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Jones Lang Lasalle Inc. (JLL)
NYSE:JLL
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Jones Lang Lasalle
(NYSE:JLL)
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Rating:79Outperform
Price Target:
$364.00
▲(5.12% Upside)
Jones Lang Lasalle's strong earnings performance and positive technical indicators are the primary drivers of its high score. The company's strategic investments in technology and AI have bolstered growth, particularly in the transactional business. While valuation and profitability margins present some concerns, the overall outlook remains positive.
Positive Factors
Revenue Growth
Consistent double-digit revenue and EPS growth indicate strong market demand and effective business strategies, supporting long-term expansion.
AI and Technology Integration
Increased AI integration enhances operational efficiency and productivity, positioning JLL for sustained competitive advantage in the real estate sector.
Balance Sheet Health
A strong balance sheet with low leverage enhances financial stability and flexibility, enabling strategic investments and resilience against economic fluctuations.
Negative Factors
Profit Margin Pressure
Decreasing profit margins may limit profitability and indicate challenges in cost management, potentially affecting long-term financial performance.
Property Management Revenue Challenges
High contract turnover in Property Management could signal client retention issues, impacting revenue stability in this segment over time.
Impact of Loan-Related Losses
Loan-related losses due to fraud can strain financial resources and reflect operational vulnerabilities, potentially affecting future profitability.
Jones Lang Lasalle (JLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.65B
Dividend YieldN/A
Average Volume (3M)303.70K
Price to Earnings (P/E)26.5
Beta (1Y)1.09
Revenue Growth12.51%
EPS Growth32.34%
CountryUS
Employees112,100
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)4.50
Shares Outstanding47,194,630
10 Day Avg. Volume271,988
30 Day Avg. Volume303,703
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)1.78
Price to Sales (P/S)0.51
P/FCF Ratio20.04
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit1.36
Enterprise Value/Ebitda12.34
Forecast
1Y Price Target
$380.75Price Target Upside9.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)20.37
Revenue Forecast (FY)$27.69B
Jones Lang Lasalle Business Overview & Revenue Model
Company DescriptionJones 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 MoneyJLL generates revenue through multiple streams, primarily from service fees, commissions, and management fees associated with its real estate services. Key revenue streams include property management services, where the firm charges fees based on the rental income of managed properties, and project management services, where it earns fees for overseeing construction and renovation projects. Additionally, JLL's capital markets division generates income through transaction fees from the buying and selling of properties, as well as advisory services related to investment strategies. The company also derives revenue from tenant representation and leasing services, earning commissions from landlords and tenants. Significant partnerships with institutional investors and real estate firms enhance JLL's capabilities, enabling it to participate in large-scale transactions and investments, which contribute to its overall earnings.
Jones Lang Lasalle Key Performance Indicators (KPIs)
Jones Lang Lasalle Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 03, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue and EPS growth, driven by a surge in the transactional business and successful integration of AI technologies. However, challenges in Property Management and loan-related losses posed some concerns, though they did not outweigh the overall positive performance.Q3-2025 Updates
Positive Updates
Strong Revenue and EPS Growth
JLL reported strong results with their sixth consecutive quarter of double-digit revenue gains and eighth consecutive quarter of double-digit adjusted EPS growth. Revenue grew by 10%, adjusted EBITDA increased by 16%, and adjusted EPS was up by 29%.
Transactional Business Surge
Transactional revenue grew 13% in the quarter, led by 26% growth in investment sales, debt, and equity advisory, indicating a strong recovery and momentum in the Transactional markets.
AI and Technology Integration
JLL has integrated AI into their operations, with more than 41% of their addressable population using proprietary AI tools daily, up from 35% earlier this year, enhancing productivity and efficiency.
Capital Market Services Growth
Capital Market Services saw growth trends accelerate with a 47% increase in Debt Advisory and 22% growth in Investment Sales, driven by strength in debt markets and improved bidder dynamics.
Investment Management Success
JLL has raised $3.4 billion of private equity capital year-to-date, compared to $2.7 billion for the full year 2024, showing continued strong demand for credit and core strategies.
Negative Updates
Property Management Revenue Challenges
Revenue growth in Property Management was tempered by elevated contract turnover, a result of exiting certain low-margin contracts, particularly in the Asia Pacific region.
Impact of Loan-Related Losses
The increase in Capital Markets Services adjusted EBITDA and margin was partly offset by $7.2 million of incremental expenses associated with loan-related losses, primarily due to fraud-related issues.
Moderation in Remunerative Business Growth
There was a slight deceleration in resilient revenue growth due to active decisions to exit certain contracts that didn't align with JLL's long-term margin goals.
Company Guidance
During the Jones Lang LaSalle Third Quarter 2025 Earnings Conference Call, the company reported strong financial performance, marking the sixth consecutive quarter of double-digit revenue growth and eighth consecutive quarter of double-digit adjusted EPS growth. Consolidated revenue increased by 10%, adjusted EBITDA rose by 16%, and adjusted EPS grew by 29%. The growth was driven by a reacceleration in the Transactional businesses, with Transactional revenue up 13%, including a 26% increase in investment sales, debt, and equity advisory. The Real Estate Management Services segment saw its seventh consecutive quarter of double-digit revenue gains, partly due to continued investment in technology and AI, which have enhanced productivity and revenue generation. The firm also raised the lower end of its full-year adjusted EBITDA target by $75 million to a range of $1.375 billion to $1.45 billion, reflecting a positive outlook for margin expansion and strategic investments.Jones Lang Lasalle Financial Statement Overview
Summary
Jones Lang Lasalle demonstrates strong financial health with stable revenue growth and improved leverage. While profitability margins have faced some pressure, the company maintains operational efficiency. Cash flow generation is robust, although high free cash flow relative to net income may indicate limited growth opportunities.Income Statement
Jones Lang Lasalle shows a stable revenue growth with a 2.6% increase in TTM. However, the net profit margin has decreased to 0.4% from 2.3% in the previous year, indicating pressure on profitability. The gross profit margin remains strong at 41.2%, although it has declined from previous years. The EBIT and EBITDA margins are relatively stable, suggesting operational efficiency.Balance Sheet
The company's debt-to-equity ratio has improved to 0.21 in TTM, indicating a strong balance sheet with reduced leverage. Return on equity is stable at 8.3%, reflecting consistent shareholder returns. The equity ratio is healthy, suggesting a solid capital structure.Cash Flow
Free cash flow has grown significantly by 60.3% in TTM, showing improved cash generation. The operating cash flow to net income ratio is 0.14, indicating adequate cash flow coverage. However, the free cash flow to net income ratio is high at 93.8%, which may suggest limited reinvestment opportunities.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.32B | 23.43B | 20.76B | 20.86B | 19.37B | 16.59B |
| Gross Profit | 12.95B | 12.14B | 10.69B | 11.21B | 10.88B | 8.64B |
| EBITDA | 1.43B | 1.25B | 1.01B | 1.20B | 1.35B | 927.90M |
| Net Income | 631.60M | 546.80M | 225.40M | 654.50M | 961.60M | 402.50M |
Balance Sheet | ||||||
| Total Assets | 17.18B | 16.76B | 16.06B | 15.59B | 15.51B | 14.32B |
| Cash, Cash Equivalents and Short-Term Investments | 428.90M | 416.30M | 410.00M | 519.30M | 593.70M | 574.30M |
| Total Debt | 3.48B | 2.95B | 3.12B | 3.14B | 2.62B | 3.10B |
| Total Liabilities | 9.88B | 9.87B | 9.65B | 9.44B | 9.08B | 8.70B |
| Stockholders Equity | 7.18B | 6.77B | 6.29B | 6.02B | 6.18B | 5.52B |
Cash Flow | ||||||
| Free Cash Flow | 912.00M | 599.80M | 388.90M | -5.90M | 796.50M | 965.30M |
| Operating Cash Flow | 1.11B | 785.30M | 575.80M | 199.90M | 972.40M | 1.11B |
| Investing Cash Flow | -349.40M | -316.80M | -290.40M | -243.10M | -805.80M | -170.60M |
| Financing Cash Flow | -727.40M | -451.20M | -374.30M | -13.10M | -143.80M | -771.20M |
Jones Lang Lasalle Technical Analysis
Positive
346.28
Price Trends
322.20
Positive
312.92
Positive
277.73
Positive
Market Momentum
7.01
Negative
60.12
Neutral
77.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JLL, the sentiment is Positive. The current price of 346.28 is above the 20-day moving average (MA) of 339.92, above the 50-day MA of 322.20, and above the 200-day MA of 277.73, indicating a bullish trend. The MACD of 7.01 indicates Negative momentum. The RSI at 60.12 is Neutral, neither overbought nor oversold. The STOCH value of 77.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JLL.
Jones Lang Lasalle Risk Analysis
Jones Lang Lasalle disclosed 29 risk factors in its most recent earnings report. Jones Lang Lasalle reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Jones Lang Lasalle Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $16.65B | 26.55 | 9.14% | ― | 12.51% | 32.34% | |
70 Outperform | $49.50B | 40.99 | 14.26% | ― | 14.61% | 30.19% | |
69 Neutral | $3.87B | 17.27 | 12.21% | ― | 6.77% | 150.72% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $26.13B | 1,193.77 | 0.25% | ― | 14.61% | -87.93% | |
59 Neutral | $3.18B | 30.02 | 8.08% | 0.68% | 22.22% | 94.52% | |
56 Neutral | $1.08B | -155.64 | -1.09% | 1.80% | 20.74% | 78.92% |
* Real Estate Sector Average
JLL
Jones Lang Lasalle
346.28
108.28
45.50%
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NMRK
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17.36
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16.47
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.