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Cushman & Wakefield PLC

CWK Real Estate Real Estate Services

Cushman & Wakefield PLC’s revenue for fiscal 2025 (year ended December 2025) was $10.3 billion, up 8.91% from fiscal 2024.

Revenue
+7.75%
EPS
+0.91%
Free cash flow
−21.7%
Total debt
−8.42%

Quarter to September 2026, against a year earlier

14.06 0.12 −0.85%
Market cap
$3.3B
P/E
48.2×
Fwd P/E
12.4×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.99
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — 1 1 — 1 1 — —
Insider Ownership 0.82%

Capital & Financial Ratios $m

Size
Market Cap 3,330.00
Revenue ttm 11,020.00
Net income ttm 69.80
Free cash flow ttm 200.20
Net debt Q 2,120.30
Valuation
P/E 48.15 (above 35: high)
Forward P/E 12.40
Price / sales 0.30
Forward P/S Powerpack
Price / FCF 16.48
Price / book 1.57
Financial health
Current ratio Q 1.06
Debt / equity Q 1.24
Interest coverage Q 2.64
Growth
Revenue growth Q +7.75% (above 0%: growing)
Operating income growth Q +20.84% (above 0%: growing)
EPS, this year +322.06% (at or above 15%: strong)
EPS, next year A +13.66%
Revenue, next year A +8.65%
EPS, past 5 yrs —
EPS, next 5 yrs A +77.24% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.6×; over the ten years it ranged from 0.4× in 2026 to 0.8× in 2021.
P/E against its own 10 years 80.90%
10-year low 10-year high
P/S against its own 10 years 37.20%
10-year low 10-year high
P/B against its own 10 years 27.00%
10-year low 10-year high
EV/Sales against its own 10 years 13.67%
10-year low 10-year high
EV/FCF against its own 10 years 41.41%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.46 ’17
  2. 0.55 ’18 +18
  3. 0.57 ’19 +4
  4. 0.62 ’20 +10
  5. 0.71 ’21 +14
  6. 0.00 ’22 −100
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 768 793 784 489
Receivables 1,535 1,415 1,568 1,629
Inventory — — — —
Other 311 301 301 364
2,803 2,690 2,843 2,716
2023 2024 2025 Q'26
Payables 1,158 1,111 1,225 1,178
ST’ Debt 150 103 125 197
Other 218 196 191 153
2,397 2,330 2,592 2,555

Compound Annual Growth %

10y 5y 3y
Sales 9.39% 5.58% 0.60%
Cash Flow 0.00% 0.00% 90.68%
Earnings 0.00% 0.00% (23.42%)
Book Value 0.00% 12.29% 5.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.53 0.54 Beat by 0.01
Q1 FY26 0.13 0.15 Beat by 0.02
Q2 FY26 0.36 0.35 Miss by 0.01
Q3 FY26 0.36 0.37 Beat by 0.01
Q4 FY26 0.59 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.05) 0.22 0.22 — —
’25 0.01 0.25 0.22 (0.10) 0.38
’24 (0.13) 0.06 0.14 0.48 0.56
’23 (0.34) 0.02 (0.15) 0.30 (0.16)
’22 0.20 0.43 0.11 0.13 0.86
’21 (0.08) 0.23 0.30 0.64 1.10
’20 (0.25) (0.46) (0.17) (0.12) (1.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,536 2,763 2,808 — —
’25 2,285 2,484 2,606 2,914 10,288
’24 2,185 2,288 2,344 2,630 9,447
’23 2,249 2,406 2,286 2,552 9,494
’22 2,331 2,613 2,515 2,647 10,106
’21 1,924 2,248 2,333 2,884 9,389
’20 1,895 1,744 1,932 2,273 7,844
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (243) 54 214 — —
’25 (162) 10 236 257 340
’24 (125) 22 196 115 208
’23 (221) (17) 188 202 152
’22 (158) (88) 52 244 49
’21 (16) 103 163 299 550
’20 (250) (50) 77 184 (38)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (256) 46 176 — —
’25 (167) 0 225 234 293
’24 (136) 10 187 106 167
’23 (231) (27) 174 186 101
’22 (177) (100) 38 237 (2)
’21 (29) 95 153 277 496
’20 (260) (58) 68 170 (79)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,216 6,924 8,220 8,751 7,844 9,389 10,106 9,494 9,447 10,288 11,020 +5.8% 11,178 11,866 12,562 +6.9%
Gross margin, % 18.47 18.55 19.19 20.22 17.70 20.67 19.32 17.40 18.27 18.27 18.09 (0.2) pt
EBT (459) (342) (211) 43 (177) 340 338 (30) 176 114 139 n/m
EBT margin, % (7.38) (4.94) (2.56) 0.49 (2.25) 3.62 3.34 (0.32) 1.86 1.11 1.26 +8.5 pt
Net income (435) (221) (186) 0 (220) 250 196 (35) 131 88 70 n/m
Per share, $
Per share, $ Revenue 43.96 48.12 48.01 40.20 35.52 42.10 44.83 41.84 41.27 44.50 46.95 +0.1%
Earnings (3.07) (1.54) (1.09) 0.00 (1.00) 1.12 0.87 (0.16) 0.57 0.38 0.29 n/m
Cash flow (2.37) 0.03 (0.01) 1.24 (0.17) 2.46 0.22 0.67 0.91 1.47 1.20 n/m
Capex (0.55) (0.90) (0.49) (0.37) (0.19) (0.24) (0.22) (0.22) (0.18) (0.20) (0.35) (10.3%)
Free cash flow (2.92) (0.87) (0.50) 0.87 (0.36) 2.22 (0.01) 0.45 0.73 1.27 0.85 n/m
Book value 4.17 3.47 7.94 5.98 4.96 6.50 7.37 7.40 7.67 8.46 8.94 +8.2%
Shares, m 141 144 171 218 221 223 225 227 229 231 233 +5.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 19.86 14.74 0.00 22.95 42.61 48.15 10.0
P/S 0.36 0.36 0.30 0.51 0.42 0.53 0.29 0.26 0.32 0.36 0.30 0.4
P/B 5.89 5.89 1.82 3.42 2.99 3.42 1.74 1.45 1.71 1.91 1.57 3.0
EV/Sales 0.73 0.73 0.52 0.72 0.70 0.79 0.54 0.52 0.56 0.55 0.49 0.6
EV/FCF (165.77) (165.77) (49.38) 33.31 (69.13) 15.03 (3,441.64) 48.46 31.40 19.48 27.07 (374.4)
Cash, $m
Cash, $m Operating cash flow (335) 4 (2) 269 (38) 550 49 152 208 340 282 n/m
Capex (77) (129) (84) (80) (41) (54) (51) (51) (41) (47) (81) (5.3%)
Free cash flow (412) (125) (86) 189 (79) 496 (2) 101 167 293 200 n/m
Balance, $m
Balance, $m Working capital 216 (55) 705 538 825 396 376 406 361 251 161 +1.7%
Net debt 2,278 2,438 1,789 1,846 2,201 2,492 2,617 2,479 2,250 1,966 2,120 (1.6%)
Shareholders’ equity 590 499 1,360 1,301 1,096 1,449 1,662 1,678 1,755 1,956 2,099 +14.2%
Returns, %
Returns, % ROA (15.28) (3.86) (3.01) 0.00 (3.04) 3.28 2.48 (0.45) 1.71 1.16 0.90 +16.4 pt
ROIC (6.44) (3.64) 0.25 3.72 (1.01) 7.88 7.82 3.09 5.29 7.21 7.40 +13.7 pt
ROE (79.74) (40.63) (19.98) 0.02 (18.40) 19.65 12.63 (2.12) 7.65 4.75 3.44 +84.5 pt
People
People Employees — 48,000 51,000 53,000 50,000 50,000 52,000 52,000 52,000 53,000 — +1.2%
Revenue/emp, $m 0.00 0.14 0.16 0.17 0.16 0.19 0.19 0.18 0.18 0.19 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Cushman & Wakefield PLC vs peers in Real Estate Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
COMP Compass, Inc. $7.1B 147× 200× +109.03% (above 0%: growing) +71.43% (above 0%: growing) +164.71% (above 0%: growing) 100.00% 2.88% Compare
FSV FirstService Corporation $6.4B 46.6× 43.6× +5.81% (above 0%: growing) −20.80% (below 0%: shrinking) −39.90% (below 0%: shrinking) 32.46% 7.01% Compare
CIGI Colliers International Group Inc. $4.9B 41.5× 36.5× +11.93% (above 0%: growing) +20.59% (above 0%: growing) +285.13% (above 0%: growing) 38.92% 6.15% Compare
CWK Cushman & Wakefield PLC $3.3B 48.2× 12.4× +7.75% (above 0%: growing) +0.91% (above 0%: growing) −21.73% (below 0%: shrinking) 17.32% 4.63%
IHS IHS Holding Limited $2.9B 20.1× 11.9× +10.41% (above 0%: growing) n/m −41.30% (below 0%: shrinking) 48.32% 19.32% Compare
NMRK Newmark Group, Inc. $2.2B 14.2× 14.6× +12.71% (above 0%: growing) +3.85% (above 0%: growing) −392.18% (below 0%: shrinking) 100.00% 8.75% Compare
OPEN Opendoor Technologies Inc. $1.7B — (loss-making) — (loss-making) +11.69% (above 0%: growing) n/m −293.52% (below 0%: shrinking) 3.72% (18.30%) Compare
HBNB Hotel101 Global Holdings Corp. $1.1B — — — — — — — Compare
MMI Marcus & Millichap, Inc. $1.1B 70.9× 63.6× +7.47% (above 0%: growing) +383.87% (above 0%: growing) −37.35% (below 0%: shrinking) 0.00% (0.43%) Compare
Median of peers $2.5B 44.0× 40.1× +11.69% +20.59% −39.90% 38.92% 6.15%

All 44 Real Estate Services stocks →

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.47m 15.64m 109.00

Ownership

Directors and executive officers, together less than 1%
Vanguard Portfolio Management 10.40%
BlackRock, Inc. 9.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cushman & Wakefield PLC (CWK) Latest News

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

Impact 3 · · facilitiesdive.com
Impact 3 · · MarketBeat

4 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Business Wire

29 Oct

Impact 4 · · Business Wire
Impact 4 · · PR Newswire
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Business Wire

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · The Real Deal

22 Oct

Impact 4 · · Business Wire

21 Oct

Impact 4 · · Business Wire

15 Oct

Impact 4 · · Business Wire
Impact 4 · · bisnow.com
Impact 3 · · StockStory

14 Oct

Impact 4 · · The Real Deal

13 Oct

Impact 3 · · Business Wire

6 Oct

Impact 4 · · Business Wire
Impact 3 · · Investing.com

5 Oct

Impact 3 · · credaily.com

3 Oct

Impact 3 · · Simply Wall St.

30 Sep

Impact 3 · · Business Wire

28 Sep

Impact 4 ·

25 Sep

Impact 4 · · Investing.com
Impact 3 · · multifamilydive.com

23 Sep

Impact 3 · · Simply Wall St.

CWK metrics, ten years each

stockrow.com/CWK · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com