Raymond James Financial, Inc. (RJF) Stock Price & How to Invest

Raymond James Financial is a St. Petersburg, Florida based diversified financial services company that has been publicly traded since 1983. Its core business is the Private Client Group, a wealth-management franchise supported by roughly 8,900 financial advisors operating across employee, independent-contractor, and RIA affiliation channels, serving individual investors with advice, brokerage, and fee-based managed accounts. The firm also runs a Capital Markets segment (investment banking, institutional equity and fixed-income sales and trading), an Asset Management segment (managed portfolios and proprietary strategies), and Raymond James Bank, which lends against and earns interest on client cash sweep balances. Revenue comes from asset-based advisory fees, commissions, investment-banking fees, and net interest income, giving the company a mix of recurring fee income and more cyclical transaction-driven income.

Raymond James has a long reputation for conservative balance-sheet management and steady advisor recruiting, and it reported record results in fiscal 2025 (the fiscal year ends in September): net revenues of roughly $14.1 billion, net income available to common shareholders of roughly $2.13 billion, and record diluted EPS of about $10.30, with client assets under administration reaching roughly $1.73 trillion. Fiscal 2026 has continued the record pace, with fiscal Q2 2026 (reported April 2026) net revenues of about $3.86 billion and diluted EPS of $2.72. The investment picture centers on whether the firm can keep adding advisors and client assets while managing the drag from lower yields on client cash and the inherent lumpiness of investment banking.

Earnings are sensitive to interest rates: as short-term rates fall, the yield on client cash sweep balances and the bank's net interest margin compress, which can offset growth in fee income. The Capital Markets segment is cyclical and can swing sharply with market conditions, making investment-banking revenue lumpy quarter to quarter. Equity-market downturns reduce asset-based fees because much of Private Client Group revenue scales with client asset levels. Competition for advisors and client assets is intense across wirehouses, independent broker-dealers, and RIA platforms, and recruiting incentives are a real cost. Finally, as a broker-dealer and bank, the firm faces regulatory, litigation, and credit risks inherent to financial services.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Raymond James Financial, Inc.'s investor relations page or your broker.

• Net Revenue (TTM): ~$14.7 billion
• Net Revenue (FY 2025, record): ~$14.1 billion
• Diluted EPS (FY 2025, record): ~$10.30
• Client Assets Under Administration: ~$1.7 trillion
• Trailing P/E: ~14x
• Market Capitalization: ~$28 to 29 billion

Raymond James reported record annual revenues and net income in fiscal 2025 and has continued to post records into fiscal 2026, with fiscal Q2 2026 net revenues of about $3.86 billion and EPS of $2.72. The trailing P/E in the mid-teens reflects a business that markets treat as more stable than pure investment banks but still exposed to rate and market cycles. Book value per share was roughly $64.58 as of the fiscal Q2 2026 report.

There are three common ways to get RJF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so RJF sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where RJF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Raymond James is a conservatively run, advisor-centric wealth manager whose recurring fee-based revenue and growing advisor headcount give it a steadier profile than pure trading-desk peers, with the main swing factors being interest rates on client cash balances and the cyclical capital-markets business.

Whether RJF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RJF a buy?, and where the stock could go from here in the RJF stock forecast.

For income investors, whether RJF pays a dividend and how the payout looks is covered in does RJF pay a dividend?