CBRE Group, Inc. (CBRE) 10-Year Financial Performance & Capital Metrics

CBRE • • REIT / Real Estate

Real EstateReal Estate ServicesCommercial Real Estate ServicesGlobal Commercial Services

AboutCBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments segments. The Advisory Services segment provides strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; property sales and mortgage services under the CBRE Capital Markets brand; property and project management services, including construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment offers facilities management, project management, and transaction management services. The Real Estate Investments segment provides investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; development services under the Trammell Crow Company brand primarily to users of and investors in commercial real estate; and flexible-space solutions under the CBRE Hana brand. The company was founded in 1906 and is headquartered in Dallas, Texas.Show more

Revenue $35.77B +12.0%
FFO $1.67B +2.2%
FFO/Share 5.42 +3.7%
FFO Payout 0%
FFO per Share 5.42 +3.7%
NOI Margin 19.63% -0.5%
FFO Margin 4.67% -8.7%
ROE 10.6% -5.0%
ROA 4.13% -9.9%
Debt/Assets 23.35% +9.1%
Net Debt/EBITDA 2.17 +7.3%
Book Value/Share 29.84 +2.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 17.1% TTM
✓Trading near 52-week high

✗Weaknesses

✗Low NOI margin of 19.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.73%

5Y8.4%

3Y8.83%

TTM14.61%

Profit (Net Income) CAGR

10Y7.17%

5Y-5.47%

3Y-19.23%

TTM28.16%

EPS CAGR

10Y8.03%

5Y-3.59%

3Y-16.59%

TTM30.23%

ROCE

10Y Avg12.7%

5Y Avg10.48%

3Y Avg9.89%

Latest9.61%

Peer Comparison

Global Commercial Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CBRECBRE Group, Inc.	50.84B	170.83	54.40	11.95%	3.12%	13.21%	2.93%	0.62
NMRKNewmark Group, Inc.	2.79B	17.52	51.53	10.85%	3.28%	6.4%		1.33
CIGIColliers International Group Inc.	7.32B	147.49	45.80	11.23%	2.15%	4.31%	3.57%	0.83
JLLJones Lang LaSalle Incorporated	16.71B	354.01	31.33	12.87%	2.49%	8.66%	3.59%	0.43
CWKCushman & Wakefield plc	3.95B	17.07	30.48	-0.5%	2.23%	11.41%	4.22%	1.89

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	10.86B	17.37B	18.63B	21.34B	23.89B	23.83B	27.75B	30.83B	31.95B	35.77B
Revenue Growth %	0.2%	0.6%	0.07%	0.15%	0.12%	-0%	0.16%	0.11%	0.04%	0.12%
Property Operating Expenses	7.08B	13.38B	14.31B	16.45B	18.69B	19.01B	21.58B	24.21B	25.65B	28.75B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	2.94B	3.17B	3.25B	3.8B	3.95B	3.85B	4.53B	5.11B	5.18B	5.61B
G&A Expenses	2.63B	2.61B	2.83B	3.36B	3.44B	3.19B	4.07B	4.6B	4.5B	4.9B
EBITDA+	1.15B	1.18B	1.48B	1.54B	1.7B	1.45B	2.16B	2.13B	1.76B	2.11B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	314.1M	366.93M	406.11M	451.99M	439.22M	481.04M	526M	613M	647M	701M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	835.94M	816.83M	1.08B	1.09B	1.26B	969.76M	1.64B	1.51B	1.12B	1.41B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	118.88M	144.85M	136.81M	107.27M	85.75M	67.75M	50.35M	69M	149M	215M
Interest Coverage	7.03x	5.64x	7.88x	10.14x	14.69x	14.31x	32.51x	21.91x	7.50x	6.57x
Non-Operating Income	10.77M	-188.38M	-7.52M	5.75M	-69.97M	-176.68M	71M	95M	-64M	-37M
Pretax Income+	879.73M	882.07M	1.17B	1.38B	1.36B	969.97M	2.41B	1.66B	1.28B	1.22B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	320.85M	296.9M	467.76M	313.06M	69.89M	214.1M	568M	234M	250M	182M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	547.13M	571.97M	691.48M	1.06B	1.28B	751.99M	1.84B	1.41B	986M	968M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.13%	0.05%	0.21%	0.54%	0.21%	-0.41%	1.44%	-0.23%	-0.3%	-0.02%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.15%	0.09%	0.17%	0.38%	0.14%	-0.28%	0.92%	-0.15%	-0.19%	0.02%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.63	1.69	2.05	3.10	3.77	2.22	5.41	4.29	3.15	3.14
EPS Growth %	0.12%	0.04%	0.21%	0.51%	0.22%	-0.41%	1.44%	-0.21%	-0.27%	-0%
EPS (Basic)	1.64	1.71	2.06	3.13	3.82	2.24	5.48	4.36	3.20	3.16
Diluted Shares Outstanding	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.7M	312.55M	308.03M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	11.02B	10.78B	11.72B	13.46B	16.2B	18.04B	22.07B	20.51B	22.55B	24.38B
Asset Growth %	0.46%	-0.02%	0.09%	0.15%	0.2%	0.11%	0.22%	-0.07%	0.1%	0.08%
Real Estate & Other Assets+	293.24M	366.39M	479.47M	619.4M	1.19B	1.22B	1.37B	1.47B	2B	2.55B
PP&E (Net)	529.82M	560.76M	617.74M	721.69M	1.83B	1.84B	1.86B	1.87B	1.94B	2.11B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	5.31B	5.12B	5.63B	6.75B	7.53B	8.85B	10.08B	8.53B	9.67B	9.97B
Cash & Equivalents	540.4M	762.58M	751.77M	777.22M	971.78M	1.9B	2.43B	1.32B	1.26B	1.11B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	293.72M	248.49M	300.47M	332.34M	398.28M	436.38M	480.49M	644M	421M	428M
Intangible Assets	1.45B	1.41B	1.4B	1.44B	1.38B	1.37B	2.41B	2.19B	2.08B	2.3B
Total Liabilities	8.26B	7.72B	7.54B	8.45B	9.92B	10.53B	12.71B	11.91B	13.48B	15.19B
Total Debt+	4.43B	3.8B	2.91B	3.1B	3.97B	4.1B	4.2B	3.49B	4.83B	5.69B
Net Debt	3.89B	3.04B	2.16B	2.32B	3B	2.2B	1.77B	2.17B	3.56B	4.58B
Long-Term Debt	2.65B	2.55B	2B	1.77B	1.76B	1.38B	1.54B	1.09B	2.8B	3.25B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	1.23B	1.33B	1.35B	1.31B	1.33B	1.51B
Total Current Liabilities+	4.99B	4.53B	4.71B	5.8B	6.44B	7.14B	8.42B	8.24B	8.24B	9.29B
Accounts Payable	1.48B	1.45B	1.57B	1.92B	2.44B	2.69B	2.92B	3.08B	3.56B	4.1B
Deferred Revenue	0	0	100.61M	82.23M	108.67M	162.04M	280.66M	276M	298M	375M
Other Liabilities	519.24M	578.07M	684.02M	768.83M	634.04M	768.02M	1.24B	1.22B	1.09B	1.1B
Total Equity+	2.76B	3.06B	4.17B	5.01B	6.27B	7.51B	9.36B	8.61B	9.07B	9.19B
Equity Growth %	0.2%	0.11%	0.37%	0.2%	0.25%	0.2%	0.25%	-0.08%	0.05%	0.01%
Shareholders Equity	2.71B	3.01B	4.02B	4.94B	6.23B	7.08B	8.53B	7.85B	8.27B	8.41B
Minority Interest	46.42M	42.76M	60.12M	71.11M	40.42M	427.33M	830.92M	753M	800M	781M
Common Stock	3.34M	3.37M	3.4M	3.37M	3.35M	3.36M	3.33M	3M	3M	3M
Additional Paid-in Capital	1.11B	1.15B	1.22B	1.15B	1.12B	1.07B	798.89M	0	0	0
Retained Earnings	2.09B	2.66B	3.44B	4.5B	5.79B	6.53B	8.37B	8.83B	9.19B	9.57B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.06%	0.05%	0.06%	0.08%	0.09%	0.04%	0.09%	0.07%	0.05%	0.04%
Return on Equity (ROE)	0.22%	0.2%	0.19%	0.23%	0.23%	0.11%	0.22%	0.16%	0.11%	0.11%
Debt / Assets	0.4%	0.35%	0.25%	0.23%	0.25%	0.23%	0.19%	0.17%	0.21%	0.23%
Debt / Equity	1.61x	1.24x	0.70x	0.62x	0.63x	0.55x	0.45x	0.41x	0.53x	0.62x
Net Debt / EBITDA	3.38x	2.57x	1.45x	1.51x	1.77x	1.52x	0.82x	1.02x	2.02x	2.17x
Book Value per Share	8.20	9.03	12.25	14.60	18.42	22.18	27.55	26.26	29.01	29.84

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	843.52M	658.14M	950.08M	1.19B	1.26B	1.92B	2.44B	1.72B	534M	1.8B
Operating CF Growth %	0.11%	-0.22%	0.44%	0.25%	0.06%	0.53%	0.27%	-0.3%	-0.69%	2.37%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	547.13M	571.97M	697.11M	1.06B	1.28B	751.99M	1.84B	1.41B	986M	968M
Depreciation & Amortization	314.1M	366.93M	406.11M	451.99M	464.72M	534.43M	557.77M	639.49M	647.2M	701M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	7.53M	-74.01M	-82.81M	-100.86M	-41.33M	112.51M	-288.7M	103.8M	-99.2M	-63M
Working Capital Changes	-25.24M	-206.74M	-70.34M	-223.48M	-449.08M	520.58M	334.38M	-434.4M	-1B	193M
Cash from Investing+	-1.75B	-27.41M	-360.96M	-597.04M	-707.7M	-34.48M	-1.56B	-917.2M	-729M	-1.6B
Acquisitions (Net)	-1.58B	-39.84M	-113.13M	-297.22M	-309.31M	367.99M	-985.74M	-171.16M	-197M	-1.07B
Purchase of Investments	-113.55M	-110.23M	-103.56M	-107.56M	-126.82M	-146.41M	-554.54M	-485.88M	-298M	-525M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	0	1000K	1000K
Other Investing	32.1M	234.49M	2.39M	-733K	1.65M	10.52M	-23.59M	-19K	-6M	59M
Cash from Financing+	786.51M	-196.3M	-625.04M	-529.87M	-318.56M	-1.02B	-286.38M	-1.77B	148M	-221M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Common Dividends	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-24.52M	0	0	-161.03M	-145.14M	-50.03M	-368.6M	-1.85B	-665M	-627M
Other Financing	-20.26M	-47.92M	-64.94M	-63.82M	-62.74M	-537.26M	-105.6M	-107.74M	-328M	-387M
Net Change in Cash+	-155.81M	218.25M	-6.59M	39.13M	229.8M	945.5M	500.53M	-1.13B	-33.85M	-150M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-606K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	768.97M	613.17M	831.41M	824.82M	863.94M	1.09B	2.04B	2.54B	1.4B	1.37B
Cash at End	613.17M	831.41M	824.82M	863.94M	1.09B	2.04B	2.54B	1.4B	1.37B	1.22B
Free Cash Flow+	704.05M	466.94M	772.03M	963.07M	963.15M	1.65B	2.23B	1.46B	229M	1.49B
FCF Growth %	0.19%	-0.34%	0.65%	0.25%	0%	0.72%	0.35%	-0.35%	-0.84%	5.52%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.56	2.77	3.22	4.42	5.06	3.64	6.96	6.16	5.22	5.42
FFO Payout Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
NOI Margin	34.75%	22.94%	23.21%	22.92%	21.78%	20.23%	22.22%	21.48%	19.72%	19.63%
Net Debt / EBITDA	3.38x	2.57x	1.45x	1.51x	1.77x	1.52x	0.82x	1.02x	2.02x	2.17x
Debt / Assets	40.21%	35.28%	24.84%	23.03%	24.52%	22.71%	19.01%	17.03%	21.4%	23.35%
Interest Coverage	7.03x	5.64x	7.88x	10.14x	14.69x	14.31x	32.51x	21.91x	7.50x	6.57x
Book Value / Share	8.2	9.03	12.25	14.6	18.42	22.18	27.55	26.26	29.01	29.84
Revenue Growth	19.95%	60%	7.25%	14.55%	11.97%	-0.28%	16.45%	11.11%	3.64%	11.95%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Global Workplace Solutions	-	-	-	-	14.16B	15.3B	17.1B	19.85B	22.52B	25.14B
Global Workplace Solutions Growth	-	-	-	-	-	7.99%	11.79%	16.10%	13.42%	11.66%
Advisory Services	-	-	-	-	-	7.7B	9.58B	9.88B	8.5B	9.61B
Advisory Services Growth	-	-	-	-	-	-	24.38%	3.21%	-14.01%	13.03%
Real Estate Investments	-	-	-	-	-	831.53M	1.09B	1.11B	952M	1.04B
Real Estate Investments Growth	-	-	-	-	-	-	31.29%	1.64%	-14.20%	9.03%
Bank Servicing	-	-	-	167.5M	-	-	-	-	-	-
Bank Servicing Growth	-	-	-	-	-	-	-	-	-	-
Other Services	-	-	179.65M	-	-	-	-	-	-	-
Other Services Growth	-	-	-	-	-	-	-	-	-	-
Global Investment Management	460.7M	369.8M	-	-	-	-	-	-	-	-
Global Investment Management Growth	-	-19.73%	-	-	-	-	-	-	-	-
Development Services	65.64M	71.41M	-	-	-	-	-	-	-	-
Development Services Growth	-	8.79%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	5.99B	6.92B	7.42B	-	13.85B	13.47B	15.7B	17.46B	17.46B	20.16B
UNITED STATES Growth	-	15.44%	7.33%	-	-	-2.74%	16.54%	11.23%	-0.03%	15.49%
All Other Countries	2.95B	4.06B	4.68B	-	7.07B	7.27B	8.43B	9.28B	10.1B	10.64B
All Other Countries Growth	-	37.53%	15.31%	-	-	2.84%	15.93%	10.10%	8.82%	5.34%
UNITED KINGDOM	1.91B	2.09B	2.1B	-	2.97B	3.08B	3.62B	4.08B	4.39B	4.97B
UNITED KINGDOM Growth	-	9.55%	0.46%	-	-	3.74%	17.31%	12.91%	7.56%	13.09%
Americas	-	-	-	13.13B	-	-	-	-	-	-
Americas Growth	-	-	-	-	-	-	-	-	-	-
E M E A	-	-	-	5.47B	-	-	-	-	-	-
E M E A Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	2.21B	-	-	-	-	-	-
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CBRE Group, Inc. (CBRE) has a price-to-earnings (P/E) ratio of 54.4x. This suggests investors expect higher future growth.

Growth & Financials

CBRE Group, Inc. (CBRE) reported $39.33B in revenue for fiscal year 2024. This represents a 566% increase from $5.91B in 2011.

CBRE Group, Inc. (CBRE) grew revenue by 12.0% over the past year. This is steady growth.

Yes, CBRE Group, Inc. (CBRE) is profitable, generating $1.23B in net income for fiscal year 2024 (2.7% net margin).

Dividend & Returns

CBRE Group, Inc. (CBRE) has a return on equity (ROE) of 10.6%. This is reasonable for most industries.

Industry Metrics

CBRE Group, Inc. (CBRE) generated Funds From Operations (FFO) of $1.97B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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