CBRE (CBRE)
Market Price (3/7/2026): $136.31 | Market Cap: $40.5 BilSector: Real Estate | Industry: Real Estate Services
CBRE (CBRE)
Market Price (3/7/2026): $136.31Market Cap: $40.5 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% | Weak multi-year price returns3Y Excs Rtn is -8.4% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| Low stock price volatilityVol 12M is 33% | Key risksCBRE key risks include [1] significant exposure to foreign currency fluctuations and geopolitical instability, Show more. | |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -8.4% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x |
| 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 15% since 11/30/2025 because of the following key factors:
1. Disappointing Q4 2025 Operating Margin and Slight Revenue Miss.
Despite reporting Q4 2025 earnings per share (EPS) of $2.73, which beat analyst estimates, CBRE's operating margin for the quarter significantly declined to 1.9% from 5.7% in the same period last year. Additionally, the company's revenue of $11.63 billion slightly missed analyst estimates of $11.66 billion. This combination of margin contraction and a minor revenue shortfall likely contributed to negative investor sentiment.
2. Unsatisfied Investor Expectations and Modestly Missed 2026 Guidance.
Despite beating EPS expectations, the market's reaction to CBRE's Q4 2025 performance was "distinctly negative," as investors' appetite for more aggressive upside was not satisfied. Furthermore, the adjusted EPS guidance for the upcoming fiscal year 2026, set at $7.45 at the midpoint, missed analyst estimates by a slight 0.6%. This guidance, perceived as falling short of heightened expectations, likely fueled the stock's decline.
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1. Disappointing Q4 2025 Operating Margin and Slight Revenue Miss.
Despite reporting Q4 2025 earnings per share (EPS) of $2.73, which beat analyst estimates, CBRE's operating margin for the quarter significantly declined to 1.9% from 5.7% in the same period last year. Additionally, the company's revenue of $11.63 billion slightly missed analyst estimates of $11.66 billion. This combination of margin contraction and a minor revenue shortfall likely contributed to negative investor sentiment.
2. Unsatisfied Investor Expectations and Modestly Missed 2026 Guidance.
Despite beating EPS expectations, the market's reaction to CBRE's Q4 2025 performance was "distinctly negative," as investors' appetite for more aggressive upside was not satisfied. Furthermore, the adjusted EPS guidance for the upcoming fiscal year 2026, set at $7.45 at the midpoint, missed analyst estimates by a slight 0.6%. This guidance, perceived as falling short of heightened expectations, likely fueled the stock's decline.
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Stock Movement Drivers
Fundamental Drivers
The -15.4% change in CBRE stock from 11/30/2025 to 3/6/2026 was primarily driven by a -10.5% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 161.83 | 136.83 | -15.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39,326 | 40,551 | 3.1% |
| Net Income Margin (%) | 3.1% | 2.9% | -8.6% |
| P/E Multiple | 39.2 | 35.1 | -10.5% |
| Shares Outstanding (Mil) | 298 | 297 | 0.2% |
| Cumulative Contribution | -15.4% |
Market Drivers
11/30/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| CBRE | -15.4% | |
| Market (SPY) | -1.6% | 46.2% |
| Sector (XLRE) | 2.9% | 18.7% |
Fundamental Drivers
The -15.6% change in CBRE stock from 8/31/2025 to 3/6/2026 was primarily driven by a -20.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 162.12 | 136.83 | -15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38,104 | 40,551 | 6.4% |
| Net Income Margin (%) | 2.9% | 2.9% | -0.3% |
| P/E Multiple | 44.3 | 35.1 | -20.8% |
| Shares Outstanding (Mil) | 298 | 297 | 0.4% |
| Cumulative Contribution | -15.6% |
Market Drivers
8/31/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| CBRE | -15.6% | |
| Market (SPY) | 4.5% | 38.3% |
| Sector (XLRE) | 2.1% | 37.0% |
Fundamental Drivers
The -3.6% change in CBRE stock from 2/28/2025 to 3/6/2026 was primarily driven by a -21.4% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.94 | 136.83 | -3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,766 | 40,551 | 13.4% |
| Net Income Margin (%) | 2.7% | 2.9% | 5.4% |
| P/E Multiple | 44.7 | 35.1 | -21.4% |
| Shares Outstanding (Mil) | 305 | 297 | 2.6% |
| Cumulative Contribution | -3.6% |
Market Drivers
2/28/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| CBRE | -3.6% | |
| Market (SPY) | 14.2% | 56.7% |
| Sector (XLRE) | 1.7% | 59.4% |
Fundamental Drivers
The 60.7% change in CBRE stock from 2/28/2023 to 3/6/2026 was primarily driven by a 84.7% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.14 | 136.83 | 60.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,828 | 40,551 | 31.5% |
| Net Income Margin (%) | 4.6% | 2.9% | -37.5% |
| P/E Multiple | 19.0 | 35.1 | 84.7% |
| Shares Outstanding (Mil) | 314 | 297 | 5.8% |
| Cumulative Contribution | 60.7% |
Market Drivers
2/28/2023 to 3/6/2026| Return | Correlation | |
|---|---|---|
| CBRE | 60.7% | |
| Market (SPY) | 76.0% | 53.5% |
| Sector (XLRE) | 23.2% | 63.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBRE Return | 73% | -29% | 21% | 41% | 22% | -12% | 125% |
| Peers Return | 79% | -42% | 22% | 14% | 15% | -13% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| CBRE Win Rate | 67% | 25% | 58% | 75% | 50% | 33% | |
| Peers Win Rate | 67% | 35% | 52% | 55% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CBRE Max Drawdown | -5% | -38% | -15% | -10% | -13% | -15% | |
| Peers Max Drawdown | -6% | -48% | -26% | -17% | -26% | -18% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 3/6/2026 (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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Here are 1-3 brief analogies to describe CBRE:
Goldman Sachs for commercial real estate
Accenture for commercial real estate services
PwC for commercial real estate
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- Advisory Services: Comprehensive brokerage and consulting services for commercial real estate sales, leasing, capital markets, and valuation.
- Global Workplace Solutions (GWS): Integrated facilities management and corporate real estate services, helping large occupiers optimize their real estate portfolios and operations.
- Real Estate Investments (CBRE Investment Management): Investment management services for institutional clients, focusing on a range of real estate and infrastructure strategies.
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CBRE Group, Inc. (symbol: CBRE) primarily sells its services to other companies, institutions, and government entities rather than directly to individuals. Due to the highly diversified nature of its global client base, CBRE does not have a small number of "major customers" that individually account for a significant portion of its revenue. Its annual financial filings (e.g., 10-K reports) consistently state that no single client accounted for 10% or more of its consolidated revenues in recent years. Instead, CBRE serves a vast array of clients across virtually all industries. Its major customers, in terms of categories of entities, include:- Large Corporations and Multinational Enterprises: These clients span various sectors such as technology, finance, healthcare, manufacturing, retail, and professional services. They engage CBRE for comprehensive real estate solutions, including facilities management, project management, transaction services (leasing and sales), and strategic consulting for their extensive global property portfolios. While specific names are not disclosed as major customers due to client confidentiality and the highly diversified nature of CBRE's client base, this category includes many well-known public companies globally.
- Institutional Real Estate Investors: This category encompasses pension funds, sovereign wealth funds, private equity firms, asset managers, and Real Estate Investment Trusts (REITs). These clients utilize CBRE's expertise for investment sales, debt and structured finance, property management, valuation, and advisory services related to their commercial real estate portfolios. Many REITs and large asset management firms are public companies.
- Real Estate Developers: Companies involved in the development of new commercial properties (office, industrial, retail, multi-family, data centers) leverage CBRE's services for project management, property marketing, leasing, and sales of their developed assets.
- Public Sector and Non-Profit Organizations: This group includes various government agencies, educational institutions, and healthcare systems that manage substantial real estate holdings and require facilities management, property management, and strategic advisory services.
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```htmlRobert E. Sulentic, Chair & Chief Executive Officer
Mr. Sulentic began his real estate career in 1984 with Trammell Crow Company, serving in various leadership positions including CFO, and President and CEO. He became Chairman of the Board of Trammell Crow Company in April 2002. He served in these roles when Trammell Crow Company merged with CBRE in late 2006. At CBRE, he served as President and CFO in 2009 during the global financial crisis. He has been President & Chief Executive Officer of CBRE since December 2012, and assumed additional responsibilities as Board Chair in November 2023. Mr. Sulentic 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 founded and chairs a private foundation that supports various charitable endeavors.
Emma Giamartino, Chief Financial Officer
Ms. Giamartino joined CBRE in February 2018 to lead M&A activities in the Americas. She served as Chief Investment Officer and Global Head of Corporate Development before becoming Chief Financial Officer in July 2021. Prior to joining CBRE, she was 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 investment banking group, holding positions including Vice President. She also serves on the Board of Directors of Industrious, a leading provider of flexible workplace solutions, in which CBRE is the largest shareholder.
Chad Doellinger, Chief Legal & Administrative Officer, Corporate Secretary
Mr. Doellinger has served as CBRE's Chief Legal & Administrative Officer since January 2025. Prior to this role, he served as the company's General Counsel and Chief Transformation Officer. Before joining CBRE in 2020, Mr. Doellinger was a partner at Greenberg Traurig and led complex litigation at Walmart.
Vikram Kohli, Chief Operating Officer, CBRE and Chief Executive Officer, Advisory Services
Mr. Kohli has been the Chief Operating Officer of CBRE since 2023. As CEO, Advisory Services, he oversees a business segment that includes leasing, capital markets (sales and debt & structured finance), and valuation services globally. Earlier in his more than two-decade career at CBRE, Mr. Kohli held various senior global roles, including CEO, CBRE Platform and Global Group President, Business Intelligence. He joined the company in 2001.
Daniel Queenan, Chief Executive Officer, Trammell Crow Company
Mr. Queenan has been the Chief Executive Officer of the Real Estate Investment segment at CBRE since 2022. Prior to this, he served as the Chief Executive Officer of Advisory Services and President of CBRE Global Investors. Mr. Queenan also held various roles at Trammell Crow Co., including Chief Executive Officer, Chief Operating Officer, and Chief Executive Officer of Asia Pacific.
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The key risks to CBRE's business primarily stem from its deep entanglement with global economic conditions and the evolving landscape of the commercial real estate sector.
- Market Volatility and Economic Uncertainty: CBRE is significantly exposed to fluctuations in the commercial real estate market, driven by broader economic conditions. Factors such as interest rate hikes, inflation, and economic downturns can lead to decreased property values and a reduction in real estate transaction volumes. For example, the U.S. commercial real estate transaction volume saw a 30% decrease year-over-year in Q4 2023, reflecting market caution, and CBRE reported a 15% decrease in revenue year-over-year in Q1 2024 due to this slowdown. The structural distress in the traditional office sector also poses a significant threat to CBRE's transactional business.
- Foreign Currency Fluctuations and Geopolitical Risks: A substantial portion of CBRE's revenue is generated outside the United States; approximately 44% of its revenues came from international operations in 2024. This global presence exposes the company to risks associated with exchange rate volatility, particularly if the US dollar strengthens significantly against other currencies, which can erode reported results. Furthermore, operating internationally subjects CBRE to complex legal, geopolitical, and regulatory environments, including political and cultural risks in emerging markets, which could harm its operations and reputation.
- Transition-related Climate Risk: The commercial real estate industry faces increasing risks from the global shift towards a low-carbon economy. This "transition risk" encompasses impacts from new policies, regulations, technological advancements, and reputational considerations aimed at combating climate change. Properties that do not align with decarbonization pathways, as measured by tools like the Carbon Risk Real Estate Monitor (CRREM), risk becoming "stranded assets" and could experience a decline in value, referred to as a "brown discount." As a leading firm in the industry, CBRE is exposed to these systemic risks affecting property owners and occupiers.
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The persistent and potentially deepening impact of hybrid and remote work models on the demand for traditional office space poses a clear emerging threat to CBRE. This trend directly erodes a core revenue stream for the company, which derives a significant portion of its income from office leasing, sales, and property management. While CBRE has adapted by offering services for optimizing flexible workspaces, the underlying market contraction for traditional office footprints remains a significant and evolving challenge, with long-term implications for commercial real estate asset values and transaction volumes.
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The addressable markets for CBRE's main products and services are as follows:
- Global Workplace Solutions: The global occupier outsourcing market, which aligns with CBRE's Global Workplace Solutions segment, is estimated to be more than $350 billion and is growing at an annual rate of 10%.
- Advisory Services: The global real estate consulting service market, which encompasses advisory services, was valued at approximately USD 75.4 billion in 2023 and is projected to reach USD 125.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.7%.
- Real Estate Investments: Null
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CBRE (symbol: CBRE) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Expansion in Digital and Power Infrastructure Services: CBRE's acquisition of Pearce Services is a significant driver, projected to generate over $660 million in revenue and more than $90 million in EBITDA for Pearce in 2026. This acquisition expands CBRE's capabilities in critical power and cooling systems, renewable energy generation and storage, wireless and fiber networks, and electric vehicle charging networks, with CBRE anticipating more than $350 million of Core EBITDA from digital and power infrastructure services in 2026.
- Continued Growth in Data Center Services: Data center services have been a standout performer, with revenue increasing by 40% in Q3 2025 and contributing approximately 10% to overall EBITDA. Management projects a growing earnings contribution from this segment, highlighting its significance for current and future performance. CBRE's data center leasing revenue more than doubled year-over-year in Q3 2025.
- Resilient Performance in Global Leasing and Transactional Businesses: The company has demonstrated strong performance in its global leasing, particularly in the U.S. and key international markets such as Japan and India. Global leasing revenue rose 17% in Q3 2025, with U.S. industrial leasing up 27%. Property sales revenue also grew 28% in Q3 2025, with strong contributions from various sectors and regions. CBRE's resilient businesses, including facilities management and project management, saw a 14% revenue increase in Q3 2025, while transactional businesses revenue grew 13%. The recovery in the transaction market is viewed as being in its early stages and is expected to be steady, supported by pent-up demand.
- Strategic Acquisitions and Investments: Beyond Pearce Services, CBRE continues to make strategic acquisitions to enhance its service offerings and fortify its position in key segments, such as the full acquisition of Industrious in the flexible workspace arena. These investments contribute to overall revenue growth and market share gains.
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Share Repurchases
- In November 2024, CBRE's Board of Directors authorized an additional $5 billion for share repurchases, increasing the total authorization to $9 billion, with approximately $1.4 billion remaining from the previous authorization as of September 30, 2024.
- Since 2021, CBRE has repurchased 36 million shares for approximately $3 billion, at a weighted average price of about $83.50 per share.
- In 2022, the company repurchased approximately $1.9 billion worth of shares.
Share Issuance
- CBRE's Class A common stock outstanding decreased from 304,889,140 shares at December 31, 2023, to 302,052,229 shares at December 31, 2024, indicating a net reduction in shares outstanding.
- As of December 31, 2024, and 2023, no shares of preferred stock had been issued.
Outbound Investments
- In 2021, CBRE acquired a 60% ownership interest in Turner & Townsend Holdings Limited for approximately $1.27 billion.
- In February 2024, CBRE acquired J&J Worldwide Services for $800 million in cash.
- In January 2025, CBRE acquired the remaining equity stake in Industrious for approximately $400 million, following prior investments since late 2020.
Capital Expenditures
- CBRE reported capital expenditures of $93 million in the fourth quarter of 2024 and $94 million in the fourth quarter of 2023.
- The company's capital allocation includes investments to enhance capabilities, augment growth profiles, and expand its total addressable market.
- A focus of capital expenditures includes digital infrastructure and AI-related investments, as well as retrofitting assets for sustainability.
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 |
Trade Ideas
Select ideas related to CBRE.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02202026 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.2% | -0.2% | -1.5% |
| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.7% | 11.7% | -7.3% |
| 11302025 | OHI | Omega Healthcare Investors | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 6.7% | 6.7% | -6.0% |
| 10312025 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.8% | 11.8% | -2.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 71.35 |
| Mkt Cap | 4.4 |
| 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 | 5.4% |
| Rev Chg Q | 11.3% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | 3.8% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 4.2% |
| CFO/Rev 3Y Avg | 3.4% |
| FCF/Rev LTM | 3.3% |
| FCF/Rev 3Y Avg | 2.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.4 |
| P/S | 0.9 |
| P/EBIT | 13.7 |
| P/E | 28.8 |
| P/CFO | 13.7 |
| Total Yield | 2.9% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.3% |
| 3M Rtn | -16.5% |
| 6M Rtn | -20.9% |
| 12M Rtn | 4.2% |
| 3Y Rtn | 34.3% |
| 1M Excs Rtn | -11.2% |
| 3M Excs Rtn | -16.0% |
| 6M Excs Rtn | -22.7% |
| 12M Excs Rtn | -16.2% |
| 3Y Excs Rtn | -38.2% |
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 | $136.83 | |
| Market Cap ($ Bil) | 40.6 | |
| First Trading Date | 06/10/2004 | |
| Distance from 52W High | -20.3% | |
| 50 Days | 200 Days | |
| DMA Price | $159.44 | $152.95 |
| DMA Trend | up | down |
| Distance from DMA | -14.2% | -10.5% |
| 3M | 1YR | |
| Volatility | 42.6% | 32.8% |
| Downside Capture | 248.62 | 118.79 |
| Upside Capture | 177.06 | 100.61 |
| Correlation (SPY) | 44.3% | 56.2% |
CBRE Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.03 | 1.99 | 1.82 | 1.09 | 0.97 | 1.05 |
| Up Beta | -0.29 | 0.61 | 0.74 | 0.97 | 0.77 | 0.91 |
| Down Beta | 1.00 | 1.60 | 1.45 | 0.77 | 1.08 | 1.03 |
| Up Capture | 244% | 232% | 215% | 102% | 106% | 151% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 19 | 28 | 59 | 131 | 391 |
| Down Capture | 345% | 273% | 234% | 142% | 111% | 105% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 22 | 33 | 64 | 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 | -3.9% | 33.4% | -0.08 | - |
| Sector ETF (XLRE) | 1.1% | 16.5% | -0.11 | 59.6% |
| Equity (SPY) | 16.4% | 19.2% | 0.66 | 56.6% |
| Gold (GLD) | 77.1% | 26.1% | 2.17 | 2.9% |
| Commodities (DBC) | 19.6% | 17.1% | 0.89 | 15.5% |
| Real Estate (VNQ) | 3.1% | 16.6% | 0.01 | 63.4% |
| Bitcoin (BTCUSD) | -21.4% | 45.5% | -0.39 | 21.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBRE | |
|---|---|---|---|---|
| CBRE | 12.0% | 30.1% | 0.41 | - |
| Sector ETF (XLRE) | 6.1% | 19.0% | 0.22 | 65.8% |
| Equity (SPY) | 13.0% | 17.0% | 0.60 | 62.6% |
| Gold (GLD) | 24.2% | 17.2% | 1.14 | 8.7% |
| Commodities (DBC) | 11.9% | 19.0% | 0.51 | 13.1% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 68.9% |
| Bitcoin (BTCUSD) | 7.5% | 56.8% | 0.35 | 22.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBRE | |
|---|---|---|---|---|
| CBRE | 18.0% | 33.1% | 0.58 | - |
| Sector ETF (XLRE) | 7.4% | 20.4% | 0.32 | 63.5% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 66.5% |
| Gold (GLD) | 15.1% | 15.6% | 0.80 | -1.7% |
| Commodities (DBC) | 9.0% | 17.6% | 0.43 | 23.2% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.26 | 66.2% |
| Bitcoin (BTCUSD) | 66.7% | 66.8% | 1.06 | 13.9% |
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% | |
| 10/23/2025 | 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 | 10 |
| Median Positive | 5.1% | 5.8% | 11.5% |
| Median Negative | -2.8% | -4.7% | -5.8% |
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kohli, Vikramaditya | COO & CEO, Advisory Services | Direct | Sell | 11122025 | 152.41 | 1,000 | 152,410 | 16,837,190 | Form |
| 2 | Giamartino, Emma E | Chief Financial Officer | Direct | Sell | 8152025 | 157.60 | 2,000 | 315,200 | 16,291,270 | Form |
| 3 | Kohli, Vikramaditya | COO & CEO, Advisory Services | Direct | Sell | 8132025 | 154.90 | 1,000 | 154,900 | 17,267,168 | Form |
| 4 | Caplan, Lindsey S | Chief Accounting Officer | Direct | Sell | 7312025 | 155.37 | 1,000 | 155,370 | 2,972,383 | Form |
| 5 | Caplan, Lindsey S | Chief Accounting Officer | Spouse | Sell | 7312025 | 155.37 | 1,494 | 232,123 | 4,151,020 | Form |
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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