CoStar Group vs Cushman & Wakefield
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The short version
- Cushman & Wakefield is the larger business, with $10.3B of revenue in fiscal 2025 against $3.2B for CoStar Group, about 3.2 times as much.
- CoStar Group grew revenue faster (18.7%, against 8.9%).
- Cushman & Wakefield kept more of each dollar of sales as operating profit (4.4% operating margin, against −2.2%).
- CoStar Group turned more of its sales into free cash flow (3.8% FCF margin, against 2.9%).
- Cushman & Wakefield earned a higher return on the capital invested in it (8.8%, against −0.6%).
- Investors pay more for each dollar of CoStar Group’s earnings: a P/E of 188.4x against 39.4x for Cushman & Wakefield.
| Latest fiscal year | CSGP · FY25 | CWK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.7B | $2.8B |
| Revenue | $3.2B | $10.3B |
| Free cash flow | $123M | $293M |
| Net income | $7.0M | $88.2M |
| Growth | ||
| Revenue growth | 18.7% | 8.9% |
| 5-year growth | 14.4% | 5.6% |
| Share count change | 3.2% | 0.8% |
| Profitability | ||
| Gross margin | 78.9% | — |
| Operating margin | −2.2% | 4.4% |
| Net margin | 0.2% | 0.9% |
| FCF margin | 3.8% | 2.9% |
| Return on capital | −0.6% | 8.8% |
| Return on equity | 0.1% | 4.8% |
| Balance sheet | ||
| Net debt | −$629M | $2.0B |
| Net debt / EBITDA | −3.3x | 3.6x |
| Dividends and buybacks | $500M | $0.0M |
| Valuation & quality | ||
| P/E | 188.4x | 39.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CSGP $838M
CWK $6.2B
FY17
CSGP $965M
CWK $6.9B
FY18
CSGP $1.2B
CWK $8.2B
FY19
CSGP $1.4B
CWK $8.8B
FY20
CSGP $1.7B
CWK $7.8B
FY21
CSGP $1.9B
CWK $9.4B
FY22
CSGP $2.2B
CWK $10.1B
FY23
CSGP $2.5B
CWK $9.5B
FY24
CSGP $2.7B
CWK $9.4B
FY25
CSGP $3.2B
CWK $10.3B
CSGP
CWK
Operating margin
FY16
CSGP 17.3%
CWK −4.8%
FY17
CSGP 18.0%
CWK −2.5%
FY18
CSGP 23.0%
CWK 0.2%
FY19
CSGP 26.0%
CWK 2.1%
FY20
CSGP 17.4%
CWK −0.7%
FY21
CSGP 22.2%
CWK 5.3%
FY22
CSGP 20.7%
CWK 5.3%
FY23
CSGP 11.5%
CWK 2.2%
FY24
CSGP 0.2%
CWK 3.6%
FY25
CSGP −2.2%
CWK 4.4%
CSGP
CWK
Free cash flow
FY16
CSGP $182M
CWK −$412M
FY17
CSGP $210M
CWK −$125M
FY18
CSGP $306M
CWK −$86.4M
FY19
CSGP $412M
CWK $189M
FY20
CSGP $438M
CWK −$79.2M
FY21
CSGP $346M
CWK $496M
FY22
CSGP $444M
CWK −$1.6M
FY23
CSGP $372M
CWK $101M
FY24
CSGP −$186M
CWK $167M
FY25
CSGP $123M
CWK $293M
CSGP
CWK
Return on capital
FY16
CSGP 6.2%
CWK —
FY17
CSGP 9.0%
CWK —
FY18
CSGP 13.7%
CWK 0.3%
FY19
CSGP 13.8%
CWK 3.0%
FY20
CSGP 9.7%
CWK −1.3%
FY21
CSGP 11.3%
CWK 10.1%
FY22
CSGP 11.9%
CWK 7.6%
FY23
CSGP 7.0%
CWK 3.8%
FY24
CSGP 0.1%
CWK 6.2%
FY25
CSGP −0.6%
CWK 8.8%
CSGP
CWK
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.