Latest Ratios: P/E Ratio 37.3x · EV/EBITDA 24.4x · ROE 12.3%. (2001–2025 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 | $42.1B | $48.4B | $40.4B | $29.1B | $25.2B | $36.9B | $21.2B | $20.9B | $13.7B | $14.8B | $10.7B |
| Enterprise Value | $50.3B | $56.5B | $45.0B | $32.7B | $27.4B | $38.6B | $23.4B | $23.9B | $16.1B | $16.9B | $13.7B |
| P/E Ratio → | 37.33 | 41.76 | 41.81 | 29.55 | 17.94 | 20.06 | 28.25 | 16.26 | 12.92 | 21.13 | 18.63 |
| P/S Ratio | 1.04 | 1.19 | 1.13 | 0.91 | 0.82 | 1.33 | 0.89 | 0.87 | 0.64 | 0.79 | 0.61 |
| P/B Ratio | 4.49 | 5.02 | 4.40 | 3.21 | 2.93 | 3.94 | 2.83 | 3.33 | 2.74 | 3.54 | 3.49 |
| P/FCF | 35.32 | 40.53 | 27.11 | 127.05 | 17.32 | 16.53 | 12.84 | 21.67 | 14.27 | 19.12 | 22.82 |
| P/OCF | 27.03 | 31.02 | 22.48 | 54.49 | 14.69 | 15.11 | 11.06 | 16.61 | 11.54 | 15.53 | 16.19 |
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 | — | 1.39 | 1.26 | 1.02 | 0.89 | 1.39 | 0.98 | 1.00 | 0.75 | 0.91 | 0.79 |
| EV / EBITDA | 24.40 | 27.42 | 21.30 | 18.51 | 12.89 | 17.86 | 16.15 | 14.05 | 10.43 | 11.39 | 11.57 |
| EV / EBIT | 38.84 | 31.09 | 31.05 | 27.65 | 19.33 | 24.67 | 20.43 | 17.95 | 14.84 | 15.58 | 13.63 |
| EV / FCF | — | 47.35 | 30.18 | 142.60 | 18.81 | 17.32 | 14.17 | 24.78 | 16.68 | 21.91 | 29.33 |
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 | 15.0% | 15.0% | 19.6% | 19.7% | 21.5% | 22.2% | 20.2% | 21.8% | 22.9% | 23.2% | 22.9% |
| Operating Margin | 3.2% | 3.2% | 4.0% | 3.5% | 4.9% | 5.9% | 4.1% | 5.3% | 5.1% | 5.8% | 4.7% |
| Net Profit Margin | 2.9% | 2.9% | 2.7% | 3.1% | 4.6% | 6.6% | 3.2% | 5.4% | 5.0% | 3.7% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 10.6% | 11.2% | 15.7% | 21.8% | 10.9% | 22.7% | 23.2% | 19.1% | 19.7% |
| ROA | 4.2% | 4.2% | 4.1% | 4.6% | 6.6% | 9.2% | 4.4% | 8.6% | 8.4% | 6.1% | 5.2% |
| ROIC | 6.2% | 6.2% | 8.0% | 7.2% | 10.4% | 11.8% | 7.7% | 11.4% | 11.9% | 13.0% | 9.6% |
| ROCE | 7.7% | 7.7% | 9.6% | 8.4% | 11.7% | 13.3% | 9.4% | 14.5% | 14.8% | 16.3% | 13.3% |
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 | 1.04 | 1.04 | 0.62 | 0.53 | 0.41 | 0.45 | 0.55 | 0.63 | 0.62 | 0.70 | 1.24 |
| Debt / EBITDA | 4.85 | 4.85 | 2.69 | 2.74 | 1.64 | 1.94 | 2.82 | 2.34 | 2.01 | 1.96 | 3.21 |
| Net Debt / Equity | — | 0.84 | 0.50 | 0.39 | 0.25 | 0.19 | 0.29 | 0.48 | 0.46 | 0.52 | 0.99 |
| Net Debt / EBITDA | 3.95 | 3.95 | 2.17 | 2.02 | 1.02 | 0.82 | 1.52 | 1.77 | 1.51 | 1.45 | 2.57 |
| Debt / FCF | — | 6.81 | 3.07 | 15.55 | 1.49 | 0.79 | 1.33 | 3.11 | 2.41 | 2.80 | 6.51 |
| Interest Coverage | 8.15 | 8.15 | 6.74 | 7.93 | 20.54 | 31.10 | 16.92 | 15.51 | 10.09 | 7.94 | 6.94 |
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 | 1.09 | 1.09 | 1.07 | 1.17 | 1.03 | 1.20 | 1.24 | 1.17 | 1.16 | 1.19 | 1.13 |
| Quick Ratio | 1.09 | 1.09 | 1.07 | 1.17 | 1.03 | 1.20 | 1.24 | 1.17 | 1.16 | 1.19 | 1.13 |
| Cash Ratio | 0.15 | 0.15 | 0.12 | 0.15 | 0.16 | 0.29 | 0.27 | 0.15 | 0.13 | 0.16 | 0.17 |
| Asset Turnover | — | 1.31 | 1.47 | 1.42 | 1.50 | 1.26 | 1.32 | 1.48 | 1.59 | 1.59 | 1.61 |
| 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 | 2.7% | 2.4% | 2.4% | 3.4% | 5.6% | 5.0% | 3.5% | 6.2% | 7.7% | 4.7% | 5.4% |
| FCF Yield | 2.8% | 2.5% | 3.7% | 0.8% | 5.8% | 6.0% | 7.8% | 4.6% | 7.0% | 5.2% | 4.4% |
| Buyback Yield | 2.3% | 2.0% | 1.6% | 2.3% | 7.3% | 1.0% | 0.2% | 0.7% | 1.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 2.0% | 1.6% | 2.3% | 7.3% | 1.0% | 0.2% | 0.7% | 1.2% | 0.0% | 0.0% |
| Shares Outstanding | — | $301M | $308M | $313M | $328M | $340M | $338M | $341M | $343M | $341M | $338M |
Commercial real estate cyclicality
According to current market data, CBRE trades at a forward P/E of 17.79, which appears elevated relative to its historical volatility and suggests that investors are pricing in a significant recovery in transaction volumes that may not materialize given the current commercial real estate environment.
The company's P/E multiple of 35.68 on a trailing basis significantly outpaces its peers, reflecting a market premium for its scale and recurring revenue model. However, the PEG ratio of 3.07 indicates that this valuation may be difficult to justify unless the firm demonstrates a more consistent ability to convert its service platform into sustained earnings growth.
Based on reported figures, CBRE's ROIC has struggled to maintain momentum, hovering at a modest 2.3% in 2026Q1, which indicates that the firm's aggressive acquisition strategy is currently failing to generate returns that exceed the cost of capital required to fund such expansion.
The persistent decay in ROIC from 3.0% in 2023Q4 suggests that the integration of new assets is not yet yielding the expected synergies. Investors should monitor whether management can improve capital discipline, as the current trend implies that the firm is effectively destroying value through its recent capital allocation choices.
As reported in financial statements, CBRE's asset turnover has remained stagnant near 0.35, highlighting a structural inability to accelerate revenue generation relative to its expanding asset base, which is further complicated by erratic DSO trends that reached 71 days in the most recent quarter.
The lack of improvement in asset turnover suggests that the firm's massive scale may be creating operational friction rather than efficiency. The volatility in working capital, evidenced by the inconsistent DSO, implies that the firm's cash conversion cycle is highly susceptible to the timing of large, project-based advisory commissions.
According to recent SEC filings, CBRE's debt-to-EBITDA ratio has surged to 11.48 in 2026Q1, a significant deterioration from the 7.03 level observed in 2023Q4, which suggests that the firm's capacity to absorb further market shocks is becoming increasingly constrained by its mounting debt obligations.
The sharp increase in leverage, coupled with a declining interest coverage ratio, warrants close investigation as it limits the firm's ability to navigate a prolonged downturn in commercial real estate. The reliance on debt to fund operations and buybacks appears to be creating a precarious balance sheet profile that may limit future strategic flexibility.
The P/E ratio is frequently misapplied to CBRE because it fails to account for the significant non-cash charges and the irregular timing of carried interest, which together obscure the firm's true underlying cash-generating capacity in its Real Estate Investments segment.
Analysts should instead prioritize Fee Revenue and Adjusted EBITDA to strip away the noise of pass-through costs and volatile investment gains. Relying on P/E leads to a distorted view of the company's valuation, as it treats cyclical investment income as if it were stable, recurring service revenue.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying CBRE stock.
CBRE Group, Inc.'s current P/E ratio is 37.3x. The historical average is 28.7x. This places it at the 86th percentile of its historical range.
CBRE Group, Inc.'s current EV/EBITDA is 24.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
CBRE Group, Inc.'s return on equity (ROE) is 12.3%. The historical average is 11.2%.
Based on historical data, CBRE Group, Inc. is trading at a P/E of 37.3x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CBRE Group, Inc. has 15.0% gross margin and 3.2% operating margin.
CBRE Group, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.