JPMorgan joins the $900B club and the valuation is still “cheap”

What happened

On January 5, 2026, $JPM was positioned to close with a market capitalisation above $900B for the 1st time, putting it in a very small group of US companies to ever hit that level.

What stands out: despite the size and performance, JPMorgan’s forward P/E was ~15.3 vs ~22.5 for the S&P 500 (banks historically trade around ~70% of the S&P’s multiple, and JPM is roughly in that range).

Performance context: JPMorgan’s 2025 total return was ~37.3% vs ~17.9% for the S&P 500; 5-year total return ~188.9% vs ~96.2% for the S&P 500.

Why it matters for traders

If the market is willing to “anoint” a mega-cap bank at $900B+ while it still trades at a discount to the index, it can pull capital toward Financials (and a ...