

Share price (approx) ~$302 (8 May 2026)

52-week high $337.25

52-week low $248.83

Short interest (% of float) 1.01% of float (27.01m shares short, May 2026 per MarketBeat)

Days to cover —

Dividend yield ~1.9% (annualised $5.60 at ~$302)

Note: EV/EBITDA and P/FCF are not meaningful metrics for diversified banks. Price-to-tangible book value (P/TBV) is a more relevant valuation metric for banks. Data sourced from web searches May 2026; figures change daily — check ChartsView Live Charts for current prices.

JPM technicals by TradingView

7. What Are They Building

JPMorgan's forward investment is concentrated in three areas: AI-driven operations, digital banking expansion, and the growing crypto/tokenisation space.

AI and technology ($20bn 2026 budget). The bank operates over 500 AI use cases in production as of Q1 2026, including real-time fraud detection (reducing AML false positives by 95%), predictive liquidity tools for corporate treasurers, and LLM Suite tools deployed to 200,000+ employees. The firm aims to scale to 1,000 production AI use cases by year-end 2026. Dimon stated in February 2026 that AI is already reshaping the workforce, with the bank planning a "huge redeployment" of employees whose roles are changing due to automation.

Digital and physical banking expansion. JPMorgan plans to open more than 160 new branches in 30+ states in 2026, while simultaneously growing its digital base. Digital active customers reached 68 million (up 7% YoY) and mobile users reached 55 million by Q1 2026. 75% of applications are cloud-hosted as of Q1 2026.

Crypto and tokenisation. In May 2026, JPMorgan filed for its second tokenised money market fund — the OnChain Liquidity-Token Money Market Fund — built on its proprietary blockchain infrastructure. The bank is simultaneously exploring institutional crypto trading services including spot and derivatives products. This represents a material strategic shift from the bank's historically cautious stance on digital assets.

Private markets data infrastructure. In May 2026, JPMorgan launched a proprietary index tracking 6,400 US private mid-sized companies — an infrastructure play that leverages the bank's data advantage to serve institutional investors seeking private-markets exposure.

Investment banking reorganisation. In May 2026, JPMorgan announced a restructuring of its investment bank, appointing three co-heads (Dorothee Blessing, Kevin Foley, Jared Kaye) for global investment banking, combining industry coverage and sector M&A teams to provide lifecycle advisory services to clients.

Management guidance. Management guided full-year 2026 NII of approximately $103bn (revised down from $104.5bn), with total expenses expected to reach approximately $105bn including the $20bn technology spend. The bank has not provided formal EPS or net income guidance.

8. Competitive Landscape

JPMorgan competes across multiple banking segments against different sets of rivals. In consumer banking, primary competitors include Bank of America, Wells Fargo, and Citigroup. In investment banking and markets, competition comes from Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup. In asset management, the firm competes with BlackRock, Vanguard, Fidelity, and Goldman Sachs Asset Management.

Peer Market cap (May 2026) Key 2025 metric

JPMorgan Chase (JPM) ~$817bn FY2025 net income $57.0bn; ROTCE 23% (Q1 2026)

Goldman Sachs (GS) — Tier 1 IB competitor; more focused on trading/advisory vs JPM's diversified model

Bank of America (BAC) — Largest US consumer bank by deposits alongside JPM; significant IB business

Morgan Stanley (MS) — Strong in wealth management and IB; less consumer banking exposure

Citigroup (C) — Global commercial bank; ongoing transformation programme underway

Note: Confirmed May 2026 market cap figures for Goldman Sachs, Bank of America, Morgan Stanley, and Citigroup were not retrieved from primary web search sources during this session. Readers should verify current figures at chartsview.co.uk Live Charts or the respective companies' investor relations pages. Market structure: JPMorgan consistently leads global investment banking league tables by revenue and deal volume. In Q1 2026, JPMorgan's IB fees grew 28% YoY to multi-year highs, and its markets revenue of $11.6bn was a record for any quarter.

JPMorgan's competitive moat stems from its scale advantage: no other bank combines a top-tier retail franchise (68m digital customers), the world's leading investment bank, and an $800bn+ market cap that allows it to absorb large acquisitions (First Republic in 2023) and invest $20bn/year in technology — more than any standalone fintech company's entire revenue. Smaller rivals cannot match this investment pace.

9. Leadership and Ownership

CEO — Jamie Dimon. Dimon has led JPMorgan since 2005 following the merger of JPMorgan Chase and Bank One. Before JPMorgan, he was President and COO of Citigroup. His 2026 annual shareholder letter highlighted small-team management philosophy, AI readiness, and geopolitical risk awareness. As of April 2026, speculation about succession has intensified, with 247 Wall St. and others noting that transition planning is a live topic for the board.

Institutional ownership. As a large-cap Dow component, JPMorgan is widely held by institutional investors including Vanguard, BlackRock, State Street, and Fidelity. Specific percentages change quarterly.

Insider transactions (per SEC Form 4 filings).

Name Date Type Shares Price Value Plan Type

Jamie Dimon (Chairman & CEO) 15 Apr 2026 Sell 130,488 ~$306 ~$40m Data not confirmed — verify at SEC EDGAR Form 4

On 15 April 2026, JPMorgan insiders reported 8 stock sales totalling $55.3m. Dimon's sale accounted for approximately $40m (~72%) of the total. Whether these were pre-planned 10b5-1 sales should be confirmed from the Form 4 filing at sec.gov/cgi-bin/browse-edgar. Dimon owns approximately 6,288,415 shares of JPMorgan Chase as of April 2026, valued at approximately $1.9bn, maintaining significant personal economic alignment with shareholders.

10. Risks and Challenges

Key-person risk (Leadership): Jamie Dimon has been the central figure in JPMorgan's strategy and culture since 2005. Succession planning is widely discussed but no public timeline has been disclosed. An unplanned departure could create short-term uncertainty.

Interest rate risk (Financial): NII guidance was cut to ~$103bn for FY2026. Further rate reductions by the Federal Reserve would reduce the yield on the bank's loan book and compress net interest margin, directly impacting profitability.

Credit quality deterioration (Financial): While provisions fell in Q1 2026, a sustained economic slowdown or recession could increase charge-offs across consumer credit cards, mortgages, and commercial loans. Consumer and community banking net charge-offs are a key metric to watch.

Regulatory and capital requirements (Regulatory): Basel III endgame rules in the US remain unresolved. A more stringent final rule could require JPMorgan to raise additional capital, reducing returns to shareholders. Resolution planning requirements also impose ongoing compliance costs.

Geopolitical exposure (Macro): Dimon flagged "complex risks" in Q1 2026 including Iran tensions and tariff uncertainty. A global economic shock could reduce IB deal volumes, trading revenues, and loan quality simultaneously.

Private credit contagion (Financial): JPMorgan's involvement in the troubled KKR private credit fund (reducing its exposure in May 2026) illustrates wider stress in the private credit market. If large private credit vehicles see losses, banks with exposure through lending facilities could face write-downs.

Cybersecurity and technology risk (Operational): As the bank moves to cloud-first AI-driven infrastructure, the attack surface expands. JPMorgan spends heavily on cybersecurity, but the risk of a significant breach cannot be eliminated.

Crypto and tokenisation regulatory risk (Regulatory): JPMorgan's deepening crypto push occurs against uncertain US regulatory treatment of digital assets. A hostile regulatory shift could force operational changes or asset write-downs.

11. Recent Developments

13 May 2026 — Investment bank leadership restructure. JPMorgan announced a major reorganisation of its investment bank, naming Dorothee Blessing, Kevin Foley, and Jared Kaye as co-heads of global investment banking. Industry coverage and sector M&A teams have been combined under one structure to provide lifecycle advisory services, per Bloomberg reporting.

12 May 2026 — Crypto tokenisation filing. JPMorgan filed for its second tokenised money market fund — the OnChain Liquidity-Token Money Market Fund — and Bloomberg reported that the bank is exploring institutional crypto spot and derivatives trading products. Prime brokerage balances also reached a record high amid market volatility.

11 May 2026 — Private credit exposure. A JPMorgan-led bank group reduced its credit line to a KKR-managed private credit fund as losses mounted, days before KKR announced $300m in support for the vehicle. CNBC reported the move as a sign of widening stress in leveraged private credit.

06 May 2026 — Private markets index launch. JPMorgan launched a new index tracking 6,400 US private mid-sized companies, signalling its data infrastructure ambitions and growing presence in private markets research.

14 Apr 2026 — Record Q1 2026 earnings. JPMorgan reported Q1 2026 net income of $16.5bn (+13% YoY), revenue of $49.8bn (+10% YoY), and GAAP diluted EPS of $5.94. Markets revenue hit a record $11.6bn. Management lowered full-year 2026 NII guidance from $104.5bn to ~$103bn, citing tariff uncertainty and macro complexity. Dimon warned of "complex risks" in the shareholder letter.

13 Jan 2026 — FY2025 record results. JPMorgan reported full-year 2025 net income of $57.0bn ($20.02 per share), with net revenue of $182.4bn. FY2024 had been the prior record at $58.5bn NI, making FY2025 the second-highest year in the firm's history.

12. Key Dates Coming Up

03 Jul 2026 — Ex-dividend date (quarterly dividend payment). Payment date: 31 Jul 2026. Confirm at investor.jpmorganchase.com.

14 Jul 2026 — Q2 2026 earnings release (before market open). Conference call to follow. Per MarketBeat earnings calendar.

Expected Oct 2026 — Q3 2026 earnings release. Confirm exact date at investor.jpmorganchase.com.

Track upcoming earnings and macro events on the ChartsView Economic Calendar. Discuss JPMorgan on the ChartsView Forum.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Field	Value
Company	Coinbase Global, Inc.
Exchange / Ticker	NASDAQ: COIN (Class A)
Sector	Financials — Crypto exchange & financial services
Market cap	~$51.4bn (20 May 2026, $193.45/share)
Revenue (FY2025)	$7,181.3m total revenue (+9.4% YoY)
Net income (FY2025)	$1,260.3m (down from $2,579.1m in FY2024)
GAAP diluted EPS (FY2025)	$4.45 (FY2024: $9.48)
Adjusted EBITDA (FY2025)	$2,808.5m
CEO	Brian Armstrong (co-founder, Chairman & CEO)
Employees	4,951 full-time (end 2025, +31% YoY)
Headquarters	Remote-first; incorporated in Delaware, USA
Founded / IPO	2012; direct listing April 2021
Fiscal year end	31 December
52-week range	$139.36 – $444.65

Segment	% of revenue	What it is
Transaction revenue	~56% ($4,055.4m)	Fees on consumer and institutional spot trading plus derivatives (including Deribit options and perpetual futures).
Subscription & services	~39% ($2,828.0m)	Stablecoin (USDC) revenue, blockchain/staking rewards, interest and finance-fee income, custody, and Coinbase One membership.
Other revenue	~4% ($297.9m)	Corporate interest income and other items earned on Coinbase's own balance sheet.

Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE, $m)
FY2021	7,839.4	+514%	$14.50	n/a	$0.00	3,384.8
FY2022	3,194.2	-59.3%	-$11.83	n/a	$0.00	3,393.4
FY2023	3,108.4	-2.7%	$0.37	n/a	$0.00	2,980.0
FY2024	6,564.0	+111.2%	$9.48	$7.58	$0.00	4,234.1
FY2025	7,181.3	+9.4%	$4.45	$4.03	$0.00	5,937.0

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 2026	1,410	n/a	-$1.49
Q4 2025	1,781.1	$0.66	-$2.49
Q3 2025	1,868.7	$1.44	$1.50
Q2 2025	1,497.2	$0.12	$5.14
Q1 2025	2,034.3	$1.93	$0.24
FY2025 total	7,181.3	$4.03	$4.45

Metric	Value
Market cap	~$51.4bn (20 May 2026, $193.45/share)
Enterprise value	~$47.3bn (market cap $51.4bn + total debt ~$7.21bn − cash & equivalents $11.29bn, per FY2025 balance sheet)
Trailing P/E (GAAP)	~43x (price $193.45 / FY2025 GAAP diluted EPS $4.45; trailing-twelve-month GAAP EPS is distorted by crypto-asset mark-to-market losses in Q4'25 and Q1'26)
P/E (forward)	Not meaningful — Coinbase issues no EPS guidance and GAAP earnings are dominated by crypto-asset mark-to-market swings
P/S (TTM)	~7.8x (market cap $51.4bn / TTM total revenue ~$6.56bn, Q2'25–Q1'26)
EV/EBITDA (TTM)	~29x (EV ~$47.3bn / FY2025 EBITDA ~$1.62bn = GAAP operating income $1,435m + D&A $188m); on company-defined adjusted EBITDA of $2,808m the multiple is ~17x
P/FCF	~21x (market cap $51.4bn / FCF ~$2.43bn; FCF = operating cash flow $2,426m − capex, which Coinbase does not separately disclose as it is immaterial, per FY2025 cash flow statement)
52-week high	$444.65 (July 2025)
52-week low	$139.36 (February 2026)
Short interest (% of float)	~9.9% (~19.9m shares short, per Finviz/MarketBeat, April–May 2026)
Days to cover	~0.9 days (low)

Peer	Market cap (May 2026)	Key 2025 metric
Binance	Private (not listed)	Largest exchange globally, ~38% of centralised spot trading volume in December 2025; ~$7.3tn 2025 volume.
Robinhood Markets (HOOD)	~$62.3bn	Crypto, equities and options brokerage; expanding crypto reach after acquiring Bitstamp.
Circle Internet Group (CRCL)	~$27.6bn	Issuer of the USDC stablecoin; Coinbase shares in USDC reserve income via its long-running partnership.
Kraken	Private (IPO anticipated)	Major US and global spot exchange; roughly $1.1bn daily spot volume in late 2025.

Name	Date	Type	Shares	Price	Value	Plan Type
Brian Armstrong (Chairman & CEO)	05 Jan 2026	Sell	40,000	~$248.96	~$9.96m	10b5-1
Paul Grewal (Chief Legal Officer)	27 Feb 2026	Sell	1,314	~$175.05	~$0.23m	10b5-1

Field	Value
Ticker	NYSE: XYZ (changed from SQ on 21 Jan 2025); ASX CDIs also XYZ
Headquarters	Oakland / San Francisco, California, USA
Founded / IPO	2009 (as Square) / 2015 (NYSE IPO); renamed Block 10 Dec 2021
CEO & Co-Founder	Jack Dorsey ("Block Head"; chairperson and principal executive officer)
Sector	Financial Services — Diversified Payments / Fintech
Employees	~7,500 post-restructure (~40% reduction announced 2026 from prior ~12,500)
Market cap (May 2026)	~$41bn (shares ~$69; cap printed $41.16bn per Capital.com / Companiesmarketcap May 2026 snapshot)
FY2025 net revenue	$24.19bn
FY2025 gross profit	$10.4bn
FY2025 Square GPV	$250bn across 4.5m sellers and 5.9bn transactions
FY2025 Cash App MTAs	59m monthly transacting actives; $316bn inflows
Q1 2026 gross profit	$2.91bn (+27% YoY)
Q1 2026 Adj. operating income	$728m (+56% YoY)

Segment	% of revenue	What it is
Commerce Enablement (Square)	~43% (FY2025 $10.5bn of $24.2bn net revenue)	POS payments, hardware, Square Banking, Square Capital, Square for Restaurants/Retail, Afterpay BNPL on the seller side.
Bitcoin Ecosystem	~35% (FY2025 $8.5bn)	Reported gross of bitcoin sold to Cash App customers; high revenue-low-margin pass-through line plus newer bitcoin infrastructure work.
Financial Solutions (Cash App)	~17% (FY2025 $4.2bn ex-bitcoin)	Cash App fees, instant deposit, Cash Card interchange, Borrow lending, brokerage and Afterpay consumer BNPL.

Year	Revenue	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$17.66bn	+86%	$0.36	$1.39	$0.00 (none)	$4.55bn (convertible notes)
FY2022	$17.53bn	-1%	$(1.10)	$0.38	$0.00 (none)	$4.08bn (convertible notes)
FY2023	$21.92bn	+25%	$0.02	$2.31	$0.00 (none)	$4.36bn (convertibles + senior notes)
FY2024	$24.12bn	+10%	$4.65	$3.50	$0.00 (none)	$4.11bn (mix of convertibles and senior notes)
FY2025	$24.19bn	+0.3%	~$1.10	$2.38	$0.00 (none)	~$5.7bn (post-Aug 2025 $2.2bn senior notes raise)

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Quarter	Revenue	Adjusted EPS	GAAP EPS
Q1 FY2026	~$6.0bn (gross profit $2.91bn, +27%)	$0.85 (+52% YoY)	$(0.49) (impacted by $852m restructuring + $173m BTC remeasurement)
Q4 FY2025	~$6.0bn	~$0.71	~$0.18
Q3 FY2025	$5.95bn	~$0.55	~$0.32
Q2 FY2025	$6.16bn	~$0.62	~$0.30
Q1 FY2025	$6.03bn	~$0.50	~$0.31 (net income $190m attributable)
FY2025 total	$24.19bn (+0.3%)	$2.38	~$1.10

Metric	Value
Market cap	~$41bn (shares ~$69 mid-May 2026)
Trailing P/E (GAAP)	~62x (market cap $41bn / FY2025 net income ~$0.66bn; GAAP figure depressed by 2025 charges)
P/E (forward)	~18x (FY2026 management Adjusted EPS guide $3.85; uses Adjusted EPS not GAAP)
P/S (TTM)	~1.7x (market cap $41bn / FY2025 net revenue $24.19bn; metric distorted by low-margin bitcoin revenue)
P/FCF	~12x on annualised Q1 2026 FCF (market cap $41bn / annualised Q1 FCF ~$3.4bn; FCF = OCF $965.6m − capex ~$30m per Q1 cash flow statement; full-year run-rate likely lower than annualised Q1 due to tax-refund seasonality, ~20-25x on a full-year basis)
EV/EBITDA (TTM)	~17x (EV ~$37bn / FY2025 Adjusted EBITDA ~$2.2bn; EBITDA proxy = Adjusted Operating Income $1.85bn + D&A ~$350m FY2025 cash flow statement; GAAP EBITDA much lower due to charges)
Enterprise value	~$37bn (market cap $41bn + total debt ~$7.3bn − cash & marketable securities ~$9.2bn + minority interest items per FY2025 balance sheet)
52-week high	$82.50
52-week low	$48.21
Short interest (% of float)	Approximately 5-7% per recent Finviz/MarketBeat data (verified ranges; Block historically runs above sector median given crypto exposure)
Days to cover	~3-4 days (Mar 2026 print per MarketBeat)

Peer	Market cap (May 2026)	Key 2025 metric
PayPal (PYPL)	~$67bn	FY2024 net revenue ~$32bn, ~430m active accounts — direct competitor to Cash App via Venmo.
Shopify (SHOP)	~$130bn	FY2025 revenue $11.56bn, GMV $378bn — competes with Square in seller-side commerce stack.
Toast (TOST)	~$25bn	FY2025 ARR ~$1.7bn (estimate) — restaurant-vertical pure-play directly attacking Square Restaurants.
Adyen (ADYEN.AS)	~€44bn (~$48bn)	FY2025 net revenue ~€2.0bn — enterprise payments competitor to Square at upmarket.
Affirm (AFRM)	~$22bn	FY2025 GMV ~$33bn — BNPL pure-play competing with Afterpay inside both seller and consumer journeys.

Field	Value
Full name	PayPal Holdings, Inc.
Ticker	NASDAQ: PYPL
Sector / Industry	Financials / Diversified Financial Services — Digital Payments
Founded	1998 (as Confinity); spun off from eBay July 2015
Headquarters	San Jose, California, USA
CEO	Enrique Lores (since 1 Mar 2026); previously HP CEO 2019–2026
Board Chair	David W. Dorman (Independent, appointed Feb 2026)
Market cap	~$39.9bn (16 May 2026 close $44.40)
FY2025 revenue	$33.17bn (+4% YoY)
FY2025 GAAP net income	$5.23bn (+26% YoY)
FY2025 GAAP diluted EPS	$5.41
Active accounts	~439 million (FY2025, +1.1% YoY)
Employees	~24,400 (per FY2025 10-K)
Exchanges	NASDAQ (PYPL); component of S&P 500
Website	www.paypal.com / investor.pypl.com

Segment	% of revenue	What it is
Transaction revenues	~90% (~$29.8bn FY2025)	Fees earned from processing payments across PayPal, Venmo, Braintree, Hyperwallet and Xoom. Includes branded checkout, unbranded card processing (Braintree) for merchants like Uber and Airbnb, P2P transfers, and POS via Zettle.
Other value-added services (OVAS)	~10% (~$3.4bn FY2025)	Interest on customer balances held at PayPal, BNPL consumer credit, partnerships (Synchrony co-branded credit cards), gateway fees and revenue from acquired assets such as Honey rewards.
Geographic split	US ~58%, International ~42%	UK, Germany and Australia are the largest non-US markets. Cross-border TPV grew at a faster rate than domestic in 2025 as Xoom and global Braintree merchant volumes scaled.

Fiscal year	Revenue ($bn)	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE, $bn)
FY2021	25.37	+18%	$3.52	$4.60	—	8.05
FY2022	27.52	+8%	$2.09	$4.13	—	10.42
FY2023	29.77	+8%	$3.84	$5.10	—	9.68
FY2024	31.80	+7%	$3.99	$4.65	—	9.88
FY2025	33.17	+4%	$5.41	$5.31	$0.14 (Q4'25 initial)	9.99

Quarter	Revenue ($bn)	Adjusted EPS	GAAP EPS (diluted)
Q1 2026	8.35 (+7% YoY)	$1.34 (+1%)	$1.21 (−6%)
Q4 2025	8.68 (+4%)	$1.23 (+3%)	$1.53 (+38%)
Q3 2025	8.42 (+7%)	$1.34 (+12%)	$1.46
Q2 2025	8.29 (+5%)	$1.40 (+18%)	$1.29
Q1 2025	7.79 (+1%)	$1.33 (+23%)	$1.29
FY2025 total	33.17	$5.31	$5.41

Metric	Value
Share price (16 May 2026 close)	$44.40
Market cap	~$39.9bn
Enterprise value	~$36.7bn (market cap $39.9bn + total debt $11.6bn − cash & investments $14.8bn per FY2025 balance sheet)
Trailing P/E (GAAP)	~8.2x ($44.40 / FY2025 GAAP EPS $5.41)
P/E (forward)	~8.4x (consensus FY2026 GAAP EPS ~$5.30, management guidance "mid-single-digit decline")
P/S (TTM)	~1.20x (market cap $39.9bn / FY2025 revenue $33.17bn)
EV/EBITDA (TTM)	~5.2x (EV $36.7bn / EBITDA $7.03bn; EBITDA = GAAP operating income $6.07bn + D&A $963m per FY2025 cash flow statement)
P/FCF	~7.2x (market cap $39.9bn / FCF $5.56bn; FCF = operating cash flow $6.42bn − capex $852m per FY2025 cash flow statement)
52-week high	$79.50
52-week low	$38.46
Current vs 52-week range	~14% above 52w low; ~44% below 52w high
Short interest (% of float)	~4.8% (~45m shares short, latest FINRA report)
Days to cover	~3.5 days (on 12.8m average daily volume)
Dividend yield	~1.3% ($0.56 annualised at $44.40)
Share count (diluted)	~898m (post-Q1'26 buybacks)

Peer	Market Cap (May 2026)	FY2025 Revenue	P/E (TTM, May 2026)	Primary product / differentiator
Block (NYSE: XYZ, formerly SQ)	~$41.5bn	$24.19bn (per FY2025 10-K)	~28x	Square SMB POS plus Cash App consumer; bitcoin reseller revenue inflates topline. Owns Afterpay BNPL.
Stripe (private)	$159bn (Feb 2026 tender)	~$5.84bn net revenue 2025 ($1.9tn TPV)	— (private)	API-first unbranded acquirer; developer-led; dominant in marketplaces, SaaS and AI-native startups (OpenAI, Anthropic).
Adyen (AMS: ADYEN)	~$55bn (May 2026)	€2,364m net revenue 2025 (+18% YoY)	~35x	Single-platform enterprise acquirer; deep retail (Uber, Spotify, McDonald's); higher take-rate, lower volume than Stripe.
Apple Pay (within AAPL)	(AAPL ~$3.0tn)	Not disclosed; ~$7.6tn processed 2025	(AAPL ~30x)	Closed-loop wallet on 1bn+ iPhones; 49% of US wallet users; takes the first-click slot from PayPal at branded checkout.
Zelle (within Early Warning Services, bank-owned)	(private)	~$1.0tn US P2P volume 2025	(private)	Bank-funded P2P competitor to Venmo; instant, free, no app required — structural pressure on Venmo's consumer P2P moat.

Name	Date	Type	Shares	Price	Value	Plan Type
Frank Keller (Pres., Checkout)	29 Apr 2026	Sell	10,000	$50.00	$500,000	10b5-1
Frank Keller (Pres., Checkout)	29 Apr 2026	Sell	732	$49.46	~$36,200	10b5-1
Chris Natali (SVP, CAO)	Apr 2026	Sell	1,337	$49.46	~$66,100	10b5-1
Suzan Kereere (CGO)	Mar 2026	RSU vest	8,504	$45.04	~$383,000 (4,342 withheld for tax)	RSU
Michelle Gill (EVP)	15 Mar 2026	RSU vest	12,005	n/a	(5,836 withheld for tax)	RSU
Diego Scotti (EVP)	1 Mar 2026	RSU grant	158,536	n/a	(3-year vest)	RSU

Field	Value
Full name	JPMorgan Chase & Co.
Ticker	JPM (NYSE)
Sector	Finance & Banking
Industry	Diversified Banks
Founded	1799 (earliest predecessor); current corporate form 2004 merger
Headquarters	383 Madison Avenue, New York, NY 10179
CEO	Jamie Dimon (Chairman & CEO since 2005)
Market cap	~$817bn (May 2026)
Revenue (FY2025)	$182.4bn net revenue (per FY2025 earnings press release)
Net income (FY2025)	$57.0bn GAAP (per FY2025 earnings press release)
Employees	~318,512 (as of 31 Dec 2025, per annual report)
Exchange	NYSE
Website	jpmorganchase.com

Segment	% of revenue	What it is
Consumer & Community Banking (CCB)	~39% ($19.6bn Q1 2026)	Retail banking, mortgages, auto loans, credit cards, and Chase business banking serving ~68m digital customers. Serves individuals and small businesses through ~4,700 branches and digital channels.
Corporate & Investment Bank (CIB)	~47% ($23.4bn Q1 2026)	Global investment banking (M&A advisory, equity and debt capital markets), markets (FICC and equities trading), prime brokerage, and wholesale payments. Home of the world's leading markets franchise.
Commercial Banking (CB)	~8% ($4.0bn Q1 2026)	Lending, treasury, and advisory services to mid-sized companies, municipalities, and real estate clients. Bridges retail and institutional banking.
Asset & Wealth Management (AWM)	~11% ($5.7bn Q1 2026)	Investment management, financial planning, and private banking for individuals and institutions. Long-term AUM net inflows of $54bn in Q1 2026.

Fiscal year	Net revenue	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	~$121.6bn	—	—	—	—	—
FY2022	~$128.7bn	—	—	—	—	—
FY2023	$158.1bn	—	$16.23	—	~$4.40	$391.8bn
FY2024	$177.6bn	+12.3%	$19.75	—	~$5.00	$401.4bn
FY2025	$182.4bn	+2.7%	$20.02	—	~$5.20	~$410bn

Quarter	Net revenue	Adjusted EPS	GAAP EPS (diluted)
Q1 2026	$49.8bn	—	$5.94
Q4 2025	$46.8bn	—	$4.63
Q3 2025	$47.1bn	—	$5.07
Q2 2025	$45.7bn	—	est. $5.23*
Q1 2025	$46.0bn	—	est. $5.12*
FY2025 total	$182.4bn	—	$20.02

Peer	Market cap (May 2026)	Key 2025 metric
JPMorgan Chase (JPM)	~$817bn	FY2025 net income $57.0bn; ROTCE 23% (Q1 2026)
Goldman Sachs (GS)	—	Tier 1 IB competitor; more focused on trading/advisory vs JPM's diversified model
Bank of America (BAC)	—	Largest US consumer bank by deposits alongside JPM; significant IB business
Morgan Stanley (MS)	—	Strong in wealth management and IB; less consumer banking exposure
Citigroup (C)	—	Global commercial bank; ongoing transformation programme underway