Jacobs Solutions (J)
Industrials · $18.5B market cap · SEC CIK 0000052988
ahead of 12% of the S&P 500 · #71 of 79 in Industrials
Next reports on Nov 23, 2026, after the close, with analysts expecting $2.17 in earnings per share.
52-week range $105.68 to $162.00. 3% below its 52-week high and 49% above its low.
The case for J
- Revenue up 60.2% on the year.
- Earnings per share up 103.6%.
- Moves less than the market (beta 0.71).
- Within 3% of its 52-week high: the trend is up.
- Price/sales of 1.3× is lower than 86% of Industrials companies.
The case against
- Expensive for its growth: 54.6× earnings, where 10% a year of growth plus a 0.8% dividend would justify about 24×.
- Revenue has shrunk 2.4% a year over five years.
- Net margin of 2.4% leaves very little room for error.
- Return on equity of 10% is lower than 93% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 24 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 41 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 24 |
| Momentumhow the price has behaved lately | 68 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +60.2% |
|---|---|
| Over 5 years | −2.4% a year |
| FY2025 revenue | $12.0B (+5%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $607M |
|---|---|
| Of revenue | 5% |
| Of profit | 210% |
Profit margins
Is profitability improving? No, slipping
| Gross margin | 22% |
|---|---|
| Operating margin | 5% |
| Net margin, FY24 → FY25 → now | 7.0% → 2.4% → 2.4% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $1.2B |
|---|---|
| Long-term debt | $2.2B |
| Net debt | $1.0B |
| Years to repay | 3.3 yrs |
Valuation
Is the stock price reasonable? No, expensive
| P/E | 54.6× |
|---|---|
| Fair P/E for its growth | 24× |
| P/FCF | 30.4× |
| Forward P/E | 18.8× |
| EV / EBITDA | 28.3× |
At 54.6× earnings it trades well above the 24× that 10% a year of growth plus a 0.8% dividend would justify. At 30.4× free cash flow it trades above that same mark.
The financials, five years deep
Pulled from Jacobs Solutions's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $12.0B | $11.5B | $10.9B | $9.8B | $14.1B |
| Change on the year | +5% | +6% | +11% | −31% | — |
| Free cash flow | |||||
| Free cash flow | $607M | $934M | $837M | $347M | $633M |
| Of revenue | 5% | 8% | 8% | 4% | 4% |
| Profit margins | |||||
| Gross margin | 24.8% | 24.6% | 25.0% | 26.4% | 21.6% |
| Operating margin | 7.2% | 6.0% | 6.2% | 5.5% | 4.9% |
| Net margin | 2.4% | 7.0% | 6.1% | 6.6% | 3.4% |
| Debt vs. cash | |||||
| Cash | $1.2B | $1.1B | $771M | $1.1B | $1.0B |
| Long-term debt | $2.2B | $1.3B | $2.8B | $3.4B | $2.8B |
| Net cash (debt) | −$1.0B | −$204M | −$2.0B | −$2.2B | −$1.8B |
What Jacobs Solutions says it does
Guided by our values and our brand promise — Challenging today. Reinventing tomorrow – Jacobs delivers innovative solutions to address the world’s most complex challenges and create lasting value for clients, communities and society. With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. Our services span advisory and consulting, feasibility and planning, through to design, program delivery and lifecycle management — helping to create a more connected and sustainable world. From addressing water scarcity and aging infrastructure to access to life-saving therapies and cyber resilience, we combine creativity, agility and deep domain expertise to deliver outcomes that matter. Our integrated approach enables clients to meet urgent needs today while preparing for the opportunities of tomorrow. Over the past…