Jpmorgan Chase & Co
JPMAbove valueExpectations · modestHeld by 19 superinvestors.
SEC 10-K · fundamentals
Business quality
As of 2025-12-31- Revenue growth
- +2.8%
- Net margin
- 31.3%
- ROE
- 15.7%
- FCF margin
- —
Fundamentals data incomplete — read with care.
What makes a business high qualityValuation · value band
Above fair value
Zero-growth floor
$178
Central IV
$262
Optimistic top
$309
Jpmorgan Chase & Co (JPM): A conservative value band $178–$309 / sh (zero-growth floor to growth-capped optimistic top); central read about $262. Today’s price sits above that band (price $340 as of 2026-10-16).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.8% · Zero-growth downside $178
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $181.11 – $309.22 · Greenwald zero-growth $216.97 · zero-growth base $216.97 · reproduction $110.88
Moat Franchise (moat) · terminal value 47% of present value · owner-earnings yield 6% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$177.52 – $216.97 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Reproduction value = tangible net assets $308.41B = $110.88 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 20% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 4% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
What the price is betting
Today's price pencils in about 9.0% a year in owner-earnings for the next few years. Revenue actually grew 10.4% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 9 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
19 holders · $1.72B combined · this quarter +1 opened / -0 exited
- Value$949.1MWeight (prev→now)2.2% → 2.7% ▲
- Value$265.4MWeight (prev→now)2.4% → 2.6% ▲
- Value$155.9MWeight (prev→now)0.8% → 0.7% ▼
- Value$109.4MWeight (prev→now)0.3% → 0.3% ▼
- Value$82.7MWeight (prev→now)0.6% → 0.6% ▲
- Value$42.7MWeight (prev→now)3.5% → 3.5% ▼
- Value$38.3MWeight (prev→now)0.0% → 0.0% ▲
- Value$30.1MWeight (prev→now)0.1% → 0.1% ▼
- Value$15.7MWeight (prev→now)0.6% → 0.5% ▼
- Value$9.6MWeight (prev→now)0.3% → 0.3% ▼
Show all 19 holders ▸Collapse ▾
- Value$8.1MWeight (prev→now)0.5% → 0.1% ▼
- Value$7.7MWeight (prev→now)New · 0.0%
- Value$2.0MWeight (prev→now)0.0% → 0.0% ▲
- Value$1.8MWeight (prev→now)0.0% → 0.0% ▼
- Value$942,055Weight (prev→now)0.1% → 0.1% ▲
- Value$818,325Weight (prev→now)0.0% → 0.0% ▼
- Value$363,009Weight (prev→now)0.0% → 0.0% ▲
- Value$313,279Weight (prev→now)0.0% → 0.0% ▲
- Value$312,273Weight (prev→now)0.1% → 0.1% ▼
SEC 13F · notes
Written summary
Written summary
Jpmorgan Chase & Co (JPM) is held by 19 of the superinvestors tracked on Compounder, with a combined $1.72B in reported 13F value. The largest position belongs to Andreas Halvorsen, where it makes up 2.7% of the portfolio.
Other notable holders by value include Jim Cullen (2.6% of its book), Christopher Davis (0.7% of its book) and Richard Pzena (0.3% of its book).
In the quarter ended 2026-06-30, 1 of the tracked filers opened a new position in JPM, 5 added to existing ones, 9 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. 1 investor has already filed for the quarter ended 2026-09-30. Their positions in the table reflect those newer filings, and the move counts on this page cover only 2026-06-30 filings. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Jpmorgan Chase & Co (JPM) also commonly hold →
- Microsoft CorpMSFT17 holders
- Alphabet Inc-Cl AGOOGL15 holders
- Amazon.Com IncAMZN13 holders
- Alphabet Inc-Cl CGOOG13 holders
- Meta Platforms Inc-Class AMETA13 holders
- Visa Inc-Class A SharesV12 holders
JPM's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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