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Cushman & Wakefield
(NYSE:CWK)
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Rating:61Neutral
Price Target:
$14.00
▲(0.79% Upside)
Action:Reiterated
Date:06/16/26
CWK scores as moderate: improving financial profile and supportive earnings-call momentum (strong Q1 performance, reaffirmed growth/margin targets, and deleveraging actions) are balanced by still-thin margins and declining TTM free cash flow, while technicals are neutral and valuation is stretched due to the high P/E and lack of dividend yield.
Positive Factors
Revenue Growth
Sustained top-line growth across service lines demonstrates durable demand and cross‑product client traction. Recurring Services plus transaction-led Leasing and Capital Markets growth diversify revenue, supporting multi-year targets and making organic expansion less reliant on one segment or short cycles.
Negative Factors
Thin Profit Margins
Very low operating and net margins leave earnings highly sensitive to small cost or revenue swings. Limited margin cushion constrains free cash flow expansion and makes sustained EPS growth vulnerable unless structural margin expansion initiatives are achieved and maintained across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line growth across service lines demonstrates durable demand and cross‑product client traction. Recurring Services plus transaction-led Leasing and Capital Markets growth diversify revenue, supporting multi-year targets and making organic expansion less reliant on one segment or short cycles.
Read all positive factors
Cushman & Wakefield Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how much revenue comes from each region, highlighting where the business is strongest and where it’s exposed to local economic or property market cycles. Helps investors judge diversification, growth opportunities in faster markets, and concentration risk if a few countries or cities drive most sales.
Shows how much revenue comes from each region, highlighting where the business is strongest and where it’s exposed to local economic or property market cycles. Helps investors judge diversification, growth opportunities in faster markets, and concentration risk if a few countries or cities drive most sales.
Data provided by:
The Fly
The FlyCushman & Wakefield (CWK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.28B
Dividend YieldN/A
Average Volume (3M)1.62M
Price to Earnings (P/E)43.5
Beta (1Y)1.50
Revenue Growth10.40%
EPS Growth-54.85%
CountryUS
Employees52,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.32
Shares Outstanding234,300,500
10 Day Avg. Volume1,686,942
30 Day Avg. Volume1,620,767
Financial Highlights & Ratios
PEG Ratio-1.28
Price to Book (P/B)1.91
Price to Sales (P/S)0.36
P/FCF Ratio12.78
Enterprise Value/Market Cap1.69
Enterprise Value/Revenue0.53
Enterprise Value/Gross Profit3.15
Enterprise Value/Ebitda13.35
Forecast
1Y Price Target
$16.67Price Target Upside19.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.45
Revenue Forecast (FY)$9.27B
Cushman & Wakefield Business Overview & Revenue Model
Company Description
Cushman & Wakefield plc (CWK) stands as a leading global firm specializing in commercial real estate services, operating under its renowned Cushman & Wakefield brand. The company maintains a broad international presence, with operations spanning t...
How the Company Makes Money
Cushman & Wakefield makes money by charging fees and commissions for commercial real estate services delivered to landlords, corporate occupiers, and investors. Its revenue is primarily generated from: (1) Brokerage and leasing commissions: Fees e...
Cushman & Wakefield Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive picture: strong top-line growth (+9%), meaningful adjusted EBITDA (+15%) and adjusted EPS (+67%) gains, record first-quarter Leasing performance, continued Capital Markets momentum, progress on Services and Project Management, solid free cash flow conversion (~70% of adjusted net income), and deliberate balance sheet progress. Key near-term negatives were concentrated in APAC profitability (driven by tough comps and a $3.5M one-time provision), some Facility Services contract transitions in The Americas, and reduced disclosure on certain non-GAAP service-line metrics. Overall the positive operational and financial momentum significantly outweighs the limited, identifiable challenges.Positive Updates
Revenue Growth
First quarter revenue of $2.5 billion, up 9% year-over-year, driven by broad strength across service lines and growth initiatives.
Negative Updates
APAC Profitability Pressure
APAC profitability declined year-over-year due to a tough comparison in Japan (large upside transactions in prior year) and a $3.5 million reduction in earnings from the OneWow joint venture in China from a one-time provision for credit losses.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
First quarter revenue of $2.5 billion, up 9% year-over-year, driven by broad strength across service lines and growth initiatives.
Read all positive updates
Company Guidance
Cushman & Wakefield reiterated unchanged 2026 guidance and multi‑year targets, calling for 2026 revenue growth of 6–8% and adjusted EPS growth of 15–20%, while transitioning the prior fee‑revenue goal to a GAAP revenue target of 6–8% and still expecting roughly 150 basis points of margin expansion over three years; management also reaffirmed three‑year targets of 15–20% annual adjusted EPS growth, 60–80% free cash flow conversion (TTM FCF ≈70% of adjusted net income), and a net debt leverage goal of 2.0x by 2028 (net leverage was 3.1x at quarter‑end). These targets sit alongside Q1 results that exceeded near‑term guidance — revenue $2.5B (+9% y/y), adjusted EBITDA $111M (+15%), adjusted EPS $0.15 (+67%) — and a balance sheet with ≈$600M cash, $1.6B total liquidity, and planned debt repayments (a $100M redemption announced this week, ≈$100M repaid since 2024), with management citing strong pipelines and confidence in meeting the outlook.Cushman & Wakefield Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.54B | 10.29B | 9.45B | 9.49B | 10.11B | 9.39B |
| Gross Profit | 1.76B | 1.67B | 1.73B | 1.65B | 1.95B | 1.94B |
| EBITDA | 415.50M | 434.60M | 510.70M | 494.50M | 780.20M | 795.70M |
| Net Income | 73.70M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
Balance Sheet | ||||||
| Total Assets | 7.65B | 7.68B | 7.55B | 7.77B | 7.95B | 7.89B |
| Cash, Cash Equivalents and Short-Term Investments | 600.60M | 784.20M | 793.30M | 767.70M | 644.50M | 770.70M |
| Total Debt | 3.12B | 3.24B | 3.31B | 3.57B | 3.60B | 3.66B |
| Total Liabilities | 5.70B | 5.72B | 5.79B | 6.10B | 6.29B | 6.44B |
| Stockholders Equity | 1.95B | 1.96B | 1.75B | 1.68B | 1.66B | 1.45B |
Cash Flow | ||||||
| Free Cash Flow | 203.90M | 293.00M | 167.00M | 101.20M | -1.60M | 495.70M |
| Operating Cash Flow | 258.90M | 340.40M | 208.00M | 152.20M | 49.10M | 549.50M |
| Investing Cash Flow | 52.40M | -21.10M | 81.20M | 48.90M | -120.70M | -749.50M |
| Financing Cash Flow | -337.30M | -350.50M | -253.40M | -120.80M | -79.30M | -65.80M |
Cushman & Wakefield Technical Analysis
Positive
13.89
Price Trends
13.40
Positive
13.24
Positive
14.64
Negative
Market Momentum
0.13
Negative
60.50
Neutral
83.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWK, the sentiment is Positive. The current price of 13.89 is above the 20-day moving average (MA) of 13.32, above the 50-day MA of 13.40, and below the 200-day MA of 14.64, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 60.50 is Neutral, neither overbought nor oversold. The STOCH value of 83.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CWK.
Cushman & Wakefield Risk Analysis
Cushman & Wakefield disclosed 28 risk factors in its most recent earnings report. Cushman & Wakefield reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cushman & Wakefield Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $15.19B | 17.24 | 12.35% | ― | 11.23% | 68.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $41.46B | 32.18 | 15.35% | ― | 14.77% | 34.03% | |
64 Neutral | $1.21B | -2,308.70 | -0.10% | 1.80% | 9.77% | 91.22% | |
61 Neutral | $3.28B | 43.47 | 3.79% | ― | 10.40% | -54.85% | |
61 Neutral | $12.25B | 512.82 | 0.30% | ― | 21.33% | -78.82% | |
57 Neutral | $2.79B | 18.74 | 9.81% | 0.68% | 23.00% | 105.99% |
* Real Estate Sector Average
CWK
Cushman & Wakefield
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Cushman & Wakefield Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cushman & Wakefield Refinances Debt, Extends Loan Maturities
Positive
Jun 15, 2026
Cushman Wakefield (NYSE: CWK) is a leading global commercial real estate services firm serving occupiers and investors, with about 53,000 employees across more than 350 offices in nearly 60 countries. In 2025, it generated $10.3 billion in revenu...
Business Operations and StrategyPrivate Placements and Financing
Cushman & Wakefield Announces New Term Loan and Redemption
Positive
Jun 4, 2026
Cushman Wakefield subsidiaries Cushman Wakefield U.S. Borrower, LLC and DTZ UK Guarantor Limited plan to amend their existing credit agreement, creating a new 2026-1 term loan tranche with revised pricing, extending its maturity to seven years f...
Business Operations and StrategyPrivate Placements and Financing
Cushman & Wakefield Subsidiary Redeems Portion of 2028 Notes
Positive
May 15, 2026
On May 15, 2026, Cushman Wakefield U.S. Borrower, LLC, a wholly owned subsidiary of Cushman Wakefield Ltd., redeemed $100 million of its outstanding 6.750% Senior Secured Notes due May 2028. Following this partial redemption, $550 million aggreg...
Executive/Board ChangesShareholder Meetings
Cushman & Wakefield Shareholders Back Board, Pay Practices
Positive
May 14, 2026
At its May 14, 2026 annual general meeting, Cushman Wakefield shareholders elected board nominees Jodie McLean, Timothy Wennes and Billie Williamson to one‑year terms expiring at the 2027 meeting, and approved the appointment of KPMG LLP as...
Business Operations and StrategyFinancial Disclosures
Cushman & Wakefield Posts Record Q1 Revenue Amid Loss
Positive
May 7, 2026
On May 7, 2026, Cushman Wakefield reported its strongest first-quarter revenue in history, with first-quarter 2026 revenue rising 11% year over year to $2.54 billion and Services up 9%, led by facilities and project management. Leasing revenue ju...
Business Operations and StrategyPrivate Placements and Financing
Cushman & Wakefield to Partially Redeem 2028 Notes
Positive
May 4, 2026
On April 30, 2026, Cushman Wakefield U.S. Borrower, LLC, a wholly owned unit of Cushman Wakefield Ltd., notified the trustee of its 6.750% Senior Secured Notes due May 2028 that it will partially redeem $100 million of the outstanding $650 milli...
Business Operations and StrategyFinancial Disclosures
Cushman & Wakefield Updates Financial Reporting and Segments
Neutral
Apr 8, 2026
On April 8, 2026, Cushman Wakefield released recast historical quarterly financial information for 2024 and 2025, reflecting changes to how it reports certain revenues, costs and segment results. Effective January 1, 2026, the firm will stop disc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.