JBG SMITH Properties (JBGS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-394.7%

-$35.39

vs $12.01 price

Levered DCF

-$91.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.19

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-8.14×	-9.32×	-21.81×	27.11×	-45.57×	-63.82×	83.1×	102.38×
P/B	0.99×	0.75×	0.8×	0.84×	1.29×	1.3×	1.54×	1.39×
P/S	2.3×	2.48×	2.96×	3.73×	5.92×	6.92×	8.07×	6.44×
EV / EBITDA	20.39×	17.31×	19.85×	11.3×	28.28×	28.22×	28.29×	18.12×
Gross margin	-14.5%	50.0%	51.9%	49.4%	48.2%	45.0%	50.2%	52.0%
Operating margin	-1.3%	1.1%	7.9%	3.6%	-0.1%	0.0%	36.5%	8.4%
Net margin	-27.9%	-26.2%	-13.2%	14.1%	-12.5%	-10.3%	10.1%	6.2%
Current ratio	1.05×	1.89×	2.3×	3.09×	1.27×	3.88×	1.06×	4.38×
Debt / equity	2.2×	1.45×	1.19×	0.92×	0.92×	0.65×	0.5×	0.71×
Interest coverage	-0.04×	0.05×	0.53×	0.29×	-0.01×	0×	4.47×	0.73×
Dividend yield	4.2%	4.6%	5.3%	4.8%	3.1%	2.9%	2.5%	2.6%
Payout ratio	-34.8%	-43.2%	-117.5%	126.1%	-149.0%	-192.6%	198.0%	268.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-12.0%	-7.9%	-3.6%	3.2%	-2.7%	-1.9%	1.9%	1.3%
Return on invested capital	-0.1%	0.1%	0.9%	0.4%	-0.0%	0.0%	4.0%	0.9%
Return on assets	-3.2%	-2.9%	-1.4%	1.4%	-1.2%	-1.0%	1.1%	0.7%
Free cash flow yield	-4.3%	-6.5%	-8.4%	-6.6%	1.2%	-3.3%	-5.1%	4.6%
Earnings yield	-12.1%	-10.6%	-4.5%	3.8%	-2.1%	-1.5%	1.3%	1.0%
Enterprise value	$3.6B	$3.8B	$4.3B	$4.5B	$6.2B	$6B	$6.8B	$6B
Net debt / EBITDA	13.93×	11.18×	11.52×	5.61×	11.07×	8.67×	6.57×	5.64×
Cash conversion cycle (days)	96	-6	-27	-27	18	24	-53	-47