Cushman & Wakefield (CWK) AI Stock Analysis

• Market Cap: $2.87B
• Dividend Yield: N/A
• Average Volume (3M): 2.70M
• Price to Earnings (P/E): 42.4
• Beta (1Y): 1.65
• Revenue Growth: 6.77%
• EPS Growth: 150.72%
• Country: US
• Employees: 52,000
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -0.13
• Shares Outstanding: 231,821,700
• 10 Day Avg. Volume: 1,782,239
• 30 Day Avg. Volume: 2,697,616
• PEG Ratio: -1.27
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 0.36
• P/FCF Ratio: 12.78
• Enterprise Value/Market Cap: 1.86
• Enterprise Value/Revenue: 0.52
• Enterprise Value/Gross Profit: 3.00
• Enterprise Value/Ebitda: 12.64
• 1Y Price Target: $18.13
• Price Target Upside: 46.33% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.45
• Revenue Forecast (FY): $7.55B

• Rating: 60 Neutral
• Price Target: $12.50 ▲(0.89% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

CWK scores as a moderate opportunity: improving fundamentals and upbeat guidance (including EPS growth targets and ongoing deleveraging) support the rating, and valuation is reasonable. The main drag is weak technical momentum (price below key moving averages with negative MACD) alongside still-thin and historically volatile profitability/cash-flow consistency.

Positive Factors

Record revenue and leasing

Sustained, broad-based top-line growth and record leasing establish scale and client footholds across services and regions. That mix of recurring management fees, leasing commissions and capital markets activity supports durable fee pools, cross-selling and resilience through property cycles over the next 2–6 months.

Meaningful deleveraging and liquidity

Material balance-sheet repair and sizable liquidity provide financial flexibility to absorb cyclical shocks, fund targeted hiring/investment and pursue deleveraging to ~2.0x by 2028. Lower leverage reduces refinancing risk and supports sustained investment in growth initiatives without forcing asset sales.

Enterprise AI and data-led strategy

A deliberate AI and data agenda builds structural competitive advantage: improved productivity, better pricing/valuation insight and stronger cross-sell potential across service lines. Over months, this can raise operating leverage, protect advisory margins and differentiate client offerings versus peers.

Negative Factors

Thin, volatile margins

Persistently low net margins mean limited earnings buffer against cyclical revenue dips or cost inflation. Margin compression versus 2021–22 indicates pricing and cost pressures; without sustained margin expansion, earnings and cash generation remain sensitive to modest adverse market moves over the medium term.

Choppy cash-flow history

Historic volatility in operating and free cash flow—driven by transaction timing and working capital—reduces predictability for debt paydowns and reinvestment. Management’s 2026 FCF conversion guidance (60–80% vs 103% in 2025) implies less consistency, complicating medium-term capital allocation and deleveraging plans.

Greystone JV impairment and earnings uncertainty

A large JV impairment signals downside to assumed earnings from acquisitions/partners and reduces future EBITDA run-rate. It highlights execution and forecasting risk in joint ventures, complicates comparability and may constrain organic EBITDA growth unless replacement contributions emerge.

Cushman & Wakefield Business Overview & Revenue Model

Company Description

Cushman & Wakefield plc, together with its subsidiaries, provides commercial real estate services under the Cushman & Wakefield brand in the United States, Australia, the United Kingdom, and internationally. The company operates through Americas; Europe, Middle East, and Africa; and Asia Pacific segments. It offers integrated facilities management, project and development, portfolio administration, transaction management, and strategic consulting services; property management services, including client accounting, engineering and operations, lease compliance administration, project and development, and sustainability services; and self-performed facilities services, which include janitorial, maintenance, critical environment management, landscaping, and office services. The company also provides owner representation and tenant representation leasing services; capital market services, including investment sales and equity, and debt and structured financing for real estate purchase and sales transactions; and appraisal management, investment management, valuation advisory, portfolio advisory, diligence advisory, dispute analysis and litigation support, financial reporting, and property and/or portfolio valuation services on real estate debt and equity decisions. Cushman & Wakefield has strategic partnerships with Vanke Service (Hong Kong) Co., Limited. It serves real estate owners and occupiers, such as tenants, investors, and multi-national corporations. Cushman & Wakefield plc was founded in 1784 and is based in London, the United Kingdom.

How the Company Makes Money

Cushman & Wakefield generates revenue through multiple key streams, primarily from service fees associated with property management, leasing commissions, and advisory services. The company earns a substantial portion of its income from transaction services, where it facilitates the buying, selling, and leasing of commercial properties, charging fees based on transaction value. Additionally, CWK derives revenue from asset management services, providing strategic advice and operational management to enhance the value of real estate investments. Significant partnerships with institutional investors and real estate owners also contribute to its earnings, as these relationships often lead to ongoing management contracts and advisory engagements. Furthermore, the company's focus on technology and data analytics enhances operational efficiency and client service, further supporting its revenue-generating capabilities.

Cushman & Wakefield Financial Statement Overview

Summary

Financials show a recovery but not yet high quality: revenue returned to modest growth and profitability improved versus the 2023 loss, the balance sheet looks less leveraged in 2025, and free cash flow strengthened. Offsetting this, margins remain thin/volatile and cash flows have been uneven across the cycle, reducing earnings durability.

Income Statement

Revenue has been broadly stable with a return to modest growth in 2025 (+2.8%) after a soft 2023–2024. Profitability has been volatile: net income swung from a loss in 2023 to modest profitability in 2024–2025, but 2025 net margin remains thin (~0.9%) and down versus 2024. Operating profitability also compressed versus earlier years (2021–2022), signaling a weaker pricing/cost environment and less earnings resilience.

Balance Sheet

Leverage appears meaningfully improved in 2025 with debt-to-equity around 0.19 versus roughly ~1.9–2.5+ in 2021–2024, which reduces balance-sheet risk and improves flexibility. Equity has also grown versus 2020–2021 levels, supporting stability. The key watch-out is consistency: prior years carried elevated leverage, so sustaining the lower debt profile and maintaining returns (ROE fell to ~4.5% in 2025 from stronger levels in 2021–2022) will matter.

Cash Flow

Cash generation improved in 2024–2025, with 2025 free cash flow at $340M and strong year-over-year growth, and free cash flow roughly matching reported earnings. However, cash flow has been choppy over the cycle (including negative operating cash flow and free cash flow in 2020 and negative free cash flow in 2022), and operating cash flow remains a relatively small share of revenue, indicating working-capital/transaction-driven volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.29B	9.45B	9.49B	10.11B	9.39B
Gross Profit	1.67B	1.73B	1.65B	1.95B	1.94B
EBITDA	434.60M	510.70M	494.50M	780.20M	795.70M
Net Income	88.20M	131.30M	-35.40M	196.40M	250.00M
Balance Sheet
Total Assets	7.68B	7.55B	7.77B	7.95B	7.89B
Cash, Cash Equivalents and Short-Term Investments	784.20M	793.30M	767.70M	644.50M	770.70M
Total Debt	3.24B	3.31B	3.57B	3.60B	3.66B
Total Liabilities	5.72B	5.79B	6.10B	6.29B	6.44B
Stockholders Equity	1.96B	1.75B	1.68B	1.66B	1.45B
Cash Flow
Free Cash Flow	293.00M	167.00M	101.20M	-1.60M	495.70M
Operating Cash Flow	340.40M	208.00M	152.20M	49.10M	549.50M
Investing Cash Flow	-21.10M	81.20M	48.90M	-120.70M	-749.50M
Financing Cash Flow	-350.50M	-253.40M	-120.80M	-79.30M	-65.80M

Cushman & Wakefield Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWK, the sentiment is Negative. The current price of 12.39 is below the 20-day moving average (MA) of 12.93, below the 50-day MA of 14.68, and below the 200-day MA of 14.47, indicating a bearish trend. The MACD of -0.65 indicates Negative momentum. The RSI at 38.87 is Neutral, neither overbought nor oversold. The STOCH value of 43.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CWK.

Cushman & Wakefield Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JLL	69 Neutral	$14.24B	20.11	11.09%	―	12.51%	32.34%
CBRE	68 Neutral	$39.52B	41.44	13.63%	―	14.61%	30.19%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
MMI	61 Neutral	$977.66M	-556.71	-1.09%	1.80%	20.74%	78.92%
CWK	60 Neutral	$2.87B	42.44	4.65%	―	6.77%	150.72%
CSGP	56 Neutral	$18.10B	4,003.66	0.09%	―	14.61%	-87.93%
NMRK	56 Neutral	$2.69B	24.52	8.82%	0.68%	22.22%	94.52%

Cushman & Wakefield Corporate Events

Cushman & Wakefield Posts Record 2025 Revenue, Strengthens Balance Sheet

Cushman & Wakefield reported on February 19, 2026 that it achieved the highest fourth-quarter and full-year revenue in its history for 2025, with total revenue up 11% in the quarter and 9% for the year, driven by broad-based growth in services, leasing, capital markets and valuation. Despite posting a fourth-quarter net loss of $22.4 million due to a $177 million impairment on its Greystone JV investment, the firm delivered a 34% rise in adjusted earnings per share, stronger adjusted EBITDA, significantly improved cash generation and $300 million of debt prepayment, underscoring healthier commercial real estate markets and a bolstered balance sheet for 2026.

For the fourth quarter of 2025, service line fee revenue rose 9% to $2.0 billion, with services up 8%, leasing up 6%, capital markets up 17% and valuation and other up 15%, reflecting solid demand across asset classes and regions. For the full year, service line fee revenue increased 7% to $7.1 billion, while operating cash flow climbed by $132.4 million to $340.4 million and free cash flow grew by $126 million to $293 million, leaving the company with $1.8 billion of liquidity at year-end and marking its fifth consecutive quarter of double-digit capital markets revenue growth.

The most recent analyst rating on (CWK) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on Cushman & Wakefield stock, see the CWK Stock Forecast page.