JLL vs NMRK: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 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.

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.

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.

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 more than 113,000 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.

Full JLL guide

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 more than 7,000 professionals and completed over $1.7 trillion in transaction volume across the past two years, positioning it as a significant challenger just below the industry's Big Four.

Full NMRK guide

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.

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.

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. As of July 2026, JLL carried a market capitalization of roughly $15 billion on trailing revenue near $26.8 billion, giving a trailing P/E around 17 and a forward P/E near 14. Enterprise value was about $18 billion with an EV/EBITDA around 11 to 12. The multiples reflect a large-cap services firm whose earnings have been rebounding from the rate-driven trough.

NMRK. Newmark trades around the mid-teens per share with a market cap near $3.5 billion after a large multi-year run. On raised 2026 guidance the stock carries a mid-to-high single-digit forward earnings multiple on adjusted EPS, reflecting both its cyclical profile and improving growth. Reported GAAP margins remain thin (TTM operating margin in the mid-single digits) because much of the profit is captured in adjusted, transaction-linked figures.

Headline figures (approximate, JULY 2026): JLL shows revenue (ttm) ~$26.8B, fy2025 revenue ~$26.1B, market cap ~$15B, p/e (ttm) ~17x; NMRK shows revenue (ttm) ~$3.3B, fy2026 revenue guidance ~$3.775B-$3.875B, fy2026 adjusted eps guidance ~$1.87-$1.98, q1 2026 revenue ~$846.5M (+27% YoY).

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.