Jones Lang LaSalle Incorporated (JLL) 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

-5.1%

$365.02

vs $384.71 price

Levered DCF

$225.71

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.47

Safe zone

Rating

Overall 4 / 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	20.11×	21.99×	39.93×	11.8×	14.26×	19.05×	15.84×	11.9×
P/B	2.12×	1.78×	1.43×	1.28×	2.22×	1.39×	1.65×	1.56×
P/S	0.61×	0.51×	0.43×	0.37×	0.71×	0.46×	0.84×	0.63×
EV / EBITDA	13.93×	12.69×	12.78×	8.61×	11.7×	10.99×	9.74×	6.75×
Gross margin	99.0%	51.8%	51.5%	53.7%	56.2%	52.1%	68.9%	67.5%
Operating margin	4.5%	3.7%	2.8%	4.2%	5.4%	3.4%	7.1%	7.8%
Net margin	3.0%	2.3%	1.1%	3.1%	5.0%	2.4%	5.3%	5.3%
Current ratio	7.49×	1.05×	1.06×	1.11×	0.98×	1.05×	1.07×	1.09×
Debt / equity	0.45×	0.43×	0.5×	0.52×	0.42×	0.56×	0.53×	0.27×
Interest coverage	10.93×	6.34×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.0%	7.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	8.1%	3.6%	10.9%	15.5%	7.3%	10.5%	13.1%
Return on invested capital	5.3%	6.4%	4.9%	6.6%	7.9%	4.5%	6.1%	8.8%
Return on assets	4.4%	3.3%	1.4%	4.2%	6.2%	2.8%	3.9%	4.8%
Free cash flow yield	6.1%	5.0%	4.3%	-0.1%	5.8%	12.6%	3.5%	7.7%
Earnings yield	5.0%	4.5%	2.5%	8.5%	7.0%	5.2%	6.3%	8.4%
Enterprise value	$18.7B	$14.6B	$11.7B	$10.3B	$15.7B	$10.2B	$10.7B	$6.3B
Net debt / EBITDA	2.06×	2.2×	2.96×	2.18×	1.51×	2.73×	2.06×	0.56×
Cash conversion cycle (days)	98	-4	-8	-3	-10	-15	-65	-69