Jacobs Solutions key statistics and ratios
In fiscal 2025, Jacobs Solutions had return on equity of 7.1%, an operating margin of 7.2%, debt equal to 61.4% of equity and a current ratio of 1.30. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Oct 2009 | 2010Oct 2010 | 2011Sept 2011 | 2012Sept 2012 | 2013Sept 2013 | 2014Sept 2014 | 2015Oct 2015 | 2016Sept 2016 | 2017Sept 2017 | 2018Sept 2018 | 2019Sept 2019 | 2020Oct 2020 | 2021Oct 2021 | 2022Sept 2022 | 2023Sept 2023 | 2024Sept 2024 | 2025Sept 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | 16.1% | 12.6% | 14.4% | 19.4% | 19.1% | 21.6% | 26.4% | 25.0% | 24.6% | 24.8% | 22.1% |
| Operating margin | 5.4% | 4.0% | 5.0% | 5.5% | 5.7% | 4.2% | 3.7% | 3.1% | 2.4% | 2.6% | 3.2% | 4.0% | 4.9% | 5.5% | 6.2% | 6.0% | 7.2% | 4.6% |
| Net margin | 3.5% | 2.5% | 3.2% | 3.5% | 3.6% | 2.6% | 2.5% | 1.9% | 2.9% | 1.1% | 6.7% | 3.6% | 3.4% | 6.6% | 6.1% | 7.0% | 2.4% | 2.4% |
| Free-cash-flow margin | 4.2% | 1.8% | — | — | — | 4.6% | 3.3% | 5.6% | 4.6% | 2.6% | −3.9% | 5.1% | 4.5% | 3.5% | 7.7% | 8.1% | 5.0% | 4.5% |
| Return on equity | 15.2% | 9.0% | 10.7% | 10.8% | 10.7% | 7.6% | 6.9% | 4.9% | 6.8% | 3.2% | 14.7% | 8.5% | 8.1% | 10.7% | 10.6% | 14.5% | 7.1% | 9.8% |
| Return on assets | 9.0% | 5.4% | 6.1% | 5.8% | 6.0% | 4.2% | 3.7% | 2.8% | 4.0% | 1.6% | 7.0% | 4.1% | 3.5% | 4.4% | 4.5% | 6.1% | 2.5% | 2.9% |
| Asset turnover | 2.59 | 2.18 | 1.91 | 1.67 | 1.67 | 1.61 | 1.49 | 1.45 | 1.36 | 1.50 | 1.06 | 1.14 | 1.04 | 0.67 | 0.74 | 0.87 | 1.05 | 1.24 |
| Current ratio | 2.17 | 2.23 | 1.47 | 2.07 | 2.14 | 1.66 | 1.58 | 1.61 | 1.56 | 1.45 | 1.34 | 1.54 | 1.34 | 1.45 | 1.37 | 1.20 | 1.30 | 1.29 |
| Debt to equity | 0.0% | 0.0% | 0.1% | 14.2% | 9.9% | 17.1% | 13.6% | 9.0% | 5.3% | 36.6% | 21.0% | 28.8% | 49.6% | 56.2% | 43.8% | 48.8% | 61.4% | 109.6% |
| Interest cover (operating income ÷ interest) | — | 40.5x | 59.0x | 51.0x | 51.8x | 46.2x | 22.8x | 22.2x | 20.3x | 5.0x | 4.8x | 8.6x | 9.5x | 5.4x | 4.0x | 4.1x | 5.9x | 3.9x |
| Effective tax rate | 36.0% | 37.2% | 35.1% | 34.1% | 33.5% | 35.1% | 23.5% | 25.2% | 30.1% | 98.4% | 10.5% | 12.5% | 39.5% | 13.9% | 19.5% | 16.9% | 39.7% | 36.9% |
| SG&A as % of revenue | 8.2% | 9.4% | 10.0% | 10.4% | 9.9% | 12.2% | 12.6% | 13.0% | 10.1% | 11.8% | 16.3% | 15.1% | 16.7% | 20.9% | 18.7% | 18.6% | 17.6% | 17.5% |
| Capital spending as % of revenue | 0.5% | 0.5% | — | — | — | 1.0% | 0.7% | 0.6% | 1.2% | 0.6% | 1.1% | 0.9% | 0.7% | 1.3% | 1.3% | 1.1% | 0.7% | 0.6% |
| Free cash flow ÷ net income | 119.1% | 71.0% | — | — | — | 179.7% | 130.8% | 291.0% | 155.5% | 236.3% | −59.2% | 140.0% | 132.8% | 53.9% | 125.8% | 115.8% | 210.0% | 190.5% |
| Dividends ÷ net income | — | — | — | — | — | — | — | 2.8% | 20.0% | 53.0% | 12.5% | 29.3% | 32.7% | 18.0% | 19.3% | 17.7% | 52.9% | 47.8% |
| Dividends and buybacks ÷ free cash flow | — | — | — | — | — | 13.3% | 106.6% | 25.9% | 34.1% | 23.2% | — | 69.9% | 68.0% | 114.6% | 47.1% | 58.4% | 149.3% | 136.0% |
| Quarter | 2024 Q4Sept 2024 | 2025 Q1Dec 2024 | 2025 Q2Mar 2025 | 2025 Q3Jun 2025 | 2025 Q4Sept 2025 | 2026 Q1Dec 2025 | 2026 Q2Mar 2026 | 2026 Q3Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 24.8% | 24.6% | 25.4% | 25.0% | 24.3% | 23.2% | 21.5% | 19.9% |
| Operating margin | 6.6% | 7.1% | 7.2% | 7.8% | 6.7% | 7.1% | −2.2% | 7.0% |
| Net margin | 11.0% | −0.6% | 0.2% | 5.9% | 3.9% | 3.8% | −1.2% | 3.3% |
| Free-cash-flow margin | 5.3% | 3.3% | −3.9% | 8.9% | 11.2% | 11.1% | −13.7% | 10.6% |
| Current ratio | 1.20 | 1.25 | 1.50 | 1.39 | 1.30 | 1.33 | 1.43 | 1.29 |
| Debt to equity | 48.8% | 60.3% | 68.2% | 65.6% | 61.4% | 72.2% | 124.0% | 109.6% |
| SG&A as % of revenue | 18.2% | 17.5% | 18.2% | 17.3% | 17.6% | 16.2% | 23.7% | 12.9% |
Financial health
- Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $4.0bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $1.2bn of cash against $3.6bn of debt.
- Debt below 40% of shareholders' equity Debt is 110% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 51% to 110% over five years.
- A year's operating cash flow covers at least 20% of debt $736m of operating cash flow against $3.6bn of debt.
- Operating profit covers interest at least five times over Operating income of $650m against $165m of interest.
Moat
Weak moat
How hard Jacobs Solutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 3 / 20
Cash operating profit has been a median 4.1% of total assets over 9 years.
- Pricing power 3 / 20
Gross margin has been a median 20.5%, moving by 7.1 percentage points (standard deviation) across 9 years.
- Durability 8 / 20
Operating margin has been a median 4.6%; its worst year was 2.5%.
- Cash conversion 11 / 20
Free cash flow was positive in 9 of 10 years, at a median 4.0% of revenue.
- Discipline 20 / 20
The diluted share count fell 9.4% over five years; stock-based pay has been a median 0.5% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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