CBRE Group vs Jones Lang LaSalle
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The short version
- CBRE Group is the larger business, with $40.6B of revenue in fiscal 2025 against $26.1B for Jones Lang LaSalle, about 1.6 times as much.
- CBRE Group grew revenue faster (13.4%, against 11.5%).
- Jones Lang LaSalle earned a higher return on the capital invested in it (11.6%, against 10.2%).
- Investors pay more for each dollar of CBRE Group’s earnings: a P/E of 26.4x against 14.4x for Jones Lang LaSalle.
| Latest fiscal year | CBRE · FY25 | JLL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $36.0B | $14.1B |
| Revenue | $40.6B | $26.1B |
| Free cash flow | $1.2B | — |
| Net income | $1.2B | $792M |
| Growth | ||
| Revenue growth | 13.4% | 11.5% |
| 5-year growth | 11.2% | 9.5% |
| Share count change | −2.4% | −0.1% |
| Profitability | ||
| Gross margin | 18.7% | — |
| Operating margin | 4.3% | 4.2% |
| Net margin | 2.9% | 3.0% |
| FCF margin | 2.9% | — |
| Return on capital | 10.2% | 11.6% |
| Return on equity | 13.4% | 11.1% |
| Balance sheet | ||
| Net debt | $6.0B | $207M |
| Net debt / EBITDA | 2.4x | 0.2x |
| Dividends and buybacks | $968M | $212M |
| Valuation & quality | ||
| P/E | 26.4x | 14.4x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
CBRE $17.4B
JLL $13.0B
FY17
CBRE $18.6B
JLL $14.5B
FY18
CBRE $21.3B
JLL $16.3B
FY19
CBRE $23.9B
JLL $18.0B
FY20
CBRE $23.8B
JLL $16.6B
FY21
CBRE $27.7B
JLL $19.4B
FY22
CBRE $30.8B
JLL $20.9B
FY23
CBRE $31.9B
JLL $20.8B
FY24
CBRE $35.8B
JLL $23.4B
FY25
CBRE $40.6B
JLL $26.1B
CBRE
JLL
Operating margin
FY16
CBRE 4.7%
JLL 3.5%
FY17
CBRE 5.8%
JLL 3.8%
FY18
CBRE 5.1%
JLL 4.3%
FY19
CBRE 5.3%
JLL 4.0%
FY20
CBRE 4.1%
JLL 3.4%
FY21
CBRE 5.9%
JLL 5.4%
FY22
CBRE 4.9%
JLL 4.2%
FY23
CBRE 3.5%
JLL 2.8%
FY24
CBRE 4.0%
JLL 3.7%
FY25
CBRE 4.3%
JLL 4.2%
CBRE
JLL
Free cash flow
FY16
CBRE $426M
JLL $123M
FY17
CBRE $716M
JLL $796M
FY18
CBRE $903M
JLL $557M
FY19
CBRE $930M
JLL —
FY20
CBRE $1.6B
JLL —
FY21
CBRE $2.2B
JLL —
FY22
CBRE $1.4B
JLL —
FY23
CBRE $175M
JLL —
FY24
CBRE $1.4B
JLL —
FY25
CBRE $1.2B
JLL —
CBRE
JLL
Return on capital
FY16
CBRE 8.4%
JLL 11.7%
FY17
CBRE 10.3%
JLL 8.3%
FY18
CBRE 12.3%
JLL 12.6%
FY19
CBRE 15.5%
JLL 11.6%
FY20
CBRE 9.3%
JLL 7.9%
FY21
CBRE 13.9%
JLL 13.2%
FY22
CBRE 13.4%
JLL 10.9%
FY23
CBRE 8.6%
JLL 8.0%
FY24
CBRE 10.1%
JLL 9.8%
FY25
CBRE 10.2%
JLL 11.6%
CBRE
JLL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.