Cushman & Wakefield
CWK · Real Estate Services
$11.83
2.2%Equinix
EQIX · Data Center REITs
$955.03
0.3%The short version
- Cushman & Wakefield is the larger business, with $10.3B of revenue in fiscal 2025 against $9.2B for Equinix.
- Cushman & Wakefield grew revenue faster (8.9%, against 5.4%).
- Equinix kept more of each dollar of sales as operating profit (20.1% operating margin, against 4.4% operating margin).
- Cushman & Wakefield turned more of its sales into free cash flow (2.9% FCF margin, against −4.3% FCF margin).
- Cushman & Wakefield earned a higher return on the capital invested in it (8.8%, against 5.6%).
- Investors pay more for each dollar of Equinix’s earnings: a P/E of 61.5x against 39.4x for Cushman & Wakefield.
| Latest fiscal year | CWK · FY25 | EQIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $94.6B |
| Revenue | $10.3B | $9.2B |
| Free cash flow | $293M | −$400M |
| Net income | $88.2M | $1.4B |
| Growth | ||
| Revenue growth | 8.9% | 5.4% |
| 5-year growth | 5.6% | 9.0% |
| Share count change | 0.8% | 2.4% |
| Profitability | ||
| Gross margin | — | 51.1% |
| Operating margin | 4.4% | 20.1% |
| Net margin | 0.9% | 14.7% |
| FCF margin | 2.9% | −4.3% |
| Return on capital | 8.8% | 5.6% |
| Return on equity | 4.8% | 9.8% |
| Balance sheet | ||
| Net debt | $2.0B | $17.3B |
| Net debt / EBITDA | 3.6x | 4.5x |
| Dividends and buybacks | $0.0M | $1.9B |
| Valuation & quality | ||
| P/E | 39.4x | 61.5x |
| Piotroski F-score | 5 | 5 |
FY16
CWK $6.2B
EQIX $3.6B
FY17
CWK $6.9B
EQIX $4.4B
FY18
CWK $8.2B
EQIX $5.1B
FY19
CWK $8.8B
EQIX $5.6B
FY20
CWK $7.8B
EQIX $6.0B
FY21
CWK $9.4B
EQIX $6.6B
FY22
CWK $10.1B
EQIX $7.3B
FY23
CWK $9.5B
EQIX $8.2B
FY24
CWK $9.4B
EQIX $8.7B
FY25
CWK $10.3B
EQIX $9.2B
CWK
EQIX
FY16
CWK −4.8%
EQIX 17.1%
FY17
CWK −2.5%
EQIX 18.5%
FY18
CWK 0.2%
EQIX 19.3%
FY19
CWK 2.1%
EQIX 21.0%
FY20
CWK −0.7%
EQIX 17.6%
FY21
CWK 5.3%
EQIX 16.7%
FY22
CWK 5.3%
EQIX 16.5%
FY23
CWK 2.2%
EQIX 17.6%
FY24
CWK 3.6%
EQIX 15.2%
FY25
CWK 4.4%
EQIX 20.1%
CWK
EQIX
FY16
CWK −$412M
EQIX −$94.0M
FY17
CWK −$125M
EQIX $60.5M
FY18
CWK −$86.4M
EQIX −$281M
FY19
CWK $189M
EQIX −$86.8M
FY20
CWK −$79.2M
EQIX $27.3M
FY21
CWK $496M
EQIX −$204M
FY22
CWK −$1.6M
EQIX $685M
FY23
CWK $101M
EQIX $436M
FY24
CWK $167M
EQIX $183M
FY25
CWK $293M
EQIX −$400M
CWK
EQIX
FY16
CWK —
EQIX 6.0%
FY17
CWK —
EQIX 5.8%
FY18
CWK 0.3%
EQIX 5.4%
FY19
CWK 3.0%
EQIX 4.8%
FY20
CWK −1.3%
EQIX 3.7%
FY21
CWK 10.1%
EQIX 4.1%
FY22
CWK 7.6%
EQIX 4.3%
FY23
CWK 3.8%
EQIX 4.9%
FY24
CWK 6.2%
EQIX 4.1%
FY25
CWK 8.8%
EQIX 5.6%
CWK
EQIX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.