The balance sheet remains fragile with $2.1 billion in goodwill and a debt-to-equity ratio that shifted to 0.26 in 2026Q1, warranting further investigation into the sustainability of this capital structure.
| Total Current Assets | 2.75B | 2.84B | 2.69B | 2.8B | 2.77B | 2.83B | 2.89B | 2.86B | 2.74B | 1.91B | 1.84B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 600.6M | 784.2M | 793.3M | 767.7M | 644.5M | 770.7M | 1.07B | 813.2M | 895.3M | 405.6M | 382.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 700.2M | 543.4M | 544.7M | 189.4M | 246.3M | 0 | 169.7M | 131.5M | 0 | 0 | 0 |
| Total Non-Current Assets | 4.9B | 4.83B | 4.86B | 4.97B | 5.18B | 5.06B | 4.45B | 4.3B | 3.8B | 3.89B | 3.84B |
| Property, Plant & Equipment | 507.5M | 410.1M | 426.1M | 502.8M | 527.7M | 592.4M | 674.1M | 490.7M | 313.8M | 304.3M | 245.7M |
| Fixed Asset Turnover | 24.42x | 25.09x | 22.17x | 18.88x | 19.15x | 15.85x | 11.64x | 17.83x | 26.19x | 22.75x | 25.30x |
| Goodwill | 2.06B | 2.06B | 2B | 2.08B | 2.07B | 2.08B | 2.1B | 1.97B | 1.78B | 1.77B | 1.61B |
| Intangible Assets | 645.1M | 654.7M | 690.1M | 805.9M | 877.4M | 937.9M | 991.2M | 1.06B | 1.13B | 1.31B | 1.42B |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 7.65B | 7.68B | 7.55B | 7.77B | 7.95B | 7.89B | 7.34B | 7.16B | 6.55B | 5.8B | 5.68B |
| Asset Turnover | 1.38x | 1.34x | 1.25x | 1.22x | 1.27x | 1.19x | 1.07x | 1.22x | 1.26x | 1.19x | 1.09x |
| Asset Growth % | 9.92% | 1.69% | -2.89% | -2.21% | 0.75% | 7.53% | 2.44% | 9.43% | 12.9% | 2.04% | - |
| Total Current Liabilities | 2.43B | 124.9M | 2.33B | 2.4B | 2.39B | 2.43B | 2.07B | 2.32B | 2.04B | 1.97B | 1.62B |
| Accounts Payable | 0 | 0 | 1.11B | 1.16B | 1.2B | 1.11B | 1.01B | 1.15B | 980.9M | 724.8M | 636.9M |
| Days Payables Outstanding | 24.35 | - | 52.5 | 53.89 | 53.67 | 54.21 | 57.2 | 59.88 | 53.9 | 46.91 | 45.87 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 2.3B | 0 | 1.1B | 1.07B | 1.11B | 1.18B | 170.9M | 1.08B | 200M | 210.9M | 187.1M |
| Current Ratio | 1.13x | 22.76x | 1.15x | 1.17x | 1.16x | 1.16x | 1.40x | 1.23x | 1.35x | 0.97x | 1.13x |
| Quick Ratio | 1.13x | 22.76x | 1.15x | 1.17x | 1.16x | 1.16x | 1.40x | 1.23x | 1.35x | 0.97x | 1.13x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.27B | 5.6B | 3.46B | 3.7B | 3.9B | 4.01B | 4.18B | 3.54B | 3.15B | 3.33B | 3.47B |
| Long-Term Debt | 369.2M | 2.87B | 2.92B | 3.1B | 3.21B | 3.22B | 3.39B | 2.62B | 2.64B | 2.78B | 2.62B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 5.7B | 5.72B | 5.79B | 6.1B | 6.29B | 6.44B | 6.24B | 5.86B | 5.19B | 5.29B | 5.09B |
| Total Debt | 499M | 3.24B | 3.31B | 3.57B | 3.6B | 3.66B | 3.96B | 3.12B | 2.68B | 2.84B | 2.66B |
| Net Debt | -101.6M | 2.46B | 2.52B | 2.8B | 2.95B | 2.89B | 2.88B | 2.3B | 1.79B | 2.44B | 2.28B |
| Debt / Equity | 0.26x | 1.66x | 1.89x | 2.13x | 2.16x | 2.52x | 3.61x | 0.88x | 0.87x | 0.99x | 0.94x |
| Debt / EBITDA | 0.88x | 5.76x | 7.19x | 7.94x | 4.59x | 4.73x | 12.05x | 5.18x | 0.33x | 0.41x | 0.43x |
| Net Debt / EBITDA | -0.18x | 4.37x | 5.46x | 6.23x | 3.76x | 3.73x | 8.78x | 3.83x | 0.22x | 0.35x | 0.37x |
| Interest Coverage | - | 1.53x | 1.69x | 0.89x | 2.75x | 2.89x | 0.02x | 1.29x | 0.06x | -0.78x | -1.53x |
| Total Equity | 1.95B | 1.96B | 1.76B | 1.68B | 1.66B | 1.45B | 1.1B | 3.55B | 3.08B | 2.88B | 2.83B |
| Equity Growth % | 52.42% | 11.42% | 4.61% | 0.96% | 14.74% | 32.22% | -69.1% | 15.17% | 6.92% | 1.92% | - |
| Book Value per Share | 8.29 | 8.33 | 7.54 | 7.40 | 7.29 | 6.40 | 4.96 | 15.79 | 17.98 | 15.88 | 15.59 |
| Total Shareholders' Equity | 1.95B | 1.96B | 1.75B | 1.68B | 1.66B | 1.45B | 1.09B | 1.3B | 1.36B | 503.9M | 590M |
| Common Stock | 23.4M | 23.2M | 23M | 22.7M | 22.6M | 22.4M | 22.2M | 22M | 21.7M | 1.45B | 1.43B |
| Retained Earnings | -910.3M | -897.7M | -985.9M | -1.12B | -1.08B | -1.28B | -1.53B | -1.3B | -1.3B | -1.17B | -944.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | 0 | 0 | 0 |
| Accumulated OCI | -194.2M | -208.6M | -268.6M | -185.4M | -191M | -193M | -242.7M | -242.8M | -154.4M | -87.2M | -148.5M |
| Minority Interest | 400K | 500K | 500K | 600K | 800K | 800K | 900K | 2.24B | 1.72B | 2.38B | 2.24B |
High Debt Service Burden
According to recent quarterly filings, Cushman & Wakefield's total equity has remained largely stagnant at approximately $2.0 billion since 2025Q4, suggesting that the firm is struggling to build a meaningful capital buffer amidst persistent negative retained earnings that have hovered near the $900 million mark.
The lack of growth in shareholder equity indicates that the company is not currently generating sufficient internal capital to strengthen its balance sheet. Investors should monitor whether this stagnation persists, as it limits the firm's capacity to absorb potential asset impairments or cyclical downturns in the commercial real estate market.
Based on reported figures, the company's debt-to-equity ratio plummeted to 0.26 in 2026Q1 from 1.66 in 2025Q4, a dramatic shift that warrants further investigation as it appears to contradict the historical debt load that previously exceeded $3 billion in most prior reporting periods.
This sudden reduction in reported debt levels may suggest a significant capital restructuring or a potential data anomaly that obscures the firm's true leverage position. Given the company's history of high debt service requirements, analysts should verify if this change represents a permanent deleveraging or merely a temporary accounting shift.
As reported in financial statements, goodwill accounts for $2.1 billion of the company's $7.6 billion in total assets as of 2026Q1, representing a substantial portion of the balance sheet that remains vulnerable to impairment if market conditions for brokerage services continue to deteriorate.
The high concentration of goodwill relative to total assets highlights the firm's reliance on past acquisitions to drive its competitive position. This asset mix suggests that the company's book value is sensitive to the long-term performance of its acquired business units, which may be pressured by current office market headwinds.
According to quarterly data, the current ratio stood at 1.13 in 2026Q1, reflecting a tight liquidity position that leaves little room for error when managing the working capital volatility inherent in the firm's global facilities management and brokerage operations.
The narrow current ratio suggests that the company operates with a limited margin of safety regarding its short-term obligations. This liquidity profile may force management to prioritize cash preservation over strategic investments, potentially hindering the firm's ability to compete for top-tier talent during market troughs.
Quick answers to the most common questions about buying CWK stock.
As of 2025, Cushman & Wakefield plc (CWK) had total assets of $7.68B including $2.84B in current assets.
Cushman & Wakefield plc (CWK) carries total debt of $3.24B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cushman & Wakefield plc (CWK) has total shareholders' equity (book value) of $1.96B ($8.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cushman & Wakefield plc (CWK) reported a current ratio of 22.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.