Upside case
Bull case
$825+159.4%
JLL would need investors to value it at roughly 37x earnings — about 22x more generous than today's 14x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Jones Lang LaSalle Incorporated (JLL) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
12
analysts
7 bullish · 2 bearish · 12 covering JLL
Strong Buy
1
Buy
6
Hold
3
Sell
2
Strong Sell
0
Consensus Target
$383
+20.3% vs today
Scenario Range
$232 – $825
Model bear to bull value window
Coverage
12
Published analyst ratings
Valuation Context
14.1x
Forward P/E · Market cap $14.8B
JLL price targets
Three scenarios for where JLL stock could go
Current
~$318
Confidence
64 / 100
Updated
May 1, 2026
Where we are now
Current · $318
Bear
$232
Base
$418
Bull
$825
Market caseClosest to today
Base case
$418+31.3%
At 19x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$232-27.1%
If investor confidence fades or macro conditions deteriorate, a 4x multiple contraction could push JLL down roughly 27% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Jones Lang LaSalle Incorporated
JLL · NYSEReal EstateReal Estate - ServicesDecember year-end
Jones Lang LaSalle is a global professional services firm that provides commercial real estate and investment management services to property owners, occupiers, and investors. It generates revenue primarily through real estate services fees — including leasing, property management, and capital markets advisory — and investment management fees from its LaSalle Investment Management arm. The company's key advantage is its global scale and integrated service platform, which allows it to serve multinational clients across all major real estate markets worldwide.
Market Cap
$14.8B
Revenue TTM
$26.8B
Net Income TTM
$896M
Net Margin
3.3%
JLL Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
100%Exceptional
vs consensus estimates
Avg EPS Surprise
+9.6%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$3.30/$3.20
Revenue
$6.3B/$6.2B
Q4 2025
EPS
$4.50/$4.23
Revenue
$6.5B/$6.5B
Q1 2026
EPS
$8.71/$7.25
Revenue
$7.6B/$7.4B
Q2 2026
EPS
$3.43/$3.01
Revenue
$6.4B/$6.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $3.30/$3.20 | +3.1% | $6.3B/$6.2B | +0.3% |
| Q4 2025 | $4.50/$4.23 | +6.4% | $6.5B/$6.5B | +0.4% |
| Q1 2026 | $8.71/$7.25 | +20.1% | $7.6B/$7.4B | +2.2% |
| Q2 2026 | $3.43/$3.01 | +14.0% | $6.4B/$6.0B | +6.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$29.1B
+8.9% YoY
FY2
$32.0B
+9.6% YoY
EPS Outlook
FY1
$20.41
+8.9% YoY
FY2
$21.53
+5.5% YoY
Trailing FCF (TTM)$971M
FCF Margin: 3.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
JLL beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
JLL Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $450M
Product Mix
Latest annual revenue by segment or product family
LaSalle Investment Management
100.0%
-3.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
LaSalle Investment Management is the largest disclosed segment at 100.0% of FY 2025 revenue, down 3.8% YoY.
JLL Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Undervalued
Fair value est. $402 — implies +27.5% from today's price.
Upside to Fair Value
27.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
JLL
19.4x
vs
S&P 500
25.1x
23% discount
vs Real Estate Trailing P/E
JLL
19.4x
vs
Real Estate
24.1x
20% discount
vs JLL 5Y Avg P/E
Today
19.4x
vs
5Y Average
22.0x
12% discount
Forward PE
14.1x
S&P 500
19.1x
-26%
Real Estate
26.4x
-47%
5Y Avg
—
—
Trailing PE
19.4x
S&P 500
25.1x
-23%
Real Estate
24.1x
-20%
5Y Avg
22.0x
-12%
PEG Ratio
1.19x
S&P 500
1.72x
-31%
Real Estate
1.25x
-5%
5Y Avg
—
—
EV/EBITDA
12.3x
S&P 500
15.2x
-19%
Real Estate
16.7x
-26%
5Y Avg
12.1x
+1%
Price/FCF
15.1x
S&P 500
21.1x
-28%
Real Estate
15.4x
-2%
5Y Avg
19.5x
-23%
Price/Sales
0.6x
S&P 500
3.1x
-82%
Real Estate
3.0x
-81%
5Y Avg
0.5x
+5%
Dividend Yield
—
S&P 500
1.87%
—
Real Estate
4.66%
—
5Y Avg
—
—
| Metric | JLL | S&P 500 | Real Estate | 5Y Avg JLL |
|---|---|---|---|---|
| Forward PE | 14.1x | 19.1x-26% | 26.4x-47% | — |
| Trailing PE | 19.4x | 25.1x-23% | 24.1x-20% | 22.0x-12% |
| PEG Ratio | 1.19x | 1.72x-31% | 1.25x | — |
| EV/EBITDA | 12.3x | 15.2x-19% | 16.7x-26% | 12.1x |
| Price/FCF | 15.1x | 21.1x-28% | 15.4x | 19.5x-23% |
| Price/Sales | 0.6x | 3.1x-82% | 3.0x-81% | 0.5x |
| Dividend Yield | — | 1.87% | 4.66% | — |
JLL trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolJLL Financial Health
Verdict
Adequate
JLL pays 1.4% total shareholder yield with 4.6% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$26.8B
Revenue Growth
TTM vs prior year
+11.2%
Gross Margin
Gross profit as a share of revenue
89.4%
Operating Margin
Operating income divided by revenue
4.6%
Net Margin
Net income divided by revenue
3.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$18.74
Operating Margin
NOI-equivalent margin — key for REIT property economics
4.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.9%
ROA
Return on assets, trailing twelve months
5.1%
Cash & Equivalents
Liquid assets on the balance sheet
$599M
Net Debt
Total debt minus cash
$2.8B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
2.8× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
12.1%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
1.4%
Dividend
—
Buyback
1.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$212M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
46M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageJLL Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic Sensitivity
As a cyclical stock, JLL is highly sensitive to economic fluctuations, which can significantly impact real estate demand and related services. A global economic downturn or a deterioration of commercial real estate fundamentals poses a significant risk.
High Risk
Market Volatility
JLL's stock has a beta of 1.414, indicating it is approximately 41% more volatile than the broader market. This higher volatility makes it acutely sensitive to broader market sell-offs and interest rate movements.
High Risk
Interest Rate and Inflation
Rising interest rates can impact financial performance, particularly for properties with variable-rate debt. Inflationary pressures and currency volatility can also materially affect financial results.
High Risk
Earnings Volatility
A primary financial risk for JLL is earnings volatility and the sustainability of its profit margins. The company's operating margin has been in a five-year decline, which raises concerns about future profitability.
Medium
Geopolitical Conditions
Widespread economic uncertainty, currency volatility, and reduced investor confidence stemming from geopolitical developments can lead to delayed or reconsidered real estate decisions by clients, impacting transaction volumes.
Medium
Revenue Sensitivity
JLL's revenue streams, particularly in Capital Markets and Leasing, are highly sensitive to transaction volumes. A decline in acquisition and disposition activity, leasing activity, or rental rates can adversely affect performance.
Medium
Evolving Regulations
Changes in legal and regulatory requirements can impact JLL's ability to conduct business in certain jurisdictions or increase the cost of doing so. The company faces evolving climate change disclosure requirements that may impose additional compliance burdens.
Lower
Technological Adaptation
Challenges in adapting to and leveraging rapidly evolving technologies, including artificial intelligence, could impact JLL's competitive position. Failure to innovate may hinder growth and market share.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why JLL Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Diversification and Growth Verticals
JLL is shifting its revenue focus from traditional office spaces to high-growth sectors like data centers, life sciences, and logistics. This diversification is driven by increasing demand for AI compute needs and e-commerce expansion.
Technological Integration and Innovation
JLL is investing heavily in technology, including AI/ML and PropTech, to enhance client value and scale digital services. The rollout of JLL GPT and investments through JLL Spark aim to improve efficiency and service offerings.
Market Recovery and Transactional Business
Analysts expect a rebound in global investment sales volumes as interest rates stabilize, which will boost JLL's fee revenue from advisory and capital markets services. The company's strong performance in Markets Advisory and Capital Markets is contributing to revised EPS estimates.
Recurring Revenue Streams
JLL's business model includes resilient recurring revenue segments like Work Dynamics and Property & Facility Management, providing steady cash flow through market cycles. This stability is crucial for maintaining financial health during economic fluctuations.
Financial Strength and Growth Projections
JLL reported strong financial performance in 2024, with significant revenue and adjusted EBITDA increases. Analysts forecast mid-to-high single-digit growth in fee revenue for 2025, with earnings projected to grow between 11% and 24% annually from 2025 to 2027.
Shareholder Returns
JLL has an active share buyback program that has reduced the number of outstanding shares. This initiative is expected to support the company's bottom line targets and enhance shareholder value.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
JLL Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$318.13
52W Range Position
70%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$211.86
+50.2% from the low
52-Week High
$363.06
-12.4% from the high
1 Month
+3.70%
3 Month
-5.02%
YTD
-5.3%
1 Year
+36.6%
3Y CAGR
+32.9%
5Y CAGR
+11.1%
10Y CAGR
+10.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
JLL vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
14.1x
vs 14.3x median
-2% below peer median
Revenue Growth
+8.9%
vs +9.7% median
-8% below peer median
Net Margin
3.3%
vs 3.1% median
+8% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
JLL JLL Jones Lang LaSalle Incorporated | $14.8B | 14.1x | +8.9% | 3.3% | Buy | +20.3% |
CBR CBRE CBRE Group, Inc. | $41.8B | 18.6x | +9.9% | 3.1% | Buy | +26.1% |
CWK CWK Cushman & Wakefield plc | $3.4B | 10.1x | -1.7% | 0.9% | Hold | +29.4% |
MMI MMI Marcus & Millichap, Inc. | $1.1B | 58.5x | +1.5% | -0.3% | Hold | -9.3% |
NEN NEN New England Realty Associates Limited Partnership | $168M | — | +9.7% | 6.8% | — | — |
NMR NMRK Newmark Group, Inc. | $3.0B | 8.7x | +15.1% | 3.8% | Buy | +28.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
JLL Dividend and Capital Return
JLL returns 1.4% annually — null% through dividends and 1.4% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
1.4%
Dividend + buyback return per year
Buyback Yield
1.4%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
9Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$212M
Estimated Shares Retired
664.8K
Approx. Share Reduction
1.4%
Shares Outstanding
Current diluted share count from the screening snapshot
46M
At 1.4%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2019 | $0.86 | +4.9% | 0.2% | 0.7% |
| 2018 | $0.82 | +13.9% | 0.2% | 0.9% |
| 2017 | $0.72 | +12.5% | 0.1% | 0.6% |
| 2016 | $0.64 | +14.3% | 0.2% | 0.8% |
| 2015 | $0.56 | -21.1% | 0.1% | 0.5% |
FAQ
7 questionsJLL Investor Questions
Common questions answered from live analyst data and company financials.
01Is Jones Lang LaSalle Incorporated (JLL) stock a buy or sell in 2026?
Jones Lang LaSalle Incorporated (JLL) is rated Buy by Wall Street analysts as of 2026. Of 12 analysts covering the stock, 7 rate it Buy or Strong Buy, 3 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $383, implying +20.3% from the current price of $318. The bear case scenario is $232 and the bull case is $825.
02What is the JLL stock price target for 2026?
The Wall Street consensus price target for JLL is $383 based on 12 analyst estimates. The high-end target is $425 (+33.6% from today), and the low-end target is $348 (+9.4%). The base case model target is $418.
03Is Jones Lang LaSalle Incorporated (JLL) stock overvalued in 2026?
JLL trades at 14.1x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Jones Lang LaSalle Incorporated (JLL) stock in 2026?
The primary risks for JLL in 2026 are: (1) Economic Sensitivity — As a cyclical stock, JLL is highly sensitive to economic fluctuations, which can significantly impact real estate demand and related services. (2) Market Volatility — JLL's stock has a beta of 1. (3) Interest Rate and Inflation — Rising interest rates can impact financial performance, particularly for properties with variable-rate debt. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Jones Lang LaSalle Incorporated's revenue and earnings forecast?
Analyst consensus estimates JLL will report consensus revenue of $29.1B (+8.9% year-over-year) and EPS of $20.41 (+8.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $32.0B in revenue.
06When does Jones Lang LaSalle Incorporated (JLL) report its next earnings?
A confirmed upcoming earnings date for JLL is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Jones Lang LaSalle Incorporated generate?
Jones Lang LaSalle Incorporated (JLL) generated $971M in free cash flow over the trailing twelve months — a free cash flow margin of 3.6%. JLL returns capital to shareholders through and share repurchases ($212M TTM).