← fcf_ni_divergence (all companies) · RJF (all signals) · all methodology
fcf_ni_divergence on RAYMOND JAMES FINANCIAL INC (RJF)
SIC 6211 — Security Brokers, Dealers & Flotation Companies · CIK 720005 · default direction: short
Definition
Fires when free cash flow diverges substantially from net income — either NI >> FCF (low-quality earnings) or FCF >> NI (under-reported earnings).
Every time the signal fired on RJF
| FY | Filing date | Event date | 1d | 5d | 20d | 60d | 252d |
|---|---|---|---|---|---|---|---|
| FY2023 | 2023-11-21 | 2023-11-21 | +0.60% | -0.50% | +7.51% | +12.13% | +59.43% |
| FY2016 | 2016-11-22 | 2016-11-22 | -0.68% | -1.90% | -0.94% | +8.40% | +17.20% |
| FY2010 | 2010-11-24 | 2010-11-24 | -0.72% | +5.43% | +13.46% | +29.21% | -9.62% |
Forward returns are stock returns from event date (next trading day after filing). Sign is raw stock direction; the trade direction is in the calibration table below.
Universe-wide calibration (this signal across all companies)
| Horizon | n events | Gross stock ret | Hit rate | Trade dir | Net PnL | Cost (bps) | r/σ net |
|---|---|---|---|---|---|---|---|
| 1d | 1,361 | +0.07% | +48.05% | short | -0.35% | 30 | -0.06 |
| 5d | 1,361 | +0.65% | +47.54% | short | -0.22% | 31 | -0.02 |
| 20d | 1,357 | +0.02% | +46.20% | short | +0.27% | 34 | +0.02 |
| 60d | 1,270 | +2.92% | +51.18% | short | -3.03% | 45 | -0.11 |
| 252d | 1,256 | +13.28% | +52.79% | short | -13.55% | 92 | -0.21 |
Net PnL is direction × stock return − round-trip execution cost (5 bps half-spread + ADV-tiered borrow). See fcf_ni_divergence methodology for the full audit.