(JBGS) JBG SMITH Properties - Overview
Sector: Real Estate | Industry: REIT - Diversified | Exchange: NYSE (USA) | Market Cap: 890m USD | Total Return: -13.1% in 12m
Avg Turnover: 7.11M
Qual. Beats: -2
Rev. Trend: -97.2%
Qual. Beats: 0
Warnings
High Debt/EBITDA (12.6) with thin interest coverage (0.1)
Interest Coverage Ratio 0.1 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -1.40 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
No distinct edge detected
JBG SMITH Properties (JBGS) is a vertically integrated real estate investment trust (REIT) focused on the ownership and development of mixed-use assets in the Washington, DC metropolitan area. The company’s portfolio is strategically concentrated in high-density, transit-oriented submarkets, with a significant presence in National Landing. Its holdings include approximately 12.0 million square feet of multifamily, office, and retail space, supported by a 3.6 million square-foot development pipeline.
Operating as a diversified REIT, the company generates revenue through long-term leases across multiple asset classes, balancing the steady cash flows of residential units with the higher-yield potential of commercial office and retail space. This model relies heavily on placemaking, a strategy where developers enhance property values by creating walkable, amenity-rich environments that attract high-credit corporate tenants and high-income residents. The success of this geographic concentration is closely tied to federal government stability and the expansion of the regional technology sector.
For a more detailed look at the companys valuation metrics and historical performance, you may find it useful to explore the data on ValueRay. JBG SMITH Properties was incorporated in 2016 and remains a primary institutional landlord in the capital region.
- Amazon HQ2 delivery and occupancy rates drive National Landing rental income
- Federal office footprint reductions impact long-term commercial lease renewal stability
- Multifamily development pipeline conversion increases recurring residential revenue streams
- High interest rates elevate financing costs for capital-intensive urban construction projects
- Washington DC metro area employment levels dictate office and retail demand
| Net Income: -112.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 3.58 > 1.0 |
| NWC/Revenue: -7.58% < 20% (prev 10.19%; Δ -17.77% < -1%) |
| CFO/TA 0.01 > 3% & CFO 63.5m > Net Income -112.0m |
| Net Debt (2.53b) to EBITDA (200.8m): 12.61 < 3 |
| Current Ratio: 0.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.1m) vs 12m ago -27.54% < -2% |
| Gross Margin: -28.17% > 18% (prev 0.50%; Δ -2.87k% > 0.5%) |
| Asset Turnover: 11.15% > 50% (prev 11.05%; Δ 0.10% > 0%) |
| Interest Coverage Ratio: 0.09 > 6 (EBITDA TTM 200.8m / Interest Expense TTM 156.1m) |
| A: -0.01 (Total Current Assets 263.5m - Total Current Liabilities 301.8m) / Total Assets 4.34b |
| B: -0.28 (Retained Earnings -1.20b / Total Assets 4.34b) |
| C: 0.00 (EBIT TTM 14.8m / Avg Total Assets 4.53b) |
| D: -0.44 (Book Value of Equity -1.20b / Total Liabilities 2.70b) |
| Altman-Z'' = -1.40 = CCC |
| DSRI: 0.98 (Receivables 183.7m/193.5m, Revenue 505.5m/522.8m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 16.12 (AQ_t 0.93 / AQ_t-1 0.06) |
| SGI: 0.97 (Revenue 505.5m / 522.8m) |
| TATA: -0.04 (NI -112.0m - CFO 63.5m) / TA 4.34b) |
| Beneish M = 5.86 (Cap -4..+1) = D |
As of June 01, 2026, the stock is trading at USD 14.67 with a total of 463,006 shares traded.
Over the past week, the price has changed by +1.87%,
over one month by -1.01%,
over three months by -1.08% and
over the past year by -13.10%.
JBG SMITH Properties has received a consensus analysts rating of 2.00. Therefore, it is recommended to sell JBGS.
- StrongBuy: 0
- Buy: 0
- Hold: 1
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 14.5 | -1.2% |
P/S = 1.7865
P/B = 0.7574
Revenue TTM = 505.5m USD
EBIT TTM = 14.8m USD
EBITDA TTM = 200.8m USD
Long Term Debt = 2.30b USD (from longTermDebt, last quarter)
Short Term Debt = 230.0m USD (from shortTermDebt, last quarter)
Debt = 2.61b USD (from shortLongTermDebtTotal, last quarter) + Leases 40.1m
Net Debt = 2.53b USD (calculated: Debt 2.61b - CCE 79.8m)
Enterprise Value = 3.42b USD (889.8m + Debt 2.61b - CCE 79.8m)
Interest Coverage Ratio = 0.09 (Ebit TTM 14.8m / Interest Expense TTM 156.1m)
EV/FCF = 49.32x (Enterprise Value 3.42b / FCF TTM 69.3m)
FCF Yield = 2.03% (FCF TTM 69.3m / Enterprise Value 3.42b)
FCF Margin = 13.72% (FCF TTM 69.3m / Revenue TTM 505.5m)
Net Margin = -22.16% (Net Income TTM -112.0m / Revenue TTM 505.5m)
Gross Margin = -28.17% ((Revenue TTM 505.5m - Cost of Revenue TTM 647.9m) / Revenue TTM)
Gross Margin QoQ = -8.83% (prev none%)
Tobins Q-Ratio = 0.79 (Enterprise Value 3.42b / Total Assets 4.34b)
Interest Expense / Debt = 5.98% (Interest Expense 156.1m / Debt 2.61b)
Taxrate = 21.0% (US default 21%)
NOPAT = 11.7m (EBIT 14.8m * (1 - 21.00%))
Current Ratio = 0.87 (Total Current Assets 263.5m / Total Current Liabilities 301.8m)
Debt / Equity = 2.29 (Debt 2.61b / totalStockholderEquity, last quarter 1.14b)
Debt / EBITDA = 12.61 (Net Debt 2.53b / EBITDA 200.8m)
Debt / FCF = 36.49 (Net Debt 2.53b / FCF TTM 69.3m)
Total Stockholder Equity = 1.20b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.47% (Net Income -112.0m / Total Assets 4.34b)
RoE = -4.66% (Net Income TTM -112.0m / Total Stockholder Equity 2.40b)
RoCE = 0.31% (EBIT 14.8m / Capital Employed (Equity 2.40b + L.T.Debt 2.30b))
RoIC = 0.27% (NOPAT 11.7m / Invested Capital 4.26b)
WACC = 5.39% (E(889.8m)/V(3.50b) * Re(7.35%) + D(2.61b)/V(3.50b) * Rd(5.98%) * (1-Tc(0.21)))
Discount Rate = 7.35% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -100.00 | Cagr: -19.20%
[DCF] Terminal Value 75.44% ; FCFF base≈69.3m ; Y1≈69.6m ; Y5≈73.8m
[DCF] Fair Price = N/A (negative equity: EV 1.15b - Net Debt 2.53b = -1.38b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.52 | # QB: -2
Revenue Correlation: -97.18 | Revenue CAGR: -8.13% | SUE: 0.55 | # QB: 0