Latest Ratios: P/E Ratio 19.8x · EV/EBITDA 12.5x · 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 | $15.0B | $16.3B | $12.2B | $9.1B | $7.9B | $14.0B | $7.8B | $8.6B | $5.8B | $6.8B | $4.6B |
| Enterprise Value | $17.8B | $19.0B | $14.8B | $11.8B | $10.5B | $16.1B | $10.3B | $10.8B | $6.3B | $7.6B | $6.2B |
| P/E Ratio → | 19.76 | 20.52 | 22.40 | 40.44 | 12.01 | 14.58 | 19.27 | 16.02 | 12.01 | 24.70 | 13.98 |
| P/S Ratio | 0.58 | 0.62 | 0.52 | 0.44 | 0.38 | 0.72 | 0.47 | 0.85 | 0.64 | 0.86 | 0.67 |
| P/B Ratio | 2.05 | 2.13 | 1.78 | 1.42 | 1.28 | 2.18 | 1.38 | 1.64 | 1.56 | 2.02 | 1.63 |
| P/FCF | 15.36 | 16.61 | 20.41 | 23.45 | — | 17.61 | 8.04 | 28.91 | 13.15 | 10.68 | 718.77 |
| P/OCF | 12.59 | 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 | 12.48 | 13.34 | 12.05 | 12.96 | 9.56 | 12.73 | 13.09 | 11.79 | 7.10 | 10.67 | 10.36 |
| EV / EBIT | 15.17 | 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 | 2.40 | 3.42 | 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 | 2.06 | 2.97 | 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 | 5.1% | 4.9% | 4.5% | 2.5% | 8.3% | 6.9% | 5.2% | 6.2% | 8.3% | 4.0% | 7.2% |
| FCF Yield | 6.5% | 6.0% | 4.9% | 4.3% | — | 5.7% | 12.4% | 3.5% | 7.6% | 9.4% | 0.1% |
| Buyback Yield | 1.7% | 1.5% | 0.9% | 1.0% | 8.8% | 2.8% | 1.6% | 0.2% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 1.7% | 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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10-year return with dividends reinvested.
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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 19.8x. The historical average is 18.5x. This places it at the 72th percentile of its historical range.
Jones Lang LaSalle Incorporated's current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
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 19.8x. This is at the 72th 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 vs revenue beat
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Growth
JLL trades at 160x trailing FFO, a premium to peers, reflecting its accelerating FFO growth of 51.6% in Q2 2026, as per the latest quarterly report.
The P/FFO multiple of 160.45 is elevated relative to the broader REIT market, but this appears justified by the 51.6% YoY FFO growth in Q2 2026, which is among the highest in the peer set. The implied cap rate, derived from NOI and enterprise value, is not directly available, but the strong growth trajectory suggests the market is pricing in continued recovery in transaction volumes. Investors should monitor whether this multiple compresses if growth decelerates, as the current valuation leaves little room for disappointment.
NOI Margin Volatility Masks Underlying Strength
NOI margin swung from 100% in Q2 2026 to 63.4% in Q4 2025, reflecting lumpy pass-through revenues, but FFO growth of 51.6% indicates strong operational leverage, as reported in financial statements.
The extreme volatility in NOI margin, ranging from 50% to 100%, is a function of JLL's business model where pass-through expenses distort the metric. However, the consistent FFO growth, with Q2 2026 FFO per share of $5.76 up 51.6% YoY, suggests that underlying profitability is improving as high-margin capital markets activity recovers. The EPS miss of 23% versus consensus in Q2 2026, despite the revenue beat, warrants attention as it may indicate margin pressure from cost investments or mix shifts, but the overall trend appears positive.
No Dividend, Full Cash Retention
JLL pays no dividend, so the FFO payout ratio is zero, and all AFFO of $207.9M in Q2 2026 is retained, providing a substantial buffer for reinvestment, as per the cash flow statement.
With no dividend, the payout ratio is not a concern, and the entire AFFO is available for reinvestment in the business, debt reduction, or strategic acquisitions. This retention strategy supports the company's ability to fund its technology initiatives and M&A without external capital. The strong FFO growth and positive free cash flow in Q2 2026 suggest that the company is generating ample cash to support its growth plans, though the negative FCF in Q1 quarters highlights seasonal working capital swings that investors should monitor.
Deleveraging Trend Strengthens Balance Sheet
Debt-to-equity fell to 0.33 in Q2 2026 from 0.57 a year earlier, and interest coverage improved to 11.06x, indicating reduced leverage and strong debt servicing capacity, based on reported figures.
The deleveraging trend is evident, with D/E declining from 0.57 in Q2 2025 to 0.33 in Q2 2026, reflecting both debt reduction and equity growth from retained earnings. Interest coverage of 11.06x in Q2 2026 is robust, providing ample cushion for debt service. The company's investment-grade balance sheet and reduced leverage suggest it is well-positioned to navigate potential market downturns and capitalize on acquisition opportunities. However, the reported D/E may not fully capture off-balance-sheet lease liabilities, so investors should consider the total debt picture.
Asset-Light Model with Recurring Revenue
JLL's asset-light model is evident with PP&E steady at $1.3B, while Work Dynamics provides recurring revenue through long-term contracts, as reported in the latest quarterly data.
The stability of property, plant, and equipment at $1.3B over the past year underscores the asset-light nature of JLL's operations, which minimizes depreciation drag and capital intensity. The Work Dynamics segment, which generates recurring facility management fees, provides a defensive revenue base that can offset cyclicality in transactional businesses. This mix supports the company's ability to generate consistent cash flow, though the concentration in the US market (over 60% of revenue) exposes it to domestic real estate cycles.
P/E Misleads Due to Depreciation
Standard P/E of 22.32 is distorted by depreciation and amortization, which are minimal for JLL's asset-light model, so P/FFO of 160.45 is the more appropriate valuation metric, as per the latest financials.
The most commonly misapplied ratio for JLL is the standard P/E, which is distorted by depreciation and amortization charges that are relatively small given the asset-light model. As a result, P/E may understate the company's earnings power, while P/FFO provides a cleaner measure of cash-generating ability. However, the extremely high P/FFO of 160.45 suggests the market is pricing in significant future growth, and investors should use AFFO to account for maintenance capex and other non-cash items. The gap between net income and FFO is small, indicating minimal distortion, but the focus should remain on FFO-based metrics for valuation.