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Jones Lang Lasalle
(NYSE:JLL)
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Rating:69Neutral
Price Target:
$328.00
▼(-13.40% Downside)
Action:Downgraded
Date:09/16/26
The score is driven primarily by solid financial performance (revenue and earnings recovery plus strong and improving free cash flow) and a constructive earnings call with raised EPS guidance, strong cash metrics, and active buybacks. These positives are tempered by weak near-term technical momentum (below key short-term moving averages with negative MACD and low RSI) and only moderately supportive valuation (P/E ~16 with no dividend yield provided).
Positive Factors
Broad-based organic revenue growth
Broad-based organic growth indicates that JLL is gaining activity across multiple service lines rather than relying on a single transaction or acquisition. Continued expansion in leasing, capital markets and management services can strengthen operating scale and support durable earnings growth over the next several quarters.
Negative Factors
Structurally thin profit margins
Thin net margins leave limited room for execution mistakes, cost inflation or weaker transaction activity to be absorbed without affecting earnings. Even with revenue growth, relatively modest profitability means JLL must sustain productivity and margin expansion to convert scale into durable shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based organic revenue growth
Broad-based organic growth indicates that JLL is gaining activity across multiple service lines rather than relying on a single transaction or acquisition. Continued expansion in leasing, capital markets and management services can strengthen operating scale and support durable earnings growth over the next several quarters.
Read all positive factors
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 (JLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.80B
Dividend Yield0.53%
Average Volume (3M)393.48K
Price to Earnings (P/E)14.1
Beta (1Y)1.10
Revenue Growth11.17%
EPS Growth79.36%
CountryUS
Employees113,200
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)21.29
Shares Outstanding46,007,700
10 Day Avg. Volume525,629
30 Day Avg. Volume393,480
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 Cap1.28
Enterprise Value/Revenue0.64
Enterprise Value/Gross Profit0.72
Enterprise Value/Ebitda11.53
Forecast
1Y Price Target
$425.00Price Target Upside12.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)25.08
Revenue Forecast (FY)$28.92B
Jones Lang Lasalle Business Overview & Revenue Model
Company Description
Jones Lang LaSalle Incorporated (JLL) operates as a leading global professional services firm, specializing in comprehensive real estate and investment management solutions. Its extensive reach spans the Americas, Europe, the Middle East, Africa, ...
How the Company Makes Money
JLL primarily makes money by charging fees and commissions for professional services delivered to clients in commercial real estate. A major revenue stream comes from advisory and transaction services, where JLL earns brokerage commissions and rel...
Jones Lang Lasalle Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presented strong, broad-based operational performance: double-digit revenue growth, substantial margin and EPS expansion, large free cash flow improvement, balance sheet strengthening, and raised full-year EPS guidance. Segment-level strength was notable in leasing, capital markets and real estate management services, supported by platform and AI investments. Challenges were present but largely manageable — commission tier effects, strategic contract exits in property management, investment management fee variability, and regional softness in Europe/Asia exacerbated by geopolitical uncertainty. Overall, positives materially outweigh the negatives.Positive Updates
Double-digit Revenue Growth
Total revenue grew 11% reported (10% in local currency), driven almost entirely by organic growth and broad-based strength across advisory and resilient businesses.
Negative Updates
Regional Variability — Europe and Asia Softness
Elongated investment sales timelines and pockets of softness in parts of Europe; Asia Pacific saw dispositions that offset advisory fee growth. Management noted geopolitical tensions (Middle East/Ukraine) weighing on investor psychology in Europe and parts of Asia.
Read all updates
Q2-2026 Updates
Positive
Negative
Double-digit Revenue Growth
Total revenue grew 11% reported (10% in local currency), driven almost entirely by organic growth and broad-based strength across advisory and resilient businesses.
Read all positive updates
Company Guidance
Management raised full‑year adjusted EPS guidance to $24.60–$25.90 (about 34% growth at the midpoint) while reaffirming segment revenue targets: Real Estate Management Services mid‑ to high‑single‑digit growth (H2 weighted to Q4), Leasing & Advisory mid‑ to high‑teens, Capital Markets mid‑teens and Investment Management advisory fee growth in the low single digits (with incentive/transaction fees expected toward the lower end of the historical range and weighted to Q4). They also highlighted strong cash metrics underpinning the guide: Q2 free cash flow of $438 million (up 52% YoY), a free cash flow conversion ratio trending comfortably above its long‑term average of >80% for the year, net leverage of 0.7x, and $3.4 billion of corporate liquidity. Capital return activity remains active (Q2 repurchases $110 million; $410 million year‑to‑date; $2.6 billion remaining authorization), and management cited healthy pipelines, margin expansion and moderating commission‑tier headwinds as drivers of their confidence.Jones Lang Lasalle Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.43B | 26.12B | 23.43B | 20.76B | 20.86B | 19.37B |
| Gross Profit | 24.59B | 25.86B | 12.14B | 10.69B | 11.21B | 10.88B |
| EBITDA | 1.53B | 1.34B | 1.15B | 915.60M | 1.20B | 1.35B |
| Net Income | 999.10M | 792.10M | 546.80M | 225.40M | 654.50M | 961.60M |
Balance Sheet | ||||||
| Total Assets | 17.46B | 17.80B | 16.76B | 16.06B | 15.59B | 15.51B |
| Cash, Cash Equivalents and Short-Term Investments | 458.20M | 599.10M | 416.30M | 410.00M | 519.30M | 593.70M |
| Total Debt | 2.52B | 3.36B | 2.95B | 3.12B | 3.14B | 2.62B |
| Total Liabilities | 9.86B | 10.18B | 9.87B | 9.65B | 9.44B | 9.08B |
| Stockholders Equity | 7.46B | 7.50B | 6.77B | 6.29B | 6.02B | 6.18B |
Cash Flow | ||||||
| Free Cash Flow | 1.25B | 978.50M | 599.80M | 388.90M | -5.90M | 796.50M |
| Operating Cash Flow | 1.37B | 1.19B | 785.30M | 575.80M | 199.90M | 972.40M |
| Investing Cash Flow | -261.70M | -336.60M | -316.80M | -290.40M | -243.10M | -805.80M |
| Financing Cash Flow | -708.90M | -643.20M | -451.20M | -374.30M | -13.10M | -143.80M |
Jones Lang Lasalle Technical Analysis
Negative
378.75
Price Trends
348.40
Negative
329.34
Negative
326.75
Negative
Market Momentum
-13.83
Positive
29.26
Positive
38.99
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 378.75 is above the 20-day moving average (MA) of 319.75, above the 50-day MA of 348.40, and above the 200-day MA of 326.75, indicating a bearish trend. The MACD of -13.83 indicates Positive momentum. The RSI at 29.26 is Positive, neither overbought nor oversold. The STOCH value of 38.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $37.88B | 29.79 | 15.16% | ― | 14.53% | 22.31% | |
69 Neutral | $13.80B | 14.09 | 13.57% | 0.53% | 11.17% | 79.36% | |
68 Neutral | $1.07B | 77.12 | 2.44% | 1.77% | 11.89% | ― | |
67 Neutral | $2.20B | 14.62 | 10.45% | 1.49% | 23.06% | 88.89% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $12.02B | 161.51 | 0.90% | ― | 21.96% | -28.75% | |
62 Neutral | $2.73B | 39.82 | 3.50% | ― | 11.04% | -66.92% |
* Real Estate Sector Average
JLL
Jones Lang Lasalle
298.10
7.59
2.61%
CBRE
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CSGP
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29.21
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MMI
Marcus & Millichap
28.02
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0.57%
NMRK
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11.74
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CWK
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11.55
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-23.20%
Jones Lang Lasalle Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
JLL Announces CEO Transition for Technology Division
Neutral
Sep 30, 2026
Jones Lang LaSalle Incorporated disclosed that Mihir Shah, Chief Executive Officer of Jones Lang LaSalle Technologies and a member of the Global Executive Board, will leave the company effective April 1, 2027, under a separation agreement dated Se...
Business Operations and StrategyExecutive/Board Changes
JLL Names Paul Morgan Chief Operating Officer
Positive
Sep 16, 2026
On September 16, 2026, JLL appointed Paul Morgan as Chief Operating Officer in a newly created role, with immediate effect, reporting directly to President and CEO Christian Ulbrich and joining the firm’s Global Executive Board. Morgan, who ...
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.