CBRE Group, Inc. CBRE

Real EstateReal Estate OperationsUnited States of America

Last close 136.75 USD on Nov 2, 2026, −15.0% year to date

Quant rating

Quant rating B Rank 50 of 175 in Real Estate

Growth B 35 of 175
Valuation B 56 of 175
Quality A 3 of 175
Revisions C 111 of 175
Momentum C 121 of 175

Wall Street consensus Buy (1.79)Average target 173.18 USD +26.6%

Historical valuation

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

Key data

Market cap: 39.4B
Enterprise value: 46.7B
52-week range: 121.49 – 174.19
3-year range: 71.70 – 174.19
Dividend yield: –
Beta (5 years): 1.23
Shares outstanding: 288M
Next earnings: Feb 10, 2027

About the company

CBRE Group, Inc. is a commercial real estate services and investments firm. The Company’s segments include Advisory Services, Building Operations & Experience, Project Management, and Real Estate Investments. The Advisory Services segment provides a comprehensive range of services globally, including property leasing, capital markets (property sales and loan origination), loan servicing, and valuation. The Building Operations & Experience segment provides a suite of integrated, contractually based outsourcing services to occupiers and owners of real estate, including facilities management and property management. The Project Management segment delivers program management, project management and cost consultancy services across the commercial real estate, infrastructure and natural resources sectors. The Real Estate Investments segment is a real asset developer, investor and operator. It provides advanced technical services for digital and power infrastructure.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	40,550	35,767	31,949	30,828	27,746	–
Revenue growth	13.4%	12.0%	3.6%	11.1%	16.5%	11.2%
EPS (basic, normalized)	6.38	5.10	3.84	5.69	5.33	–
EPS growth	25.1%	32.8%	−32.5%	6.8%	–	–
Gross margin	19.2%	19.8%	19.8%	21.5%	22.4%	20.5%
Net margin	2.9%	2.7%	3.1%	4.6%	6.6%	4.0%
ROE	13.4%	11.6%	12.2%	17.2%	23.5%	15.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,683
Current ratio	1.17x
Long-term debt (mil)	5,849
Net debt (mil)	7,252
Total equity (mil)	8,672
Net debt / equity	0.84x
Net debt / EBITDA	2.19x

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	40,550	+13.4%	1.2x	3,308	+23.1%	14.1x	6.38	+25.1%	21.4x
2026	46,244	+14.0%	1.0x	3,882	+17.4%	12.0x	7.84	+22.8%	17.4x
2027	51,428	+11.2%	0.9x	4,350	+12.0%	10.7x	8.86	+13.0%	15.4x
2028	55,775	+8.5%	0.8x	4,849	+11.5%	9.6x	10.21	+15.3%	13.4x

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	46,244	−2.1%	−1.3%	−1.8%	7.84	+0.2%	+0.8%	+2.1%
2027	51,428	−2.2%	−1.4%	−1.4%	8.86	−0.9%	−2.4%	−0.7%
2028	55,775	−3.1%	−2.5%	−2.5%	10.21	−2.5%	−1.3%	+0.7%

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)	7,935	8,391	9,036	10,404	8,910	9,754	10,258	11,629	10,527	11,226
Sales mean (mil)	7,943	8,313	8,796	10,285	8,910	9,456	10,135	11,705	10,157	11,183
Surprise	−0.1%	+0.9%	+2.7%	+1.2%	0.0%	+3.2%	+1.2%	−0.6%	+3.6%	+0.4%
EPS reported	0.78	0.81	1.20	2.32	0.86	1.19	1.61	2.73	1.61	1.56
EPS mean	0.68	0.76	1.06	2.22	0.76	1.07	1.46	2.68	1.13	1.49
Surprise	+14.1%	+7.2%	+13.1%	+4.3%	+12.6%	+10.7%	+10.1%	+2.0%	+42.6%	+4.7%

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
CBRE CBRE Group, Inc.	39.4B	2.19x	2.9%	4.55x	17.4x	15.4x	12.0x	10.7x
JLL Jones Lang LaSalle Incorporated	17.3B	1.40x	3.0%	2.26x	15.0x	13.2x	11.0x	10.0x
CIGI Colliers International Group Inc.	5.2B	5.31x	1.9%	3.46x	14.0x	12.4x	10.7x	9.6x
CWK Cushman & Wakefield Ltd	3.4B	3.29x	0.9%	1.66x	9.8x	8.6x	7.6x	6.9x
NMRK Newmark Group Inc	2.2B	3.25x	3.8%	1.51x	6.4x	5.9x	6.1x	5.7x
SVS Savills PLC	2.7B	–	2.8%	2.21x	13.4x	11.1x	8.4x	6.3x
Mean		3.09x	2.5%	2.61x	12.7x	11.1x	9.3x	8.2x
Median		3.25x	2.8%	2.23x	13.7x	11.7x	9.5x	8.2x

Technical analysis

1M+5.5%
3M−6.9%
1Y−10.3%
3Y+90.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CBRE Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	40,550	35,767	31,949	30,828	27,746	23,826
Cost of revenue	32,758	28,687	25,626	24,189	21,531	18,990
Gross profit	7,792	7,080	6,323	6,639	6,215	4,836
Selling, general & administrative expenses	5,733	4,853	4,586	4,673	4,091	3,293
Research & development	–	–	–	–	–	–
Depreciation/amortization	766	701	647	639	558	534
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−458	113	−27.0	−184	−71.0	114
Other operating expenses	0	0	0	0	0	0
Operating income	1,751	1,413	1,117	1,510	1,637	894
Net interest income (expense)	−176	−234	99.0	160	568	58.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	19.0	39.0	61.0	−11.9	204	17.4
Net income before taxes	1,594	1,218	1,277	1,658	2,409	970
Provision for taxes	317	182	250	234	568	214
Minority interest	−120	−68.0	−41.0	−16.6	−5.3	−3.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,157	968	986	1,407	1,837	752
Extraordinary items	–	–	–	–	–	0
Net income	1,157	968	986	1,407	1,837	752
EBIT, normalized	1,960	1,710	1,324	1,493	1,605	1,186
EBITDA, normalized	2,888	2,384	1,946	2,102	2,131	1,688
Basic EPS, normalized	6.38	5.10	3.84	5.69	5.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CBRE Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,864	1,114	1,265	1,318	2,431	1,896
Receivables	10,551	8,096	7,647	6,255	6,837	6,218
Total inventory	66.0	0	0	193	96.2	55.1
Prepaid expenses	372	332	333	312	334	295
Other current assets	636	428	421	450	384	381
Total current assets	13,489	9,970	9,666	8,529	10,082	8,846
Property, plant & equipment	3,445	2,372	2,147	1,960	1,973	1,953
Goodwill	7,051	5,621	5,129	4,868	4,995	3,822
Intangibles	2,972	2,298	2,081	2,193	2,409	1,368
Long-term investments	870	1,443	1,374	1,318	1,201	456
Note receivable	209	164	153	189	169	197
Other long-term assets	2,841	2,515	1,998	1,456	1,244	1,397
Total assets	30,877	24,383	22,548	20,513	22,073	18,039
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	4,838	4,102	3,562	3,079	2,916	2,693
Accrued expenses	3,793	3,314	3,257	3,380	3,466	2,680
Short-term debt	2,465	906	682	669	1,310	1,389
Current portion of long-term debt	140	79.0	45.0	461	38.1	40.8
Other current liabilities	1,084	886	697	654	688	341
Total current liabilities	12,320	9,287	8,243	8,242	8,419	7,144
Long-term debt	5,217	3,367	2,876	1,144	1,611	1,459
Minority interest	748	781	800	752	831	427
Other liabilities	3,714	2,537	2,362	2,522	2,684	1,930
Total liabilities	21,999	15,972	14,281	12,660	13,545	10,961
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	3.0	3.1	3.3	3.4
Additional paid-in capital	0	0	0	0	799	1,075
Retained earnings (accumulated deficit)	9,916	9,567	9,188	8,833	8,367	6,530
Treasury stock	–	–	–	–	–	–
Other equity	−1,041	−1,159	−924	−983	−641	−530
Total equity	8,878	8,411	8,267	7,853	8,528	7,078
Total liabilities & shareholders' equity	30,877	24,383	22,548	20,513	22,073	18,039

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CBRE Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,277	1,036	1,027	1,424	1,842	756
Depreciation, depletion & amortization	928	674	622	613	526	502
Deferred taxes	−269	–	–	–	–	–
Non-cash items	−310	−71.0	−261	−98.0	−668	−38.5
Changes in working capital	−67.0	69.0	−908	−310	665	612
Cash from operations	1,559	1,708	480	1,629	2,364	1,831
Investing activities
Capital expenditures	−366	−307	−305	−260	−210	−267
Other investing cash flows	−1,261	−1,207	−376	−572	−1,071	−478
Cash from investing	−1,627	−1,514	−681	−832	−1,281	−744
Financing activities
Financing cash flow items	−521	−282	−250	−67.4	−271	305
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,317	61.0	404	−1,699	−220	−528
Cash from financing	796	−221	154	−1,766	−491	−223
Foreign exchange effects	65.0	−123	13.0	−165	−92.1	81.6
Net change in cash	793	−150	−34.0	−1,135	501	946
Free cash flow	1,193	1,401	175	1,369	2,154	1,564

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 2, 2026 after market close.