Cushman & Wakefield
CWK · Real Estate Services
$11.83
2.2%Newmark Group
NMRK · Real Estate Services
$11.52
2.5%The short version
- Cushman & Wakefield is the larger business, with $10.3B of revenue in fiscal 2025 against $3.3B for Newmark Group, about 3.1 times as much.
- Newmark Group grew revenue faster (20.3%, against 8.9%).
- Newmark Group kept more of each dollar of sales as operating profit (7.1% operating margin, against 4.4% operating margin).
- Newmark Group turned more of its sales into free cash flow (4.3% FCF margin, against 2.9% FCF margin).
- Investors pay more for each dollar of Cushman & Wakefield’s earnings: a P/E of 39.4x against 14.4x for Newmark Group.
| Latest fiscal year | CWK · FY25 | NMRK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $2.9B |
| Revenue | $10.3B | $3.3B |
| Free cash flow | $293M | $143M |
| Net income | $88.2M | $126M |
| Growth | ||
| Revenue growth | 8.9% | 20.3% |
| 5-year growth | 5.6% | 11.6% |
| Share count change | 0.8% | 42.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.4% | 7.1% |
| Net margin | 0.9% | 3.8% |
| FCF margin | 2.9% | 4.3% |
| Return on capital | 8.8% | 8.6% |
| Return on equity | 4.8% | 9.5% |
| Balance sheet | ||
| Net debt | $2.0B | $443M |
| Net debt / EBITDA | 3.6x | 1.1x |
| Dividends and buybacks | $0.0M | $127M |
| Valuation & quality | ||
| P/E | 39.4x | 14.4x |
| Piotroski F-score | 5 | 7 |
FY16
CWK $6.2B
NMRK $1.4B
FY17
CWK $6.9B
NMRK $1.6B
FY18
CWK $8.2B
NMRK $2.0B
FY19
CWK $8.8B
NMRK $2.2B
FY20
CWK $7.8B
NMRK $1.9B
FY21
CWK $9.4B
NMRK $2.9B
FY22
CWK $10.1B
NMRK $2.7B
FY23
CWK $9.5B
NMRK $2.5B
FY24
CWK $9.4B
NMRK $2.7B
FY25
CWK $10.3B
NMRK $3.3B
CWK
NMRK
FY16
CWK −4.8%
NMRK 12.4%
FY17
CWK −2.5%
NMRK 12.5%
FY18
CWK 0.2%
NMRK 16.2%
FY19
CWK 2.1%
NMRK 11.1%
FY20
CWK −0.7%
NMRK 9.7%
FY21
CWK 5.3%
NMRK 43.2%
FY22
CWK 5.3%
NMRK 6.9%
FY23
CWK 2.2%
NMRK 5.1%
FY24
CWK 3.6%
NMRK 6.0%
FY25
CWK 4.4%
NMRK 7.1%
CWK
NMRK
FY16
CWK −$412M
NMRK −$671M
FY17
CWK −$125M
NMRK $835M
FY18
CWK −$86.4M
NMRK −$353M
FY19
CWK $189M
NMRK $952M
FY20
CWK −$79.2M
NMRK −$797M
FY21
CWK $496M
NMRK −$68.4M
FY22
CWK −$1.6M
NMRK $1.1B
FY23
CWK $101M
NMRK −$321M
FY24
CWK $167M
NMRK −$41.5M
FY25
CWK $293M
NMRK $143M
CWK
NMRK
FY16
CWK —
NMRK —
FY17
CWK —
NMRK —
FY18
CWK 0.3%
NMRK 21.2%
FY19
CWK 3.0%
NMRK 13.5%
FY20
CWK −1.3%
NMRK 10.2%
FY21
CWK 10.1%
NMRK 70.0%
FY22
CWK 7.6%
NMRK 8.1%
FY23
CWK 3.8%
NMRK 4.0%
FY24
CWK 6.2%
NMRK 5.4%
FY25
CWK 8.8%
NMRK 8.6%
CWK
NMRK
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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.