A Business at a Glance
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CBRE GROUP, INC.
CBRE
$41.9B
Mkt Cap
$139.46
+2.88%
CBRE GROUP, INC. (CBRE) has a current P/E ratio of 36.2, compared to its historical median P/E of 20.7. The stock is currently considered Expensive based on its historical valuation range.
CBRE GROUP, INC. (CBRE) has a 5-year average return on invested capital (ROIC) of 11.3%. This indicates solid capital allocation.
CBRE GROUP, INC. (CBRE) has a market capitalization of $40.8B. It is classified as a large-cap stock.
CBRE GROUP, INC. (CBRE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.64%.
Based on historical P/E analysis, CBRE GROUP, INC. (CBRE) appears expensive. The current P/E of 36.2 is 75% above its historical median of 20.7. The estimated fair value CAGR (P/E method) is 0.3%.
CBRE GROUP, INC. (CBRE) operates in the Real Estate industry, within the Real Estate sector.
CBRE GROUP, INC. (CBRE) reported annual revenue of $40.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
CBRE is the world's largest commercial real estate services and investments firm, serving nearly 90% of Fortune 100 companies and major institutional real estate investors across more than 100 countries. The company operates through four primary business segments: Advisory Services (leasing, capital markets, loan servicing, and valuation across offices, industrial, retail, multi-family, and critical facilities); Building Operations & Experience (enterprise and local facilities management, property management, digital infrastructure services for data centers, and flexible workplace solutions through Industrious); Project Management (delivered through majority-owned Turner & Townsend, providing program management, project management, and cost consultancy for real estate and infrastructure projects); and Real Estate Investments (comprising CBRE Investment Management with $155.5 billion in assets under management and Trammell Crow Company, the largest U.S. commercial real estate developer with an in-process portfolio and pipeline exceeding $29.5 billion). The company's business model combines fee-for-service advisory and transaction-based revenue with recurring subscription-like revenue from facilities management contracts, investment management fees, and property management services. CBRE's competitive moat derives from its global scale, integrated service offerings, extensive knowledge platform (research, data, technology), and ability to serve clients across multiple geographies, property types, and service lines simultaneously, enabling it to outperform during market downturns while capturing growth in secular tailwinds such as data centers and logistics.
【Infrastructure and resilience momentum】 Management expects continued strong performance in infrastructure-related services and data center solutions, with resilient businesses (facilities management, project management, property management, loan servicing, valuations, and recurring investment management fees) anticipated to grow in excess of 60% in 2026 and reach approximately $2 billion in revenue. The company is experiencing robust pipelines across advisory and building operations segments, with particular strength in U.S. leasing and capital markets activity expected to continue as long as interest rates remain in the 4%–4.5% range. Management is investing in growth initiatives including expansion of local facilities management in the Americas, scaling of Industrious flexible workplace solutions, and development of data center technical services capabilities, while simultaneously pursuing cost efficiencies through artificial intelligence applications. The company expects to maintain margin discipline in 2026 while positioning for incremental margin expansion beyond that year as newer growth businesses mature and integration synergies from Turner & Townsend and Pearce Services materialize.
| Metric | Target | Period |
|---|---|---|
| Core EPS | $7.60–$7.80 | FY2026 |
| Resilient businesses revenue | in excess of 60% growth | FY2026 |
| Free cash flow conversion | around the high end of 75%-85% target range | FY2026 |
| Advisory Services SOP growth | high teens | FY2026 |
| Building Operations & Experience SOP growth | approximately 25% | FY2026 |
Core EPS (FY2026): “we are upgrading our EPS expectations to a range of $7.60-$7.80 for the year, which would result in more than 20% growth at the midpoint of the range.”
Resilient businesses revenue (FY2026): “Revenue in this business line totaled $1.7 billion in 2025 and $580 million in the first quarter, and is expected to grow in excess of 60% this year.”
Free cash flow conversion (FY2026): “We expect to end 2026 with free cash flow conversion around the high end of our 75%-85% target range.”
Advisory Services SOP growth (FY2026): “Advisory is now expected to deliver high teens SOP growth.”
Building Operations & Experience SOP growth (FY2026): “We are expecting approximately 25% SOP growth for BOE, which includes high teens growth due to improved performance in the underlying business and the remainder due to the cost reclassification.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 42.2B | 40.5B | 35.8B | 31.9B | 30.8B | 27.7B |
| Net Income | 1.3B | 1.2B | 968M | 986M | 1.4B | 1.8B |
| EPS | $4.44 | $3.85 | $3.14 | $3.15 | $4.29 | $5.41 |
| Free Cash Flow | 897M | 1.2B | 1.4B | 175M | 1.4B | 2.2B |
| ROIC | 10.5% | 9.9% | 10.3% | 8.7% | 13.7% | 13.7% |
| Gross Margin | - | 13.4% | 14.4% | 14.7% | 16.9% | 17.6% |
| Debt/Equity | 0.93 | 1.13 | 0.68 | 0.58 | 0.44 | 0.49 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.0B | 1.8B | 1.4B | 1.1B | 1.5B | 1.6B |
| Operating Margin | 4.7% | 4.3% | 4.0% | 3.5% | 4.9% | 5.9% |
| ROE | 15.4% | 13.4% | 11.6% | 12.2% | 17.2% | 23.5% |
| Shares Outstanding | 293M | 301M | 308M | 313M | 328M | 340M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.0B | 10.9B | 17.4B | 18.6B | 21.3B | 23.9B | 23.8B | 27.7B | 30.8B | 31.9B | 35.8B | 40.5B | 42.2B |
| Gross Margin | 32.3% | 8.7% | 18.6% | 19.1% | 18.7% | 17.3% | 15.5% | 17.6% | 16.9% | 14.7% | 14.4% | 13.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.6B | N/A | 3.1B | 3.2B | 3.8B | 3.9B | 3.8B | 4.5B | 5.1B | 5.2B | 5.5B | 5.8B | 5.8B |
| EBIT | 792M | 836M | 817M | 1.1B | 1.1B | 1.3B | 970M | 1.6B | 1.5B | 1.1B | 1.4B | 1.8B | 2.0B |
| Op. Margin | 8.8% | 7.7% | 4.7% | 5.8% | 5.1% | 5.3% | 4.1% | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% | 4.7% |
| Net Income | 485M | 547M | 573M | 697M | 1.1B | 1.3B | 752M | 1.8B | 1.4B | 986M | 968M | 1.2B | 1.3B |
| Net Margin | 5.4% | 5.0% | 3.3% | 3.7% | 5.0% | 5.4% | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% | 3.1% |
| Non-Recurring | 8.6M | 33M | 74M | 0 | 38M | 50M | 34M | 0 | 144M | 13M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 13.8% | 10.1% | 8.6% | 10.5% | 12.4% | 14.5% | 8.7% | 13.7% | 13.7% | 8.7% | 10.3% | 9.9% | 10.5% |
| ROE | 23.3% | 22.0% | 20.0% | 19.6% | 23.5% | 23.0% | 11.3% | 23.5% | 17.2% | 12.2% | 11.6% | 13.4% | 15.4% |
| ROA | 6.7% | 5.9% | 5.3% | 6.2% | 8.4% | 8.6% | 4.4% | 9.2% | 6.6% | 4.6% | 4.1% | 4.2% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 662M | 652M | 617M | 894M | 1.1B | 1.2B | 1.8B | 2.4B | 1.6B | 480M | 1.7B | 1.6B | 1.3B |
| Free Cash Flow | 491M | 512M | 426M | 716M | 903M | 930M | 1.6B | 2.2B | 1.4B | 175M | 1.4B | 1.2B | 897M |
| Owner Earnings | 83M | -38M | -171M | 43M | 95M | 25M | 696M | 890M | 83M | -1.2B | -233M | -698M | -1.3B |
| CapEx | 171M | 139M | 191M | 178M | 228M | 294M | 267M | 210M | 260M | 305M | 307M | 366M | 383M |
| Maint. CapEx | 519M | 615M | 724M | 759M | 908M | 1.1B | 1.1B | 1.3B | 1.4B | 1.6B | 1.8B | 2.1B | 2.4B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 519M | 615M | 724M | 759M | 908M | 1.1B | 1.1B | 1.3B | 1.4B | 1.6B | 1.8B | 2.1B | 2.4B |
| CapEx/OCF | 25.9% | 21.4% | 42.5% | 19.9% | 20.1% | 24.0% | 14.6% | 8.9% | 16.0% | 63.5% | 18.0% | 23.5% | 29.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 17M | 25M | 27M | 30M | 161M | 145M | 50M | 369M | 1.9B | 665M | 627M | 968M | 1.1B |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.2% | 0.7% | 0.2% | 1.0% | 7.5% | 2.3% | 1.6% | 2.0% | 2.6% |
| Stock-Based Comp | 60M | 75M | 63M | 93M | 128M | 128M | 60M | 185M | 160M | 96M | 146M | 120M | 147M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 3.9B | 3.0B | 2.2B | 2.3B | 3.0B | 2.2B | 1.8B | 2.2B | 3.6B | 4.5B | 8.1B | 6.2B |
| Cash & Equiv. | 741M | 540M | 763M | 752M | 777M | 972M | 1.9B | 2.4B | 1.3B | 1.3B | 1.1B | 1.9B | 1.7B |
| Long-Term Debt | 1.8B | 2.6B | 2.5B | 2.0B | 1.8B | 1.8B | 1.4B | 1.5B | 1.1B | 2.8B | 3.2B | 5.0B | 5.0B |
| Debt/Equity | 1.04 | 1.63 | 1.26 | 0.71 | 0.63 | 0.64 | 0.58 | 0.49 | 0.44 | 0.58 | 0.68 | 1.13 | 0.93 |
| Interest Coverage | 7.1 | 7.0 | 5.6 | 7.9 | 10.1 | 14.7 | 14.3 | 32.7 | 21.9 | 7.5 | 471.0 | 438.3 | 438.3 |
| Equity | 2.3B | 2.7B | 3.0B | 4.1B | 4.9B | 6.2B | 7.1B | 8.5B | 7.9B | 8.3B | 8.4B | 8.9B | 8.5B |
| Total Assets | 7.6B | 11.0B | 10.8B | 11.7B | 13.5B | 16.2B | 18.0B | 22.1B | 20.5B | 22.5B | 24.4B | 30.9B | 30.2B |
| Total Liabilities | 5.3B | 8.3B | 7.7B | 7.5B | 8.4B | 9.9B | 10.5B | 12.7B | 11.9B | 13.5B | 15.2B | 21.3B | 20.9B |
| Intangibles | 802M | 1.5B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 2.4B | 2.2B | 2.1B | 2.3B | 3.0B | 2.9B |
| Retained Earnings | 1.5B | 2.1B | 2.7B | 3.4B | 4.5B | 5.8B | 6.5B | 8.4B | 8.8B | 9.2B | 9.6B | 9.9B | 9.7B |
| Working Capital | 443M | 311M | 597M | 918M | 951M | 1.1B | 1.7B | 1.7B | 287M | 1.4B | 683M | 1.2B | 981M |
| Current Assets | 3.4B | 5.3B | 5.1B | 5.6B | 6.8B | 7.5B | 8.8B | 10.1B | 8.5B | 9.7B | 10.0B | 13.5B | 12.7B |
| Current Liabilities | 2.9B | 5.0B | 4.5B | 4.7B | 5.8B | 6.4B | 7.1B | 8.4B | 8.2B | 8.2B | 9.3B | 12.3B | 11.8B |
| Per Share Data | |||||||||||||
| EPS | 1.45 | 1.63 | 1.69 | 2.05 | 3.10 | 3.77 | 2.22 | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 | 4.44 |
| Owner EPS | 0.25 | -0.11 | -0.50 | 0.13 | 0.28 | 0.07 | 2.05 | 2.62 | 0.25 | -3.81 | -0.76 | -2.32 | -4.45 |
| Book Value | 6.76 | 8.08 | 8.89 | 12.10 | 14.40 | 18.32 | 20.90 | 25.12 | 23.94 | 26.41 | 27.28 | 29.54 | 29.09 |
| Cash Flow/Share | 1.98 | 1.94 | 1.82 | 2.63 | 3.30 | 3.60 | 5.40 | 6.96 | 4.97 | 1.53 | 5.54 | 5.19 | 12.80 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 334.1M | 335.7M | 339.1M | 340.1M | 343.0M | 340.1M | 338.7M | 339.6M | 328.0M | 313.0M | 308.3M | 300.5M | 292.8M |
| Valuation | |||||||||||||
| P/E Ratio | 24.1 | 21.3 | 18.5 | 21.4 | 12.9 | 16.2 | 28.4 | 19.9 | 17.6 | 29.8 | 41.6 | 42.8 | 31.4 |
| P/FCF | 23.8 | 22.7 | 24.9 | 20.9 | 15.1 | 22.3 | 13.6 | 17.0 | 18.1 | 167.8 | 28.7 | 41.5 | 45.5 |
| EV/EBIT | 15.9 | 18.0 | 15.8 | 15.2 | 14.0 | 16.3 | 19.5 | 20.3 | 15.6 | 26.6 | 29.4 | 29.5 | 23.7 |
| Price/Book | 5.2 | 4.3 | 3.5 | 3.6 | 2.8 | 3.3 | 3.0 | 4.3 | 3.1 | 3.6 | 4.8 | 5.6 | 4.8 |
| Price/Sales | 1.1 | 1.1 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 1.1 | 0.9 | 0.8 | 0.9 | 1.1 | 1.0 |
| FCF Yield | 4.2% | 4.4% | 4.0% | 4.8% | 6.6% | 4.5% | 7.3% | 5.9% | 5.5% | 0.6% | 3.5% | 2.4% | 2.2% |
| Market Cap | 11.7B | 11.7B | 10.6B | 14.9B | 13.7B | 20.7B | 21.3B | 36.6B | 24.7B | 29.4B | 40.3B | 49.5B | 40.8B |
| Avg. Price | 29.77 | 35.80 | 28.62 | 36.54 | 45.49 | 51.04 | 50.06 | 87.43 | 83.15 | 79.23 | 104.61 | 143.49 | 139.46 |
| Year-End Price | 34.97 | 34.73 | 31.22 | 43.95 | 39.89 | 60.95 | 62.97 | 107.72 | 75.41 | 93.82 | 130.63 | 164.71 | 139.46 |
CBRE GROUP, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
CBRE GROUP, INC. trades at 36.2x trailing earnings, compared to its 15-year median P/E of 20.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 34.5x vs a median of 20.9x. The company's 5-year average ROIC is 11.3% with a gross margin of 15.4%. Total shareholder yield (buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is -6.8%.
CBRE GROUP, INC. (CBRE) has a net profit margin of 2.9%. This is a modest margin.
CBRE GROUP, INC. (CBRE) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CBRE GROUP, INC. (CBRE) has a debt-to-equity ratio of 1.13. This indicates moderate leverage.
CBRE GROUP, INC. (CBRE) reported earnings per share (EPS) of $3.85 in its most recent fiscal year.
CBRE GROUP, INC. (CBRE) has a return on equity (ROE) of 13.4%. This indicates moderate shareholder returns.
CBRE GROUP, INC. (CBRE) has a 5-year average gross margin of 15.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for CBRE GROUP, INC. (CBRE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CBRE GROUP, INC. (CBRE) has a book value per share of $29.54, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong performance in infrastructure-related services and data center solutions, with resilient businesses (facilities management, project management, property management, loan servicing, valuations, and recurring investment management fees) anticipated to grow in excess of 60% in 2026 and reach approximately $2 billion in revenue. The company is experiencing robust pipelines across advisory and building operations segments, with particular strength in U.S. leasing and capital markets activity expected to continue as long as interest rates remain in the 4%–4.5% range. Management is investing in growth initiatives including expansion of local facilities management in the Americas, scaling of Industrious flexible workplace solutions, and development of data center technical services capabilities, while simultaneously pursuing cost efficiencies through artificial intelligence applications. The company expects to maintain margin discipline in 2026 while positioning for incremental margin expansion beyond that year as newer growth businesses mature and integration synergies from Turner & Townsend and Pearce Services materialize.
Based on recent SEC filings and earnings calls, CBRE GROUP, INC. (CBRE) has provided the following forward guidance: Core EPS: $7.60–$7.80 (FY2026); Resilient businesses revenue: in excess of 60% growth (FY2026); Free cash flow conversion: around the high end of 75%-85% target range (FY2026); Advisory Services SOP growth: high teens (FY2026); Building Operations & Experience SOP growth: approximately 25% (FY2026).