JPMorgan Chase & Co (JPM) is overvalued and Royal Bank Of Canada (RY) is overvalued.
Both trade above our estimate of their intrinsic value. JPM is the closer of the two: -22%, against -43% for RY.
Values as of the 22 Sept 2026 close.
Book value at 2.09x, the multiple a 17.7% return on equity justifies, blended with earnings, values the shares at $279.10; the price of $340.00 is 22% above that value.
Leak Score 45/100 on 9 of 12 signals
Book value at 2.14x, the multiple a 16.3% return on equity justifies, blended with earnings, values the shares at $142.28; the price of $203.83 is 43% above that value.
Leak Score 14/100 on 3 of 12 signals
| Metric | JPM | RY |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $340.00 | $203.83 |
| Intrinsic value | $279.10 | $142.28 |
| Margin of safety | -22% | -43% |
| Leak Score | 45/100 (9/12) | 14/100 (3/12) |
| Market cap | $903.8B | $282.6B |
| Revenue growth, 5 years | 17.3% | 16.8% |
| Operating margin | 28.4% | 19.5% |
| Net margin | 21.4% | 15.7% |
| Return on equity | 17.7% | 16.3% |
| Debt to equity | 3.41 | 2.88 |
| P/E | 14.6x | 17.8x |
| Forward P/E | 13.5x | 15.8x |
| P/B | 2.6x | 3.0x |
| Dividend yield | 1.9% | 2.4% |