CluenexRaymond James Financial RJF
Raymond James Financial scores average on business quality (5.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Raymond James Financial does
Raymond James Financial provides private client wealth management, capital markets, and asset management services, generating revenue largely through advisory fees, commissions, and net interest income from client cash balances. The firm operates primarily in North America, serving independent and employee advisors who manage assets for retail investors.
- What it does best
Raymond James excels at retaining independent advisors through a supportive corporate culture, achieving a gross margin of 87.3% that outpaces Morgan Stanley's 56.7%. This high margin reflects a stable platform model where advisors shoulder client acquisition while the parent company takes a share of recurring fees.
- The main risk
The primary threat stems from interest rate sensitivity affecting net interest income earned on client cash deposits. If yields compress further, earnings face immediate pressure across its large deposit base, impacting overall profitability.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin sits at 17.8% with an ROE of 18.3%, ranking in the top quartile at the 60th sector percentile for return on equity. Profitability remains stable as scale advantages offset cost pressures.
The company relies on advisor relationships and switching costs to lock in financial advisors and their client assets. Its gross margin ranks in the 81st sector percentile, though limited pricing power restricts a wider moat.
Revenue grew to $17.0B, translating to a revenue growth rate of 6.6%. This pace sits in the 43rd percentile of its sector, showing steady middle-of-the-pack expansion that follows prior years of steady increases.
Total debt stands at $64.2B against $11.4B in cash, yielding net debt of $52.8B. Free cash flow reached $1.4B recently, showing solid cash generation despite capital return programs like $1.8B in buybacks.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
3 sold $4.1M outside pre-planned sales.
Our sealed record on RJF
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Raymond James Financial scores average on the Cluenex quality check (5.4 of 10), measured against its own industry. Profitability is fair, moat weak, growth steady and financial health fair.
In the last 90 days of SEC Form 4 filings: 3 sold $4.1M outside pre-planned sales.
Oct 28, 2026, after the close.
See RJF today
- Today's verdict on RJF, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Raymond James Financial (RJF)”, https://cluenex.com/stocks/rjf/, data as of Oct 10, 2026.