Jones Lang LaSalle Incorporated JLL

Real EstateReal Estate OperationsUnited States of America

Last close 359.79 USD on Nov 1, 2026, +6.9% year to date

Quant rating

Quant rating A Rank 2 of 175 in Real Estate

Growth A 10 of 175
Valuation A 10 of 175
Quality A 4 of 175
Revisions B 45 of 175
Momentum A 19 of 175

Wall Street consensus Buy (2.00)Average target 417.87 USD +16.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.4B
Enterprise value: 18.5B
52-week range: 259.93 – 393.84
3-year range: 130.39 – 393.84
Dividend yield: –
Beta (5 years): 1.32
Shares outstanding: 45.7M
Next earnings: Feb 18, 2027

About the company

Jones Lang LaSalle Incorporated is a global commercial real estate and investment management company. The Company helps customers buy, build, occupy, manage and invest across a variety of industries and property types. Its segments include Real Estate Management Services, Leasing Advisory, Capital Markets Services, and Investment Management. The Real Estate Management Services segment provides a suite of integrated services to occupiers of real estate, including facility and property management, project management, portfolio and other services, and software and technology solutions. The Leasing Advisory segment offers agency leasing and tenant representation, as well as advisory and consulting services. The Capital Markets Services segment offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. The Investment Management segment provides services on a global basis to institutional investors and high-net-worth individuals.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	26,116	23,433	20,761	20,862	19,367	–
Revenue growth	11.4%	12.9%	−0.5%	7.7%	16.7%	9.5%
EPS (basic, normalized)	18.80	14.01	7.40	15.71	19.47	–
EPS growth	34.2%	89.3%	−52.9%	−19.3%	–	–
Gross margin	–	–	–	–	57.0%	57.0%
Net margin	3.0%	2.3%	1.1%	3.1%	5.0%	2.9%
ROE	11.1%	8.4%	3.7%	10.7%	16.4%	10.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	514
Current ratio	1.12x
Long-term debt (mil)	836
Net debt (mil)	2,040
Total equity (mil)	7,670
Net debt / equity	0.27x
Net debt / EBITDA	1.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	26,116	+11.4%	0.7x	1,453	+23.9%	12.7x	18.80	+34.2%	19.1x
2026	28,966	+10.9%	0.6x	1,755	+20.8%	10.5x	25.27	+34.4%	14.2x
2027	31,209	+7.7%	0.6x	1,931	+10.1%	9.6x	28.65	+13.4%	12.6x
2028	33,365	+6.9%	0.6x	2,093	+8.4%	8.8x	32.05	+11.9%	11.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	28,966	−0.3%	+0.1%	+2.7%	25.27	+0.3%	+6.0%	+12.0%
2027	31,209	−0.5%	+0.1%	+3.3%	28.65	+0.1%	+3.9%	+12.3%
2028	33,365	−0.5%	+0.3%	+4.1%	32.05	−0.1%	+4.4%	+12.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,635	1,893	2,012	6,811	5,746	6,250	6,510	7,609	6,386	6,928
Sales mean (mil)	3,109	4,654	5,594	6,712	5,510	6,214	6,486	7,451	6,022	6,877
Surprise	−47.4%	−59.3%	−64.0%	+1.5%	+4.3%	+0.6%	+0.4%	+2.1%	+6.1%	+0.7%
EPS reported	1.78	2.55	3.50	6.15	2.31	3.30	4.50	8.71	3.43	5.26
EPS mean	0.84	2.49	2.81	5.91	2.18	3.20	4.24	7.33	3.00	4.55
Surprise	+112.8%	+2.5%	+24.4%	+4.0%	+5.9%	+3.1%	+6.3%	+18.8%	+14.4%	+15.5%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JLL Jones Lang LaSalle Incorporated	16.4B	1.40x	3.0%	2.14x	14.2x	12.6x	10.5x	9.6x
CBRE CBRE Group, Inc.	37.1B	2.19x	2.9%	4.28x	16.4x	14.6x	11.4x	10.2x
CIGI Colliers International Group Inc.	4.8B	5.31x	1.9%	3.21x	12.9x	11.5x	10.2x	9.1x
CWK Cushman & Wakefield Ltd	3.1B	3.29x	0.9%	1.54x	9.1x	7.9x	7.2x	6.6x
NMRK Newmark Group Inc	2.1B	3.25x	3.8%	1.45x	6.1x	5.5x	5.9x	5.5x
SVS Savills PLC	2.5B	–	2.8%	2.12x	12.9x	10.6x	8.1x	6.1x
Mean		3.09x	2.5%	2.46x	11.9x	10.4x	8.9x	7.9x
Median		3.25x	2.8%	2.13x	12.9x	11.0x	9.1x	7.9x

Technical analysis

1M+14.5%
3M+4.9%
1Y+15.3%
3Y+191.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Jones Lang LaSalle Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	26,116	23,433	20,761	20,862	19,367	16,590
Cost of revenue	–	–	–	–	8,321	7,690
Gross profit	26,116	23,433	20,761	20,862	11,046	8,900
Selling, general & administrative expenses	24,689	22,284	19,835	19,668	9,692	7,968
Research & development	–	–	–	–	–	–
Depreciation/amortization	253	256	238	228	218	226
Interest expense (income), operating	0.9	1.5	10.6	−6.4	8.1	4.6
Unusual expense (income)	75.3	23.1	101	105	84.7	142
Other operating expenses	0	0	0	0	0	0
Operating income	1,098	868	576	868	1,044	559
Net interest income (expense)	−128	−208	−330	−24.2	169	−44.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	11.7	18.9	4.9	150	10.8	15.3
Net income before taxes	982	679	252	994	1,224	530
Provision for taxes	190	132	25.7	201	264	107
Minority interest	−0.1	0	−0.8	−139	2.3	−20.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	792	547	225	654	962	402
Extraordinary items	–	–	–	–	–	–
Net income	792	547	225	654	962	402
EBIT, normalized	1,182	893	688	974	1,124	701
EBITDA, normalized	1,545	1,148	927	1,202	1,341	928
Basic EPS, normalized	18.80	14.01	7.40	15.71	19.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Jones Lang LaSalle Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	599	416	410	519	594	574
Receivables	6,949	6,411	5,880	5,447	5,293	3,901
Total inventory	–	–	–	–	–	–
Prepaid expenses	631	651	567	604	501	517
Other current assets	0	0	0	0	0	1,461
Total current assets	8,179	7,478	6,857	6,570	6,388	6,454
Property, plant & equipment	1,343	1,341	1,345	1,359	1,463	1,371
Goodwill	4,707	4,611	4,587	4,528	4,612	4,225
Intangibles	667	724	785	858	887	680
Long-term investments	893	813	817	874	746	431
Note receivable	419	395	364	331	316	231
Other long-term assets	1,592	1,401	1,310	1,073	1,093	925
Total assets	17,801	16,764	16,065	15,594	15,505	14,316
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,398	1,323	1,407	1,237	1,263	1,230
Accrued expenses	2,096	1,926	1,860	1,906	2,183	1,599
Short-term debt	852	1,194	811	620	944	1,498
Current portion of long-term debt	–	–	–	0	275	62.0
Other current liabilities	3,040	2,702	2,369	2,150	1,822	1,739
Total current liabilities	7,387	7,144	6,446	5,912	6,486	6,128
Long-term debt	806	845	1,390	1,587	534	693
Minority interest	120	124	116	129	236	97.0
Other liabilities	1,986	1,879	1,819	1,945	2,064	1,878
Total liabilities	10,298	9,992	9,771	9,573	9,320	8,796
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.5	0.5	0.5	0.5	0	0.5
Additional paid-in capital	2,069	2,033	2,020	2,023	2,054	2,023
Retained earnings (accumulated deficit)	7,114	6,335	5,796	5,590	4,938	3,976
Treasury stock	−1,108	−950	−930	−944	−412	−102
Other equity	−572	−647	−592	−648	−395	−377
Total equity	7,503	6,772	6,294	6,021	6,185	5,521
Total liabilities & shareholders' equity	17,801	16,764	16,065	15,594	15,505	14,316

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Jones Lang LaSalle Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	792	547	226	793	959	423
Depreciation, depletion & amortization	253	256	238	228	218	226
Deferred taxes	−51.3	−138	−139	−40.5	−0.4	−37.1
Non-cash items	242	248	346	−51.2	−152	45.7
Changes in working capital	−41.1	−127	−95.6	−730	−51.9	457
Cash from operations	1,194	785	576	200	972	1,115
Investing activities
Capital expenditures	−216	−186	−187	−206	−176	−149
Other investing cash flows	−121	−131	−103	−37.3	−630	−21.2
Cash from investing	−337	−317	−290	−243	−806	−171
Financing activities
Financing cash flow items	−67.8	−48.4	−87.9	−212	−42.3	−81.9
Cash dividends paid	–	–	0	−20.4	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−575	−403	−286	219	−102	−689
Cash from financing	−643	−451	−374	−13.1	−144	−771
Foreign exchange effects	31.9	−28.0	6.3	−39.3	−21.0	14.8
Net change in cash	246	−10.7	−82.6	−95.6	1.8	188
Free cash flow	978	600	389	−5.9	796	965

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.