Latest Ratios: P/E Ratio 36.3x · EV/EBITDA 10.1x · 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 | $3.2B | $3.8B | $3.0B | $2.5B | $2.8B | $5.0B | $3.3B | $4.6B | $2.5B | — | — |
| Enterprise Value | $5.7B | $6.3B | $5.6B | $5.2B | $5.8B | $7.9B | $6.2B | $6.9B | $4.3B | — | — |
| P/E Ratio → | 36.34 | 42.61 | 23.36 | — | 14.49 | 20.22 | — | 22711.11 | — | — | — |
| P/S Ratio | 0.31 | 0.37 | 0.32 | 0.26 | 0.28 | 0.54 | 0.42 | 0.52 | 0.30 | — | — |
| P/B Ratio | 1.66 | 1.94 | 1.73 | 1.46 | 1.71 | 3.48 | 2.99 | 1.29 | 0.80 | — | — |
| P/FCF | 11.04 | 12.97 | 18.23 | 24.21 | — | 10.16 | — | 24.28 | — | — | — |
| P/OCF | 9.51 | 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 | 10.12 | 11.12 | 12.07 | 11.69 | 7.39 | 10.25 | 18.74 | 11.45 | 0.52 | — | — |
| EV / EBIT | 12.42 | 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 | 2.8% | 2.3% | 4.3% | — | 6.9% | 4.9% | — | 0.0% | — | — | — |
| FCF Yield | 9.1% | 7.7% | 5.5% | 4.1% | — | 9.8% | — | 4.1% | — | — | — |
| Buyback Yield | 0.3% | 0.3% | 0.3% | 0.3% | 1.0% | 0.2% | 0.6% | 0.7% | 0.6% | — | — |
| Total Shareholder Yield | 0.3% | 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 |
High Debt Service Burden
Based on reported figures, the forward P/E of 9.37 suggests the market is pricing in significant earnings risk, as the valuation remains compressed compared to peers like CBRE, likely reflecting investor skepticism regarding the firm's ability to sustain profitability amidst ongoing commercial real estate market volatility.
The divergence between the TTM P/E of 35.92 and the forward multiple indicates that the market anticipates a sharp recovery in earnings, though this appears optimistic given the structural headwinds in office leasing. Investors should monitor whether this discount is a value opportunity or a reflection of the company's higher leverage profile relative to its global competitors.
According to recent financial statements, the ROIC has struggled to exceed 3.0% in any quarter since 2024Q4, indicating that the company is failing to generate returns on invested capital that meaningfully exceed its cost of capital, a trend that warrants further investigation by long-term fundamental investors.
The persistent low ROIC suggests that the firm's heavy reliance on low-margin facilities management services dilutes the higher-margin brokerage returns. Without a shift toward more capital-light advisory services, the company may continue to struggle with value creation, as the current returns appear insufficient to justify the existing capital structure.
As reported in quarterly filings, the DSO has fluctuated between 47 and 70 days over the last ten quarters, highlighting the inherent difficulty in managing cash conversion cycles within a global brokerage model that is highly sensitive to the timing of large, lumpy capital markets transaction closures.
The volatility in receivables management suggests that the company lacks the leverage to dictate payment terms to its large corporate clients, which frequently strains liquidity. This inefficiency forces the firm to rely on external financing to bridge the gap between service delivery and cash collection, increasing its sensitivity to interest rate environments.
Based on reported figures, the debt-to-equity ratio dropped to 0.26 in 2026Q1 from 1.66 in 2025Q4, a dramatic shift that appears inconsistent with historical trends and suggests either a significant, undisclosed deleveraging event or a potential data anomaly that requires immediate verification by institutional analysts.
The erratic nature of the interest coverage ratio, which dipped to 0.80 in 2026Q1, implies that the company's ability to service its debt is precarious and highly dependent on quarterly earnings spikes. Investors should be wary of the reported leverage metrics, as they may not fully capture the true extent of the firm's financial obligations.
The P/E ratio is frequently misapplied to this business model because it fails to account for the massive non-cash amortization of intangible assets and the irregular timing of transactional revenue, which can artificially deflate earnings and create a misleading picture of the company's true operational earning power.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow, as these metrics better normalize for the company's capital structure and the lumpy nature of brokerage commissions. Relying on P/E ignores the significant impact of debt service and non-recurring integration costs that are endemic to the firm's growth-by-acquisition strategy.
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 36.3x. 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 10.1x. 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 36.3x. 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.