CBRE (CBRE)
Market Price (4/23/2026): $152.0 | Market Cap: $45.1 BilSector: Real Estate | Industry: Real Estate Services
CBRE (CBRE)
Market Price (4/23/2026): $152.0Market Cap: $45.1 BilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% Stock buyback supportStock Buyback 3Y Total is 2.3 Bil Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x Key risksCBRE key risks include [1] significant exposure to foreign currency fluctuations and geopolitical instability, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Stock buyback supportStock Buyback 3Y Total is 2.3 Bil |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x |
| Key risksCBRE key risks include [1] significant exposure to foreign currency fluctuations and geopolitical instability, Show more. |
Qualitative Assessment
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CBRE (CBRE) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. CBRE's stock declined following its Q4 2025 earnings report on February 12, 2026, which revealed a 14.6% decrease in net income and a 12% drop in EPS to $1.39, partially due to a $279 million non-cash charge from a U.K. pension buyout and higher fire-safety reserves. While the company beat consensus EPS estimates by $0.05 with $2.73 and saw an 11.8% revenue increase to $11.63 billion, investors reacted negatively to weaker underlying fundamentals, including an 8.9% fall in operating cash flow and a 20% decline in Real Estate Investments revenue for the quarter.
2. The broader commercial real estate (CRE) market continued to face significant headwinds, particularly in the office and multifamily sectors. The office sector experienced persistent pressure, with global double-digit declines in Q1 2026 and an office CMBS delinquency rate reaching an all-time high of 12.34% in January 2026. The multifamily sector also saw elevated vacancy rates, approaching 8.6% in January 2026, and cooling rent growth as new supply outpaced absorption.
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1. CBRE's stock declined following its Q4 2025 earnings report on February 12, 2026, which revealed a 14.6% decrease in net income and a 12% drop in EPS to $1.39, partially due to a $279 million non-cash charge from a U.K. pension buyout and higher fire-safety reserves. While the company beat consensus EPS estimates by $0.05 with $2.73 and saw an 11.8% revenue increase to $11.63 billion, investors reacted negatively to weaker underlying fundamentals, including an 8.9% fall in operating cash flow and a 20% decline in Real Estate Investments revenue for the quarter.
2. The broader commercial real estate (CRE) market continued to face significant headwinds, particularly in the office and multifamily sectors. The office sector experienced persistent pressure, with global double-digit declines in Q1 2026 and an office CMBS delinquency rate reaching an all-time high of 12.34% in January 2026. The multifamily sector also saw elevated vacancy rates, approaching 8.6% in January 2026, and cooling rent growth as new supply outpaced absorption.
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Stock Movement Drivers
Fundamental Drivers
The -4.5% change in CBRE stock from 12/31/2025 to 4/22/2026 was primarily driven by a -8.6% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 160.79 | 153.52 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39,326 | 40,551 | 3.1% |
| Net Income Margin (%) | 3.1% | 2.9% | -8.6% |
| P/E Multiple | 39.0 | 39.4 | 1.1% |
| Shares Outstanding (Mil) | 298 | 297 | 0.2% |
| Cumulative Contribution | -4.5% |
Market Drivers
12/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CBRE | -4.5% | |
| Market (SPY) | -5.4% | 43.2% |
| Sector (XLRE) | 7.7% | 27.7% |
Fundamental Drivers
The -2.6% change in CBRE stock from 9/30/2025 to 4/22/2026 was primarily driven by a -8.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 157.56 | 153.52 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38,104 | 40,551 | 6.4% |
| Net Income Margin (%) | 2.9% | 2.9% | -0.3% |
| P/E Multiple | 43.1 | 39.4 | -8.5% |
| Shares Outstanding (Mil) | 298 | 297 | 0.4% |
| Cumulative Contribution | -2.6% |
Market Drivers
9/30/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CBRE | -2.6% | |
| Market (SPY) | -2.9% | 38.5% |
| Sector (XLRE) | 4.3% | 38.0% |
Fundamental Drivers
The 17.4% change in CBRE stock from 3/31/2025 to 4/22/2026 was primarily driven by a 13.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.78 | 153.52 | 17.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,766 | 40,551 | 13.4% |
| Net Income Margin (%) | 2.7% | 2.9% | 5.4% |
| P/E Multiple | 41.2 | 39.4 | -4.3% |
| Shares Outstanding (Mil) | 305 | 297 | 2.6% |
| Cumulative Contribution | 17.4% |
Market Drivers
3/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CBRE | 17.4% | |
| Market (SPY) | 16.3% | 53.8% |
| Sector (XLRE) | 6.7% | 57.3% |
Fundamental Drivers
The 110.9% change in CBRE stock from 3/31/2023 to 4/22/2026 was primarily driven by a 142.3% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.81 | 153.52 | 110.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,828 | 40,551 | 31.5% |
| Net Income Margin (%) | 4.6% | 2.9% | -37.5% |
| P/E Multiple | 16.3 | 39.4 | 142.3% |
| Shares Outstanding (Mil) | 314 | 297 | 5.8% |
| Cumulative Contribution | 110.9% |
Market Drivers
3/31/2023 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CBRE | 110.9% | |
| Market (SPY) | 63.3% | 52.4% |
| Sector (XLRE) | 28.0% | 63.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBRE Return | 73% | -29% | 21% | 41% | 22% | -7% | 139% |
| Peers Return | 79% | -42% | 22% | 14% | 15% | -6% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 88% |
Monthly Win Rates [3] | |||||||
| CBRE Win Rate | 67% | 25% | 58% | 75% | 50% | 50% | |
| Peers Win Rate | 67% | 35% | 52% | 55% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CBRE Max Drawdown | -5% | -38% | -15% | -10% | -13% | -18% | |
| Peers Max Drawdown | -6% | -48% | -26% | -17% | -26% | -21% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JLL, CWK, CIGI, NMRK, MMI. See CBRE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)
How Low Can It Go
| Event | CBRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.4% | -25.4% |
| % Gain to Breakeven | 67.7% | 34.1% |
| Time to Breakeven | 275 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -53.6% | -33.9% |
| % Gain to Breakeven | 115.4% | 51.3% |
| Time to Breakeven | 256 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.7% | -19.8% |
| % Gain to Breakeven | 32.8% | 24.7% |
| Time to Breakeven | 53 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.3% | -56.8% |
| % Gain to Breakeven | 1655.9% | 131.3% |
| Time to Breakeven | 3,157 days | 1,480 days |
Compare to JLL, CWK, CIGI, NMRK, MMI
In The Past
CBRE's stock fell -40.4% during the 2022 Inflation Shock from a high on 1/4/2022. A -40.4% loss requires a 67.7% gain to breakeven.
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About CBRE (CBRE)
CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments segments. The Advisory Services segment provides strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; property sales and mortgage services under the CBRE Capital Markets brand; property and project management services, including construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment offers facilities management, project management, and transaction management services. The Real Estate Investments segment provides investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; development services under the Trammell Crow Company brand primarily to users of and investors in commercial real estate; and flexible-space solutions under the CBRE Hana brand. The company was founded in 1906 and is headquartered in Dallas, Texas.
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- Amazon for commercial real estate services.
- The Goldman Sachs of commercial real estate.
- Accenture for managing and optimizing commercial properties.
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- Leasing Services: Advising and executing real estate leases for owners, investors, and occupiers.
- Property Sales and Mortgage Services: Facilitating property sales and providing mortgage services through CBRE Capital Markets.
- Property and Project Management: Managing properties, including construction, marketing, engineering, accounting, and facilities management.
- Valuation and Consulting Services: Providing market value appraisals, litigation support, feasibility studies, and various advisory services.
- Investment Management: Offering investment management services to institutional investors via CBRE Investment Management.
- Real Estate Development: Providing development services primarily for commercial real estate through Trammell Crow Company.
- Flexible Workspace Solutions: Offering flexible office spaces under the CBRE Hana brand.
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CBRE Group, Inc. primarily serves other companies and institutional clients rather than individuals. The background information provided does not list specific major customer company names. Instead, it describes broad categories of clients that utilize CBRE's diverse commercial real estate services and investment solutions.
Based on the company description, CBRE's major customer categories include:
- Owners, investors, and occupiers of commercial real estate: This broad category encompasses corporations, real estate investment firms, and other entities that own, invest in, or lease office, industrial, and retail properties. They utilize services such as leasing, property sales, mortgage services, property and project management, and valuation services.
- Institutional Investors: This category specifically includes pension funds, insurance companies, sovereign wealth funds, foundations, and endowments. These entities are clients of CBRE Investment Management for investment management services, seeking to invest in commercial real estate.
- Corporations and businesses: These clients engage CBRE for comprehensive solutions such as facilities management, project management, and transaction management services through the Global Workplace Solutions segment, as well as development services for their commercial real estate needs.
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Robert E. Sulentic
Chair & Chief Executive Officer Mr. Sulentic began his real estate career in 1984 with Trammell Crow Company, where he served in various leadership positions before becoming President and CEO in October 2000 and Chairman in April 2002. He continued in these roles until Trammell Crow Company merged with CBRE in late 2006. Mr. Sulentic became President & Chief Executive Officer of CBRE Group, Inc. in December 2012, and assumed additional responsibilities as Board Chair in November 2023. He previously served as the independent Chairman of the Board of Staples, Inc. until its acquisition by Sycamore Partners, a private equity firm, in September 2017. He also served as CBRE's Chief Financial Officer in 2009, during the global financial crisis. Mr. Sulentic founded and chairs a private foundation that supports various charitable endeavors.Emma Giamartino
Chief Financial Officer and Chief Investment Officer Ms. Giamartino oversees CBRE's global finance organization, including controllership, financial planning & analysis, investor relations, tax, and treasury. As Chief Investment Officer, she is responsible for capital allocation, including M&A strategy and execution. Ms. Giamartino joined CBRE in February 2018 to lead the company's M&A activities in the Americas. She was appointed CFO in July 2021. Prior to joining CBRE, she served as Director of Corporate Development at Verizon Communications, where she executed M&A transactions and strategic investments. Earlier in her career, Ms. Giamartino worked in Nomura's technology, media, and telecommunications group, holding progressively responsible positions, including Vice President, Investment Banking. She began her career at Financial Security Assurance. Ms. Giamartino also served on the Board of Industrious, a flexible workplace solutions provider, prior to its acquisition by CBRE in early 2025.Daniel Queenan
Chief Executive Officer, Real Estate Investments Mr. Queenan is currently the Chief Executive Officer for Real Estate Investments at CBRE Group, Inc. In this role, he has overall responsibility for CBRE Investment Management and Trammell Crow Company. He also serves as Executive Group President of Trammell Crow Company, CBRE's real estate development subsidiary. Prior to his current role, he served as Chief Executive Officer of Trammell Crow Company and earlier as Chief Executive Officer of CBRE's Real Estate Investments business segment. Mr. Queenan was also previously the Chief Executive Officer of CBRE's Advisory Services business segment. His earlier career at CBRE included roles such as President and COO of CBRE Investment Management and Chief Executive Officer of CBRE's Asia Pacific business. Before joining CBRE, Mr. Queenan was President & Chief Executive Officer at Opus Development Corp. (Illinois).Vikram Kohli
Chief Operating Officer, CBRE and Chief Executive Officer, Advisory Services Mr. Kohli serves as the Chief Operating Officer for CBRE and is also the Chief Executive Officer of Advisory Services. He joined CBRE in 2001 in India, initially as part of the Transactions team, where he focused on occupier advisory and office leasing. Throughout his tenure at CBRE, he has held various leadership positions, including Chief Operating Officer, South East Asia; Executive Director, Sales Management, Asia Pacific; and Senior Director, Global Transactions.Chad Doellinger
Chief Legal & Administrative Officer, Corporate Secretary Mr. Doellinger serves as CBRE's Chief Legal & Administrative Officer and Corporate Secretary. He has held the position of Chief Legal & Administrative Officer since January 2025.AI Analysis | Feedback
The key risks to CBRE Group, Inc.'s business are primarily linked to the cyclical and evolving nature of the global commercial real estate market.
- Macroeconomic Downturns and Interest Rate Volatility: CBRE's financial performance is inherently tied to global economic conditions, including fluctuations in interest rates, inflationary pressures, and geopolitical instability. Economic slowdowns can significantly reduce revenue from property sales, leasing, and financing activities. Rising interest rates directly increase borrowing costs for real estate transactions, reduce investor purchasing power, and can lead to lower property values and decreased transaction volumes across the commercial real estate market.
- Structural Shifts in Commercial Real Estate Demand: Evolving trends such as increased remote work have led to reduced demand for traditional office space, while the growth of e-commerce continues to negatively impact retail real estate values. These structural changes can result in higher vacancies and downward pressure on property values, particularly in the office and retail sectors, directly affecting CBRE's advisory services, property management, and investment segments.
- Intense Competition and Regulatory/Operational Complexities: CBRE operates in a highly competitive global market with numerous local, regional, and international players, posing a continuous challenge to maintaining its market leadership across various services and geographies. Furthermore, as a large global entity, CBRE faces significant operational risks related to complying with complex and evolving regulations (e.g., data protection, privacy laws, and environmental standards) across different jurisdictions, as well as vulnerabilities to cybersecurity threats.
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The increasing sophistication and accessibility of Artificial Intelligence (AI) and advanced data analytics platforms pose a clear emerging threat to CBRE. These technologies have the potential to automate and streamline complex functions traditionally performed by real estate professionals within CBRE's Advisory Services and Real Estate Investments segments. Specifically, AI-driven platforms can enhance real estate valuation, market forecasting, due diligence, and portfolio optimization with greater speed and efficiency. This could lead to a reduction in the reliance on human intermediaries for market insights, transaction facilitation, and advisory services, potentially disintermediating CBRE's role as a primary advisor and broker.
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CBRE Group, Inc. operates within several large addressable markets for its diverse commercial real estate services and investment offerings globally.
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Commercial Real Estate Services (Advisory Services, Brokerage, and Property & Project Management): The global commercial real estate service market was estimated at approximately USD 826.36 billion in 2025 and is projected to reach USD 1,480.63 billion by 2032. More specifically, the global commercial real estate brokerage and management market size was valued at USD 276.2 billion in 2024 and is expected to reach USD 476.4 billion by 2033. The global real estate brokerage services market size was recorded at USD 141.246 billion in 2021 and is projected to reach USD 474.22 billion by 2033.
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Facilities Management (Global Workplace Solutions): The global facility management services market was valued at USD 1.75 trillion in 2024 and is projected to grow to USD 2.33 trillion by 2033. Another estimate places the global facility management market size at USD 1.367.96 billion in 2025, with a projection to reach USD 2,750.87 billion by 2034.
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Real Estate Investments:
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Professionally Managed Real Estate Investment Market: The size of the professionally managed global real estate investment market decreased to USD 12.5 trillion in 2024.
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Real Estate Investment Management Services: The Real Estate Investment Management Market was valued at USD 33.61 billion in 2025 and is expected to reach USD 47.16 billion by 2034.
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Commercial Real Estate Market (including Development Services): The global commercial real estate market size was estimated to be worth USD 7.44 trillion in 2024 and is projected to reach USD 10.46 trillion by 2035. Other sources valued the global commercial real estate market at USD 6.72 trillion in 2024, expected to reach USD 9.11 trillion by 2033.
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Flexible-Space Solutions: The global flexible workspace market was valued at USD 42.67 billion in 2023 and is predicted to reach USD 130.86 billion by the end of 2032. Another report indicates the global flexible office market size was calculated at USD 47.02 billion in 2025 and is predicted to increase to approximately USD 196.17 billion by 2034.
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CBRE Group, Inc. (CBRE) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:
- Explosive Growth in Data Center Solutions: CBRE's Data Center Solutions business is a significant growth engine, with revenue projected to reach $2 billion in 2026, growing at 20% per year. This expansion is fueled by the increasing demand for artificial intelligence (AI) infrastructure and subsequent data center development.
- Continued Strength in Resilient Businesses: The company's resilient business segments, including Global Workplace Solutions (GWS), property management, loan servicing, valuations, and recurring asset management fees, are expected to maintain double-digit revenue growth. The Building Operations & Experience (BOE) segment, in particular, which encompasses facilities management and data center solutions, is projected to achieve mid-teens Segment Operating Profit (SOP) growth in 2026.
- Recovery and Rebound in Transactional Real Estate Services: After a period of market softness, CBRE's transactional businesses, specifically leasing and property sales, are demonstrating a strong recovery. Global leasing revenue grew 14% in Q4 2025, with U.S. sales revenue increasing by 27%. Analysts forecast a rebound in large-scale leasing and increased commercial real estate investment activity, contributing to growth.
- Strategic Acquisitions and Expansion of Flexible-Space Solutions: Recent strategic acquisitions, such as Pearce Services, which enhanced digital infrastructure capabilities, and the full ownership of Industrious, a flexible-space solutions provider, are expected to contribute to revenue growth. The Industrious business, which offers flexible workplace solutions, is projected to expand to more than 300 locations by year-end 2026, up from approximately 200 at the beginning of 2025.
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Share Repurchases
- In November 2024, CBRE announced an expanded $5 billion share repurchase authorization. This was in addition to approximately $1.4 billion remaining from a prior authorization as of September 30, 2024, bringing the total authorized capacity to about $6.4 billion. Approximately $5.2 billion of capacity remained under the authorized program as of June 30, 2025.
- Since 2021, CBRE has repurchased shares totaling approximately $4.20 billion.
- In 2025, the company repurchased more than 7.6 million shares for over $1.0 billion. Annually, share repurchases amounted to $968 million in 2025, $627 million in 2024, and $665 million in 2023.
Share Issuance
- CBRE's shares outstanding have shown a declining trend over the past few years, indicating that share repurchases have outweighed any share issuances. Shares outstanding were approximately 304.89 million in 2023, 302.05 million in 2024, and 295.73 million in 2025.
Inbound Investments
- No significant inbound investments in CBRE by third-parties were found over the last 3-5 years.
Outbound Investments
- In the fourth quarter of 2025, CBRE acquired Pearce Services, LLC, a provider of advanced technical services for digital and power infrastructure, for approximately $1.2 billion.
- In 2024, the company deployed approximately $2 billion in M&A activities, real estate co-investments, and share repurchases. Major acquisitions in 2024 included J&J Worldwide Services, Direct Line Global, and obtaining full ownership of Industrious.
- During the fourth quarter of 2023, CBRE completed five in-fill acquisitions in Advisory Services and Real Estate Investments, totaling $111 million in cash and non-cash consideration.
Capital Expenditures
- Capital expenditures totaled $93.8 million in the fourth quarter of 2023.
- For the full year 2024, total capital expenditures were $93 million.
- In the second quarter of 2025, total capital expenditures were $74 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is CBRE Stock Built to Withstand More Downside? | 02/12/2026 | |
| CBRE Earnings Notes | 12/27/2025 | |
| CBRE vs Meta Platforms: Which Is A Better Investment? | 08/18/2025 | |
| CBRE vs Realty Income: Which Is A Better Investment? | 08/18/2025 | |
| CBRE vs Newmark: Which Is A Better Investment? | 08/18/2025 | |
| How Does CBRE Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than CBRE Stock: Pay Less Than CBRE To Get More From META, LLY | 08/12/2025 | |
| ARTICLES | ||
| S&P 500 Movers | Winners: GNRC, SNDK, MU | Losers: CBRE, LDOS, HOOD | 02/11/2026 | |
| S&P 500 Stocks Trading At 52-Week High | 08/25/2025 |
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 72.16 |
| Mkt Cap | 4.6 |
| Rev LTM | 7,923 |
| Op Inc LTM | 430 |
| FCF LTM | 272 |
| FCF 3Y Avg | 192 |
| CFO LTM | 335 |
| CFO 3Y Avg | 254 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.4% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 11.3% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 0.4% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | 3.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 4.9% |
| CFO/Rev 3Y Avg | 2.9% |
| FCF/Rev LTM | 4.0% |
| FCF/Rev 3Y Avg | 2.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.6 |
| P/S | 1.0 |
| P/Op Inc | 14.4 |
| P/EBIT | 14.7 |
| P/E | 30.9 |
| P/CFO | 16.9 |
| Total Yield | 2.6% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.8% |
| 3M Rtn | -8.2% |
| 6M Rtn | -9.1% |
| 12M Rtn | 45.3% |
| 3Y Rtn | 82.3% |
| 1M Excs Rtn | 5.3% |
| 3M Excs Rtn | -12.0% |
| 6M Excs Rtn | -12.9% |
| 12M Excs Rtn | 10.7% |
| 3Y Excs Rtn | 11.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Building Operations & Experience | 20,208 | ||||
| Advisory Services | 7,729 | 8,499 | 9,883 | 9,576 | 7,215 |
| Project Management | 6,809 | ||||
| Real Estate Investments | 1,038 | 952 | 1,110 | 1,092 | 832 |
| Corporate, other and eliminations | -17 | -17 | -16 | -20 | -28 |
| Global Workplace Solutions | 22,515 | 19,851 | 17,099 | 15,808 | |
| Total | 35,767 | 31,949 | 30,828 | 27,746 | 23,826 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advisory Services | 1,502 | 1,364 | 1,910 | 2,063 | 1,348 |
| Building Operations & Experience | 894 | ||||
| Project Management | 500 | ||||
| Real Estate Investments | 261 | 239 | 518 | 520 | 258 |
| Equity (loss) income from unconsolidated subsidiaries | 19 | ||||
| Other income | -39 | ||||
| Other segment adjustments | -480 | ||||
| Corporate, other and eliminations | -570 | -368 | |||
| Depreciation and Amortization | -674 | ||||
| Global Workplace Solutions | 1,006 | 899 | 708 | 575 | |
| Total | 1,413 | 2,241 | 3,327 | 3,291 | 2,181 |
Price Behavior
Price Behavior
| Market Price | $153.52 | |
| Market Cap ($ Bil) | 45.6 | |
| First Trading Date | 06/10/2004 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $141.53 | $154.15 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 8.5% | -0.4% |
| 3M | 1YR | |
| Volatility | 42.5% | 30.3% |
| Downside Capture | 0.63 | 0.46 |
| Upside Capture | 142.84 | 105.28 |
| Correlation (SPY) | 37.8% | 43.8% |
CBRE Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.82 | 1.33 | 1.47 | 1.02 | 0.92 | 1.03 |
| Up Beta | 2.43 | 0.46 | 0.88 | 0.96 | 0.74 | 0.90 |
| Down Beta | -0.07 | -0.21 | 0.69 | 0.60 | 0.97 | 0.97 |
| Up Capture | 80% | 174% | 189% | 105% | 100% | 155% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 18 | 28 | 58 | 132 | 390 |
| Down Capture | 118% | 210% | 191% | 130% | 109% | 103% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 24 | 35 | 67 | 118 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBRE | |
|---|---|---|---|---|
| CBRE | 33.0% | 30.4% | 0.96 | - |
| Sector ETF (XLRE) | 12.8% | 13.7% | 0.64 | 49.9% |
| Equity (SPY) | 26.7% | 12.5% | 1.77 | 45.3% |
| Gold (GLD) | 38.9% | 27.4% | 1.19 | 2.5% |
| Commodities (DBC) | 23.5% | 16.2% | 1.32 | -2.2% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 55.9% |
| Bitcoin (BTCUSD) | -12.8% | 42.6% | -0.21 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBRE | |
|---|---|---|---|---|
| CBRE | 13.4% | 30.0% | 0.45 | - |
| Sector ETF (XLRE) | 4.3% | 19.1% | 0.13 | 66.2% |
| Equity (SPY) | 10.5% | 17.1% | 0.48 | 63.0% |
| Gold (GLD) | 21.5% | 17.8% | 0.99 | 9.1% |
| Commodities (DBC) | 10.7% | 18.8% | 0.47 | 13.3% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 69.3% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 23.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBRE | |
|---|---|---|---|---|
| CBRE | 17.7% | 32.9% | 0.58 | - |
| Sector ETF (XLRE) | 6.6% | 20.4% | 0.28 | 63.8% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 66.4% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | -1.1% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 22.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 66.3% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | -8.8% | -0.2% | -10.5% |
| 10/23/2025 | 0.3% | -6.8% | -7.4% |
| 7/29/2025 | 7.8% | 6.5% | 11.5% |
| 4/24/2025 | 0.7% | 0.1% | -1.3% |
| 1/14/2025 | 5.1% | 11.6% | 14.6% |
| 10/24/2024 | 8.4% | 7.2% | 6.9% |
| 7/25/2024 | 9.3% | 14.7% | 14.8% |
| 5/3/2024 | -0.2% | 0.7% | -0.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 11 |
| # Negative | 8 | 8 | 11 |
| Median Positive | 5.1% | 5.8% | 11.5% |
| Median Negative | -2.8% | -4.7% | -6.2% |
| Max Positive | 16.8% | 18.4% | 41.6% |
| Max Negative | -8.8% | -8.7% | -19.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core EPS | 7.3 | 7.45 | 7.6 | 18.2% | Higher New | Actual: 6.3 for 2025 | |
| 2026 Core EPS Growth | 17.0% | ||||||
Prior: Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Core EPS | 6.25 | 6.3 | 6.35 | 2.4% | Raised | Guidance: 6.15 for 2025 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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