JLL vs NMRK: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
JLL is the larger of the two ($14.06B market cap): the incumbent the market prices for continued execution (10.85x forward earnings, beta 1.30). NMRK is the smaller challenger ($2.90B), cheaper on forward earnings (5.47x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
JLL vs NMRK: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | JLL | NMRK | What it tells you |
|---|---|---|---|
| Market cap | $14.06B | $2.90B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 10.85 | 5.47 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 14.65 | 15.01 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.30 | 1.76 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 34% of range | 6% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.88 | 1.49 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: NMRK is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how JLL and NMRK affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. JLL and NMRK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined JLL and NMRK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Jones Lang LaSalle Incorporated (JLL) do?
Jones Lang LaSalle Incorporated, which trades on the NYSE as JLL, is a Chicago-based global commercial real estate services and investment management company operating in over 80 countries with about 112,000 employees. It earns fees across leasing and tenant representation, property and workplace management, project management, investment sales, debt and equity advisory, valuations, real estate technology, and institutional investment management through its LaSalle arm. Its reporting is organized around segments including Markets Advisory, Capital Markets, Work Dynamics, JLL Technologies, and LaSalle.
What does Newmark Group (NMRK) do?
Newmark Group is a global commercial real estate advisor and service provider that works with institutional investors, corporations, and owners and occupiers across the full property life cycle. Its business spans capital markets (investment sales and mortgage brokerage), leasing (landlord and tenant representation), and a growing base of recurring management services including property management, valuation and advisory, loan servicing, and GSE/FHA multifamily financing. The firm has around 10,000 employees and completed over $1.7 trillion in transaction volume across two recent years, positioning it as a significant challenger just below the industry's Big Four.
JLL vs NMRK: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- JLL drivers: Transactional recovery in leasing and capital markets; Resilient recurring revenue base.
- NMRK drivers: Capital markets recovery; Growing recurring services.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: JLL's transactional businesses are cyclical and sensitive to interest rates, credit availability, and commercial real estate transaction volumes, which fell sharply during the 2022 rate-tightening cycle. For NMRK, newmark's core leasing and capital markets fees are highly cyclical and tied directly to interest rates, transaction volumes, and broader economic confidence.
JLL or NMRK: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick JLL if you believe its drivers more; NMRK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the JLL and NMRK guides.
JLL vs NMRK: the full fundamentals
JLL. As of October 16, 2026, JLL carried a market capitalization of roughly $14.2 billion on trailing revenue near $27.4 billion, a trailing P/E around 15 and a forward P/E near 11, with EV/EBITDA around 10. The multiples have compressed since mid-2026 even as earnings beat estimates, so the change came from a pullback in the shares rather than weaker results. Third-quarter results are due October 28, 2026, with consensus near $6.20 EPS on about $7.3 billion of revenue.
NMRK. At about $12 a share, Newmark trades near the low end of its 52-week range with a market cap near $2.9 billion, roughly 5.5x forward adjusted earnings and about 0.8x sales. The gap between the ~15x trailing GAAP multiple and the forward figure comes from how much of the profit sits in adjusted, transaction-linked earnings, and the low forward multiple shows the market discounting how long the capital markets rebound lasts. Third-quarter results on October 29, 2026 (consensus ~$0.47 EPS, ~$955 million revenue) are the next test.
Headline figures (approximate, October 2026): JLL shows revenue (ttm) ~$27.4B, q2 2026 revenue ~$6.9B (+11% YoY), q2 2026 adj. diluted eps $5.26 (vs ~$4.55 est.), net income (ttm) ~$1.0B; NMRK shows revenue (ttm) ~$3.6B (+17% YoY latest quarter), q2 2026 revenue / adj. eps ~$888M / $0.39 (vs $0.38 est.), net income (ttm) ~$148M (~4% net margin), p/e (trailing / forward) ~15x / ~5.5x.
The bottom line: JLL vs NMRK
JLL and NMRK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined JLL and NMRK exposure against your real portfolio. It is not an investment adviser.
Wondering how JLL or NMRK fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Jones Lang LaSalle Incorporated with AI
Connect the broker you already use and ask Walnut's AI how JLL fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between JLL and NMRK?
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Jones Lang LaSalle Incorporated, which trades on the NYSE as JLL, is a Chicago-based global commercial real estate services and investment management company operating in over 80 countries with about 112,000 employees. Newmark Group is a global commercial real estate advisor and service provider that works with institutional investors, corporations, and owners and occupiers across the full property life cycle. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is JLL or NMRK the better stock?
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Neither is universally better. JLL is the larger incumbent; NMRK is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, JLL or NMRK?
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On forward P/E (as of October 2026), JLL trades at 10.85x and NMRK at 5.47x, so NMRK is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both JLL and NMRK?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of JLL vs NMRK?
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JLL: JLL's transactional businesses are cyclical and sensitive to interest rates, credit availability, and commercial real estate transaction volumes, which fell sharply during the 2022 rate-tightening cycle. Structural softness in office demand and uneven regional property markets can weigh on leasing and valuation revenue. As a global firm, JLL carries currency translation exposure and geographic concentration risks across more than 80 countries. The LaSalle segment's fees depend on asset values and fund performance, which can decline in stressed real estate markets. The stock's roughly 16% drop over four weeks into early October 2026, despite earnings beats, shows how quickly sentiment on the deal cycle can swing the shares. JLL carries about $3.2 billion of debt against roughly $0.5 billion of cash. Macroeconomic slowdowns, tighter corporate spending, and competition on fees can all compress growth and margins. NMRK: Newmark's core leasing and capital markets fees are highly cyclical and tied directly to interest rates, transaction volumes, and broader economic confidence. A renewed rise in rates or a stall in commercial real estate activity would quickly pressure the segments driving recent growth. The company also carries meaningful leverage (about $2.27 billion of debt against roughly $260 million of cash, a debt-to-equity ratio near 130%), which amplifies downside in a downturn. GAAP earnings are much thinner than the adjusted figures: Q2 2026 net income was about $20 million on $888 million of revenue, and Yahoo shows trailing earnings growth of about -5%. Exposure to weaker property sectors such as older office assets remains a structural overhang. Finally, the stock has fallen about 24% over three months and 14% in the past month going into the October 29 report, so the market is already pricing in doubt about how durable the recovery is; a miss against the ~$0.47 EPS consensus would land on a nervous tape.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell JLL or NMRK; figures are approximate and dated (as of October 2026). Verify current data before investing.