Latest Ratios: P/E Ratio 32.4x · EV/EBITDA 9.5x · ROE 4.8%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $3.8B | $3.0B | $2.5B | $2.8B | $5.0B | $3.3B | $4.6B | $2.5B | — | — |
| Enterprise Value | $5.3B | $6.3B | $5.6B | $5.2B | $5.8B | $7.9B | $6.2B | $6.9B | $4.3B | — | — |
| P/E Ratio → | 32.45 | 42.61 | 23.36 | — | 14.49 | 20.22 | — | 22711.11 | — | — | — |
| P/S Ratio | 0.28 | 0.37 | 0.32 | 0.26 | 0.28 | 0.54 | 0.42 | 0.52 | 0.30 | — | — |
| P/B Ratio | 1.48 | 1.94 | 1.73 | 1.46 | 1.71 | 3.48 | 2.99 | 1.29 | 0.80 | — | — |
| P/FCF | 9.86 | 12.97 | 18.23 | 24.21 | — | 10.16 | — | 24.28 | — | — | — |
| P/OCF | 8.49 | 11.16 | 14.64 | 16.10 | 57.86 | 9.17 | — | 17.04 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.61 | 0.59 | 0.55 | 0.57 | 0.84 | 0.79 | 0.79 | 0.52 | — | — |
| EV / EBITDA | 9.50 | 11.12 | 12.07 | 11.69 | 7.39 | 10.25 | 18.74 | 11.45 | 0.52 | — | — |
| EV / EBIT | 11.66 | 18.94 | 14.32 | 20.90 | 10.91 | 15.26 | 1539.77 | 35.35 | 302.56 | — | — |
| EV / FCF | — | 21.36 | 33.32 | 51.87 | — | 15.99 | — | 36.47 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.2% | 16.2% | 18.3% | 17.4% | 19.3% | 20.7% | 17.7% | 20.2% | 19.2% | 18.5% | 18.5% |
| Operating Margin | 4.5% | 4.5% | 3.6% | 2.2% | 5.3% | 5.3% | -0.7% | 2.1% | 0.2% | -2.5% | -4.8% |
| Net Profit Margin | 0.9% | 0.9% | 1.4% | -0.4% | 1.9% | 2.7% | -2.8% | 0.0% | -2.3% | -3.2% | -7.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 7.6% | -2.1% | 12.6% | 19.7% | -9.5% | 0.0% | -6.2% | -7.7% | -15.4% |
| ROA | 1.2% | 1.2% | 1.7% | -0.5% | 2.5% | 3.3% | -3.0% | 0.0% | -3.0% | -3.8% | -7.6% |
| ROIC | 7.9% | 7.9% | 5.8% | 3.4% | 9.0% | 9.0% | -0.8% | 2.6% | 0.2% | -2.5% | -4.3% |
| ROCE | 7.2% | 7.2% | 6.4% | 3.8% | 9.7% | 9.3% | -1.1% | 4.0% | 0.3% | -4.3% | -7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.66 | 1.66 | 1.89 | 2.13 | 2.16 | 2.52 | 3.61 | 0.88 | 0.87 | 0.99 | 0.94 |
| Debt / EBITDA | 5.76 | 5.76 | 7.19 | 7.94 | 4.59 | 4.73 | 12.05 | 5.18 | 0.33 | 0.41 | 0.43 |
| Net Debt / Equity | — | 1.26 | 1.44 | 1.67 | 1.78 | 1.99 | 2.63 | 0.65 | 0.58 | 0.85 | 0.81 |
| Net Debt / EBITDA | 4.37 | 4.37 | 5.46 | 6.23 | 3.76 | 3.73 | 8.78 | 3.83 | 0.22 | 0.35 | 0.37 |
| Debt / FCF | — | 8.39 | 15.09 | 27.65 | — | 5.82 | — | 12.19 | — | — | — |
| Interest Coverage | 1.53 | 1.53 | 1.69 | 0.89 | 2.75 | 2.89 | 0.02 | 1.29 | 0.06 | -0.78 | -1.53 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.76 | 22.76 | 1.15 | 1.17 | 1.16 | 1.16 | 1.40 | 1.23 | 1.35 | 0.97 | 1.13 |
| Quick Ratio | 22.76 | 22.76 | 1.15 | 1.17 | 1.16 | 1.16 | 1.40 | 1.23 | 1.35 | 0.97 | 1.13 |
| Cash Ratio | 6.28 | 6.28 | 0.34 | 0.32 | 0.27 | 0.32 | 0.52 | 0.35 | 0.44 | 0.21 | 0.24 |
| Asset Turnover | — | 1.34 | 1.25 | 1.22 | 1.27 | 1.19 | 1.07 | 1.22 | 1.26 | 1.19 | 1.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 2.3% | 4.3% | — | 6.9% | 4.9% | — | 0.0% | — | — | — |
| FCF Yield | 10.1% | 7.7% | 5.5% | 4.1% | — | 9.8% | — | 4.1% | — | — | — |
| Buyback Yield | 0.4% | 0.3% | 0.3% | 0.3% | 1.0% | 0.2% | 0.6% | 0.7% | 0.6% | — | — |
| Total Shareholder Yield | 0.4% | 0.3% | 0.3% | 0.3% | 1.0% | 0.2% | 0.6% | 0.7% | 0.6% | — | — |
| Shares Outstanding | — | $235M | $233M | $227M | $228M | $227M | $221M | $225M | $171M | $181M | $181M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying CWK stock.
Cushman & Wakefield plc's current P/E ratio is 32.4x. The historical average is 25.2x. This places it at the 75th percentile of its historical range.
Cushman & Wakefield plc's current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Cushman & Wakefield plc's return on equity (ROE) is 4.8%. The historical average is 0.4%.
Based on historical data, Cushman & Wakefield plc is trading at a P/E of 32.4x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cushman & Wakefield plc has 16.2% gross margin and 4.5% operating margin.
Cushman & Wakefield plc's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage constrains financial flexibility
Metrics are mathematically derived from official filings.
Discount Valuation Reflects Leverage Burden
At a P/FFO of 8.56x as of Q2 2026, CWK trades at a significant discount to the broader REIT sector and its real estate services peers, likely reflecting the market's concern over its elevated leverage profile and volatile quarterly earnings.
The company's trailing P/FFO multiple has expanded modestly from 7.08x in Q2 2024 to 8.56x in Q2 2026, but remains well below the P/E multiples reported for CBRE and JLL, though direct P/FFO comparisons are not available. This discount appears justified by CWK's significantly higher debt-to-equity ratio of 1.50x versus 1.04x for CBRE and 0.44x for JLL, as the market applies a higher risk premium to the balance sheet. The absence of a dividend yield further reduces the stock's attractiveness to yield-oriented REIT investors, concentrating the investment case entirely on capital appreciation from deleveraging and earnings recovery.
NOI Margin Swings Signal Deal-Timing Risk
CWK's NOI margin has swung from a low of 14.6% in Q1 2026 to a high of 20.1% in Q4 2024 over the trailing ten quarters, indicating that profitability is heavily dependent on the timing of large capital markets transactions rather than steady organic growth.
The structural gross margin of approximately 16.25% confirms the high pass-through cost nature of the facilities management business. Consequently, FFO growth appears driven primarily by cyclical improvements in the transactional segments—leasing and capital markets—rather than by sustainable margin expansion in the recurring services business. Investors should monitor whether the recent record leasing volumes translate into more stable, higher-margin FFO per share, as the near-collapse in FFO to $0.01 in Q4 2025 demonstrates the vulnerability of profitability to a sudden deal slowdown.
Zero Dividend Policy Conserves Deleveraging Capacity
Based on reported financial statements, CWK has maintained a zero dividend payout across all ten reported quarters, a capital allocation decision that conserves all free cash flow for debt reduction and reinvestment rather than shareholder distributions.
With a zero dividend policy, the traditional FFO payout ratio is not applicable, and the analysis shifts to retained cash flow and its deployment. The FFO payout ratio data is unavailable, but the company's $60.5 million of AFFO in Q2 2026 was fully retained. This strategy appears prudent given the company's high leverage and stated goal of achieving its lowest gross debt balance. Any future initiation of a dividend would require a demonstrable and sustained improvement in both leverage metrics and free cash flow generation beyond current levels.
Elevated Leverage Constrains Strategic Options
As reported in recent SEC filings, CWK's debt-to-equity ratio of 1.50x in Q2 2026 remains significantly higher than its primary peers, though it represents a marked improvement from the 2.15x level seen in Q1 2024.
The interest coverage ratio, which improved to 2.30x in Q2 2026 from a concerning 0.55x in Q1 2024, suggests debt servicing capacity is becoming more adequate. However, the coverage ratio remains volatile and was below 1.0x in two of the last six quarters, indicating that earnings volatility directly translates into periods of strained interest coverage. The reduction in absolute debt from $3.5 billion to $3.0 billion is a positive trend, but the balance sheet remains strained relative to better-capitalized peers like CBRE and JLL, potentially limiting CWK's ability to compete for large-scale M&A or weather a severe industry downturn.
The Dangerous Relevance of Price-to-Earnings
The P/E ratio of 39.00x is the most misleading metric for evaluating CWK, as massive non-cash depreciation and amortization charges render GAAP net income nearly meaningless for assessing true cash-generating ability.
For a service-oriented REIT like CWK, standard GAAP earnings are distorted by substantial depreciation and amortization, leading to periods where FFO exceeds net income by a factor of nearly 20x, as seen in Q1 2026. This distortion makes the P/E ratio uninformative for valuation and comparison. The correct metrics for analysis are P/FFO and the debt-to-gross-assets ratio, which better reflect the operating performance and leverage profile of a commercial real estate services firm. Relying on P/E would lead investors to fundamentally misjudge the company's profitability and valuation relative to its asset-light, cash-flow-driven business model.