JBG Smith
JBG Smith's revenue fell 8.9% to $499 million in fiscal 2025. Its net margin was −27.9%, down from −26.2% a year earlier. It paid out $492 million in dividends and buybacks. The diluted share count fell 23.7%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What JBG Smith does
JBG SMITH is a real estate investment trust (REIT) that owns, runs and develops mixed-use properties in and around Washington, D.C., mostly near Metro stations. Its main area is National Landing in Northern Virginia. It also earns fees from a business that provides real estate services to other owners.
At the end of 2025 its operating portfolio had 39 assets: 15 apartment buildings with 6,519 units, 22 commercial buildings with 7.3 million square feet, and two land parcels it leases out under ground leases. It also had a development pipeline of 4.9 million square feet of potential development. It earns money mainly from rent.
It runs its business through an operating partnership, JBG SMITH LP, of which the REIT owned 82.0% at the end of 2025. Five of its assets together produced 29.9% of its share of annualized rent.
Its biggest risks, as it describes them
- A large share of its portfolio is office space, where demand has been lower.
- Its properties are concentrated in the Washington, D.C. area, so local conditions matter.
- A significant share of revenue comes from U.S. federal government tenants.
- Rent control or rent limits on its apartments.
- Development and redevelopment costs and delays.
Income statement
From fiscal 2016 to 2022, earnings per share grew 2.0% a year and net income 5.5% a year, as new shares raised the share count by 18% and diluted each share's earnings. JBG Smith then lost money in fiscal 2023, 2024 and 2025.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 264 | 241 | 165 | 146 | 75 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | −0.3x | 2.3x | 0.1x | −0.3x | −0.2x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for JBG Smith's filings doesn't give both for any year, so free cash flow is left out.
Projections
Project JBG Smith's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought JBG Smith shares on the open market, and 2 insiders sold $477,068.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 8, 2026 | Steven A MuselesChief Legal Off. & Corp. Secy | Sold | 20,010 | $15.01 | $300,270 | Form 4 |
| Nov 24, 2025 | Evan Regan-LevineChief Strategy Officer | Sold | 4,485 | $17.90 | $80,286 | Form 4 |
| Nov 7, 2025 | Evan Regan-LevineChief Strategy Officer | Sold | 5,200 | $18.56 | $96,512 | Form 4 |
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | — | — |
| Altman Z'' | — | — | — |
| Accruals ratio | −4.6% | −5.2% | −4.5% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Pass |
| F-score | — | — | — |
Compare
Put JBG Smith side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| JBG Smith | FY25 | −8.9% | — | — | — | — | — | |
| Easterly Government Properties | FY25 | 11.3% | — | — | — | — | — | Compare |
| COPT Defense Properties | FY25 | 1.4% | — | 37.8% | 6.1% | 6.1x | — | Compare |
| Highwoods Properties | FY25 | −2.4% | 67.6% | — | — | — | — | Compare |
| Cousins Properties | FY25 | 16.0% | 67.8% | 13.6% | 6.7% | 3.1x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 478 | 543 | 644 | 648 | 603 | 634 | 606 | 604 | 547 | 499 |
| Revenue growth | 1.7% | 13.5% | 18.6% | 0.6% | −7.0% | 5.2% | −4.5% | −0.3% | −9.4% | −8.9% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 113 | −52 | — | — | — | — | — | — | — | — |
| Net income | 62 | −72 | 40 | 66 | −62 | −79 | 85 | −80 | −144 | −139 |
| Diluted EPS (US$) | 0.62 | −0.70 | 0.31 | 0.48 | −0.49 | −0.63 | 0.70 | −0.78 | −1.65 | −2.09 |
| Diluted shares (millions) | 101 | 105 | 119 | 131 | 134 | 131 | 119 | 105 | 88 | 67 |
| Cash flow | ||||||||||
| Cash from operations | 160 | 74 | 188 | 174 | 169 | 218 | 178 | 183 | 129 | 73 |
| Capital expenditure | — | — | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | 0 | 26 | 107 | 130 | 120 | 118 | 108 | 94 | 62 | 48 |
| Share buybacks | 0 | 0 | 0 | 0 | 105 | 158 | 361 | 335 | 171 | 444 |
| Acquisitions | 0 | 0 | 28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 4 | 34 | 53 | 65 | 66 | 52 | 41 | 32 | 30 | 25 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 29 | 317 | 261 | 126 | 226 | 264 | 241 | 165 | 146 | 75 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 3,661 | 6,072 | 5,997 | 5,986 | 6,080 | 6,386 | 5,903 | 5,518 | 5,020 | 4,388 |
| Total liabilities | 1,539 | 2,488 | 2,452 | 1,987 | 2,343 | 2,925 | 2,708 | 2,826 | 2,788 | 2,719 |
| Shareholders' equity | 2,122 | 2,971 | 2,987 | 3,386 | 3,206 | 2,916 | 2,682 | 2,223 | 1,809 | 1,158 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 23.6% | −9.6% | — | — | — | — | — | — | — | — |
| Net margin | 12.9% | −13.2% | 6.2% | 10.1% | −10.3% | −12.5% | 14.1% | −13.2% | −26.2% | −27.9% |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | — |
| Rule of 40 (growth + FCF margin) | — | — | — | — | — | — | — | — | — | — |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | — | −2.8% | 1.3% | 2.1% | −1.9% | −2.6% | 3.0% | −3.3% | −7.1% | −9.4% |
| Return on assets | — | −1.5% | 0.7% | 1.1% | −1.0% | −1.3% | 1.4% | −1.4% | −2.7% | −3.0% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |