What are the investment risks for Jones Lang LaSalle Inc (JLL)?

Operating margin TTM of 4.1% vs industry median 17.8% exposes high fixed cost structure - volume declines hit earnings hard Current debt of 1.5B exceeds cash (429M) 3.6x - refinancing risk if CRE downturn extends and credit tightens

Jones Lang LaSalle Inc

JLL

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Jones Lang LaSalle Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

Goodwill of 4.7B is 66% of equity (7.2B) - acquisition-heavy model creates impairment risk if CRE markets deteriorate[Goodwill]
Asset turnover TTM of 1.45x vs industry median 0.12x - 12x more capital efficient, fee-based model requires minimal assets[Asset Turnover]
FCF TTM of 912M on 25.3B revenue (3.6% margin) with 307M working capital build - cash conversion lags earnings[Free Cash Flow]

Watch Triggers

Operating Margin TTM: Falls below 3% — Signals volume decline overwhelming cost cuts - earnings at risk
Goodwill: Impairment charge announced — Would signal overpayment for acquisitions and reduce equity cushion
Free Cash Flow TTM: Turns negative for 2+ quarters — Would stress 3.5B debt load and limit strategic flexibility

Bull Case

Scale advantage in fragmented CRE services - 25.3B TTM revenue is 48x industry median (524M), enabling tech investment and global client coverage competitors can't match

Total Revenue TTMAsset Turnover

Debt/equity of 0.49 with 429M cash provides dry powder for accretive M&A in distressed CRE environment

Debt to EquityCash and Equivalents

Bear Case

Operating margin TTM of 4.1% vs industry median 17.8% exposes high fixed cost structure - volume declines hit earnings hard

Operating Margin TTMOperating Expense TTM

Current debt of 1.5B exceeds cash (429M) 3.6x - refinancing risk if CRE downturn extends and credit tightens

Current DebtCash and Equivalents

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

45%

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Forward Thesis

CRE transaction recovery could drive 20%+ earnings growth as rate cuts unlock deal activity

1-3ymed

Fed rate cuts reduce financing costs for CRE buyers
Pent-up transaction demand from 2023-24 freeze
Operating leverage on fee-based revenue

Operating margin TTM 4.1% vs 17.8% median - room to expandNet income 632M on 25.3B revenue - high fixed cost baseEPS TTM $14.24 on lean 48M share count

Valuation Context

Caveats

Public Strategies Rankings

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JLL Fundamentals

Real Estate and Rental and Leasing → Real Estate

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$15.34B		—
Enterprise Value	$17.33B		—
P/E Ratio	19		—
Total Revenue - TTM	$26.12B	+11.4%	—
Earnings Per Share (diluted) - TTM	$16.40	+51.1%	—
Operating Margin - TTM	4.49%	+0.7%	—
Net Margin - TTM	3.03%	+0.7%	—
Free Cash Flow - TTM	$978.5M	+63.1%	—
Return on Common Equity - TTM	11.1%	+2.7%	—
Beta 5Y (Monthly)	unknown		—

JLL Dividend History

29 dividends

2019

$0.8600

11/14/19$0.4300

05/16/19$0.4300

2018

$0.8200

11/15/18$0.4100

05/17/18$0.4100

2017

$0.7200

11/15/17$0.3700

05/11/17$0.3500

2016

$0.6400

11/10/16$0.3300

05/11/16$0.3100

2015

$0.5600

11/10/15$0.2900

05/13/15$0.2700

2014

$0.4800

11/12/14$0.2500

05/13/14$0.2300

2013

$0.4400

11/13/13$0.2200

05/14/13$0.2200

2012

$0.4000

11/13/12$0.2000

05/11/12$0.2000

2011

$0.3000

11/10/11$0.1500

05/12/11$0.1500

2010

$0.2000

11/10/10$0.1000

05/12/10$0.1000

2009

$0.2000

11/10/09$0.1000

05/13/09$0.1000

2008

$0.7500

11/12/08$0.2500

05/13/08$0.5000

2007

$0.8500

11/13/07$0.5000

05/11/07$0.3500

2006

$0.6000

11/13/06$0.3500

05/11/06$0.2500

2005

$0.2500

09/13/05$0.2500

JLL Stock Splits

No stock splits

JLL SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/19/26	12/31/25	10-K	0001037976-26-000037
11/05/25	09/30/25	10-Q	0001037976-25-000071
08/06/25	06/30/25	10-Q	0001037976-25-000045
05/07/25	03/31/25	10-Q	0001037976-25-000025
02/19/25	12/31/24	Unknown	0001037976-25-000006
11/06/24	09/30/24	10-Q	0001037976-24-000044
08/06/24	06/30/24	10-Q	0001037976-24-000035
05/06/24	03/31/24	10-Q	0001037976-24-000021
02/27/24	12/31/23	10-K	0001037976-24-000010
11/02/23	09/30/23	10-Q	0001037976-23-000045
08/03/23	06/30/23	10-Q	0001037976-23-000030
05/04/23	03/31/23	10-Q	0001037976-23-000015
02/28/23	12/31/22	10-K	0001037976-23-000007
11/02/22	09/30/22	10-Q	0001037976-22-000036
08/03/22	06/30/22	10-Q	0001037976-22-000024
05/09/22	03/31/22	10-Q	0001037976-22-000016
02/28/22	12/31/21	10-K	0001037976-22-000006
11/03/21	09/30/21	10-Q	0001037976-21-000048
08/04/21	06/30/21	10-Q	0001037976-21-000035
05/06/21	03/31/21	10-Q	0001037976-21-000022
02/18/21	12/31/20	10-K	0001037976-21-000009
11/02/20	09/30/20	10-Q	0001037976-20-000044
08/06/20	06/30/20	10-Q	0001037976-20-000036
05/06/20	03/31/20	10-Q	0001037976-20-000022
02/27/20	12/31/19	10-K	0001037976-20-000011
11/06/19	09/30/19	10-Q	0001037976-19-000071
08/07/19	06/30/19	10-Q	0001037976-19-000062
05/08/19	03/31/19	10-Q	0001037976-19-000049
02/26/19	12/31/18	10-K	0001037976-19-000008
11/07/18	09/30/18	10-Q	0001037976-18-000050
08/08/18	06/30/18	10-Q	0001037976-18-000042
05/08/18	03/31/18	10-Q	0001037976-18-000030
02/23/18	12/31/17	10-K	0001037976-18-000008
11/06/17	09/30/17	10-Q	0001037976-17-000042
08/03/17	06/30/17	10-Q	0001037976-17-000032
05/05/17	03/31/17	10-Q	0001037976-17-000020
02/23/17	12/31/16	10-K	0001037976-17-000012
11/03/16	09/30/16	10-Q	0001037976-16-000147
08/03/16	06/30/16	10-Q	0001037976-16-000132
05/05/16	03/31/16	10-Q	0001037976-16-000096
02/25/16	12/31/15	10-K	0001037976-16-000086
11/05/15	09/30/15	10-Q	0001037976-15-000074
08/06/15	06/30/15	10-Q	0001037976-15-000054
05/07/15	03/31/15	10-Q	0001037976-15-000033
02/27/15	12/31/14	10-K	0001037976-15-000018
11/06/14	09/30/14	10-Q	0001037976-14-000068
08/07/14	06/30/14	10-Q	0001037976-14-000047
05/08/14	03/31/14	10-Q	0001037976-14-000028
02/27/14	12/31/13	10-K	0001037976-14-000017
11/06/13	09/30/13	10-Q	0001037976-13-000017
08/08/13	06/30/13	10-Q	0001037976-13-000007
05/08/13	03/31/13	10-Q	0001445305-13-001203
02/26/13	12/31/12	10-K	0001140361-13-009386
10/31/12	09/30/12	10-Q	0001140361-12-045019
08/07/12	06/30/12	10-Q	0001140361-12-035503
05/08/12	03/31/12	10-Q	0001140361-12-023617
02/27/12	12/31/11	10-K	0001140361-12-011117
11/07/11	09/30/11	10-Q	0001140361-11-052030
08/05/11	06/30/11	10-Q	0001140361-11-039928
05/06/11	03/31/11	10-Q	0001193125-11-130109
02/25/11	12/31/10	10-K	0001193125-11-047001
11/05/10	09/30/10	10-Q	0001193125-10-250159
08/06/10	06/30/10	10-Q	0001193125-10-181233
05/07/10	03/31/10	10-Q	0001193125-10-112721
02/26/10	12/31/09	10-K	0001193125-10-043072
11/05/09	09/30/09	10-Q	0001140361-09-024932
08/07/09	06/30/09	10-Q	0001140361-09-018246
05/08/09	03/31/09	10-Q	0001140361-09-011504
02/27/09	12/31/08	10-K	0001193125-09-041207
11/07/08	09/30/08	10-Q	0001140361-08-024747
08/06/08	06/30/08	10-Q	0001140361-08-018462
05/06/08	03/31/08	10-Q	0001140361-08-011217
02/29/08	12/31/07	10-K	0001193125-08-043269
11/05/07	09/30/07	10-Q	0001140361-07-020993
08/02/07	06/30/07	10-Q	0001140361-07-015260
05/03/07	03/31/07	10-Q	0001140361-07-009028
02/28/07	12/31/06	10-K	0001140361-07-004553
11/08/06	09/30/06	10-Q	0001140361-06-015739
08/03/06	06/30/06	10-Q	0001140361-06-011056
05/09/06	03/31/06	10-Q	0001140361-06-007008
03/03/06	12/31/05	10-K	0001140361-06-003410
11/09/05	09/30/05	10-Q	0001140361-05-009282
08/08/05	06/30/05	10-Q	0001015402-05-003789
05/06/05	03/31/05	10-Q	0001015402-05-002269
03/11/05	12/31/04	10-K	0001015402-05-001269
11/08/04	09/30/04	10-Q	0000892626-04-000243
08/02/04	06/30/04	10-Q	0000892626-04-000177
05/06/04	03/31/04	10-Q	0000892626-04-000122
03/12/04	12/31/03	10-K	0000892626-04-000068
11/06/03	09/30/03	10-Q	0000892626-03-000373
08/05/03	06/30/03	10-Q	0000892626-03-000300
05/08/03	03/31/03	10-Q	0000892626-03-000192
03/06/03	12/31/02	10-K	0000892626-03-000097
10/31/02	09/30/02	10-Q	0000892626-02-000352
08/13/02	06/30/02	10-Q	0000892626-02-000274
05/15/02	03/31/02	10-Q	0000892626-02-000192
04/01/02	12/31/01	10-K	0000892626-02-000148
11/14/01	09/30/01	10-Q	0000892626-01-500178
08/14/01	06/30/01	10-Q	0000892626-01-500113
05/15/01	03/31/01	10-Q	0000892626-01-500047
04/02/01	12/31/00	10-K	0000892626-01-000155
11/14/00	09/30/00	10-Q	0000892626-00-000384
08/14/00	06/30/00	10-Q	0000892626-00-000311
05/15/00	03/31/00	10-Q	0000892626-00-000220