Jones Lang Lasalle (JLL) AI Stock Analysis

• Market Cap: $14.08B
• Dividend Yield: N/A
• Average Volume (3M): 665.57K
• Price to Earnings (P/E): 20.1
• Beta (1Y): 1.22
• Revenue Growth: 12.51%
• EPS Growth: 32.34%
• Country: US
• Employees: 112,100
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 8.71
• Shares Outstanding: 46,851,470
• 10 Day Avg. Volume: 453,886
• 30 Day Avg. Volume: 665,573
• PEG Ratio: 0.44
• Price to Book (P/B): 2.12
• Price to Sales (P/S): 0.61
• P/FCF Ratio: 16.28
• Enterprise Value/Market Cap: 1.20
• Enterprise Value/Revenue: 0.65
• Enterprise Value/Gross Profit: 1.19
• Enterprise Value/Ebitda: 11.16
• 1Y Price Target: $363.55
• Price Target Upside: 20.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 21.97
• Revenue Forecast (FY): $27.57B

• Rating: 69 Neutral
• Price Target: $322.00 ▲(7.13% Upside)
• Action: Downgraded Date: 03/13/26
• Date: Action: Downgraded 03/13/26

Overall score reflects solid underlying financial performance and a notably positive forward outlook from guidance and operating momentum, reinforced by shareholder-friendly buyback authorization. These strengths are partially offset by weak current technical trends and the company’s cyclical earnings/cash-flow variability, with valuation appearing reasonable but not strongly cheap.

Positive Factors

Recurring management services growth

Steady growth in real estate management services signals expansion of recurring, contract-based revenue that is less cyclical than transaction fees. A growing REMS pipeline supports revenue visibility, improves revenue mix stability and underpins more predictable cash flows and client relationship depth over cycles.

Strong cash generation & low leverage

Record free cash flow and substantially reduced net leverage enhance financial flexibility to invest, withstand downturns, and return capital. Durable cash generation supports disciplined capital allocation (buybacks, reinvestment) and reduces refinancing risk, strengthening the firm's ability to execute multi-year strategy.

Technology, data and AI driving productivity

Profitability in software and AI-driven productivity point to a structural shift toward higher-margin, tech-enabled services. Proprietary data and platform capabilities raise revenue per producer, differentiate offerings, and create scalable advantages that can sustain margins and support long-term organic growth.

Negative Factors

Cyclical margin and cash volatility

JLL's earnings and cash conversion have swung materially across cycles, reducing predictability. Reliance on transaction-driven fees amplifies sensitivity to capital markets and leasing cycles, meaning margins and free cash flow can retrace quickly in weaker markets, complicating multi-year planning.

Property-management contract turnover

Higher turnover and strategic exits of low-margin property-management contracts reduce near-term recurring revenue and can depress utilization of operational capacity. Renewals and rebidding create margin uncertainty and may require investment to rebuild the managed portfolio, delaying revenue recovery.

Investment management fee pressure

Incentive and performance fees are highly cyclical and can swing materially with asset returns and deployment. Declines in incentive fees weaken a higher-margin income stream, making overall profitability more dependent on lower-margin transactional or fee-for-service work and reducing earnings upside in down markets.

Jones Lang Lasalle Business Overview & Revenue Model

Company Description

Jones Lang LaSalle Incorporated, a professional services company, provides real estate and investment management services in Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a range of real estate services, including agency leasing and tenant representation services; and capital market services, such as debt advisory, loan sales, equity advisory, loan servicing, merger and acquisition, corporate advisory, and investment sales and advisory services. It also provides on-site management services for office, industrial, retail, multifamily residential, and specialty properties; integrated facilities management services; designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments; and advisory, consulting, valuation, and energy and sustainability services. In addition, the company offers investment management services to institutional and retail investors, including high-net-worth individuals. It provides its services to real estate owners, occupiers, investors, and developers for various property types, including cultural, educational, government, healthcare, laboratory, hotel, hospitality, and sports facilities; industrial and warehouse, office, and residential properties; retail and shopping malls; critical environment, data, transportation, and sort and fulfillment centers; infrastructure projects; and military housings. The company was formerly known as LaSalle Partners Incorporated and changed its name to Jones Lang LaSalle Incorporated in March 1999. Jones Lang LaSalle Incorporated was incorporated in 1997 and is headquartered in Chicago, Illinois.

How the Company Makes Money

JLL primarily makes money by charging fees and commissions for real estate services and by earning management and performance-related fees from investment management. 1) Leasing and other transaction-related fees/commissions: JLL earns commission- and fee-based revenue when it brokers real estate transactions for clients, such as office/industrial/retail leasing (tenant representation or landlord agency) and related transaction advisory. These revenues are typically tied to successful deal completion and are influenced by transaction volumes and market activity. 2) Capital markets and investment sales advisory fees: JLL advises on property acquisitions and dispositions and certain financing-related activities. It earns advisory and success-based fees that are generally contingent on closing, making this stream sensitive to capital markets liquidity, investor risk appetite, and interest-rate conditions. 3) Property and facilities management fees (recurring service revenue): JLL manages properties and corporate real estate portfolios on behalf of owners and occupiers. It earns recurring management fees under multi-month or multi-year contracts for services such as building operations, maintenance, vendor management, and occupier facilities management. This tends to be more stable than transaction revenue, though it can vary with portfolio size, scope, and renewals. 4) Project and development management fees: JLL manages client capital projects (e.g., office fit-outs, refurbishments, construction management, relocation programs). It earns fees that are often based on project milestones, a fixed fee, or a percentage of project costs, depending on contract terms. 5) Valuation, consulting, and other advisory fees: JLL provides appraisal/valuation and strategic consulting (e.g., portfolio strategy, location strategy, workplace strategy). Revenue is typically fee-for-service, based on scope and deliverables, and can be recurring for portfolio revaluations or ongoing advisory mandates. 6) Investment management fees: Through its investment management business, JLL earns asset management and/or advisory fees for managing real estate assets and funds on behalf of clients. These are generally calculated as a percentage of assets under management (AUM) and may include performance or incentive fees when investment returns exceed agreed benchmarks or hurdles (where applicable under the relevant mandate). Key factors affecting earnings include overall real estate transaction and leasing volumes (cyclical), the level of capital market activity, and the scale and retention of long-term management and project-management contracts (more recurring). Specific partnership arrangements and their quantitative contribution are null.

Jones Lang Lasalle Financial Statement Overview

Summary

Financials show a solid recovery into 2025: improving net and EBIT margins, better ROE, and rising free cash flow. The key constraint is cyclicality—profitability and cash-flow conversion have been volatile across years, with periods of weaker performance.

Income Statement

Revenue has grown steadily over the last several years, accelerating into 2024–2025 (2025 revenue up ~3.2%). Profitability has improved meaningfully from 2023’s trough (net margin ~1.1%) to 2025 (net margin ~3.0%), with operating profitability also recovering (EBIT margin ~4.2% in 2025). The main weakness is margin volatility: profitability was materially stronger in 2021 and then weakened sharply before recovering, suggesting earnings are somewhat cyclical and sensitive to operating conditions.

Balance Sheet

Leverage appears reasonable and stable, with debt-to-equity consistently around the mid-0.4x range in recent years (about 0.45x in 2025). Equity has grown over time, and returns to shareholders improved from 2023 (~3.6% return on equity) to 2025 (~10.6%). The key downside is that returns have not yet recovered to prior peak levels (notably 2021), and the balance sheet remains meaningfully debt-funded, which can amplify downside in weaker operating periods.

Cash Flow

Cash generation strengthened into 2024–2025, with free cash flow rising to roughly $0.98B in 2025 (up ~7.3% year over year) and free cash flow covering net income well (about 1.0x in 2025). However, cash flow has been inconsistent across the cycle—free cash flow turned slightly negative in 2022—and operating cash flow coverage of the company’s overall funding needs appears modest based on the provided coverage ratio, indicating periodic reliance on working capital swings and/or financing flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.12B	23.43B	20.76B	20.86B	19.37B
Gross Profit	25.86B	12.14B	10.69B	11.21B	10.88B
EBITDA	1.34B	1.25B	1.01B	1.20B	1.35B
Net Income	792.10M	546.80M	225.40M	654.50M	961.60M
Balance Sheet
Total Assets	17.80B	16.76B	16.06B	15.59B	15.51B
Cash, Cash Equivalents and Short-Term Investments	599.10M	416.30M	410.00M	519.30M	593.70M
Total Debt	3.36B	2.95B	3.12B	3.14B	2.62B
Total Liabilities	10.18B	9.87B	9.65B	9.44B	9.08B
Stockholders Equity	7.50B	6.77B	6.29B	6.02B	6.18B
Cash Flow
Free Cash Flow	978.50M	599.80M	388.90M	-5.90M	796.50M
Operating Cash Flow	1.19B	785.30M	575.80M	199.90M	972.40M
Investing Cash Flow	-336.60M	-316.80M	-290.40M	-243.10M	-805.80M
Financing Cash Flow	-643.20M	-451.20M	-374.30M	-13.10M	-143.80M

Jones Lang Lasalle Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 300.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JLL, the sentiment is Negative. The current price of 300.57 is below the 20-day moving average (MA) of 306.14, below the 50-day MA of 328.20, and above the 200-day MA of 299.89, indicating a neutral trend. The MACD of -8.22 indicates Negative momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 48.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JLL.

Jones Lang Lasalle Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JLL	69 Neutral	$14.08B	20.11	11.09%	―	12.51%	32.34%
CBRE	68 Neutral	$39.87B	41.44	13.63%	―	14.61%	30.19%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
MMI	61 Neutral	$990.66M	-556.71	-1.09%	1.80%	20.74%	78.92%
CWK	60 Neutral	$2.87B	42.44	4.65%	―	6.77%	150.72%
CSGP	56 Neutral	$18.31B	4,003.66	0.09%	―	14.61%	-87.93%
NMRK	56 Neutral	$2.66B	24.52	8.82%	0.68%	22.22%	94.52%

Jones Lang Lasalle Corporate Events

JLL Unveils Accelerate 2030 Strategy, Expands Share Buybacks

On March 12, 2026, JLL’s global leadership team used an investor briefing in New York to unveil its Accelerate 2030 multi-year strategy, positioning the company to build on its decade of growth, diversified service portfolio and technology-driven advantages in data and AI. Executives highlighted how JLL’s global scale, resilient balance sheet and integrated platform have supported steady revenue expansion, margin improvement and strong cash generation through multiple macroeconomic cycles.

At the same event, the board authorized an additional $2.2 billion in share repurchases, adding to roughly $800 million of remaining capacity as of December 31, 2025 and signaling continued confidence in the company’s financial strength and capital allocation discipline. The expanded buyback program, which has no fixed expiration and may be adjusted at JLL’s discretion, has potential implications for shareholder returns and the firm’s capital structure as it advances its long-term value creation strategy.

The most recent analyst rating on (JLL) stock is a Hold with a $360.00 price target. To see the full list of analyst forecasts on Jones Lang Lasalle stock, see the JLL Stock Forecast page.

Jones Lang LaSalle Releases Recast Financial Results for Investors

Jones Lang LaSalle announced on November 5, 2025, that it will modify its organizational and financial reporting structure effective January 1, 2026, by elevating Software and Technology Solutions into a fifth business line within its Real Estate Management Services segment, alongside Workplace Management, Project Management, Property Management, and Portfolio Services and Other. The firm also disclosed on February 18, 2026, that it would streamline revenue reporting by collapsing disaggregation within Leasing Advisory and simplifying Investment Management revenues into advisory fees and incentive and transaction fees, and on March 3, 2026, it published recast financial results for 2023–2025, moves that enhance transparency and comparability for investors and better align reported performance with JLL’s operational focus on integrated, technology-enabled real estate services.

The most recent analyst rating on (JLL) stock is a Buy with a $425.00 price target. To see the full list of analyst forecasts on Jones Lang Lasalle stock, see the JLL Stock Forecast page.