Jones Lang Lasalle Inc. (JLL)
NYSE:JLL
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Jones Lang Lasalle
(NYSE:JLL)
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Rating:69Neutral
Price Target:
$322.00
▲(0.63% Upside)
Action:DowngradedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Jones Lang Lasalle (JLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.99B
Dividend YieldN/A
Average Volume (3M)440.25K
Price to Earnings (P/E)20.1
Beta (1Y)1.21
Revenue Growth12.51%
EPS Growth32.34%
CountryUS
Employees112,100
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)8.71
Shares Outstanding46,851,470
10 Day Avg. Volume348,326
30 Day Avg. Volume440,246
Financial Highlights & Ratios
PEG Ratio0.44
Price to Book (P/B)2.12
Price to Sales (P/S)0.61
P/FCF Ratio16.28
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit1.25
Enterprise Value/Ebitda11.69
Forecast
1Y Price Target
$392.25Price Target Upside22.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)21.97
Revenue Forecast (FY)$27.77B
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, inclu...
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...
Jones Lang Lasalle Key Performance Indicators (KPIs)
Jones Lang Lasalle Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: strong revenue and adjusted EBITDA growth, margin achievement, record cash flow and substantially reduced leverage, robust transactional and leasing momentum, and meaningful productivity gains from proprietary data and AI. The company also highlighted targeted near-term headwinds — notably a ~$11M healthcare cost impact, elevated property-management contract turnover and a decline in incentive fees in investment management — and cautioned about tougher year‑over‑year comps and working-capital timing effects. Overall, management presented confidence in continued growth, a strong pipeline, and plans to increase capital returns, indicating that the positive developments materially outweigh the specific, manageable challenges.Positive Updates
Sustained Top- and Bottom-Line Momentum
Seventh consecutive quarter of double-digit revenue gains and ninth consecutive quarter of double-digit EPS growth; full-year 2025 revenue increased 11% and fourth-quarter revenue rose 10%.
Negative Updates
Healthcare Cost Headwind
An approximate $11,000,000 impact in the quarter from higher U.S. healthcare actuarial costs increased pass-through costs and reduced management fees, creating a profit headwind that was largely offset by one-time/discrete cost actions.
Read all updates
Q4-2025 Updates
Positive
Negative
Sustained Top- and Bottom-Line Momentum
Seventh consecutive quarter of double-digit revenue gains and ninth consecutive quarter of double-digit EPS growth; full-year 2025 revenue increased 11% and fourth-quarter revenue rose 10%.
Read all positive updates
Company Guidance
JLL’s 2026 guidance targets adjusted EBITDA of $1,575 million to $1,675 million (about 12% growth at the midpoint) with continued margin expansion while balancing investment, building on 2025 adjusted EBITDA of $1,450 million (up 22%) and full‑year revenue up 11% (Q4 revenue +10%). Management expects ongoing growth in leasing (Q4 leasing revenue +17%; office +26%, industrial +11%; two‑year stack +31%; full‑year incremental margin ~35%), in capital markets (investment sales ~+26–27% in Q4; two‑year stack +63%; debt advisory Q4 +20%, two‑year +90%), and in real estate management services (REMS +9% Q4, +11% FY), with project management momentum and near‑term property management pressure from elevated contract turnover and an ~$11 million Q4 headwind from U.S. health‑care costs. On cash and capital allocation, 2025 delivered record free cash flow and cash conversion above long‑term averages, net leverage was 0.2x at year‑end (FY average 0.9x), JLL raised $4.0 billion of private equity capital in 2025 (vs. $2.7 billion prior year), and management plans to increase share repurchases above Q4’s $80 million (YTD $212 million).Jones Lang Lasalle Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| 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
Positive
320.00
Price Trends
312.28
Positive
323.28
Negative
305.86
Positive
Market Momentum
0.94
Negative
61.96
Neutral
79.79
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 320 is above the 20-day moving average (MA) of 302.54, above the 50-day MA of 312.28, and above the 200-day MA of 305.86, indicating a bullish trend. The MACD of 0.94 indicates Negative momentum. The RSI at 61.96 is Neutral, neither overbought nor oversold. The STOCH value of 79.79 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 27 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $14.99B | 20.11 | 11.09% | ― | 12.51% | 32.34% | |
66 Neutral | $42.05B | 41.44 | 13.63% | ― | 14.61% | 30.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $1.01B | -556.71 | -1.09% | 1.80% | 20.74% | 78.92% | |
60 Neutral | $3.05B | 42.44 | 4.65% | ― | 6.77% | 150.72% | |
56 Neutral | $2.82B | 24.52 | 8.82% | 0.68% | 22.22% | 94.52% | |
54 Neutral | $15.67B | 4,003.66 | 0.09% | ― | 14.61% | -87.93% |
* Real Estate Sector Average
JLL
Jones Lang Lasalle
320.00
109.06
51.70%
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-12.74%
NMRK
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15.30
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CWK
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13.15
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63.15%
Jones Lang Lasalle Corporate Events
Business Operations and StrategyStock Buyback
JLL Unveils Accelerate 2030 Strategy, Expands Share Buybacks
Positive
Mar 12, 2026
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-d...
Business Operations and StrategyFinancial Disclosures
Jones Lang LaSalle Releases Recast Financial Results for Investors
Positive
Mar 4, 2026
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 ...
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.