A Business at a Glance
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Cushman & Wakefield Ltd.
CWK
$3.0B
Mkt Cap
$12.72
+2.00%
Cushman & Wakefield Ltd. (CWK) has a current P/E ratio of 33.5, compared to its historical median P/E of 21.9. The stock is currently considered Expensive based on its historical valuation range.
Cushman & Wakefield Ltd. (CWK) has a 5-year average return on invested capital (ROIC) of 7.2%. This is below average and may indicate limited pricing power.
Cushman & Wakefield Ltd. (CWK) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
Cushman & Wakefield Ltd. (CWK) does not currently pay a regular dividend.
Based on historical P/E analysis, Cushman & Wakefield Ltd. (CWK) appears expensive. The current P/E of 33.5 is 53% above its historical median of 21.9. The estimated fair value CAGR (P/E method) is -10.6%.
Cushman & Wakefield Ltd. (CWK) operates in the Real Estate industry, within the Real Estate sector.
Cushman & Wakefield Ltd. (CWK) reported annual revenue of $10.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Table of Contents PART I Cushman & Wakefield Ltd. (together with its subsidiaries, “Cushman & Wakefield,” “the Company,” “we,” “ours” and “us”) is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.5B | 10.3B | 9.4B | 9.5B | 10.1B | 9.4B |
| Net Income | 74M | 88M | 131M | -35M | 196M | 250M |
| EPS | $0.32 | $0.38 | $0.56 | $-0.16 | $0.86 | $1.10 |
| Free Cash Flow | 204M | 293M | 167M | 101M | -1.6M | 496M |
| ROIC | 8.4% | 8.5% | 5.9% | 4.6% | 7.4% | 9.5% |
| Gross Margin | - | 19.3% | 19.0% | 18.4% | 19.7% | 18.8% |
| Debt/Equity | 1.41 | 1.58 | 1.94 | 2.19 | 2.23 | 2.60 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 466M | 453M | 339M | 206M | 535M | 497M |
| Operating Margin | 4.4% | 4.4% | 3.6% | 2.2% | 5.3% | 5.3% |
| ROE | 3.8% | 4.8% | 7.7% | -2.1% | 12.6% | 19.7% |
| Shares Outstanding | 234M | 232M | 234M | 221M | 228M | 227M |
| Metric | 2016 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 6.2B | 6.9B | 8.2B | 8.8B | 7.8B | 9.4B | 10.1B | 9.5B | 9.4B | 10.3B | 10.5B |
| Gross Margin | 18.5% | 14.6% | 15.7% | 16.8% | 14.3% | 18.8% | 19.7% | 18.4% | 19.0% | 19.3% | 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 |
| SG&A | 1.2B | 1.2B | 1.3B | 1.3B | 1.1B | 1.2B | 1.3B | 1.3B | 1.2B | 1.3B | 1.3B |
| EBIT | -295M | -171M | 13M | 187M | -53M | 497M | 535M | 206M | 339M | 453M | 466M |
| Op. Margin | -4.8% | -2.5% | 0.2% | 2.1% | -0.7% | 5.3% | 5.3% | 2.2% | 3.6% | 4.4% | 4.4% |
| Net Income | -434M | -221M | -186M | N/A | -221M | 250M | 196M | -35M | 131M | 88M | 74M |
| Net Margin | -7.0% | -3.2% | -2.3% | N/A | -2.8% | 2.7% | 1.9% | -0.4% | 1.4% | 0.9% | 0.7% |
| Non-Recurring | 30M | 29M | 900K | 6.0M | 53M | 23M | -5.9M | 23M | 9.5M | 6.1M | -400K |
| Returns on Capital | |||||||||||
| ROIC | -61.9% | -9.8% | 0.4% | N/A | -1.5% | 9.5% | 7.4% | 4.6% | 5.9% | 8.5% | 8.4% |
| ROE | -79.9% | -40.8% | -20.0% | N/A | -18.4% | 19.7% | 12.6% | -2.1% | 7.7% | 4.8% | 3.8% |
| ROA | -241.8% | -7.4% | -3.0% | N/A | -3.0% | 3.3% | 2.5% | -0.5% | 1.7% | 1.2% | 1.0% |
| Cash Flow | |||||||||||
| Op. Cash Flow | -335M | 4.4M | -2.2M | 269M | -38M | 550M | 49M | 152M | 208M | 340M | 259M |
| Free Cash Flow | -412M | -125M | -86M | 189M | -79M | 496M | -1.6M | 101M | 167M | 293M | 204M |
| Owner Earnings | -645M | -319M | -374M | -89M | -344M | 319M | -138M | -48M | 50M | 178M | 98M |
| CapEx | 77M | 129M | 84M | 80M | 41M | 54M | 51M | 51M | 41M | 47M | 55M |
| Maint. CapEx | 261M | 271M | 290M | 297M | 264M | 172M | 147M | 146M | 122M | 104M | 103M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 261M | 271M | 290M | 297M | 264M | 172M | 147M | 146M | 122M | 104M | 103M |
| CapEx/OCF | N/A | N/A | N/A | 29.8% | N/A | 9.8% | 103.3% | 33.5% | 19.7% | 13.9% | 21.2% |
| Capital Allocation | |||||||||||
| Dividends Paid | 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 |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 49M | 52M | 82M | 61M | 42M | 58M | 40M | 54M | 36M | 58M | 59M |
| Debt Repayment | 314M | 150M | 3.1B | 27M | 20M | 27M | 27M | 2.4B | 200M | 300M | 300M |
| Balance Sheet | |||||||||||
| Net Debt | 258M | 2.4B | 1.8B | 2.4B | 2.7B | 3.0B | 3.1B | 2.9B | 2.6B | 2.3B | 2.1B |
| Cash & Equiv. | 382M | 406M | 895M | 813M | 1.1B | 771M | 645M | 768M | 793M | 784M | 601M |
| Long-Term Debt | 640M | 2.8B | 2.6B | 2.6B | 3.2B | 3.2B | 3.2B | 3.1B | 2.9B | 2.6B | 2.6B |
| Debt/Equity | 10.44 | 5.68 | 1.97 | 2.49 | 3.47 | 2.60 | 2.23 | 2.19 | 1.94 | 1.58 | 1.41 |
| Interest Coverage | -1.7 | -0.9 | 0.1 | 1.2 | -0.3 | 2.8 | 2.8 | 0.7 | 1.5 | 2.1 | 2.1 |
| Equity | 61M | 499M | 1.4B | 1.3B | 1.1B | 1.4B | 1.7B | 1.7B | 1.8B | 2.0B | 2.0B |
| Total Assets | 180M | 5.8B | 6.5B | 7.2B | 7.3B | 7.9B | 7.9B | 7.8B | 7.5B | 7.7B | 7.6B |
| Total Liabilities | 118M | 5.3B | 5.2B | 5.9B | 6.2B | 6.4B | 6.3B | 6.1B | 5.8B | 5.7B | 5.7B |
| Intangibles | N/A | 1.3B | 1.1B | 1.1B | 991M | 922M | 875M | 806M | 690M | 655M | 645M |
| Retained Earnings | N/A | -1.1B | -1.3B | -1.3B | -1.5B | -1.3B | -1.1B | -1.1B | -986M | -898M | -910M |
| Working Capital | N/A | -55M | 705M | 538M | 825M | 396M | 376M | 406M | 361M | 251M | 322M |
| Current Assets | 138M | 1.9B | 2.7B | 2.9B | 2.9B | 2.8B | 2.8B | 2.8B | 2.7B | 2.8B | 2.7B |
| Current Liabilities | N/A | 2.0B | 2.0B | 2.3B | 2.1B | 2.4B | 2.4B | 2.4B | 2.3B | 2.6B | 2.4B |
| Per Share Data | |||||||||||
| EPS | -3.07 | -1.54 | -1.09 | 0.00 | -1.00 | 1.10 | 0.86 | -0.16 | 0.56 | 0.38 | 0.32 |
| Owner EPS | -4.56 | -2.22 | -2.19 | -0.40 | -1.56 | 1.40 | -0.60 | -0.21 | 0.21 | 0.77 | 0.42 |
| Book Value | 0.43 | 3.48 | 7.98 | 5.93 | 4.96 | 6.37 | 7.27 | 7.58 | 7.48 | 8.42 | 8.33 |
| Cash Flow/Share | -2.37 | 0.03 | -0.01 | 1.23 | -0.17 | 2.42 | 0.22 | 0.69 | 0.89 | 1.47 | 0.75 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 141.4M | 143.7M | 170.5M | 219.5M | 220.5M | 227.3M | 228.4M | 221.3M | 234.5M | 232.1M | 234.3M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 20.4 | 13.9 | N/A | 23.3 | 43.5 | 39.9 |
| P/FCF | N/A | N/A | N/A | 23.8 | N/A | 10.3 | N/A | 24.0 | 18.3 | 13.1 | 14.6 |
| EV/EBIT | N/A | N/A | 267.8 | 30.0 | N/A | 13.8 | 8.9 | 20.9 | 13.6 | 11.4 | 11.0 |
| Price/Book | N/A | N/A | 1.8 | 3.5 | 3.1 | 3.5 | 1.6 | 1.5 | 1.7 | 2.0 | 1.5 |
| Price/Sales | N/A | N/A | 0.4 | 0.5 | 0.4 | 0.4 | 0.4 | 0.2 | 0.3 | 0.3 | 0.3 |
| FCF Yield | N/A | N/A | -3.5% | 4.2% | -2.4% | 9.7% | -0.1% | 4.2% | 5.4% | 7.6% | 6.8% |
| Market Cap | N/A | N/A | 2.4B | 4.6B | 3.4B | 5.1B | 2.7B | 2.4B | 3.1B | 3.8B | 3.0B |
| Avg. Price | N/A | N/A | 17.18 | 18.06 | 13.42 | 17.59 | 16.45 | 9.75 | 11.75 | 12.97 | 12.72 |
| Year-End Price | N/A | N/A | 14.32 | 20.49 | 15.22 | 22.41 | 11.93 | 11.00 | 13.07 | 16.53 | 12.72 |
Cushman & Wakefield Ltd. passes 0 of 9 quality checks, indicating weak fundamentals.
Cushman & Wakefield Ltd. trades at 33.5x trailing earnings, compared to its 15-year median P/E of 21.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.1x vs a median of 18.3x. The company's 5-year average ROIC is 7.2% with a gross margin of 19.0%. At current prices, the estimated annualized return to fair value is +13.4%.
Cushman & Wakefield Ltd. (CWK) has a net profit margin of 0.9%. This is a modest margin.
Cushman & Wakefield Ltd. (CWK) generated $293 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cushman & Wakefield Ltd. (CWK) has a debt-to-equity ratio of 1.58. This indicates higher leverage, which may increase financial risk.
Cushman & Wakefield Ltd. (CWK) reported earnings per share (EPS) of $0.38 in its most recent fiscal year.
Cushman & Wakefield Ltd. (CWK) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
Cushman & Wakefield Ltd. (CWK) has a 5-year average gross margin of 19.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 10 years of financial data for Cushman & Wakefield Ltd. (CWK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cushman & Wakefield Ltd. (CWK) has a book value per share of $8.42, based on its most recent annual SEC filing.