Cushman & Wakefield Ltd CWK

Real EstateReal Estate OperationsBermuda

Last close 13.62 USD on Nov 3, 2026, −15.9% year to date

Quant rating

Quant rating A Rank 8 of 61 in Real Estate

Growth A 3 of 61
Valuation C 31 of 61
Quality A 7 of 61
Revisions C 37 of 61
Momentum B 16 of 61

Wall Street consensus Buy (2.17)Average target 16.31 USD +19.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.2B
Enterprise value: 5.4B
52-week range: 10.89 – 17.29
3-year range: 7.49 – 17.29
Dividend yield: –
Beta (5 years): 1.52
Shares outstanding: 235M
Next earnings: Nov 4, 2026

About the company

Cushman & Wakefield Limited is a global commercial real estate services firm for property owners and occupiers. The Company's segments include the Americas; Europe, Middle East and Africa (EMEA), and Asia Pacific (APAC). Its core service lines include Services, Leasing, Capital markets, and Valuation and other. For real estate occupiers, the Company offers integrated facilities management, project and development services, portfolio administration, transaction management and strategic consulting. Its leasing services consist of two primary sub-services: owner representation and tenant representation. It represents both buyers and sellers in real estate purchase and sale transactions, and it arranges financing supporting purchases. The Company provides valuations and advice on real estate debt and equity decisions to clients through various services, including appraisal management, investment management, and financial reporting.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,288	9,446	9,494	10,106	9,389	–
Revenue growth	8.9%	−0.5%	−6.1%	7.6%	19.7%	5.6%
EPS (basic, normalized)	1.22	0.91	0.84	2.00	2.04	–
EPS growth	34.1%	8.3%	−58.0%	−2.0%	–	–
Gross margin	18.3%	18.3%	17.4%	19.3%	20.7%	18.8%
Net margin	0.9%	1.4%	−0.4%	1.9%	2.7%	1.3%
ROE	4.8%	7.7%	−2.1%	12.6%	19.7%	8.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	500
Current ratio	1.08x
Long-term debt (mil)	2,415
Net debt (mil)	2,158
Total equity (mil)	2,022
Net debt / equity	1.07x
Net debt / EBITDA	3.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,288	+8.9%	0.5x	656	+12.7%	8.2x	1.22	+34.1%	11.2x
2026	11,172	+8.6%	0.5x	730	+11.2%	7.3x	1.46	+19.5%	9.3x
2027	11,861	+6.2%	0.5x	797	+9.2%	6.7x	1.67	+14.4%	8.2x
2028	12,572	+6.0%	0.4x	858	+7.8%	6.2x	1.87	+12.4%	7.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,172	0.0%	+0.4%	+1.3%	1.46	−0.9%	+0.1%	+1.4%
2027	11,861	−0.3%	+0.2%	+0.9%	1.67	−3.8%	−2.5%	−0.8%
2028	12,572	−0.2%	+0.6%	+1.4%	1.87	−4.5%	−3.5%	−1.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,185	2,288	2,344	2,630	2,285	2,484	2,606	2,914	2,536	2,763
Sales mean (mil)	2,161	2,373	2,393	2,670	2,255	2,377	2,376	2,663	2,450	2,646
Surprise	+1.1%	−3.6%	−2.0%	−1.5%	+1.3%	+4.5%	+9.7%	+9.4%	+3.5%	+4.4%
EPS reported	0.00	0.20	0.23	0.48	0.09	0.30	0.29	0.54	0.15	0.35
EPS mean	−0.03	0.19	0.21	0.47	0.02	0.22	0.28	0.54	0.13	0.35
Surprise	+100.0%	+7.0%	+11.4%	+2.5%	+422.6%	+37.1%	+3.9%	+0.2%	+12.5%	+1.4%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CWK Cushman & Wakefield Ltd	3.2B	3.29x	0.9%	1.58x	9.3x	8.2x	7.3x	6.7x
CBRE CBRE Group, Inc.	39.1B	2.19x	2.9%	4.51x	17.3x	15.3x	11.9x	10.6x
BEKE KE Holdings Inc.	20.1B	−6.68x	3.2%	1.99x	15.4x	13.4x	8.4x	7.4x
JLL Jones Lang LaSalle Incorporated	17.1B	1.40x	3.0%	2.23x	14.7x	12.9x	10.9x	9.9x
FSV FirstService Corporation	6.3B	3.58x	2.6%	6.66x	24.3x	22.2x	14.0x	13.0x
ZG Zillow Group, Inc.	7.0B	−0.35x	0.9%	1.62x	13.8x	10.7x	9.1x	7.4x
Mean		0.57x	2.2%	3.10x	15.8x	13.8x	10.3x	9.2x
Median		1.80x	2.7%	2.11x	15.1x	13.2x	10.0x	8.6x

Technical analysis

1M+14.3%
3M+0.4%
1Y−12.6%
3Y+64.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cushman & Wakefield Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,288	9,446	9,494	10,106	9,389	7,844
Cost of revenue	8,408	7,720	7,842	8,154	7,448	6,455
Gross profit	1,880	1,726	1,652	1,952	1,940	1,388
Selling, general & administrative expenses	38.7	38.5	39.9	41.8	45.8	35.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	104	122	146	147	172	264
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.1	41.1	38.1	8.9	44.5	57.1
Other operating expenses	1,278	1,186	1,223	1,220	1,181	1,085
Operating income	452	339	206	535	497	−53.1
Net interest income (expense)	−384	−192	−223	−108	−158	−156
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	46.1	28.6	−12.6	−89.0	1.2	32.0
Net income before taxes	114	176	−30.0	338	340	−177
Provision for taxes	26.0	44.5	5.4	142	89.9	43.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	88.2	131	−35.4	196	250	−220
Extraordinary items	–	–	–	–	–	0
Net income	88.2	131	−35.4	196	250	−220
EBIT, normalized	663	390	340	678	721	222
EBITDA, normalized	768	512	485	824	880	486
Basic EPS, normalized	1.22	0.91	0.84	2.00	2.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cushman & Wakefield Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	784	793	768	644	771	1,075
Receivables	1,923	1,763	1,896	1,927	1,837	1,875
Total inventory	–	–	–	–	–	–
Prepaid expenses	117	112	106	121	103	−148
Other current assets	19.3	21.3	33.5	74.5	120	89.3
Total current assets	2,843	2,690	2,803	2,767	2,830	2,891
Property, plant & equipment	410	426	503	531	608	674
Goodwill	2,058	1,998	2,081	2,066	2,082	2,098
Intangibles	655	690	806	874	922	991
Long-term investments	537	724	708	677	641	153
Note receivable	502	434	393	361	277	226
Other long-term assets	671	587	480	673	530	305
Total assets	7,677	7,549	7,774	7,949	7,890	7,338
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,121	1,042	1,101	1,130	1,043	1,012
Accrued expenses	1,120	996	963	1,024	1,084	835
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	125	103	150	49.8	42.4	39.7
Other current liabilities	226	188	184	186	265	179
Total current liabilities	2,592	2,330	2,397	2,390	2,434	2,066
Long-term debt	2,625	2,940	3,097	3,212	3,220	3,236
Minority interest	0.5	0.5	0.6	0.8	0.8	0.9
Other liabilities	504	524	602	685	787	941
Total liabilities	5,721	5,794	6,097	6,288	6,443	6,243
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	23.2	23.0	22.7	22.6	22.4	22.2
Additional paid-in capital	3,038	2,986	2,957	2,912	2,897	2,843
Retained earnings (accumulated deficit)	−898	−986	−1,117	−1,082	−1,278	−1,528
Treasury stock	–	–	–	–	–	–
Other equity	−209	−269	−185	−191	−193	−243
Total equity	1,955	1,755	1,677	1,661	1,448	1,095
Total liabilities & shareholders' equity	7,677	7,549	7,774	7,949	7,890	7,338

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cushman & Wakefield Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	88.2	131	−35.4	196	250	−220
Depreciation, depletion & amortization	104	122	146	147	172	264
Deferred taxes	−45.0	−28.1	−50.4	14.6	−56.3	17.8
Non-cash items	304	121	217	230	220	151
Changes in working capital	−111	−139	−124	−539	−35.8	−250
Cash from operations	340	208	152	49.1	550	−38.2
Investing activities
Capital expenditures	−47.4	−41.0	−51.0	−50.7	−53.8	−41.0
Other investing cash flows	26.3	122	99.9	−70.0	−696	−217
Cash from investing	−21.1	81.2	48.9	−121	−750	−258
Financing activities
Financing cash flow items	−24.4	−24.8	−86.6	−35.3	−25.7	−44.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−326	−229	−34.2	−44.0	−40.1	616
Cash from financing	−350	−253	−121	−79.3	−65.8	572
Foreign exchange effects	20.1	−22.4	1.9	−20.4	−8.0	15.9
Net change in cash	−11.1	13.4	82.2	−171	−274	292
Free cash flow	293	167	101	−1.6	496	−79.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.