Cushman & Wakefield
CWK · Real Estate Services
$11.83
2.2%Jones Lang LaSalle
JLL · Real Estate Services
$300.30
3.9%The short version
- Jones Lang LaSalle is the larger business, with $26.1B of revenue in fiscal 2025 against $10.3B for Cushman & Wakefield, about 2.5 times as much.
- Jones Lang LaSalle grew revenue faster (11.5%, against 8.9%).
- Jones Lang LaSalle earned a higher return on the capital invested in it (11.6%, against 8.8%).
- Investors pay more for each dollar of Cushman & Wakefield’s earnings: a P/E of 39.4x against 14.4x for Jones Lang LaSalle.
| Latest fiscal year | CWK · FY25 | JLL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $14.1B |
| Revenue | $10.3B | $26.1B |
| Free cash flow | $293M | — |
| Net income | $88.2M | $792M |
| Growth | ||
| Revenue growth | 8.9% | 11.5% |
| 5-year growth | 5.6% | 9.5% |
| Share count change | 0.8% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.4% | 4.2% |
| Net margin | 0.9% | 3.0% |
| FCF margin | 2.9% | — |
| Return on capital | 8.8% | 11.6% |
| Return on equity | 4.8% | 11.1% |
| Balance sheet | ||
| Net debt | $2.0B | $207M |
| Net debt / EBITDA | 3.6x | 0.2x |
| Dividends and buybacks | $0.0M | $212M |
| Valuation & quality | ||
| P/E | 39.4x | 14.4x |
| Piotroski F-score | 5 | 8 |
FY16
CWK $6.2B
JLL $13.0B
FY17
CWK $6.9B
JLL $14.5B
FY18
CWK $8.2B
JLL $16.3B
FY19
CWK $8.8B
JLL $18.0B
FY20
CWK $7.8B
JLL $16.6B
FY21
CWK $9.4B
JLL $19.4B
FY22
CWK $10.1B
JLL $20.9B
FY23
CWK $9.5B
JLL $20.8B
FY24
CWK $9.4B
JLL $23.4B
FY25
CWK $10.3B
JLL $26.1B
CWK
JLL
FY16
CWK −4.8%
JLL 3.5%
FY17
CWK −2.5%
JLL 3.8%
FY18
CWK 0.2%
JLL 4.3%
FY19
CWK 2.1%
JLL 4.0%
FY20
CWK −0.7%
JLL 3.4%
FY21
CWK 5.3%
JLL 5.4%
FY22
CWK 5.3%
JLL 4.2%
FY23
CWK 2.2%
JLL 2.8%
FY24
CWK 3.6%
JLL 3.7%
FY25
CWK 4.4%
JLL 4.2%
CWK
JLL
FY16
CWK −$412M
JLL $123M
FY17
CWK −$125M
JLL $796M
FY18
CWK −$86.4M
JLL $557M
FY19
CWK $189M
JLL —
FY20
CWK −$79.2M
JLL —
FY21
CWK $496M
JLL —
FY22
CWK −$1.6M
JLL —
FY23
CWK $101M
JLL —
FY24
CWK $167M
JLL —
FY25
CWK $293M
JLL —
CWK
JLL
FY16
CWK —
JLL 11.7%
FY17
CWK —
JLL 8.3%
FY18
CWK 0.3%
JLL 12.6%
FY19
CWK 3.0%
JLL 11.6%
FY20
CWK −1.3%
JLL 7.9%
FY21
CWK 10.1%
JLL 13.2%
FY22
CWK 7.6%
JLL 10.9%
FY23
CWK 3.8%
JLL 8.0%
FY24
CWK 6.2%
JLL 9.8%
FY25
CWK 8.8%
JLL 11.6%
CWK
JLL
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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.