The business behind the dividend
| Measure | JPM | Median | Formula |
|---|---|---|---|
| Return on equity | 15.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 39.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 31.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 15.7% | 17.0% | 15.1% | 12.9% | 16.4% | 10.4% | 13.9% | 12.7% | 9.6% | 9.7% | 12.9% |
| Operating margin | 39.8% | 42.3% | 39.0% | 35.9% | 49.0% | 29.9% | 38.8% | 37.5% | 35.6% | 35.8% | 37.5% |
| Net margin | 31.3% | 32.9% | 31.3% | 29.3% | 39.7% | 24.3% | 31.5% | 29.9% | 24.3% | 25.6% | 29.9% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Jpmorgan Chase pays out less than 27 of them. The median for that group is 34.0%, against this company’s 29.0%.
Closest on GAAP earnings
- Wells Fargo (WFC) 27.2%
- Goldman Sachs Group (GS) 27.3%
- Bank of America (BAC) 28.3%
- Voya Financial (VOYA) 28.9%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →