Cushman & Wakefield (CWK)

Market Price (10/9/2026): $11.835 | Market Cap: $2.8 BilSector: Real Estate | Industry: Real Estate Services

Cushman & Wakefield (CWK)

Market Price (10/9/2026): $11.835
Market Cap: $2.8 Bil
Sector: Real Estate
Industry: Real Estate Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
FCF Yield is 9.0%

Low stock price volatility
Vol 12M is 44%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more.

Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -11%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 91%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%

Key risks
CWK key risks include [1] a significant debt burden and indicators of financial distress, Show more.

0	Attractive yield FCF Yield is 9.0%
1	Low stock price volatility Vol 12M is 44%
2	Megatrend and thematic drivers Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Building Management Systems, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -47%, 3Y Excs Rtn is -11%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 91%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%
6	Key risks CWK key risks include [1] a significant debt burden and indicators of financial distress, Show more.

CWK in ETFs

Weight = CWK's share of each fund

VTI0.00%

ITOT0.00%

IWM0.09%

IJR0.16%

VB0.04%

VIOV0.34%

SLYV0.31%

IJS0.28%

+11 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	10/9/26	2025	2024	2023	2022
Share Price			$11.84	$16.19	$13.08	$10.80	$12.46
Mkt Cap ($ Bil)			2.8	3.7	3.0	2.5	2.8
+ Debt ($ Bil)			3.0	3.1	3.4	3.5	3.6
- Cash ($ Bil)			0.5	0.6	0.8	0.6	0.4
TEV ($ Bil)			5.3	6.8	6.4	6.0	6.4
Valuation Ratios
P/S	0.2	0.2	0.2	0.4	0.3	0.3	0.3
P/EBIT	3.6	4.0	8.1	7.6	8.8	9.4	4.4
P/E	6.8	8.0	38.8	16.8	34.0	-32.5	9.0
P/FCF	—	—	10.8	22.8	12.1	16.1	73.6
Sector Ratios (* = sector average)
P/S *			4.1	4.4	4.7	4.3	4.6
P/EBIT *			12.0	13.6	14.0	13.0	13.2
P/E *			17.5	19.9	21.5	20.6	19.2
P/FCF *			11.9	12.5	14.1	11.7	12.1

FYE: 12/31	Forward FYE		Now
	2027	2026	10/9/26
Share Price			$11.84
Mkt Cap ($ Bil)			2.8
+ Debt ($ Bil)			3.0
- Cash ($ Bil)			0.5
TEV ($ Bil)			5.3
Valuation Ratios
P/S	0.2	0.2	0.2
P/EBIT	3.6	4.0	8.1
P/E	6.8	8.0	38.8
P/FCF	—	—	10.8
Sector Ratios (* = sector average)
P/S *			4.1
P/EBIT *			12.0
P/E *			17.5
P/FCF *			11.9

FYE: 12/31	CWK [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$10.8 Bil	—
FY 2026 Sales	$11.2 Bil	—
FY 2027 Sales	$11.9 Bil	—
FY 2026 Sales Growth	3.1%	—
FY 2027 Sales Growth	6.5%	13.1%
EARNINGS
LTM Net Income (GAAP) [3]	$69.1 Mil	—
FY 2026 Net Income (Non-GAAP)	$347.2 Mil	—
FY 2027 Net Income (Non-GAAP)	$409.3 Mil	—
FY 2027 Net Income Growth	17.9%	18.8%
FY 2026 EPS (Non-GAAP)	$1.47	—
FY 2027 EPS (Non-GAAP)	$1.72	—
FY 2027 EPS Growth	17.4%	—
VALUATION
FY 2026 P/S	0.2	1.7
FY 2027 P/S	0.2	—
FY 2026 P/E	8.0	7.8
FY 2027 P/E	6.8	—

[1] CWK forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	CWK	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	10.8
Rev Chg Q	11.2%	9.3%
Rev Chg LTM	11.0%	8.3%
Rev Chg 3Y Avg	3.5%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.5
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	4.4%	18.5%
CFO/Rev LTM	2.8%	21.9%
Net Inc Mgn	0.6%	13.2%
VALUATION	HIGH
P/S	0.3	3.0
P/CFO	9.1	14.4
P/FCF	11.1	18.6
P/E	40.1	21.5

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Metric	Value	Date	Source
Employees	52000	11042025	Link
Number of Offices	400	10302025	Link
Countries of Operation	60	10302025	Link
Commercial Space Managed (Square Feet)	5100000000	12312023	Link
Global Occupier Services Client Retention Rate	96%	10292025	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Cushman & Wakefield (CWK) stock has lost about 10% since 6/30/2026 because of the following key factors:

1. Macroeconomic Headwinds from Federal Reserve Interest Rate Hike. The Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%-4.00% in September 2026, marking its first rate hike in over three years, in response to persistent inflation that reached 3.4% annually in July 2026. This increase in borrowing costs negatively impacts the commercial real estate sector by making property acquisitions more expensive and potentially reducing overall investment and transaction volumes, which directly affects Cushman & Wakefield's business.

2. Weakness in Capital Markets and Specific Real Estate Sectors. Despite strong overall revenue and leasing growth, Cushman & Wakefield reported a 1% decrease in capital markets revenue in fiscal Q2 2026, primarily driven by a 6% decline in the Americas. This decline was most notably seen in mid-sized multi-family transactions, indicating a challenging environment for property sales and investment activity in a key service line for the company.

3. Muted Market Reaction to Mixed Fiscal Q2 2026 Earnings. Cushman & Wakefield announced strong fiscal Q2 2026 results on August 5, 2026, with revenue increasing 11% to $2.8 billion and adjusted diluted earnings per share (EPS) rising 17% to $0.35, both meeting or exceeding analyst estimates. The company also raised its full-year 2026 adjusted EPS guidance to 18%-23% growth. However, the reported net income decreased 8% to $52.7 million and diluted EPS fell 8% year-over-year. Despite the positive adjusted metrics and raised guidance, the stock traded down 1.42% on the day of the announcement, suggesting investor focus on the decline in reported net income and capital markets revenue amidst broader market concerns.

4. Rising Construction Costs Creating Potential Headwinds. Reports from Cushman & Wakefield in September 2026 highlighted increasing construction cost pressures, including a 21% rise in per-megawatt data center construction costs. The reports also noted a shift in overall U.S. construction cost pressures from labor to materials due to surging metals prices, which could impact the profitability and feasibility of real estate development and project management services for the company's clients.

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Stock Movement Drivers

Fundamental Drivers

The -11.7% change in CWK stock from 6/30/2026 to 10/8/2026 was primarily driven by a -8.7% change in the company's Net Income Margin (%).

(LTM values as of)	6302026	10082026	Change
Stock Price ($)	13.39	11.83	-11.7%
Change Contribution By:
Total Revenues ($ Mil)	10,539	10,818	2.6%
Net Income Margin (%)	0.7%	0.6%	-8.7%
P/E Multiple	42.3	40.1	-5.1%
Shares Outstanding (Mil)	233	234	-0.7%
Cumulative Contribution			-11.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/8/2026

	Return	Correlation
CWK	-11.7%
Market (SPY)	3.6%	37.4%
Sector (XLRE)	-7.2%	49.8%

Fundamental Drivers

The -3.5% change in CWK stock from 3/31/2026 to 10/8/2026 was primarily driven by a -25.5% change in the company's Net Income Margin (%).

(LTM values as of)	3312026	10082026	Change
Stock Price ($)	12.26	11.83	-3.5%
Change Contribution By:
Total Revenues ($ Mil)	10,288	10,818	5.2%
Net Income Margin (%)	0.9%	0.6%	-25.5%
P/E Multiple	32.2	40.1	24.7%
Shares Outstanding (Mil)	232	234	-1.2%
Cumulative Contribution			-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/8/2026

	Return	Correlation
CWK	-3.5%
Market (SPY)	19.3%	35.8%
Sector (XLRE)	0.9%	53.3%

Fundamental Drivers

The -25.7% change in CWK stock from 9/30/2025 to 10/8/2026 was primarily driven by a -69.8% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	10082026	Change
Stock Price ($)	15.92	11.83	-25.7%
Change Contribution By:
Total Revenues ($ Mil)	9,742	10,818	11.0%
Net Income Margin (%)	2.1%	0.6%	-69.8%
P/E Multiple	17.9	40.1	124.2%
Shares Outstanding (Mil)	231	234	-1.3%
Cumulative Contribution			-25.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/8/2026

	Return	Correlation
CWK	-25.7%
Market (SPY)	17.1%	43.6%
Sector (XLRE)	-0.5%	43.1%

Fundamental Drivers

The 55.2% change in CWK stock from 9/30/2023 to 10/8/2026 was primarily driven by a 45.4% change in the company's P/S Multiple.

(LTM values as of)	9302023	10082026	Change
Stock Price ($)	7.62	11.83	55.2%
Change Contribution By:
Total Revenues ($ Mil)	9,817	10,818	10.2%
P/S Multiple	0.2	0.3	45.4%
Shares Outstanding (Mil)	227	234	-3.1%
Cumulative Contribution			55.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/8/2026

	Return	Correlation
CWK	55.2%
Market (SPY)	87.3%	49.2%
Sector (XLRE)	31.8%	57.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CWK Return	50%	-44%	-13%	21%	24%	-29%	-23%
Peers Return	83%	-39%	29%	18%	15%	-20%	57%
S&P 500 Return	27%	-19%	24%	23%	16%	14%	108%
Monthly Win Rates [3]
CWK Win Rate	58%	42%	42%	42%	58%	50%
Peers Win Rate	68%	32%	55%	62%	53%	42%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CWK Max Drawdown	-17%	-55%	-57%	-21%	-43%	-34%
Peers Max Drawdown	-14%	-47%	-32%	-19%	-28%	-28%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBRE, JLL, CIGI, NMRK, MMI.
[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 10/8/2026 (YTD)

Event	CWK	S&P 500
2025 US Tariff Shock
% Loss	-39.3%	-18.8%
% Gain to Breakeven	64.8%	23.1%
Time to Breakeven	106 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-35.3%	-9.5%
% Gain to Breakeven	54.5%	10.5%
Time to Breakeven	50 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-49.9%	-6.7%
% Gain to Breakeven	99.7%	7.1%
Time to Breakeven	539 days	31 days
2020 COVID-19 Crash
% Loss	-58.0%	-33.7%
% Gain to Breakeven	138.4%	50.9%
Time to Breakeven	440 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-17.9%	-19.2%
% Gain to Breakeven	21.8%	23.8%
Time to Breakeven	24 days	105 days

Compare to CBRE, JLL, CIGI, NMRK, MMI

In The Past

Cushman & Wakefield's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	CWK	S&P 500
2025 US Tariff Shock
% Loss	-39.3%	-18.8%
% Gain to Breakeven	64.8%	23.1%
Time to Breakeven	106 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-35.3%	-9.5%
% Gain to Breakeven	54.5%	10.5%
Time to Breakeven	50 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-49.9%	-6.7%
% Gain to Breakeven	99.7%	7.1%
Time to Breakeven	539 days	31 days
2020 COVID-19 Crash
% Loss	-58.0%	-33.7%
% Gain to Breakeven	138.4%	50.9%
Time to Breakeven	440 days	140 days

Compare to CBRE, JLL, CIGI, NMRK, MMI

In The Past

Cushman & Wakefield's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cushman & Wakefield (CWK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Cushman & Wakefield plc (CWK) is a global leader in commercial real estate services, operating across the Americas, Europe, Middle East, Africa, and Asia Pacific. The company provides a comprehensive suite of services designed to support the entire lifecycle of commercial properties, from managing daily operations to facilitating complex transactions.

Its core offerings include integrated facilities management, covering everything from strategic consulting and transaction management to self-performed janitorial and maintenance services. CWK also provides extensive property management, encompassing client accounting, engineering, and sustainability services. Furthermore, the company specializes in both owner and tenant representation leasing, helping clients navigate property acquisition and disposal.

Beyond management and leasing, Cushman & Wakefield offers crucial capital market services, including investment sales and various forms of debt and equity financing for real estate transactions. It also delivers robust advisory and valuation services, such as appraisal management, investment and portfolio advisory, and dispute analysis, serving a diverse client base of real estate owners, occupiers, tenants, investors, and multinational corporations globally.

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Here are 1-3 brief analogies for Cushman & Wakefield (CWK):

Think of it as the Accenture or Deloitte for commercial real estate.
It's like a global RE/MAX or Coldwell Banker, but exclusively for commercial properties and large corporate clients.
You could also see them as a specialized investment bank and advisory firm, focused solely on commercial real estate financing and transactions.

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Property Management: Provides comprehensive oversight of real estate assets, including financial, operational, and sustainability services.
Facilities Management & Services: Delivers integrated management and self-performed operational services such as janitorial, maintenance, and critical environment management for properties.
Leasing Services (Owner & Tenant Representation): Represents property owners and tenants in commercial real estate leasing negotiations and transactions.
Capital Markets Services: Facilitates real estate investment sales, equity, and debt financing solutions for clients.
Valuation & Advisory Services: Offers expert appraisals, valuations, and strategic advice for real estate debt, equity, and investment decisions.
Strategic Consulting: Provides expert guidance on broad real estate strategies and portfolio optimization for owners and occupiers.
Project & Development Services: Manages real estate development projects from planning and design through to completion.
Transaction Management: Coordinates the overall processes for real estate acquisitions, dispositions, and leasing for clients.
Portfolio Administration: Handles the administrative tasks and reporting associated with managing large real estate portfolios.

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Cushman & Wakefield (CWK) primarily sells its services to other companies rather than individuals. While the company serves a broad range of corporate clients globally, specific major customer company names are not disclosed in the provided information. However, its major customers can be categorized as follows:

Real Estate Owners: These include institutional investors, property development companies, and other entities that own commercial real estate assets.
Real Estate Occupiers / Tenants: This category encompasses businesses, including multi-national corporations, that lease and utilize commercial properties for their operations.
Real Estate Investors: These are companies and funds involved in real estate purchase and sales transactions, as well as those seeking equity, debt, and structured financing solutions for their real estate investments.

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CoStar Group (CSGP)

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Michelle MacKay, Chief Executive Officer

Michelle MacKay was appointed Chief Executive Officer in July 2023, having previously served as President and Chief Operating Officer, and initially joining Cushman & Wakefield's Board of Directors in 2018. Before her tenure at Cushman & Wakefield, she served as Executive Vice President, Investments & Head of Capital Markets at iStar, Inc., a real estate investment trust (REIT). Her career also includes leadership roles at UBS as Executive Director, Commercial Real Estate; J.P. Morgan as Vice President, Fixed Income; and The Hartford Financial Services Group, Inc. (HIMCO) as Assistant Vice President, Real Estate and Fixed Income. Ms. MacKay is recognized for her ability to unlock value for real estate assets and companies and has served on three public company boards.

Neil Johnston, Global Chief Financial Officer

Neil Johnston joined Cushman & Wakefield as Executive Vice President and Chief Financial Officer in February 2021. With over 30 years of finance experience, he previously served as EVP and CFO of Presidio, an IT solutions provider. Prior to Presidio, Mr. Johnston spent two decades in various finance leadership positions at Cox Enterprises, a privately held global conglomerate, including EVP and CFO of Cox Automotive and EVP of Strategy and Digital Innovation of Cox Media Group (CMG), where he also served as CFO. His earlier career involved roles at Coca-Cola Enterprises and Deloitte.

Andrew McDonald, Global President & Chief Operating Officer

Andrew McDonald serves as Global President and Chief Operating Officer, responsible for overseeing all commercial service lines, geographic regions, and global Marketing, Communications & Research functions. He has held several senior leadership positions at Cushman & Wakefield, including President for the Americas and Asia Pacific regions, and Chief Executive Officer of the Americas region. Mr. McDonald began his professional career at ASIMCO, a Beijing-based private equity firm that was acquired by Bain Capital. In 1999, he joined Cushman Realty Corporation, which subsequently merged with Cushman & Wakefield in 2001.

Noelle Perkins, Executive Vice President, Chief Legal Officer & Corporate Secretary

Noelle Perkins holds the position of Executive Vice President, Chief Legal Officer & Corporate Secretary for Cushman & Wakefield.

Nathaniel Robinson, Executive Vice President, Chief Investment & Strategy Officer

Nathaniel Robinson is the Executive Vice President, Chief Investment & Strategy Officer at Cushman & Wakefield.

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Key Risks to Cushman & Wakefield (CWK)
Cushman & Wakefield (CWK) faces several key risks inherent to its operations in the commercial real estate (CRE) services industry. The most significant risks include the cyclical nature of the commercial real estate market, the company's notable indebtedness, and the highly competitive industry coupled with structural changes in real estate utilization.

1. Cyclical Nature of the Commercial Real Estate Market and Macroeconomic Conditions
Cushman & Wakefield's business performance is highly sensitive to the cyclical nature of the commercial real estate market and broader macroeconomic conditions. Economic downturns, fluctuations in interest rates, inflation, and geopolitical risks can significantly impact demand for real estate services, investment sales, leasing activity, and overall transaction volumes, thereby directly affecting the company's revenue and profitability. For instance, the company's 2025 outlook noted that despite a shift "from resilience to optimism," risks remain on both sides of the economic outlook.

2. Substantial Indebtedness
The company carries a notable amount of debt, which limits its financial flexibility and increases its vulnerability to economic downturns. Cushman & Wakefield's debt-to-equity ratio has been identified as high compared to the broader industry average, and its Altman Z-Score has placed it in the "distress zone," indicating a statistical risk of bankruptcy within two years. Although the company has been actively working on debt reduction, with significant prepayments made in 2025, the level of debt remains a primary financial risk.

3. Highly Competitive Industry and Structural Changes in Real Estate Utilization
Cushman & Wakefield operates within a fiercely competitive global commercial real estate services industry, contending with numerous large multinational firms as well as smaller regional players. To maintain market share, the company must continuously innovate and differentiate its services. Furthermore, the industry is experiencing structural changes, such as the increasing prevalence of hybrid working models, which are altering the utilization of commercial real estate and posing ongoing challenges for the company.


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The structural shift towards remote and hybrid work models represents a clear emerging threat to Cushman & Wakefield. This ongoing trend significantly reduces the demand for traditional office space, directly impacting CWK's core services related to office leasing, property management, project development, and capital markets activity for office assets globally. This shift is not merely cyclical but reflects a fundamental change in how companies utilize commercial real estate, potentially leading to sustained lower transaction volumes and asset valuations within the office sector.
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Cushman & Wakefield (CWK) operates within several large addressable markets for its commercial real estate services. The primary markets for their services, along with their estimated sizes and regions, are detailed below:

Commercial Real Estate Brokerage and Management Services

    The global commercial real estate brokerage and management market was valued at approximately USD 264.74 billion in 2023 and is projected to reach USD 494.96 billion by 2032. In 2024, this market reached USD 276.2 billion.
    In the United States, the commercial real estate brokerage industry recorded combined annual revenue of approximately USD 112 billion, as of December 2025. The market size for Real Estate Sales & Brokerage in the US was USD 238.5 billion in 2024 and is projected to be USD 240.0 billion in 2025.


Facilities Management Services

    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 market at USD 1,367.96 billion in 2025, projected to reach USD 2,750.87 billion by 2034.
    The United States facility management market was valued at USD 315.78 billion in 2024 and is expected to reach USD 442.89 billion by 2030. It was valued at USD 376.51 billion in 2026 and is projected to reach USD 434.16 billion by 2031.


Commercial Real Estate Investment/Capital Markets

    The size of the professionally managed global real estate investment market was USD 12.5 trillion in 2024.
    For the United States, the total transaction volume for commercial real estate reached USD 560.2 billion for the full year 2025. The U.S. investable commercial real estate universe was estimated at approximately USD 19 trillion as of September 2025.


Real Estate Valuation and Advisory Services

    The global real estate valuation service market is projected to reach USD 9.2 billion in 2026 and grow to USD 13.1 billion by 2035. The real estate advisory service market globally was valued at USD 27.25 billion in 2024 and is projected to reach USD 29.44 billion in 2025. It is expected to grow to USD 31.76 billion in 2026.
    The Real Estate Appraisal industry in the United States is estimated at USD 10.3 billion in 2026. The US real estate appraisal market was expected to be worth US$9.27 billion in 2023.

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Cushman & Wakefield (symbol: CWK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

*   Continued Strength in Capital Markets: Cushman & Wakefield has reported a fifth consecutive quarter of double-digit year-over-year Capital Markets revenue growth in Q4 2025, a trend expected to continue. This growth is supported by healthy commercial real estate end markets, solid demand across all major asset classes, and improved pricing and liquidity.
*   Sustained Growth in Services Revenue: The company has seen continued momentum in its Services revenue, which includes integrated facilities management, project and development, and property management services. This segment grew 8% (6% in local currency) in Q4 2025, with particular strength in project management in EMEA and APAC.
*   Recovery and Growth in Leasing Activities: Leasing revenue increased by 6% (5% in local currency) in Q4 2025, driven by strong performance in the Americas and EMEA. This is further supported by positive growth across all regions, including strength in office and industrial sectors, a higher deal count, and increased revenue per lease, with expectations of strengthening leasing demand fueled by economic growth.
*   Healthy Commercial Real Estate End Markets: The commercial real estate environment is characterized by solid demand across all major asset classes, coupled with improved pricing and liquidity. This fundamental health of the overall real estate market provides a positive backdrop for all of Cushman & Wakefield's service lines and is a key underlying driver for future revenue.
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Share Repurchases

Cushman & Wakefield announced a share repurchase program in September 2022, authorizing the repurchase of up to $300 million worth of its shares.
As of the Q4 2025 earnings call, management indicated a future openness to share buybacks after achieving deleveraging targets.


Outbound Investments

In the fourth quarter of 2025, Cushman & Wakefield recognized a one-time, non-cash impairment loss of $177.0 million related to its equity method investment in the Greystone Joint Venture.
The company is strategically investing in AI-driven tools across various business lines to enhance integration, drive cross-selling, and create operating leverage.
Cushman & Wakefield expanded its global capital markets platform by onboarding over 45 new institutional capital markets advisors in key markets.


Capital Expenditures

Capital expenditures are accounted for as "Payment for property and equipment" in the investing activities section of the Consolidated Statements of Cash Flows when calculating free cash flow.
Cushman & Wakefield is balancing its organic growth investments, which include capital expenditures, with its deleveraging targets.
The adjusted EBITDA margin saw a slight contraction in Q4 2025, attributed to increased investments for future growth.



	
		
			
				
					
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						INDUSTRY: Real Estate Services
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for CWK: 3.5% | 0.3x)
						
						
				
						
							AGNT (5.4% | 0.1x)
							AGNT
						
					
						
							REAX (66.1% | 0.2x)
							Real REMAX
						
					
						
							FTHM (3.8% | 0.0x)
							Fathom
						
					
						
							LRHC (36.7% | 0.0x)
							La Rosa
						
					
					
						
							Higher Rev Chg LTM 
							(Value for CWK: 11.0%)
						
						
				
						
							COMP (67.8%)
							Compass
						
					
						
							CSGP (22.0%)
							CoStar
						
					
						
							CIGI (15.2%)
							Colliers International
						
					
						
							CBRE (14.7%)
							CBRE
						
					
						
							JLL (11.2%)
							Jones Lang LaSalle
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for CWK: 3.5%)
						
						
				
						
							COMP (30.6%)
							Compass
						
					
						
							CSGP (15.4%)
							CoStar
						
					
						
							CBRE (12.3%)
							CBRE
						
					
						
							CIGI (11.1%)
							Colliers International
						
					
						
							JLL (10.2%)
							Jones Lang LaSalle
						
					
					
						
							Higher Op Mgn LTM 
							(Value for CWK: 4.4%)
						
						
				
						
							FRPH (11.6%)
							FRP
						
					
						
							RMR (10.3%)
							RMR
						
					
						
							CIGI (7.1%)
							Colliers International
						
					
						
							NMRK (6.5%)
							Newmark
						
					
						
							JLL (4.9%)
							Jones Lang LaSalle
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for CWK: 2.8%)
						
						
				
						
							NMRK (23.5%)
							Newmark
						
					
						
							CSGP (14.0%)
							CoStar
						
					
						
							CIGI (5.4%)
							Colliers International
						
					
						
							JLL (5.0%)
							Jones Lang LaSalle
						
					
						
							CBRE (3.1%)
							CBRE
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for CWK: 2.3%)
						
						
				
						
							NMRK (22.1%)
							Newmark
						
					
						
							MMI (10.4%)
							Marcus & Millichap
						
					
						
							CSGP (6.4%)
							CoStar
						
					
						
							JLL (4.1%)
							Jones Lang LaSalle
						
					
						
							CIGI (3.8%)
							Colliers International
						
					
					
						
							Higher Total Yield 
							(Value for CWK: 2.5%)
						
						
				
						
							NMRK (7.8%)
							Newmark
						
					
						
							JLL (7.1%)
							Jones Lang LaSalle
						
					
						
							CBRE (3.4%)
							CBRE
						
					
						
							MMI (3.2%)
							Marcus & Millichap
						
					
						
							CIGI (2.8%)
							Colliers International
						
					
					
				
					
						SECTOR: Real Estate
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for CWK: 3.5% | 0.3x)
						
						
				
						
							AGNT (5.4% | 0.1x)
							AGNT
						
					
						
							REAX (66.1% | 0.2x)
							Real REMAX
						
					
						
							SDHC (9.2% | 0.1x)
							Smith Douglas Homes
						
					
						
							FTHM (3.8% | 0.0x)
							Fathom
						
					
						
							MKZR (11.7% | 0.2x)
							Mackenzie Realty Capital
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for CWK: 3.5% | 5.8x)
						
						
				
						
							SAFE (11.0% | 2.7x)
							Safehold
						
					
						
							STRW (18.5% | 2.0x)
							Strawberry Fields REIT
						
					
						
							SDHC (9.2% | 1.9x)
							Smith Douglas Homes
						
					
						
							CLPR (4.2% | 1.5x)
							Clipper Realty
						
					
					
						
							Higher Rev Chg LTM 
							(Value for CWK: 11.0%)
						
						
				
						
							WELL (37.8%)
							Welltower
						
					
						
							VTR (21.5%)
							Ventas
						
					
						
							DLR (17.4%)
							Digital Realty Trust
						
					
						
							SPG (15.0%)
							Simon Property
						
					
						
							CBRE (14.7%)
							CBRE
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for CWK: 3.5%)
						
						
				
						
							WELL (27.6%)
							Welltower
						
					
						
							SPG (8.6%)
							Simon Property
						
					
						
							EQIX (8.3%)
							Equinix
						
					
						
							PLD (6.0%)
							Prologis
						
					
						
							AMT (3.6%)
							American Tower
						
					
					
						
							Higher Op Mgn LTM 
							(Value for CWK: 4.4%)
						
						
				
						
							SPG (47.4%)
							Simon Property
						
					
						
							AMT (45.6%)
							American Tower
						
					
						
							PLD (38.4%)
							Prologis
						
					
						
							EQIX (23.0%)
							Equinix
						
					
						
							WELL (5.2%)
							Welltower
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for CWK: 2.8%)
						
						
				
						
							SPG (59.4%)
							Simon Property
						
					
						
							PLD (57.0%)
							Prologis
						
					
						
							AMT (52.8%)
							American Tower
						
					
						
							EQIX (40.2%)
							Equinix
						
					
						
							WELL (25.3%)
							Welltower
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for CWK: 2.3%)
						
						
				
						
							PLD (57.0%)
							Prologis
						
					
						
							SPG (46.4%)
							Simon Property
						
					
						
							DLR (43.8%)
							Digital Realty Trust
						
					
						
							AMT (36.2%)
							American Tower
						
					
						
							WELL (25.1%)
							Welltower
						
					
					
						
							Higher Total Yield 
							(Value for CWK: 2.5%)
						
						
				
						
							AMT (8.5%)
							American Tower
						
					
						
							SPG (7.9%)
							Simon Property
						
					
						
							PLD (6.7%)
							Prologis
						
					
						
							DLR (4.1%)
							Digital Realty Trust
						
					
						
							EQIX (3.5%)
							Equinix
						
					
					
				
					
						All Other Sectors
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for CWK: 3.5% | 0.3x)
						
						
				
						
							COR (9.4% | 0.2x)
							Cencora
						
					
						
							CAH (7.7% | 0.2x)
							Cardinal Health
						
					
						
							CNC (11.2% | 0.2x)
							Centene
						
					
						
							BG (19.7% | 0.2x)
							Bunge Global
						
					
						
							PFGC (5.9% | 0.2x)
							Performance Food
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for CWK: 3.5% | 5.8x)
						
						
				
						
							IBKR (21.3% | 4.0x)
							Interactive Brokers
						
					
						
							PCG (5.2% | 5.4x)
							PG&E
						
					
						
							FISV (4.3% | 5.5x)
							Fiserv
						
					
						
							THC (4.5% | 4.9x)
							Tenet Healthcare
						
					
						
							EXE (25.4% | 5.3x)
							Expand Energy
						
					
					
						
							Higher Rev Chg LTM 
							(Value for CWK: 11.0%)
						
						
				
						
							NVDA (83.4%)
							NVIDIA
						
					
						
							GOOGL (20.1%)
							Alphabet
						
					
						
							MSFT (17.8%)
							Microsoft
						
					
						
							AMZN (15.8%)
							Amazon.com
						
					
						
							AAPL (14.2%)
							Apple
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for CWK: 3.5%)
						
						
				
						
							NVDA (116.5%)
							NVIDIA
						
					
						
							MSFT (16.1%)
							Microsoft
						
					
						
							GOOGL (15.5%)
							Alphabet
						
					
						
							AMZN (13.0%)
							Amazon.com
						
					
						
							AAPL (6.9%)
							Apple
						
					
					
						
							Higher Op Mgn LTM 
							(Value for CWK: 4.4%)
						
						
				
						
							NVDA (65.2%)
							NVIDIA
						
					
						
							MSFT (46.8%)
							Microsoft
						
					
						
							AAPL (33.2%)
							Apple
						
					
						
							GOOGL (33.1%)
							Alphabet
						
					
						
							AMZN (12.1%)
							Amazon.com
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for CWK: 2.8%)
						
						
				
						
							MSFT (55.1%)
							Microsoft
						
					
						
							NVDA (44.3%)
							NVIDIA
						
					
						
							GOOGL (41.6%)
							Alphabet
						
					
						
							AAPL (31.4%)
							Apple
						
					
						
							AMZN (20.8%)
							Amazon.com
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for CWK: 2.3%)
						
						
				
						
							NVDA (41.9%)
							NVIDIA
						
					
						
							AAPL (29.3%)
							Apple
						
					
						
							MSFT (20.2%)
							Microsoft
						
					
						
							META (18.0%)
							Meta Platforms
						
					
						
							GOOGL (11.9%)
							Alphabet
						
					
					
						
							Higher Total Yield 
							(Value for CWK: 2.5%)
						
						
				
						
							GOOGL (6.0%)
							Alphabet
						
					
						
							AMZN (4.9%)
							Amazon.com
						
					
						
							MSFT (4.1%)
							Microsoft
						
					
						
							NVDA (3.6%)
							NVIDIA
						
					
						
							AAPL (2.9%)
							Apple
						
					
					
				
					
						Best Bets in Real Estate
					
			What You Pay
					
						
							P/EBIT 
							(Value for CWK: 8.4x)
						
						
				
						
							CTRE (20.2x)
							CareTrust REIT
						
					
						
							WPC (14.3x)
							W.P. Carey
						
					
						
							NNN (12.7x)
							NNN REIT
						
					
						
							OHI (11.9x)
							Omega Healthcare Investors
						
					
						
							O (19.7x)
							Realty Income
						
					
						
							EPRT (13.9x)
							Essential Properties Realty Trust
						
					
						
							VICI (6.8x)
							VICI Properties
						
					
						
							EPR (10.4x)
							EPR Properties
						
					
						
							NHI (14.1x)
							National Health Investors
						
					
						
							GLPI (7.9x)
							Gaming and Leisure Properties
						
					
					
						
							P/E 
							(Value for CWK: 40.1x)
						
						
				
						
							CTRE (23.5x)
							CareTrust REIT
						
					
						
							WPC (21.9x)
							W.P. Carey
						
					
						
							NNN (19.8x)
							NNN REIT
						
					
						
							OHI (15.4x)
							Omega Healthcare Investors
						
					
						
							O (39.8x)
							Realty Income
						
					
						
							EPRT (20.2x)
							Essential Properties Realty Trust
						
					
						
							VICI (9.0x)
							VICI Properties
						
					
						
							EPR (15.8x)
							EPR Properties
						
					
						
							NHI (18.8x)
							National Health Investors
						
					
						
							GLPI (11.3x)
							Gaming and Leisure Properties
						
					
What You Get
					
						
							Rev Chg 3Y Avg 
							(Value for CWK: 3.5%)
						
						
				
						
							CTRE (35.4%)
							CareTrust REIT
						
					
						
							WPC (2.5%)
							W.P. Carey
						
					
						
							NNN (6.1%)
							NNN REIT
						
					
						
							OHI (14.6%)
							Omega Healthcare Investors
						
					
						
							O (17.6%)
							Realty Income
						
					
						
							EPRT (25.0%)
							Essential Properties Realty Trust
						
					
						
							VICI (7.6%)
							VICI Properties
						
					
						
							EPR (3.2%)
							EPR Properties
						
					
						
							NHI (12.3%)
							National Health Investors
						
					
						
							GLPI (6.2%)
							Gaming and Leisure Properties
						
					
					
						
							Rev Chg LTM 
							(Value for CWK: 11.0%)
						
						
				
						
							CTRE (63.4%)
							CareTrust REIT
						
					
						
							WPC (9.0%)
							W.P. Carey
						
					
						
							NNN (6.5%)
							NNN REIT
						
					
						
							OHI (15.0%)
							Omega Healthcare Investors
						
					
						
							O (10.0%)
							Realty Income
						
					
						
							EPRT (22.3%)
							Essential Properties Realty Trust
						
					
						
							VICI (4.4%)
							VICI Properties
						
					
						
							EPR (6.5%)
							EPR Properties
						
					
						
							NHI (23.9%)
							National Health Investors
						
					
						
							GLPI (5.8%)
							Gaming and Leisure Properties
						
					
					
						
							Rev Chg Q 
							(Value for CWK: 11.2%)
						
						
				
						
							CTRE (42.8%)
							CareTrust REIT
						
					
						
							WPC (7.0%)
							W.P. Carey
						
					
						
							NNN (7.7%)
							NNN REIT
						
					
						
							OHI (16.2%)
							Omega Healthcare Investors
						
					
						
							O (6.6%)
							Realty Income
						
					
						
							EPRT (18.1%)
							Essential Properties Realty Trust
						
					
						
							VICI (5.7%)
							VICI Properties
						
					
						
							EPR (11.1%)
							EPR Properties
						
					
						
							NHI (33.8%)
							National Health Investors
						
					
						
							GLPI (9.0%)
							Gaming and Leisure Properties
						
					
					
						
							FCF/Rev 3Y Avg 
							(Value for CWK: 2.0%)
						
						
				
						
							CTRE (96.7%)
							CareTrust REIT
						
					
						
							WPC (84.7%)
							W.P. Carey
						
					
						
							NNN (72.0%)
							NNN REIT
						
					
						
							OHI (71.0%)
							Omega Healthcare Investors
						
					
						
							O (69.0%)
							Realty Income
						
					
						
							EPRT (68.3%)
							Essential Properties Realty Trust
						
					
						
							VICI (62.6%)
							VICI Properties
						
					
						
							EPR (62.2%)
							EPR Properties
						
					
						
							NHI (59.8%)
							National Health Investors
						
					
						
							GLPI (57.2%)
							Gaming and Leisure Properties
						
					
			
				[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44
			
		

				
			
		
	

	
		
			
				
				 Peer Outperformance in Real Estate Services
				
			
				CWK has trailed 60% of its 25 Real Estate Services peers over 5Y. Real Estate Services ranks 10th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
			
		
				
		
			Share of Real Estate Services constituents that CWK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
			
			
				1Y
				48%
				of 31 industry peers · -20.4% return
			
		
			
				3Y
				70%
				of 27 industry peers · 61.2% return
			
		
			
				5Y
				40%
				of 25 industry peers · -35.3% return
			
		
		
	
				
			
				No Real Estate Services peer with a comparable growth profile has beaten CWK by more than 20pp over 5Y.
			
		
				
			
				Median price return by industry across the Real Estate sector, ranked by 5Y. Real Estate Services is CWK's own industry. Use this to see which corners of the sector have carried the returns.
				
				
					
						Industry
						Names
						1Y med 3Y med 5Y med
						Top 3 by 5Y
					
					
				
					Health Care REITs
					15
					15.1% 52.9% 63.6%
					WELL 204% · DHC 134% · CTRE 123%
				
			
				
					Retail REITs
					22
					8.4% 36.1% 26.2%
					IVT 1454% · SKT 157% · SPG 97%
				
			
				
					Other Specialized REITs
					11
					4.9% 22.7% 20.4%
					IRM 220% · LAMR 60% · OUT 57%
				
			
				
					Real Estate Development
					6
					-13.0% 15.1% 14.1%
					JOE 57% · AXR 36% · FOR 34%
				
			
				
					Hotel & Resort REITs
					16
					43.6% 36.7% 3.5%
					HST 75% · RHP 65% · DRH 57%
				
			
				
					Industrial REITs
					11
					9.3% 23.0% -0.1%
					EGP 32% · FR 27% · PLD 17%
				
			
				
					Single-Family Residential REITs
					4
					-3.7% -0.6% -17.1%
					AMH -8% · ELS -16% · INVH -18%
				
			
				
					Multi-Family Residential REITs
					13
					-5.3% 1.4% -23.1%
					ESS -1% · BRT -6% · VMRK -11%
				
			
				
					Diversified REITs
					13
					0.0% 31.8% -25.0%
					CTO 73% · WPC 14% · LXP 12%
				
			
				
					Real Estate Services ←
					26
					-18.8% -7.7% -27.7%
					REAX 844% · MDRR 599% · CHCI 312%
				
			
				
					Office REITs
					18
					-11.6% 27.9% -34.1%
					PSTL 63% · CDP 49% · SLG -7%
				
			
				
					Telecom Tower REITs
					3
					-7.1% -7.1% -44.0%
					AMT -25% · SBAC -44% · CCI -48%
				
			
				
				
				
					Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
				
			
		
			
		
	

	
		
			
				
				 Latest Trefis Analyses
				 Title Date
0 DASHBOARDS  
1 Can Cushman & Wakefield Stock Hold Up When Markets Turn? 10/17/2025
2 CWK Dip Buy Analysis 07/10/2025
3 Cushman & Wakefield (CWK) Valuation Ratios Comparison 05/15/2025
4 Cushman & Wakefield Total Shareholder Return (TSR): 21.1% in 2024 and -16.2% 3-yr compounded annual returns (below peer average) 03/07/2025
5 Time To Buy Cushman & Wakefield Stock? 02/28/2025
6 Fundamental Metrics: ... 06/19/2024
7 ARTICLES  
8 Small Cap Stocks Trading At 52-Week High 01/16/2026
 Title
0 DASHBOARDS
1 Can Cushman & Wakefield Stock Hold Up When Markets Turn?
2 CWK Dip Buy Analysis
3 Cushman & Wakefield (CWK) Valuation Ratios Comparison
4 Cushman & Wakefield Total Shareholder Return (TSR): 21.1% in 2024 and -16.2% 3-yr compounded annual returns (below peer average)
5 Time To Buy Cushman & Wakefield Stock?
6 Fundamental Metrics: ...
7 ARTICLES
8 Small Cap Stocks Trading At 52-Week High
			
		
	

	
		
			
				
				 Trade Ideas
Select ideas related to CWK.null
			
		
	

	
		
			
				
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ANGO AngioDynamics 0.5 -20.9% -12.5%
PACB Pacific Biosciences of California 0.7 -15.4% 23.0%
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HUT Hut 8 9.4 -10.9% 73.2%
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Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
PCRX Pacira BioSciences 1.4 45.5% 40.6%
OPCH Option Care Health 4.7 37.5% -2.5%
RXO RXO 4.9 35.4% 128.9%
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Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
AVBP ArriVent BioPharma 0.8 -42.2% -16.9%
ANGO AngioDynamics 0.5 -25.7% -12.5%
NUAI New Era Energy & Digital 0.5 -24.2% 64.8%
BRUN Boost Run 0.7 -23.9% -42.3%
SHAZ SharonAI 0.7 -21.7% -57.8%
EMAT Evolution Metals & Technologies 1.1 -21.1% -92.0%
ALMR Alamar Biosciences 1.5 -20.2% 17.8%
APMD Apnimed 0.7 -19.2% -27.1%
TWST Twist Bioscience 9.5 -19.1% 379.4%
STX Seagate Technology 174.3 -18.1% 182.3%
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MYPS PLAYSTUDIOS 0.5 772.2% 548.8%
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PACB Pacific Biosciences of California 0.7 78.3% 23.0%
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IOVA Iovance Biotherapeutics 6.0 57.9% 387.5%
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SECZ Securitize 1.9 50.2% 2.9%
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 CWK CBRE JLL CIGI NMRK MMI Median
Name Cushman . CBRE     Jones La. Colliers. Newmark  Marcus &.  
Mkt Price 11.84 131.10 303.22 86.43 12.52 28.86 57.65
Mkt Cap 2.8 38.3 14.0 4.4 2.2 1.1 3.6
Rev LTM 10,818 43,640 27,434 5,956 3,604 812 8,387
Op Inc LTM 477 1,233 1,341 423 233 9 450
FCF LTM 249 938 1,120 225 798 85 523
FCF 3Y Avg 203 926 718 190 265 27 234
CFO LTM 303 1,361 1,362 322 846 93 584
CFO 3Y Avg 250 1,272 923 269 303 35 286
				Growth & Margins
 CWK CBRE JLL CIGI NMRK MMI Median
Name Cushman . CBRE     Jones La. Colliers. Newmark  Marcus &.  
Rev Chg LTM 11.0% 14.7% 11.2% 15.2% 20.8% 11.9% 13.3%
Rev Chg 3Y Avg 3.5% 12.3% 10.2% 11.1% 15.0% -0.7% 10.6%
Rev Chg Q 11.2% 15.5% 10.8% 16.7% 17.0% 17.8% 16.1%
QoQ Delta Rev Chg LTM 2.6% 3.6% 2.5% 3.9% 3.7% 3.9% 3.7%
Op Inc Chg LTM 7.7% -15.8% 38.3% 13.4% 38.8% 130.1% 25.9%
Op Inc Chg 3Y Avg 20.5% 11.9% 23.5% 4.1% 35.9% -183.4% 16.2%
Op Mgn LTM 4.4% 2.8% 4.9% 7.1% 6.5% 1.2% 4.6%
Op Mgn 3Y Avg 4.1% 3.4% 4.1% 7.5% 5.5% -4.3% 4.1%
QoQ Delta Op Mgn LTM -0.0% -0.1% 0.2% -0.1% -0.3% 1.4% -0.0%
CFO/Rev LTM 2.8% 3.1% 5.0% 5.4% 23.5% 11.5% 5.2%
CFO/Rev 3Y Avg 2.5% 3.3% 3.7% 5.2% 9.1% 4.2% 3.9%
FCF/Rev LTM 2.3% 2.1% 4.1% 3.8% 22.1% 10.4% 3.9%
FCF/Rev 3Y Avg 2.0% 2.4% 2.8% 3.6% 7.9% 3.0% 2.9%
				Valuation
 CWK CBRE JLL CIGI NMRK MMI Median
Name Cushman . CBRE     Jones La. Colliers. Newmark  Marcus &.  
Mkt Cap 2.8 38.3 14.0 4.4 2.2 1.1 3.6
P/S 0.3 0.9 0.5 0.7 0.6 1.3 0.7
P/Op Inc 5.8 31.0 10.5 10.4 9.6 115.1 10.4
P/EBIT 8.4 31.0 10.5 11.3 8.1 42.9 10.9
P/E 40.1 29.4 14.0 41.0 15.1 76.0 34.8
P/CFO 9.1 28.1 10.3 13.7 2.6 11.7 11.0
Total Yield 2.5% 3.4% 7.1% 2.8% 7.8% 3.2% 3.3%
Dividend Yield 0.0% 0.0% 0.0% 0.3% 1.2% 1.9% 0.2%
FCF Yield 3Y Avg 6.6% 2.3% 5.8% 3.1% 10.8% 2.3% 4.4%
D/E 1.1 0.3 0.2 0.7 1.0 0.1 0.5
Net D/E 0.9 0.2 0.2 0.7 0.9 -0.1 0.5
				Returns
 CWK CBRE JLL CIGI NMRK MMI Median
Name Cushman . CBRE     Jones La. Colliers. Newmark  Marcus &.  
1M Rtn -10.7% -7.8% -13.9% -9.3% -15.6% -7.1% -10.0%
3M Rtn -12.3% -7.1% -6.5% -12.6% -18.1% -5.8% -9.7%
6M Rtn -10.0% -8.0% -5.2% -22.4% -17.6% 10.1% -9.0%
12M Rtn -20.4% -13.6% 6.9% -42.9% -25.1% 4.0% -17.0%
3Y Rtn 61.2% 80.3% 124.3% -9.6% 113.9% 2.5% 70.8%
1M Excs Rtn -11.8% -7.8% -14.1% -10.5% -16.3% -8.0% -11.2%
3M Excs Rtn -14.8% -8.5% -9.0% -14.0% -19.8% -7.7% -11.5%
6M Excs Rtn -23.8% -21.8% -19.0% -36.1% -31.3% -3.7% -22.8%
12M Excs Rtn -37.7% -29.8% -9.7% -58.6% -42.3% -11.0% -33.7%
3Y Excs Rtn -10.6% 0.2% 43.4% -90.2% 36.9% -76.4% -5.2%
				Comparison Analyses
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				 FDIC Bank Data
				
					Capital & Deposits
					Assets
					Loans
				
				
										Bank Capital
nullBank Deposits
null
					Bank Assets
null
					Bank Loans
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				 FDA Approved Drugs Data
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				 Clinical Pipeline
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				 Financials
				
					Annual
					Quarterly
				
									$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 6/30/2026 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 8/5/2026 2/19/2026 2/21/2025 2/21/2024 2/24/2023 2/25/2022 2/26/2021

Key Financials              
Total Revenue 10,818 10,288 9,446 9,494 10,106 9,389 7,844
Net Income 69 88 131 -35 196 250 -220
EPS 0.29 0.38 0.57 -0.16 0.87 1.12 -1.00

Growth Rates              
Total Revenue Growth 11.0% 8.9% -0.5% -6.1% 7.6% 19.7% -10.4%
Net Income Growth -66.4% -32.8% 470.9% -118.0% -21.4% 213.4% -110350.0%

Margins              
Net Income Margin 0.6% 0.9% 1.4% -0.4% 1.9% 2.7% -2.8%

Cash & Debt              
Total Cash 500 784 793 768 644 771 1,075
Total Debt 3,030 2,996 3,313 3,566 3,596 3,658 3,681
Net Debt / (Cash) 2,529 2,212 2,520 2,798 2,952 2,887 2,606

Cash Flows & CapEx              
Net Cash from Operations 303 340 208 152 49 550 -38
Total CapEx -54 -47 -41 -51 -51 -54 -41
Free Cash from Operations 249 293 167 101 -2 496 -79

Returns to Shareholders              
Dividends 0 -0 -0 -0 -0 -0 -0
Share Repurchases 24 11 10 8 27 9 19
					$ Mil | FY: 12/31 2026Q2 2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3
Period End 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Filing Date 8/5/2026 5/7/2026 2/19/2026 10/30/2025 8/5/2025 4/29/2025 2/21/2025 11/5/2024 7/30/2024 4/30/2024 2/21/2024 10/31/2023

Key Financials Quarterly                        
Total Revenue 2,763 2,536 2,914 2,606 2,484 2,285 2,630 2,344 2,288 2,185 2,552 2,286
Net Income 53 -13 -22 51 57 2 113 34 14 -29 70 -34
EPS 0.22 -0.05 -0.10 0.22 0.25 0.01 0.49 0.15 0.06 -0.13 0.31 -0.15

Key Financials TTM                        
Total Revenue TTM 10,818 10,539 10,288 10,004 9,742 9,546 9,446 9,369 9,311 9,429 9,494 9,588
Net Income TTM 69 74 88 224 206 162 131 88 21 12 -35 -75

Growth Rates Quarterly                        
Total Revenue Growth 11.2% 11.0% 10.8% 11.2% 8.6% 4.6% 3.0% 2.5% -4.9% -2.9% -3.6% -9.1%
Net Income Growth -8.0% -763.2% -119.8% 52.5% 324.4% 106.6% 61.7% 199.4% 164.7% 62.3% 134.2% -241.8%

Margins Quarterly                        
Net Income Margin 1.9% -0.5% -0.8% 2.0% 2.3% 0.1% 4.3% 1.4% 0.6% -1.3% 2.7% -1.5%

Cash & Debt                        
Total Cash 500 601 784 634 618 623 793 775 567 554 768 588
Total Debt 3,030 3,120 2,996 3,110 3,242 3,274 3,313 3,373 3,427 3,488 3,566 3,550
Net Debt / (Cash) 2,529 2,519 2,212 2,476 2,624 2,651 2,520 2,598 2,860 2,934 2,798 2,962

Cash Flows Quarterly                        
FCF from Operations 54 -244 257 236 10 -162 115 196 22 -125 202 188

Cash Flows TTM                        
FCF from Operations TTM 303 259 340 198 159 171 208 295 287 249 152 194

Returns to Shareholders Quarterly                        
Dividends 0 0 0 0 0 0 0 0 0 0 0 0
Share Repurchases 1 22 0 0 0 10 0 0 1 9 0 0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 6.8% 4.4% 13.9% 8.1% 6.8% 1.5% 11.6% 4.2% 4.9% 1.7% 8.9% 4.7%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 6.1% 6.4% 7.0% 7.5% 6.3% 5.9% 5.4% 4.7% 2.5% 1.8% 4.4% 4.1%

			
		
	

	
		
			
				
				 Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Services 6,821 6,304 6,504 6,308 5,660
Leasing 2,123 1,973 1,852 2,106 1,860
Capital markets 860 724 698 1,191 1,354
Valuation and other 485 446 440 500 515
Total 10,288 9,446 9,494 10,106 9,389



			
		
	

	
		
			
				
				 Price Behavior
				
					Behavior Stats
					Betas Matrix
					Behavior vs Other Asset Classes
				
				
										Price Behavior
Market Price $11.83  
Market Cap ($ Bil) 2.8  
First Trading Date 08/02/2018  
Distance from 52W High -31.2%  
    50 Days 200 Days
DMA Price $13.24 $13.76
DMA Trend down down
Distance from DMA -10.7% -14.0%
  3M 1YR
Volatility 44.4% 44.5%
Downside Capture 298.34 212.44
Upside Capture 183.50 150.42
Correlation (SPY) 41.8% 44.1%
					
CWK Betas & Captures as of 9/30/2026


  1M 2M 3M 6M 1Y 3Y
Beta 2.17 2.15 1.61 1.24 1.51 1.42
Up Beta 5.21 1.46 0.47 0.95 1.45 1.19
Down Beta 3.46 2.49 0.69 0.50 0.87 1.24
Up Capture 89% 184% 190% 131% 177% 489%
Bmk +ve Days 6 16 27 66 132 424
Stock +ve Days 6 17 28 61 118 367
Down Capture 328% 305% 241% 175% 154% 111%
Bmk -ve Days 16 26 37 60 120 328
Stock -ve Days 16 25 36 64 129 374


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
					1Y
					5Y
					10Y
				
					Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with CWK
CWK -22.1% 44.5% -0.44 -
Sector ETF (XLRE) 1.0% 14.1% -0.17 42.8%
Equity (SPY) 16.7% 13.0% 0.91 43.7%
Gold (GLD) 3.4% 29.6% 0.11 18.2%
Commodities (DBC) 45.0% 20.9% 1.67 -21.5%
Real Estate (VNQ) 2.8% 13.7% -0.05 47.9%
Bitcoin (BTCUSD) -31.7% 44.2% -0.73 22.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
					Based On 5-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with CWK
CWK -8.6% 43.3% -0.08 -
Sector ETF (XLRE) 1.6% 19.1% -0.02 58.7%
Equity (SPY) 14.0% 17.1% 0.63 54.1%
Gold (GLD) 18.2% 18.9% 0.78 10.8%
Commodities (DBC) 10.3% 19.6% 0.40 2.5%
Real Estate (VNQ) 1.3% 18.8% -0.04 62.4%
Bitcoin (BTCUSD) 13.7% 52.2% 0.43 21.9%

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 CWK
CWK -4.0% 47.0% 0.07 -
Sector ETF (XLRE) 5.5% 20.4% 0.23 56.3%
Equity (SPY) 15.4% 17.9% 0.73 56.1%
Gold (GLD) 11.6% 16.4% 0.58 4.9%
Commodities (DBC) 8.3% 18.1% 0.37 15.7%
Real Estate (VNQ) 4.2% 20.7% 0.16 61.5%
Bitcoin (BTCUSD) 63.6% 66.2% 1.03 17.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How


				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 9152026
Short Interest: Shares Quantity 16.4 Mil
Short Interest: % Change Since 8312026 20.1%
Average Daily Volume 1.8 Mil
Days-to-Cover Short Interest 9.2 days
Basic Shares Quantity 234.4 Mil
Short % of Basic Shares 7.0%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 Can Cushman & Wakefield Stock Hold Up When Markets Turn?
			
		
	

	
		
			
				
				
				    Earnings Returns History
				    Updated 9/8/2026
				

				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
8/5/2026 -0.4% -2.3% -7.4%
5/7/2026 -4.2% -9.8% -7.5%
2/19/2026 -3.2% 1.5% -10.5%
10/30/2025 -2.1% -6.2% 0.6%
8/5/2025 8.7% 9.6% 24.7%
4/29/2025 4.4% 11.1% 10.8%
2/20/2025 -6.0% -7.8% -18.8%
11/4/2024 15.4% 14.8% 15.1%
... 
SUMMARY STATS      
# Positive 9 11 11
# Negative 15 13 13
Median Positive 4.4% 6.0% 10.8%
Median Negative -3.6% -6.2% -7.5%
Max Positive 15.4% 19.5% 24.7%
Max Negative -10.7% -13.2% -26.8%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
8/5/2026 -0.4% -2.3% -7.4%
5/7/2026 -4.2% -9.8% -7.5%
2/19/2026 -3.2% 1.5% -10.5%
10/30/2025 -2.1% -6.2% 0.6%
8/5/2025 8.7% 9.6% 24.7%
4/29/2025 4.4% 11.1% 10.8%
2/20/2025 -6.0% -7.8% -18.8%
11/4/2024 15.4% 14.8% 15.1%
7/29/2024 -3.6% -10.3% -2.3%
4/29/2024 -2.6% 2.1% 8.7%
2/20/2024 -10.2% -11.8% -11.0%
10/30/2023 8.7% 19.5% 22.7%
7/31/2023 4.2% 6.0% -6.4%
5/4/2023 -10.7% -13.2% -7.2%
2/23/2023 -3.0% -6.1% -26.8%
11/3/2022 -0.1% 6.9% 15.7%
8/4/2022 -4.4% -2.6% -12.7%
5/5/2022 0.2% -3.1% -1.8%
2/24/2022 3.0% -6.0% -10.3%
11/4/2021 5.6% 1.2% 3.3%
8/5/2021 -2.6% -6.1% -5.5%
5/6/2021 3.4% 2.9% 1.3%
2/25/2021 -5.2% -8.8% 1.5%
11/5/2020 -6.2% 1.3% 23.2%
SUMMARY STATS      
# Positive 9 11 11
# Negative 15 13 13
Median Positive 4.4% 6.0% 10.8%
Median Negative -3.6% -6.2% -7.5%
Max Positive 15.4% 19.5% 24.7%
Max Negative -10.7% -13.2% -26.8%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
06/30/2026 08/05/2026 10-Q
03/31/2026 05/07/2026 10-Q
12/31/2025 02/19/2026 10-K
09/30/2025 10/30/2025 10-Q
06/30/2025 08/05/2025 10-Q
03/31/2025 04/29/2025 10-Q
12/31/2024 02/21/2025 10-K
09/30/2024 11/05/2024 10-Q
06/30/2024 07/30/2024 10-Q
03/31/2024 04/30/2024 10-Q
12/31/2023 02/21/2024 10-K
09/30/2023 10/31/2023 10-Q
06/30/2023 08/01/2023 10-Q
03/31/2023 05/05/2023 10-Q
12/31/2022 02/24/2023 10-K
09/30/2022 11/04/2022 10-Q
				Collapse to PreviewReport Date Filing Date Filing
06/30/2026 08/05/2026 10-Q
03/31/2026 05/07/2026 10-Q
12/31/2025 02/19/2026 10-K
09/30/2025 10/30/2025 10-Q
06/30/2025 08/05/2025 10-Q
03/31/2025 04/29/2025 10-Q
12/31/2024 02/21/2025 10-K
09/30/2024 11/05/2024 10-Q
06/30/2024 07/30/2024 10-Q
03/31/2024 04/30/2024 10-Q
12/31/2023 02/21/2024 10-K
09/30/2023 10/31/2023 10-Q
06/30/2023 08/01/2023 10-Q
03/31/2023 05/05/2023 10-Q
12/31/2022 02/24/2023 10-K
09/30/2022 11/04/2022 10-Q
06/30/2022 08/05/2022 10-Q
03/31/2022 05/06/2022 10-Q
12/31/2021 02/25/2022 10-K
09/30/2021 11/05/2021 10-Q
06/30/2021 08/06/2021 10-Q
03/31/2021 05/07/2021 10-Q
12/31/2020 02/26/2021 10-K
09/30/2020 11/06/2020 10-Q
06/30/2020 08/07/2020 10-Q
03/31/2020 05/08/2020 10-Q
12/31/2019 02/28/2020 10-K
09/30/2019 11/06/2019 10-Q
			
		
	

	
		
			
				
				
				    Recent Forward Guidance
				    Updated 10/4/2026
				
				Latest: Q2 2026 Earnings Reported 8/5/2026
				null
				
Prior: Q3 2025 Earnings Reported 10/30/2025
				Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
2025 Adjusted EPS Growth Reported 30.0% 32.5% 35.0% 8.3% 2.5% Raised Guidance: 30.0% for 2025
			
		
	

	
		
			
				
				
				    Insider Activity
				    Updated 9/11/2026
				
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Robinson, Nathaniel See Remarks Direct Sell 9102026 13.39 12,500 167,375 781,655 Form
2 Sayed, Laurida See Remarks Direct Sell 8172026 13.88 16,000 222,080 75,799 Form
3 Robinson, Nathaniel See Remarks Direct Sell 6082026 13.25 24,828 328,971 939,107 Form
4 Robinson, Nathaniel See Remarks Direct Sell 5132026 13.52 10,000 135,200 1,293,918 Form
5 Robinson, Nathaniel See Remarks Direct Sell 3042026 13.50 10,000 135,000 1,427,004 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Robinson, Nathaniel See Remarks Direct Sell 9102026 13.39 12,500 167,375 781,655 Form
2 Sayed, Laurida See Remarks Direct Sell 8172026 13.88 16,000 222,080 75,799 Form
3 Robinson, Nathaniel See Remarks Direct Sell 6082026 13.25 24,828 328,971 939,107 Form
4 Robinson, Nathaniel See Remarks Direct Sell 5132026 13.52 10,000 135,200 1,293,918 Form
5 Robinson, Nathaniel See Remarks Direct Sell 3042026 13.50 10,000 135,000 1,427,004 Form
6 Sun, Angela   Direct Sell 9092025 16.02 6,800 108,936 744,898 Form
			
		
	
	
	
		
			
				
				
					Investor Activity (13F)
					Updated 
				
				13F holdings as of 
				
				
					
					
					
					
				
				
					
					
					
					
				
			
		
	
	
	
	
	
	
		
			
				
				 CWK Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
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										CONVICTION RATIONALE
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											STOCK ARCHETYPE
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										INVESTMENT THESIS
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											Mechanism:
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											Supporting Evidence:
											
												
											
										
									
								
								
								
									
										PRIMARY RISK
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											Mechanism:
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											Supporting Evidence:
											
												
											
										
									
								
							

							
								Key KPI Watchlist
								
									
										
											
												
													KPI
													Status
													Rationale
												
											
											
												
											
										
									
								
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
											
											
											
										
										
											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing CWK?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What CWK Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								CWK Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

	
					
						
						
							
							
								
								

								
									
										① Structure
										
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										② Volume / Momentum
										
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										③ Catalyst
										
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									1
									Price Structure & Trend
									 · 
									▾
								
								
									
										▲
										
									

									
										
											Current
											$
											
											
										
										
											20D SMA
											$
											
											
										
										
											50D SMA
											$
											Slope: %
											
										
										
											200D SMA
											$
											Slope: %
											
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
											From 52W High
											%
										
										
											All-Time High
											$
										
										
											From ATH
											%
										
									
									
										
											52W Low
											$
										
										
											From 52W Low
											%
										
									
								
							

							
								
									2
									Momentum
									
									▾
								
								
									
										↑
										
									

									
										
											5D
											%
											
										
										
											20D
											%
											
										
										
											63D
											%
											
										
										
											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
									▾
								
								
									
										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
											%
										
										
											126D
											
											%
										
										
											252D
											
											%
										
									

									
										
											RS Trend
											%
										
										
											RS Character
											
										
									
								
							

							
								
									4
									Institutional Footprint & Volume
									
									▾
								
								
									
										↓
										
									
									
										◈
										
									

									
										
											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
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									How the Verdict Is Derived
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								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				

				
			
		
	
	
	
		
			
				
				

Cushman & Wakefield — Investor Video Playlist
LeadershipBottomline Podcast with Anshul Jain: Episode 4
Cushman & Wakefield · 2026-08-17
Products & ServicesKey findings from London Moves 2026
Cushman & Wakefield · 2026-05-19
Products & ServicesTitle: PBSA Take Out on Completion | Canberra | 406 Studios | Under Construction | EOI
Cushman & Wakefield · 2026-03-04
Investor / AnalystReflecting on 2025 - And Elevating Our Impact in 2026
Cushman & Wakefield · 2026-02-06
LeadershipMiles Treaster: Common Advice | Better Never Settles
Cushman & Wakefield · 2025-10-08
LeadershipMeet Miron Solomons and Matt Pontey - Co-Heads of Investment Sales Sydney, Cushman & Wakefield
Cushman & Wakefield · 2025-09-03
Products & ServicesFor Lease – 550 Bourke Street |  Melbourne’s Premium Office Space Revealed
Cushman & Wakefield · 2025-08-25
Products & ServicesINVESTMENT SALES NSW | LEADING SYDNEY. LEAVING LIMITS BEHIND
Cushman & Wakefield · 2025-07-17
Products & ServicesThe Team Around the Table: Episode 14: Aligning HR & CRE – With Prudential Singapore
Cushman & Wakefield · 2025-07-08
			
		
	
	
		
			
				
				 Industry Resources
Real Estate Resources
The Real Deal
Commercial Observer
Inman
Real Estate Services Resources
CBRE Research
JLL Trends & Insights
Cushman & Wakefield Insights
			
		
		
			
				
				 External Quote Links
0 Y Finance Barrons
1 TradingView Morningstar
2 SeekingAlpha ValueLine
3 Motley Fool Robinhood
4 CNBC Etrade
5 MarketWatch Unusual Whales
6 YCharts Perplexity Finance
7 FinViz  

Prefer one of these to Trefis? Tell us why. 
			
		
	

	
		
		        Core Cache Last Updated: 10/8/2026

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Health Care REITs	15	15.1%	52.9%	63.6%	WELL 204% · DHC 134% · CTRE 123%
Retail REITs	22	8.4%	36.1%	26.2%	IVT 1454% · SKT 157% · SPG 97%
Other Specialized REITs	11	4.9%	22.7%	20.4%	IRM 220% · LAMR 60% · OUT 57%
Real Estate Development	6	-13.0%	15.1%	14.1%	JOE 57% · AXR 36% · FOR 34%
Hotel & Resort REITs	16	43.6%	36.7%	3.5%	HST 75% · RHP 65% · DRH 57%
Industrial REITs	11	9.3%	23.0%	-0.1%	EGP 32% · FR 27% · PLD 17%
Single-Family Residential REITs	4	-3.7%	-0.6%	-17.1%	AMH -8% · ELS -16% · INVH -18%
Multi-Family Residential REITs	13	-5.3%	1.4%	-23.1%	ESS -1% · BRT -6% · VMRK -11%
Diversified REITs	13	0.0%	31.8%	-25.0%	CTO 73% · WPC 14% · LXP 12%
Real Estate Services ←	26	-18.8%	-7.7%	-27.7%	REAX 844% · MDRR 599% · CHCI 312%
Office REITs	18	-11.6%	27.9%	-34.1%	PSTL 63% · CDP 49% · SLG -7%
Telecom Tower REITs	3	-7.1%	-7.1%	-44.0%	AMT -25% · SBAC -44% · CCI -48%

	Title	Date
0	DASHBOARDS
1	Can Cushman & Wakefield Stock Hold Up When Markets Turn?	10/17/2025
2	CWK Dip Buy Analysis	07/10/2025
3	Cushman & Wakefield (CWK) Valuation Ratios Comparison	05/15/2025
4	Cushman & Wakefield Total Shareholder Return (TSR): 21.1% in 2024 and -16.2% 3-yr compounded annual returns (below peer average)	03/07/2025
5	Time To Buy Cushman & Wakefield Stock?	02/28/2025
6	Fundamental Metrics: ...	06/19/2024
7	ARTICLES
8	Small Cap Stocks Trading At 52-Week High	01/16/2026

	CWK	CBRE	JLL	CIGI	NMRK	MMI	Median
Name	Cushman .	CBRE	Jones La.	Colliers.	Newmark	Marcus &.
Mkt Price	11.84	131.10	303.22	86.43	12.52	28.86	57.65
Mkt Cap	2.8	38.3	14.0	4.4	2.2	1.1	3.6
Rev LTM	10,818	43,640	27,434	5,956	3,604	812	8,387
Op Inc LTM	477	1,233	1,341	423	233	9	450
FCF LTM	249	938	1,120	225	798	85	523
FCF 3Y Avg	203	926	718	190	265	27	234
CFO LTM	303	1,361	1,362	322	846	93	584
CFO 3Y Avg	250	1,272	923	269	303	35	286

$ Mil	2025	2024	2023	2022	2021
Services	6,821	6,304	6,504	6,308	5,660
Leasing	2,123	1,973	1,852	2,106	1,860
Capital markets	860	724	698	1,191	1,354
Valuation and other	485	446	440	500	515
Total	10,288	9,446	9,494	10,106	9,389

Market Price	$11.83
Market Cap ($ Bil)	2.8
First Trading Date	08/02/2018
Distance from 52W High	-31.2%
	50 Days	200 Days
DMA Price	$13.24	$13.76
DMA Trend	down	down
Distance from DMA	-10.7%	-14.0%
	3M	1YR
Volatility	44.4%	44.5%
Downside Capture	298.34	212.44
Upside Capture	183.50	150.42
Correlation (SPY)	41.8%	44.1%

	1M	2M	3M	6M	1Y	3Y
Beta	2.17	2.15	1.61	1.24	1.51	1.42
Up Beta	5.21	1.46	0.47	0.95	1.45	1.19
Down Beta	3.46	2.49	0.69	0.50	0.87	1.24
Up Capture	89%	184%	190%	131%	177%	489%
Bmk +ve Days	6	16	27	66	132	424
Stock +ve Days	6	17	28	61	118	367
Down Capture	328%	305%	241%	175%	154%	111%
Bmk -ve Days	16	26	37	60	120	328
Stock -ve Days	16	25	36	64	129	374

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CWK
CWK	-22.1%	44.5%	-0.44	-
Sector ETF (XLRE)	1.0%	14.1%	-0.17	42.8%
Equity (SPY)	16.7%	13.0%	0.91	43.7%
Gold (GLD)	3.4%	29.6%	0.11	18.2%
Commodities (DBC)	45.0%	20.9%	1.67	-21.5%
Real Estate (VNQ)	2.8%	13.7%	-0.05	47.9%
Bitcoin (BTCUSD)	-31.7%	44.2%	-0.73	22.8%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CWK
CWK	-8.6%	43.3%	-0.08	-
Sector ETF (XLRE)	1.6%	19.1%	-0.02	58.7%
Equity (SPY)	14.0%	17.1%	0.63	54.1%
Gold (GLD)	18.2%	18.9%	0.78	10.8%
Commodities (DBC)	10.3%	19.6%	0.40	2.5%
Real Estate (VNQ)	1.3%	18.8%	-0.04	62.4%
Bitcoin (BTCUSD)	13.7%	52.2%	0.43	21.9%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CWK
CWK	-4.0%	47.0%	0.07	-
Sector ETF (XLRE)	5.5%	20.4%	0.23	56.3%
Equity (SPY)	15.4%	17.9%	0.73	56.1%
Gold (GLD)	11.6%	16.4%	0.58	4.9%
Commodities (DBC)	8.3%	18.1%	0.37	15.7%
Real Estate (VNQ)	4.2%	20.7%	0.16	61.5%
Bitcoin (BTCUSD)	63.6%	66.2%	1.03	17.3%

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	16.4 Mil
Short Interest: % Change Since 8312026	20.1%
Average Daily Volume	1.8 Mil
Days-to-Cover Short Interest	9.2 days
Basic Shares Quantity	234.4 Mil
Short % of Basic Shares	7.0%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	-0.4%	-2.3%	-7.4%
5/7/2026	-4.2%	-9.8%	-7.5%
2/19/2026	-3.2%	1.5%	-10.5%
10/30/2025	-2.1%	-6.2%	0.6%
8/5/2025	8.7%	9.6%	24.7%
4/29/2025	4.4%	11.1%	10.8%
2/20/2025	-6.0%	-7.8%	-18.8%
11/4/2024	15.4%	14.8%	15.1%
...
SUMMARY STATS
# Positive	9	11	11
# Negative	15	13	13
Median Positive	4.4%	6.0%	10.8%
Median Negative	-3.6%	-6.2%	-7.5%
Max Positive	15.4%	19.5%	24.7%
Max Negative	-10.7%	-13.2%	-26.8%

Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/07/2026	10-Q
12/31/2025	02/19/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	04/29/2025	10-Q
12/31/2024	02/21/2025	10-K
09/30/2024	11/05/2024	10-Q
06/30/2024	07/30/2024	10-Q
03/31/2024	04/30/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/04/2022	10-Q

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Robinson, Nathaniel	See Remarks	Direct	Sell	9102026	13.39	12,500	167,375	781,655	Form
2	Sayed, Laurida	See Remarks	Direct	Sell	8172026	13.88	16,000	222,080	75,799	Form
3	Robinson, Nathaniel	See Remarks	Direct	Sell	6082026	13.25	24,828	328,971	939,107	Form
4	Robinson, Nathaniel	See Remarks	Direct	Sell	5132026	13.52	10,000	135,200	1,293,918	Form
5	Robinson, Nathaniel	See Remarks	Direct	Sell	3042026	13.50	10,000	135,000	1,427,004	Form

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Cushman & Wakefield (CWK)

Market Price (10/9/2026): $11.835 | Market Cap: $2.8 BilSector: Real Estate | Industry: Real Estate Services

Cushman & Wakefield (CWK)

Market Price (10/9/2026): $11.835Market Cap: $2.8 BilSector: Real EstateIndustry: Real Estate Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

CWK in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Cushman & Wakefield (CWK)

Key Risks to Cushman & Wakefield (CWK)

1. Cyclical Nature of the Commercial Real Estate Market and Macroeconomic Conditions

2. Substantial Indebtedness

3. Highly Competitive Industry and Structural Changes in Real Estate Utilization

Commercial Real Estate Brokerage and Management Services

Facilities Management Services

Commercial Real Estate Investment/Capital Markets

Real Estate Valuation and Advisory Services

Interactive Breakdown

Better Bets vs. Cushman & Wakefield (CWK)

INDUSTRY: Real Estate Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWK: 3.5% | 0.3x)

Higher Rev Chg LTM (Value for CWK: 11.0%)

Higher Rev Chg 3Y Avg (Value for CWK: 3.5%)

Higher Op Mgn LTM (Value for CWK: 4.4%)

Higher CFO/Rev LTM (Value for CWK: 2.8%)

Higher FCF/Rev LTM (Value for CWK: 2.3%)

Higher Total Yield (Value for CWK: 2.5%)

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWK: 3.5% | 0.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWK: 3.5% | 5.8x)

Higher Rev Chg LTM (Value for CWK: 11.0%)

Higher Rev Chg 3Y Avg (Value for CWK: 3.5%)

Higher Op Mgn LTM (Value for CWK: 4.4%)

Higher CFO/Rev LTM (Value for CWK: 2.8%)

Higher FCF/Rev LTM (Value for CWK: 2.3%)

Higher Total Yield (Value for CWK: 2.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CWK: 3.5% | 0.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CWK: 3.5% | 5.8x)

Higher Rev Chg LTM (Value for CWK: 11.0%)

Higher Rev Chg 3Y Avg (Value for CWK: 3.5%)

Higher Op Mgn LTM (Value for CWK: 4.4%)

Higher CFO/Rev LTM (Value for CWK: 2.8%)

Higher FCF/Rev LTM (Value for CWK: 2.3%)

Higher Total Yield (Value for CWK: 2.5%)

Best Bets in Real Estate

P/EBIT (Value for CWK: 8.4x)

P/E (Value for CWK: 40.1x)

Rev Chg 3Y Avg (Value for CWK: 3.5%)

Rev Chg LTM (Value for CWK: 11.0%)

Rev Chg Q (Value for CWK: 11.2%)

FCF/Rev 3Y Avg (Value for CWK: 2.0%)

Peer Outperformance in Real Estate Services

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Market Price (10/9/2026): $11.835
Market Cap: $2.8 Bil
Sector: Real Estate
Industry: Real Estate Services