Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 12.1x · ROE 10.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.2B | $16.3B | $12.2B | $9.1B | $7.9B | $14.0B | $7.8B | $8.6B | $5.8B | $6.8B | $4.6B |
| Enterprise Value | $20.0B | $19.0B | $14.8B | $11.8B | $10.5B | $16.1B | $10.3B | $10.8B | $6.3B | $7.6B | $6.2B |
| P/E Ratio → | 15.80 | 20.52 | 22.40 | 40.44 | 12.01 | 14.58 | 19.27 | 16.02 | 12.01 | 24.70 | 13.98 |
| P/S Ratio | 0.61 | 0.62 | 0.52 | 0.44 | 0.38 | 0.72 | 0.47 | 0.85 | 0.64 | 0.86 | 0.67 |
| P/B Ratio | 2.35 | 2.13 | 1.78 | 1.42 | 1.28 | 2.18 | 1.38 | 1.64 | 1.56 | 2.02 | 1.63 |
| P/FCF | 14.02 | 16.61 | 20.41 | 23.45 | — | 17.61 | 8.04 | 28.91 | 13.15 | 10.68 | 718.77 |
| P/OCF | 14.41 | 13.61 | 15.59 | 15.84 | 39.34 | 14.42 | 6.96 | 17.69 | 9.63 | 8.63 | 20.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.73 | 0.63 | 0.57 | 0.50 | 0.83 | 0.62 | 1.08 | 0.70 | 0.95 | 0.90 |
| EV / EBITDA | 12.11 | 13.34 | 13.15 | 14.51 | 9.56 | 12.73 | 13.09 | 11.79 | 7.10 | 10.67 | 10.36 |
| EV / EBIT | 17.02 | 17.47 | 16.58 | 17.46 | 10.77 | 14.23 | 14.66 | 12.03 | 8.50 | 13.20 | 11.67 |
| EV / FCF | — | 19.44 | 24.63 | 30.41 | — | 20.15 | 10.66 | 36.56 | 14.34 | 11.93 | 967.09 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.0% | 99.0% | 51.8% | 51.5% | 53.7% | 56.2% | 52.1% | 68.9% | 67.5% | 67.4% | 68.1% |
| Operating Margin | 4.5% | 4.5% | 3.7% | 2.8% | 4.2% | 5.4% | 3.4% | 7.1% | 7.8% | 6.9% | 6.6% |
| Net Profit Margin | 3.0% | 3.0% | 2.3% | 1.1% | 3.1% | 5.0% | 2.4% | 5.3% | 5.3% | 3.5% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.9% | 10.9% | 8.2% | 3.6% | 10.4% | 16.0% | 7.4% | 12.0% | 13.6% | 8.9% | 11.5% |
| ROA | 4.6% | 4.6% | 3.3% | 1.4% | 4.2% | 6.4% | 2.9% | 4.5% | 5.0% | 3.3% | 4.6% |
| ROIC | 8.9% | 8.9% | 7.0% | 4.8% | 7.6% | 9.4% | 5.4% | 9.1% | 12.6% | 9.5% | 8.8% |
| ROCE | 8.9% | 8.9% | 9.0% | 6.0% | 9.3% | 12.1% | 6.8% | 10.6% | 13.9% | 11.4% | 10.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.43 | 0.49 | 0.51 | 0.41 | 0.55 | 0.52 | 0.27 | 0.31 | 0.65 |
| Debt / EBITDA | 2.36 | 2.36 | 2.62 | 3.82 | 2.86 | 2.08 | 3.95 | 2.96 | 1.13 | 1.49 | 3.09 |
| Net Debt / Equity | — | 0.36 | 0.37 | 0.42 | 0.43 | 0.32 | 0.45 | 0.43 | 0.14 | 0.23 | 0.56 |
| Net Debt / EBITDA | 1.94 | 1.94 | 2.25 | 3.32 | 2.39 | 1.61 | 3.22 | 2.47 | 0.59 | 1.11 | 2.66 |
| Debt / FCF | — | 2.83 | 4.22 | 6.96 | — | 2.54 | 2.62 | 7.66 | 1.19 | 1.24 | 248.31 |
| Interest Coverage | 10.15 | 10.15 | 6.51 | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.49 | 7.49 | 1.05 | 1.06 | 1.11 | 0.98 | 1.05 | 1.07 | 1.09 | 1.05 | 1.11 |
| Quick Ratio | 7.49 | 7.49 | 1.05 | 1.06 | 1.11 | 0.98 | 1.05 | 1.07 | 1.09 | 1.05 | 1.11 |
| Cash Ratio | 0.59 | 0.59 | 0.06 | 0.06 | 0.09 | 0.09 | 0.09 | 0.08 | 0.10 | 0.06 | 0.09 |
| Asset Turnover | — | 1.47 | 1.40 | 1.29 | 1.34 | 1.25 | 1.16 | 0.73 | 0.91 | 0.86 | 0.91 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 0.5% | 0.7% | 0.5% | 0.6% |
| Payout Ratio | — | — | — | — | — | — | — | 8.0% | 7.8% | 12.0% | 9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 4.9% | 4.5% | 2.5% | 8.3% | 6.9% | 5.2% | 6.2% | 8.3% | 4.0% | 7.2% |
| FCF Yield | 7.1% | 6.0% | 4.9% | 4.3% | — | 5.7% | 12.4% | 3.5% | 7.6% | 9.4% | 0.1% |
| Buyback Yield | 1.5% | 1.5% | 0.9% | 1.0% | 8.8% | 2.8% | 1.6% | 0.2% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 1.5% | 1.5% | 0.9% | 1.0% | 8.8% | 2.8% | 1.6% | 0.7% | 0.9% | 0.6% | 0.8% |
| Shares Outstanding | — | $48M | $48M | $48M | $49M | $52M | $52M | $49M | $46M | $46M | $46M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying JLL stock.
Jones Lang LaSalle Incorporated's current P/E ratio is 15.8x. The historical average is 18.5x. This places it at the 24th percentile of its historical range.
Jones Lang LaSalle Incorporated's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Jones Lang LaSalle Incorporated's return on equity (ROE) is 10.9%. The historical average is 12.0%.
Based on historical data, Jones Lang LaSalle Incorporated is trading at a P/E of 15.8x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Jones Lang LaSalle Incorporated has 99.0% gross margin and 4.5% operating margin.
Jones Lang LaSalle Incorporated's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
EPS miss versus revenue strength
Metrics are mathematically derived from official filings.
Services Multiple Priced as Cyclical Rather Than Platform
Based on reported figures, JLL trades at a P/E of 22.88 and EV/EBITDA of 14.15, a discount to CBRE's 35.42 P/E and 23.33 EV/EBITDA that suggests the market prices JLL as a cyclical service provider rather than a technology platform. P/FFO and P/AFFO are unavailable in the supplied data, so REIT-style valuation cannot be directly confirmed.
Because JLL is a services firm rather than an income-property owner, P/FFO is used here only as a reference point, and the FFO-based multiples in the ratio table (roughly 134x to 167x) reflect the fact that FFO adds back large amortization charges and is not a clean earnings proxy for this business. The valuation discount to CBRE may indicate investor skepticism that JLL Technologies will translate into durable margin expansion, which warrants monitoring. The Q2 2026 EPS shortfall further suggests that the earnings multiple is sensitive to whether the revenue momentum converts into profit.
Revenue Growth Outpacing Earnings Conversion
As reported in the ratio data, FFO per share grew 34.3% year over year in Q3 2026 and 51.6% in Q2 2026, yet ROE sits at only 4.1% and the reported NOI margin of 5.4% in the latest quarter implies thin operating conversion relative to the revenue base.
The NOI margin series swings between roughly 50% and 100% across periods, which likely reflects the treatment of reimbursable expenses and the lumpiness of transactional fees rather than a stable operating structure, so quarter-to-quarter margin comparisons should be treated cautiously. FFO growth appears strong, but a significant share of it may come from favorable timing of high-margin capital markets fees rather than sustained organic expansion. Investors should monitor whether the margin shows persistence in the coming quarters, since the EPS miss in Q2 2026 suggests earnings quality may lag top-line gains.
Payout Metrics Unavailable Against Quarterly Volatility
The FFO payout ratio and dividend yield are unavailable in the supplied data, as dividends are not reported, so distribution coverage cannot be measured directly from the ratio series.
Based on reported figures, AFFO per share of $6.92 in Q3 2026 and $4.39 in Q2 2026 is positive across recent quarters, but the absence of a dividend yield or payout line means the dividend safety margin cannot be confirmed. Investors should be cautious about inferring coverage from AFFO alone, since operating cash flow itself has swung between strongly positive and negative quarters.
Low Reported Leverage With Volatile Interest Coverage
According to the ratio series, debt-to-equity has ranged from 0.28 in Q3 2026 to 0.74 in Q3 2024, while interest coverage moved from 11.06x in Q2 2026 to 28.36x in Q4 2025, with several periods showing no reported coverage figure.
The debt-to-equity figures are modest in absolute terms, but JLL's leverage metric should be read against gross assets and service liabilities rather than book equity alone, since the reported ratio may not fully capture working-capital credit lines or lease obligations. Interest coverage appears comfortable in most reported periods, though the gaps in the series limit confidence in the trend. Maturity profile and refinancing exposure are not disclosed in the supplied data, so this analysis cannot assess refinancing risk directly.
Price-to-FFO Misapplied to a Services Business
The most commonly misapplied metric here is P/FFO, which appears to inflate JLL's apparent valuation because FFO adds back amortization of acquired intangibles, producing multiples above 130x that obscure the company's underlying earnings power.
Standard REIT FFO assumes depreciation of owned real estate, but JLL is an asset-light services firm whose add-backs are dominated by intangible amortization from acquisitions such as HFF, so FFO-based multiples can mislead investors about cash earnings. A more defensible alternative is to use normalized net income or adjusted EBITDA net of acquisition amortization and reimbursable pass-through costs, with fee-earning revenue as the scale measure. Based on reported figures, the gap between FFO and net income suggests the adjustment matters materially, so analysts should treat headline FFO multiples as a reference rather than a valuation anchor.