JBG SMITH Properties (JBGS) Balance Sheet
JBGS balance sheet, 2025
December 31, 2025 · U.S. dollars$4.39B assets = $2.72B liabilities + $1.67B equity
Both columns are drawn to the same scale: what JBGS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
JBGS financial health
Descriptive bands, not a rating. Fiscal 2025.
JBGS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.66B2016 | $4.39B2025 | +2.0%/yr | |
| Total liabilities | $1.54B2016 | $2.72B2025 | +6.5%/yr | |
| Shareholders’ equity | $2.12B2016 | $1.16B2025 | −6.5%/yr | |
| Cash & short-term investments | $29.0M2016 | $75.3M2025 | +11.2%/yr | |
| Total debt | $1.17B2016 | $2.54B2025 | +9.1%/yr | |
| Net cash (debt) | −$1.14B2016 | −$2.47B2025 | −$1.3B | |
| Working capital | −$46.9M2016 | $14.8M2025 | +$61.6M | |
| Book value per share | $17.912016 | $17.182025 | −0.5%/yr | |
| Current ratio | 0.862016 | 1.052025 | +0.19 | |
| Debt / equity | 0.552016 | 2.202025 | +1.65 | |
| Shares outstanding | 118.5M2016 | 67.4M2025 | −6.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JBGS assets
JBGS liabilities and equity
JBGS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
JBGS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $75.3M | $145.8M | $164.8M | $241.1M | $264.4M | $225.6M | $126.4M | $260.6M | $316.7M | $29.0M |
| Cash & equivalents | $75.3M | $145.8M | $164.8M | $241.1M | $264.4M | $225.6M | $126.4M | $260.6M | $316.7M | $29.0M |
| Short-term investments | — | — | — | $20.3M | $462.9M | — | — | — | $21.9M | $3.3M |
| Receivables | $204.7M | $193.6M | $215.5M | $227.1M | $236.8M | $226.4M | $222.7M | $190.0M | $193.0M | $245.0M |
| Inventory | $0 | $0 | $465.2M | −$16.9M | $576.6M | $1 | $1 | $0 | $15.4M | $0 |
| Other current assets | $37.7M | $48.2M | $0 | $49.9M | $0 | $37.7M | $16.1M | $139.0M | $30.2M | $3.3M |
| Total current assets | $317.6M | $387.7M | $429.5M | $501.2M | $557.9M | $489.8M | $365.2M | $589.6M | $555.3M | $277.3M |
| Property, plant & equipment (net) | $41.5M | $44.0M | $60.3M | $1.4M | $182.6M | $45.5M | $19.9M | $4.74B | $5.01B | $3.22B |
| Goodwill & intangible assets | $30.3M | $47.0M | $56.6M | $162.2M | $202.0M | $58.6M | $72.3M | $89.9M | $126.5M | $3.1M |
| Long-term investments | $150.1M | $124.6M | $289.6M | $320.2M | $462.9M | $461.4M | $543.0M | $322.9M | $261.8M | $49.8M |
| Other non-current assets | $3.85B | $4.42B | $4.68B | $4.92B | $4.98B | $5.02B | $4.99B | $254.1M | $122.1M | $105.9M |
| Total assets | $4.39B | $5.02B | $5.52B | $5.90B | $6.39B | $6.08B | $5.99B | $6.00B | $6.07B | $3.66B |
| Liabilities | ||||||||||
| Accounts payable | $84.7M | $101.1M | $124.9M | $138.1M | $106.1M | $103.1M | $157.7M | $131.0M | $138.6M | $40.9M |
| Short-term debt | $205.0M | $85.0M | $123.6M | $282.0M | $300.0M | $72.2M | $200.0M | — | $115.8M | $1.45B |
| Deferred revenue | — | — | −$24.1M | −$330.7M | — | −$168.7M | −$69.3M | −$2.14B | — | −$1.17B |
| Total current liabilities | $302.9M | $204.6M | $186.9M | $138.1M | $438.7M | $103.1M | $157.7M | $134.7M | $138.6M | $324.2M |
| Long-term debt | $2.30B | $2.49B | $2.50B | $2.44B | $2.18B | $1.99B | $1.62B | $2.15B | $2.20B | $1.45B |
| Lease obligations | $40.8M | $48.3M | $75.6M | $5.3M | $169.4M | $51.0M | $28.5M | $15.7M | $15.8M | — |
| Other long-term liabilities | $118.8M | $98.2M | $138.9M | $132.7M | $310.0M | $247.8M | $206.0M | $165.9M | $145.5M | $0 |
| Total liabilities | $2.72B | $2.79B | $2.83B | $2.71B | $2.93B | $2.34B | $1.99B | $2.45B | $2.49B | $1.54B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $732,000 | $846,000 | $944,000 | $1.1M | $1.3M | $1.3M | $1.3M | $1.2M | $3.06B | $2.12B |
| Retained earnings (deficit) | −$1.18B | −$997.3M | −$777.0M | −$628.6M | −$609.3M | −$412.9M | −$231.2M | −$176.0M | −$95.8M | — |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | −$1.6M | $15.1M | $20.0M | $45.6M | −$15.9M | −$40.0M | −$16.7M | $6.7M | $1.6M | $295,000 |
| Minority interest | $511.3M | $423.6M | $469.7M | $32.2M | $22.5M | $167,000 | $201,000 | $204,000 | $4.2M | — |
| Total shareholders' equity | $1.16B | $1.81B | $2.22B | $3.20B | $2.92B | $3.74B | $4.00B | $2.99B | $3.58B | $2.12B |
| Key figures | ||||||||||
| Total debt | $2.54B | $2.62B | $2.64B | $2.72B | $2.68B | $2.06B | $1.82B | $2.14B | $2.32B | $1.17B |
| Net cash (debt) | −$2.47B | −$2.47B | −$2.47B | −$2.48B | −$2.42B | −$1.84B | −$1.70B | −$1.87B | −$2.00B | −$1.14B |
| Working capital | $14.8M | $183.0M | $242.6M | $363.1M | $119.2M | $386.7M | $207.5M | $454.9M | $416.6M | −$46.9M |
| Tangible book value | $1.13B | $1.76B | $2.17B | $3.03B | $2.71B | $3.68B | $3.93B | $2.90B | $3.46B | $2.12B |
| Book value per share | $17.18 | $20.48 | $21.15 | $26.85 | $22.29 | $28.00 | $30.60 | $25.07 | $34.02 | $17.91 |
| Shares outstanding | 67.4M | 88.3M | 105.1M | 119.0M | 130.8M | 133.5M | 130.7M | 119.2M | 105.4M | 118.5M |
| Current ratio | 1.05 | 1.89 | 2.30 | 3.63 | 1.27 | 4.75 | 2.32 | 4.38 | 4.01 | 0.86 |
| Quick ratio | 0.92 | 1.66 | 2.03 | 3.39 | 1.14 | 4.38 | 2.21 | 3.35 | 3.68 | 0.85 |
| Debt / equity | 2.20 | 1.45 | 1.19 | 0.85 | 0.92 | 0.55 | 0.46 | 0.71 | 0.65 | 0.55 |
| Equity / assets | 26.4% | 36.0% | 40.3% | 54.1% | 45.7% | 61.5% | 66.8% | 49.8% | 59.0% | 58.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $74.8M | $79.8M | $75.3M | $64.4M | $61.4M | $81.3M | $145.8M | $137.0M | $163.5M | $220.5M | $164.8M | $130.5M |
| Cash & equivalents | $74.8M | $79.8M | $75.3M | $64.4M | $61.4M | $81.3M | $145.8M | $137.0M | $163.5M | $220.5M | $164.8M | $130.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $42.1M | −$26.4M | — | — |
| Receivables | $212.9M | $210.8M | $204.7M | $203.7M | $197.1M | $193.5M | $193.6M | $216.0M | $212.7M | $218.3M | $215.5M | $215.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $23.2M | $0 | $12.9M | $465.2M | $450.2M |
| Other current assets | $0 | $43.7M | $37.7M | $43.8M | $0 | $50.3M | $48.2M | $33.2M | $52.6M | $39.8M | $0 | $0 |
| Total current assets | $262.6M | $334.3M | $317.6M | $311.9M | $237.1M | $325.1M | $387.7M | $409.3M | $428.8M | $491.5M | $429.5M | $519.7M |
| Property, plant & equipment (net) | $40.2M | $40.8M | $41.5M | $42.1M | $42.8M | $4.13B | $44.0M | $44.6M | $4.57B | $4.58B | $60.3M | $4.66B |
| Goodwill & intangible assets | $11.5M | $29.4M | $30.3M | $52.0M | $52.9M | $45.5M | $47.0M | $49.0M | $52.4M | $54.4M | $56.6M | $139.9M |
| Long-term investments | $162.4M | $150.4M | $150.1M | $135.0M | $125.6M | $124.0M | $124.6M | $131.4M | $128.6M | $131.1M | $289.6M | $320.2M |
| Other non-current assets | $3.78B | $3.78B | $3.85B | $3.88B | $4.09B | $103.4M | $4.42B | $4.55B | $143.6M | $148.8M | $4.68B | $25.5M |
| Total assets | $4.26B | $4.34B | $4.39B | $4.42B | $4.55B | $4.73B | $5.02B | $5.18B | $5.33B | $5.41B | $5.52B | $5.67B |
| Liabilities | ||||||||||||
| Accounts payable | $65.6M | $71.8M | $84.7M | $79.4M | $81.3M | $92.3M | $101.1M | $99.8M | $107.8M | $133.1M | $124.9M | $135.1M |
| Short-term debt | $210.0M | $230.0M | $205.0M | $160.0M | $226.0M | $162.0M | $85.0M | $90.0M | $40.0M | — | $123.6M | $92.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$17.5M | — | −$24.1M | — |
| Total current liabilities | $275.6M | $301.8M | $302.9M | $239.4M | $308.3M | $271.8M | $204.6M | $189.8M | $165.3M | $150.7M | $186.9M | $254.3M |
| Long-term debt | $2.32B | $2.30B | $2.30B | $2.30B | $2.26B | $2.34B | $2.49B | $2.53B | $2.59B | $2.53B | $2.50B | $2.54B |
| Lease obligations | $39.4M | $40.1M | $40.8M | $52.8M | $52.9M | $50.8M | $48.3M | $53.3M | $57.1M | $75.9M | $75.6M | $79.3M |
| Other long-term liabilities | $369.7M | $100.5M | $118.8M | $124.7M | $116.1M | $126.8M | $98.2M | $118.4M | $94.5M | $111.9M | $138.9M | $26.3M |
| Total liabilities | $2.69B | $2.70B | $2.72B | $2.66B | $2.68B | $2.74B | $2.79B | $2.84B | $2.85B | $2.80B | $2.83B | $2.82B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $746,000 | $746,000 | $732,000 | $594,000 | $620,000 | $731,000 | $846,000 | $845,000 | $874,000 | $919,000 | $944,000 | $978,000 |
| Retained earnings (deficit) | −$1.27B | −$1.20B | −$1.18B | −$1.11B | −$1.07B | −$1.04B | −$997.3M | −$907.8M | −$865.8M | −$825.3M | −$777.0M | −$722.8M |
| Accumulated other comprehensive income | $5.9M | $2.4M | −$1.6M | −$1.1M | −$404,000 | $6.1M | $15.1M | −$477,000 | $28.8M | $31.4M | $20.0M | $51.7M |
| Minority interest | $504.3M | $494.8M | $511.3M | $566.2M | $543.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.07B | $1.14B | $1.16B | $1.19B | $1.32B | $1.57B | $1.81B | $1.88B | $2.02B | $2.15B | $2.22B | $2.37B |
| Key figures | ||||||||||||
| Total debt | $2.57B | $2.57B | $2.54B | $2.51B | $2.54B | $2.56B | $2.62B | $2.68B | $2.69B | $2.60B | $2.64B | $2.60B |
| Net cash (debt) | −$2.50B | −$2.49B | −$2.47B | −$2.44B | −$2.48B | −$2.47B | −$2.47B | −$2.54B | −$2.52B | −$2.38B | −$2.47B | −$2.47B |
| Working capital | −$13.1M | $32.5M | $14.8M | $72.5M | −$71.1M | $53.3M | $183.0M | $219.6M | $263.5M | $340.8M | $242.6M | $265.4M |
| Tangible book value | $1.05B | $1.11B | $1.13B | $1.14B | $1.27B | $1.53B | $1.76B | $1.83B | $1.97B | $2.09B | $2.17B | $2.23B |
| Book value per share | $18.30 | $19.30 | $19.51 | $19.64 | $19.37 | $19.27 | $21.42 | $22.07 | $22.19 | $23.20 | $23.29 | $23.39 |
| Shares outstanding | 58.3M | 59.1M | 59.3M | 60.6M | 68.3M | 81.5M | 84.4M | 85.3M | 91.0M | 92.6M | 95.4M | 101.4M |
| Current ratio | 0.95 | 1.11 | 1.05 | 1.30 | 0.77 | 1.20 | 1.89 | 2.16 | 2.59 | 3.26 | 2.30 | 2.04 |
| Quick ratio | 1.04 | 0.96 | 0.92 | 1.12 | 0.84 | 1.01 | 1.66 | 1.86 | 2.28 | 2.91 | 2.03 | 1.36 |
| Debt / equity | 2.41 | 2.26 | 2.20 | 2.11 | 1.92 | 1.63 | 1.45 | 1.42 | 1.33 | 1.21 | 1.19 | 1.10 |
| Equity / assets | 25.0% | 26.3% | 26.4% | 27.0% | 29.1% | 33.2% | 36.0% | 36.3% | 37.9% | 39.8% | 40.3% | 41.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
JBGS financial position
At the end of fiscal 2025 (December 31, 2025), JBG SMITH Properties had total assets of $4.4 billion (down 12.6% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $1.2 billion. It held $75.3 million in cash and short-term investments against $2.5 billion of debt, net debt of $2.5 billion. Its current ratio was 1.05. In the latest quarter (ended June 30, 2026) total assets were $4.3 billion and equity $1.1 billion.
Related: JBGS income statement, JBGS cash flow statement, JBGS key metrics. See the JBGS stock overview for the latest quote and news.
JBGS balance sheet FAQ
What are JBG SMITH Properties's total assets?
JBG SMITH Properties reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.0 billion a year earlier.
How much debt does JBG SMITH Properties have?
JBG SMITH Properties had $2.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.20.
How much cash does JBG SMITH Properties have?
JBG SMITH Properties held $75.3 million in cash and short-term investments at the end of fiscal 2025; with $2.5 billion of debt that is net debt of $2.5 billion.
What is JBG SMITH Properties's book value?
JBG SMITH Properties's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $17.18 per share.
What is JBG SMITH Properties's current ratio?
JBG SMITH Properties had current assets of $317.6 million and current liabilities of $302.9 million, a current ratio of 1.05 (it can cover its short-term obligations).
How much goodwill does JBG SMITH Properties have?
JBG SMITH Properties carried $30.3 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.