RJFRaymond James Financial

Financials · Brokers & Investment Banks · NYSE

Raymond James Financial, Inc. (“RJF” or the “firm”) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities. 10-K, Item 1

Employees: 19,500
Headquarters: St Petersburg, FL
Next results: around Jan 27, 2027

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RJF and 9 peers, year by year

The 9 Financials companies closest to RJF in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
RJF Raymond James Financial	FY2025	$15.9B	+6.6%	-	13.4%	14.1%	17.1%	0.06
PFG Principal Financial Group	FY2025	$15.6B	−3.1%	-	7.6%	-	10.0%	0.33
AFL Aflac	FY2025	$17.2B	−9.3%	-	21.2%	-	12.4%	-
AJG Arthur J. Gallagher & Co.	FY2025	$13.9B	+20.7%	-	10.7%	-	6.4%	0.58
AON Aon plc	FY2025	$17.2B	+9.4%	25.3%	21.5%	18.7%	39.5%	1.69
SPGI S&P Global	FY2025	$15.3B	+7.9%	42.2%	29.2%	35.6%	14.4%	0.44
EG Everest Group	FY2025	$17.5B	+1.2%	-	9.1%	-	10.3%	-
BX Blackstone Inc.	FY2025	$14.5B	+9.2%	-	20.9%	31.5%	34.8%	1.45
STT State Street Corporation	FY2025	$13.9B	+7.3%	-	21.1%	77.8%	10.6%	0.90
ACGL Arch Capital Group	FY2025	$19.9B	+14.3%	-	22.1%	30.7%	18.2%	-

Revenuepeer median $15.6B

Sales growthpeer median +7.9%

Operating margin

SPGI 42.2%
AON 25.3%
RJF -
PFG -
AFL -
AJG -
EG -
BX -
STT -
ACGL -

Net marginpeer median 21.1%

FCF marginpeer median 31.5%

STT 77.8%
SPGI 35.6%
BX 31.5%
ACGL 30.7%
AON 18.7%
RJF 14.1%
PFG -
AFL -
AJG -
EG -

Return on equitypeer median 12.4%

Debt / equitypeer median 0.74

AON 1.69
BX 1.45
STT 0.90
AJG 0.58
SPGI 0.44
PFG 0.33
RJF 0.06
AFL -
EG -
ACGL -

RevenueSales growthOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	$5.5B	$6.5B	$7.5B	$8.0B	$8.2B	$9.9B	$11.3B	$13.0B	$14.9B	$15.9B
PFG Dec	$12.4B	$14.1B	$14.2B	$16.2B	$14.7B	$14.4B	$17.5B	$13.7B	$16.1B	$15.6B
AFL Dec	$22.6B	$21.7B	$21.8B	$22.3B	$22.1B	$21.6B	$19.1B	$18.7B	$18.9B	$17.2B
AJG Dec	$5.7B	$6.2B	$6.9B	$7.2B	$7.0B	$8.2B	$8.6B	$10.1B	$11.6B	$13.9B
AON Dec	$9.4B	$10.0B	$10.8B	$11.0B	$11.1B	$12.2B	$12.5B	$13.4B	$15.7B	$17.2B
SPGI Dec	$5.7B	$6.1B	$6.3B	$6.7B	$7.4B	$8.3B	$11.2B	$12.5B	$14.2B	$15.3B
EG Dec	$5.8B	$6.6B	$7.4B	$8.2B	$9.6B	$11.9B	$12.1B	$14.6B	$17.3B	$17.5B
BX Dec	$5.1B	$7.1B	$6.8B	$7.3B	$6.1B	$22.6B	$8.5B	$8.0B	$13.2B	$14.5B
STT Dec	$10.2B	$11.3B	$12.1B	$11.8B	$11.7B	$12.0B	$12.2B	$12.2B	$13.1B	$13.9B
ACGL Dec	$4.5B	$5.6B	$5.5B	$6.9B	$9.2B	-	$9.6B	$13.6B	$17.4B	$19.9B
Peer median	$5.8B	$7.1B	$7.4B	$8.2B	$9.6B	$12.1B	$12.1B	$13.4B	$15.7B	$15.6B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	+4.0%	+18.2%	+14.6%	+7.3%	+1.8%	+21.3%	+14.1%	+14.9%	+14.9%	+6.6%
PFG Dec	+3.6%	+13.7%	+1.0%	+13.9%	−9.1%	−3.2%	+21.5%	−22.1%	+18.0%	−3.1%
AFL Dec	+8.1%	−4.0%	+0.4%	+2.5%	−0.7%	−0.2%	−11.2%	−2.3%	+1.2%	−9.3%
AJG Dec	+3.8%	+10.0%	+11.0%	+3.8%	−2.7%	+17.2%	+4.2%	+17.8%	+14.7%	+20.7%
AON Dec	−0.7%	+6.3%	+7.7%	+2.3%	+0.5%	+10.2%	+2.3%	+7.2%	+17.4%	+9.4%
SPGI Dec	+6.5%	+7.1%	+3.2%	+7.0%	+11.1%	+11.5%	+34.8%	+11.8%	+13.7%	+7.9%
EG Dec	+2.1%	+14.0%	+11.2%	+11.8%	+16.6%	+23.6%	+1.6%	+21.0%	+18.5%	+1.2%
BX Dec	+10.3%	+38.8%	−4.4%	+7.4%	−16.8%	+270%	−62.3%	−5.8%	+64.9%	+9.2%
STT Dec	−1.5%	+9.4%	+7.7%	−3.1%	−0.5%	+2.8%	+1.0%	−1.7%	+8.8%	+7.3%
ACGL Dec	+13.4%	+26.1%	−3.1%	+27.1%	+8.7%	-	+3.9%	+41.8%	+27.9%	+14.3%
Peer median	+3.8%	+10.0%	+3.2%	+7.0%	−0.5%	+10.8%	+2.3%	+7.2%	+17.4%	+7.9%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	-	-	-	-	-	-	-	-	-	-
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	18.2%	18.9%	20.0%	20.0%	19.9%	22.9%	21.7%	-	-	-
AJG Dec	-	-	-	-	-	-	-	-	-	-
AON Dec	19.2%	10.7%	14.3%	19.7%	25.1%	17.1%	29.4%	28.3%	24.4%	25.3%
SPGI Dec	59.0%	42.6%	44.6%	48.2%	48.6%	50.9%	44.2%	32.2%	39.3%	42.2%
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	-	-	-	-	-	-	-	-
STT Dec	-	-	-	-	-	-	-	-	-	-
ACGL Dec	-	-	-	-	-	-	-	-	-	-
Peer median	19.2%	18.9%	20.0%	20.0%	25.1%	22.9%	29.4%	-	-	-

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	9.6%	9.7%	11.5%	12.9%	10.0%	14.2%	13.3%	13.4%	13.9%	13.4%
PFG Dec	10.6%	16.4%	10.9%	8.6%	9.5%	11.0%	27.1%	4.6%	9.7%	7.6%
AFL Dec	11.8%	21.2%	13.4%	14.8%	21.6%	19.6%	23.1%	24.9%	28.8%	21.2%
AJG Dec	7.0%	7.7%	9.1%	9.3%	11.7%	11.0%	13.0%	9.6%	12.7%	10.7%
AON Dec	14.8%	12.3%	10.5%	13.9%	17.8%	10.3%	20.7%	19.2%	16.9%	21.5%
SPGI Dec	37.2%	24.7%	31.3%	31.7%	31.4%	36.4%	29.0%	21.0%	27.1%	29.2%
EG Dec	13.7%	4.1%	−1.7%	9.3%	2.7%	11.6%	5.0%	17.3%	7.9%	9.1%
BX Dec	20.2%	20.6%	22.6%	27.9%	17.1%	25.9%	20.5%	17.3%	21.0%	20.9%
STT Dec	21.0%	19.1%	21.4%	19.1%	20.7%	22.4%	22.8%	15.9%	20.5%	21.1%
ACGL Dec	15.5%	11.0%	13.9%	23.6%	23.3%	-	15.4%	32.6%	24.7%	22.1%
Peer median	14.8%	16.4%	13.4%	14.8%	17.8%	15.6%	20.7%	17.3%	20.5%	21.1%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	−$695.1M	−$315.0M	$750.0M	$439.0M	$3.9B	$6.6B	−$19.0M	−$3.7B	$1.9B	$2.2B
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	-	-	-	-	-	-	-	-	-	-
AJG Dec	$431.8M	-	-	-	-	-	-	-	-	-
AON Dec	$2.2B	$551.0M	$1.4B	$1.6B	$2.6B	$2.0B	$3.0B	$3.2B	$2.8B	$3.2B
SPGI Dec	$1.4B	$1.9B	$2.0B	$2.7B	$3.5B	$3.6B	$2.5B	$3.6B	$5.6B	$5.5B
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	−$110.4M	−$1.7B	$27.4M	$1.9B	$1.8B	$3.9B	$6.1B	$3.8B	$3.4B	$4.5B
STT Dec	$1.7B	$6.3B	$9.6B	$5.0B	$3.0B	−$7.5B	$11.2B	−$126.0M	−$14.1B	$10.8B
ACGL Dec	$1.4B	$1.1B	$1.5B	$2.0B	$3.4B	-	$3.8B	$5.7B	$6.6B	$6.1B
Peer median	$1.4B	$1.1B	$1.5B	$2.0B	$3.0B	$2.8B	$3.8B	$3.6B	$3.4B	$5.5B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	−12.6%	−4.8%	10.0%	5.5%	48.3%	66.3%	−0.2%	−28.4%	13.1%	14.1%
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	-	-	-	-	-	-	-	-	-	-
AJG Dec	7.6%	-	-	-	-	-	-	-	-	-
AON Dec	23.1%	5.5%	13.4%	14.6%	23.9%	16.8%	24.2%	23.8%	17.9%	18.7%
SPGI Dec	25.5%	31.2%	31.2%	39.7%	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	−2.1%	−23.1%	0.4%	25.9%	29.9%	17.4%	71.6%	47.8%	25.9%	31.5%
STT Dec	16.4%	55.8%	78.9%	42.2%	25.4%	−62.5%	92.3%	−1.0%	−108.1%	77.8%
ACGL Dec	30.5%	19.1%	28.1%	29.0%	36.6%	-	39.2%	41.8%	38.0%	30.7%
Peer median	19.7%	19.1%	28.1%	29.0%	29.9%	17.1%	39.2%	28.5%	25.9%	31.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	10.8%	11.4%	13.5%	15.7%	11.5%	17.0%	16.0%	17.0%	17.7%	17.1%
PFG Dec	12.9%	18.0%	13.6%	9.5%	8.4%	9.8%	47.7%	5.7%	14.2%	10.0%
AFL Dec	13.0%	18.7%	12.4%	11.4%	14.2%	24.8%	21.9%	21.2%	20.9%	12.4%
AJG Dec	11.0%	11.4%	14.1%	13.0%	13.2%	10.7%	12.2%	9.0%	7.3%	6.4%
AON Dec	25.5%	26.8%	27.3%	45.4%	56.3%	118.3%	n/m	n/m	43.4%	39.5%
SPGI Dec	n/m	n/m	n/m	n/m	n/m	148.8%	8.9%	7.7%	11.6%	14.4%
EG Dec	9.8%	3.3%	−1.6%	8.4%	2.7%	13.6%	7.1%	19.1%	9.9%	10.3%
BX Dec	-	-	24.2%	29.2%	15.7%	62.2%	22.8%	20.4%	33.8%	34.8%
STT Dec	10.1%	9.7%	10.5%	9.2%	9.2%	9.8%	11.0%	8.2%	10.6%	10.6%
ACGL Dec	8.4%	6.7%	8.0%	14.2%	15.9%	-	11.4%	24.2%	20.7%	18.2%
Peer median	11.0%	11.4%	13.0%	12.2%	13.7%	19.2%	11.8%	14.0%	14.2%	12.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	-	-	-	-	-	0.00	0.00	-	-	0.06
PFG Dec	0.31	0.25	0.29	0.26	0.26	0.27	0.41	0.37	0.37	0.33
AFL Dec	-	-	-	-	-	-	-	-	-	-
AJG Dec	0.17	0.07	0.09	0.12	0.02	0.03	0.04	0.06	0.01	0.58
AON Dec	1.19	1.37	1.56	2.39	2.34	9.95	n/m	n/m	2.90	1.69
SPGI Dec	5.48	5.03	5.83	8.24	8.07	2.02	0.31	0.34	0.34	0.44
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	1.63	1.65	0.86	0.83	1.63	1.70	1.40	1.45
STT Dec	0.54	0.52	0.45	0.51	0.53	0.49	0.60	0.79	0.92	0.90
ACGL Dec	-	-	-	-	-	-	-	-	-	-
Peer median	0.54	0.52	1.01	1.08	0.69	0.66	0.41	0.37	0.64	0.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
RJF Sep	$3.65	$4.33	$5.75	$4.78	$3.88	$6.63	$6.98	$7.97	$9.70	$10.30
PFG Dec	$4.50	$7.88	$5.36	$4.96	$5.05	$5.79	$18.63	$2.55	$6.68	$5.25
AFL Dec	$3.21	$5.77	$3.77	$4.43	$6.67	$6.25	$6.93	$7.78	$9.63	$6.82
AJG Dec	$2.22	$2.64	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50	$5.74
AON Dec	$5.16	$4.70	$4.59	$6.37	$8.45	$5.55	$12.14	$12.51	$12.49	$17.02
SPGI Dec	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35	$14.66
EG Dec	$23.68	$11.70	$2.17	$24.70	$12.78	$34.62	$15.19	$60.19	$31.78	$37.80
BX Dec	$1.56	$2.21	$2.26	$3.03	$1.50	$8.13	$2.36	$1.84	$3.62	$3.87
STT Dec	$4.97	$5.19	$6.39	$5.38	$6.32	$7.19	$7.19	$5.58	$8.21	$9.40
ACGL Dec	$1.78	$1.36	$1.73	$3.87	$5.23	-	$3.80	$11.62	$11.19	$11.60
Peer median	$4.50	$5.19	$3.77	$4.96	$6.32	$6.72	$7.19	$7.78	$9.63	$9.40

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out RJF and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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