CWKNYSEReal EstateFiscal year ends December 31
Cushman & Wakefield Ltd.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$11.04−0.26 (-2.30%)
Close on Oct 19, 2026
- Market cap
- $2.61B
- P/E (TTM)
- 36.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
18.3%+0.6 pts over 5 years
Operating margin
4.4%+5.1 pts over 5 years
Net margin
0.9%+3.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.9% | +0.6% | +5.6% | – | |
| Gross profit | +8.9% | -1.2% | +6.2% | – | |
| Operating income | +33.5% | -5.4% | – | – | |
| Net income | -32.8% | -23.4% | – | – | |
| EPS, diluted | -32.1% | -23.8% | – | – | |
| Free cash flow | +75.4% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -18.4% | 4.8% | |
| Return on assets | – | -3.0% | 1.2% | |
| Current ratio | – | 1.40 | 1.10 | |
| Debt to equity | – | 2.99 | 1.41 | |
| Net debt to EBITDA | – | 10.03× | 3.53× | |
| Interest coverage | -1.7× | -0.3× | 2.1× | |
| Capex to revenue | 1.2% | 0.5% | 0.5% | |
| Diluted shares | 141M | 221M | 235M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cushman & Wakefield generated $1.30B from operations and spent $243.90M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.30B
Used
$243.90M
Capital expenditure$243.90M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin0.9%
×Asset turnover1.35×
×Equity multiplier4.10×
=Return on equity, FY20254.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 0.9% | 1.35× | 4.10× | 4.8% |
| FY2024 | 1.4% | 1.23× | 4.46× | 7.7% |
| FY2023 | -0.4% | 1.21× | 4.71× | -2.1% |
| FY2022 | 1.9% | 1.28× | 5.09× | 12.6% |
| FY2021 | 2.7% | 1.23× | 5.99× | 19.7% |
| FY2020 | -2.8% | 1.08× | 6.05× | -18.4% |
| FY2019 | 0.0% | 1.28× | 5.15× | 0.0% |
| FY2018 | -2.3% | 1.33× | 6.64× | -20.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$88.20M
- Cash generatingOperating cash flow above zero$340.40M
- Return on assets improvedROA up on the prior year1.7% → 1.2%
- Earnings backed by cashOperating cash flow above net income$340.40M vs $88.20M
- Less leverageLong-term debt to assets fell38.9% → 34.2%
- Better liquidityCurrent ratio rose1.15 → 1.10
- No dilutionShare count did not rise233M → 235M
- Gross margin improvedGross margin up on the prior year18.27% → 18.27%
- More efficientAsset turnover rose1.22 → 1.36