Jbg Smith Proper Financials
This page shows Jbg Smith Proper (JBGS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Falling revenue is meeting a heavier leverage burden, leaving operating cash flow too thin for continued shareholder payouts.
Across the last two filings, operating cash flow fell from$183M to$73M while interest expense rose, so the pressure is hitting cash available for debt service, not just reported earnings. At the same time, equity dropped to$1.16B as cash fell to$75M , which makes the balance sheet look increasingly supported by asset values rather than liquidity.
The gap between net loss and operating cash flow shows large non-cash depreciation is cushioning earnings: FY2025 lost
Financing outflows in FY2025 were driven mainly by share repurchases of
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Jbg Smith Proper's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Jbg Smith Proper passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Jbg Smith Proper generates $-0.53 in operating cash flow ($73.3M OCF vs -$139.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Jbg Smith Proper generated $498.6M in revenue in fiscal year 2025. This represents a decrease of 8.9% from the prior year.
Jbg Smith Proper reported -$139.1M in net income in fiscal year 2025. This represents an increase of 3.1% from the prior year.
Jbg Smith Proper earned $-2.09 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 26.7% from the prior year.
Cash & Balance Sheet
Jbg Smith Proper held $75.3M in cash against $0 in long-term debt as of fiscal year 2025.
Jbg Smith Proper paid $0.70 per share in dividends in fiscal year 2025. This represents a decrease of 20.0% from the prior year.
Margins & Returns
Jbg Smith Proper's net profit margin was -27.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.
Jbg Smith Proper's ROE was -12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the prior year.
Capital Allocation
Jbg Smith Proper spent $443.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 159.8% from the prior year.
JBGS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $127.6M0.0% | $127.6M+3.0% | $123.9M-2.1% | $126.5M+4.8% | $120.7M-7.7% | $130.8M-3.9% | $136.0M+0.5% | $135.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $1.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $35.5M-2.6% | $36.5M+4.9% | $34.8M-2.2% | $35.6M+1.1% | $35.2M-4.0% | $36.7M+4.0% | $35.3M+10.3% | $32.0M |
| Income Tax | $7K+100.2% | -$4.5M-583.0% | $926K+1215.7% | -$83K+58.5% | -$200K-124.9% | $802K-3.5% | $831K+39.2% | $597K |
| Net Income | -$18.7M+59.0% | -$45.5M-59.5% | -$28.6M-48.4% | -$19.2M+57.9% | -$45.7M+23.7% | -$59.9M-122.0% | -$27.0M-10.7% | -$24.4M |
| EPS (Diluted) | $-0.32 | N/A | $-0.48-65.5% | $-0.29+48.2% | $-0.56 | N/A | $-0.32-18.5% | $-0.27 |
JBGS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.3B-1.2% | $4.4B-0.7% | $4.4B-2.9% | $4.5B-3.9% | $4.7B-5.7% | $5.0B-3.1% | $5.2B-2.7% | $5.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $79.8M+6.0% | $75.3M+16.8% | $64.4M+4.9% | $61.4M-24.5% | $81.3M-44.2% | $145.8M+6.4% | $137.0M-16.2% | $163.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.2M-90.1% | $12.2M | N/A | N/A | N/A | $13.5M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.7B-0.7% | $2.7B+2.2% | $2.7B-0.9% | $2.7B-2.2% | $2.7B-1.6% | $2.8B-1.9% | $2.8B-0.4% | $2.9B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $172.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B-1.5% | $1.2B-2.8% | $1.2B-10.0% | $1.3B-15.8% | $1.6B-13.2% | $1.8B-3.9% | $1.9B-6.8% | $2.0B |
| Retained Earnings | -$1.2B-1.6% | -$1.2B-6.0% | -$1.1B-3.7% | -$1.1B-3.0% | -$1.0B-4.6% | -$997.3M-9.9% | -$907.8M-4.9% | -$865.8M |
JBGS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.4M-89.6% | $32.6M+267.8% | $8.9M-52.8% | $18.8M+45.5% | $12.9M-69.4% | $42.2M+60.0% | $26.4M+11.0% | $23.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $24.0M+160.3% | -$39.8M-131.5% | $126.4M+15.5% | $109.4M-32.2% | $161.3M+161.3% | $61.7M+202.3% | $20.4M+133.2% | -$61.6M |
| Financing Cash Flow | -$15.8M-169.8% | $22.7M+116.4% | -$138.5M+12.1% | -$157.6M+33.5% | -$237.1M-160.9% | -$90.9M-10.1% | -$82.6M-399.6% | -$16.5M |
| Dividends Paid | $10.4M+0.3% | $10.4M-4.1% | $10.8M-12.9% | $12.4M-15.9% | $14.8M-0.2% | $14.8M-1.3% | $15.0M-6.8% | $16.1M |
| Share Buybacks | $25.4M+222.8% | $7.9M-87.5% | $62.9M-72.1% | $225.3M+52.6% | $147.6M+6052.3% | $2.4M-95.4% | $52.0M-22.3% | $66.9M |
JBGS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 1.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -14.6%+21.1pp | -35.7%-12.7pp | -23.1%-7.8pp | -15.2%+22.7pp | -37.9%+7.9pp | -45.8%-26.0pp | -19.8%-1.8pp | -18.0% |
| Return on Equity | -1.6%+2.3pp | -3.9%-1.5pp | -2.4%-0.9pp | -1.5%+1.5pp | -2.9%+0.4pp | -3.3%-1.9pp | -1.4%-0.2pp | -1.2% |
| Return on Assets | -0.4%+0.6pp | -1.0%-0.4pp | -0.7%-0.2pp | -0.4%+0.6pp | -1.0%+0.2pp | -1.2%-0.7pp | -0.5%-0.1pp | -0.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.37+0.0 | 2.35+0.1 | 2.23+0.2 | 2.03+0.3 | 1.75+0.2 | 1.54+0.0 | 1.51+0.1 | 1.41 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Jbg Smith Proper's annual revenue?
Jbg Smith Proper (JBGS) reported $498.6M in total revenue for fiscal year 2025. This represents a -8.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Jbg Smith Proper's revenue growing?
Jbg Smith Proper (JBGS) revenue declined by 8.9% year-over-year, from $547.3M to $498.6M in fiscal year 2025.
Is Jbg Smith Proper profitable?
No, Jbg Smith Proper (JBGS) reported a net income of -$139.1M in fiscal year 2025, with a net profit margin of -27.9%.
What is Jbg Smith Proper's net profit margin?
Jbg Smith Proper (JBGS) had a net profit margin of -27.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Jbg Smith Proper pay dividends?
Yes, Jbg Smith Proper (JBGS) paid $0.70 per share in dividends during fiscal year 2025.
What is Jbg Smith Proper's return on equity (ROE)?
Jbg Smith Proper (JBGS) has a return on equity of -12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Jbg Smith Proper's operating cash flow?
Jbg Smith Proper (JBGS) generated $73.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Jbg Smith Proper's total assets?
Jbg Smith Proper (JBGS) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Jbg Smith Proper's debt-to-equity ratio?
Jbg Smith Proper (JBGS) had a debt-to-equity ratio of 2.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Jbg Smith Proper's return on assets (ROA)?
Jbg Smith Proper (JBGS) had a return on assets of -3.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Jbg Smith Proper's Piotroski F-Score?
Jbg Smith Proper (JBGS) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Jbg Smith Proper's earnings high quality?
Jbg Smith Proper (JBGS) has an earnings quality ratio of -0.53x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Jbg Smith Proper?
Jbg Smith Proper (JBGS) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.