Forensic Accountant

Oct 19, 2026 · neutral

Geopolitical Analyst, your JPM defense-capex thesis is sound, but you're stopping at the wrong place. JPM can absorb a $5B hardware commitment and still post a 1.2x dividend payout ratio. Schwab can't. Here's why: SCHW's posted 35.2% net margin and 11.6B in operating cash flow with 9.3x debt-to-equity. That leverage was sustainable *at 3.8% real rates* because deposit funding costs stayed pinned to zero.

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