# Jones Lang LaSalle (JLL.US)

Canonical: https://gigainvestors.com/s/JLL

Analysis as of: 2026-10-16T07:29:31.589Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $310.79 per share; close as of 2026-10-15.

Estimated value: low $243.75 per share, central $329.13 per share, high $385.61 per share. Buy at or below the central value $329.13 per share. Valuation as of 2026-10-16T07:29:31.589Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

- LTM to Jun 2026: 0.05×

### moat: fail

- Recent gross margin fell 10.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: 11.7%

- Typical minus recent gross margin: 10.0 pp

- Typical gross margin (annual median): 61.8%

- Recent gross margin (lower of latest and 3-year median): 51.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.1%

- FY2017: 24.6%

- FY2018: 32.1%

- FY2019: 17.2%

- FY2020: 11.7%

- FY2021: 22.7%

- FY2022: 16.8%

- FY2023: 11.7%

- FY2024: 14.9%

- FY2025: 17.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.4B

- Net income, five-year total: $3.2B

- Return on incremental invested capital: 9.3%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 10.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.03×

- FY2023: 1.23×

- FY2024: 1.13×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.6% vs 14.9%

- Per-share earnings: 6.99 to 11.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: $11B

- Cumulative retained earnings: $4.8B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.2%

- Per-share value change: $4.31

- Per-share value, starting three-year median: $6.99

- Per-share value, ending three-year median: $11.30

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.9B

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 24.6%

- ROIC, last three-year median: 14.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.99

- FY2017: $6.04

- FY2018: $10.55

- FY2019: $10.89

- FY2020: $7.70

- FY2021: $18.47

- FY2022: $13.26

- FY2023: $4.67

- FY2024: $11.30

- FY2025: $16.40

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 2.53×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 9.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.51×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.4%

- FY2017: -6.4%

- FY2018: -1.2%

- FY2019: 0.4%

- FY2020: -5.0%

- FY2021: -0.1%

- FY2022: 2.9%

- FY2023: -2.2%

- FY2024: -1.4%

- FY2025: -2.3%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 4.4% a year for ten years · "Jones Lang Q1 Earnings Beat Estimates on Leasing Advisory-Led Growth" (finance.yahoo.com, May 2026) · sales +5%

Story as of 2026-10-16T09:58:59.702Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

- 2025-08-06: JLL beats quarterly expectations with 10% revenue growth ([investing.com](https://www.investing.com/news/earnings/jll-beats-quarterly-expectations-with-10-revenue-growth-93CH-4173121))

- 2025-11-05: JLL posts 10% revenue gains amid AI push ([finance.yahoo.com](https://finance.yahoo.com/news/jll-posts-10-revenue-gains-114919303.html))

### Sales · FY2025–2026

sales +5%; source https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm; observed 2026-02-19.

- FY2017: $8.0B 

- FY2018: $9.1B 

- FY2019: $10B 

- FY2020: $17B 

- FY2021: $19B 

- FY2022: $21B 

- FY2023: $21B 

- FY2024: $23B 

- FY2025: $26B 

- FY2026: $27B 

### Gross margin · FY2025

gross margin 99%; source https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm; observed 2026-02-19.

- FY2016: 68.1% 

- FY2017: 67.4% 

- FY2018: 67.5% 

- FY2019: 68.9% 

- FY2020: 52.1% 

- FY2021: 56.2% 

- FY2022: 53.7% 

- FY2023: 51.5% 

- FY2024: 51.8% 

- FY2025: 99.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are USD 26.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm (filed 2026-02-19); FY2025: revenue 26115600000; grossProfit 25862800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JLL.US: Jones Lang LaSalle Incorporated operates as a commercial real estate and investment management company. It engages in buying, building, occupying, managing, and investing in office, industrial, hotel, multi-family, retail and data center properties in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company also offers agency leasing, tenant representation, property management, advisory, and consulting services; and debt advisory, loan sales and servicing, value and risk advisory, equity and funds placement, merger and acquisition, corporate advisory, and investment sales and advisory services. In addition, it provides on-site real estate management services for office, industrial, retail, multifamily residential, and other properties; cloud-based software solutions; integrated facilities management, space planning, office design, and workplace strategy consulting services; program and project management, implementation and support, managed services, and advisory/consulting services; and investment management services to institutional investors and high-net-worth individuals, as well as designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments. It provides its services to real estate owners, occupiers, investors, and developers for various property types, including critical environments and data centers, offices, industrial and warehouses, residential properties, infrastructure projects, retail and shopping malls, logistics, and military housing and transportation centers; and hotels and hospitality, cultural, educational, government, healthcare and laboratory, and sports facilities. 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.

### Why customers stay

Margins ranged from 51.5% to 99% during 2023–25; it earns 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 51.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 51.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 99%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.191405403732475],[2017,0.24641319444444446],[2018,0.3207549762402511],[2019,0.1715305469725969],[2020,0.11666241709534914],[2021,0.2272568552606175],[2022,0.16847895081778066],[2023,0.11730061646367627],[2024,0.14901453424592645],[2025,0.17026290241231656]]; median 0.17089672469245673. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.9% of cash earnings; paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 65391447.57066205; upkeep 150808552.42933795; cash acquisitions 483900000; owner earnings 309191447.570662. Growth capex plus acquisitions / owner earnings = 1.7765415307780401.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 151400000; cash acquisitions 18700000; owner earnings 292200000. Growth capex plus acquisitions / owner earnings = 0.06399726214921286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 161900000; cash acquisitions 101300000; owner earnings 508700000. Growth capex plus acquisitions / owner earnings = 0.19913505012777669.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 187800000; cash acquisitions 801300000; owner earnings 549900000. Growth capex plus acquisitions / owner earnings = 1.4571740316421167.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 149400000; cash acquisitions 0; owner earnings 479500000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 175900000; cash acquisitions 416800000; owner earnings 1003200000. Growth capex plus acquisitions / owner earnings = 0.4154704944178628.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 205800000; cash acquisitions 5700000; owner earnings 676800000. Growth capex plus acquisitions / owner earnings = 0.008421985815602837.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 186900000; cash acquisitions 13600000; owner earnings 276900000. Growth capex plus acquisitions / owner earnings = 0.04911520404478151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 185500000; cash acquisitions 60900000; owner earnings 617100000. Growth capex plus acquisitions / owner earnings = 0.09868740884783665.

- Source: https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 215600000; cash acquisitions 7700000; owner earnings 829300000. Growth capex plus acquisitions / owner earnings = 0.009284939105269504.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,29400000],[2017,33100000],[2018,37800000],[2019,42700000],[2020,0],[2021,0],[2022,20400000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 251100000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JLL.US SharesStats.PercentInsiders = 0.943 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years; actual growth was 6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.049611177017843455. Price 310.79; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.590417714925927 → FY2025 17.165507534359993. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $96.85 per share

- 2016-11: $101.28 per share

- 2016-12: $101.04 per share

- 2017-01: $103.03 per share

- 2017-02: $114.70 per share

- 2017-03: $111.45 per share

- 2017-04: $114.86 per share

- 2017-05: $115.47 per share

- 2017-06: $125.00 per share

- 2017-07: $127.22 per share

- 2017-08: $121.91 per share

- 2017-09: $123.50 per share

- 2017-10: $129.49 per share

- 2017-11: $152.49 per share

- 2017-12: $148.93 per share

- 2018-01: $156.35 per share

- 2018-02: $160.61 per share

- 2018-03: $174.64 per share

- 2018-04: $169.51 per share

- 2018-05: $163.76 per share

- 2018-06: $165.99 per share

- 2018-07: $171.01 per share

- 2018-08: $152.52 per share

- 2018-09: $144.32 per share

- 2018-10: $132.26 per share

- 2018-11: $143.20 per share

- 2018-12: $126.60 per share

- 2019-01: $143.41 per share

- 2019-02: $165.12 per share

- 2019-03: $154.18 per share

- 2019-04: $154.57 per share

- 2019-05: $124.45 per share

- 2019-06: $140.69 per share

- 2019-07: $145.69 per share

- 2019-08: $134.05 per share

- 2019-09: $139.06 per share

- 2019-10: $146.52 per share

- 2019-11: $166.33 per share

- 2019-12: $174.09 per share

- 2020-01: $169.82 per share

- 2020-02: $147.77 per share

- 2020-03: $100.98 per share

- 2020-04: $105.58 per share

- 2020-05: $102.40 per share

- 2020-06: $103.46 per share

- 2020-07: $98.91 per share

- 2020-08: $103.04 per share

- 2020-09: $95.66 per share

- 2020-10: $112.86 per share

- 2020-11: $132.29 per share

- 2020-12: $148.37 per share

- 2021-01: $146.21 per share

- 2021-02: $173.98 per share

- 2021-03: $179.04 per share

- 2021-04: $187.91 per share

- 2021-05: $202.25 per share

- 2021-06: $195.46 per share

- 2021-07: $222.57 per share

- 2021-08: $242.43 per share

- 2021-09: $248.09 per share

- 2021-10: $258.23 per share

- 2021-11: $234.91 per share

- 2021-12: $269.34 per share

- 2022-01: $250.79 per share

- 2022-02: $246.22 per share

- 2022-03: $239.46 per share

- 2022-04: $218.73 per share

- 2022-05: $197.32 per share

- 2022-06: $174.86 per share

- 2022-07: $190.67 per share

- 2022-08: $173.00 per share

- 2022-09: $151.07 per share

- 2022-10: $159.09 per share

- 2022-11: $168.17 per share

- 2022-12: $159.37 per share

- 2023-01: $184.87 per share

- 2023-02: $174.46 per share

- 2023-03: $145.49 per share

- 2023-04: $139.04 per share

- 2023-05: $140.34 per share

- 2023-06: $155.80 per share

- 2023-07: $166.55 per share

- 2023-08: $172.80 per share

- 2023-09: $141.18 per share

- 2023-10: $127.92 per share

- 2023-11: $155.52 per share

- 2023-12: $188.87 per share

- 2024-01: $177.06 per share

- 2024-02: $190.24 per share

- 2024-03: $195.09 per share

- 2024-04: $180.70 per share

- 2024-05: $202.07 per share

- 2024-06: $205.28 per share

- 2024-07: $250.90 per share

- 2024-08: $255.23 per share

- 2024-09: $269.81 per share

- 2024-10: $270.96 per share

- 2024-11: $280.60 per share

- 2024-12: $253.14 per share

- 2025-01: $282.80 per share

- 2025-02: $271.89 per share

- 2025-03: $247.91 per share

- 2025-04: $227.41 per share

- 2025-05: $222.70 per share

- 2025-06: $255.78 per share

- 2025-07: $270.36 per share

- 2025-08: $305.57 per share

- 2025-09: $298.28 per share

- 2025-10: $305.09 per share

- 2025-11: $325.69 per share

- 2025-12: $336.47 per share

- 2026-01: $357.91 per share

- 2026-02: $315.55 per share

- 2026-03: $304.32 per share

- 2026-04: $318.13 per share

- 2026-05: $282.31 per share

- 2026-06: $309.95 per share

- 2026-07: $355.03 per share

- 2026-08: $365.87 per share

- 2026-09: $305.52 per share

- 2026-10: $310.79 per share

## Annual estimated value (USD per share)

- FY2016: low $110.27 per share, central $134.46 per share, high $156.33 per share

- FY2017: low $117.49 per share, central $133.36 per share, high $154.49 per share

- FY2018: low $156.18 per share, central $218.99 per share, high $256.03 per share

- FY2019: low $157.20 per share, central $222.38 per share, high $260.33 per share

- FY2020: low $191.48 per share, central $262.75 per share, high $307.37 per share

- FY2021: low $265.88 per share, central $378.12 per share, high $443.48 per share

- FY2022: low $241.46 per share, central $274.46 per share, high $318.40 per share

- FY2023: low $152.45 per share, central $173.47 per share, high $201.46 per share

- FY2024: low $171.22 per share, central $219.18 per share, high $256.12 per share

- FY2025: low $222.56 per share, central $299.97 per share, high $351.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1037976/000103797626000037/jll-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.