olivLaw · US equity research
CBRE Group, Inc. CBRE
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
CBRE Group, Inc. is the world's largest commercial real estate services and investment firm, with revenue of 40.6 billion USD in fiscal 2025. In the first nine months of 2026 revenue reached 33.3 billion USD, and in the third quarter of 2026 it reached 11.5 billion USD, up 12.7%. Growth is supported by demand for critical infrastructure services and outsourcing, while the property transaction business is gradually recovering.
At the close of 04 Nov 2026, CBRE Group, Inc. (CBRE) stock was 141.11 USD (+4.12% on the day), with market capitalisation 40.7 bn USD, P/E 30.2 on diluted EPS of 4.67 USD over the last 12 months, beta 0.97, 52-week range 121.65–171.61 USD. Latest reported quarter (Q3 2026): revenue of 11.5 bn USD (+12.7% YoY), net income of 443.0 m USD (+22.0% YoY), diluted EPS 1.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.0
- strong (55–70)
- Bollinger (20, 2)
- 120.80 – 140.49
- above the upper band · %B 1.03 · band width 15.1%
- SMA 50 / 200
- 135.56 / 141.24
- mixed trend
- MACD (12, 26, 9)
- -0.17 / -1.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.0% | −1.1% | +10.1 pp | — |
| 3 months | −6.6% | −0.5% | −6.2 pp | — |
| 6 months | −2.8% | +4.4% | −7.2 pp | — |
| Year to date | −12.2% | +12.3% | −24.6 pp | — |
| 1 year | −6.8% | +13.5% | −20.4 pp | −11.2% |
| 3 years | +85.6% | +76.4% | +9.2 pp | −5.4% |
| 5 years | +32.3% | +63.7% | −31.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.4 bn | 8.9 bn | 9.7 bn | 10.2 bn | 11.7 bn | 10.5 bn | 11.2 bn | 11.5 bn |
| Cost of revenue | 8.3 bn | 7.3 bn | 7.9 bn | 8.3 bn | 9.5 bn | 8.7 bn | 9.1 bn | 9.4 bn |
| Operating income | 594.0 m | 276.0 m | 374.0 m | 481.0 m | 622.0 m | 511.0 m | 365.0 m | 561.0 m |
| Depreciation & amortisation | 177.0 m | 142.0 m | 145.0 m | 145.0 m | 297.0 m | 182.0 m | 190.0 m | 184.0 m |
| Pre-tax income | 613.0 m | 243.0 m | 301.0 m | 486.0 m | 564.0 m | 454.0 m | 315.0 m | 611.0 m |
| Income tax | 112.0 m | 52.0 m | 61.0 m | 90.0 m | 114.0 m | 112.0 m | 68.0 m | 131.0 m |
| Net income | 487.0 m | 163.0 m | 215.0 m | 363.0 m | 416.0 m | 318.0 m | 204.0 m | 443.0 m |
| Diluted EPS | 1.58 ≈ | 0.54 | 0.72 | 1.21 | 1.39 ≈ | 1.07 | 0.69 | 1.52 |
| Operating cash flow | 1.3 bn | -546.0 m | 57.0 m ≈ | 827.0 m ≈ | 1.2 bn | -825.0 m | 138.0 m ≈ | 869.0 m ≈ |
| Capex | 93.0 m | 64.0 m | 74.0 m ≈ | 84.0 m ≈ | 144.0 m | 81.0 m | 114.0 m ≈ | 126.0 m ≈ |
| Share repurchases | 517.0 m | 418.0 m | 262.0 m ≈ | 0 ≈ | 288.0 m | 530.0 m | 410.0 m ≈ | 218.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 73 percentile of its own 44-quarter history (min 9.9, median 21.1, max 41.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.3 bn | 23.9 bn | 23.8 bn | 27.7 bn | 30.8 bn | 31.9 bn | 35.8 bn | 40.6 bn |
| Revenue YoY | +14.6% | +12.0% | −0.3% | +16.5% | +11.1% | +3.6% | +12.0% | +13.4% |
| Net income | 1.1 bn | 1.3 bn | 752.0 m | 1.8 bn | 1.4 bn | 986.0 m | 968.0 m | 1.2 bn |
| Net income YoY | +52.5% | +20.6% | −41.4% | +144.3% | −23.4% | −29.9% | −1.8% | +19.5% |
| Diluted EPS | 3.10 | 3.77 | 2.22 | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 |
| Diluted EPS YoY | +51.2% | +21.6% | −41.1% | +143.7% | −20.7% | −26.6% | −0.3% | +22.6% |
| net % | 5.0% | 5.4% | 3.2% | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% |
| Free cash flow | 903.4 m | 929.9 m | 1.6 bn | 2.2 bn | 1.4 bn | 175.0 m | 1.4 bn | 1.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 bn USD
- Financial debt
- 7.5 bn USD
- Net debt
- 5.7 bn USD
- Equity
- 9.2 bn USD
- Total assets
- 30.9 bn USD
- Debt / equity
- 0.82x
- Current ratio
- 1.09x
- ROE
- 12.6%
- ROA
- 4.2%
- FCF margin
- 2.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 23.8 bn | 27.7 bn | 30.8 bn | 31.9 bn | 35.8 bn | 40.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 19.0 bn | 21.6 bn | 24.2 bn | 25.7 bn | 28.8 bn | 33.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 4.8 bn ≈ | 6.2 bn ≈ | 6.6 bn ≈ | 6.3 bn ≈ | 7.0 bn ≈ | 7.6 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Operating income | 969.8 m | 1.6 bn | 1.5 bn | 1.1 bn | 1.4 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 501.7 m | 526.0 m | 613.0 m | 622.0 m | 674.0 m | 729.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 1.5 bn ≈ | 2.2 bn ≈ | 2.1 bn ≈ | 1.7 bn ≈ | 2.1 bn ≈ | 2.5 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Pre-tax income | 970.0 m | 2.4 bn | 1.7 bn | 1.3 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 214.1 m | 568.0 m | 234.0 m | 250.0 m | 182.0 m | 317.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 752.0 m | 1.8 bn | 1.4 bn | 986.0 m | 968.0 m | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 2.22 | 5.41 | 4.29 | 3.15 | 3.14 | 3.85 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 338.4 m | 339.7 m | 327.7 m | 312.6 m | 308.0 m | 300.8 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 bn | 2.4 bn | 1.3 bn | 1.3 bn | 1.1 bn | 1.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 4.4 bn | 5.2 bn | 5.3 bn | 6.4 bn | 7.0 bn | 8.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 8.8 bn | 10.1 bn | 8.5 bn | 9.7 bn | 10.0 bn | 13.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 815.0 m | 816.1 m | 836.0 m | 907.0 m | 914.0 m | 1.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 3.8 bn | 5.0 bn | 4.9 bn | 5.1 bn | 5.6 bn | 7.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 2.4 bn | 2.2 bn | 2.1 bn | 2.3 bn | 3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 18.0 bn | 22.1 bn | 20.5 bn | 22.5 bn | 24.4 bn | 30.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 1.4 bn | 1.3 bn | 668.8 m | 682.0 m | 906.0 m | 2.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 1.4 bn | 1.5 bn | 1.1 bn | 2.8 bn | 3.2 bn | 5.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 7.1 bn | 8.4 bn | 8.2 bn | 8.2 bn | 9.3 bn | 12.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 10.5 bn | 12.7 bn | 11.9 bn | 13.5 bn | 15.2 bn | 21.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 7.1 bn | 9.4 bn | 8.6 bn | 9.1 bn | 9.2 bn | 9.2 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 2.4 bn | 1.6 bn | 480.0 m | 1.7 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 266.6 m | 209.9 m | 260.1 m | 305.0 m | 307.0 m | 366.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 1.6 bn ≈ | 2.2 bn ≈ | 1.4 bn ≈ | 175.0 m ≈ | 1.4 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -744.1 m | -1.3 bn | -832.0 m | -681.0 m | -1.5 bn | -1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -222.8 m | -490.0 m | -1.8 bn | 154.0 m | -221.0 m | 796.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 50.0 m | 369.0 m | 1.9 bn | 665.0 m | 627.0 m | 968.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 40.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet83
- Growth96
- Valuation25
- Quality41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.95 – 49.02 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/B14.95 – 49.02 (Mid 25.53)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.6xAEI, AHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 16.1% | 97 (vs peers) | 10% |
| EBITDA margin · Quality | 6.5% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 9.6% | 96 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | 2.1x | 83 (vs peers) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 4.7x | 16 (vs peers) | 29% |
| P/E (TTM) · Valuation | 30.2x | 47 (vs peers) | 13% |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial83/100 · 1/2 factors with a value
- Growth96/100 · 1/1 factors with a value
- Quality41/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation25/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CBRE GROUP, INC. (CBRE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 40.5 bn USD in 2025; YoY growth 13.4%; net margin 3.1%; ROE 16.1%; net debt/EBITDA 2.1x.
The estimated value range is 14.95–49.02 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 25.53 USD, the price of 141.11 USD leaves a potential of -81.9% (value / price − 1) and a margin of safety of -452.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 16.1%
- Revenue CAGR 3Y: 9.6%
- Net debt / EBITDA: 2.1x
What contradicts it
- EBITDA margin: 6.5%
- P/B: 4.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −7% / +86% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for CBRE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 90.00 Total return -36% · Per year -36% | 158.74 Total return 12% · Per year 12% | 238.60 Total return 69% · Per year 69% |
| 3 years | 96.47 Total return -32% · Per year -12% | 190.57 Total return 35% · Per year 11% | 313.18 Total return 122% · Per year 30% |
| 5 years | 103.40 Total return -27% · Per year -6% | 228.77 Total return 62% · Per year 10% | 411.07 Total return 191% · Per year 24% |
- Exit P/E± 47.64
- Net margin± 33.35
- Annual revenue growth± 26.11
- Annual dilution± 2.80
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CBRE Group, Inc. is the world's largest commercial real estate services and investment firm, with revenue of 40.6 billion USD in fiscal 2025 1. In the first nine months of 2026 revenue reached 33.3 billion USD 2, and in the third quarter of 2026 it reached 11.5 billion USD, up 12.7% 23. Growth is supported by demand for critical infrastructure services and outsourcing, while the property transaction business is gradually recovering.
SWOT
Strengths
- Global scale and a leading position in most business lines, supported by a research, data and technology platform.
- A growing weight of resilient revenue such as facilities management, project management and property management reduces dependence on cyclical transactions.
- A balance sheet that management describes as strong, with controlled net leverage and liquidity available for investment and acquisitions.
Weaknesses
- In some periods of 2026 cost of revenue and operating expenses grew faster than revenue, compressing margins.
- Reliance on acquisitions for growth brings integration risk and the chance of results below expectations.
- Foreign currency exposure is high, since a significant part of revenue is transacted in foreign currencies.
Opportunities
- Demand for digital infrastructure and data centres could keep growing, supported by investment in artificial intelligence.
- Outsourcing by large occupiers could consolidate long-term contracts in the BOE segment.
- A recovery in property sales and mortgage markets could lift transactional revenue if interest rates stabilise.
Threats
- Higher interest rates or long-term yields could slow property transactions and financing.
- Geopolitical and trade tensions could affect activity in some regions and fundraising from Middle East sources.
- Competition could intensify through consolidation among rivals or disruptive innovation.
Risks
- Economic cyclicalityhigh
Recessions, political uncertainty or falling property values could reduce transactional revenue, commissions and the results of the investment business.
- Access to credithigh
If credit becomes more expensive or harder to obtain, clients could postpone transactions, affecting property sales and loan origination.
- Currency exposuremedium
Movements in the U.S. dollar could change reported revenue and profit, because a large part of the business is conducted in other currencies.
- Integration of acquisitionsmedium
Recent acquisitions could bring integration costs, staff attrition or results below initial expectations, affecting amortisation and profitability.
- Environmental liability and climate ruleslow
As an operator or manager of properties the company could be held liable for remediation costs, and emissions regulation could raise compliance costs.
Investment thesis
What would need to be true (bull case)
- Scale and market leadership, together with growing resilient revenue from facilities management and infrastructure, could support steady profit growth.
- Data centre and artificial intelligence related services show strong momentum, and this segment could keep accelerating.
- If property transactions recover with cheaper capital, transactional revenue could rise significantly above current levels.
What would break the thesis
- Rising long-term yields could slow transactions again, and revenue from sales and financing could decline.
- Staff and operating costs could grow faster than revenue, compressing margins in some segments.
- Acquisitions and their integration could produce results below expectations, especially if digital infrastructure markets slow.
What to watch
- Trend in critical infrastructure revenue and BOE segment marginsQ4 2026
- Pace of property sales and mortgage origination as U.S. Treasury yields moveQ4 2026
- Net leverage ratio and use of free cash flow for share repurchasesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The financial platform also includes investment activity: CBRE Investment Management had over 155 billion USD in assets under management at 31 December 2025 1, and the development business, Trammell Crow Company, had a portfolio and pipeline above 29.5 billion USD on the same date 1. At 30 September 2026 the portfolio stood at 29.6 billion USD 3. The company reported a net leverage ratio of 1.36x at 30 September 2026 and total liquidity of 5.0 billion USD 3.
Market context
Trends
- Outsourcing of services by occupierstailwind
Large companies increasingly outsource facilities and project management, which strengthens recurring revenue in the BOE and Project Management segments 12.
- Geopolitical tension and Middle East fundraisingmixed
The Middle East conflict has had limited direct impact on the business but slowed fundraising from capital sources based in the region 2. The effect could grow if tensions widen.
Competitive position
Competition includes a few globally diversified real estate services firms that are smaller than CBRE, many specialists in particular geographies or business lines, outsourcing companies, in-house corporate real estate departments, developers and financial institutions 1. Some competitors have greater financial resources for particular markets or services 1.
- Jones Lang LaSalleJLL
Global real estate services firm, described in the sources as smaller than CBRE but with comparable global reach.
- Cushman & WakefieldCWK
Global real estate services firm, described in the sources among the few globally diversified competitors.
- Facilities management outsourcing firms
Companies competing with the Building Operations & Experience segment that have sometimes expanded their offerings in facilities management.
- Real estate developers and investors
Competitors for development projects and for the investment funds managed by Real Estate Investments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- CBRE Group Stock: Is CBRE Underperforming the Real Estate Sector?Yahoo Finance — News · 15 Sept 2026 · EN
- CBRE Group (CBRE) Unit Buys $1.6 Billion Net-Lease Platform. Can Scale Lift Fee Earnings?Yahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Material agreement · Financial statements and exhibits
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report20 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report15 Jun 2026Regulation FD disclosure
- Current report22 May 2026Shareholder vote
- Current report04 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CBRE Group, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / CBRE Group, Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CBRE Group, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.