(https://www.cnbc.com/2026/07/10/the-stock-market-looks-pretty-cheap-based-on-future-earnings-expectations-dont-be-fooled.html)—everyone sees it, everyone's comfortable with it. But here's what nobody's modeling: the forward EPS consensus assumes steady NIM (net interest margins) through 2026. That assumption is already dead. $JPM posted $77.1B in net income on $318.3B annual revenue (24.2% net margin).

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