Cushman & Wakefield

CWK

Real Estate - Services · Real Estate

Price

$14.82

+0.12 (+0.82%)

Market Cap

$3.47B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

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Share count rising — dilution

+3.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 226.5M (2021) → 234.7M (2025)

Winston Score History

The full picture

Cushman & Wakefield is a commercial real estate services company. It helps businesses find office space, warehouses, and retail locations to rent or buy, and it manages buildings on behalf of property owners. The company competes in a global industry alongside firms like CBRE and JLL, making it one of the three largest commercial real estate services providers in the world.

The company earns money through fees and commissions — it gets paid when it brokers a lease or sale, and it collects recurring fees for managing properties and providing facilities services. Cushman & Wakefield operates across more than 60 countries, with significant revenue coming from the Americas, Europe, and Asia Pacific. Its thin operating margins leave little room for error, and the business is sensitive to interest rates and office demand — a prolonged slowdown in commercial real estate activity, particularly weak demand for office space, remains the key risk the company faces.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-12.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cushman & Wakefield is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

16.5%

Thin — 16.5% gross margin

Profit after running costs

Operating Margin

4.9%

Thin — 4.9% operating margin

Return on the money invested

ROCE

18.1%

Strong — 18.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.0%

Steady sales growth (+11.0% YoY)

Profit growth

EPS YoY

-67.5%

Earnings shrinking (-67.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

486%

Turns 486% of profit into real cash

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

2.17x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

50.8x

Expensive — P/E 50.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+43.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (50.8 → 7.5)

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Dividends

Not applicable for this business.

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