# Cushman & Wakefield (CWK.US)

Canonical: https://gigainvestors.com/s/CWK

Analysis as of: 2026-10-16T07:27:52.454Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $11.61 per share; close as of 2026-10-15.

Estimated value: low $12.54 per share, central $14.11 per share, high $16.19 per share. Buy at or below the central value $14.11 per share. Valuation as of 2026-10-16T07:27:52.454Z; scenarios are not confidence intervals.

Expected annual return: 11.7% at the stated quote. About 11.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.04×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.02×

- FY2018: 0.00×

- FY2019: 0.02×

- FY2020: -0.01×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.02×

- FY2024: 0.04×

- FY2025: 0.04×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: -11.5%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 18.5%

- Recent gross margin (lower of latest and 3-year median): 16.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -18.6%

- FY2017: -11.5%

- FY2018: 0.7%

- FY2019: 7.4%

- FY2020: -2.2%

- FY2021: 16.2%

- FY2022: 13.7%

- FY2023: 6.8%

- FY2024: 11.1%

- FY2025: 15.0%

### economics: pass

- Owner earnings / net income, 5-yr: 2.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $631M

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 3.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.89×

- FY2022: 2.01×

- FY2023: -4.44×

- FY2024: 1.62×

- FY2025: 1.64×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -11.5% vs 11.1%

- Per-share earnings: -3.07 to 0.38 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.4%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: $617M

- Cumulative retained earnings: $401M

- Diluted shares, 10-year annual growth: 10.4%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $3.45

- Per-share value, starting three-year median: -$3.07

- Per-share value, ending three-year median: $0.38

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: -$430M

- ROIC, first three-year median: -11.5%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$3.07

- FY2017: -$1.53

- FY2018: -$1.09

- FY2019: $0.00

- FY2020: -$1.00

- FY2021: $1.10

- FY2022: $0.86

- FY2023: -$0.16

- FY2024: $0.56

- FY2025: $0.38

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 17.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.86×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.39×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: -3.9%

- FY2018: -2.8%

- FY2019: -3.8%

- FY2020: -2.5%

- FY2021: -3.8%

- FY2022: 1.9%

- FY2023: -2.4%

- FY2024: -1.0%

- FY2025: -3.3%

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 48% since Dec 2021 · "CWK Q1 Deep Dive: Broad-Based Growth Drives Revenue, Market Reacts to Margin Pressures" (finance.yahoo.com, May 2026) · sales +5.2%

Story as of 2026-10-16T09:58:36.214Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

- 2025-08-13: CWK Q2 Deep Dive: Capital Markets Expansion and Margin Gains Drive Results ([finance.yahoo.com](https://finance.yahoo.com/news/cwk-q2-deep-dive-capital-031450310.html))

### Sales · FY2025–2026

sales +5.2%; source https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm; observed 2026-02-19.

- FY2017: $6.9B 

- FY2018: $8.2B 

- FY2019: $8.8B 

- FY2020: $7.8B 

- FY2021: $9.4B 

- FY2022: $10B 

- FY2023: $9.5B 

- FY2024: $9.4B 

- FY2025: $10B 

- FY2026: $11B 

### Gross margin · FY2025

gross margin 16.2%; source https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm; observed 2026-02-19.

- FY2016: 18.5% 

- FY2017: 18.5% 

- FY2018: 19.2% 

- FY2019: 20.2% 

- FY2020: 17.7% 

- FY2021: 20.7% 

- FY2022: 19.3% 

- FY2023: 17.4% 

- FY2024: 18.3% 

- FY2025: 16.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are USD 10.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm (filed 2026-02-19); FY2025: revenue 10288200000; grossProfit 1671600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CWK.US: Cushman & Wakefield Limited, together with its subsidiaries, provides commercial real estate services under the Cushman & Wakefield brand in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. 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, tenant experience, residential property management, and sustainability services; self-performed facilities services, which include janitorial, maintenance, environment management, landscaping, and office services; and project management sustainability and workplace consulting services. The company also provides owner representation and tenant representation leasing services; 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. It serves real estate owners and occupiers, such as tenants, investors, and multinational companies. The company was founded in 1784 and is headquartered in Chicago, Illinois.

### Why customers stay

Margins ranged from 16.2% to 18.3% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 18.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 16.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.18599346457320476],[2017,-0.11472525597269624],[2018,0.007263572679509632],[2019,0.07442990768478328],[2020,-0.02229787912613618],[2021,0.16227135916518365],[2022,0.13653725367040903],[2023,0.0678179540709812],[2024,0.11119079803669807],[2025,0.15034815886088945]]; median 0.07112393087788224. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 11.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 84200000; owner earnings 20000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 80300000; owner earnings 334500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 41000000; owner earnings 120300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 53800000; owner earnings 472500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 50700000; owner earnings 394800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 51000000; owner earnings 157000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 41000000; owner earnings 212500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 47400000; owner earnings 145000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,642700000],[2017,318700000],[2018,2936500000],[2019,0],[2020,0],[2021,19000000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 11200000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CWK.US SharesStats.PercentInsiders = 0.8250000000000001 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.038163709977189264. Price 11.61; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -4.157471264367816 → FY2025 0.6178099701746911. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-08: $17.66 per share

- 2018-09: $16.99 per share

- 2018-10: $16.26 per share

- 2018-11: $18.62 per share

- 2018-12: $14.47 per share

- 2019-01: $17.24 per share

- 2019-02: $18.33 per share

- 2019-03: $17.80 per share

- 2019-04: $19.64 per share

- 2019-05: $16.86 per share

- 2019-06: $17.88 per share

- 2019-07: $19.84 per share

- 2019-08: $16.84 per share

- 2019-09: $18.53 per share

- 2019-10: $18.65 per share

- 2019-11: $19.39 per share

- 2019-12: $20.44 per share

- 2020-01: $19.22 per share

- 2020-02: $18.19 per share

- 2020-03: $11.74 per share

- 2020-04: $12.17 per share

- 2020-05: $10.25 per share

- 2020-06: $12.46 per share

- 2020-07: $10.70 per share

- 2020-08: $11.61 per share

- 2020-09: $10.51 per share

- 2020-10: $11.72 per share

- 2020-11: $14.90 per share

- 2020-12: $14.83 per share

- 2021-01: $14.33 per share

- 2021-02: $15.48 per share

- 2021-03: $16.32 per share

- 2021-04: $17.00 per share

- 2021-05: $19.01 per share

- 2021-06: $17.47 per share

- 2021-07: $18.67 per share

- 2021-08: $18.14 per share

- 2021-09: $18.61 per share

- 2021-10: $18.39 per share

- 2021-11: $17.68 per share

- 2021-12: $22.24 per share

- 2022-01: $20.99 per share

- 2022-02: $21.92 per share

- 2022-03: $20.51 per share

- 2022-04: $17.90 per share

- 2022-05: $18.67 per share

- 2022-06: $15.24 per share

- 2022-07: $16.80 per share

- 2022-08: $14.96 per share

- 2022-09: $11.45 per share

- 2022-10: $11.55 per share

- 2022-11: $11.42 per share

- 2022-12: $12.46 per share

- 2023-01: $14.43 per share

- 2023-02: $12.94 per share

- 2023-03: $10.54 per share

- 2023-04: $9.85 per share

- 2023-05: $7.93 per share

- 2023-06: $8.18 per share

- 2023-07: $9.83 per share

- 2023-08: $9.19 per share

- 2023-09: $7.62 per share

- 2023-10: $7.37 per share

- 2023-11: $8.21 per share

- 2023-12: $10.80 per share

- 2024-01: $10.52 per share

- 2024-02: $9.99 per share

- 2024-03: $10.46 per share

- 2024-04: $9.65 per share

- 2024-05: $11.11 per share

- 2024-06: $10.40 per share

- 2024-07: $13.11 per share

- 2024-08: $13.00 per share

- 2024-09: $13.63 per share

- 2024-10: $13.55 per share

- 2024-11: $15.30 per share

- 2024-12: $13.08 per share

- 2025-01: $13.79 per share

- 2025-02: $11.89 per share

- 2025-03: $10.22 per share

- 2025-04: $9.37 per share

- 2025-05: $10.03 per share

- 2025-06: $11.07 per share

- 2025-07: $12.19 per share

- 2025-08: $15.77 per share

- 2025-09: $15.92 per share

- 2025-10: $15.70 per share

- 2025-11: $16.75 per share

- 2025-12: $16.19 per share

- 2026-01: $16.44 per share

- 2026-02: $13.41 per share

- 2026-03: $12.26 per share

- 2026-04: $14.04 per share

- 2026-05: $12.44 per share

- 2026-06: $13.39 per share

- 2026-07: $13.42 per share

- 2026-08: $13.49 per share

- 2026-09: $11.81 per share

- 2026-10: $11.61 per share

## Annual estimated value (USD per share)

- FY2020: low $5.10 per share, central $5.23 per share, high $5.41 per share

- FY2021: low $9.52 per share, central $10.48 per share, high $11.76 per share

- FY2022: low $20.46 per share, central $23.01 per share, high $26.41 per share

- FY2023: low $20.03 per share, central $22.44 per share, high $25.65 per share

- FY2024: low $12.57 per share, central $13.95 per share, high $15.78 per share

- FY2025: low $13.24 per share, central $14.73 per share, high $16.71 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.