CBRE Group vs Cushman & Wakefield
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The short version
- CBRE Group is the larger business, with $40.6B of revenue in fiscal 2025 against $10.3B for Cushman & Wakefield, about 3.9 times as much.
- CBRE Group grew revenue faster (13.4%, against 8.9%).
- CBRE Group earned a higher return on the capital invested in it (10.2%, against 8.8%).
- Investors pay more for each dollar of Cushman & Wakefield’s earnings: a P/E of 39.4x against 26.4x for CBRE Group.
| Latest fiscal year | CBRE · FY25 | CWK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $36.0B | $2.8B |
| Revenue | $40.6B | $10.3B |
| Free cash flow | $1.2B | $293M |
| Net income | $1.2B | $88.2M |
| Growth | ||
| Revenue growth | 13.4% | 8.9% |
| 5-year growth | 11.2% | 5.6% |
| Share count change | −2.4% | 0.8% |
| Profitability | ||
| Gross margin | 18.7% | — |
| Operating margin | 4.3% | 4.4% |
| Net margin | 2.9% | 0.9% |
| FCF margin | 2.9% | 2.9% |
| Return on capital | 10.2% | 8.8% |
| Return on equity | 13.4% | 4.8% |
| Balance sheet | ||
| Net debt | $6.0B | $2.0B |
| Net debt / EBITDA | 2.4x | 3.6x |
| Dividends and buybacks | $968M | $0.0M |
| Valuation & quality | ||
| P/E | 26.4x | 39.4x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
CBRE $17.4B
CWK $6.2B
FY17
CBRE $18.6B
CWK $6.9B
FY18
CBRE $21.3B
CWK $8.2B
FY19
CBRE $23.9B
CWK $8.8B
FY20
CBRE $23.8B
CWK $7.8B
FY21
CBRE $27.7B
CWK $9.4B
FY22
CBRE $30.8B
CWK $10.1B
FY23
CBRE $31.9B
CWK $9.5B
FY24
CBRE $35.8B
CWK $9.4B
FY25
CBRE $40.6B
CWK $10.3B
CBRE
CWK
Operating margin
FY16
CBRE 4.7%
CWK −4.8%
FY17
CBRE 5.8%
CWK −2.5%
FY18
CBRE 5.1%
CWK 0.2%
FY19
CBRE 5.3%
CWK 2.1%
FY20
CBRE 4.1%
CWK −0.7%
FY21
CBRE 5.9%
CWK 5.3%
FY22
CBRE 4.9%
CWK 5.3%
FY23
CBRE 3.5%
CWK 2.2%
FY24
CBRE 4.0%
CWK 3.6%
FY25
CBRE 4.3%
CWK 4.4%
CBRE
CWK
Free cash flow
FY16
CBRE $426M
CWK −$412M
FY17
CBRE $716M
CWK −$125M
FY18
CBRE $903M
CWK −$86.4M
FY19
CBRE $930M
CWK $189M
FY20
CBRE $1.6B
CWK −$79.2M
FY21
CBRE $2.2B
CWK $496M
FY22
CBRE $1.4B
CWK −$1.6M
FY23
CBRE $175M
CWK $101M
FY24
CBRE $1.4B
CWK $167M
FY25
CBRE $1.2B
CWK $293M
CBRE
CWK
Return on capital
FY16
CBRE 8.4%
CWK —
FY17
CBRE 10.3%
CWK —
FY18
CBRE 12.3%
CWK 0.3%
FY19
CBRE 15.5%
CWK 3.0%
FY20
CBRE 9.3%
CWK −1.3%
FY21
CBRE 13.9%
CWK 10.1%
FY22
CBRE 13.4%
CWK 7.6%
FY23
CBRE 8.6%
CWK 3.8%
FY24
CBRE 10.1%
CWK 6.2%
FY25
CBRE 10.2%
CWK 8.8%
CBRE
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.