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olivLaw · US equity research

Jones Lang LaSalle Incorporated JLL

Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

390.33USD+4.23% · 1 dayClose 04 Nov 2026

JLL is a global commercial real estate services and investment management company operating in over 80 countries, with revenue of 26.1 billion USD in 2025. Its second-quarter 2026 results, with revenue growth and accelerating advisory services, show how demand for core services has strengthened.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Jones Lang LaSalle Incorporated (JLL) stock was 390.33 USD (+4.23% on the day), with market capitalisation 17.8 bn USD, P/E 16.9 on diluted EPS of 23.11 USD over the last 12 months, dividend yield 0.00%, beta 1.09, 52-week range 280.16–392.79 USD. Latest reported quarter (Q3 2026): revenue of 7.3 bn USD (+11.8% YoY), net income of 318.6 m USD (+43.3% YoY), diluted EPS 6.85 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
17.8 bn USD
shares as of 23 Oct 2026
P/E (TTM)
16.9
Diluted EPS TTM 23.11 · TTM to 30 Sept 2026
E/P (TTM)
5.92%
TTM to 30 Sept 2026
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
1.09
Volatility (1y) 38%
52-week range
280.16392.79

Price history

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Technical reading

RSI (14)
75.9
overbought (≥ 70)
Bollinger (20, 2)
260.57 – 382.70
above the upper band · %B 1.06 · band width 38.0%
SMA 50 / 200
331.00 / 324.76
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
13.82 / 3.11
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+29.1%−1.1%+30.2 pp—
3 months+4.6%−0.5%+5.0 pp—
6 months+19.9%+4.4%+15.5 pp—
Year to date+16.0%+12.3%+3.7 pp—
1 year+30.5%+13.5%+17.0 pp−32.9%
3 years+158.4%+76.4%+82.0 pp−14.2%
5 years+45.9%+63.7%−17.8 pp—
Max drawdown (1y)
−24.8%
25 Aug 2026 → 14 Oct 2026
Max drawdown (5y)
−55.5%
04 Jan 2022 → 25 Oct 2023
Compound annual growth (5y)
+7.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
7.3 bn USD
+11.8% YoY
Net income
318.6 m USD
+43.3% YoY
Diluted EPS
6.85
+48.6% YoY
net / operating
4.4% / 5.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue6.8 bn5.7 bn6.3 bn6.5 bn7.6 bn6.4 bn6.9 bn7.3 bn
Operating income373.2 m120.0 m197.4 m273.7 m506.9 m204.6 m290.9 m391.0 m
Depreciation & amortisation67.0 m71.6 m67.7 m57.6 m55.9 m57.8 m57.2 m56.7 m
Pre-tax income300.6 m71.5 m137.2 m275.0 m498.0 m197.5 m265.6 m394.7 m
Income tax58.7 m14.0 m26.7 m52.6 m96.2 m38.1 m51.3 m76.1 m
Net income241.2 m57.5 m110.5 m222.4 m401.7 m159.4 m214.3 m318.6 m
Diluted EPS4.98 ≈1.142.324.618.34 ≈3.334.596.85
Operating cash flow927.3 m-767.6 m332.8 m ≈617.1 m ≈1.0 bn-755.0 m488.1 m ≈609.7 m ≈
Share repurchases20.3 m19.7 m40.2 m ≈70.3 m ≈81.3 m300.0 m109.0 m ≈139.6 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 53 percentile of its own 36-quarter history (min 8.5, median 16.4, max 40.5; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue16.3 bn18.0 bn16.6 bn19.4 bn20.9 bn20.8 bn23.4 bn26.1 bn
Revenue YoY+12.9%+10.2%−7.7%+16.7%+7.7%−0.5%+12.9%+11.4%
Net income484.5 m535.3 m402.5 m961.6 m654.5 m225.4 m546.8 m792.1 m
Net income YoY+75.3%+10.5%−24.8%+138.9%−31.9%−65.6%+142.6%+44.9%
Diluted EPS10.5410.877.7018.4713.274.6711.3016.40
Diluted EPS YoY+74.8%+3.1%−29.2%+139.9%−28.2%−64.8%+142.0%+45.1%
net %3.0%3.0%2.4%5.0%3.1%1.1%2.3%3.0%
Free cash flow557.0 munavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
599.1 m USD
Financial debt
92.5 m USD
Net debt
-506.6 m USD
Equity
7.6 bn USD
Total assets
17.8 bn USD
Debt / equity
0.01x
Current ratio
1.11x
ROE
10.9%
ROA
4.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
20.8 bn
2024
23.4 bn
2025
26.1 bn

SEC (XBRL)· 19 Feb 2026verified

Operating income
2023
576.5 m
2024
868.1 m
2025
1.1 bn

SEC (XBRL)· 19 Feb 2026verified

Depreciation & amortisation
2023
238.4 m
2024
255.8 m
2025
252.8 m

SEC (XBRL)· 19 Feb 2026verified

EBITDA
2023
814.9 m ≈
2024
1.1 bn ≈
2025
1.4 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Pre-tax income
2023
251.9 m
2024
679.3 m
2025
981.7 m

SEC (XBRL)· 19 Feb 2026verified

Income tax
2023
25.7 m
2024
132.5 m
2025
189.5 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
225.4 m
2024
546.8 m
2025
792.1 m

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
4.67
2024
11.30
2025
16.40

SEC (XBRL)· 19 Feb 2026verified

Weighted average diluted shares
2023
48.3 m
2024
48.4 m
2025
48.3 m

SEC (XBRL)· 19 Feb 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Feb 2022verified

Balance sheet · USD

Cash
2023
410.0 m
2024
416.3 m
2025
599.1 m

SEC (XBRL)· 19 Feb 2026verified

Receivables
2023
2.1 bn
2024
2.2 bn
2025
2.3 bn

SEC (XBRL)· 19 Feb 2026verified

Current assets
2023
6.9 bn
2024
7.5 bn
2025
8.2 bn

SEC (XBRL)· 19 Feb 2026verified

Property, plant & equipment, net
2023
613.9 m
2024
598.1 m
2025
630.6 m

SEC (XBRL)· 19 Feb 2026verified

Goodwill
2023
4.6 bn
2024
4.6 bn
2025
4.7 bn

SEC (XBRL)· 19 Feb 2026verified

Intangibles (excl. goodwill)
2023
785.0 m
2024
724.1 m
2025
666.7 m

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
16.1 bn
2024
16.8 bn
2025
17.8 bn

SEC (XBRL)· 19 Feb 2026verified

Accounts payable
2023
1.4 bn
2024
1.3 bn
2025
1.4 bn

SEC (XBRL)· 19 Feb 2026verified

Short-term debt
2023
147.9 m
2024
353.1 m
2025
92.5 m

SEC (XBRL)· 30 Apr 2026verified

Current liabilities
2023
6.4 bn
2024
7.1 bn
2025
7.4 bn

SEC (XBRL)· 19 Feb 2026verified

Total liabilities
2023
9.7 bn
2024
9.9 bn
2025
10.2 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
6.4 bn
2024
6.9 bn
2025
7.6 bn

SEC (XBRL)· 19 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
575.8 m
2024
785.3 m
2025
1.2 bn

SEC (XBRL)· 19 Feb 2026verified

Investing cash flow
2023
-290.4 m
2024
-316.8 m
2025
-336.6 m

SEC (XBRL)· 19 Feb 2026verified

Financing cash flow
2023
-374.3 m
2024
-451.2 m
2025
-643.2 m

SEC (XBRL)· 19 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Feb 2022verified

Share repurchases
2023
61.6 m
2024
80.7 m
2025
211.5 m

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
11.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
7.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
9.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
26.5%
computed by olivLawFY 2025
Net income growth (YoY)
44.9%
computed by olivLawFY 2025
Net income CAGR 3Y
6.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
14.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
45.1%
computed by olivLawFY 2025
EPS CAGR 3Y
7.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
16.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
5.7%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
4.9%
computed by olivLawTTM to 30 Sept 2026
Net margin
3.9%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
14.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
6.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
14.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
13.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
12.2 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
0.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
1.4 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
83.6%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
17.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
17.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
16.3x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
16.9x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
5.9%
computed by olivLawTTM to 30 Sept 2026
P/B
2.3x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
11.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
12.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
0.0%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 47 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

390.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 17.8 bn USD

Key indicators

Market capitalisation
17.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
16.9x
computed by olivLawTTM to 30 Sept 2026
P/B
2.3x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
11.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
14.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
3.9%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
11.4%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 23 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2367derived 162

Score by group

  • Valuation39
  • Returns0
  • Quality40
  • Balance sheet100
  • Growth78

Estimated value range

Low
91.15
USD per share
Mid
318.31
USD per share
High
352.61
USD per share
Price: 390.33 USD
The price is above the range
Potential to the central value: -18.4% (value / price − 1)
Margin of safety: -22.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 91.15 – 352.61 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive
  • Peers: P/B91.15 – 352.61 (Mid 318.31)
    10 companies used · median multiple 1.9x · quartiles 0.5x – 2.1x
    AGNT, COMP, DOUG, FTHM, LHAI, MMI, OPAD, OPEN, PETZ, VAC
Multiple comparisons use the SIC vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 47/100

FactorValueScoreWeight used
ROE · Quality14.7%92 (vs peers)8%
EBITDA margin · Quality5.7%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth7.8%78 (on a fixed band)11%
Net debt / EBITDA · Balance sheet0.0x100 (on a fixed band)18%
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation2.3x27 (vs peers)24%
P/E (TTM) · Valuation16.9x67 (vs peers)11%
Dividend yield · Returns0.0%0 (vs peers)18%
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth78/100 · 1/1 factors with a value
  • Quality40/100 · 2/2 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation39/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Jones Lang LaSalle Incorporated (JLL). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 26.1 bn USD in 2025; YoY growth 11.4%; net margin 3.9%; ROE 14.7%; net debt/EBITDA 0.0x.

The estimated value range is 91.15–352.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 318.31 USD, the price of 390.33 USD leaves a potential of -18.4% (value / price − 1) and a margin of safety of -22.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 14.7%
  • Revenue CAGR 3Y: 7.8%
  • Net debt / EBITDA: 0.0x

What contradicts it

  • EBITDA margin: 5.7%
  • P/B: 2.3x
  • Dividend yield: 0.0%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (EPS).

Versus the vertical median

Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
16.9x
vertical median 48.4x
below median (−65.1%)
EV/EBITDA
11.0x
vertical median —
P/S
0.6x
vertical median 0.7x
at median
P/B
2.3x
vertical median 1.9x
above median (+20.3%)
ROE
14.7%
vertical median -5.6%
above median
Net margin
3.9%
vertical median -0.9%
above median
EBIT margin
4.9%
vertical median -2.6%
above median
Revenue YoY
11.4%
vertical median 12.6%
below median (−9.3%)
Net debt/EBITDA
0.0x
vertical median —
Dividend yield
0.0%
vertical median 2.8%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JLLJones Lang LaSalle Incorporated17.8 bn16.914.7%3.9%+11.4%+31% / +158%
COMPCompass, Inc.7.6 bn180.83.6%0.6%+23.7%−4% / +352%
VACMarriott Vacations Worldwide Corp3.9 bn—-10.9%-4.7%+1.3%+110% / +57%
OPENOpendoor Technologies Inc.1.9 bn—-196.9%-46.7%−15.2%−74% / −34%
MMIMarcus & Millichap, Inc.1.1 bn79.32.4%1.8%+8.5%+1% / −14%
AGNTAgnt, Inc.713.6 m—-6.9%-0.3%+4.5%−62% / −65%
OMHOhmyhome Limited346.1 m—-164.6%-75.2%+19.5%−63% / −83%
DOUGDouglas Elliman Inc.151.8 m5.616.3%2.5%+3.8%−37% / −14%
LHAILinkhome Holdings Inc.15.8 m—-5.6%-1.4%+175.7%−92% / unavailable
PETZTDH Holdings, Inc.12.8 m7.36.2%143.8%+122.0%+25% / −10%
OPADOfferpad Solutions Inc.11.8 m—-116.9%-11.3%−38.2%+19% / −78%
FTHMFathom Holdings Inc.6.1 m—-79.0%-6.3%+25.4%−86% / −94%
LRHCStratum Holdings Corp.1.4 m——-46.4%+16.7%−100% / unavailable
BEKEKE Holdings Inc.—154.84.4%3.2%+5.6%+8% / +17%
NMRKNewmark Group, Inc.—17.510.9%4.1%+20.3%−29% / +50%

1- and 3-year price returns: for JLL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
246.97
Total return -37% · Per year -37%
435.95
Total return 12% · Per year 12%
655.75
Total return 68% · Per year 68%
3 years
255.72
Total return -34% · Per year -13%
506.37
Total return 30% · Per year 9%
833.99
Total return 114% · Per year 29%
5 years
264.78
Total return -32% · Per year -7%
588.16
Total return 51% · Per year 9%
1,060.66
Total return 172% · Per year 22%
What moves the 3-year price the most
  • Exit P/E± 126.59
  • Net margin± 88.61
  • Annual revenue growth± 70.53
  • Annual dilution± 7.45

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

In brief

JLL is a global commercial real estate services and investment management company operating in over 80 countries, with revenue of 26.1 billion USD in 2025 1. Its second-quarter 2026 results, with revenue growth and accelerating advisory services, show how demand for core services has strengthened 3.

SWOT

Strengths

  • A global platform with presence in over 80 countries and a broad client base across varied industries 1.
  • Growing demand for leasing and advisory services, visible in recent quarterly results 3.
  • Recurring revenue from management contracts and strong operating cash generation in the second quarter of 2026 3.

Weaknesses

  • Transaction revenue is volatile and depends on the timing and size of client transactions 12.
  • The company acknowledges that its size and global footprint make rapid change and organizational adaptation challenging 1.
  • Serious workplace safety incidents, including fatalities, have recently increased, affecting reputation and costs 1.

Opportunities

  • Rising demand for office, industrial and data center space could expand leasing activity 3.
  • Use of artificial intelligence and data analytics could improve services and operating efficiency 1.
  • Consolidation in the industry could offer acquisition and expansion opportunities in key markets 1.

Threats

  • A slowdown in real estate or financing markets could reduce transaction volumes and advisory revenue 12.
  • Cyberattacks and data privacy breaches could generate high costs and reputational damage 1.
  • Loss of large clients or pressure on contract terms could affect results 1.

Risks

  • Cybersecurityhigh

    Cyberattacks and disruptions to computer systems could affect services and client data, with costs and legal consequences 1.

  • Workplace safetyhigh

    Serious incidents, including fatalities of employees and contractors, could create liability and reputational damage 1.

  • Dependence on transactionsmedium

    Transaction revenue varies with capital markets and client decisions, which can make quarterly results more volatile 12.

  • Reliance on third partiesmedium

    The company relies increasingly on vendors and subcontractors for technology and services, which can create operational and reputational risks 1.

  • Liability to clientsmedium

    Fiduciary obligations and contractual liability terms can amplify losses in case of errors or fraud 1.

Investment thesis

What would need to be true (bull case)

  • If the acceleration in advisory revenue and margin expansion persist, the company could benefit from a more stable earnings base 3.
  • A large portfolio of management contracts and a global presence could support recurring revenue even when transactions are weaker 1.
  • Improving cash flow and lower net debt could give the company flexibility for investment and share repurchases 3.

What would break the thesis

  • If real estate or capital markets slow, transaction revenue could fall quickly 12.
  • Cybersecurity and safety risks could generate unexpected costs and reputational damage 1.
  • Dependence on large client contracts and competitive pressure could reduce long-term margins 1.

What to watch

  • Development of revenue in Leasing Advisory and Capital Markets ServicesQ3 2026
  • Updated full-year Adjusted EPS target range2026
  • Level of net debt and free cash flowQ3 2026
  • Trend in safety incidents and cybersecurity measures disclosed in the annual reportnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

The business

JLL provides real estate services to owners, occupiers and investors, from managing office and property portfolios to transactions, financing and consulting. The company operates through five segments: Real Estate Management Services, Leasing Advisory, Capital Markets Services, Investment Management and Software and Technology Solutions 1. Revenue for 2025 came mainly from space management activity, while investment management is run through LaSalle Investment Management 1.

Segments

Real Estate Management Services

This segment combines Workplace Management, Project Management and Property Management and accounts for most revenue. Workplace Management runs facilities for corporations with multi-market portfolios, with contracts typically lasting three to seven years 1. In the second quarter of 2026, segment revenue grew mainly due to Workplace Management 3.

Leasing Advisory

The segment provides leasing services on behalf of property owners and advisory for tenants, including tenant representation and specialized consulting. Revenue grew strongly in the second quarter of 2026, led by offices, industrial space and data centers, especially in the United States 3.

Capital Markets Services

The segment covers property sales, debt advisory, valuation and loan servicing, with revenue rising in the second quarter of 2026 3. For multifamily commercial loans, the company is approved as a lender and servicer by U.S. federal agencies 1.

Market context

The global commercial real estate services market is sensitive to the macroeconomic environment, capital markets and transaction volumes. The company notes that transaction-based revenue can vary significantly from quarter to quarter and region to region 12. Seasonality and the trend of these revenues depend on completing transactions by calendar year end 2.

Trends

  • Recovery in advisory revenuetailwind

    Advisory revenue accelerated in the second quarter of 2026, suggesting better demand for transactions and leasing 3. If this trend holds, it could support the company's margins.

  • Volatility of transaction revenueheadwind

    Transaction revenue and performance fees depend on the timing and size of client transactions, which makes results harder to predict 12.

  • Technology and artificial intelligencemixed

    The company invests in software platforms and data analytics, and wider use of artificial intelligence could support services but also raises cybersecurity risks 1.

  • Industry consolidationmixed

    The company states that its global position and service breadth let it benefit from consolidation in the industry, while competition for large clients can pressure contract terms 1.

Competitive position

The analyzed sources do not explicitly name competitors, so no competitor list can be confirmed. The company describes itself as a leading player in a consolidating industry, and competitive pressure on contracts with large clients is cited as a risk 1.

  • Competitors not named in the analyzed sources

    The analyzed sources do not name competitors, so no details can be given about them.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Jones Lang LaSalle Incorporated · 19 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Jones Lang LaSalle Incorporated · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Jones Lang LaSalle Incorporated · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.