JBG SMITH Properties

JBGSdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

JBG SMITH Properties earns about -3% on invested capital, and has bought back 49% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$634.4M¹	$605.8M²	$604.2M³	$547.3M³	$498.6M³
Net income	−$79.3M⁴	$85.4M⁵	−$80M⁶	−$143.5M⁶	−$139.1M⁶
Operating cash flow	$217.6M⁷	$178M⁸	$183.4M⁹	$129.4M⁹	$73.3M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$264.4M¹⁰	$241.1M¹¹	$164.8M¹²	$145.8M¹²	$75.3M¹²
Diluted shares	130.8M	119.0M	105.1M	88.3M	67.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$171.85

your share of equity

Profit it earned you last year

−$20.64

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $171.85 of net worth that earned you −$20.64 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-3% avg · 5y

FY21 -1%FY22 7%FY23 1%FY24 -8%FY25 -13%

It earned an average -3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−49% shares · 5y

Share count is down 49% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001558370-24-001366 (Revenues)
10-K · period ending 2022-12-31 · accession 0001558370-25-001099 (Revenues)
10-K · period ending 2023-12-31 · accession 0001104659-26-016450 (Revenues)
10-K · period ending 2021-12-31 · accession 0001558370-24-001366 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-25-001099 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001104659-26-016450 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-24-001366 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001558370-25-001099 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001104659-26-016450 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001558370-24-001366 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001558370-25-001099 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001104659-26-016450 (CashAndCashEquivalentsAtCarryingValue)