The business behind the dividend
| Measure | JBGS | Median | Formula |
|---|---|---|---|
| Return on equity | -12.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -6.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $18.14m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $32.99m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -34.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -27.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.36x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.21x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -4.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -12.0% | -7.9% | -3.6% | 3.2% | -2.7% | -1.9% | 1.9% | 1.3% | -2.4% | 2.9% | -2.4% |
| Return on capital employed | -6.3% | -4.9% | -2.3% | 2.2% | -1.8% | -1.5% | 1.6% | 1.0% | -1.0% | 3.4% | -1.5% |
| Operating margin | -34.5% | -32.3% | -15.2% | 16.5% | -13.6% | -11.9% | 11.2% | 7.1% | -9.6% | 23.6% | -11.9% |
| Net margin | -27.9% | -26.2% | -13.2% | 14.1% | -12.5% | -10.3% | 10.1% | 6.2% | -13.2% | 13.0% | -12.5% |
| Debt to equity | 1.36x | 0.98x | 0.80x | 0.70x | 0.61x | 0.50x | 0.33x | 0.62x | 0.68x | 0.55x | 0.62x |
| Cash conversion | — | — | — | 2.09x | — | — | 2.65x | 4.71x | — | 2.57x | 2.65x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, JBG SMITH Properties pays out less than 1 of them. The median for that group is 67.5%, against this company’s 400.4%.
Closest on funds from operations
- Innovative Industrial Properties (IIPR) 112.3%
- Cim Group (CMRF) 180.4%
- Crown Castle (CCI) 183.0%
- Healthcare Realty Trust (HR) 466.4%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →