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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BLK | $182.2B | 33.3× | — | 7.5× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 809 |
| SCHW | $154.7B | 19.2× | — | 6.5× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 795 |
| HOOD | $82.5B | 44.7× | 35.9× | 18.4× | 51.6% | — | 42.1% | 20.6% | 20.6% | -1.9× | 425 |
| RJF | $31.0B | 15.7× | — | 1.9× | 6.6% | — | 13.4% | 17.1% | 16.2% | — | 258 |
| NMR | $27.7B | 105.2× | — | 1.6× | 15.2% | — | 2.1% | 1.4% | 0.2% | — | 76 |
| FUTU | $14.2B | — | 7.1× | 4.8× | 67.8% | 87.1% | 49.6% | 28.3% | 28.3% | -0.7× | 56 |
| SEIC | $12.4B | 18.6× | — | 5.4× | 8.1% | 35.2% | 31.1% | 29.2% | 29.2% | — | 162 |
| FRHC | $11.7B | 73.2× | — | 5.3× | 9.3% | 96.4% | 7.0% | 10.3% | 10.3% | — | 26 |
| JEF | $11.3B | 17.4× | — | 1.0× | 2.9% | 98.2% | 6.3% | 6.4% | 2.4% | — | 128 |
| SF | $10.3B | 11.7× | — | 1.6× | 6.7% | — | 10.8% | 11.4% | 10.4% | — | 145 |
| MKTX | $5.8B | 24.8× | — | 6.9× | 3.6% | — | 29.1% | 21.5% | 18.1% | — | 76 |
| PIPR | $4.9B | 4.3× | — | 2.5× | 24.3% | — | 14.8% | 20.5% | 20.3% | — | — |
| VIRT | $4.8B | 10.6× | — | 1.3× | 26.2% | — | 12.9% | 29.6% | 12.9% | — | 101 |
| WT | $3.3B | 28.7× | — | 6.6× | 15.4% | — | 22.1% | 26.4% | 26.4% | — | 56 |
| MIAX | $3.1B | — | 22.2× | 2.3× | 19.6% | 31.6% | -5.1% | -7.9% | -7.9% | -3.5× | 28 |
| JSM | $1.5B | — | — | — | — | — | — | -3.3% | -0.2% | — | — |
| OPY | $1.2B | 8.3× | — | 0.7× | 14.4% | — | 9.1% | 15.1% | 15.1% | — | 18 |
Peers = companies sharing JSM's sector (Security Brokers, Dealers & Flotation Companies) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 14% of free cash flow, leaving room to grow it and fund buybacks. Last year: $63.0M dividends + $111.0M buybacks = $174.0M returned on $441.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $839.0M is below the $4.50B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2023-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~6.2% on $57.63B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $637.0M is below short-term debt of $5.07B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $15.36 today, the market must believe free cash flow compounds 28.2%/yr for a decade (off $525.3M on the 3-yr avg basis).
On the basis ($502.7M) the requirement is 28.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 28.2% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.10B shares · net debt $45.07B
mean -3.2% · volatility σ 50% · implied rate exceeded in 1/9 yrs
Central path = implied 28.2%/yr growth; shaded band = ±1σ (50%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $271.0M 100.0% | $321.0M 100.0% | $332.0M 100.0% | $507.0M 100.0% | $388.0M 100.0% | $391.0M 100.0% | $359.0M 100.0% | — | — |
| Total Operating Expenses | $421.0M | $680.0M 250.9% | $800.0M 249.2% | $776.0M 233.7% | $1.21B 238.1% | $964.0M 248.5% | $984.0M 251.7% | $984.0M 274.1% | $966.0M | $951.0M |
| Interest Expense | — | — | $3.56B 1108.1% | $2.10B 633.1% | $1.32B 259.6% | $2.05B 527.3% | $3.49B 892.1% | $3.67B 1021.7% | $2.97B | $2.44B |
| Pretax Income | -$111.0M | $174.0M 64.2% | $313.0M 97.5% | $827.0M 249.1% | $936.0M 184.6% | $532.0M 137.1% | $763.0M 195.1% | $528.0M 147.1% | $764.0M | $1.11B |
| Income Tax Expense | -$31.0M | $43.0M 15.9% | $85.0M 26.5% | $182.0M 54.8% | $219.0M 43.2% | $120.0M 30.9% | $166.0M 42.5% | $133.0M 37.0% | $472.0M | $427.0M |
| Net Income | -$80.0M | $131.0M 48.3% | $228.0M 71.0% | $645.0M 194.3% | $717.0M 141.4% | $412.0M 106.2% | $597.0M 152.7% | $395.0M 110.0% | $292.0M | $681.0M |
| Per Share | ||||||||||
| EPS (Basic) | -$0.81 | $1.20 | $1.87 | $4.54 | $4.23 | $2.14 | $2.59 | $1.52 | $1.06 | $2.15 |
| EPS (Diluted) | -$0.81 | $1.18 | $1.85 | $4.49 | $4.18 | $2.12 | $2.56 | $1.49 | $1.04 | $2.12 |
| Weighted Avg Shares (Basic) | 99.0M | 109.0M | 122.0M | 142.0M | 170.0M | 193.0M | 230.0M | 260.0M | 275.0M | 316.0M |
| Weighted Avg Shares (Diluted) | 99.0M | 111.0M | 123.0M | 144.0M | 172.0M | 195.0M | 233.0M | 264.0M | 281.0M | 322.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -3% against ROIC -0% — -3% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Income Tax | 37.0 | 42.5 | 30.9 | 43.2 | 54.8 | 26.5 | 15.9 | — |
| Net Income | 110.0 | 152.7 | 106.2 | 141.4 | 194.3 | 71.0 | 48.3 | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on JSM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | not reported | not reported | 110.0% |
| FY2019 | not reported | not reported | 152.7% |
| FY2020 | not reported | not reported | 106.2% |
| FY2021 | not reported | not reported | 141.4% |
| FY2022 | not reported | not reported | 194.3% |
| FY2023 | not reported | not reported | 71.0% |
| FY2024 | not reported | not reported | 48.3% |
Return on equity is 3 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 2.06x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2023-12-31, 1034 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2023-12-31 (10-K); cash from the 2023-12-31 balance sheet; FCF from FY2023.
Balance sheet at 2023-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
At $15.52, free cash flow must compound 28.2%/yr for 10 years. It has done -13.03%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −3.1% | 28.2% |
| FY2021 | −28.9% | 28.2% |
| FY2022 | −56.6% | 28.2% |
| FY2023 | 121.6% | 28.2% |
| FY2024 | −32.1% | 28.2% |
| FY2025 | −3.9% | 28.2% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$80M | −$80M |
| Share-based comp | $21M | −$59M |
| Other non-cash & working capital | $500M | $441M |
| Operating cash flow | $441M | $441M |
| Capex | $0 | $441M |
| Free cash flow | $441M | $441M |
| FCF after SBC | $420M | $420M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.8% | -0.8% | -0.1 points |
| FY2021 | 30.7% | 34.8% | 4.1 points |
| FY2022 | -34.5% | -47.8% | -13.3 points |
| FY2023 | -3.3% | 21.7% | 25.0 points |
| FY2024 | -15.6% | -51.5% | -35.9 points |
| FY2025 | not reported | -75.5% | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 111.1 days | not reported | not reported | not reported |
| FY2020 | 111 days | not reported | not reported | not reported |
| FY2021 | 114.5 days | not reported | not reported | not reported |
| FY2022 | 91.2 days | not reported | not reported | not reported |
| FY2023 | 114.8 days | not reported | not reported | not reported |
| FY2024 | 66 days | not reported | not reported | not reported |
| FY2025 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.4 percent |
| FY2020 | -0.7 percent |
| FY2021 | 0.0 percent |
| FY2022 | 0.5 percent |
| FY2023 | -0.7 percent |
| FY2024 | -0.6 percent |
| FY2025 | -1.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.