JJACOBS SOLUTIONS INC.

Heavy Construction Other Than Bldg Const - Contractors

Revenue: $12.0B; 4.6% YoY
Operating margin: 7.2%; 19% YoY
EBITDA: $946M; 19% YoY
Market cap: $18.1B
Employees: 8,300; $1M revenue each
Net debt / EBITDA: 2.5×; $2.4B net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
237% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
132% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.1B	$9.8B	$10.9B	$11.5B	$12.0B	4.6%
Operating income	$688M	$540M	$676M	$692M	$864M	25%
Net income	$477M	$644M	$666M	$806M	$289M	64%
Operating cash flow	$726M	$475M	$975M	$1.1B	$687M	35%
Capex	$93M	$128M	$137M	$121M	$79M	35%
Stock-based comp	$56M	$53M	$74M	$74M	$61M	18%
Buybacks	$275M	$282M	$266M	$403M	$754M	87%
Dividends	$107M	$116M	$128M	$143M	$153M	7.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $814K · 6
Open-market sells, 12 mo: $3M · 3
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.