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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $75.6M, roughly 1.7× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -18.1%, a 21.2% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (5.7% vs 0.8%). Over the past eight quarters, JBG SMITH Properties's revenue compounded faster (-2.9% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
AHH vs JBGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $127.6M |
| Net Profit | $2.4M | $-23.0M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | — |
| Net Margin | 3.1% | -18.1% |
| Revenue YoY | 0.8% | 5.7% |
| Net Profit YoY | -89.8% | 57.1% |
| EPS (diluted) | $0.00 | $-0.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $127.6M | ||
| Q4 25 | $75.6M | $127.6M | ||
| Q3 25 | $72.7M | $123.9M | ||
| Q2 25 | $69.1M | $126.5M | ||
| Q1 25 | $67.8M | $120.7M | ||
| Q4 24 | $75.0M | $130.8M | ||
| Q3 24 | $114.4M | $136.0M | ||
| Q2 24 | $116.8M | $135.3M |
| Q1 26 | — | $-23.0M | ||
| Q4 25 | $2.4M | $-45.5M | ||
| Q3 25 | $80.0K | $-28.6M | ||
| Q2 25 | $5.9M | $-19.2M | ||
| Q1 25 | $-2.8M | $-45.7M | ||
| Q4 24 | $23.4M | $-59.9M | ||
| Q3 24 | $-5.0M | $-27.0M | ||
| Q2 24 | $3.2M | $-24.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 31.0% | -47.5% | ||
| Q3 25 | 29.2% | -27.5% | ||
| Q2 25 | 29.6% | -18.4% | ||
| Q1 25 | 23.2% | -44.7% | ||
| Q4 24 | 50.1% | -53.6% | ||
| Q3 24 | 19.0% | -22.4% | ||
| Q2 24 | 11.9% | -24.3% |
| Q1 26 | — | -18.1% | ||
| Q4 25 | 3.1% | -35.7% | ||
| Q3 25 | 0.1% | -23.1% | ||
| Q2 25 | 8.6% | -15.2% | ||
| Q1 25 | -4.1% | -37.9% | ||
| Q4 24 | 31.2% | -45.8% | ||
| Q3 24 | -4.4% | -19.8% | ||
| Q2 24 | 2.7% | -18.0% |
| Q1 26 | — | $-0.32 | ||
| Q4 25 | $0.00 | $-0.76 | ||
| Q3 25 | $-0.04 | $-0.48 | ||
| Q2 25 | $0.04 | $-0.29 | ||
| Q1 25 | $-0.07 | $-0.56 | ||
| Q4 24 | $0.28 | $-0.70 | ||
| Q3 24 | $-0.11 | $-0.32 | ||
| Q2 24 | $0.00 | $-0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | — |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | — |
| Total Assets | $2.6B | $4.3B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $49.1M | $75.3M | ||
| Q3 25 | $46.5M | $64.4M | ||
| Q2 25 | $52.1M | $61.4M | ||
| Q1 25 | $45.7M | $81.3M | ||
| Q4 24 | $31.9M | $145.8M | ||
| Q3 24 | $43.9M | $137.0M | ||
| Q2 24 | $20.3M | $163.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $627.8M | $1.2B | ||
| Q3 25 | $638.8M | $1.2B | ||
| Q2 25 | $652.0M | $1.3B | ||
| Q1 25 | $657.4M | $1.6B | ||
| Q4 24 | $670.6M | $1.8B | ||
| Q3 24 | $663.9M | $1.9B | ||
| Q2 24 | $562.7M | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $2.6B | $4.4B | ||
| Q3 25 | $2.6B | $4.4B | ||
| Q2 25 | $2.6B | $4.5B | ||
| Q1 25 | $2.5B | $4.7B | ||
| Q4 24 | $2.5B | $5.0B | ||
| Q3 24 | $2.6B | $5.2B | ||
| Q2 24 | $2.6B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $64.2M | $73.3M | ||
| Q3 25 | $26.3M | $8.9M | ||
| Q2 25 | $11.1M | $18.8M | ||
| Q1 25 | $107.0K | $12.9M | ||
| Q4 24 | $112.0M | $129.4M | ||
| Q3 24 | $27.3M | $26.4M | ||
| Q2 24 | $17.4M | $23.8M |
| Q1 26 | — | — | ||
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
JBGS
| Property rental | $105.9M | 83% |
| Third-party real estate services, including reimbursements | $17.2M | 13% |
| Other revenue | $4.5M | 4% |
