One-glance verdict
Overvalued
$7.64 our estimate vs market $14.55
Wall Street consensus: $16.45 (115.3% higher than our fair-value estimate)
90% above our estimate, beyond the bull case
Fundamentals snapshot
Cushman & Wakefield Limited
CWK · NYQ · Real Estate · Real Estate Services
Current price
$14.55
52-week range
$10.88 - $17.40
Market cap
$3.42B
Balance sheet
Stretched
2.12x Stretched
Net debt $2.49B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 7.1% last year.
- Reward Returns 3.4% on equity, ahead of 16% of its peers.
- Risk Stock trades 87.1% above its 5-year average P/E.
- Risk Insider ownership is only 0.8% (peer median: 2.4%).
What this company does
Cushman & Wakefield Limited
Cushman & Wakefield helps businesses manage and lease their office buildings and other commercial properties worldwide. Their main income comes from fees for services like managing building operations and helping companies find or sell real estate, which are important because it shows how much they can charge for their expertise. This matters to investors because it reflects the company's ability to earn money from its services and grow.
How the company got here
Cushman & Wakefield's story began in 1917 when brothers-in-law J. Clydesdale Cushman and Bernard Wakefield founded a property management company in New York City. They believed in using scientific methods to manage buildings, a novel idea at the time. Over the decades, the company grew and expanded, eventually becoming a global player in commercial real estate services. Key milestones include national expansion in the 1960s, acquisitions by various media and real estate groups, and significant mergers, such as with Healey & Baker in Europe. The modern Cushman & Wakefield was significantly shaped by the 2015 acquisition of Cushman & Wakefield by DTZ Holdings. Today, it's a publicly traded company with a presence in nearly 60 countries.
What it actually does
Cushman & Wakefield is a global commercial real estate services firm. Think of them as a one-stop shop for businesses and investors dealing with commercial properties, which are buildings used for business purposes, like offices, warehouses, or retail stores. They don't typically own the buildings themselves, but they help clients with almost every aspect of managing, buying, selling, and leasing these properties. This includes everything from finding tenants for a building to advising on large-scale property investments.
Americas
This segment covers Cushman & Wakefield's operations in North and South America, with a significant focus on the United States and Canada. It's the company's largest geographical region and a major contributor to its overall revenue. Services here include helping clients lease out commercial spaces, advising on real estate investments and transactions (capital markets), valuing properties, and managing both individual properties and entire portfolios of real estate assets. This region is crucial for the company's brokerage and facilities-related services.
EMEA
This segment encompasses Cushman & Wakefield's business in Europe, the Middle East, and Africa. Similar to the Americas, it offers a comprehensive suite of commercial real estate services. This includes assisting clients with leasing properties, facilitating real estate investment and financing deals, providing expert valuations, and managing properties on behalf of owners. The company has a long-standing presence in Europe, with historical roots in firms like Healey & Baker.
Asia Pacific
This segment represents Cushman & Wakefield's operations across the diverse markets of the Asia Pacific region. It provides a full range of commercial real estate services, including helping clients lease out office, retail, or industrial spaces, advising on investment opportunities and capital raising, performing property valuations, and offering property and facilities management. The company has established partnerships and acquired firms in this region to strengthen its local market expertise and reach.
Services
This is a broad category encompassing many of the company's operational services that often generate recurring revenue, meaning income that comes in regularly. These services include facilities management (handling the day-to-day operations of a building, like maintenance and cleaning), property management (overseeing a property's financial and physical aspects for owners), and project and development services (managing construction or renovation projects). This part of the business is seen as more stable and predictable compared to transaction-based services.
What management is betting on now
Cushman & Wakefield's current strategy focuses on building resilience and improving efficiency. They are emphasizing growth in their 'Services' business lines, like facilities and property management, because these tend to provide more predictable, recurring income. Management is also investing in technology to make their brokerage services more productive and to enhance client reporting. A key goal is to strengthen the company's financial health by reducing debt. Ultimately, they aim to grow their stable services business while maintaining the expertise needed to capitalize on real estate market upturns.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$105.90M
FY2025 Q1
$-166.60M
FY2025 Q2
$300.00K
FY2025 Q3
$225.00M
FY2025 Q4
$234.30M
FY2026 Q1
$-255.70M
FY2026 Q2
$45.50M
FY2026 Q3
$176.10M
Revenue
$2.81B
Net income
$52.10M
Diluted EPS
0.22
Operating cash flow
$213.90M
Free cash flow
$176.10M
Fetching…
Sources
Revenue
$2.76B
Net income
$52.70M
Diluted EPS
0.22
Operating cash flow
$54.00M
Free cash flow
$45.50M
Fetching…
Sources
Revenue
$2.54B
Net income
$-12.60M
Diluted EPS
-0.05
Operating cash flow
$-243.50M
Free cash flow
$-255.70M
Fetching…
Sources
Revenue
$2.91B
Net income
$-22.40M
Diluted EPS
-0.10
Operating cash flow
$257.30M
Free cash flow
$234.30M
Fetching…
Sources
Revenue
$2.61B
Net income
$51.40M
Diluted EPS
0.22
Operating cash flow
$235.50M
Free cash flow
$225.00M
Fetching…
Sources
Revenue
$2.48B
Net income
$57.30M
Diluted EPS
0.25
Operating cash flow
$9.60M
Free cash flow
$300.00K
Fetching…
Sources
Revenue
$2.28B
Net income
$1.90M
Diluted EPS
0.01
Operating cash flow
$-162.00M
Free cash flow
$-166.60M
Fetching…
Sources
Revenue
$2.63B
Net income
$112.90M
Diluted EPS
0.49
Operating cash flow
$115.20M
Free cash flow
$105.90M
Fetching…
Sources
Is it cheap or expensive?
Fair value $7.64 vs current price $14.55
Wall Street consensus is the average analyst price target: $16.45 (115.3% higher than our fair-value estimate).
Our most-likely fair value is $7.64 a share — about 47.5% below today's price of $14.55, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $2.5B. Interest coverage 2.1x.
Net debt
$2.49B
Interest coverage
2.12x
Cushman & Wakefield Limited's profit covers its interest bill about 2.1 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
CWK
BASELINE
Cushman & Wakefield Limited
Total debt $2.98B Interest coverage 2.12x This is the baseline the peer rows are being compared against.
Total debt $10.68B Interest coverage 25.70x +1,112% vs CWK Carries about 12.1x more debt cushion than CWK.
Total debt $3.22B Interest coverage 10.93x +416% vs CWK Carries about 5.2x more debt cushion than CWK.
Total debt $2.71B Interest coverage 7.20x +240% vs CWK Carries about 3.4x more debt cushion than CWK.
Total debt $3.15B Interest coverage 4.87x +130% vs CWK Carries about 2.3x more debt cushion than CWK.
Total debt $72.32M Interest coverage -17.74x -100% vs CWK This peer has almost no interest-payment cushion compared with CWK.
What you should know
The case for and against CWK
3 Rewards
3 Risks
Rewards
-
Revenue grew 7.1% last year.
-
Returns 3.4% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Stock trades 87.1% above its 5-year average P/E.
-
Insider ownership is only 0.8% (peer median: 2.4%).
-
Operating margin compressed from 5.4% to 4.6% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
50.17x
Forward P/E
8.63x
P/B
1.63x
P/S
0.31x
EV/EBITDA
9.78x
PEG ratio
0.23x
Profitability
How much profit each dollar creates
Gross margin
18.1%
Operating margin
4.6%
Net margin
0.6%
ROE
3.4%
ROA
4.0%
Health
Liquidity and balance-sheet strength
Debt / equity
1.42x
Current ratio
1.06x
Quick ratio
0.99x
Total debt
$2.98B
Total cash
$489.00M
Growth
How the business has been compounding
Revenue TTM
$11.02B
Revenue 5Y CAGR
2.3%
EPS TTM
0.29
EPS 5Y CAGR
-23.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$281.70M
Free CF TTM
$293.00M
FCF margin
2.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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