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Cushman & Wakefield
(NYSE:CWK)
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Rating:61Neutral
Price Target:
$15.00
▲(17.92% Upside)
Action:Reiterated
Date:08/05/26
CWK scores as moderately attractive: the biggest positives are improving fundamentals (notably the balance sheet/leverage improvement and positive cash generation) and a constructive, confident earnings narrative with reaffirmed growth and margin targets. The main constraints are very thin profitability and a high P/E valuation, with technicals supportive near term but still mixed versus the 200-day trend.
Positive Factors
Balance-sheet deleveraging & liquidity
Meaningful debt paydowns, partial redemptions and a lower-cost, extended term loan have cut gross debt and left ~$1.5B liquidity. Stronger leverage and liquidity improve resilience to real‑estate cycles, lower financing cost, and give capacity to win large mandates or invest in growth.
Negative Factors
Thin margins and fragile profitability
Very low operating and net margins mean small revenue or cost moves materially swing profitability. This compresses the margin of safety for earnings targets, makes multi-year EPS goals sensitive to cyclical slowdowns, and raises execution risk on sustained margin expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet deleveraging & liquidity
Meaningful debt paydowns, partial redemptions and a lower-cost, extended term loan have cut gross debt and left ~$1.5B liquidity. Stronger leverage and liquidity improve resilience to real‑estate cycles, lower financing cost, and give capacity to win large mandates or invest in growth.
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
$3.14B
Dividend YieldN/A
Average Volume (3M)1.62M
Price to Earnings (P/E)41.7
Beta (1Y)1.54
Revenue Growth10.40%
EPS Growth-54.85%
CountryUS
Employees53,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.29
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.67Price Target Upside31.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.46
Revenue Forecast (FY)$11.08B
Cushman & Wakefield Business Overview & Revenue Model
Company Description
Cushman & Wakefield is a global commercial real estate services firm that provides property, facilities, and project management, as well as leasing, capital markets, and valuation services to real estate occupiers and owners. The company operates ...
How the Company Makes Money
Cushman & Wakefield primarily makes money by charging fees for professional services tied to commercial real estate transactions and ongoing management contracts. Key revenue streams include: (1) Leasing services: the firm earns commissions/fees f...
Cushman & Wakefield Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presents a strong positive operating and financial picture: record Q2 revenue, solid margin and EPS expansion, marked improvements in free cash flow and leverage, meaningful growth in high‑value areas (leasing, project management, data centers), and an upward revision to full-year guidance. Headwinds were limited to capital markets softness in select segments and regions (notably Americas mid-market multifamily and EMEA leasing), higher early-year commissions, and a moderated growth posture expected in the back half. These lowlights appear manageable against the breadth of positive operational and balance-sheet progress.Positive Updates
Record Quarterly Revenue and Service Revenues
Second quarter total revenue of $2.8 billion, up 11% year-over-year; company reported the highest second-quarter total revenue and the highest second-quarter leasing and services revenue in company history.
Negative Updates
Capital Markets Revenue Softness
Capital markets revenues declined 1% globally and were down 6% in the Americas, driven by softness in office and midsized multifamily transactions where the firm is more concentrated; management noted hiring in capital markets has not fully ramped and that momentum is only showing early signs of improvement in Q3.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Service Revenues
Second quarter total revenue of $2.8 billion, up 11% year-over-year; company reported the highest second-quarter total revenue and the highest second-quarter leasing and services revenue in company history.
Read all positive updates
Company Guidance
Cushman & Wakefield raised its full‑year outlook after a strong first half, now expecting 2026 revenue growth at the mid‑to‑high end of its 6%–8% guidance range and increasing the annual adjusted EPS growth target to 18%–23% (up from 15%–20% previously); the raise was driven by robust H1 results including Q2 revenue of $2.8B (+11%), adjusted EBITDA of $184M (+13%), Q2 adjusted EPS of $0.35 (+17%) and YTD adjusted EPS of $0.50 (+28% vs H1 2025), plus improved cash generation (trailing‑12‑month free cash flow $249M, +$123M, representing 79% conversion of adjusted net income within their 60%–80% target), a strengthened balance sheet (net leverage 3.0x vs 3.7x a year ago), ~$500M cash on hand and $1.5B total liquidity, and continued debt reduction actions (≈$650M repaid since 2024, including $150M repaid since April and $150M remaining on 2028 notes to be redeemed by mid‑2027) alongside an amended $850M term loan repriced to SOFR +2.25% and upsized by $350M.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 | 10.82B | 10.29B | 9.45B | 9.49B | 10.11B | 9.39B |
| Gross Profit | 951.60M | 1.67B | 1.73B | 1.65B | 1.95B | 1.94B |
| EBITDA | 207.80M | 434.60M | 510.70M | 494.50M | 780.20M | 795.70M |
| Net Income | 69.10M | 88.20M | 131.30M | -35.40M | 196.40M | 250.00M |
Balance Sheet | ||||||
| Total Assets | 7.55B | 7.68B | 7.55B | 7.77B | 7.95B | 7.89B |
| Cash, Cash Equivalents and Short-Term Investments | 500.50M | 784.20M | 793.30M | 767.70M | 644.50M | 770.70M |
| Total Debt | 614.90M | 3.24B | 3.31B | 3.57B | 3.60B | 3.66B |
| Total Liabilities | 5.53B | 5.72B | 5.79B | 6.10B | 6.29B | 6.44B |
| Stockholders Equity | 2.02B | 1.96B | 1.75B | 1.68B | 1.66B | 1.45B |
Cash Flow | ||||||
| Free Cash Flow | 203.60M | 293.00M | 167.00M | 101.20M | -1.60M | 495.70M |
| Operating Cash Flow | 249.30M | 340.40M | 208.00M | 152.20M | 49.10M | 549.50M |
| Investing Cash Flow | 41.90M | -21.10M | 81.20M | 48.90M | -120.70M | -749.50M |
| Financing Cash Flow | -301.00M | -350.50M | -253.40M | -120.80M | -79.30M | -65.80M |
Cushman & Wakefield Technical Analysis
Positive
12.72
Price Trends
13.26
Positive
13.24
Positive
14.37
Negative
Market Momentum
0.09
Negative
58.66
Neutral
84.05
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 12.72 is below the 20-day moving average (MA) of 13.35, below the 50-day MA of 13.26, and below the 200-day MA of 14.37, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 58.66 is Neutral, neither overbought nor oversold. The STOCH value of 84.05 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $16.33B | 16.68 | 9.96% | ― | 11.17% | 79.36% | |
70 Outperform | $42.51B | 33.44 | 15.16% | ― | 14.53% | 22.31% | |
67 Neutral | $2.66B | 18.09 | 9.92% | 0.97% | 23.03% | 88.89% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.16B | -2,228.26 | -0.10% | 1.65% | 9.77% | 91.22% | |
61 Neutral | $3.14B | 41.70 | 3.79% | ― | 10.40% | -54.85% | |
59 Neutral | $11.65B | 156.56 | 0.90% | ― | 21.96% | -28.75% |
* Real Estate Sector Average
CWK
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Cushman & Wakefield Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Cushman & Wakefield Reports Record Q2 2026 Revenue
Positive
Aug 5, 2026
On August 5, 2026, Cushman Wakefield reported record second-quarter 2026 leasing, services and total revenues, with total revenue up 11% year over year to $2.8 billion and leasing revenue surging 27%, driven by broad-based growth in the Americas ...
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...
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.