Cushman & Wakefield (CWK) AI Stock Analysis

• Market Cap: $3.67B
• Dividend Yield: N/A
• Average Volume (3M): 2.50M
• Price to Earnings (P/E): 18.0
• Beta (1Y): 1.78
• Revenue Growth: 4.63%
• EPS Growth: 887.64%
• Country: US
• Employees: 52,000
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.28
• Shares Outstanding: 231,531,220
• 10 Day Avg. Volume: 2,312,929
• 30 Day Avg. Volume: 2,503,473
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.41
• Enterprise Value/Revenue: 0.53
• Enterprise Value/Gross Profit: 2.89
• Enterprise Value/Ebitda: 8.63
• 1Y Price Target: $16.00
• Price Target Upside: -3.56% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

• Rating: 75 Outperform
• Price Target: $16.50 ▼(-0.54% Downside)

Cushman & Wakefield's overall stock score is driven by strong financial performance and positive earnings call outcomes. The technical analysis suggests strong momentum, though caution is advised due to overbought signals. Valuation is moderate, and recent corporate events further strengthen the company's financial strategy.

Positive Factors

Earnings

Cushman & Wakefield reported a nice beat on second-quarter results, supported by better-than-expected acceleration in services, growth in leasing, and growth in capital markets.

Guidance

Management provided more granular 2025 guidance that is nicely above expectations.

Negative Factors

Leverage

Cushman comes with higher risk given more leverage than peers.

Target Price

The target price for CWK has been decreased to $12 from $16, reflecting some expected challenges.

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 streams, primarily from fees associated with leasing and property management services. A significant portion of its income is derived from tenant representation and landlord representation services in commercial leasing transactions, where the company earns commissions based on the value of lease agreements. Additionally, CWK provides investment management services, where it earns fees for managing real estate funds and portfolios on behalf of institutional investors. The company also engages in capital markets advisory, facilitating property sales and investment transactions, which contribute to its revenue through transaction fees. Strategic partnerships with financial institutions and technology firms enhance CWK's offerings and market reach, while its strong brand presence and expertise in the real estate sector position it favorably for sustained earnings growth.

Cushman & Wakefield Financial Statement Overview

Summary

Cushman & Wakefield's financial performance is solid with a robust income statement, strong balance sheet, and reasonable cash flow management. The company maintains a conservative leverage position and a satisfactory equity buffer, though revenue and cash flow growth show some fluctuations.

Income Statement

Cushman & Wakefield's income statement shows a robust performance with improved net income in the TTM (Trailing-Twelve-Months) compared to previous years. The gross profit margin stands at 37.99% with a net profit margin of 1.70%, indicating a moderate profitability level. Revenue has shown modest growth over the periods, though it experienced fluctuations. The EBIT margin at 4.02% and EBITDA margin at 4.92% suggest a stable operating efficiency.

Balance Sheet

The balance sheet depicts a solid equity position with a debt-to-equity ratio of 0.20, indicating a conservative leverage strategy. The return on equity (ROE) is at 9.12%, reflecting a moderate return for shareholders. The equity ratio is 23.97%, suggesting a stable financial structure with adequate asset backing. Overall, the company maintains a healthy leverage and equity balance, though the total liabilities remain significant.

Cash Flow

Cushman & Wakefield's cash flow analysis reveals stable operating cash flows with a TTM free cash flow of $140.6 million. The operating cash flow to net income ratio is 1.06, and the free cash flow to net income ratio is 0.87, reflecting a decent cash conversion ability. However, the free cash flow growth rate has been inconsistent, indicating potential volatility in cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.74B	9.45B	9.49B	10.11B	9.39B	7.84B
Gross Profit	1.79B	1.73B	1.65B	1.95B	1.94B	1.39B
EBITDA	598.70M	501.90M	494.50M	780.20M	795.70M	267.60M
Net Income	205.80M	131.30M	-35.40M	196.40M	250.00M	-220.50M
Balance Sheet
Total Assets	7.56B	7.55B	7.77B	7.95B	7.89B	7.34B
Cash, Cash Equivalents and Short-Term Investments	618.20M	793.30M	767.70M	644.50M	770.70M	1.07B
Total Debt	3.24B	3.31B	3.57B	3.60B	3.66B	3.68B
Total Liabilities	5.65B	5.79B	6.10B	6.29B	6.44B	6.24B
Stockholders Equity	1.90B	1.75B	1.68B	1.66B	1.45B	1.09B
Cash Flow
Free Cash Flow	126.00M	167.00M	101.20M	-1.60M	495.70M	-79.20M
Operating Cash Flow	149.30M	208.00M	152.20M	49.10M	549.50M	-38.20M
Investing Cash Flow	44.90M	81.20M	48.90M	-120.70M	-749.50M	-257.80M
Financing Cash Flow	-154.20M	-253.40M	-120.80M	-79.30M	-65.80M	571.90M

Cushman & Wakefield Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.59
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

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 16.59 is above the 20-day moving average (MA) of 15.20, above the 50-day MA of 13.16, and above the 200-day MA of 12.04, indicating a bullish trend. The MACD of 0.86 indicates Positive momentum. The RSI at 74.58 is Negative, neither overbought nor oversold. The STOCH value of 74.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CWK.

Cushman & Wakefield Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JLL	78 Outperform	$14.58B	26.77	8.40%	―	13.47%	47.52%
CWK	75 Outperform	$3.67B	18.01	11.62%	―	4.63%	887.64%
CBRE	74 Outperform	$48.11B	46.05	13.13%	―	14.96%	19.11%
EXPI	67 Neutral	$1.72B	―	-12.78%	1.78%	3.55%	-36.05%
NMRK	66 Neutral	$3.17B	40.80	6.00%	0.65%	16.29%	69.89%
Sector *	63 Neutral	$7.02B	13.41	-0.50%	6.86%	4.08%	-25.24%
MMI	55 Neutral	$1.28B	―	-1.99%	1.51%	17.89%	65.32%

Cushman & Wakefield Corporate Events

Cushman & Wakefield Reprices $948 Million Term Loan

On July 21, 2025, Cushman & Wakefield announced the successful repricing of its $948 million Term Loan, initially issued in October 2024 and due in 2030, reducing the interest rate by 50 basis points. This move, alongside a recent $25 million prepayment, reflects the company’s strategy to enhance its capital structure by focusing on debt reduction and disciplined growth.

Cushman & Wakefield Announces Board Resignation and New Appointments

On June 19, 2025, Brett White announced his resignation from the board of Cushman & Wakefield, effective July 31, 2025, after over a decade of service. He will transition to a strategic consultant role until February 28, 2026. White’s leadership was pivotal in the company’s growth, including its IPO and strategic investments. The board has appointed Susan Daimler, Timothy Wennes, and Stephen D. Plavin as new directors, with Plavin becoming the Chairman on October 1, 2025. These appointments align with the company’s strategic focus on growth and innovation, enhancing its capabilities in commercial real estate and technology.