JPMorgan Stock (JPM): Rates, Capital and Size in Numbers

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

JPMorgan stock trades on the New York Stock Exchange under the ticker JPM, and it is the share of the biggest bank in the country.

A quote screen will show you the price and a P/E. It will not show you why the bank’s income doubled after 2021, how big it is next to its nearest rivals, or how the stock held up the last two times US banks were in trouble. We pulled those from JPMorgan’s own filings and the price record.

JPM at a glance

Price is the November 6, 2026 close. Earnings, equity, assets and shares come from the 10-Q for the quarter ended September 30, 2026, filed November 3. The capital ratio is the one JPMorgan reported with its third-quarter results on October 13.

In 2026 to November 6, JPM’s price rose 3.8%, against 7.8% for the S&P 500. Bank of America fell 10.1% and Wells Fargo 9.9% over the same stretch. For those two, Goldman Sachs and Morgan Stanley, see our bank stocks page, which runs the same checks on each of them.

How it works

JPMorgan is several businesses under one ticker. Its filings split it into consumer and community banking (branches, cards, mortgages), the commercial and investment bank (lending to companies, deal advice, trading) and asset and wealth management. That mix is why JPM does not behave like a pure lender or a pure investment bank.

Net interest income is the biggest single line. The bank earns interest on loans and securities, pays interest on deposits and borrowings, and keeps the difference. In the first nine months of 2026 that difference made up 49.5% of JPM’s revenue. The rest is fees, trading and other income, which the filings call noninterest revenue.

Capital is the cushion regulators watch. The CET1 ratio compares the bank’s highest-quality capital, mostly common shareholders’ equity, with its assets weighted by risk. A higher ratio means more room to absorb losses before shareholders and depositors are at risk. JPMorgan’s release files its capital figures under the heading “Fortress principles”. The 13.9% figure is the bank’s own calculation, not something you can rebuild from the balance sheet alone.

What moves JPM

Rates, through net interest income. When the Fed raises its target, what JPMorgan earns on loans and cash at the central bank tends to reset faster than what it pays depositors, at least at first. When rates fall, that works the other way. Our interest rate page explains the policy rate itself.

Credit. Each quarter the bank sets aside money for loans it expects to go bad. In the September 2026 quarter that provision was $2.7 billion, against $3.4 billion a year earlier, according to the release. A recession pushes that number up and earnings down.

Markets and deals. Markets revenue, which is mostly trading, was $10.3 billion in the same quarter. Busy markets help; quiet ones take that support away.

Size itself. The biggest US banks face extra capital charges, so a rule change on capital can move the stock even when the business is steady.

A worked example: rebuilding JPM’s ratios

All inputs are in the 10-Q filed November 3, 2026, except the share price.

1. Trailing earnings. Diluted EPS was $19.20 for January to September 2026 and $20.02 for all of 2025, and $15.38 for January to September 2025. Last twelve months = $19.20 + $20.02 − $15.38 = $23.84.
2. P/E. $334.49 ÷ $23.84 = 14.0.
3. Common equity. Total stockholders’ equity was $372.368 billion, of which $21.040 billion was preferred stock. Common equity = $351.328 billion.
4. Book value per share. $351.328 billion ÷ 2,655,609,509 shares = $132.30, the same figure JPMorgan printed in its earnings release.
5. Price-to-book. $334.49 ÷ $132.30 = 2.53. Our price-to-book page covers why this ratio matters so much for banks.
6. Yield. The third-quarter dividend was $1.65. $1.65 × 4 = $6.60 a year, and $6.60 ÷ $334.49 = 1.97%.

A P/B of 2.53 sits well above the two big lenders on our bank stocks page (1.27x for Bank of America and 1.58x for Wells Fargo at their October 30 prices). One reason the market pays more is JPMorgan’s return on equity, 17% in the latest quarter by the bank’s own count. Our return on equity page shows how that ratio is built.

The original data

Net interest income against the Fed funds rate. From JPMorgan’s XBRL filings we took reported net interest income for each of the 71 quarters from the start of 2009 to September 2026. Where a 10-K gives only the full year, the fourth quarter is the year minus the first nine months. Beside it sits the quarterly average of the effective federal funds rate from FRED.

What the 71 quarters show:

• The low was $10.67 billion in the first quarter of 2014, when the Fed funds rate averaged 0.07%.
• Near-zero years. In the 36 quarters when the rate averaged under 0.25%, the median quarter brought in $11.87 billion.
• The turn. The fourth quarter of 2021, the last full quarter before the Fed began raising rates in March 2022, brought $13.60 billion. By the third quarter of 2026, with the rate averaging 3.67%, it was $27.04 billion, 1.99 times as much and the highest of the 71.
• Full years. Net interest income was $52.31 billion in 2021, $89.27 billion in 2023 and $95.44 billion in 2025.

The two lines moved together, but rates were not the only cause. Deposits and loans grew over the period, and on May 1, 2023 JPMorgan took over First Republic Bank, which the FDIC said held about $229.1 billion of assets. The jump between the first and second quarters of 2023 includes that deal. The release reports $27.1 billion for the September 2026 quarter because it adds back tax-exempt income (the managed basis); our series uses the reported figure.

Size next to the other big lenders. On September 30, 2026, JPMorgan had $5.09 trillion of assets, Bank of America $3.43 trillion and Wells Fargo $2.25 trillion. JPM alone was 0.90 times the other two combined. Its $888.3 billion market value, against $341.0 billion for Bank of America and $252.0 billion for Wells Fargo at the same close (shares from each bank’s latest 10-Q cover), was 1.50 times theirs combined. Investors pay more per dollar of assets for JPM. Our market cap page explains the measure.

Two stress tests from the price record. We measured the fall to each stock’s lowest close of 2008 and 2009 from its highest close between January 2007 and that low, and the move from March 8 to March 31, 2023, the month Silicon Valley Bank failed.

JPM’s drop ran from May 9, 2007 to March 9, 2009. It fell further than the S&P 500 (56.8%) but held up better than the other two big lenders. In March 2023, JPM lost 5.4%, Bank of America 12.2% and Wells Fargo 14.7%, while the S&P 500 gained 2.9%.

Download the data: JPM net interest income vs Fed funds and bank stocks under stress. Both may be reused with a credit and a link back, under the site license.

When it fails

Strong capital did not stop a 70% fall. The 2008 crisis took JPM’s price down by more than two thirds even though it came out as one of the stronger banks. A high CET1 ratio protects depositors first; it does not protect the share price from a panic.

Rate tailwinds turn. The same link that lifted net interest income after 2021 can shrink it if the Fed cuts and loan yields reset faster than deposit costs. The 2014 low came after five years of near-zero rates.

One quarter can mislead. The September 2026 quarter carried $658 million of losses on securities sales, which JPMorgan called a significant item. Trailing EPS smooths that, but a single big charge or gain still moves the P/E.

These numbers age fast. Each row of the table changes with the next price, filing and dividend, which is why every figure here carries its date.

Questions people ask

What is the JPM ticker?

JPM, on the New York Stock Exchange. It is the common stock of JPMorgan Chase & Co. The bank’s preferred shares trade under separate symbols.

What is JPMorgan’s market cap?

$888.3 billion at the November 6, 2026 close of $334.49, using the 2,655,609,509 shares on its latest 10-Q. It moves with every trade, so check the date on any figure you see.

How much dividend does JPM pay?

It declared $1.65 a share for the September 2026 quarter, which is $6.60 a year at that rate and a 1.97% yield at $334.49. Our dividend yield page covers the arithmetic.

Why does JPMorgan trade at a higher price-to-book than other banks?

Its return on equity has been higher, 17% in the latest quarter, and it earns from fees and trading as well as lending. The market prices that in. A higher multiple also leaves more room to fall if returns slip.

Is JPMorgan the largest bank in the US?

Yes. Its holding company reported $5.09 trillion of assets on September 30, 2026, against $3.43 trillion for Bank of America. The Federal Reserve’s list of large commercial banks, as of June 30, 2026, also puts its main bank first, at $4.09 trillion.

Related

For four other big US banks with the same ratios, start with bank stocks. The valuation side is on price-to-book, P/E ratio and earnings per share, and the payout side on dividend. If you own bank shares through a fund, sector funds covers what that concentration means. For a bank that earns mostly fees instead of interest, compare it with BNY Mellon stock.

This page is educational, not financial advice. Test every idea on your own charts before risking money.