A Business at a Glance
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JACOBS SOLUTIONS INC.
J
$16.4B
Mkt Cap
$134.56
+1.94%
JACOBS SOLUTIONS INC. (J) has a current P/E ratio of 37.3, compared to its historical median P/E of 23.1. The stock is currently considered Fair based on its historical valuation range.
JACOBS SOLUTIONS INC. (J) has a 5-year average return on invested capital (ROIC) of 7.4%. This is below average and may indicate limited pricing power.
JACOBS SOLUTIONS INC. (J) has a market capitalization of $15.9B. It is classified as a large-cap stock.
Yes, JACOBS SOLUTIONS INC. (J) pays a dividend with a trailing twelve-month yield of 1.00%. The company also returns capital through share buybacks, with a buyback yield of 4.24%.
Based on historical P/E analysis, JACOBS SOLUTIONS INC. (J) appears fair. The current P/E of 37.3 is 61% above its historical median of 23.1. The estimated fair value CAGR (P/E method) is 7.4%.
JACOBS SOLUTIONS INC. (J) operates in the Heavy Construction Other Than Bldg Const - Contractors industry, within the Industrials sector.
JACOBS SOLUTIONS INC. (J) reported annual revenue of $12.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Jacobs is a global consulting and engineering firm with approximately 43,000 employees operating in more than 40 countries, delivering end-to-end solutions across advanced manufacturing, cities and places, energy, environmental, life sciences, transportation, and water. The company operates through two primary segments: Infrastructure & Advanced Facilities (I&AF), which provides consulting, planning, design, engineering, and infrastructure delivery services including project and program management across critical infrastructure, water and environmental, and life sciences and advanced manufacturing end markets; and PA Consulting, a majority-owned innovation and transformation consultancy serving seven sectors including consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport. Jacobs' business model combines advisory and consulting services with feasibility planning, design, program delivery, and lifecycle management, increasingly leveraging data science and technology-enabled expertise to deliver outcomes for national, state, and local government clients as well as multinational and local private sector organizations. The company has transformed into a science-based consulting and advisory leader through strategic acquisitions including a 65% stake in PA Consulting in fiscal 2021, with a focus on delivering digitally enabled, resilient solutions to complex sustainability, critical infrastructure, and advanced manufacturing challenges. Revenue is generated through standalone professional service engagements, comprehensive program management partnerships, and selective progressive design-build and construction management at-risk delivery services, with increasing emphasis on data analytics, digital architecture, advisory and transformation, software development, and cybersecurity capabilities to help clients unlock value across their asset lifecycles.
【Strong backlog momentum driving growth】 Management expects continued revenue growth acceleration through fiscal 2026 and beyond, supported by record backlog of $27 billion and a trailing 12-month book-to-bill of 1.4x, with particular strength in life sciences and advanced manufacturing driven by data center and semiconductor investments. The company anticipates margin expansion will continue through disciplined cost management, global delivery improvements, and commercial model optimization, with expectations for operating leverage as revenue grows at a substantially higher rate than operating expenses. Management is confident in achieving long-term fiscal 2029 targets including 6%-8% organic net revenue growth on a five-year compound annual growth rate basis and adjusted EBITDA margin of 17% or higher, supported by the full integration of PA Consulting and identified cost synergies of at least $20 million annually. Capital allocation priorities remain focused on returning at least 60% of free cash flow to shareholders through share repurchases and dividends while maintaining net leverage in the 1.0x-1.5x target range, with management expecting to return to below 2.0x net leverage by year-end fiscal 2026 following the PA Consulting acquisition.
| Metric | Target | Period |
|---|---|---|
| Adjusted net revenue growth | 8%-10.5% | FY2026 |
| Adjusted EBITDA margin | 14.6%-14.9% | FY2026 |
| Adjusted EPS | $7.10-$7.35 | FY2026 |
| Adjusted free cash flow margin | 7%-8.5% | FY2026 |
| Adjusted EBITDA margin | 17% or higher | FY2029 |
| Free cash flow margin | 11% or higher | FY2029 |
| Organic net revenue growth (five-year CAGR) | 6%-8% | FY2029 |
| Q3 FY2026 Adjusted EBITDA margin | approximately 15% | Q3 FY2026 |
| Q3 FY2026 net revenue growth | approximately 7.5% | Q3 FY2026 |
Adjusted net revenue growth (FY2026): “We're increasing our FY 2026 organic net revenue growth range to 8%-10.5% year-over-year”
Adjusted EBITDA margin (FY2026): “Adjusted EBITDA margin range to 14.6%-14.9%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.2B | 12.0B | 11.5B | 10.9B | 9.8B | 14.1B |
| Net Income | 381M | 289M | 796M | 674M | 644M | 420M |
| EPS | $3.21 | $2.38 | $6.32 | $5.30 | $4.98 | $3.20 |
| Free Cash Flow | 484M | 607M | 934M | 837M | 347M | 633M |
| ROIC | 7.3% | 11.1% | 8.1% | 6.4% | 5.8% | 5.8% |
| Gross Margin | 23.4% | 24.8% | 24.6% | 25.0% | 26.4% | 21.6% |
| Debt/Equity | 1.24 | 0.61 | 0.49 | 0.44 | 0.56 | 0.49 |
| Dividends/Share | $1.34 | $1.26 | $1.13 | $1.01 | $0.90 | $0.82 |
| Operating Income | 598M | 864M | 692M | 676M | 540M | 688M |
| Operating Margin | 4.5% | 7.2% | 6.0% | 6.2% | 5.5% | 4.9% |
| ROE | 11.6% | 7.1% | 14.3% | 10.7% | 10.7% | 7.1% |
| Shares Outstanding | 118M | 122M | 126M | 127M | 129M | 131M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12.7B | 12.1B | 11.0B | 10.0B | 15.0B | 12.7B | 13.6B | 14.1B | 9.8B | 10.9B | 11.5B | 12.0B | 13.2B |
| Gross Margin | N/A | N/A | 16.1% | 12.6% | 14.4% | 19.4% | 19.1% | 21.6% | 26.4% | 25.0% | 24.6% | 24.8% | 23.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.5B | 1.5B | 1.4B | 1.0B | 1.8B | 2.1B | 2.1B | 2.4B | 2.0B | 2.0B | 2.1B | 2.1B | 2.5B |
| EBIT | 528M | 446M | 339M | 244M | 387M | 405M | 536M | 688M | 540M | 676M | 692M | 864M | 598M |
| Op. Margin | 4.2% | 3.7% | 3.1% | 2.4% | 2.6% | 3.2% | 4.0% | 4.9% | 5.5% | 6.2% | 6.0% | 7.2% | 4.5% |
| Net Income | 328M | 303M | 210M | 291M | 163M | 848M | 492M | 420M | 644M | 674M | 796M | 289M | 381M |
| Net Margin | 2.6% | 2.5% | 1.9% | 2.9% | 1.1% | 6.7% | 3.6% | 3.0% | 6.6% | 6.2% | 6.9% | 2.4% | 2.9% |
| Non-Recurring | 98M | 126M | 177M | 84M | 173M | 311M | 486M | 139M | 120M | 119M | 138M | 62M | 54M |
| Returns on Capital | |||||||||||||
| ROIC | 8.7% | 7.6% | 6.0% | 4.2% | 4.1% | 6.2% | 7.3% | 5.8% | 5.8% | 6.4% | 8.1% | 11.1% | 7.3% |
| ROE | 7.6% | 6.9% | 4.9% | 6.7% | 3.2% | 14.8% | 8.5% | 7.1% | 10.7% | 10.7% | 14.3% | 7.1% | 11.6% |
| ROA | 4.2% | 3.7% | 2.8% | 3.9% | 1.6% | 7.4% | 4.1% | 3.1% | 4.4% | 4.6% | 6.0% | 2.5% | 3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 722M | 485M | 680M | 575M | 481M | -366M | 807M | 726M | 475M | 975M | 1.1B | 687M | 572M |
| Free Cash Flow | 590M | 396M | 612M | 457M | 386M | -502M | 689M | 633M | 347M | 837M | 934M | 607M | 484M |
| Owner Earnings | 580M | 343M | 565M | 460M | 284M | -526M | 668M | 569M | 319M | 797M | 881M | 544M | -153M |
| CapEx | 132M | 88M | 68M | 118M | 95M | 136M | 118M | 93M | 128M | 137M | 121M | 79M | 88M |
| Maint. CapEx | 99M | 100M | 82M | 76M | 118M | 90M | 91M | 101M | 102M | 103M | 99M | 82M | 660M |
| Growth CapEx | 34M | 0 | 0 | 42M | 0 | 46M | 27M | 0 | 25M | 34M | 22M | 0 | 0 |
| D&A | 99M | 100M | 82M | 76M | 118M | 90M | 91M | 101M | 102M | 103M | 99M | 82M | 660M |
| CapEx/OCF | N/A | 18.2% | 10.0% | 20.5% | 19.7% | N/A | 14.7% | 12.8% | 26.9% | 14.1% | 11.5% | 11.5% | 15.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 5.9M | 59M | 87M | 106M | 98M | 107M | 116M | 128M | 143M | 153M | 158M |
| Dividend Yield | N/A | N/A | 0.1% | 1.2% | 1.3% | 1.1% | 1.1% | 0.8% | 0.8% | 1.0% | 1.0% | 1.0% | 1.0% |
| Share Buybacks | 78M | 422M | 153M | 97M | 3.0M | 854M | 337M | 275M | 282M | 266M | 403M | 754M | 674M |
| Buyback Yield | 1.3% | 9.9% | 2.6% | 1.5% | 0.0% | 7.1% | 2.9% | 1.4% | 2.0% | 1.9% | 2.5% | 4.2% | 4.2% |
| Stock-Based Comp | 43M | 41M | 32M | 39M | 79M | 69M | 48M | 56M | 53M | 74M | 74M | 61M | 65M |
| Debt Repayment | 455M | 1.9B | 1.8B | 1.8B | 4.6B | 4.0B | 2.5B | 3.2B | 2.4B | 4.5B | 3.4B | 1.5B | 1.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 31M | 124M | -270M | -373M | 1.5B | 139M | 815M | 1.9B | 2.3B | 2.1B | 1.1B | 1.0B | 2.7B |
| Cash & Equiv. | 733M | 461M | 656M | 608M | 635M | 631M | 862M | 1.0B | 1.1B | 771M | 1.1B | 1.2B | 1.4B |
| Long-Term Debt | 764M | 584M | 385M | 235M | 2.1B | 1.2B | 1.7B | 2.8B | 3.4B | 2.8B | 1.3B | 2.2B | 4.1B |
| Debt/Equity | 0.17 | 0.14 | 0.09 | 0.05 | 0.37 | 0.25 | 0.29 | 0.49 | 0.56 | 0.44 | 0.49 | 0.61 | 1.24 |
| Interest Coverage | 46.2 | 22.8 | 22.2 | 20.3 | 5.0 | 4.8 | 8.6 | 9.5 | 5.4 | 4.0 | 4.1 | 5.9 | 4.0 |
| Equity | 4.5B | 4.3B | 4.3B | 4.4B | 5.9B | 5.7B | 5.8B | 5.9B | 6.1B | 6.5B | 4.5B | 3.6B | 3.3B |
| Total Assets | 8.5B | 7.8B | 7.4B | 7.4B | 12.6B | 11.5B | 12.4B | 14.6B | 14.7B | 14.6B | 11.8B | 11.3B | 11.9B |
| Total Liabilities | 4.0B | 3.5B | 3.1B | 3.0B | 6.8B | 5.7B | 6.5B | 8.7B | 8.6B | 8.1B | 6.4B | 6.6B | -65M |
| Intangibles | 440M | 353M | 337M | 333M | 573M | 665M | 658M | 1.6B | 1.4B | 951M | 875M | 718M | 640M |
| Retained Earnings | 3.5B | 3.5B | 3.6B | 3.7B | 3.8B | 3.9B | 4.0B | 4.0B | 4.2B | 4.5B | 2.4B | 1.5B | 963M |
| Working Capital | 1.5B | 1.1B | 1.1B | 1.1B | 1.4B | 1.0B | 1.6B | 1.1B | 1.5B | 1.3B | 816M | 1.0B | 1.6B |
| Current Assets | 3.9B | 3.1B | 2.9B | 3.0B | 4.6B | 4.1B | 4.5B | 4.3B | 4.7B | 4.7B | 4.9B | 4.4B | 5.2B |
| Current Liabilities | 2.3B | 2.0B | 1.8B | 1.9B | 3.1B | 3.1B | 2.9B | 3.2B | 3.3B | 3.4B | 4.1B | 3.4B | 3.6B |
| Per Share Data | |||||||||||||
| EPS | 2.48 | 2.40 | 1.73 | 2.42 | 1.18 | 5.03 | 3.71 | 3.20 | 4.98 | 5.30 | 6.32 | 2.38 | 3.21 |
| Owner EPS | 4.38 | 2.72 | 4.65 | 3.83 | 2.06 | -3.12 | 5.04 | 4.34 | 2.47 | 6.27 | 7.00 | 4.47 | -1.29 |
| Book Value | 33.78 | 34.00 | 35.06 | 36.87 | 42.48 | 33.89 | 43.88 | 45.29 | 46.86 | 51.47 | 36.13 | 29.95 | 27.86 |
| Cash Flow/Share | 5.46 | 3.84 | 5.59 | 4.79 | 3.49 | -2.17 | 6.09 | 5.54 | 3.67 | 7.66 | 8.38 | 5.65 | 8.81 |
| Dividends/Share | N/A | N/A | 0.05 | 0.49 | 0.63 | 0.14 | 0.74 | 0.82 | 0.90 | 1.01 | 1.13 | 1.26 | 1.34 |
| Shares Out. | 132.3M | 126.2M | 121.7M | 120.1M | 137.8M | 168.6M | 132.5M | 131.2M | 129.3M | 127.2M | 125.9M | 121.6M | 118.2M |
| Valuation | |||||||||||||
| P/E Ratio | 18.5 | 14.1 | 27.9 | 22.4 | 61.1 | 14.1 | 23.8 | 40.9 | 21.5 | 21.0 | 20.1 | 61.8 | 42.0 |
| P/FCF | 8.5 | 8.9 | 7.9 | 11.8 | 21.3 | N/A | 14.1 | 22.4 | 33.0 | 16.7 | 17.1 | 29.4 | 32.9 |
| EV/EBIT | 10.2 | 8.9 | 14.6 | 13.4 | 28.0 | 30.0 | 21.8 | 29.7 | 16.3 | 22.6 | 23.3 | 20.4 | 31.1 |
| Price/Book | 1.4 | 1.0 | 1.4 | 1.5 | 1.7 | 2.1 | 2.0 | 3.3 | 2.3 | 2.1 | 3.6 | 4.9 | 4.8 |
| Price/Sales | 0.6 | 0.4 | 0.5 | 0.6 | 0.8 | 0.8 | 0.8 | 1.2 | 1.1 | 1.1 | 1.3 | 1.3 | 1.2 |
| FCF Yield | 9.7% | 9.3% | 10.4% | 6.9% | 3.9% | -4.2% | 5.9% | 3.2% | 2.5% | 6.0% | 5.8% | 3.4% | 3.0% |
| Market Cap | 6.1B | 4.3B | 5.9B | 6.6B | 10.0B | 12.0B | 11.7B | 19.5B | 13.9B | 13.9B | 16.2B | 17.9B | 15.9B |
| Avg. Price | 44.34 | 33.06 | 34.61 | 42.25 | 50.15 | 59.02 | 69.38 | 96.95 | 105.92 | 97.70 | 113.91 | 132.22 | 134.56 |
| Year-End Price | 37.94 | 27.99 | 39.87 | 44.79 | 59.59 | 71.12 | 73.15 | 108.38 | 88.60 | 109.94 | 126.83 | 147.12 | 134.56 |
JACOBS SOLUTIONS INC. passes 3 of 9 quality checks, indicating weak fundamentals.
JACOBS SOLUTIONS INC. trades at 37.3x trailing earnings, compared to its 15-year median P/E of 23.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.1x vs a median of 17.1x. The company's 5-year average ROIC is 7.4% with a gross margin of 24.5%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is +19.9%.
JACOBS SOLUTIONS INC. (J) has a net profit margin of 2.4%. This is a modest margin.
JACOBS SOLUTIONS INC. (J) generated $607 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
JACOBS SOLUTIONS INC. (J) has a debt-to-equity ratio of 0.61. This indicates moderate leverage.
JACOBS SOLUTIONS INC. (J) reported earnings per share (EPS) of $2.38 in its most recent fiscal year.
JACOBS SOLUTIONS INC. (J) has a return on equity (ROE) of 7.1%. This indicates moderate shareholder returns.
JACOBS SOLUTIONS INC. (J) has a 5-year average gross margin of 24.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for JACOBS SOLUTIONS INC. (J), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
JACOBS SOLUTIONS INC. (J) has a book value per share of $29.95, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued revenue growth acceleration through fiscal 2026 and beyond, supported by record backlog of $27 billion and a trailing 12-month book-to-bill of 1.4x, with particular strength in life sciences and advanced manufacturing driven by data center and semiconductor investments. The company anticipates margin expansion will continue through disciplined cost management, global delivery improvements, and commercial model optimization, with expectations for operating leverage as revenue grows at a substantially higher rate than operating expenses. Management is confident in achieving long-term fiscal 2029 targets including 6%-8% organic net revenue growth on a five-year compound annual growth rate basis and adjusted EBITDA margin of 17% or higher, supported by the full integration of PA Consulting and identified cost synergies of at least $20 million annually. Capital allocation priorities remain focused on returning at least 60% of free cash flow to shareholders through share repurchases and dividends while maintaining net leverage in the 1.0x-1.5x target range, with management expecting to return to below 2.0x net leverage by year-end fiscal 2026 following the PA Consulting acquisition.
Based on recent SEC filings and earnings calls, JACOBS SOLUTIONS INC. (J) has provided the following forward guidance: Adjusted net revenue growth: 8%-10.5% (FY2026); Adjusted EBITDA margin: 14.6%-14.9% (FY2026); Adjusted EPS: $7.10-$7.35 (FY2026); Adjusted free cash flow margin: 7%-8.5% (FY2026); Adjusted EBITDA margin: 17% or higher (FY2029), plus 4 additional metrics.
Adjusted EPS (FY2026): “adjusted EPS range to $7.10-$7.35”
Adjusted free cash flow margin (FY2026): “We continue to anticipate adjusted free cash flow margin will range from 7%-8.5%”
Adjusted EBITDA margin (FY2029): “we're increasing our target by 100 basis points to 17% + for FY 2029”
Free cash flow margin (FY2029): “we can now reach or exceed an 11% free cash flow margin, also up 100 basis points from our prior target”
Organic net revenue growth (five-year CAGR) (FY2029): “We are reaffirming our range of 6%-8% organic growth on a five-year compound annual growth rate basis for net revenue”
Q3 FY2026 Adjusted EBITDA margin (Q3 FY2026): “As it pertains to Q3, we expect our Adjusted EBITDA margin to be approximately 15%”