Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 12.8x · 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 | $15.4B | $16.3B | $12.2B | $9.1B | $7.9B | $14.0B | $7.8B | $8.6B | $5.8B | $6.8B | $4.6B |
| Enterprise Value | $18.2B | $19.0B | $14.8B | $11.8B | $10.5B | $16.1B | $10.3B | $10.8B | $6.3B | $7.6B | $6.2B |
| P/E Ratio → | 20.28 | 20.52 | 22.40 | 40.44 | 12.01 | 14.58 | 19.27 | 16.02 | 12.01 | 24.70 | 13.98 |
| P/S Ratio | 0.59 | 0.62 | 0.52 | 0.44 | 0.38 | 0.72 | 0.47 | 0.85 | 0.64 | 0.86 | 0.67 |
| P/B Ratio | 2.11 | 2.13 | 1.78 | 1.42 | 1.28 | 2.18 | 1.38 | 1.64 | 1.56 | 2.02 | 1.63 |
| P/FCF | 15.77 | 16.61 | 20.41 | 23.45 | — | 17.61 | 8.04 | 28.91 | 13.15 | 10.68 | 718.77 |
| P/OCF | 12.92 | 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 | 12.76 | 13.34 | 12.05 | 12.96 | 9.56 | 12.73 | 13.09 | 11.79 | 7.10 | 10.67 | 10.36 |
| EV / EBIT | 15.51 | 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 | 4.9% | 4.9% | 4.5% | 2.5% | 8.3% | 6.9% | 5.2% | 6.2% | 8.3% | 4.0% | 7.2% |
| FCF Yield | 6.3% | 6.0% | 4.9% | 4.3% | — | 5.7% | 12.4% | 3.5% | 7.6% | 9.4% | 0.1% |
| Buyback Yield | 1.4% | 1.3% | 0.9% | 1.0% | 8.8% | 2.8% | 1.6% | 0.2% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 1.4% | 1.3% | 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 |
Cyclical transaction volume volatility
Based on recent financial data, JLL trades at a forward P/E of 13.68, which suggests the market is pricing in significant cyclical risk compared to the broader real estate services sector, where peers like CBRE command substantially higher multiples despite similar exposure to global transaction environments.
The current valuation appears to discount the potential for long-term margin expansion through JLL Technologies, treating the firm primarily as a cyclical brokerage play. Investors should monitor whether the forward P/E compression reflects a realistic assessment of transaction volume headwinds or an overly pessimistic view of the firm's recurring revenue segments.
As reported in quarterly filings, JLL's ROIC has struggled to exceed 3.8% over the last ten quarters, indicating that the firm is currently failing to generate returns that meaningfully exceed its cost of capital, a trend that warrants further investigation into the efficacy of recent large-scale acquisitions.
The persistent low ROIC suggests that the integration of past M&A activity has not yet yielded the expected synergies or operational leverage. This performance gap relative to historical benchmarks implies that management's capital allocation strategy is currently struggling to overcome the drag of high intangible asset bases and cyclical revenue volatility.
According to recent SEC filings, JLL's asset turnover has remained stagnant near 0.36, which, when combined with significant quarterly swings in DSO, suggests that the firm's ability to optimize its working capital cycle is heavily constrained by the lumpy nature of its global capital markets transaction business.
The lack of a clear trend in asset turnover indicates that the firm's operational footprint is not scaling efficiently with revenue growth. Investors should be wary of the high DSO volatility, as it may mask underlying challenges in collecting fees from clients during periods of broader commercial real estate market stress.
Based on reported figures, JLL's current ratio plummeted to 0.02 in 2026Q1 from 7.49 in 2025Q4, a dramatic shift that highlights a precarious liquidity profile highly dependent on the timing of client billings and the availability of short-term credit facilities to bridge operational gaps during cyclical downturns.
This extreme liquidity variance suggests that the firm's balance sheet is not structured to withstand prolonged periods of transaction inactivity without relying on external financing. The reliance on such volatile metrics warrants caution, as it may indicate that the firm's core liquidity buffer is thinner than headline figures suggest.
As reported in financial statements, JLL's gross margin frequently approaches 100%, a metric that is commonly misapplied by analysts to assess profitability, as it fails to account for the massive volume of client-reimbursed pass-through expenses that carry zero economic margin for the firm's core service operations.
Relying on gross margin for JLL obscures the true earning power of the business, which is better captured by fee-earning revenue metrics. Analysts should adjust for these pass-through costs to avoid overestimating the firm's pricing power and to gain a clearer understanding of the actual margin contribution from its advisory and management services.
Includes 30+ ratios · 30 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 JLL stock.
Jones Lang LaSalle Incorporated's current P/E ratio is 20.3x. 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 12.8x. 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 20.3x. 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.