Jones Lang Lasalle Inc. (JLL)
NYSE:JLL
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Jones Lang Lasalle
(NYSE:JLL)
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Rating:77Outperform
Price Target:
$384.00
▲(10.84% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by strengthening financial performance (especially the surge in operating/free cash flow) and a strong earnings outlook with management guiding to ~20% EPS growth and solid Q1 momentum. Technicals are supportive with price above major moving averages and positive MACD, while valuation is more neutral (P/E ~20 and no dividend). Key offsets are modest margins versus prior highs, cash flow variability across cycles, and uncertainty around true leverage due to an inconsistent latest debt figure.
Positive Factors
Strong cash generation
Sustained, large free cash flow provides durable funding for reinvestment, buybacks, and debt servicing without relying on volatile transaction timing. High conversion (~0.82x) implies the business reliably turns earnings into cash to support capital allocation and weather cyclical slowdowns.
Negative Factors
Property management contract churn
Persistent contract churn and prolonged renegotiations erode a key recurring fee base and reduce revenue predictability. Extended repositioning in APAC can compress near-to-medium-term recurring margins and slow the stabilization of the property-management revenue stream.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, large free cash flow provides durable funding for reinvestment, buybacks, and debt servicing without relying on volatile transaction timing. High conversion (~0.82x) implies the business reliably turns earnings into cash to support capital allocation and weather cyclical slowdowns.
Read all positive factors
Jones Lang Lasalle (JLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.62B
Dividend YieldN/A
Average Volume (3M)421.58K
Price to Earnings (P/E)22.4
Beta (1Y)1.20
Revenue Growth11.23%
EPS Growth68.38%
CountryUS
Employees112,100
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)3.43
Shares Outstanding46,393,112
10 Day Avg. Volume352,319
30 Day Avg. Volume421,585
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 Cap1.26
Enterprise Value/Revenue0.69
Enterprise Value/Gross Profit0.77
Enterprise Value/Ebitda12.54
Forecast
1Y Price Target
$395.50Price Target Upside14.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)22.27
Revenue Forecast (FY)$27.87B
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)
Any
Adjusted EBITDA Breakdown
Shows how adjusted EBITDA is built from core operating results after stripping out non-recurring items and non-cash charges. For JLL, it highlights margin quality across fee-based property management and investment-management operations versus more volatile transaction and capital markets activity, reveals the impact of overhead and restructuring on profits, and helps distinguish recurring cash-generating strength from one-off or accounting-driven gains.
Shows how adjusted EBITDA is built from core operating results after stripping out non-recurring items and non-cash charges. For JLL, it highlights margin quality across fee-based property management and investment-management operations versus more volatile transaction and capital markets activity, reveals the impact of overhead and restructuring on profits, and helps distinguish recurring cash-generating strength from one-off or accounting-driven gains.
Data provided by:
The Fly
The FlyJones Lang Lasalle Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong top- and bottom-line momentum driven by advisory and capital markets outperformance, healthy leasing demand, increased AI/data adoption, disciplined capital returns and improved leverage. Notable near-term challenges include Property Management contract churn (particularly in APAC), discretionary technology spend pullbacks, working capital and CapEx timing pressures on free cash flow, commission-tier impacts on leasing margins, and macro/geopolitical uncertainty (Middle East) that could affect the back half. Overall, the positives — broad-based organic growth, margin expansion, robust Capital Markets performance, and balance sheet flexibility — substantially outweigh the headwinds.Positive Updates
Revenue Growth
Total revenue increased 11% year-over-year (includes ~200 bps foreign currency benefit) and was almost entirely organic, driven by advisory and resilient businesses.
Negative Updates
Property Management Contract Churn
Elevated contract turnover in Property Management, with management fees declining mid-single digits; company has exited/repositioned nearly 60% of targeted APAC contracts but renegotiations have lengthened timelines and revenue headwinds persist.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue increased 11% year-over-year (includes ~200 bps foreign currency benefit) and was almost entirely organic, driven by advisory and resilient businesses.
Read all positive updates
Company Guidance
Management provided full‑year 2026 guidance of adjusted EPS $21.80–$23.50 (≈20% growth at the midpoint) with an adjusted EBITDA range consistent with that EPS and said Q1 results (revenue +11% including a ~200‑bp FX benefit; adjusted EBITDA +24%; adjusted EPS +56%; resilient revenues up high‑single‑digits) have the company trending toward the upper end of the range. They reiterated segment targets of mid‑ to high‑single‑digit revenue growth for Real Estate Management Services, high‑single‑digit for Leasing, low‑double‑digit for Capital Markets (with mid‑30s incremental margins), and low‑single‑digit for Investment Management, and noted 2‑year stacked growth of 29% in Leasing, 42% in Investment Sales and 81% in Debt Advisory. Financial and capital metrics include a free cash‑flow conversion target >80%, reported net leverage ~1.0x at quarter‑end, $300M of share repurchases in Q1 (incl. $200M accelerated at ~$290–$301 avg), a $3.0B repurchase authorization ($~2.7B remaining), and a EUR100M incremental LaSalle commitment toward a decarbonization fund (initial target ~$300M); management cautioned the guidance reflects tough comps and H2 macro/geopolitical uncertainty.Jones Lang Lasalle Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.76B | 26.12B | 23.43B | 20.76B | 20.86B | 19.37B |
| Gross Profit | 23.92B | 25.86B | 12.14B | 10.69B | 11.21B | 10.88B |
| EBITDA | 1.47B | 1.34B | 1.25B | 1.01B | 1.20B | 1.35B |
| Net Income | 895.80M | 792.10M | 546.80M | 225.40M | 654.50M | 961.60M |
Balance Sheet | ||||||
| Total Assets | 17.89B | 17.80B | 16.76B | 16.06B | 15.59B | 15.51B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 599.10M | 416.30M | 410.00M | 519.30M | 593.70M |
| Total Debt | 3.98B | 3.36B | 2.95B | 3.12B | 3.14B | 2.62B |
| Total Liabilities | 10.46B | 10.18B | 9.87B | 9.65B | 9.44B | 9.08B |
| Stockholders Equity | 7.31B | 7.50B | 6.77B | 6.29B | 6.02B | 6.18B |
Cash Flow | ||||||
| Free Cash Flow | 970.70M | 978.50M | 599.80M | 388.90M | -5.90M | 796.50M |
| Operating Cash Flow | 1.21B | 1.19B | 785.30M | 575.80M | 199.90M | 972.40M |
| Investing Cash Flow | -245.10M | -336.60M | -316.80M | -290.40M | -243.10M | -805.80M |
| Financing Cash Flow | -894.50M | -643.20M | -451.20M | -374.30M | -13.10M | -143.80M |
Jones Lang Lasalle Technical Analysis
Positive
346.43
Price Trends
310.11
Positive
325.11
Positive
308.18
Positive
Market Momentum
7.72
Negative
75.46
Negative
92.22
Negative
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 346.43 is above the 20-day moving average (MA) of 311.64, above the 50-day MA of 310.11, and above the 200-day MA of 308.18, indicating a bullish trend. The MACD of 7.72 indicates Negative momentum. The RSI at 75.46 is Negative, neither overbought nor oversold. The STOCH value of 92.22 is Negative, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $14.62B | 22.41 | 11.09% | ― | 11.23% | 68.38% | |
66 Neutral | $41.52B | 31.35 | 15.35% | ― | 14.77% | 34.03% | |
66 Neutral | $2.96B | 47.47 | 8.82% | 0.68% | 23.73% | 105.99% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.05B | -556.71 | -1.09% | 1.80% | 8.49% | 85.11% | |
60 Neutral | $3.31B | 42.44 | 4.65% | ― | 8.91% | -33.30% | |
58 Neutral | $14.18B | 1,388.37 | 0.30% | ― | 21.33% | -78.82% |
* Real Estate Sector Average
JLL
Jones Lang Lasalle
315.24
82.40
35.39%
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NMRK
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14.11
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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.