We don't have an honest read on this one.
Our model values a company on the cash it can hand its owners after paying for its own growth. That is the wrong question to ask about JPMorgan Chase, so we are not going to answer it.
Why not
- The model doesn't fit this businessBanks fund themselves with deposits, so cash moving in and out of the business is the business, not a surplus left over from it. Our model values the cash a company can hand its owners after paying for its own growth — for a bank that number has no meaning, and the version of it we could compute would swing wildly with deposit flows.
Why show the page at all. Because the alternative is a number we don't believe. Every other company on TickerMath gets a fair value computed from its SEC filings; this one gets a plain explanation instead, which is the same promise kept a different way. If we ever build a lens that suits JPMorgan Chase's economics — book value and return on equity for a bank, funds from operations for a property trust — it will appear here.