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JBG SMITH Properties

JBGS Real Estate Reit Diversified

JBG SMITH Properties' revenue for fiscal 2025 (year ended December 2025) was $498.6 million, down 8.90% from fiscal 2024.

Revenue
+2.29%
EPS
−255.2%
Free cash flow
+71.9%
Total debt
+1.83%

Quarter to June 2026, against a year earlier

12.37 0.65 +5.55%
Market cap
$874.5M
P/E
0.0×
Fwd P/E
−8.8×
Dividend yield
5.93%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 0.01%

Capital & Financial Ratios $m

Size
Market Cap 874.52
Revenue ttm 508.41
Net income ttm (186.68)
Free cash flow ttm (42.25)
Net debt Q 2,422.38
Valuation
P/E 0.00
Forward P/E (8.75) (negative: loss-making)
Price / sales 1.35
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.64
Financial health
Current ratio Q 4.89
Debt / equity Q 2.35
Interest coverage Q 0.11
Growth
Revenue growth Q +2.29% (above 0%: growing)
Operating income growth Q +322.36% (above 0%: growing)
EPS, this year −25.45% (below 0%: weak)
EPS, next year A +6.28%
Revenue, next year A −10.05% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +6.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.1×, against a ten-year median of 8.4×; over the ten years it ranged from 5.9× in 2026 to 11.3× in 2017.
P/S against its own 10 years 2.00%
10-year low 10-year high
P/B against its own 10 years 9.42%
10-year low 10-year high
EV/Sales against its own 10 years 4.99%
10-year low 10-year high

Dividends

Yield
5.93%
Annual rate
0.70
Payout ratio
—
Growth, 2017–25
+5.68%/yr
  1. 0.45 ’17
  2. 0.68 ’18 +50
  3. 0.90 ’19 +33
  4. 0.90 ’20 +0
  5. 0.90 ’21 +0
  6. 0.90 ’22 +0
  7. 0.68 ’23 −25
  8. 0.88 ’24 +30
  9. 0.70 ’25 −20
  10. 0.70 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 200 183 103 108
Receivables 215 194 205 213
Inventory — — — —
Other — — — —
416 377 308 321
2023 2024 2025 Q'26
Payables 125 101 85 66
ST’ Debt — — — —
Other — — — —
125 101 85 66

Compound Annual Growth %

10y 5y 3y
Sales 0.58% (3.72%) (6.29%)
Cash Flow (8.51%) (15.40%) (25.62%)
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% (18.43%) (24.73%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY22 Estimate 0.32 Actual 0.31

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY21 0.35 0.32 Miss by 0.03
Q4 FY21 0.33 0.31 Miss by 0.02
Q1 FY22 0.38 0.34 Miss by 0.04
Q2 FY22 0.32 0.31 Miss by 0.01

EPS $

Mar Jun Sep Dec Year
’26 (0.32) (1.03) — — —
’25 (0.56) (0.29) (0.48) (0.78) (2.09)
’24 (0.36) (0.27) (0.32) (0.72) (1.65)
’23 0.19 (0.10) (0.58) (0.35) (0.78)
’22 0.00 1.02 (0.17) (0.17) 0.70
’21 (0.16) (0.03) 0.01 (0.45) (0.63)
’20 0.32 (0.28) (0.18) (0.36) (0.49)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 128 129 — — —
’25 121 126 124 128 499
’24 145 135 136 131 547
’23 153 152 152 148 604
’22 162 146 148 151 606
’21 165 155 157 157 634
’20 158 145 151 149 603
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3 16 — — —
’25 13 19 9 33 73
’24 37 24 26 42 129
’23 43 47 25 68 183
’22 70 38 23 48 178
’21 67 57 31 63 218
’20 42 44 42 41 169
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (20) (4) — — —
’25 (16) (15) (21) 3 (49)
’24 (11) (42) (32) (4) (89)
’23 (36) (40) (51) (24) (150)
’22 17 (37) (68) (60) (149)
’21 38 18 (10) (2) 44
’20 (65) (31) (22) (21) (138)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

4.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 479 543 644 648 603 634 606 604 547 499 508 +0.5% 449 460 470 (1.9%)
Gross margin, % 66.96 65.88 65.98 67.87 64.07 65.09 64.98 66.61 63.60 61.78 61.85 (5.2) pt
EBT 63 (89) 46 73 (72) (86) 100 (92) (177) (172) (190) n/m
EBT margin, % 13.18 (16.39) 7.12 11.25 (11.87) (13.59) 16.55 (15.23) (32.34) (34.47) (37.41) (47.7) pt
Net income 62 (79) 47 74 (67) (90) 99 (92) (178) (168) (187) n/m
Per share, $
Per share, $ Revenue 4.76 5.15 5.41 4.96 4.52 4.85 5.09 5.75 6.20 7.40 8.72 +5.0%
Earnings 0.62 (0.70) 0.31 0.48 (0.49) (0.63) 0.70 (0.78) (1.65) (2.09) (2.61) n/m
Cash flow 1.59 0.70 1.58 1.33 1.27 1.66 1.50 1.74 1.46 1.09 1.04 (4.1%)
Capex (2.36) (2.00) (3.24) (3.37) (2.30) (1.32) (2.75) (3.18) (2.47) (1.82) (1.77) (2.9%)
Free cash flow (0.78) (1.29) (1.66) (2.04) (1.04) 0.34 (1.25) (1.43) (1.00) (0.73) (0.72) (0.7%)
Book value 21.10 28.24 25.07 25.91 24.03 22.46 22.81 21.43 20.48 17.18 18.50 (2.3%)
Shares, m 101 105 119 131 133 131 119 105 88 67 61 (4.4%)
Valuation, ×
Valuation, × P/E 51.31 0.00 112.29 82.30 0.00 0.00 27.85 0.00 0.00 0.00 0.00 27.4
P/S 6.75 6.69 6.44 8.05 6.92 5.92 3.72 2.99 2.48 2.30 1.35 5.2
P/B 1.48 1.22 1.39 1.54 1.30 1.28 0.83 0.80 0.75 0.99 0.64 1.2
EV/Sales 9.05 10.10 9.13 10.33 9.79 9.35 7.29 6.90 6.84 7.11 6.12 8.6
EV/FCF 20.43 (40.20) (29.76) (25.07) (42.62) 133.44 (29.70) (27.73) (42.25) (72.33) (73.61) (15.6)
Cash, $m
Cash, $m Operating cash flow 160 74 188 174 169 218 178 183 129 73 61 (8.3%)
Capex (238) (211) (386) (441) (307) (173) (327) (334) (218) (122) (103) (7.1%)
Free cash flow (78) (136) (198) (267) (138) 44 (149) (150) (89) (49) (42) (5.1%)
Balance, $m
Balance, $m Working capital 236 393 459 207 387 433 363 291 276 223 255 (0.6%)
Net debt 1,133 1,849 1,736 1,481 1,728 2,174 2,163 2,362 2,387 2,399 2,422 +8.7%
Shareholders’ equity 2,122 2,975 2,987 3,387 3,206 2,938 2,714 2,252 1,809 1,158 1,078 (6.5%)
Returns, %
Returns, % ROA 3.39 (1.47) 0.62 1.09 (1.03) (1.27) 1.39 (1.40) (2.72) (2.96) (3.45) (6.3) pt
ROIC 2.17 (0.68) 0.35 0.29 (0.47) (0.14) 0.21 0.53 0.02 (0.14) (0.08) (2.3) pt
ROE 2.43 (2.82) 1.25 2.06 (1.89) (2.58) 3.02 (3.22) (7.07) (9.38) (12.66) (11.8) pt
People
People Employees — 1,020 914 1,017 1,050 997 912 844 645 596 — (6.5%)
Revenue/emp, $m 0.00 0.53 0.70 0.64 0.57 0.64 0.66 0.72 0.85 0.84 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

JBG SMITH Properties vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GNL Global Net Lease, Inc. $1.6B — (loss-making) — (loss-making) −9.95% (below 0%: shrinking) n/m +54.71% (above 0%: growing) 88.09% 48.66% Compare
AAT American Assets Trust, Inc. $1.3B 56.3× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $874.5M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98%
ESRT Empire State Realty Trust, Inc. $874.3M 168× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
SAFE Safehold Inc. $795.3M 6.9× 7.0× +22.17% (above 0%: growing) +7.69% (above 0%: growing) −181.89% (below 0%: shrinking) 87.18% 73.05% Compare
CTO CTO Realty Growth, Inc. $774.4M 16.7× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
AHRT AH Realty Trust Inc $633.0M — (loss-making) — (loss-making) +3.60% (above 0%: growing) n/m +105.02% (above 0%: growing) 67.20% 18.62% Compare
GOOD Gladstone Commercial Corporation $562.4M 88.2× 45.7× +3.86% (above 0%: growing) n/m +148.24% (above 0%: growing) 0.00% 22.41% Compare
FVR FrontView REIT, Inc. $557.2M 624× 12,360× +2.57% (above 0%: growing) n/m +23.47% (above 0%: growing) 87.38% 20.53% Compare
Median of peers $784.9M 72.3× 54.2× +3.73% — +32.88% 75.14% 23.54%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.52m 7.60m 67.33
2024 9.18m 6.04m 58.46
2023 7.88m 5.09m 61.22
2022 7.88m (1.04m) 65.22
2021 16.10m 7.36m 94.58
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

JBG SMITH Properties (JBGS) Latest News

5 May

Impact 4 ·

17 Feb

Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

15 Jan

Impact 3 · · Business Wire

16 Dec

Impact 3 · · Business Wire

30 Oct

Impact 4 · · Simply Wall St.

28 Oct

Impact 3 · · Associated Press Finance
Impact 3 · · Business Wire

23 Oct

Impact 3 · · Business Wire

24 Sep

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

29 Jul

Impact 4 ·
Impact 4 · · Business Wire

23 Jul

Impact 3 · · Insider Monkey

21 Jun

Impact 4 · · TipRanks

20 Jun

Impact 4 · · Business Wire
Impact 4 · · InvestorPlace

29 Apr

Impact 3 · · Associated Press Finance
Impact 3 · earnings

24 Apr

Impact 3 · · Business Wire

25 Feb

Impact 4 ·

18 Feb

Impact 4 ·
Impact 3 · · Associated Press Finance

16 Jan

Impact 3 · · Business Wire

29 Oct

Impact 4 · · Business Wire

8 Oct

Impact 3 · · Business Wire

18 Sep

Impact 4 · · Insider Monkey

30 Jul

Impact 3 · · Business Wire

9 Jul

Impact 3 · · Business Wire

29 May

Impact 4 · · Business Wire

15 May

Impact 3 · · Business Wire
stockrow.com/JBGS · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com