One-glance verdict
Within fair range
$8.47 our estimate vs market $12.24
Wall Street consensus: $17.73 (109.3% higher than our fair-value estimate)
45% above our estimate
Fundamentals snapshot
Cushman & Wakefield Limited
CWK · NYQ · Real Estate · Real Estate Services
Current price
$12.24
52-week range
$11.57 - $17.40
Market cap
$2.87B
Balance sheet
Stretched
2.12x Stretched
Net debt $2.53B. 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 5.2% last year.
- Reward Returns 3.5% on equity, ahead of 16% of its peers.
- Risk Stock trades 57.5% 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 is a global company that helps other businesses find, manage, and sell commercial properties like office buildings and warehouses. It makes money primarily by charging fees for services like leasing space to tenants, managing buildings for owners, and advising on large property sales (a service known as capital markets). Because its business relies on companies renting and buying property, its financial health often reflects the strength of the broader economy.
How the company got here
Cushman & Wakefield was founded in 1917 in New York City by J. Clydesdale Cushman and Bernard Wakefield as a property management company. Over the decades, it grew by expanding across the U.S. and was involved in major projects like Chicago's Sears Tower. The company went through several ownership changes, including being acquired by RCA and later The Rockefeller Group. A significant merger with DTZ, a global real estate services firm, in 2015 greatly expanded its international presence. In 2018, Cushman & Wakefield became a publicly traded company on the New York Stock Exchange.
What it actually does
Cushman & Wakefield is a global firm that provides a wide range of services for commercial real estate, which includes properties like office buildings, warehouses, and retail stores. They help companies and investors buy, sell, lease, and manage these properties. Think of them as a one-stop shop for businesses' real estate needs, from finding a new office space to managing the day-to-day operations of a building. They serve a variety of industries, including technology, healthcare, and logistics.
Services
This is the company's largest business area and includes property, facilities, and project management. In simple terms, they take care of the day-to-day operations of buildings for property owners, ensuring things run smoothly for tenants. This can include everything from maintenance and security to managing construction projects for new or renovated spaces. This segment provides a steady, recurring stream of revenue (money a company can reliably expect to receive on a regular basis).
Leasing
This part of the business helps property owners find tenants for their buildings and helps businesses find the right space to rent. They act as the middleman, or broker, in these transactions. For example, they might help a retail company find the perfect storefront in a busy shopping district or assist a tech startup in securing its first office. Their work involves everything from marketing available spaces to negotiating the terms of the lease agreement.
Capital Markets
The Capital Markets team helps clients buy and sell commercial real estate properties. This is similar to how a real estate agent helps someone buy or sell a house, but on a much larger scale with properties like skyscrapers and large industrial parks. They advise clients on investment opportunities and help arrange the financing for these large transactions. This part of the business often involves high-value deals and is a significant contributor to the company's revenue.
Valuation and Other
This segment provides services like property appraisals, which is the process of determining the value of a piece of real estate. This is crucial for buying, selling, and insuring properties. They also offer consulting and advisory services, helping clients make informed decisions about their real estate strategies. This part of the business provides essential support for the other segments and helps clients understand the financial aspects of their properties.
What management is betting on now
Cushman & Wakefield is focused on expanding its services that provide more consistent and predictable revenue, like property and facilities management. They are also investing in technology to make buildings smarter and improve the experience for tenants, for example, through apps that integrate with building systems. Additionally, the company is paying close attention to emerging trends in real estate, such as the growing demand for logistics and industrial spaces due to e-commerce and the changing needs of the office in a post-pandemic world.
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 Q3
$186.70M
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
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
Revenue
$2.34B
Net income
$33.70M
Diluted EPS
0.14
Operating cash flow
$196.10M
Free cash flow
$186.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value $8.47 vs current price $12.24
Wall Street consensus is the average analyst price target: $17.73 (109.3% higher than our fair-value estimate).
Our most-likely fair value is $8.47 a share — about 30.8% away from today's price of $12.24, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $2.5B. Interest coverage 2.1x.
Net debt
$2.53B
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 $3.03B Interest coverage 2.12x This is the baseline the peer rows are being compared against.
Total debt $10.81B 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 $2.27B Interest coverage 7.20x +240% vs CWK Carries about 3.4x more debt cushion than CWK.
Total debt $3.31B Interest coverage 4.87x +130% vs CWK Carries about 2.3x more debt cushion than CWK.
Total debt $74.15M 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 5.2% last year.
-
Returns 3.5% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Stock trades 57.5% above its 5-year average P/E.
-
Insider ownership is only 0.8% (peer median: 2.4%).
-
Operating margin compressed from 5.4% to 4.9% 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)
42.22x
Forward P/E
7.11x
P/B
1.42x
P/S
0.27x
EV/EBITDA
9.31x
PEG ratio
0.23x
Profitability
How much profit each dollar creates
Gross margin
18.1%
Operating margin
4.9%
Net margin
0.6%
ROE
3.5%
ROA
3.9%
Health
Liquidity and balance-sheet strength
Debt / equity
1.50x
Current ratio
1.08x
Quick ratio
1.00x
Total debt
$3.03B
Total cash
$500.50M
Growth
How the business has been compounding
Revenue TTM
$10.82B
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
$303.30M
Free CF TTM
$293.00M
FCF margin
2.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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