Discounted Cash Flow

Jpmorgan Chase & Co.

JPM · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $95.7b $24.7b $20.2b 25.9% $6.24
2017 $99.6b (4.1%) $24.4b (-1.2%) $-2.5b (-112.4%) 24.5% (-5.1%) $6.35 (1.8%)
2018 $109.0b (9.4%) $32.5b (32.9%) $14.2b (667.3%) 29.8% (21.4%) $9.04 (42.4%)
2019 $115.6b (6.1%) $36.4b (12.2%) $6.0b (-57.4%) 31.5% (5.8%) $10.75 (18.9%)
2020 $119.5b (3.4%) $29.1b (-20.0%) $-79.9b (-1421.7%) 24.4% (-22.7%) $8.89 (-17.3%)
2021 $121.6b (1.8%) $48.3b (65.9%) $78.1b (197.7%) 39.7% (63.0%) $15.39 (73.1%)
2022 $128.7b (5.8%) $37.7b (-22.1%) $107.1b (37.2%) 29.3% (-26.3%) $12.10 (-21.4%)
2023 $158.1b (22.9%) $49.6b (31.5%) $13.0b (-87.9%) 31.3% (7.1%) $16.25 (34.3%)
2024 $177.6b (12.3%) $58.5b (18.0%) $-42.0b (-423.8%) 32.9% (5.1%) $19.79 (21.8%)
2025 $182.4b (2.8%) $57.0b (-2.4%) $-147.8b (-251.8%) 31.3% (-5.0%) $20.05 (1.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model