CBRE Group vs Cushman & Wakefield
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KIRA’s take AI analyst
I put CBRE Group and Cushman & Wakefield side by side, using each one’s latest annual report. Here is what stands out:
- 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 39.7x against 26.3x for CBRE Group.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
CBRE Group
CBRE
9/10
Revenue growth5-year growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Cushman & Wakefield
CWK
1/10
Operating margin
Side by side
Best in the row
| Latest fiscal year | CBRE FY25 | CWK FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.8B | $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 | 26.3x | 39.7x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.