JLL
Jones Lang LaSalle Incorporated
JLL's fundamentals are strong: earnings per share grew 77% and revenue grew 11%. At 16x earnings, it's trading below its usual 18x. Analysts expect that strong growth to continue.
JLL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
JLL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like JLL.
JLL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $239 | -35% |
| Forward | 13x | $366 | — |
| Current | 16x | $366 | — |
| Fair | 18x | $421 | +15% |
| Expensive | 27x | $632 | +73% |
Historical ranges are pointers, not guarantees.
JLL's PE is in its fair range at 16x. If earnings grow as analysts expect, today's price would be 13x next year's earnings, in its cheap range.
JLL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JLL, with profitability improving.
JLL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $27.71 | +20% |
| Q3 2026 | $23.10 | +77% |
| Q2 2026 | $20.86 | +79% |
| Q1 2026 | $18.59 | +68% |
| Q4 2025 | $16.40 | +45% |
| Q3 2025 | $13.05 | +32% |
| Q2 2025 | $11.64 | +47% |
| Q1 2025 | $11.07 | +78% |
| Q4 2024 | $11.30 | +142% |
JLL's earnings per share have climbed steadily: $23.10 over the past year, up 77% from the year before, and higher year over year for 10 quarters in a row.
JLL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.3B | +12% |
| Q2 2026 | $6.9B | +11% |
| Q1 2026 | $6.4B | +11% |
| Q4 2025 | $7.6B | +12% |
| Q3 2025 | $6.5B | +11% |
| Q2 2025 | $6.3B | +11% |
| Q1 2025 | $5.7B | +12% |
| Q4 2024 | $6.8B | +16% |
JLL's revenue has grown year over year for 12 quarters in a row: $7.3B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.4% | +1.2 points |
| Q2 2026 | 4.2% | +1 points |
| Q1 2026 | 3.2% | +1.1 points |
| Q4 2025 | 6.7% | +1.2 points |
| Q3 2025 | 4.2% | +0.3 points |
| Q2 2025 | 3.2% | +0.5 points |
| Q1 2025 | 2.1% | -0.1 points |
| Q4 2024 | 5.5% | +0.5 points |
JLL's operating margin was 5.4% last quarter, up 1.2 points from the same quarter a year ago.
JLL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $609.7M | -1.2% |
| Q2 2026 | $488.1M | +47% |
| Q1 2026 | -$755M | +$12.6M |
| Q4 2025 | $1B | +9.1% |
| Q3 2025 | $617.1M | +136% |
| Q2 2025 | $332.8M | +22% |
| Q1 2025 | -$767.6M | -$90.1M |
| Q4 2024 | $927.3M | +27% |
JLL's free cash flow was $1.4B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for real estate companies like JLL.
JLL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -232K shares |
| 1 year | -3.4% | -1.7M shares |
| 3 years | -3.5% | -1.7M shares |
| 5 years | -10% | -5.3M shares |
| Available history | -5% | -2.5M shares |
JLL has 47M diluted shares, down 3.4% from a year ago, with $630M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $139.6M |
| Q2 2026 | $109M |
| Q1 2026 | $300M |
| Q4 2025 | $81.3M |
| Q3 2025 | $70.3M |
| Q2 2025 | $40.2M |
| Q1 2025 | $19.7M |
| Q4 2024 | $20.3M |
JLL spent $630M buying back its own shares over the past year, about four times what it spent the year before.
JLL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | -0.4x | Net Cash |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | -0.1x | Net Cash |
JLL's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for real estate companies like JLL.
JLL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.9 | Neutral |
| Stochastic | 72.6 | Neutral |
JLL's weekly RSI is 59 (neutral) and its Stochastic is 73 (neutral).
JLL PE vs Real Estate Sector
| Metric | JLL | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 24x | 34% below |
| PE % | 33 | 23 | 10 pts above |
JLL is trading at 16x earnings, a 34% discount to the Real Estate sector's median of 24x.
JLL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $328.8 | 11% above |
| 20 week MA | $342.1 | 6.9% above |
| 50 week MA | $328.3 | 11% above |
| 100 week MA | $297.6 | 23% above |
| 200 week MA | $243.0 | 50% above |
JLL is in an uptrend: it's above all five of its weekly moving averages, and 50% above its 200-week average.
JLL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $173.3 | $153.8 | -11% |
| 2021 | $153.8 | $264.9 | +72% |
| 2022 | $264.9 | $158.5 | -40% |
| 2023 | $158.5 | $188.9 | +19% |
| 2024 | $188.9 | $252.1 | +33% |
| 2025 | $252.1 | $347.0 | +38% |
| 2026 YTD | $347.0 | $365.6 | +5.4% |
JLL has finished higher in four of the last six years. It's up 5.4% so far in 2026.