JBGSJBG SMITH Properties
Real Estate Investment Trusts
- Revenue
- $499M
- 8.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $705M
- Employees
- 596
- $837K revenue each
- Net debt / EBITDA
- —
- $1.3B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 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—Cash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes672% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$837K · 53rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 22nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo11.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$705M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$477K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $634M | $606M | $604M | $547M | $499M | 8.9% |
| Net income | −$79M | $85M | −$80M | −$144M | −$139M | 3.1% |
| Operating cash flow | $218M | $178M | $183M | $129M | $73M | 43% |
| Stock-based comp | $52M | $41M | $32M | $30M | $25M | 16% |
| Buybacks | $158M | $361M | $335M | $171M | $444M | 160% |
| Dividends | $118M | $108M | $94M | $62M | $48M | 22% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $477K · 5
- Net
- −$477K
Pay vs performance
No pay-versus-performance disclosure yet.