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JBG SMITH Properties (JBGS) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of JBG SMITH Properties $13.42, price $10.65, upside +26.0%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Real Estate · US · ISIN US46590V1008

JS JBG SMITH Properties logo Thin data Sep 23, 2026

JBG SMITH Properties

JBGS · US

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value $13.42 · Undervalued (+26%)
!Quality 32/100
!Weak Growth (revenue 5y −3.7 %/yr)
!Loss-making · -22.2% net margin (TTM)
!High debt · negative free cash flow
·6.57% dividend yield
!Mixed vs. peers (5/12)
!Narrow moat 14/100
!Evidence only low, so the estimate is less certain
!The models disagree: range $9.68 to $27.37
!Weak on balance sheet: 1 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$27.15 $10.65 Fair Value $13.42 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $10.65 – $27.15 · fair‑value band $9.68 – $27.37 · the $10.65 price screens below the $13.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

JBG SMITH Properties owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets. The markets are in and around Washington, DC, most notably National Landing, where through our focus on placemaking, they cultivate vibrant, highly amenitized, walkable neighborhoods.

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JBG SMITH Properties owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets. The markets are in and around Washington, DC, most notably National Landing, where through our focus on placemaking, they cultivate vibrant, highly amenitized, walkable neighborhoods. JBG SMITH Properties has a portfolio comprised of 12.0 million square feet at share of multifamily, office, and retail assets, and a 3.6 million square-foot development pipeline. JBG SMITH Properties was incorporated in 2016 and is based in Bethesda, United States.

Stock analysis

JBG SMITH Properties (JBGS) currently trades at $10.65, while our model-based Fair Value estimate is $13.42, implying the stock looks roughly 20.6% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 80/100, which puts the evidence level at low.

Scenario range: $9.68 (bear) to $27.37 (bull), the price of $10.65 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

JBG SMITH Properties reported revenue of $499M in FY2025 versus $634M in FY2021, a compound −5.8%/yr. Reported net income was −$139M in FY2025.

Key figures

Market cap $859M · P/S ratio 1.70 · EPS (TTM) $−1.85 · Dividend yield 6.6% · Net margin −27.9% · Return on equity −7.6% · Return on assets (EBIT) 0.2% · Operating margin 1.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 53% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at 26%, JBGS screens cheaper than that median.

Fair Value models

Bear $9.68 Fair Value $13.42 Bull $27.37
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EV/EBITDA $3.69 $17.64 $31.58 60
NCAV (Graham) $9.94 $13.31 $19.87 54
All 2 models by family
Multiples
EV/EBITDA $3.69 $17.64 $31.58 60
Asset-Based
NCAV (Graham) $9.94 $13.31 $19.87 54

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Quality Score breakdown

Overall quality 32/100

Of which business quality 30 · Market factors (momentum, volatility) 20

Profitability 2
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 6
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−8.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.7%
Start year 2020 (pandemic). Over 10 years: +0.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−6.2% (2020) → −1.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 156 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 30 · Bottom 25%
Fair Value upside +26% · Above median
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) −22% · Bottom 25%
Operating margin (TTM) 1% · Bottom 25%
Growth and dividend
Revenue growth 6% · Above median
Dividend yield (TTM) 6.6% · Above median
Balance sheet
Debt / equity 1.99× · Highest 25%

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/B 0.74× · Cheaper than median
P/S (TTM) 1.70× · Cheapest 25%
EV/EBITDA 16.0× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)68 · sector 26
FUTURE (revenue growth)30 · sector 16
PAST (return on equity)0 · sector 20
HEALTH (low debt)1 · sector 75
DIVIDEND (yield)100 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$26.77 A$7.92 −70%
VICI Properties Inc VICI $23.98 $59.95 +150%
W. P. Carey Inc WPC $66.89 $69.67 +4%
Charter Hall Group CHC A$18.50 A$18.76 +1%
Stockland SGP A$4.20 A$2.79 −34%
COV COV €47.16 €50.01 +6%
The GPT Group GPT A$4.55 A$3.49 −23%
Mirvac Group MGR A$1.78 A$0.7400 −58%
Broadstone Net Lease, Inc BNL $19.12 $19.39 +1%
KLCC Property Holdings 5235SS 8.35 MYR 6.91 MYR −17%

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JBG SMITH Properties · Fair Value
$13.42 +21%Fair Value
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Cite: Fair Value Calculator (2026). "JBG SMITH Properties Fair Value". https://www.fairvalue-calculator.com/stock/JBGS

Frequently asked questions

Is JBG SMITH Properties (JBGS) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $13.42 versus a price of $10.65, about +26% upside (undervalued).
What is the fair value of JBGS?
Our model-based fair value for JBG SMITH Properties is $13.42 (as of Sep 23, 2026), built from audited fundamentals. The current price: $10.65.
What is the quality score of JBGS?
JBG SMITH Properties has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JBG SMITH Properties (JBGS)?
Our model-based price target is the fair value of $13.42 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario $9.68, optimistic scenario $27.37. It is a calculation from audited fundamentals, not an analyst target.
What is the JBG SMITH Properties stock forecast for 2026?
Our models put fair value at $13.42, about +26% upside versus a price of $10.65 (undervalued). Cautious scenario $9.68, optimistic scenario $27.37. The calculation is refreshed regularly with new filings.
What is the revenue of JBG SMITH Properties (JBGS)?
JBG SMITH Properties reported trailing-twelve-month revenue of about $505M (latest available figure, as of Sep 23, 2026).
Does JBG SMITH Properties pay a dividend?
JBG SMITH Properties currently shows a dividend yield of about 6.57% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of JBG SMITH Properties (JBGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JBG SMITH Properties it is $13.42 per share (as of Sep 23, 2026), against a price of $10.65. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is JBG SMITH Properties stock overvalued or undervalued in 2026?
As of Sep 23, 2026, JBGS trades below its calculated fair value: price $10.65, fair value $13.42, a gap of about +26% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JBGS?
No. The price is what the market pays today ($10.65); the fair value is what the company's own numbers justify ($13.42). For JBG SMITH Properties the two are $2.77 per share apart. That gap is exactly why we show both numbers side by side.
How much is JBG SMITH Properties worth?
The market values JBG SMITH Properties at about $859M (market capitalisation, as of Sep 23, 2026). Per share that is $10.65; our models calculate a fair value of $13.42 per share.
What do the bullish and bearish scenarios say about JBGS?
Our models span a range for JBG SMITH Properties: cautious scenario $9.68, base $13.42, optimistic $27.37 per share (as of Sep 23, 2026, price $10.65). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of JBG SMITH Properties (JBGS)?
Balance-sheet figures for JBG SMITH Properties (as of Sep 23, 2026): return on equity −7.6%, debt of 1.99 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is JBGS from its 52-week high?
JBG SMITH Properties trades at $10.65, about 53% below its 52-week high of $22.57 and at the low of $10.65 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $13.42 is for.
Which stocks are comparable to JBG SMITH Properties?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JBG SMITH Properties stock attractive at the current price?
The data as of Sep 23, 2026: price $10.65, calculated fair value $13.42 (+26%), Quality Score 32/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JBGS calculated?
We run JBG SMITH Properties through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $13.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. JBG SMITH Properties currently trades 26 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JBG SMITH Properties (JBGS)?
The closing price on Sep 23, 2026 was $10.65. Our model-based fair value is $13.42, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JBG SMITH Properties right now?
The model range is unusually wide ($9.68 to $27.37). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of JBG SMITH Properties

How large is the market capitalisation of JBG SMITH Properties (JBGS)?
The market capitalisation of JBG SMITH Properties is $859M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JBG SMITH Properties (JBGS)?
The price-to-sales ratio of JBG SMITH Properties is 1.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JBG SMITH Properties (JBGS)?
Earnings per share at JBG SMITH Properties are $−1.85. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JBG SMITH Properties (JBGS)?
The dividend yield of JBG SMITH Properties is 6.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JBG SMITH Properties (JBGS)?
The net margin of JBG SMITH Properties is −27.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JBG SMITH Properties (JBGS)?
The return on equity (ROE) of JBG SMITH Properties is −7.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JBG SMITH Properties (JBGS)?
On an EBIT basis the return on assets of JBG SMITH Properties is 0.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JBG SMITH Properties (JBGS)?
The operating margin of JBG SMITH Properties is 1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JBG SMITH Properties (JBGS)?
Revenue at JBG SMITH Properties is growing +5.9% versus a year earlier (3y avg −6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JBG SMITH Properties (JBGS)?
Earnings per share at JBG SMITH Properties are growing +59.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does JBG SMITH Properties (JBGS) generate?
The free cash flow of JBG SMITH Properties is −$49.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does JBG SMITH Properties (JBGS) carry?
The net debt of JBG SMITH Properties is $2.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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