Latest Ratios: P/E Ratio -7.3x · EV/EBITDA 18.4x · ROE -7.1%. (2014–2025 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 | $903M | $1.1B | $1.4B | $1.8B | $2.3B | $3.8B | $4.2B | $5.2B | $4.1B | $3.7B | — |
| Enterprise Value | $3.4B | $3.6B | $3.8B | $4.3B | $4.5B | $6.2B | $6.0B | $6.8B | $6.0B | $5.5B | — |
| P/E Ratio → | -7.33 | — | — | — | 27.11 | — | — | 83.10 | 102.38 | — | — |
| P/S Ratio | 1.81 | 2.30 | 2.48 | 2.96 | 3.73 | 5.92 | 6.92 | 8.07 | 6.44 | 6.74 | — |
| P/B Ratio | 0.62 | 0.69 | 0.61 | 0.66 | 0.71 | 1.09 | 1.12 | 1.30 | 1.17 | 1.02 | — |
| P/FCF | — | — | — | — | — | 84.52 | — | — | 21.60 | — | — |
| P/OCF | 12.33 | 15.64 | 10.49 | 9.75 | 12.69 | 17.26 | 24.69 | 29.96 | 22.04 | 49.33 | — |
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 | — | 7.25 | 7.00 | 7.05 | 7.40 | 9.73 | 10.00 | 10.50 | 9.35 | 10.21 | — |
| EV / EBITDA | 18.36 | 19.68 | 17.86 | 16.16 | 18.71 | 25.75 | 28.22 | 15.92 | 8.97 | 10.17 | — |
| EV / EBIT | — | — | 611.55 | — | 25.08 | — | — | 153.59 | 51.61 | — | — |
| EV / FCF | — | — | — | — | — | 138.88 | — | — | 31.36 | — | — |
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 | -14.5% | -14.5% | 50.0% | 51.9% | 49.4% | 48.2% | 45.0% | 50.2% | 52.0% | 57.8% | 63.7% |
| Operating Margin | -1.3% | -1.3% | 1.1% | 7.9% | 3.6% | -0.1% | — | 36.5% | 8.4% | -9.6% | 23.6% |
| Net Profit Margin | -27.9% | -27.9% | -26.2% | -13.2% | 14.1% | -12.5% | -10.3% | 10.1% | 6.2% | -13.2% | 13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.1% | -7.1% | -5.8% | -2.7% | 2.6% | -2.2% | -1.6% | 1.7% | 1.1% | -2.5% | 2.9% |
| ROA | -3.0% | -3.0% | -2.7% | -1.4% | 1.4% | -1.3% | -1.0% | 1.1% | 0.7% | -1.5% | 1.7% |
| ROIC | -0.1% | -0.1% | 0.1% | 0.7% | 0.3% | -0.0% | — | 3.2% | 0.7% | -0.9% | 2.6% |
| ROCE | -0.1% | -0.1% | 0.1% | 0.9% | 0.4% | -0.0% | — | 4.1% | 0.9% | -1.1% | 3.3% |
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 | 1.52 | 1.52 | 1.17 | 0.98 | 0.77 | 0.77 | 0.56 | 0.43 | 0.60 | 0.61 | 0.55 |
| Debt / EBITDA | 13.85 | 13.85 | 12.21 | 10.01 | 10.29 | 11.18 | 9.73 | 3.99 | 3.18 | 4.04 | 2.43 |
| Net Debt / Equity | — | 1.48 | 1.11 | 0.92 | 0.70 | 0.70 | 0.50 | 0.39 | 0.53 | 0.53 | 0.54 |
| Net Debt / EBITDA | 13.44 | 13.44 | 11.53 | 9.38 | 9.28 | 10.08 | 8.67 | 3.69 | 2.79 | 3.46 | 2.37 |
| Debt / FCF | — | — | — | — | — | 54.37 | — | — | 9.76 | — | — |
| Interest Coverage | -0.13 | -0.13 | 0.05 | -0.01 | 2.35 | -0.33 | -0.19 | 0.84 | 1.57 | -0.56 | 2.26 |
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 | 1.05 | 1.05 | 1.89 | 2.30 | 3.09 | 1.27 | 3.88 | 1.06 | 4.38 | 4.01 | 0.86 |
| Quick Ratio | 1.05 | 1.05 | 1.89 | 2.30 | 3.09 | 1.27 | 3.88 | 1.06 | 4.38 | 3.90 | 0.86 |
| Cash Ratio | 0.25 | 0.25 | 0.71 | 0.88 | 1.44 | 0.60 | 1.64 | 0.35 | 1.93 | 2.28 | 0.09 |
| Asset Turnover | — | 0.11 | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.09 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 14.94 | — |
| 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 | 4.7% | 4.2% | 4.6% | 5.3% | 4.8% | 3.1% | 2.9% | 2.5% | 2.6% | 0.7% | — |
| Payout Ratio | — | — | — | — | 126.1% | — | — | 198.0% | 268.9% | — | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 3.7% | — | — | 1.2% | 1.0% | — | — |
| FCF Yield | — | — | — | — | — | 1.2% | — | — | 4.6% | — | — |
| Buyback Yield | 49.1% | 38.7% | 12.6% | 18.8% | 16.0% | 4.2% | 2.5% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 53.8% | 42.9% | 17.1% | 24.0% | 20.8% | 7.3% | 5.4% | 2.5% | 2.6% | 0.7% | — |
| Shares Outstanding | — | $67M | $88M | $105M | $119M | $131M | $133M | $131M | $119M | $105M | $119M |
Concentrated DC Office Exposure
As reported in financial statements, JBGS experienced significant NOI margin instability, ranging from a negative 2.0% in 2025Q4 to a recovery of 62.2% in 2026Q1, suggesting that property-level profitability remains highly sensitive to the timing of development completions and the ongoing transition of the National Landing portfolio.
The wide variance in NOI margins indicates that the company's core operations are currently struggling to achieve consistent property-level efficiency. This instability likely stems from the high fixed-cost burden of maintaining Class A office assets alongside the capital-intensive nature of the ongoing development pipeline.
Based on reported figures, the FFO payout ratio reached 39.1% in 2026Q1, yet this metric appears misleading as the company has consistently reported negative AFFO over the last ten quarters, indicating that dividend distributions are not currently supported by recurring cash flow generated from the core property portfolio.
Investors should monitor the persistent gap between FFO and AFFO, which suggests that maintenance capital expenditures and other cash requirements are significantly higher than accounting earnings imply. The reliance on non-recurring sources to fund dividends warrants further investigation into the long-term sustainability of the current payout policy.
According to recent SEC filings, the company's debt-to-equity ratio climbed from 0.98 in 2023Q4 to 1.52 by 2025Q4, reflecting an increasing reliance on debt financing to sustain operations and development activities during a period of significant portfolio contraction and structural headwinds in the DC office market.
The upward trend in leverage, combined with consistently negative interest coverage ratios, suggests that the company's balance sheet is under significant pressure. This profile may limit management's flexibility to navigate further market downturns or fund the remaining 17.1 million square foot development pipeline without additional capital constraints.
Market participants frequently misapply standard P/E ratios to JBGS, which obscures the company's true economic performance by failing to account for the heavy non-cash depreciation charges inherent in its real estate portfolio, as evidenced by the reported negative P/E of -7.17 in the latest period.
Using P/E for a REIT like JBGS is fundamentally flawed because it ignores the difference between accounting net income and actual cash-generating capacity. Analysts should instead prioritize FFO or AFFO multiples to better understand the valuation relative to the company's ability to generate distributable cash flow from its assets.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying JBGS stock.
JBG SMITH Properties's current P/E ratio is -7.3x. The historical average is 70.9x.
JBG SMITH Properties's current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.9x.
JBG SMITH Properties's return on equity (ROE) is -7.1%. The historical average is -0.6%.
Based on historical data, JBG SMITH Properties is trading at a P/E of -7.3x. Compare with industry peers and growth rates for a complete picture.
JBG SMITH Properties's current dividend yield is 4.70%.
JBG SMITH Properties has -14.5% gross margin and -1.3% operating margin.
JBG SMITH Properties's Debt/EBITDA ratio is 13.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.