At a glance
Jacobs Solutions Inc. is worth $18.75B, about 67 times its fiscal 2025 earnings. Revenue grew 4.6% to $12.03B in fiscal 2025, with 2.4% kept as profit; over 3 years it has grown 7.1% a year. It pays a 0.87% dividend yield, and returned $2.63B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.9% over the past year with dividends reinvested and +7.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.3% in the 2020 crash (S&P 500: 33.7%) and 26.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows.
The business in plain English
Jacobs Solutions is an engineering and consulting firm that helps governments and companies plan, design and run complex projects. It has about 43,000 employees in more than 40 countries. It sells consulting, planning, architecture, design, engineering, program and construction management, and long-term operation of facilities. Its work spans critical infrastructure, such as transportation and buildings; water and the environment; and life sciences and advanced manufacturing, including biopharmaceutical plants.
Jacobs is paid through standalone professional service contracts and broader program management partnerships, in which it oversees large programs of work for a client. It also takes on a limited number of design-build and construction-management-at-risk jobs, where it carries more of the risk if costs or schedules slip. Clients include national, state and local governments in the U.S., Europe, the U.K., the Middle East and Asia Pacific, as well as private companies around the world.
In fiscal 2025, which ended September 26, 2025, revenue was about $12.0 billion. The Infrastructure & Advanced Facilities segment brought in 89.5%. PA Consulting, a U.K.-based innovation consultancy in which Jacobs acquired a 65% stake in 2021, brought in 10.5%. The U.S. supplied 61.6% of revenue and Europe 23.9%. In September 2024, Jacobs spun off its Critical Mission Solutions business and related units into a separate company, which merged with Amentum.
Price history
The interactive chart needs JavaScript.
J +3.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Infrastructure & Advanced Facilities | $10.76B | 89.5% |
| PA Consulting | $1.27B | 10.5% |
By geography
| U.S. Plans | $7.42B | 61.6% |
| Europe | $2.87B | 23.9% |
| Middle East and Africa | $596.3M | 5% |
| Australia and New Zealand | $573.2M | 4.8% |
| Canada | $248.1M | 2.1% |
| India | $180.1M | 1.5% |
| Asia | $144.9M | 1.2% |
Latest results
- In Q3 FY2026 (ended Jun 26, 2026), revenue was $4.08B, up 34.5% from a year earlier, and net income was $136.6M (-24.0%).
- For fiscal 2025, revenue was $12.03B (+4.6% year over year; +7.1% a year from FY2022 to FY2025) with a 2.4% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +7.1% good |
|---|---|
| Operating margin | 7.2% watch |
| Free cash flow margin | 5% watch |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-2.41B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $13.57B | $491.8M | $688.6M |
| FY2021 | $14.09B | $477.0M | $633.5M |
| FY2022 | $9.78B | $644.0M | $347.1M |
| FY2023 | $10.85B | $665.8M | $837.3M |
| FY2024 | $11.50B | $806.1M | $933.6M |
| FY2025 | $12.03B | $289.3M | $607.5M |
Valuation snapshot
| Market value | $18.75B |
|---|---|
| P/E ratio | 67.3 |
| Dividend yield | 0.87% |
Rank among 1514 US companies
Market value at each year end
Jacobs Solutions’s market value went from $5.74B at the end of 2016 to $18.75B on Nov 2, 2026, about 3.3 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.75B | +19.2% |
| 2025 | $15.73B | -5.0% |
| 2024 | $16.56B | +21.5% |
| 2023 | $13.63B | +7.8% |
| 2022 | $12.64B | -15.5% |
| 2021 | $14.96B | +27.1% |
| 2020 | $11.77B | +18.3% |
| 2019 | $9.95B | +43.5% |
| 2018 | $6.93B | +4.7% |
| 2017 | $6.62B | +15.4% |
| 2016 | $5.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| J price data to Nov 2, 2026 | +22.0% | +3.9% | +14.2% | +7.6% | +15.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.0% |
| 2025 | +1.1% |
| 2024 | +24.5% |
| 2023 | +9.0% |
| 2022 | -13.1% |
| 2021 | +28.6% |
| 2020 | +22.4% |
| 2019 | +55.0% |
| 2018 | -10.6% |
| 2017 | +17.0% |
| 2016 | +35.9% |
| 2015 | -6.1% |
| 2014 | -29.1% |
| 2013 | +48.0% |
| 2012 | +4.9% |
| 2011 | -11.5% |
| 2010 | +21.9% |
| 2009 | -21.8% |
| 2008 | -49.7% |
| 2007 | +134.5% |
| 2006 | +20.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.8% over that stretch · deepest drop along the way 74.1%, back to its old high 134.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.9% over that stretch · deepest drop along the way 39.3%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.9% over that stretch · deepest drop along the way 26.4%, back to its old high 16.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($612K) and 3 sales ($2.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Patrick Hill PRESIDENT | sell | $1.7M |
| Aug 7, 2026 | Patrick Hill PRESIDENT | sell | $798K |
| May 15, 2026 | Robert V Pragada Chair & CEO, Director | buy | $400K |
| Mar 6, 2026 | Shannon Miller President | sell | $193K |
| Nov 24, 2025 | Peter J Robertson Director | buy | $135K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.7% | Dec 31, 2025 |
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
ETFs with the most weight in J
| EQTY Kovitz Core Equity ETF | 3.58% |
| NUKZ Range Nuclear Renaissance Index ETF | 2.63% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.79% |
| FPWR First Trust EIP Power Solutions ETF | 1.65% |
| LEAD Siren DIVCON Leaders Dividend ETF | 1.22% |
| TAX Cambria Tax Aware ETF | 1.03% |
| SPVM Invesco S&P 500 Value with Momentum ETF | 0.82% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.78% |
What could go wrong
- Loose ends from the Amentum spin-off. Jacobs may not get all the expected benefits of spinning off Critical Mission Solutions. A large tax bill could follow if IRS ruling terms are not met, and Amentum may fail to honor its agreements.
- Fixed-price contracts can turn into losses. On fixed-price work, Jacobs sets a price up front. If inflation or other pressures push costs above estimates, or a project runs late, Jacobs absorbs the extra cost, which can shrink profits or cause losses.
- Dependence on government budgets. Jacobs works for national, state and local governments. Funding cuts, budget delays or political uncertainty can reduce or postpone contract awards, and government contracts carry extra rules and risks compared with private work.
- Accidents, lawsuits and insurance gaps. Project sites are dangerous, and injuries or failures to meet performance requirements can lead to claims. Jacobs could face large damages or even criminal liability, and insurance may not cover the full cost.
- Backlog is not guaranteed revenue. Backlog is the value of signed work not yet performed. Clients can adjust, cancel or suspend those contracts, so backlog may overstate future revenue and earnings.
- Debt and rising interest costs. As of June 26, 2026, total debt of about $3.6 billion exceeded cash and investments of about $1.2 billion. Part of the debt carries variable rates, so higher interest rates raise borrowing costs.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
For income and retirement investors
Jacobs pays a small dividend. The yield was 0.93% as of October 28, 2026, so the shares produce little income. Fiscal 2025 payments were $0.29 a share in the first quarter and $0.32 in each of the next three, and the per-share dividend rose in both fiscal 2024 and 2025. Dividends took 52.9% of fiscal 2025 earnings, which fell 64.1%, but only 25.2% of free cash flow (cash left after capital spending). Share repurchases return more cash: $754.1 million in fiscal 2025, against $153 million in dividends, and about $2.0 billion over fiscal 2021–2025. The share count fell 10.2% from July 2021 to July 2026.
In downturns the stock has fallen hard: 74.1% from January to November 2008, not regaining that peak until February 2020; 39.3% in the 2020 COVID crash, recovering in about eight months; and 26.4% in 2022, recovering by February 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Jacobs Solutions make money?
Jacobs is paid for consulting, design, engineering, and program and construction management on complex projects for governments and companies. In fiscal 2025, which ended September 26, 2025, revenue was about $12.0 billion. Its Infrastructure & Advanced Facilities segment, covering critical infrastructure, water and environmental work, and life sciences and advanced manufacturing, supplied 89.5%. PA Consulting, its majority-owned consultancy, supplied 10.5%. The U.S. accounted for 61.6% of revenue and Europe for 23.9%.
Does Jacobs pay a dividend?
Yes, but it is small: the yield was 0.93% as of October 28, 2026. Jacobs pays quarterly. In fiscal 2025 it paid $0.29 a share in the first quarter and $0.32 in each of the next three, and the per-share dividend rose in both fiscal 2024 and 2025. Dividends took 25.2% of fiscal 2025 free cash flow. Jacobs returns more cash through share repurchases, $754.1 million in fiscal 2025, and its 10-K says there is no assurance dividends will continue.
What is the connection between Jacobs and Amentum?
Amentum runs businesses that used to belong to Jacobs. On September 27, 2024, Jacobs spun off its Critical Mission Solutions business and related units (a spin-off turns part of a company into a separate company), which then merged with Amentum Parent Holdings. Amentum, the surviving company, is listed on the New York Stock Exchange as AMTM. Jacobs' 10-K warns it may not get all the expected benefits, could face a large tax bill if IRS ruling terms are not met, and relies on Amentum honoring its agreements.
Does Jacobs own PA Consulting?
Yes, it held a majority stake as of its 10-K filed November 20, 2025. Jacobs acquired a 65% interest in PA Consulting on March 2, 2021. PA is a U.K.-based innovation and transformation consultancy with about 4,000 staff across seven sectors, including defense and security, financial services, government, and health and life sciences. It brought in about $1.27 billion, or 10.5% of Jacobs' revenue, in fiscal 2025, and helps Jacobs expand its high-end advisory work.
Why is Jacobs' P/E ratio so high?
Mainly because earnings dropped. The price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was 63.4 as of October 28, 2026, based on fiscal 2025 earnings. Net income fell 64.1% that year to about $289 million, and earnings per share fell to $2.38 from $6.32 in fiscal 2024. Revenue still grew 4.6% to about $12.0 billion. A P/E built on one weak year can look high, so it is worth comparing with earnings in other years.