Cushman & Wakefield (CWK)
NYSE:CWK
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Cushman & Wakefield
(NYSE:CWK)
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Rating:60Neutral
Price Target:
$12.50
▼(-5.45% Downside)
Action:ReiteratedDate: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
Deleveraging / Balance Sheet Improvement
Material reduction in leverage strengthens financial flexibility: lower debt levels reduce refinancing and covenants risk, enable continued organic investment and targeted prepayments, and give management room to execute three-year targets. Sustaining the lower leverage is key to preserving this durable advantage.
Negative Factors
Thin, volatile profitability
Persistently thin margins limit the firm's ability to absorb cost inflation or cyclical revenue drops. Volatile profitability reduces predictability of earnings and weakens return on capital, making sustained margin improvement essential for durable shareholder value creation amid competitive pricing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging / Balance Sheet Improvement
Material reduction in leverage strengthens financial flexibility: lower debt levels reduce refinancing and covenants risk, enable continued organic investment and targeted prepayments, and give management room to execute three-year targets. Sustaining the lower leverage is key to preserving this durable advantage.
Read all positive factors
Cushman & Wakefield (CWK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.06B
Dividend YieldN/A
Average Volume (3M)1.67M
Price to Earnings (P/E)42.4
Beta (1Y)1.65
Revenue Growth6.77%
EPS Growth150.72%
CountryUS
Employees52,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.13
Shares Outstanding231,821,700
10 Day Avg. Volume1,612,075
30 Day Avg. Volume1,672,846
Financial Highlights & Ratios
PEG Ratio-1.27
Price to Book (P/B)1.91
Price to Sales (P/S)0.36
P/FCF Ratio12.78
Enterprise Value/Market Cap1.84
Enterprise Value/Revenue0.55
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda13.34
Forecast
1Y Price Target
$18.50Price Target Upside39.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.45
Revenue Forecast (FY)$7.55B
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; ...
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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call conveyed a strong positive operational and financial performance in 2025: robust top-line growth (7% revenue growth to $7.1B), double-digit adjusted EBITDA and EPS improvements (+11% EBITDA, +34% EPS), record leasing results, exceptional free cash flow conversion (103%), and meaningful deleveraging to 2.9x. Management presented confident 2026 and three-year targets and emphasized strategic AI and cross-selling initiatives. Key negatives include a sizable non-cash $177M Greystone JV impairment, some Q4 margin pressure driven by investment and healthcare costs, regional softness in APAC capital markets, and a guided reduction in expected free cash flow conversion for 2026 to 60–80%. Overall, the positives — historic revenues, strong EPS and free cash flow performance, balance sheet improvement, and clear growth/AI strategy — outweigh the limited set of challenges and one-time items.Positive Updates
Record Financial Performance and EPS Growth
Adjusted EPS of $1.22, up 34% year-over-year — the company highlighted this as the highest adjusted EPS growth for 2025 and at the high end of guidance.
Negative Updates
Greystone Joint Venture Impairment
Recorded a non-cash $177 million impairment to the Greystone JV in Q4 due to lower forward earnings expectations relative to acquisition assumptions. Greystone contributed $36 million of adjusted EBITDA in 2025 and management now models a lower run-rate contribution going forward.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance and EPS Growth
Adjusted EPS of $1.22, up 34% year-over-year — the company highlighted this as the highest adjusted EPS growth for 2025 and at the high end of guidance.
Read all positive updates
Company Guidance
Cushman & Wakefield guided 2026 revenue growth of 6–8% and adjusted EPS growth of 15–20%, with anticipated free cash flow conversion of 60–80% and service‑line growth “similar to 2025,” while reiterating a three‑year goal of ~15–20% annual adjusted EPS growth and a target to reach ~2.0x net leverage by 2028 (exiting 2025 at 2.9x after $300M of principal prepayments). For context, 2025 results included $7.1B of revenue (+7%), $656M of adjusted EBITDA (+11%), adjusted EPS of $1.22 (+34%), $293M of free cash flow (103% conversion), roughly $800M of cash and $1.8B of total liquidity, with strong momentum in capital markets and leasing underpinning a balanced plan to invest organically while continuing deleveraging.Cushman & Wakefield Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| 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
Neutral
13.22
Price Trends
13.32
Negative
14.73
Negative
14.63
Negative
Market Momentum
-0.03
Negative
55.99
Neutral
78.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CWK, the sentiment is Neutral. The current price of 13.22 is above the 20-day moving average (MA) of 12.40, below the 50-day MA of 13.32, and below the 200-day MA of 14.63, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 78.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $14.89B | 20.11 | 11.09% | ― | 12.51% | 32.34% | |
66 Neutral | $41.68B | 41.44 | 13.63% | ― | 14.61% | 30.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $997.41M | -556.71 | -1.09% | 1.80% | 20.74% | 78.92% | |
60 Neutral | $3.06B | 42.44 | 4.65% | ― | 6.77% | 150.72% | |
56 Neutral | $2.79B | 24.52 | 8.82% | 0.68% | 22.22% | 94.52% | |
54 Neutral | $15.31B | 4,003.66 | 0.09% | ― | 14.61% | -87.93% |
* Real Estate Sector Average
CWK
Cushman & Wakefield
13.22
4.98
60.44%
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45.21%
Cushman & Wakefield Corporate Events
Business Operations and StrategyFinancial Disclosures
Cushman & Wakefield Posts Record 2025 Revenue, Strengthens Balance Sheet
Positive
Feb 19, 2026
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, lea...
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.