Jones Lang LaSalle IncorporatedJLL
NYSE•Real Estate•Real Estate Services
Jones Lang LaSalle Incorporated operates as a commercial real estate and investment management company. It engages in buying, building, occupying, managing, and investing in office, industrial, hotel, multi-family, retail and data center properties in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company also offers agency leasing, tenant representation, property management, advisory, and consulting services; and debt advisory, loan sales and servicing, value and risk advisory, equity and funds placement, merger and acquisition, corporate advisory, and investment sales and advisory services. In addition, it provides on-site real estate management services for office, industrial, retail, multifamily residential, and other properties; cloud-based software solutions; integrated facilities management, space planning, office design, and workplace strategy consulting services; program and project management, implementation and support, managed services, and advisory/consulting services; and investment management services to institutional investors and high-net-worth individuals, as well as designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments. It provides its services to real estate owners, occupiers, investors, and developers for various property types, including critical environments and data centers, offices, industrial and warehouses, residential properties, infrastructure projects, retail and shopping malls, logistics, and military housing and transportation centers; and hotels and hospitality, cultural, educational, government, healthcare and laboratory, and sports facilities. 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 Incorporated (JLL) reported trailing twelve months revenue of $26.76B as of March 2026, a 11.2% increase year-over-year. Quarterly revenue reached $6.39B, reflecting continued top-line momentum.
Jones Lang LaSalle Incorporated generated $894.00M in TTM net income, with quarterly EBITDA of $262.40M. The operating margin expanded from 2.1% to 3.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.2%) and net margin (2.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.0% a year ago, signaling stronger bottom-line efficiency.
JLL trades at a P/E of 15.6x (in line with broad market averages) and a P/S of 0.5x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-819.90M, indicating cash consumption over the period. The balance sheet shows $17.89B in total assets with $1.13B in long-term debt against $7.31B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~3.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.6% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~23.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~4.3% — no sign of cost or pricing stress.
FCF covers net income by -0.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation