J
Jacobs Solutions Inc.Industrials·Engineering & Construction
$119.94
$14.2B market cap
Revenue
$13.2B
Free Cash Flow
$484.1M
Rev Growth
+27.0%
FCF Margin
3.7%
P/FCF
29.3x
EV/FCF
35.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Jacobs Solutions Inc. engages in the infrastructure and advanced facilities, and consulting businesses in the United States, Europe, Canada, India, Asia, Australia, New Zealand, the Middle East, and Africa. The company offers consulting, planning, architecture, design, engineering, and infrastructure delivery services including project, program, and construction management and long-term operation of facilities. It also provides consulting services for consumer and manufacturing, defense and secu
2-Year Price History
$114.69+1.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 3,695 | -33.3 | -81.2 | -45.9 | -484.1 | -504.9 | -20.8 | 1,372 | 4,558 | 119.0 | -4.6% | -0.8x | 20.3x |
| Act | 2026-Q1 | 3,293 | 300.1 | 232.6 | 133.2 | 380.8 | 364.9 | -15.8 | 1,553 | 2,960 | 119.0 | 21.6% | 8.8x | 18.3x |
| Act | 2025-Q4 | 3,155 | 284.3 | 211.6 | 110.8 | 383.1 | 353.5 | -29.6 | 1,235 | 2,710 | 120.1 | 23.2% | 8.1x | 18.8x |
| Act | 2025-Q3 | 3,029 | 342.5 | 254.7 | 186.2 | 292.6 | 270.5 | -22.1 | 1,293 | 3,004 | 120.5 | 26.8% | 9.2x | 18.0x |
| Act | 2025-Q2 | 2,910 | 152.5 | 208.7 | 5.6 | -96.4 | -113.7 | -17.3 | 1,381 | 3,115 | 122.6 | 20.3% | 4.0x | 21.8x |
| Act | 2025-Q1 | 2,933 | 147.6 | 208.4 | -18.1 | 107.5 | 97.1 | -10.3 | 1,898 | 3,034 | 124.1 | 19.9% | 4.2x | 18.7x |
| Act | 2024-Q4 | -1,159 | 257.8 | -53.1 | 325.4 | 196.5 | 158.2 | -38.3 | 1,894 | 2,752 | 124.9 | -7.4% | 7.2x | 15.0x |
| Act | 2024-Q3 | 2,881 | 259.2 | 222.9 | 146.9 | 482.6 | 444.9 | -37.7 | 1,209 | 3,547 | 125.6 | 12.4% | 5.7x | 16.2x |
| Act | 2024-Q2 | 2,847 | 265.4 | 183.2 | 162.1 | -42.8 | -70.6 | -27.8 | 1,034 | 3,654 | 126.2 | 9.5% | 6.0x | 13.3x |
| Act | 2024-Q1 | 2,810 | 222.8 | 142.0 | 171.6 | 418.4 | 401.1 | -17.3 | 1,142 | 3,566 | 126.8 | 9.6% | 5.1x | 12.6x |
| Act | 2023-Q4 | 4,289 | 362.0 | 277.8 | 149.4 | 219.4 | 124.5 | -39.3 | 770.9 | 3,467 | 126.9 | 14.4% | 8.3x | 10.9x |
| Act | 2023-Q3 | 4,187 | 343.6 | 269.7 | 164.2 | 321.1 | 290.2 | -30.9 | 1,092 | 3,925 | 127.1 | 14.0% | 7.8x | 10.7x |
| Act | 2023-Q2 | 4,078 | 371.1 | 289.9 | 216.5 | 132.0 | 96.8 | -35.2 | 1,223 | 4,193 | 127.4 | 17.1% | 9.1x | 10.8x |
| Act | 2023-Q1 | 3,799 | 315.3 | 237.8 | 135.7 | 302.3 | 270.1 | -32.2 | 1,211 | 4,246 | 127.5 | 12.1% | 7.9x | 11.1x |
| Act | 2022-Q4 | 3,881 | 388.8 | 308.5 | 225.2 | 277.5 | 230.0 | -47.6 | 1,140 | 4,165 | 128.6 | 17.8% | 11.9x | 12.8x |
| Act | 2022-Q3 | 3,827 | 375.1 | 265.8 | 196.0 | -249.1 | -280.9 | -31.8 | 1,102 | 4,379 | 128.9 | 13.4% | 14.4x | -- |
| Act | 2022-Q2 | 3,834 | 252.1 | 166.2 | 88.8 | 124.6 | 95.6 | -28.9 | 1,235 | 4,101 | 130.0 | 7.9% | 11.5x | -- |
| Act | 2022-Q1 | 3,381 | 261.7 | 177.3 | 134.0 | 321.6 | 302.3 | -19.3 | 1,245 | 3,996 | 130.3 | 10.8% | 13.5x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 96.31 | — | 8.6% | 1,278 | 11.6× | 42.6× | 18.3× | 0.8× |
| 2023 | 105.14 | +9.6% | 8.5% | 1,392 | 12.0× | 21.4× | 21.0× | 0.9× |
| 2024 | 130.70 | -54.9% | 13.6% | 1,005 | 17.0× | 18.3× | 20.1× | 2.2× |
| 2025 | 132.12 | +63.0% | 7.7% | 927 | 21.4× | 32.6× | 64.4× | 1.5× |
| TTM | 119.94 | +74.1% | 6.8% | 894 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$119.94
Market Cap$14.2B
Enterprise Value$17.3B
P/S Ratio1.1x
P/FCF29.3x
EV/FCF35.8x
FCF Margin (TTM)3.7%
FCF Yield3.4%
Dividend Yield (TTM)1.4%
Annual Dilution-3.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$13.2B
Net Income$384.3M
Free Cash Flow$484.1M
Revenue Growth (YoY)+27.0%
EBITDA Margin6.8%
Net Margin2.9%
FCF Margin3.7%
CapEx % of Revenue0.7%
SBC % of Revenue0.4%
ROIC16.7%
WC Change % Rev-1.3%
Interest Coverage6.0x
Forward Outlook & Risk
Short Interest
Short % of Float4.2%
Short Shares4.9M
Days to Cover6.0
Change (vs Prior)+11.4%
Short % Float History
4.20%+1.90pp
Options
Call IV (ATM)34%
Put IV (ATM)35%
ATM Spread0.70%
Call $OI (near money)$566K
Put $OI (near money)$577K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$115.0
Major Expirations4
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $95.00 | $19.90/$22.30 | 0 | $0.55/$0.75 | 60 |
| $100.00 | $15.10/$17.90 | 17 | $1.00/$1.75 | 41 |
| $105.00 | $12.20/$13.30 | 5 | $1.80/$2.65 | 34 |
| $110.00 | $8.50/$9.70 | 33 | $3.40/$3.90 | 529 |
| $115.00 | $5.90/$6.70 | 107 | $5.60/$6.40 | 48 |
| $120.00 | $3.90/$4.60 | 104 | $7.80/$9.10 | 44 |
| $125.00 | $2.40/$2.95 | 104 | $11.40/$12.70 | 15 |
| $130.00 | $1.05/$1.90 | 54 | $15.00/$17.50 | 7 |
Snapshot: 2026-05-22
Employees
Headcount45,000
Revenue / Employee$292,711
Gross Profit / Employee$68,508
2022: 60,000 → 2023: 60,000 → 2024: 45,000 → 2025: 43,000 (-11% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 6.3% of float, sold 3.4%.
Net flow · Q1 2026still filing
+2.9% of float (net)
Bought 6.3% · Sold 3.4%
913 filers reported (last quarter: 933)
Ownership composition
Active
63.2%(+1.6% YoY)
875 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
34.8%(+3.5% YoY)
13 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.1% YoY)
8 filers
Citadel, Susquehanna
Insiders
1.4%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $1.34B | $128.73 | +$110M | +$251M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $972M | $127.28 | +$972M | +$972M | — | $4.04T |
| STATE STREET CORPPassive | $923M | $88.60 | −$14.7M | +$8.6M | -0.2% | $2.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $606M | $127.28 | +$606M | +$606M | — | $1.91T |
| PRIMECAP MANAGEMENT CO/CA/ | $575M | $87.93 | −$1.3M | −$17.6M | +0.4% | $127.01B |
| Ninety One UK Ltd | $414M | $108.05 | +$12.6M | +$137M | -0.6% | $43.13B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $413M | $93.88 | +$4.6M | +$10.1M | +2.3% | $1.61T |
| MORGAN STANLEY | $399M | $122.53 | −$31.4M | +$223M | -0.3% | $1.65T |
| Invesco Ltd. | $369M | $105.40 | +$32.3M | +$95.9M | -0.2% | $652.04B |
| Boston Partners | $309M | $112.34 | −$2.3M | −$124M | +0.5% | $95.40B |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $214M | $107.14 | −$8.0M | −$1.1M | -0.4% | $297.48B |
| Allspring Global Investments Holdings, LLC | $212M | $90.42 | −$93.4M | −$99.3M | -0.7% | $59.61B |
| AMERIPRISE FINANCIAL INC | $208M | $126.25 | −$8.8M | +$190M | -0.1% | $430.96B |
| BANK OF AMERICA CORP /DE/ | $198M | $106.57 | −$49.9M | −$65.3M | -0.1% | $1.36T |
| Focus Partners Wealth | $175M | $128.16 | +$4.2M | +$138M | -0.7% | $89.03B |
| NORTHERN TRUST CORPPassive | $162M | $97.58 | −$1.1M | +$24.2M | -0.2% | $755.34B |
| LAZARD ASSET MANAGEMENT LLC | $153M | $122.38 | −$35.2M | −$268M | -0.3% | $60.69B |
| AQR CAPITAL MANAGEMENT LLC | $152M | $121.08 | +$56.9M | +$55.1M | -0.2% | $218.19B |
| DIMENSIONAL FUND ADVISORS LPPassive | $142M | $94.16 | −$4.4M | −$13.6M | -0.4% | $480.92B |
| UBS ASSET MANAGEMENT AMERICAS INC | $141M | $112.92 | +$42.1M | +$54.5M | -0.3% | $480.58B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.10%
avg per quarter
Holders (ex-self)
-0.10%
excl. this stock
Buyers (this Q)
-0.19%
275 buyers · $2.55B in
Sellers (this Q)
-0.15%
364 sellers · $1.15B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.5%
how holders react when this stock falls
On quiet Qs
-9.7%
−10% to +10% baseline
On rallies (+10%+)
-14.8%
how they react when this stock rises
Holders' portfolio flow this Q
+3.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.7%
Holder mid (any stock)
-1.6%
Holder rally (any stock)
-2.8%
Biggest decreases this quarter
Allspring Global Investments Holdings, LLC−$93.4Mα-0.7BANK OF AMERICA CORP /DE/−$49.9Mα-0.1LAZARD ASSET MANAGEMENT LLC−$35.2Mα-0.3MORGAN STANLEY−$31.4Mα-0.3STATE STREET CORP−$14.7Mα-0.2Incline Global Management LLCexited−$10.7MAMERIPRISE FINANCIAL INC−$8.8Mα-0.1MASSACHUSETTS FINANCIAL SERVICES CO /MA/−$8.0Mα-0.4PAYDEN & RYGELexited−$7.9MExodusPoint Capital Management, LPexited−$7.6M
New buyers this quarter
Top-5 holders · 33.1%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
VANGUARD PORTFOLIO MANAGEMENT LLC--
PRIMECAP MANAGEMENT CO/CA/--
Put / call ratio: 0.47 (-26.7% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Capital World Investors—PRIMECAP MANAGEMENT CO/CA/4.5MSelect Equity Group, L.P.—Boston Partners2.4MBARROW HANLEY MEWHINNEY & STRAUSS LLC—Allspring Global Investments Holdings, LLC1.7MLAZARD ASSET MANAGEMENT LLC1.2MNinety One UK Ltd3.3MMORGAN STANLEY3.1MCapital International Investors—
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Investors who own this also own
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| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| ICE | Intercontinental Exchange, Inc. | 3 | 20.94× |
| SYK | Stryker Corporation | 3 | 12.50× |
| TMO | Thermo Fisher Scientific Inc. | 4 | 11.47× |
| ORCL | Oracle Corporation | 3 | 9.60× |
| CSCO | Cisco Systems, Inc. | 3 | 5.89× |
| RTX | RTX Corporation | 3 | 5.33× |
| V | Visa Inc. | 4 | 2.89× |
| WMT | Walmart Inc. | 3 | 2.75× |
| XOM | Exxon Mobil Corporation | 4 | 2.68× |
| BRK-B | Berkshire Hathaway Inc. | 4 | 2.11× |
| JNJ | Johnson & Johnson | 3 | 2.10× |
| MSFT | Microsoft Corporation | 10 | 1.91× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$159.503300.0%
Last Year (18 analysts)$155.943000.0%
Current Price$119.94
Analyst Ratings
24
14
Buy: 24Hold: 14Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q2 | 2.4B | 211M | 218M | $1.83 | $1.81 – $1.87 | 8 |
| 2026 Q3 | 2.5B | 222M | 253M | $2.13 | $2.09 – $2.19 | 8 |
| 2026 Q4 | 2.4B | 212M | 218M | $1.83 | $1.68 – $1.96 | 3 |
| 2027 Q1 | 2.4B | 214M | 224M | $1.88 | $1.73 – $2.02 | 6 |
| 2027 Q2 | 2.6B | 225M | 253M | $2.13 | $1.96 – $2.28 | 3 |
| 2027 Q3 | 2.6B | 232M | 278M | $2.34 | $2.15 – $2.51 | 6 |
| 2027 Q4 | 3.4B | 296M | 253M | $2.13 | $1.96 – $2.28 | 3 |
| 2028 Q1 | 3.4B | 298M | 264M | $2.22 | $2.04 – $2.38 | 7 |
| 2028 Q2 | 3.5B | 308M | 289M | $2.43 | $2.23 – $2.60 | 4 |
| 2028 Q3 | 3.7B | 325M | 313M | $2.63 | $2.41 – $2.82 | 7 |
Corporate
Executive Compensation (2022-2024)
Direct Pay$166.9M
Incentive & Other$33.9M
Total Compensation$200.8M
% of Revenue0.6%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$814K
6 txns · 4 insiders · 6,770 sh
Sells ($, 12mo)
$193K
1 txn · 1 insider · 1,440 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | BUY | PRAGADA ROBERT V | director, officer: Chair & CEO | 3,601 | $111.09 | $400K | $37.08M |
| 2026-05-13 | BUY | Fernandez Manuel J | director | 253 | $112.56 | $28K | $1.41M |
| 2026-05-08 | BUY | Fernandez Manuel J | director | 403 | $121.93 | $49K | $1.49M |
| 2026-03-06 | SELL | Miller Shannon | officer: President | 1,440 | $134.13 | $193K | $3.40M |
| 2025-11-24 | BUY | Fernandez Manuel J | director | 763 | $130.78 | $100K | $1.36M |
| 2025-11-24 | BUY | Nathamuni Venkatesh | officer: Chief Financial Officer | 750 | $135.11 | $101K | $2.81M |
| 2025-11-24 | BUY | ROBERTSON PETER J | director | 1,000 | $134.76 | $135K | $135K |
Order Flow (FINRA, ~3w lag)
14.9%retail-1.3pp
23.1%dark+7.2pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q2)
| Infrastructure & Advanced Facilities | $3.3B | +28% |
| PA Consulting | $358.6M | +17% |
By Geography (2026-Q2)
| UNITED STATES | $2.4B | +36% |
| Europe | $800.0M | +15% |
| Australia and New Zealand | $166.2M | +27% |
| Middle East and Africa | $154.0M | +2% |
| CANADA | $58.9M | +7% |
| INDIA | $37.1M | -17% |
| Asia | $35.7M | +1% |