# Jones Lang LaSalle Incorporated (JLL)

> Source: Nexqual · https://nexqual.com/JLL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Jones Lang LaSalle Incorporated (JLL), nexqual.com/JLL" · informational, not investment advice.

**Price:** USD 312.55 (+2.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 306.05 · day 302.95–313.82 · 52w 259.83–393.84 · market cap $14.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $27.4B, net income $998M (3.6% margin) (SEC filings).
- Valuation: P/E 14.4x (avg 27.8x at the last 3 fiscal year-ends), EV/EBITDA 10.3x, net debt $1.18B.
- 5 of 80 tracked superinvestors hold JLL (13F, Q2 2026): 0 new, 2 added, 3 reduced, 0 unchanged.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (12 analysts), mean target USD 406.8 (range 332–447).
- Total return with dividends: 1Y -1.2% vs S&P 500 +14.9%; 5Y +18.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 6.18, revenue estimate $7.26B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.4B | $20.9B | $20.8B | $23.4B | $26.1B | $27.4B |
| Operating income | $1.04B | $868M | $577M | $868M | $1.10B | $1.28B |
| Net income | $962M | $655M | $225M | $547M | $792M | $998M |
| EPS (diluted) | $18.47 | $13.27 | $4.67 | $11.30 | $16.40 | — |
| Operating margin | 5.4% | 4.2% | 2.8% | 3.7% | 4.2% | 4.7% |
| Net margin | 5.0% | 3.1% | 1.1% | 2.3% | 3.0% | 3.6% |
| Revenue growth | +16.7% | +7.7% | -0.5% | +12.9% | +11.4% | — |
| Cash + short-term investments | $594M | $519M | $410M | $416M | $599M | — |
| Total debt | $956M | $1.75B | $1.54B | $1.20B | $890M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.4x · P/S 0.5x · EV/EBITDA 10.3x · EV/Sales 0.6x · P/B 1.9x · Earnings yield 6.94% · Buyback yield (TTM) 3.90% · Net debt $1.18B · EV $15.6B
P/E at fiscal year-ends: Dec 2025 20.5x, Dec 2024 22.4x, Dec 2023 40.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold JLL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 3.28% | $329M | Added +3.5% |
| Third Avenue Management |  | 1.59% | $9.9M | Reduced -1.1% |
| Vulcan Value Partners |  | 0.91% | $29.8M | Reduced -12.1% |
| Sarah Ketterer | Causeway Capital Management | 0.83% | $76.9M | Added +33.3% |
| Christopher Davis | Davis Advisors | 0.02% | $3.8M | Reduced -0.8% |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 12 analysts; mean target USD 406.8 (low 332, high 447).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $415 → $385 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $368 → $401 |
| 2026-08-03 | Keefe, Bruyette & Woods | Target raised | Outperform | $375 → $415 |
| 2026-07-28 | Barclays | Target raised | Equal-Weight | $366 → $368 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.2% | +18.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.2% | +3.5% |
| Volatility (annualized) | 35.6% | 34.4% |
| Max drawdown | -24.8% (Aug 2026→Oct 2026) | -54.2% (Dec 2021→Oct 2023) |

## Peers (Real Estate Services)
CSGP (CoStar Group, Inc.) USD 35.45 +7.75% · BEKE (KE Holdings Inc) USD 17.24 -0.63% · COMP (Compass, Inc.) USD 9.97 +2.57% · FSV (FirstService Corporation) USD 147.22 +7.78% · CBRE (CBRE Group Inc) USD 131.24 -2.53% · CIGI (Colliers International Group In) USD 96.46 +4.00%

## More
Full page: https://nexqual.com/JLL · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Management Services | $5.37B | 77.5% | +8.5% |
| Leasing Advisory | $836.9M | 12.1% | +23.7% |
| Capital Markets Services | $620.2M | 9.0% | +19.2% |
| Investment Management | $102.4M | 1.5% | -0.7% |
| Total revenue | $6.93B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Project Management revenue growth followed a strong increase in the prior-year quarter (up 22%) and reflected a low double-digit management fee increase in the Americas, augmented by higher pass-through costs due to contract mix, which outpaced slower growth in certain other geographies."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.18 | $5.49 | +12.6% | $7.26B | 12 |
| Next quarter (ends 2026-12-31) | $10.22 | $9.53 | +7.2% | $8.46B | 11 |
| Current fiscal year (ends 2026-12-31) | $24.90 | $23.01 | +8.2% | $29.03B | 12 |
| Next fiscal year (ends 2027-12-31) | $28.03 | $26.46 | +5.9% | $31.30B | 12 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±9.8%; last 8 reports averaged ±4.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.7% | ±9.8% |
| 2026-12-18 | 56 | 37.0% | ±11.6% |
| 2027-03-19 | 147 | 33.9% | ±17.2% |
| 2027-05-21 | 210 | 33.7% | ±20.5% |
| 2027-06-17 | 237 | 33.4% | ±21.5% |