MeritValue

JONES LANG LASALLE INC

JLLdata completeness 88%18 fiscal years on file
The thesis, from the filings

JONES LANG LASALLE INC earns about 10% on invested capital, and has bought back 7% of its shares over 5 years. The applicable estimate puts fair value near $140.39 a share.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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$19.4B1$20.9B2$20.8B3$23.4B3$26.1B3
Net income$961.6M4$654.5M5$225.4M6$546.8M6$792.1M6
Operating cash flow$972.4M7$199.9M8$575.8M9$785.3M9$1.19B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$274.7M10$010$011$199.3M12−$200,00012
Cash & equivalents$593.7M13$519.3M14$410M15$416.3M16$599.1M16
Diluted shares52.1M49.3M48.3M48.4M48.3M

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
shares
Net assets behind them
$1,552.99
your share of equity
Profit it earned you last year
$163.96
Free cash flow it threw off
—
Debt you’d be carrying
−$0.04

10 shares is a claim on $1,552.99 of net worth that earned you $163.96 last year, against −$0.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 16%FY22 13%FY23 2%FY24 7%FY25 10%

It earned an average 10% 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
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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
$140.39
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$654.5M
  • growthAssumed0.0%
Graham Number
$239.39
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001037976-24-000010 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001037976-25-000006 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001037976-26-000037 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001037976-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001037976-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001037976-26-000037 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001037976-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001037976-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001037976-26-000037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001037976-23-000007 (LongTermDebtCurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001037976-25-000006 (CommercialPaper)
  12. 10-K · period ending 2024-12-31 · accession 0001037976-26-000037 (CommercialPaper)
  13. 10-K · period ending 2021-12-31 · accession 0001037976-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001037976-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001037976-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001037976-26-000037 (CashAndCashEquivalentsAtCarryingValue)