Explain this page
Arphra AIPlain-English read on Raymond James Financial, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +98.79% | +96.37% | +88.28% | +85.44% | +88.16% | +87.03% | +85.08% | +89.40% | +88.14% |
| Operating margin | +18.31% | +18.12% | +17.76% | +17.93% | +28.66% | +20.94% | +20.99% | +21.03% | +21.44% |
| EBITDA margin | +19.68% | +19.42% | +19.04% | +19.14% | +29.89% | +22.76% | +23.03% | +22.27% | +22.21% |
| EBIT margin | +18.31% | +18.12% | +17.76% | +17.93% | +28.66% | +20.96% | +21.06% | +21.89% | +21.10% |
| Pre-tax margin | +18.31% | +18.12% | +17.76% | +17.93% | +17.06% | +17.62% | +17.11% | +18.09% | +17.73% |
| Net margin | +14.35% | +13.53% | +13.54% | +14.03% | +13.42% | +13.31% | +13.34% | +13.61% | +13.75% |
| Cost structure | |||||||||
| Cost of revenue / sales | +1.21% | +3.63% | +11.72% | +14.56% | +11.84% | +12.66% | +12.53% | +12.48% | +12.77% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +67.32% | +65.70% | +56.84% | +55.72% | +45.51% | +52.61% | +53.22% | +51.51% | +52.95% |
| Effective tax rate | +21.66% | +25.37% | +23.73% | +21.76% | +21.33% | +22.84% | +22.62% | +22.07% | +22.38% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +16.90% | +16.00% | +17.07% | +17.73% | +17.07% | +17.11% | +16.64% | +17.55% | +17.29% |
| Return on assets (ROA) | +2.27% | +1.86% | +2.22% | +2.49% | +2.42% | +2.37% | +2.30% | +2.32% | +2.36% |
| Return on capital (ROC) | +15.61% | +15.29% | +16.69% | +16.84% | +26.75% | +19.91% | +19.41% | +20.09% | +20.08% |
| Return on invested capital (ROIC) | +12.23% | +11.41% | +12.73% | +13.18% | +12.52% | +12.65% | +12.33% | +13.00% | +12.87% |
| Asset turnover | +15.80% | +13.78% | +16.39% | +17.76% | +18.03% | +17.77% | +17.28% | +17.03% | +17.13% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +14.35% | +13.53% | +13.54% | +14.03% | +13.42% | +13.31% | +13.34% | +13.61% | +13.75% |
| Asset turnover (× revenue / assets) | +15.80% | +13.78% | +16.39% | +17.76% | +18.03% | +17.77% | +17.28% | +17.03% | +17.13% |
| Equity multiplier (× assets / equity) | +745.41% | +858.26% | +769.22% | +711.34% | +705.61% | +723.51% | +721.95% | +757.12% | +734.00% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.16 | 0.14 | 0.16 | 0.18 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 |
| Fixed-asset turnover | 10.35 | 11.35 | 11.45 | 12.25 | 10.35 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 2.55 | 2.45 | 3.11 | 3.25 | 3.43 | — | — | — | — |
| Payables turnover | 0.01 | 0.04 | 0.28 | 0.37 | 0.32 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 142.94 | 148.83 | 117.48 | 112.32 | 106.32 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 43277.25 | 10315.53 | 1321.03 | 990.28 | 1133.94 | — | — | — | — |
| Cash conversion cycle | -43134.31 | -10166.70 | -1203.55 | -877.96 | -1027.62 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 4.74 | 0.05 | -2.02 | 1.04 | 1.14 | 0.07 | 0.06 | 0.06 | 0.06 |
| FCF / Net income | 4.68 | -0.01 | -2.12 | 0.94 | 1.05 | -0.03 | -0.03 | -0.03 | -0.03 |
| FCF margin | +67.21% | -0.17% | -28.71% | +13.23% | +14.12% | -0.46% | -0.46% | -0.47% | -0.45% |
| OCF margin | +67.97% | +0.65% | -27.37% | +14.62% | +15.30% | +0.87% | +0.85% | +0.87% | +0.85% |
| CapEx / Revenue | +0.76% | +0.82% | +1.35% | +1.39% | +1.18% | +1.28% | +1.32% | +1.29% | +1.31% |
| CapEx / D&A | 0.55 | 0.63 | 1.05 | 1.15 | 0.96 | — | — | — | — |
| Stock-based comp / Revenue | +1.35% | +1.72% | +1.85% | +1.72% | +1.60% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 | 11.88 | 13.51 | 15.50 | 18.67 |
| EPS · basic | 6.81 | 7.16 | 8.16 | 9.94 | 10.53 | 12.33 | 13.76 | 15.88 | 19.13 |
| Book value / share | 39.31 | 43.81 | 46.97 | 54.96 | 60.52 | 58.25 | 64.63 | 67.34 | 73.97 |
| Tangible BV / share | 35.14 | 34.84 | 38.17 | 46.07 | 51.58 | 58.25 | 64.63 | 67.34 | 73.97 |
| Sales / share | 46.31 | 51.82 | 59.20 | 69.43 | 77.02 | 74.90 | 80.64 | 86.83 | 93.02 |
| Operating CF / share | 31.47 | 0.33 | -16.20 | 10.15 | 11.78 | 0.65 | 0.69 | 0.76 | 0.79 |
| Free cash flow / share | 31.12 | -0.09 | -17.00 | 9.19 | 10.87 | -0.35 | -0.37 | -0.40 | -0.42 |
| Dividends / share | 1.03 | 1.29 | 1.64 | 1.80 | 2.01 | 2.00 | 2.18 | 2.26 | 2.54 |
| Payout ratio | +15.54% | +18.36% | +20.41% | +18.52% | +19.48% | +20.10% | +20.26% | +19.09% | +19.88% |
| Retention ratio | +84.46% | +81.64% | +79.59% | +81.48% | +80.52% | +79.90% | +79.74% | +80.91% | +80.12% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +14.07% | +15.10% | +14.80% | +7.94% | -2.07% | +7.79% | +6.31% | +8.69% | +8.95% |
| Gross profit · YoY | — | +11.27% | +5.44% | +11.10% | +11.39% | -3.32% | +5.38% | +11.70% | +7.17% | +7.40% |
| Profit | ||||||||||
| Operating income · YoY | — | +12.90% | +12.76% | +15.92% | +72.57% | -28.46% | +8.07% | +6.49% | +10.83% | +11.11% |
| EBITDA · YoY | — | +12.57% | +12.83% | +15.42% | +68.53% | -25.43% | +9.07% | +2.81% | +8.37% | +10.60% |
| Net income · YoY | — | +7.56% | +15.24% | +18.92% | +3.24% | -2.86% | +8.02% | +8.49% | +9.79% | +8.37% |
| Operating | ||||||||||
| EBIT · YoY | — | +12.90% | +12.76% | +15.92% | +72.57% | -28.40% | +8.31% | +10.49% | +4.79% | +10.89% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +5.28% | +14.18% | +21.71% | +6.19% | +15.37% | +13.70% | +14.70% | +20.49% | +13.82% |
| EPS · basic · YoY | — | +5.14% | +13.97% | +21.81% | +5.94% | +17.07% | +11.66% | +15.37% | +20.48% | +13.78% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $3.17B | $3.8B | $3.48B | $4.03B | $4.55B | $4.27B | $4.7B | $4.85B | $5.29B |
| Net debt | -$4.03B | -$2.38B | -$5.84B | -$6.97B | -$6.84B | -$6.78B | -$7.58B | -$8.35B | -$8.91B |
| Net debt / EBITDA | -2.09 | -1.10 | -2.39 | -2.47 | -1.44 | -1.91 | -1.96 | -2.10 | -2.07 |
| Debt / equity | 0.38 | 0.40 | 0.34 | 0.35 | 0.36 | 0.35 | 0.35 | 0.35 | 0.34 |
| Debt / assets | +5.13% | +4.69% | +4.44% | +4.85% | +5.15% | +4.87% | +4.84% | +4.62% | +4.67% |
| Equity / assets | +13.42% | +11.65% | +13.00% | +14.06% | +14.17% | +13.82% | +13.85% | +13.21% | +13.62% |
| Coverage | |||||||||
| EBITDA / interest expense | 12.83 | 7.10 | 1.78 | 1.34 | 2.57 | 1.91 | 1.86 | 1.82 | 1.78 |
| Operating income / interest | 11.94 | 6.63 | 1.66 | 1.26 | 2.47 | 1.76 | 1.70 | 1.72 | 1.72 |
| Interest expense | $150M | $305M | $1.37B | $2.1B | $1.85B | $1.86B | $2.08B | $2.19B | $2.42B |
| Liquidity | |||||||||
| Current ratio | 0.41 | 0.32 | 0.38 | 0.38 | 0.32 | — | — | — | — |
| Quick ratio | 0.41 | 0.32 | 0.37 | 0.37 | 0.35 | — | — | — | — |
| Cash ratio | 0.15 | 0.10 | 0.15 | 0.17 | 0.17 | — | — | — | — |
| Working capital | -$27.47B | -$43.39B | -$37.89B | -$39.75B | -$44.87B | — | — | — | — |
| Working capital / revenue | -280.84% | -388.97% | -295.03% | -269.63% | -281.98% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).