A Business at a Glance
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JBG SMITH Properties
JBGS
$979M
Mkt Cap
$14.52
+0.28%
JBG SMITH Properties (JBGS) has a 5-year average return on invested capital (ROIC) of 0.8%. This is below average and may indicate limited pricing power.
JBG SMITH Properties (JBGS) has a market capitalization of $858M. It is classified as a small-cap stock.
Yes, JBG SMITH Properties (JBGS) pays a dividend with a trailing twelve-month yield of 5.14%. The company also returns capital through share buybacks, with a buyback yield of 37.48%.
JBG SMITH Properties (JBGS) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
JBG SMITH Properties (JBGS) reported annual revenue of $499 million in its most recent fiscal year, based on SEC EDGAR filings.
JBG SMITH Properties (JBGS) has a net profit margin of -28.2%. The company is currently unprofitable.
JBG SMITH Properties (JBGS) generated $38 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ITEM 1. BUSINESS The Company JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. In addition, our third-party real estate services business provides fee-based real estate services. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH LP. As of December 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 82.0% of its OP Units, after giving effect to the conversion of certain vested LTIP Units that are convertible into OP Units. JBG SMITH is referred to herein as "we," "us," "our" or other similar terms.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 506M | 499M | 547M | 604M | 606M | 634M |
| Net Income | -114M | -141M | -146M | -82M | 84M | -82M |
| EPS | $-1.81 | $-2.09 | $-1.65 | $-0.78 | $0.70 | $-0.63 |
| Free Cash Flow | 42M | 38M | 91M | 120M | 104M | 9.3M |
| ROIC | 0.0% | -0.6% | -0.5% | 0.9% | 4.5% | -0.3% |
| Gross Margin | - | 32.0% | 33.9% | 40.5% | 39.3% | 38.3% |
| Debt/Equity | 0.20 | 0.32 | 0.35 | 0.32 | 0.34 | 0.35 |
| Dividends/Share | $0.75 | $0.70 | $0.88 | $0.68 | $0.90 | $0.90 |
| Operating Income | 0 | -11M | -13M | 26M | 161M | -11M |
| Operating Margin | 0.0% | -2.2% | -2.4% | 4.4% | 26.5% | -1.7% |
| ROE | -10.0% | -9.5% | -7.2% | -3.3% | 3.0% | -2.7% |
| Shares Outstanding | 59M | 67M | 88M | 105M | 119M | 130M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 471M | 479M | 543M | 644M | 648M | 603M | 634M | 606M | 604M | 547M | 499M | 506M |
| Gross Margin | N/A | N/A | 47.8% | 43.5% | 48.5% | 38.4% | 38.3% | 39.3% | 40.5% | 33.9% | 32.0% | N/A |
| 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 |
| SG&A | 44M | 49M | 39M | 34M | 47M | 47M | 54M | 58M | 55M | 59M | 59M | 59M |
| EBIT | 103M | 113M | -52M | 26M | 26M | 14M | -11M | 161M | 26M | -13M | -11M | 0 |
| Op. Margin | 21.8% | 23.6% | -9.6% | 4.0% | 4.0% | 2.4% | -1.7% | 26.5% | 4.4% | -2.4% | -2.2% | 0.0% |
| Net Income | 50M | 62M | -73M | 37M | 63M | -65M | -82M | 84M | -82M | -146M | -141M | -114M |
| Net Margin | 10.5% | 13.0% | -13.5% | 5.8% | 9.7% | -10.9% | -12.9% | 13.8% | -13.6% | -26.7% | -28.2% | -22.5% |
| Non-Recurring | 0 | 0 | 128M | 16M | 15M | 14M | 26M | 0 | 90M | 55M | 66M | 66M |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 5.0% | -2.5% | 0.7% | 0.7% | 0.4% | -0.3% | 4.5% | 0.9% | -0.5% | -0.6% | 0.0% |
| ROE | N/A | 3.0% | -2.9% | 1.3% | 2.0% | -2.0% | -2.7% | 3.0% | -3.3% | -7.2% | -9.5% | -10.0% |
| ROA | N/A | 3.4% | -1.5% | 0.6% | 1.1% | -1.1% | -1.3% | 1.4% | -1.4% | -2.8% | -3.0% | -2.6% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 178M | 160M | 74M | 188M | 174M | 169M | 218M | 178M | 183M | 129M | 73M | 64M |
| Free Cash Flow | -56M | -78M | -136M | -198M | -267M | 126M | 9.3M | 104M | 120M | 91M | 38M | 42M |
| Owner Earnings | 27M | 20M | -124M | -80M | -87M | -123M | -74M | -81M | -64M | -115M | -149M | -157M |
| CapEx | 234M | 238M | 211M | 386M | 441M | 43M | 208M | 74M | 63M | 39M | 35M | 22M |
| Maint. CapEx | 147M | 135M | 165M | 216M | 196M | 226M | 240M | 218M | 216M | 215M | 197M | 195M |
| Growth CapEx | 87M | 103M | 46M | 170M | 245M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 147M | 135M | 165M | 216M | 196M | 226M | 240M | 218M | 216M | 215M | 197M | 195M |
| CapEx/OCF | N/A | N/A | 16.8% | 28.2% | 48.3% | 25.6% | 19.9% | 41.3% | 34.4% | 29.8% | 47.6% | 34.6% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 27M | 107M | 130M | 120M | 118M | 108M | 94M | 62M | 48M | 44M |
| Dividend Yield | N/A | N/A | 1.0% | 3.3% | 3.2% | 3.6% | 3.6% | 4.4% | 6.5% | 4.6% | 4.2% | 5.1% |
| Share Buybacks | 0 | 0 | 97M | 0 | 0 | 105M | 158M | 361M | 335M | 171M | 444M | 321M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 3.3% | 5.3% | 18.3% | 20.7% | 13.6% | 39.6% | 37.5% |
| Stock-Based Comp | 4.5M | 4.5M | 34M | 53M | 65M | 66M | 52M | 41M | 32M | 30M | 25M | 26M |
| Debt Repayment | 2.4M | 70K | 19M | 3.1M | 2.9M | 15M | 6.6M | 5.1M | 18M | 5.1M | 5.2M | 5.2M |
| Balance Sheet | ||||||||||||
| Net Debt | 266M | -29M | 666M | 667M | 590M | 412M | 743M | 671M | 553M | 493M | 301M | 152M |
| Cash & Equiv. | 75M | 29M | 317M | 261M | 126M | 226M | 264M | 241M | 165M | 146M | 75M | 80M |
| Long-Term Debt | 341M | 0 | 867M | 928M | 517M | 631M | 707M | 906M | 656M | 553M | 171M | 1.6M |
| Debt/Equity | N/A | 0.00 | 0.33 | 0.31 | 0.21 | 0.20 | 0.35 | 0.34 | 0.32 | 0.35 | 0.32 | 0.20 |
| Interest Coverage | 2.0 | 2.2 | -0.9 | 0.3 | 0.5 | 0.2 | -0.2 | 2.1 | 0.2 | -0.1 | -0.1 | -0.1 |
| Equity | N/A | 2.1B | 3.0B | 3.0B | 3.4B | 3.2B | 2.9B | 2.7B | 2.2B | 1.8B | 1.2B | 1.1B |
| Total Assets | N/A | 3.7B | 6.1B | 6.0B | 6.0B | 6.1B | 6.4B | 5.9B | 5.5B | 5.0B | 4.4B | 4.3B |
| Total Liabilities | N/A | 1.5B | 2.5B | 2.5B | 2.0B | 2.3B | 2.9B | 2.7B | 2.8B | 2.8B | 2.7B | 2.7B |
| Intangibles | N/A | 3.1M | 126M | 90M | 55M | 41M | 202M | 68M | 57M | 47M | 30M | 29M |
| Retained Earnings | N/A | N/A | -96M | -176M | -231M | -413M | -609M | -629M | -777M | -997M | -1.2B | -1.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | 139M | 131M | 158M | N/A | N/A | 138M | N/A | N/A | N/A | 72M |
| Per Share Data | ||||||||||||
| EPS | 0.49 | 0.62 | -0.70 | 0.31 | 0.48 | -0.49 | -0.63 | 0.70 | -0.78 | -1.65 | -2.09 | -1.81 |
| Owner EPS | 0.26 | 0.20 | -1.18 | -0.67 | -0.66 | -0.92 | -0.57 | -0.68 | -0.61 | -1.30 | -2.21 | -2.66 |
| Book Value | N/A | 21.23 | 28.33 | 24.81 | 25.77 | 24.02 | 22.37 | 22.48 | 21.14 | 20.45 | 17.18 | 19.30 |
| Cash Flow/Share | 1.76 | 1.60 | 0.71 | 1.56 | 1.32 | 1.27 | 1.67 | 1.49 | 1.74 | 1.46 | 1.09 | 1.38 |
| Dividends/Share | 0.00 | 0.00 | 0.25 | 1.00 | 0.90 | 0.90 | 0.90 | 0.90 | 0.68 | 0.88 | 0.70 | 0.75 |
| Shares Out. | 101.3M | 100.0M | 104.9M | 120.4M | 131.4M | 133.5M | 130.3M | 119.3M | 105.2M | 88.5M | 67.4M | 59.1M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | 85.1 | 64.6 | N/A | N/A | 23.1 | N/A | N/A | N/A | -8.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 26.7 | 334.9 | 18.4 | 13.8 | 14.1 | 29.6 | 20.6 |
| EV/EBIT | N/A | N/A | N/A | 162.3 | 88.7 | N/A | N/A | 24.2 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 0.9 | 1.1 | 1.3 | 1.0 | 1.0 | 0.7 | 0.7 | 0.7 | 1.0 | 0.8 |
| Price/Sales | N/A | N/A | 4.7 | 5.4 | 6.5 | 5.2 | 5.0 | 4.1 | 2.3 | 2.4 | 2.3 | 1.7 |
| FCF Yield | N/A | N/A | -5.1% | -5.8% | -6.3% | 3.9% | 0.3% | 5.3% | 7.4% | 7.2% | 3.4% | 4.9% |
| Market Cap | 0 | N/A | 2.7B | 3.4B | 4.2B | 3.2B | 3.0B | 2.0B | 1.6B | 1.3B | 1.1B | 858M |
| Avg. Price | 0.00 | N/A | 24.67 | 27.00 | 30.62 | 24.80 | 25.34 | 20.30 | 13.76 | 15.17 | 17.32 | 14.52 |
| Year-End Price | 0.00 | N/A | 25.94 | 26.38 | 31.00 | 25.21 | 23.85 | 16.14 | 15.78 | 14.47 | 16.84 | 14.52 |
JBG SMITH Properties passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 22.3x vs a median of 18.4x. The company's 5-year average ROIC is 0.8% with a gross margin of 36.8%. Total shareholder yield (dividends + buybacks) is 42.6%. At current prices, the estimated annualized return to fair value is +2.9%.
JBG SMITH Properties (JBGS) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
JBG SMITH Properties (JBGS) reported earnings per share (EPS) of $-2.09 in its most recent fiscal year.
JBG SMITH Properties (JBGS) has a return on equity (ROE) of -9.5%. A negative ROE may indicate losses or negative equity.
JBG SMITH Properties (JBGS) has a 5-year average gross margin of 36.8%. This indicates decent pricing power.
The Ledger Terminal provides 11 years of financial data for JBG SMITH Properties (JBGS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
JBG SMITH Properties (JBGS) has a book value per share of $17.18, based on its most recent annual SEC filing.