Jones Lang LaSalle
JLL
$387.37
+0.80%
Jones Lang LaSalle, Inc. (JLL) is a global professional services firm specializing in real estate and investment management, offering leasing, property and project management, and capital markets advisory to owners, occupiers, and investors worldwide. As one of the 'Big Three' commercial real estate services firms alongside CBRE and Cushman & Wakefield, JLL differentiates itself through its integrated platform and its LaSalle Investment Management arm, which oversees over $86 billion in assets. The current investor narrative centers on the company's robust recovery in leasing and capital markets activity, driven by stabilizing interest rates and a rebound in commercial real estate transaction volumes, while also focusing on margin expansion through technology-enabled services and cost discipline. Recent quarterly results have shown strong revenue growth and improved profitability, fueling optimism that the cyclical downturn in real estate is firmly in the rearview mirror.…
JLL
Jones Lang LaSalle
$387.37
JLL 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Jones Lang LaSalle's 12-month outlook, with a consensus price target around $421.40 and implied upside of +8.8% versus the current price.
Average Target
$421.40
0 analysts
Implied Upside
+8.8%
vs. current price
Analyst Count
—
covering this stock
Price Range
$315 - $500
Analyst target range
Analyst sentiment is bullish, with 10 analysts covering JLL and a consensus recommendation of 'Buy' (mean rating of 1.92 on a 1-5 scale). The average price target of $421.40 implies approximately 8.8% upside from the current price of $387.37, with targets ranging from a low of $315.00 to a high of $500.00. The wide spread between the low and high targets (58.7% of the average) indicates significant uncertainty about the pace of recovery in capital markets and leasing volumes, but the overall lean is positive, with recent actions from Barclays (Equal Weight), UBS (Buy), and KBW (Outperform) showing no downgrades in the past year.
Bulls vs Bears: JLL Investment Factors
JLL presents a compelling growth story with accelerating revenue, strong earnings expectations, and a bullish analyst consensus. However, the stock's proximity to its 52-week high and cyclical sensitivity introduce significant risk. The bull case is currently stronger, supported by concrete data showing improving fundamentals and a recovering commercial real estate market. The key tension lies in whether the expected earnings growth materializes as forecasted; if it does, the stock has substantial upside, but any disappointment could trigger a sharp correction given the high expectations embedded in the valuation.
Bullish
- Accelerating Revenue Growth: Q1 2026 revenue grew 11.14% YoY to $6.39B, up from 8.7% in Q4 2025, marking the fourth consecutive quarter of accelerating growth. This momentum is driven by strong leasing and recovering capital markets activity, indicating a cyclical upturn.
- Strong Earnings Growth Expected: Forward PE of 13.71x is significantly lower than trailing PE of 20.11x, implying the market expects a 46.7% earnings increase. Consensus EPS estimate for next fiscal year is $42.10, up from current trailing EPS of $19.26, reflecting robust recovery expectations.
- Analyst Consensus is Buy: With a mean rating of 1.92 (Buy) and an average price target of $421.40, analysts see 8.8% upside from the current price of $387.37. No downgrades in the past year, with recent actions from Barclays, UBS, and KBW all positive or neutral.
- Diversified Business Model: Revenue streams are well-diversified: Real Estate Management Services ($4.89B), Leasing Advisory ($676.8M), Capital Markets ($520.3M), and Investment Management ($103.1M) in Q1 2026. This reduces reliance on any single segment and provides stability during market fluctuations.
Bearish
- Stock Near 52-Week High: Trading at $387.37, just 1.6% below the 52-week high of $393.84, the stock has limited upside in the near term. The 32.25% gain over the past year may have already priced in much of the recovery, leaving little room for error.
- Cyclical Sensitivity: With a beta of 1.24, JLL is more volatile than the market, making it sensitive to interest rate changes and economic downturns. A slowdown in commercial real estate activity or a rise in rates could significantly impact earnings.
- Thin Net Margins: Net margin is only 3.03% (Q1 2026), indicating high operating leverage and vulnerability to cost overruns or revenue shortfalls. Even small declines in revenue could disproportionately impact profitability.
- Analyst Target Range Wide: The spread between the low ($315) and high ($500) analyst targets is 58.7% of the average, reflecting high uncertainty about the pace of recovery. This suggests that a miss on expectations could lead to significant downside.
JLL Technical Analysis
JLL is in a clear sustained uptrend, with the stock price appreciating 32.25% over the past year, significantly outperforming the S&P 500's 20.48% gain. The current price of $387.37 sits at 98.4% of its 52-week range (low of $259.83, high of $393.84), indicating the stock is trading near its highs, which reflects strong momentum but also potential overextension. The 1-year relative strength of 11.77% versus the SPY underscores this outperformance, positioning JLL as a market leader within its sector.
Beta
1.24
1.24x market volatility
Max Drawdown
-21.9%
Largest decline past year
52-Week Range
$260-$394
Price range past year
Annual Return
+32.3%
Cumulative gain past year
| Period | JLL Return | S&P 500 |
|---|---|---|
| 1m | +19.5% | +3.6% |
| 3m | +32.8% | +2.7% |
| 6m | +23.4% | +11.4% |
| 1y | +32.3% | +18.7% |
| ytd | +15.3% | +12.3% |
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JLL Fundamental Analysis
JLL's revenue trajectory is robustly accelerating, with Q1 2026 revenue of $6.3865 billion representing an 11.14% year-over-year increase, up from the 8.7% growth seen in Q4 2025. This marks the fourth consecutive quarter of accelerating growth, driven by strong performance in Real Estate Management Services ($4.894 billion) and Leasing Advisory ($676.8 million), while Capital Markets Services ($520.3 million) is recovering as transaction volumes pick up. The company's diversified business model is proving resilient, with the Investment Management segment contributing $103.1 million in stable fee-based revenue.
Quarterly Revenue
$6.4B
2026-03
Revenue YoY Growth
+11.1%
YoY Comparison
Gross Margin
99.1%
Latest Quarter
Free Cash Flow
$970700000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is JLL Overvalued?
Given JLL's positive net income, the PE ratio is the primary valuation metric. The trailing PE of 20.11x is notably higher than the forward PE of 13.71x, implying the market expects significant earnings growth, with consensus EPS estimates of $42.10 for the next fiscal year. This gap of 46.7% suggests investors are pricing in a strong cyclical recovery, which is supported by the company's improving margins and the rebound in commercial real estate activity.
PE
20.1x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range 8x~34x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
13.9x
Enterprise Value Multiple
Investment Risk Disclosure
Financial risks include moderate leverage with a debt-to-equity ratio of 0.45, which is manageable but could become problematic if cash flows weaken. The company's thin net margin of 3.03% leaves little buffer for cost inflation or revenue declines. Free cash flow of $970.7M TTM is positive, but the lack of dividend or buybacks means excess cash is not returned to shareholders, potentially indicating inefficient capital allocation. Revenue concentration in cyclical segments like Capital Markets (8.1% of Q1 revenue) exposes JLL to transaction volume volatility, which can swing sharply with market conditions.