Cushman & Wakefield vs Equinix
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KIRA’s take AI analyst
I put Cushman & Wakefield and Equinix side by side, using each one’s latest annual report. Here is what stands out:
- Cushman & Wakefield is the larger business, with $10.3B of revenue in fiscal 2025 against $9.2B for Equinix.
- Cushman & Wakefield grew revenue faster (8.9%, against 5.4%).
- Equinix kept more of each dollar of sales as operating profit (20.1% operating margin, against 4.4%).
- Cushman & Wakefield turned more of its sales into free cash flow (2.9% FCF margin, against −4.3%).
- Cushman & Wakefield earned a higher return on the capital invested in it (8.8%, against 5.6%).
- Investors pay more for each dollar of Equinix’s earnings: a P/E of 62.3x against 39.7x for Cushman & Wakefield.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Cushman & Wakefield
CWK
5/10
Revenue growthFCF marginReturn on capitalNet debt / EBITDAShare count change
Equinix
EQIX
4/10
5-year growthOperating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | CWK FY25 | EQIX FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $95.9B |
| Revenue | $10.3B | $9.2B |
| Free cash flow | $293M | −$400M |
| Net income | $88.2M | $1.4B |
| Growth | ||
| Revenue growth | 8.9% | 5.4% |
| 5-year growth | 5.6% | 9.0% |
| Share count change | 0.8% | 2.4% |
| Profitability | ||
| Gross margin | — | 51.1% |
| Operating margin | 4.4% | 20.1% |
| Net margin | 0.9% | 14.7% |
| FCF margin | 2.9% | −4.3% |
| Return on capital | 8.8% | 5.6% |
| Return on equity | 4.8% | 9.8% |
| Balance sheet | ||
| Net debt | $2.0B | $17.3B |
| Net debt / EBITDA | 3.6x | 4.5x |
| Dividends and buybacks | $0.0M | $1.9B |
| Valuation & quality | ||
| P/E | 39.7x | 62.3x |
| Piotroski F-score | 5 | 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.