JBGS
JBG SMITH PropertiesReal Estate·REIT - Office
$14.67
$855M market cap
Revenue
$255.2M
Free Cash Flow
$45.9M
Rev Growth
+0.0%
FCF Margin
18.0%
P/FCF
18.6x
EV/FCF
77.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 20.7 million square feet of high-growth office, multifa
2-Year Price History
$14.51+8.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 127.6 | 57.5 | -7.9 | -18.7 | 3.4 | -19.8 | -23.2 | 79.8 | 2,801 | 59.1 | -1.0% | 1.6x | -- |
| Act | 2025-Q4 | 127.6 | 38.0 | -3.0 | -45.6 | 32.4 | 65.7 | -33.3 | 75.3 | 2,543 | 59.4 | -0.3% | 0.7x | -- |
Valuation & Metrics
Market Stats
Price$14.67
Market Cap$855M
Enterprise Value$3.6B
P/S Ratio3.4x
P/FCF18.6x
EV/FCF77.9x
FCF Margin (TTM)18.0%
FCF Yield5.4%
Dividend Yield (TTM)4.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$255.2M
Net Income$-64.2M
Free Cash Flow$45.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin37.4%
Net Margin-25.2%
FCF Margin18.0%
CapEx % of Revenue22.2%
SBC % of Revenue5.0%
ROIC-0.6%
WC Change % Rev3.2%
Interest Coverage1.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares10.0M
Days to Cover21.4
Change (vs Prior)+2.0%
Need at least 2 settlement dates for chart
Employees
Headcount645
Revenue / Employee$395,605
Gross Profit / Employee$-416,651
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
47.6%(-24.6% YoY)
199 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
47.9%(-25.6% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.4%(+0.1% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
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 | $162M | $16.21 | +$1.4M | −$66.1M | -0.2% | $5.69T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $86.0M | $14.44 | +$85.0M | +$86.0M | — | $1.91T |
| Long Pond Capital, LP | $64.5M | $16.89 | +$3.9M | +$11.8M | -2.3% | $978M |
| MORGAN STANLEY | $58.6M | $15.05 | +$9.2M | −$22.7M | -0.3% | $1.65T |
| STATE STREET CORPPassive | $53.2M | $13.32 | −$1.4M | −$18.7M | -0.2% | $2.89T |
| CITIGROUP INC | $42.1M | $13.50 | −$64K | −$4.1M | -0.3% | $156.55B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $35.4M | $14.44 | +$35.0M | +$35.4M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $24.6M | $13.40 | +$598K | −$7.0M | +2.3% | $1.61T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $24.3M | $14.14 | −$2.1M | −$9.3M | +0.7% | $645.81B |
| PRIVATE MANAGEMENT GROUP INC | $24.0M | $14.48 | +$874K | −$1.3M | -0.5% | $3.47B |
| NORTHERN TRUST CORPPassive | $22.9M | $14.27 | −$583K | −$1.4M | -0.2% | $755.34B |
| Allianz Asset Management GmbH | $16.0M | $16.97 | +$1.7M | +$10.1M | -0.2% | $86.14B |
| DIMENSIONAL FUND ADVISORS LPPassive | $13.0M | $13.00 | −$700K | −$3.8M | -0.4% | $480.92B |
| GOLDMAN SACHS GROUP INC | $11.0M | $15.74 | −$5.9M | −$2.2M | -0.2% | $760.93B |
| LOEWS CORP | $7.3M | $16.62 | +$0 | +$7.3M | -0.2% | $11.89B |
| WELLS FARGO & COMPANY/MN | $6.8M | $17.38 | −$639K | −$528K | -0.2% | $497.71B |
| Bank of New York Mellon Corp | $6.7M | $13.87 | −$1.2M | −$3.6M | -0.2% | $543.21B |
| Marnell Management LLC | $6.6M | $16.46 | +$959K | +$6.6M | +26.0% | $150M |
| UBS Group AG | $6.5M | $14.37 | +$1.3M | −$56.6M | -0.3% | $562.11B |
| Legal & General Group Plc | $6.3M | $13.55 | −$659K | −$2.6M | -0.1% | $432.24B |
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)BEARISH
Holders
-0.50%
avg per quarter
Holders (ex-self)
-0.42%
excl. this stock
Buyers (this Q)
-9.93%
52 buyers · $0.14B in
Sellers (this Q)
-0.05%
84 sellers · $0.11B out
alpha coverage: 84% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-1.3%
how holders react when this stock falls
On quiet Qs
-12.3%
−10% to +10% baseline
On rallies (+10%+)
-20.1%
how they react when this stock rises
Holders' portfolio flow this Q
+4.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+5.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.1%
Holder mid (any stock)
-5.3%
Holder rally (any stock)
-7.4%
Biggest decreases this quarter
GOLDMAN SACHS GROUP INC−$5.9Mα-0.2VICTORY CAPITAL MANAGEMENT INCexited−$4.7MCITADEL ADVISORS LLC−$3.4Mα-0.4CHARLES SCHWAB INVESTMENT MANAGEMENT INC−$2.1Mα+0.7CAPITAL FUND MANAGEMENT S.A.exited−$1.8MSTATE STREET CORP−$1.4Mα-0.2Bank of New York Mellon Corp−$1.2Mα-0.2Engineers Gate Manager LPexited−$750KDIMENSIONAL FUND ADVISORS LP−$700Kα-0.4JPMORGAN CHASE & CO−$695Kα-0.2
New buyers this quarter
Top-5 holders · 52.3%
BlackRock, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
Long Pond Capital, LP--
MORGAN STANLEY--
STATE STREET CORP--
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)
NORGES BANK—PRICE T ROWE ASSOCIATES INC /MD/99KLong Pond Capital, LP4.4MJPMORGAN CHASE & CO335KCENTERSQUARE INVESTMENT MANAGEMENT LLC—APG Asset Management US Inc.—MORGAN STANLEY4.0MWELLINGTON MANAGEMENT GROUP LLP—T. Rowe Price Investment Management, Inc.—V3 Capital Management, L.P.—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$18.502610.0%
Current Price$14.67
Analyst Ratings
4
2
Hold: 4Sell: 2Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$2.36M
14 txns · 6 insiders · 114,319 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-24 | SELL | Regan-Levine Evan | officer: Chief Strategy Officer | 4,485 | $17.90 | $80K | $0 |
| 2025-11-07 | SELL | Regan-Levine Evan | officer: Chief Strategy Officer | 5,200 | $18.56 | $97K | $83K |
| 2025-10-31 | SELL | MUSELES STEVEN A | officer: Chief Legal Off. & Corp. Secy | 16,253 | $19.58 | $318K | $0 |
| 2025-10-30 | SELL | ESTES SCOTT A | director | 10,000 | $19.87 | $199K | $397K |
| 2025-10-30 | SELL | MUSELES STEVEN A | officer: Chief Legal Off. & Corp. Secy | 15,003 | $19.41 | $291K | $315K |
| 2025-09-15 | SELL | Regan-Levine Evan | officer: Chief Strategy Officer | 5,714 | $23.62 | $135K | $0 |
| 2025-09-12 | SELL | Xanders George Laucks | officer: Chief Investment Officer | 4,000 | $23.44 | $94K | $0 |
| 2025-09-11 | SELL | Xanders George Laucks | officer: Chief Investment Officer | 2,750 | $23.48 | $65K | $94K |
| 2025-09-10 | SELL | MUSELES STEVEN A | officer: Chief Legal Off. & Corp. Secy | 1,295 | $23.40 | $30K | $0 |
| 2025-09-09 | SELL | Valdes Angela | officer: Chief Accounting Officer | 4,775 | $23.04 | $110K | $0 |
| 2025-09-02 | SELL | MUSELES STEVEN A | officer: Chief Legal Off. & Corp. Secy | 4,622 | $21.17 | $98K | $27K |
| 2025-08-19 | SELL | Banerjee Madhumita Moina | officer: Chief Financial Officer | 24,524 | $20.58 | $505K | $0 |
| 2025-07-31 | SELL | Valdes Angela | officer: Chief Accounting Officer | 10,098 | $21.53 | $217K | $0 |
| 2025-07-31 | SELL | Xanders George Laucks | officer: Chief Investment Officer | 5,600 | $21.57 | $121K | $59K |
Order Flow (FINRA, ~3w lag)
13.6%retail-3.7pp
16.9%dark+1.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
JBG SMITH Properties: The Controlled Liquidation of Equity for Financial Engineering
Overall Risk
7/10
Fraud
3/10
Dilution
4/10
Insolvency
7/10
Earnings Overstated
6/10
Hidden Liabilities
8/10
Legal
8/10
Audit Warnings
4/10
Hidden Upside
5/10
Contextually Acceptable
4/10