Cushman & Wakefield vs Jones Lang LaSalle
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KIRA’s take AI analyst
I put Cushman & Wakefield and Jones Lang LaSalle side by side, using each one’s latest annual report. Here is what stands out:
- Jones Lang LaSalle is the larger business, with $26.1B of revenue in fiscal 2025 against $10.3B for Cushman & Wakefield, about 2.5 times as much.
- Jones Lang LaSalle grew revenue faster (11.5%, against 8.9%).
- Jones Lang LaSalle earned a higher return on the capital invested in it (11.6%, against 8.8%).
- Investors pay more for each dollar of Cushman & Wakefield’s earnings: a P/E of 39.7x against 14.4x for Jones Lang LaSalle.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Cushman & Wakefield
CWK
1/9
Operating margin
Jones Lang LaSalle
JLL
8/9
Revenue growth5-year growthNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CWK FY25 | JLL FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $14.1B |
| Revenue | $10.3B | $26.1B |
| Free cash flow | $293M | — |
| Net income | $88.2M | $792M |
| Growth | ||
| Revenue growth | 8.9% | 11.5% |
| 5-year growth | 5.6% | 9.5% |
| Share count change | 0.8% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.4% | 4.2% |
| Net margin | 0.9% | 3.0% |
| FCF margin | 2.9% | — |
| Return on capital | 8.8% | 11.6% |
| Return on equity | 4.8% | 11.1% |
| Balance sheet | ||
| Net debt | $2.0B | $207M |
| Net debt / EBITDA | 3.6x | 0.2x |
| Dividends and buybacks | $0.0M | $212M |
| Valuation & quality | ||
| P/E | 39.7x | 14.4x |
| Piotroski F-score | 5 | 8 |
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.