Financials • Money Center Banking, Investment Banking & Asset Management • SIC 6021
$337.04 ▼ -6.54
(-1.90%)
MKT CAP: $913.30B • VOL: 7.91M
52W L $101 52W H $367
JPM // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Fortress Balance Sheet & Tech Spend
01 // UPSTREAM SUPPLIERS & FOUNDRIES
AMZN <GO>
HIGH
AWS & Hybrid Cloud Technology Infrastructure
FOUNDRY / INFRA • Core Cloud Migration & AI Compute ($17B Annual Tech Budget)
EST. COGS / CAPEX SHARE 18%
EVIDENCE: 10-K Technology, Communications & Equipment Expense
V <GO>
CRITICAL
Visa Inc. & Mastercard Payment Rails
FOUNDRY / INFRA • Card Network Clearing & Settlement for Chase Sapphire/Freedom Portfolios
EST. COGS / CAPEX SHARE 24%
EVIDENCE: 10-K Card Services & Merchant Acquiring Disclosures
CORE VALUE-CHAIN HUB NYSE
JPM // JPMorgan Chase & Co.
GROSS MARGIN
—
OP MARGIN
42.1%
ROIC %
17.4%
MKT CAP
$913.30B
UPSTREAM INPUTS ──► JPM OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
AAPL <GO>
REV SHARE: ~44%
Fortune 500 Corporate Treasury, M&A & Debt Issuers
CUSTOMER • Global Treasury Payments ($10T/day Volume), Debt/Equity Underwriting
EVIDENCE: 10-K Commercial & Investment Bank Segment Disclosures
AMZN <GO>
REV SHARE: ~43%
Co-Branded Prime Visa & 82M+ US Consumer Households
CUSTOMER • Deposits, Credit Card Revolving Balances, Auto & Mortgage Lending
EVIDENCE: 10-K Consumer & Community Banking (CCB) Segment
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| JPM ★ | JPMorgan Chase & Co. | $337.04 | $913.30B | — | 42.1% | 17.4% | 9.7x | +13.5% | SUBJECT ISSUER |
| GS | The Goldman Sachs Group, Inc. | $927.73 | $270.13B | — | 39.7% | 17.1% | 9.2x | +17.8% | JPM VS GS <GO> |
| BAC | Bank of America Corporation | $51.14 | $357.61B | — | 32.9% | 2.5% | 30.2x | +6.8% | JPM VS BAC <GO> |
| MS | Morgan Stanley | $190.00 | $298.41B | — | 24.6% | 3.0% | 31.0x | +5.5% | JPM VS MS <GO> |
| BRK-A | Berkshire Hathaway Inc. (Class A) | $817,500.00 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | JPM VS BRK-A <GO> |
| BRK-B | Berkshire Hathaway Inc. | $541.96 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | JPM VS BRK-B <GO> |
| HSBC | HSBC Holdings plc. | $86.60 | $297.33B | — | 13.9% | 9.9% | 21.0x | +23.1% | JPM VS HSBC <GO> |