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JBG SMITH Properties

JBGS on NYSE. JBG SMITH Properties owns and rents offices and apartments near Washington, D.C. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Recent profit includes a big one-time charge, so we price the company excluding that charge.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026, without the one-off
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$10.86 a share, 9% above its 1-year low

Over the past year the price has ranged from $9.93 to $21.98.

Dividend: 5.7% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$634m$606m$604m$547m$499m
Operating margin
-2.9%29.1%2.8%-7.8%-6.0%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.10bn0.08bn0.06bn0.07bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 3.7% a year
  • Buying back its own sharesYes, 41% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $129 million last quarter, up 2% on a year ago.
  • A loss of $59 million, compared with a loss of $19 million a year ago.
  • 15% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$136m
December 2024$131m
March 2025$121m
June 2025$126m
September 2025$124m
December 2025$128m
March 2026$128m
June 2026$129m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$27m
December 2024-$60m
March 2025-$46m
June 2025-$19m
September 2025-$29m
December 2025-$46m
March 2026-$19m
June 2026-$59m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
17 February 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

None of the long-term investors we follow own it. 206 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $1m.

  • MUSELES STEVEN A
    Chief Legal Off. & Corp. Secy
    Sold
    Date
    8 June 2026
    Shares
    20,010
    Price
    $15.01
    Value
    $300,270
  • Regan-Levine Evan
    Chief Strategy Officer
    Sold
    Date
    24 November 2025
    Shares
    4,485
    Price
    $17.90
    Value
    $80,287
  • Regan-Levine Evan
    Chief Strategy Officer
    Sold
    Date
    7 November 2025
    Shares
    5,200
    Price
    $18.56
    Value
    $96,512
  • MUSELES STEVEN A
    Chief Legal Off. & Corp. Secy
    Sold
    Date
    31 October 2025
    Shares
    16,253
    Price
    $19.58
    Value
    $318,234
  • MUSELES STEVEN A
    Chief Legal Off. & Corp. Secy
    Sold
    Date
    30 October 2025
    Shares
    15,003
    Price
    $19.41
    Value
    $291,208
  • ESTES SCOTT A
    Director
    Sold
    Date
    30 October 2025
    Shares
    10,000
    Price
    $19.87
    Value
    $198,700

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 3.7% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.