olivLaw · US equity research
Cushman & Wakefield Ltd. CWK
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Cushman & Wakefield Ltd. is one of the three largest global commercial real estate services firms, offering management, leasing, capital markets and valuation services to occupiers and investors in nearly sixty countries. The company entered 2026 with revenue growth across its service lines, and revenue reached 10.3 billion USD in fiscal 2025, which keeps its performance under close watch in a sector still sensitive to economic cycles.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cushman & Wakefield Ltd. (CWK) stock was 14.93 USD (+9.62% on the day), with market capitalisation 3.5 bn USD, P/E 50.5 on diluted EPS of 0.30 USD over the last 12 months, beta 1.38, 52-week range 11.04–17.20 USD. Latest reported quarter (Q3 2026): revenue of 2.8 bn USD (+7.7% YoY), net income of 52.1 m USD (+1.4% YoY), diluted EPS 0.22 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)
- 70.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 10.08 – 14.35
- above the upper band · %B 1.14 · band width 34.9%
- SMA 50 / 200
- 12.52 / 13.35
- mixed trend
- MACD (12, 26, 9)
- 0.48 / 0.10
- 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 | +26.0% | −1.1% | +27.1 pp | — |
| 3 months | +6.4% | −0.5% | +6.9 pp | — |
| 6 months | +3.3% | +4.4% | −1.1 pp | — |
| Year to date | −7.8% | +12.3% | −20.1 pp | — |
| 1 year | −4.5% | +13.5% | −18.0 pp | −12.2% |
| 3 years | +80.8% | +76.4% | +4.3 pp | −5.4% |
| 5 years | −25.3% | +63.7% | −88.9 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 | 2.6 bn | 2.3 bn | 2.5 bn | 2.6 bn | 2.9 bn | 2.5 bn | 2.8 bn | 2.8 bn |
| Cost of revenue | 2.1 bn | 1.9 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.1 bn | 2.3 bn | 2.3 bn |
| SG&A | 319.7 m | 305.8 m | 318.3 m | 320.6 m | 372.5 m | 336.7 m | 349.3 m | 329.6 m |
| Operating income | 174.5 m | 45.3 m | 122.8 m | 107.5 m | 176.9 m | 58.7 m | 134.2 m | 129.9 m |
| Depreciation & amortisation | 29.6 m | 26.7 m | 26.2 m | 25.8 m | 25.5 m | 25.3 m | 28.5 m | 26.8 m |
| Interest expense | 55.5 m | 52.3 m | 53.2 m | 56.0 m | 54.7 m | 49.2 m | 59.6 m | 49.2 m |
| Pre-tax income | 132.1 m | 5.0 m | 76.2 m | 45.1 m | -12.1 m | — | — | — |
| Income tax | 19.2 m | 3.1 m | 18.9 m | -6.3 m | 10.3 m | 3.0 m | 24.6 m | 31.6 m |
| Net income | 112.9 m | 1.9 m | 57.3 m | 51.4 m | -22.4 m | -12.6 m | 52.7 m | 52.1 m |
| Diluted EPS | 0.48 ≈ | 0.01 | 0.25 | 0.22 | -0.09 ≈ | -0.05 | 0.22 | 0.22 |
| Operating cash flow | 115.2 m | -162.0 m | 9.6 m ≈ | 235.5 m ≈ | 257.3 m | -243.5 m | 54.0 m ≈ | 213.9 m ≈ |
| Capex | 9.3 m | 4.6 m | 9.3 m ≈ | 10.5 m ≈ | 23.0 m | 12.2 m | 8.5 m ≈ | 37.8 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 83 percentile of its own 18-quarter history (min 8.3, median 27.8, max 219.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.2 bn | 8.8 bn | 7.8 bn | 9.4 bn | 10.1 bn | 9.5 bn | 9.4 bn | 10.3 bn |
| Revenue YoY | +18.7% | +6.5% | −10.4% | +19.7% | +7.6% | −6.1% | −0.5% | +8.9% |
| Net income | -185.8 m | 200.0 k | -220.5 m | 250.0 m | 196.4 m | -35.4 m | 131.3 m | 88.2 m |
| Net income YoY | unavailable | unavailable | −110,350.0% | unavailable | −21.4% | −118.0% | unavailable | −32.8% |
| Diluted EPS | -1.09 | 0.00 | -1.00 | 1.10 | 0.86 | -0.16 | 0.56 | 0.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −21.8% | −118.6% | unavailable | −32.1% |
| net % | -2.3% | 0.0% | -2.8% | 2.7% | 1.9% | -0.4% | 1.4% | 0.9% |
| Free cash flow | -86.4 m | 189.0 m | -79.2 m | 495.7 m | -1.6 m | 101.2 m | 167.0 m | 293.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 784.2 m USD
- Financial debt
- 2.7 bn USD
- Net debt
- 2.0 bn USD
- Equity
- 2.0 bn USD
- Total assets
- 7.7 bn USD
- Debt / equity
- 1.41x
- Current ratio
- 1.10x
- ROE
- 4.8%
- ROA
- 1.2%
- FCF margin
- 2.8%
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 | 7.8 bn | 9.4 bn | 10.1 bn | 9.5 bn | 9.4 bn | 10.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 6.5 bn | 7.4 bn | 8.2 bn | 7.8 bn | 7.7 bn | 8.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.4 bn ≈ | 1.9 bn ≈ | 2.0 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| SG&A | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -53.1 m | 497.0 m | 535.1 m | 205.6 m | 338.9 m | 452.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 263.6 m | 172.1 m | 146.9 m | 145.6 m | 122.2 m | 104.2 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 210.5 m ≈ | 669.1 m ≈ | 682.0 m ≈ | 351.2 m ≈ | 461.1 m ≈ | 556.7 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 163.8 m | 179.5 m | 193.1 m | 281.1 m | 229.9 m | 216.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -176.6 m | 339.9 m | 338.0 m | -30.0 m | 175.8 m | 114.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 43.9 m | 89.9 m | 141.6 m | 5.4 m | 44.5 m | 26.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -220.5 m | 250.0 m | 196.4 m | -35.4 m | 131.3 m | 88.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -1.00 | 1.10 | 0.86 | -0.16 | 0.56 | 0.38 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 220.8 m | 226.5 m | 228.0 m | 226.9 m | 232.8 m | 234.7 m | SEC (XBRL)· 19 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 | 1.1 bn | 770.7 m | 644.5 m | 767.7 m | 793.3 m | 784.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 2.9 bn | 2.8 bn | 2.8 bn | 2.8 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 235.9 m | 194.6 m | 172.6 m | 163.8 m | 136.0 m | 132.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 2.1 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 991.2 m | 922.2 m | 874.5 m | 805.9 m | 690.1 m | 654.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 7.3 bn | 7.9 bn | 7.9 bn | 7.8 bn | 7.5 bn | 7.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 39.7 m | 42.4 m | 49.8 m | 149.7 m | 103.2 m | 124.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 3.2 bn | 3.2 bn | 3.2 bn | 3.1 bn | 2.9 bn | 2.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 2.1 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 6.2 bn | 6.4 bn | 6.3 bn | 6.1 bn | 5.8 bn | 5.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.1 bn | 1.4 bn | 1.7 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -38.2 m | 549.5 m | 49.1 m | 152.2 m | 208.0 m | 340.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 41.0 m | 53.8 m | 50.7 m | 51.0 m | 41.0 m | 47.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -79.2 m ≈ | 495.7 m ≈ | -1.6 m ≈ | 101.2 m ≈ | 167.0 m ≈ | 293.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -257.8 m | -749.5 m | -120.7 m | 48.9 m | 81.2 m | -21.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 571.9 m | -65.8 m | -79.3 m | -120.8 m | -253.4 m | -350.5 m | SEC (XBRL)· 19 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: 28 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet34
- Quality24
- Valuation30
- Growth6
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: 4.44 – 14.56 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/B4.44 – 14.56 (Mid 7.58)19 companies used · median multiple 0.8x · quartiles 0.5x – 1.6xAEI, AHRT, AIRE, BEEP, CBRE, CHCI, CIGI, CMTG, CURB, 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
Unattractive profile · Score 28/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 3.4% | 55 (vs peers) | 8% |
| EBITDA margin · Quality | 5.5% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 0.6% | 6 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 3.5x | 33 (vs peers) | 19% |
| Interest coverage · Balance sheet | 2.3x | 34 (on a fixed band) | 16% |
| P/B · Valuation | 1.7x | 32 (vs peers) | 24% |
| P/E (TTM) · Valuation | 50.5x | 27 (vs peers) | 11% |
| 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 sheet34/100 · 2/2 factors with a value
- Growth6/100 · 1/1 factors with a value
- Quality24/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation30/100 · 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
Cushman & Wakefield Ltd. (CWK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 10.3 bn USD in 2025; YoY growth 8.9%; net margin 0.6%; ROE 3.4%; net debt/EBITDA 3.5x.
The estimated value range is 4.44–14.56 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.58 USD, the price of 14.93 USD leaves a potential of -49.2% (value / price − 1) and a margin of safety of -96.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 28/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- EBITDA margin: 5.5%
- Revenue CAGR 3Y: 0.6%
- P/E (TTM): 50.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 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% | −13% / +79% |
| 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% | −4% / +81% |
| 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 CWK 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.
The engine has no published run for this company yet.
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 | 8.53 Total return -43% · Per year -43% | 15.11 Total return 1% · Per year 1% | 22.79 Total return 53% · Per year 53% |
| 3 years | 7.64 Total return -49% · Per year -20% | 15.29 Total return 2% · Per year 1% | 25.42 Total return 70% · Per year 19% |
| 5 years | 6.84 Total return -54% · Per year -14% | 15.47 Total return 4% · Per year 1% | 28.34 Total return 90% · Per year 14% |
- Exit P/E± 3.82
- Net margin± 2.68
- Annual revenue growth± 2.28
- Annual dilution± 0.22
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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Cushman & Wakefield Ltd. is one of the three largest global commercial real estate services firms, offering management, leasing, capital markets and valuation services to occupiers and investors in nearly sixty countries. The company entered 2026 with revenue growth across its service lines, and revenue reached 10.3 billion USD in fiscal 2025 1, which keeps its performance under close watch in a sector still sensitive to economic cycles.
SWOT
Strengths
- Global scale and an office network spanning dozens of countries let the company compete for complex multinational mandates 1.
- The recurring, contractual Services line gives a high degree of stability to revenue and cash flow 1.
- A long-standing brand and consistent recognition in industry rankings support client relationships and talent attraction 1.
Weaknesses
- Transactional revenue is seasonal and depends on market volume, which makes quarterly results volatile 1.
- Net income fell in 2025 because of a one-time impairment tied to the Greystone JV investment 1.
- The company relies on a relatively small group of revenue-producing advisors and is exposed to the loss of key personnel 1.
Opportunities
- Demand for data centers, infrastructure and higher-quality buildings could open new revenue lines 13.
- If transaction activity recovers, capital markets and leasing revenue could grow quickly 13.
- Investment in technology and artificial intelligence could improve efficiency and the data offering to clients 1.
Risks
- Sensitivity to the real estate cyclehigh
Demand for services depends on the state of real estate markets, and a slowdown could weigh mainly on transaction-based lines 1.
- Currency exposuremedium
A significant part of revenue is generated in other currencies, and exchange rate moves can change results reported in U.S. dollars 1.
- Dependence on key personnelmedium
The departure of revenue-producing advisors or senior management could hurt activity and results 1.
- Artificial intelligence risksmedium
Deploying and governing artificial intelligence tools can lead to errors, reputational problems and added costs 1.
- Investments and impairmentlow
Equity method investments may require impairment if underlying results deteriorate, as happened with the Greystone JV investment 1.
Investment thesis
What would need to be true (bull case)
- If transaction activity recovers, the mix of recurring Services revenue and leasing growth could support higher profits than in the past 13.
- The raised 2026 Adjusted EPS guidance and lower cost of debt could indicate that the company's growth strategy is working 3.
- A leading global position and a long-standing brand could help the company win complex multinational mandates 1.
What would break the thesis
- If capital markets keeps declining in the Americas, transactional revenue could stay under pressure, especially in mid-sized deals 3.
- Net income fell in 2025 and in the first half of 2026, and financing costs and personnel expenses could limit profit growth 23.
- If the economy slows or credit becomes more expensive, clients could delay transactions, directly affecting leasing and capital markets revenue 1.
What to watch
- Capital markets trend in the Americas and mid-sized transaction volumesQ3 2026
- Delivery against the revised 2026 Adjusted EPS guidance2026
- Operating margin trend and personnel cost developmentQ3 2026
- Reported results in the next 10-K and any changes to segment reportingnext 10-K
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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Cushman & Wakefield Ltd. is a global commercial real estate services firm serving occupiers and investors, organized into four service lines: Services, Leasing, Capital markets and Valuation and other 1. Services, which covers property and facilities management and project management, is the largest line and is largely recurring, often through multi-year contracts 1. Since November 27, 2025 the parent company has been incorporated in Bermuda after a scheme of arrangement in the U.K., without a change to day-to-day operations 1.
The company reports through three geographic segments, the Americas, EMEA and APAC, and the United States is its largest market at 69% of 2025 revenue 1. The model combines recurring service revenue with transactional revenue from leasing and capital markets, so part of the cost base, such as commissions, moves with market activity 1. Headquarters are in Chicago 1.
In the first half of 2026 revenue rose 11% year over year, and leasing grew strongly in the second quarter 23. The company also reported its lowest borrowing spread on term loan debt in its history and raised its 2026 Adjusted EPS growth guidance to 18%-23% 3.
Segments
Services
Services is the largest service line at 66% of 2025 revenue and covers property management, facilities management and project management 1. Its contractual, recurring character provides stability, and revenue rose 8% in the second quarter of 2026 3.
Market context
The commercial real estate services market is fragmented, with many regional, local and boutique providers, yet the company expects demand for global providers that can manage multinational portfolios to grow 1. Demand depends on macroeconomic conditions, the cost of credit and occupier behavior, and a flight-to-quality trend favors premium buildings 1. A significant part of revenue is earned in currencies other than the U.S. dollar 1.
Transaction activity is seasonal, with revenue typically lowest in the first quarter and highest in the fourth, which makes quarter-by-quarter comparisons less meaningful 1. If transactions remain under pressure from the cost of capital, transactional revenue could be hit harder than recurring service revenue 1.
Trends
- Demand for higher-quality buildingstailwind
Occupiers increasingly prefer newer, higher-grade buildings, which can create opportunities for firms that help clients optimize workplaces 1. Strong demand for quality office and industrial space in the Americas supported leasing growth in 2026 3.
- Demand for data centers and digital infrastructuretailwind
Artificial intelligence has raised demand for data centers, which need power, cooling and connectivity, and the company names this asset class as a growth priority 1. Data centers were also cited among the drivers of leasing growth in the second quarter 3.
- Macroeconomic uncertainty and the cost of creditheadwind
Inflation, trade policy, tariffs and currency volatility can delay transaction decisions, and clients have struggled to obtain financing 1. If these conditions persist, capital markets activity could stay weak, as seen in the second quarter of 2026 3.
- Political polarization and regulationmixed
Political change and polarization can shift legal and regulatory frameworks and affect costs, reputation and retention of staff 1. The effect on the company depends on how policies evolve in the main countries where it operates 1.
Competitive position
The company competes in all its service lines with other commercial real estate services providers, outsourcing firms, in-house corporate real estate departments, institutional lenders, investment banks and consulting firms 1. In some markets local and regional firms have a stronger presence, while other multinational firms have similar service capabilities and geographic footprints 1. The company describes itself as one of the three largest global firms by revenue and workforce 1.
The advantages the company cites include global scale, a brand dating back more than a century, integrated service offerings across multiple contracts and a team oriented to execution 1. Risks include high turnover among revenue-producing advisors and the pressure of investing in technology and artificial intelligence to stay competitive 1.
- Jones Lang LaSalleJLL
Global commercial real estate services firm, named by the company as a direct competitor with similar geography and service lines 1.
- CBRE GroupCBRE
Global commercial real estate services firm, named by the company as a competitor with similar capabilities and geographic footprint 1.
- Colliers International Group
Multinational commercial real estate services firm listed on Nasdaq, named by the company among competitors with similar capabilities 1.
- Newmark GroupNMRK
Multinational commercial real estate services firm, named by the company among competitors with similar capabilities 1.
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
- Cushman & Wakefield Echinox: Doar 20% din spaţiile comerciale moderne se află în oraşe cu mai puţin de 100.000 de locuitori. Oraşele mici şi medii oferă noi oportunităţi de dezvoltare pentru piaţa de retailZiarul Financiar · 05 Nov 2026 · RO
- Cushman & Wakefield Echinox: Piaţa industrială şi logistică îşi menţine dinamica la 9 luni. Livrările cresc cu peste 60%, iar cererea scade uşor, cu 3%Ziarul Financiar · 28 Oct 2026 · RO
- Birourile flexibile câştigă teren în Bucureşti. Cushman & Wakefield Echinox: Stocul a crescut de peste şase ori în ultimii 11 ani, până la 73.500 mpZiarul Financiar · 21 Oct 2026 · RO
- Cushman & Wakefield Echinox: România a livrat mai mult de 636.000 de locuinţe în ultimul deceniu, cu o rată de construire comparabilă cu Germania şi peste cea din Cehia. Diferenţele dintre oraşe devin tot mai evidenteZiarul Financiar · 13 Oct 2026 · RO
- Când este cel mai bun moment să-ţi cumperi o casă, un apartament? Ce spune Mihaela Pană de la Cushman & Wakefield Echinox, care are 30 de ani experienţă pe piaţa de real estateZiarul Financiar · 11 Oct 2026 · RO
- Când este cel mai bun moment să-ţi cumperi o casă, un apartament? Ce spune Mihaela Pană de la Cushman & Wakefield Echinox, care are 30 de ani pe piaţa de real estateZiarul Financiar · 11 Oct 2026 · RO
- Cushman & Wakefield Echinox: Tranzacţiile imobiliare au ajuns a doua cea mai importantă destinaţie pentru capitalul străin din România, cu investiţii de 22,1 mld. euroZiarul Financiar · 07 Oct 2026 · RO
- Cushman & Wakefield Echinox: Tranzacțiile Imobiliarele au atras peste 22 de miliarde de euro din investițiile străine directe în RomâniaEconomedia · 07 Oct 2026 · RO
- Tranzacțiile imobiliare reprezintă a doua cea mai importantă destinație sectorială a capitalului străin din România (Cushman & Wakefield Echinox)Financial Intelligence (RO) · 07 Oct 2026 · RO
- Cushman & Wakefield Echinox schimbă conducerea departamentului de Evaluări. Claudia Scarlat devine Deputy Head of Valuation, iar Bogdan Sergentu preia strategia Data & AIEconomedia · 01 Oct 2026 · RO
- Cushman & Wakefield Echinox face schimbări în managementul companieiProfit.ro · 01 Oct 2026 · RO
- Cushman & Wakefield Echinox promovează doi executivi: Claudia Scarlat preia un rol de conducere în departamentul de Evaluări, iar Bogdan Sergentu va coordona strategia de Data & AIZiarul Financiar · 01 Oct 2026 · RO
- ZF Real Estate by Storia. Vlad Săftoiu, Cushman & Wakefield Echinox: Există potenţial semnificativ pentru cămine private în România. Probabil că în următorii ani vom vedea fonduri care vor începe să construiascăZiarul Financiar · 29 Sept 2026 · RO
- Cum arată piaţa de birouri după ce companiile şi-au rechemat angajaţii la serviciu? Ce spune Mădălina Cojocaru de la Cushman & Wakefield Echinox despre noile birouri şi despre creşterea chiriilorZiarul Financiar · 26 Sept 2026 · RO
- Căminele nu ţin pasul cu numărul de studenţi. Cushman & Wakefield Echinox: Bucureştiul are peste 5 studenţi pentru fiecare loc de cazare, cea mai mare presiune dintre marile centre universitareZiarul Financiar · 23 Sept 2026 · RO
- Cushman & Wakefield Echinox: Piaţa hotelieră din Bucureşti creşte cu peste 1.500 de camere noi până în 2028, în paralel cu avansul veniturilor operatorilor din turism. Preţurile au crescut cu aproape 30% faţă de nivelul pre-pandemieZiarul Financiar · 16 Sept 2026 · RO
- Cushman & Wakefield Insider Sells 12,500 SharesYahoo Finance — News · 12 Sept 2026 · EN
- Chiriile din București, în creștere: cum se compară piața locală cu Europa. Raport Cushman & Wakefield: capitala e una dintre cele mai competitive piețe din regiuneEconomedia · 09 Sept 2026 · RO
- Calea Victoriei devine tot mai scumpă pentru retaileri. Cushman & Wakefield Echinox: chiriile au crescut cu aproape 29% într-un an, la 90 euro/mp/lună, unul dintre cele mai puternice avansuri din retailul stradal europeanZiarul Financiar · 09 Sept 2026 · RO
- CEC Bank pentru afaceri româneşti, un proiect ZF şi CEC Bank. Andrei Brînzea, Cushman & Wakefield Echinox: Energia devine noul test al investiţiilor industriale. Diferenţa o face terenul cu megawaţi disponibili. Stocul industrial a depăşit 8 milioane de metri pătraţi, dar investitorii cer energie asigurată.Ziarul Financiar · 25 Aug 2026 · RO
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Jun 2026Other events
- Current report15 May 2026Other events
- Current report14 May 2026Departure or appointment of officers · Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cushman & Wakefield Ltd. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cushman & Wakefield Ltd. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cushman & Wakefield Ltd. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.