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Relative valuation derived from Real Estate sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 66.5GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
7.1%
Sector: 1.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, JONES LANG LASALLE INC (JLL) receives a "Hold" rating with a composite score of 55.6/100, ranked #669 out of 4446 stocks. Key factor scores: Quality 67/100, Value 68/100, Momentum 48/100. This is quantitative analysis only — not investment advice.
JONES LANG LASALLE INC (JLL) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does JONES LANG LASALLE INC Do?
Jones Lang LaSalle Incorporated, a professional services company, provides real estate and investment management services in Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a range of real estate services, including agency leasing and tenant representation services; and capital market services, such as debt advisory, loan sales, equity advisory, loan servicing, merger and acquisition, corporate advisory, and investment sales and advisory services. It also provides on-site management services for office, industrial, retail, multifamily residential, and specialty properties; integrated facilities management services; designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments; and advisory, consulting, valuation, and energy and sustainability services. In addition, the company offers investment management services to institutional and retail investors, including high-net-worth individuals. It provides its services to real estate owners, occupiers, investors, and developers for various property types, including cultural, educational, government, healthcare, laboratory, hotel, hospitality, and sports facilities; industrial and warehouse, office, and residential properties; retail and shopping malls; critical environment, data, transportation, and sort and fulfillment centers; infrastructure projects; and military housings. 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. JONES LANG LASALLE INC (JLL) is classified as a large-cap stock in the Real Estate sector. The company is led by CEO Christian Ulbrich and employs approximately 98,200 people, headquartered in Chicago, Illinois. With a market capitalization of $14.3B, JLL is one of the prominent companies in the Real Estate sector.
JONES LANG LASALLE INC (JLL) Stock Rating — Hold (April 2026)
As of April 2026, JONES LANG LASALLE INC receives a Hold rating with a composite score of 55.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.JLL ranks #669 out of 4,446 stocks in our coverage universe. Within the Real Estate sector, JONES LANG LASALLE INC ranks #6 of 57 stocks, placing it in the top quartile of its Real Estate peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
JLL Stock Price and 52-Week Range
JONES LANG LASALLE INC (JLL) currently trades at $317.74. The stock lost $2.26 (0.7%) in the most recent trading session. The 52-week high for JLL is $363.06, which means the stock is currently trading -12.5% from its annual peak. The 52-week low is $194.36, putting the stock 63.5% above its annual trough. Recent trading volume was 318K shares, suggesting relatively thin trading activity.
Is JLL Overvalued or Undervalued? — Valuation Analysis
JONES LANG LASALLE INC (JLL) carries a value factor score of 68/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 27.37x, compared to the Real Estate sector average of 32.31x — a discount of 15%. The price-to-book ratio stands at 1.96x, versus the sector average of 1.18x. The price-to-sales ratio is 0.61x, compared to 0.80x for the average Real Estate stock. On an enterprise value basis, JLL trades at 13.80x EV/EBITDA, versus 8.62x for the sector.
Overall, JLL's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
JONES LANG LASALLE INC Profitability — ROE, Margins, and Quality Score
JONES LANG LASALLE INC (JLL) earns a quality factor score of 67/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 7.1%, compared to the Real Estate sector average of 1.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 3.1% versus the sector average of 0.8%.
On a margin basis, JONES LANG LASALLE INC reports gross margins of 0.0%, compared to 26.0% for the sector. The operating margin is 3.3% (sector: 3.7%). Net profit margin stands at 2.2%, versus 1.8% for the average Real Estate stock. Revenue growth is running at 15.7% on a trailing basis, compared to 6.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
JLL Debt, Balance Sheet, and Financial Health
JONES LANG LASALLE INC has a debt-to-equity ratio of 134.0%, compared to the Real Estate sector average of 60.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $2.69B. Cash and equivalents stand at $429M.
JLL has a beta of 1.08, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for JONES LANG LASALLE INC is 69/100, reflecting average volatility within the normal range for its sector.
JONES LANG LASALLE INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, JONES LANG LASALLE INC reported revenue of $24.38B and earnings per share (EPS) of $16.73. Net income for the quarter was $545M. Gross margin was 0.0%. Operating income came in at $819M.
In FY 2025, JONES LANG LASALLE INC reported revenue of $26.12B and earnings per share (EPS) of $16.73. Net income for the quarter was $792M. Revenue grew 11.4% year-over-year compared to FY 2024. Operating income came in at $1.10B.
In Q3 2025, JONES LANG LASALLE INC reported revenue of $6.51B and earnings per share (EPS) of $4.71. Net income for the quarter was $222M. Revenue grew 10.9% year-over-year compared to Q3 2024. Operating income came in at $274M.
In Q2 2025, JONES LANG LASALLE INC reported revenue of $6.25B and earnings per share (EPS) of $2.36. Net income for the quarter was $111M. Revenue grew 11.0% year-over-year compared to Q2 2024. Operating income came in at $197M.
Over the past 8 quarters, JONES LANG LASALLE INC has demonstrated a growth trajectory, with revenue expanding from $5.63B to $24.38B. Investors analyzing JLL stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
JLL Dividend Yield and Income Analysis
JONES LANG LASALLE INC (JLL) does not currently pay a dividend. This is common among growth-oriented companies in the Real Estate industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Real Estate dividend stocks may want to explore other Real Estate stocks or use the stock screener to filter by dividend yield.
JLL Momentum and Technical Analysis Profile
JONES LANG LASALLE INC (JLL) has a momentum factor score of 48/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 27/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 40/100 reflects moderate short selling activity.
JLL vs Competitors — Real Estate Sector Ranking and Peer Comparison
Comparing JLL against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full JLL vs S&P 500 (SPY) comparison to assess how JONES LANG LASALLE INC stacks up against the broader market across all factor dimensions.
JLL Next Earnings Date
No upcoming earnings date has been announced for JONES LANG LASALLE INC (JLL) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy JLL? — Investment Thesis Summary
JONES LANG LASALLE INC presents a balanced picture with arguments on both sides. The quality score of 67/100 indicates above-average profitability and business fundamentals. The value score of 68/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 69/100) reduces downside risk.
In summary, JONES LANG LASALLE INC (JLL) earns a Hold rating with a composite score of 55.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on JLL stock.
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Institutional Research Dossier
JONES LANG LASALLE INC (JLL) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Jones Lang LaSalle (JLL). The company's diversified service offerings across the real estate spectrum, coupled with its global presence, provide a degree of stability. However, JLL's reliance on cyclical real estate markets and its relatively high debt levels temper our enthusiasm, justifying a neutral stance. The current valuation appears fair, reflecting both the company's growth potential and the inherent risks associated with its business model.
JLL's ability to generate consistent revenue growth, as evidenced by its recent performance, is a positive sign. However, the company's operating margins, while improving, remain susceptible to fluctuations in the broader economic environment. Investors should closely monitor JLL's debt levels and its ability to navigate potential downturns in the real estate market. While JLL's scale and brand recognition provide a competitive edge, the lack of a significant economic moat limits its long-term outperformance potential.
Business Strategy & Overview
Jones Lang LaSalle operates as a global professional services firm specializing in real estate and investment management. The company generates revenue through a variety of services, including agency leasing, tenant representation, capital markets advisory, property management, integrated facilities management, and investment management. JLL's strategic focus is on providing comprehensive solutions to real estate owners, occupiers, investors, and developers across diverse property types, ranging from office and industrial spaces to retail, residential, and specialized facilities like data centers and healthcare facilities.
JLL's business model is predicated on leveraging its global network and expertise to deliver value to its clients. The company's strategic positioning involves building long-term relationships with key stakeholders in the real estate industry. JLL's service offerings are designed to address the evolving needs of its clients, from optimizing space utilization and reducing operating costs to maximizing investment returns and navigating complex regulatory environments. The company's investment management arm caters to institutional and retail investors, offering a range of investment products and strategies focused on real estate assets.
The real estate services industry is characterized by intense competition and cyclical demand patterns. JLL competes with other large global players such as CBRE Group and Cushman & Wakefield, as well as smaller regional and local firms. The company's ability to differentiate itself through superior service quality, innovative solutions, and a strong brand reputation is crucial for maintaining its competitive position. JLL's strategic investments in technology and data analytics are aimed at enhancing its service offerings and improving operational efficiency.
JLL's recent financial performance reflects the overall health of the real estate market. The company's revenue growth has been driven by increased demand for its services across various segments. However, profitability remains sensitive to economic conditions and competitive pressures. JLL's management team is focused on driving organic growth, expanding its service offerings, and improving operational efficiency to enhance shareholder value. The company's strategic priorities include strengthening its presence in key markets, investing in talent development, and leveraging technology to transform its business.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
15.7%
Sector: 6.1%
+157% VS SCTR
Economic Moat Analysis
JLL's economic moat can be classified as narrow. While the company possesses certain competitive advantages, they are not substantial enough to create a wide and sustainable moat. JLL benefits from brand recognition and a global network, which provide a degree of incumbency advantage. These intangible assets allow JLL to attract and retain clients, particularly large multinational corporations seeking consistent service quality across different geographies.
However, the real estate services industry is characterized by relatively low switching costs. Clients can easily switch providers if they are dissatisfied with the service or if they find a better deal elsewhere. This limits JLL's ability to command premium pricing or to lock in long-term contracts. Furthermore, the industry is highly fragmented, with numerous competitors vying for market share. This intensifies competition and puts pressure on margins.
JLL's scale provides some cost advantages, allowing it to spread its fixed costs over a larger revenue base. However, these cost advantages are not significant enough to create a sustainable competitive advantage. The company's reliance on human capital also limits its moat. The quality of JLL's services depends heavily on the expertise and experience of its employees. Attracting and retaining top talent is crucial for maintaining its competitive position.
While JLL's investment management business offers some potential for creating a wider moat, it is still relatively small compared to its overall operations. The company's ability to generate superior investment returns and to attract and retain institutional investors will be key to building a stronger moat in this segment. Overall, JLL's narrow moat reflects the competitive nature of the real estate services industry and the relatively low barriers to entry.
Financial Health & Profitability
JLL's financial health presents a mixed picture. The company has demonstrated solid revenue growth, with TTM revenue reaching $26.12 billion, a significant increase from $23.43 billion in FY2024 and $20.76 billion in FY2023. This growth indicates strong demand for its services and effective execution of its business strategy. However, the company's gross margin is reported as 0.0%, which is unusual for a service-based business and warrants further investigation. This could be due to the way certain costs are classified or the nature of its revenue recognition.
Operating margin has shown improvement over the past few years, increasing from 2.8% in FY2023 to 3.7% in FY2024 and 4.2% in FY2025. This suggests that JLL is becoming more efficient in managing its expenses. Net income has also increased substantially, from $226.20 million in FY2023 to $546.80 million in FY2024 and $792.20 million in FY2025. This positive trend reflects the company's ability to translate revenue growth into higher profits.
JLL's balance sheet reveals a moderate level of leverage. The company has total cash of $428.90 million and total debt of $2.69 billion, resulting in a debt-to-equity ratio of 134.00, which is higher than the sector average of 76.00. This higher leverage could pose a risk if the real estate market experiences a downturn. The current ratio of 1.11 indicates that JLL has sufficient liquid assets to cover its short-term liabilities.
Compared to the sector, JLL's ROE of 7.1% is significantly higher than the sector average of 0.9%, indicating better profitability relative to equity. However, the company's operating margin of 3.3% is slightly below the sector average of 3.5%. JLL's net margin of 2.2% is higher than the sector average of 1.1%. Overall, JLL's financial health is reasonably sound, but its higher debt levels and unusual gross margin warrant close monitoring.
Valuation Assessment
JLL's valuation metrics suggest that the stock is fairly valued relative to its sector. The company's P/E ratio of 17.6x is significantly lower than the sector average of 31.0x, indicating that the stock may be undervalued based on earnings. However, this should be considered in conjunction with other factors such as growth prospects and risk profile. The EV/EBITDA multiple of 2.6x is also substantially lower than the sector average of 8.6x, further suggesting that the stock may be undervalued based on enterprise value.
Given the company's recent revenue growth of 15.7%, which is significantly higher than the sector average of 6.1%, a higher valuation multiple might be justified. However, the company's relatively high debt levels and the cyclical nature of the real estate market could be weighing on its valuation. The company's free cash flow generation of $1.24 billion is a positive sign, indicating its ability to generate cash from its operations. However, without historical FCF data, it's difficult to assess the trend and sustainability of this cash flow.
A discounted cash flow (DCF) analysis would be necessary to determine the intrinsic value of the stock. This would involve projecting the company's future cash flows and discounting them back to the present value. The DCF analysis would need to take into account the company's growth rate, discount rate, and terminal value. Based on the available data, it appears that JLL's current valuation reflects a reasonable balance between its growth potential and its inherent risks.
While the P/E and EV/EBITDA multiples suggest potential undervaluation, the market may be factoring in the cyclicality of the real estate market and JLL's higher debt levels. A more comprehensive valuation analysis, including a DCF model and peer group comparisons, would be needed to arrive at a more definitive conclusion. Considering the available data, the Hold rating appears justified, as the stock does not appear significantly overvalued or undervalued.
Risk & Uncertainty
JLL faces several risks inherent to its business and the broader real estate market. The most significant risk is the cyclical nature of the real estate industry. Economic downturns can lead to decreased demand for JLL's services, resulting in lower revenue and profitability. A decline in commercial real estate values could also negatively impact JLL's investment management business.
Competition is another key risk. The real estate services industry is highly competitive, with numerous global, regional, and local players vying for market share. Increased competition could put pressure on JLL's margins and limit its ability to grow its business. The company also faces the risk of losing key personnel, as its success depends heavily on the expertise and experience of its employees.
JLL's relatively high debt levels pose a financial risk. Increased interest rates could increase the company's borrowing costs and reduce its profitability. A significant economic downturn could make it difficult for JLL to service its debt, potentially leading to financial distress. Furthermore, changes in regulations could negatively impact JLL's business. For example, new regulations related to environmental sustainability or data privacy could increase the company's compliance costs.
Bulls Say / Bears Say
The Bull Case
BULL VIEWJLL's diversified service offerings and global presence provide a stable revenue stream and mitigate the impact of regional economic downturns, making it a resilient player in the real estate services industry.
BULL VIEWThe company's strong revenue growth and improving operating margins demonstrate its ability to capitalize on favorable market conditions and effectively manage its expenses, leading to increased profitability.
BULL VIEWJLL's investment management business offers significant growth potential, as the demand for real estate investments continues to increase, providing a valuable source of recurring revenue and diversification.
The Bear Case
BEAR VIEWJLL's reliance on cyclical real estate markets makes it vulnerable to economic downturns, which could significantly reduce its revenue and profitability, leading to underperformance.
BEAR VIEWThe company's high debt levels increase its financial risk and could limit its ability to invest in growth opportunities or weather economic storms, potentially jeopardizing its long-term stability.
BEAR VIEWJLL's lack of a wide economic moat makes it susceptible to competition from other real estate service providers, putting pressure on its margins and limiting its ability to generate sustainable outperformance.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score JLL and 4,400+ other equities.
JONES LANG LASALLE INC exhibits a 22% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.1%
Sector: 0.8%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 26.0%
Operating Margin
Core business profitability
3.3%
Sector: 3.7%
Net Margin
Bottom-line profitability
2.2%
Sector: 1.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
