# Jacobs Solutions Inc. (J)

> Source: Nexqual · https://nexqual.com/J · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Jacobs Solutions Inc. (J), nexqual.com/J" · informational, not investment advice.

**Price:** USD 146.26 (+2.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 142.49 · day 142.1–146.69 · 52w 105.68–168.44 · market cap $17.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 26, 2026): revenue $14.2B, net income $338M (2.4% margin), free cash flow $645M (SEC filings).
- Valuation: P/E 50.6x (avg 35.0x at the last 3 fiscal year-ends), EV/EBITDA 26.5x, net debt $2.41B.
- Earnings quality: non-operating income -$143M (gains on equity investments $6.2M) vs operating income $650M over the last four quarters; P/E excluding non-operating income ≈39.7x (estimate: non-operating income taxed at the company's 35% effective rate).
- 1 of 80 tracked superinvestors hold J (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $2.5M; 1 not under a Rule 10b5-1 plan ($2.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $478K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.19 on a 1–5 scale) (16 analysts), mean target USD 162.33 (range 144–181).
- Total return with dividends: 1Y -8.1% vs S&P 500 +14.9%; 5Y +34.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-19, EPS estimate USD 2.12, revenue estimate $3.89B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.1B | $9.78B | $10.9B | $11.5B | $12.0B | $14.2B |
| Gross profit | $3.04B | $2.58B | $2.71B | $2.83B | $2.98B | — |
| Operating income | $688M | $540M | $676M | $692M | $864M | $650M |
| Net income | $477M | $644M | $666M | $806M | $289M | $338M |
| EPS (diluted) | $2.65 | $4.93 | $5.30 | $6.32 | $2.38 | — |
| Free cash flow | $633M | $347M | $837M | $934M | $607M | $645M |
| Gross margin | 21.6% | 26.4% | 25.0% | 24.6% | 24.8% | — |
| Operating margin | 4.9% | 5.5% | 6.2% | 6.0% | 7.2% | 4.6% |
| Net margin | 3.4% | 6.6% | 6.1% | 7.0% | 2.4% | 2.4% |
| Revenue growth | +3.9% | -30.6% | +10.9% | +6.0% | +4.6% | — |
| Cash + short-term investments | $1.01B | $1.14B | $771M | $1.14B | $1.24B | — |
| Total debt | $2.89B | $3.41B | $2.87B | $2.22B | $2.24B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 26, 2026)
P/E 50.6x · P/E ex non-operating (est.) ≈39.7x · P/S 1.2x · EV/EBITDA 26.5x · EV/Sales 1.4x · P/FCF 26.6x · P/B 5.2x · FCF yield 3.77% · Earnings yield 1.98% · Dividend yield (paid, TTM) 0.94% · Buyback yield (TTM) 4.18% · Net debt $2.41B · EV $19.5B
P/E at fiscal year-ends: Sep 2025 63.2x, Sep 2024 20.2x, Sep 2023 21.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold J. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 0.01% | $787K | Reduced -0.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Hill Patrick | PRESIDENT | 17,201 | $2.5M | 20.3% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $478K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-15 | Pragada Robert V | Chair & CEO | 3,601 | $400K | 111.09 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Fernandez Manuel J | Director | 253 | $28K | 112.56 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Fernandez Manuel J | Director | 403 | $49K | 121.93 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.19 on a 1–5 scale), 16 analysts; mean target USD 162.33 (low 144, high 181).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Keybanc | Target lowered | Overweight | $168 → $166 |
| 2026-10-05 | Truist Securities | Target lowered | Hold | $161 → $160 |
| 2026-08-10 | UBS | Target raised | Buy | $156 → $167 |
| 2026-08-05 | Truist Securities | Target raised | Hold | $149 → $161 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $171 → $174 |
| 2026-07-22 | RBC Capital | Target raised | Outperform | $169 → $171 |
| 2026-07-02 | Truist Securities | Target lowered | Hold | $150 → $149 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.1% | +34.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.1% | +6.1% |
| Volatility (annualized) | 33.0% | 25.6% |
| Max drawdown | -33.0% (Oct 2025→May 2026) | -30.4% (Oct 2025→May 2026) |

## Peers (Engineering & Construction)
APG (APi Group Corporation) USD 38.8 -3.51% · MTZ (MasTec, Inc.) USD 171.55 -5.20% · STRL (Sterling Infrastructure, Inc.) USD 372.83 -9.72% · EME (EMCOR Group, Inc.) USD 660.41 -5.54% · IESC (IES Holdings, Inc.) USD 220.75 -6.70% · TTEK (Tetra Tech, Inc.) USD 36.81 +5.02%

## More
Full page: https://nexqual.com/J · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in J's own 10-K filed 2025-11-20 (https://www.sec.gov/Archives/edgar/data/52988/000162828025053316/jec-20250926.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Worley | "We have engaged in M&A activity both as a purchaser, including our acquisitions of CH2M, BlackLynx and StreetLight and our strategic investment in PA Consulting, as well as a seller, including the sale of the ECR (as def…" |
| Competitor | Accenture (ACN) | "AECOM, Tetra Tech, WSP, Arcadis, Bechtel, Arup, Endava, Exponent, Mott MacDonald, Stantec, Parsons, Accenture, Mace, AtkinsRealis, Altair, Montrose, Capgemini, Fluor, Deloitte, KPMG, PwC, Bain & Company and McKinsey & Co…" |

Other companies that name J in their own reports (relationship from J's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Amentum Holdings, Inc. (AMTM) | 10-K 2025-11-25 | "Immediately following the Transaction, the Company had approximately 243 million issued and outstanding shares of common stock, of which Jacobs and its shareholders ("CMS Shareholders") owned 58.5% of…" |

## Revenue by business segment (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Infrastructure & Advanced Facilities | $3.75B | 91.9% | +38.8% | $268.1M | 7.2% |
| PA Consulting | $329.5M | 8.1% | -1.0% | $73.6M | 22.3% |
| Total revenue | $4.08B | 100% | — | $286.7M | 7.0% |

## Revenue by region (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.81B | 68.9% | +50.8% |
| Europe | $792.3M | 19.4% | +9.1% |
| Australia and New Zealand | $186.4M | 4.6% | +33.4% |
| Middle East and Africa | $152.7M | 3.7% | +2.5% |
| Canada | $63.6M | 1.6% | -4.1% |
| India | $37.9M | 0.9% | -25.2% |
| Asia | $35.2M | 0.9% | -4.5% |
| Total revenue | $4.08B | 100% | — |

## Customer concentration

Period ended 2025-09-26: 8% of revenue from unnamed direct customers (10-K, filed 2025-11-20).

## Company outlook (8-K filed 2026-08-04)

- "Focusing on FY26, we are raising the midpoints of our guidance for adjusted net revenue growth and adjusted EPS for the third consecutive time this year." Jacobs' CFO Venk Nathamuni added, "We're very pleased with our Q3 performance."
- "We are now well ahead of our initial FY26 expectations and remain on track to reach or exceed all of our FY29 targets."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.12 | $2.14 | -0.7% | $3.89B | 12 |
| Next quarter (ends 2026-12-31) | $1.79 | $1.84 | -2.2% | $3.74B | 6 |
| Current fiscal year (ends 2026-09-30) | $7.27 | $7.25 | +0.2% | $15.02B | 15 |
| Next fiscal year (ends 2027-09-30) | $8.24 | $8.24 | -0.0% | $15.65B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-19): ±7.7%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.1% | ±7.7% |
| 2026-12-18 | 56 | 30.8% | ±9.9% |
| 2027-01-15 | 84 | 29.6% | ±11.5% |
| 2027-04-16 | 175 | 29.3% | ±16.2% |