QS Research · Michael Burry's Scion Capital analyst template · 2006
Janus Living, Inc. (JAN)
As of 2026-11-09 · 9/15 boxes filled from SEC filings and market data
Conclusion: PASS
Conviction low · base case none · downside -20% · upside +3%
JAN is not a suppressed deep-value situation: the stock closed $31.99 on 2026-11-06, 2.6% below its 52-week high, after a +1334.5% one-year return (N1, N2, N3). The operating story is real, with Q3 2026 revenue of $268M up 78%, Adjusted EBITDAre of $105M up 101%, FFO as Adjusted of $0.25 up 46%, and FY2026 FFO as Adjusted guidance raised to $0.97-$0.99, but the GAAP loss and EPS guidance cut are D&A-driven and KEY NUMBERS has no TTM revenue, EBITDA or net income for an EV/EBITDA or P/E anchor (S23, S67). On the only given multiple, P/B 2.32x (N12) on $3.11B book (N10), base value is about $7.22B, or $31.93 per share on 225.97M shares (N5), essentially today's price. A 20% book haircut at the same 2.32x gives about $25.54/share, or -20.2%, while retaining roughly $93M of FY2026 FFO after the $0.57 annualized dividend adds only about 3% to book and value. I pass: the balance sheet is clean and FFO momentum is positive, but at this price there is no margin of safety and no quantifiable earnings multiple to prove a mispricing.
Key numbers
- Share price: $31.99
- Market cap: $7.23B
- Price / book: 2.32x
The 15 boxes
- ○ 1. Long-form business notes
- ○ 2. Competitive advantage
- ✓ 3. 10-Q takeaways
Q3 2026 was an operating-growth quarter but a GAAP loss: net loss of $(5,608) thousand versus $1,412 thousand of net income in Q3 2025, while Nareit FFO rose to $73,074 thousand and FFO as Adjusted to $75,848 thousand ($0.25/share, up 46%) as revenue grew 78% on acquisitions and same-store adjusted NOI rose 25.9% with 360 bps of margin expansion. The nine-month GAAP profit of $37,124 thousand is not an operating result — it rests on the January 2026 JV Buyout gain on change of control, a gain on sale, casualty recoveries and a tax benefit. Balance sheet is clean ($338 million unrestricted cash, no outstanding debt at 9/30/26) and FY2026 guidance was raised for FFO as Adjusted ($0.97–$0.99) and same-store adjusted NOI growth (16%–19%) while diluted EPS guidance fell to $0.08–$0.10 on acquisition depreciation. Item 1A reports no material change to risk factors.
- ○ 4. Corporate governance
- ✓ 5. Overview of the prior 3 years of 8-K filings
Filled; members read this box.
- ✓ 6. Other significant filings
Filled; members read this box.
- ✓ 7. Chronology of significant news and events
Filled; members read this box.
- ✓ 8. Comparables valuation interpretation
Filled; members read this box.
- ✓ 9. Insider trading interpretation
Filled; members read this box.
- ○ 10. Earnings-call notes
- ○ 11. Impression of the shareholder letter
- ○ 12. Scuttlebutt overview
- ✓ 13. Valuation and risk/reward summary
Filled; members read this box.
- ✓ 14. Current price suppression and potential catalysts
Filled; members read this box.
- ✓ 15. Conclusions
The call above.
Sign in with a QuantSignals Premium or Gold plan to read every box: each point linked to the SEC filing it came from, the bull and bear case, and the comparables. QS Research powers the signals behind FST, our autonomous trading agent.