CWK Real Estate

Cushman & Wakefield Limited

$13.62-4.95%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: Real Estate Services
Country: United States
Market cap: 3.2B USD
Enterprise value: 4.8B USD
Full-time employees: 53,000

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.51 vs a peer median of 0.75) and more debt relative to equity (1.31× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.51 vs peers 0.75) and more debt vs equity (1.31× vs peers 0.80×)
About average: profitability

Ranks #412 of 632 real estate companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 87% of peers on operating cash profit (EBITDA), but only 31% on earnings.Cheaper than 87% of peers on operating cash profit, but only 31% on earnings.
Relative to its operating cash profit (EBITDA), Cushman & Wakefield looks cheaper than 87% of peers; relative to its earnings, cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cushman & Wakefield looks cheaper than 87% of peers; relative to its earnings, cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.
Cash flow well above reported profit. Free cash flow is 3.6× reported profit.
Free cash flow is 3.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Thin margins. Operating margin 4.4% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 4.4% vs peers 27%.
Cushman & Wakefield keeps 4.4% of revenue as operating profit, less than most peers (median 27%), leaving less room if costs rise.
More volatile share price. Beta 1.51: tends to move more than the market.
Cushman & Wakefield's shares have swung more with the market than most peers' (beta 1.51, above the market's 1.0).

StockQuotient Score

44/ 100▼ 1 since Oct 27 close

Oct 5 45 → Nov 4 44 (-1)

Valuation

Is the price right?

79/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 81 → 79

Share price +12.8%-5
Company's reported figures updated+2
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.66Sector median: 0.0535 · MAD: 0.0484

EBITDA yield11.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 2.74Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield7.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.29Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield63.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.6%

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-66.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.52Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth3.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.07Sector median: 0.0378 · MAD: 0.0744

Revenue growth11.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.87Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

50/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin4.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.99Sector median: 0.2683 · MAD: 0.2257

Return on assets0.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.89Sector median: 0.0211 · MAD: 0.0134

Return on invested capital9.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.84Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin18.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity3.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.51

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.31Sector median: 0.7490 · MAD: 0.3270

Current ratio1.08×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.16Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.31×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.31Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cushman & Wakefield

Is Cushman & Wakefield getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 44/100, down 1 since Oct 28, 2026.
How is Cushman & Wakefield valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 762 real estate peers. EBITDA yield 11.0% vs a peer median of 5.4% (stronger than 87% of peers).EBITDA yield 11.0% vs peers 5.4% (stronger than 87% of peers). Earnings yield 2.2% vs a peer median of 5.3% (weaker than 69% of peers).Earnings yield 2.2% vs peers 5.3% (weaker than 69% of peers).
Is Cushman & Wakefield growing?: More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Revenue growth 11.0% vs a peer median of 3.0% (stronger than 74% of peers).Revenue growth 11.0% vs peers 3.0% (stronger than 74% of peers). Earnings per share growth -66.9% vs a peer median of 11.2% (weaker than 95% of peers).Earnings per share growth -66.9% vs peers 11.2% (weaker than 95% of peers).
How profitable is Cushman & Wakefield?: About as profitable as its peers. Profitability scores 50/100 against 762 real estate peers. Return on invested capital 9.0% vs a peer median of 3.4% (stronger than 86% of peers).Return on invested capital 9.0% vs peers 3.4% (stronger than 86% of peers). Operating margin 4.4% vs a peer median of 26.8% (weaker than 81% of peers).Operating margin 4.4% vs peers 26.8% (weaker than 81% of peers).
How risky is Cushman & Wakefield?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.51 vs a peer median of 0.75 (weaker than 94% of peers).Beta 1.51 vs peers 0.75 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	10.5B USD	10.8B USD	+2.6%
Net income (12 months)	73.7M USD	69.1M USD	−6.2%
Operating margin	4.4%	4.4%	−0.0 pts
Free cash flow (12 months)	203.9M USD	249.1M USD	+22.2%
Debt	2.8B USD	2.7B USD	−3.4%
Cash	600.6M USD	500.5M USD	−16.7%
Shares outstanding	234.3M	234.7M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few Real Estate Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	5.3%	5.3%	2.2%	3.6%	4.4%	▲ 0.8 pts
Net margin	2.7%	1.9%	-0.4%	1.4%	0.9%	▼ 0.5 pts
Return on assets (ROA)	3.2%	2.5%	-0.5%	1.7%	1.1%	▼ 0.6 pts
Return on equity (ROE)	17.3%	11.8%	-2.1%	7.5%	4.5%	▼ 3.0 pts
Free cash flow margin	5.3%	-0.0%	1.1%	1.8%	2.8%	▲ 1.1 pts
Current ratio	1.16×	1.16×	1.17×	1.15×	1.10×	▼ 5.0%
Debt to equity	2.25×	1.96×	1.94×	1.73×	1.41×	▼ 19%
Interest coverage	2.77×	2.77×	0.73×	1.47×	2.09×	▲ 42%

CWK price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.51 vs a peer median of 0.75) and more debt relative to equity (1.31× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.51 vs peers 0.75) and more debt vs equity (1.31× vs peers 0.80×)

About average: profitability

Ranks #412 of 632 real estate companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 87% of peers on operating cash profit (EBITDA), but only 31% on earnings.Cheaper than 87% of peers on operating cash profit, but only 31% on earnings.

Relative to its operating cash profit (EBITDA), Cushman & Wakefield looks cheaper than 87% of peers; relative to its earnings, cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cushman & Wakefield looks cheaper than 87% of peers; relative to its earnings, cheaper than only 31%. The valuation score blends the two, so look at which measure fits this business best.

Cash flow well above reported profit. Free cash flow is 3.6× reported profit.

Free cash flow is 3.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Thin margins. Operating margin 4.4% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 4.4% vs peers 27%.

Cushman & Wakefield keeps 4.4% of revenue as operating profit, less than most peers (median 27%), leaving less room if costs rise.

More volatile share price. Beta 1.51: tends to move more than the market.

Cushman & Wakefield's shares have swung more with the market than most peers' (beta 1.51, above the market's 1.0).

Questions investors ask about Cushman & Wakefield

Is Cushman & Wakefield getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 44/100, down 1 since Oct 28, 2026.

How is Cushman & Wakefield valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 762 real estate peers. EBITDA yield 11.0% vs a peer median of 5.4% (stronger than 87% of peers).EBITDA yield 11.0% vs peers 5.4% (stronger than 87% of peers). Earnings yield 2.2% vs a peer median of 5.3% (weaker than 69% of peers).Earnings yield 2.2% vs peers 5.3% (weaker than 69% of peers).

Is Cushman & Wakefield growing?

More slowly than most of its peers. Growth scores 33/100 against 762 real estate peers. Revenue growth 11.0% vs a peer median of 3.0% (stronger than 74% of peers).Revenue growth 11.0% vs peers 3.0% (stronger than 74% of peers). Earnings per share growth -66.9% vs a peer median of 11.2% (weaker than 95% of peers).Earnings per share growth -66.9% vs peers 11.2% (weaker than 95% of peers).

How profitable is Cushman & Wakefield?

About as profitable as its peers. Profitability scores 50/100 against 762 real estate peers. Return on invested capital 9.0% vs a peer median of 3.4% (stronger than 86% of peers).Return on invested capital 9.0% vs peers 3.4% (stronger than 86% of peers). Operating margin 4.4% vs a peer median of 26.8% (weaker than 81% of peers).Operating margin 4.4% vs peers 26.8% (weaker than 81% of peers).

How risky is Cushman & Wakefield?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.51 vs a peer median of 0.75 (weaker than 94% of peers).Beta 1.51 vs peers 0.75 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

10.5B USD

10.8B USD

+2.6%

Net income (12 months)

73.7M USD

69.1M USD

−6.2%

Operating margin

4.4%

4.4%

−0.0 pts

Free cash flow (12 months)

203.9M USD

249.1M USD

+22.2%

Debt

2.8B USD

2.7B USD

−3.4%

Cash

600.6M USD

500.5M USD

−16.7%

Shares outstanding

234.3M

234.7M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

5.3%

2.2%

3.6%

4.4%

▲ 0.8 pts

Net margin

2.7%

1.9%

-0.4%

1.4%

0.9%

▼ 0.5 pts

Return on assets (ROA)

3.2%

2.5%

-0.5%

1.7%

1.1%

▼ 0.6 pts

Return on equity (ROE)

17.3%

11.8%

-2.1%

7.5%

4.5%

▼ 3.0 pts

Free cash flow margin

5.3%

-0.0%

1.1%

1.8%

2.8%

▲ 1.1 pts

Current ratio

1.16×

1.17×

1.15×

1.10×

▼ 5.0%

Debt to equity

2.25×

1.96×

1.94×

1.73×

1.41×

▼ 19%

Interest coverage

2.77×

0.73×

1.47×

2.09×

▲ 42%