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Cushman & Wakefield Limited (CWK) Fair Value & Analysis

Real Estate · US · Market cap $3.1B

CW Cushman & Wakefield Limited logo Cushman & Wakefield Limited CWK · US
Price$13.83
Fair Value$14.95
Upside+8.1%
Quality55/100
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Healthy Growth
Thin margins · 0.7% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/14)
Narrow moat 27/100
Evidence: High Range $7.22 – $22.58 Share as image

Fair value as of: Jul 15, 2026

From 16 valuation models · updated 26 days ago

Share price +3.1% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The model range is unusually wide ($7.22 to $22.58). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$23.12 $6.51 Fair Value $14.95 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range $6.51 – $23.12 · fair‑value band $7.22 – $22.58 · the $13.83 price screens below the $14.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Cushman & Wakefield Limited (CWK) currently trades at $13.83, while our model-based Fair Value estimate is $14.95, implying the stock looks roughly 8.1% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Cushman & Wakefield Limited generated revenue of $10.5B at a net margin of 0.7%. Revenue grew 11.0% year over year. It earns a return on equity of 4.0%. Net debt stands at $2.5B. Fundamentals as of Jul 15, 2026

Our scenario range runs from $7.22 (bear case) to $22.58 (bull case); at $13.83, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 37% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 8%, CWK screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF $5.79 $11.76 $19.90 80
Residual Income $6.20 $6.15 $5.58 76
Rev-Margin DCF $7.84 $17.55 $28.54 74
All 16 models by family
DCF Models
FCF DCF $5.58 $12.31 $22.06 38
5Y Revenue Exit $7.84 $17.57 $29.95 39
5Y EBITDA Exit $14.34 $29.63 $47.40 41
10Y Revenue Exit $6.34 $14.86 $26.19 36
10Y EBITDA Exit $10.89 $23.00 $39.10 37
Dividend Discount
Gordon GGM $0.7100 $1.42 $2.15 70
DDM Multi-Stage $0.7100 $1.14 $1.50 61
Multiples
P/S Multiple $4.80 $6.40 $8.00 58
P/B Multiple $4.80 $6.40 $8.00 55
EV/EBIT $24.53 $35.29 $46.06 53
EV/EBITDA $22.86 $33.07 $43.27 54
EV/Revenue $10.04 $17.68 $25.31 43
Asset-Based
NCAV (Graham) $4.17 $5.59 $8.35 50
Growth DCF
Growth DCF $5.79 $11.76 $19.90 80
Rev-Margin DCF $7.84 $17.55 $28.54 74
Economic Profit
Residual Income $6.20 $6.15 $5.58 76

Widest divergence: Multiples ($17.68) versus Dividend Discount ($1.14). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) $10.5B
Revenue growth (YoY) +11.0%
Net margin 0.7%
Return on equity 4.0%
Free cash flow $293M FY2025
P/E ratio 41.6
More key figures
Operating margin 2.3%
EPS (TTM) $0.3200
EPS growth (YoY) +57.1%
Net debt $2.5B FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 38

Profitability 42
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 32
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cushman & Wakefield Limited is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of 9.4 billion dollars across its core service lines of Services, Leasing, Capital markets, and Valuation and others.

Full company description

Cushman & Wakefield Limited is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of 9.4 billion dollars across its core service lines of Services, Leasing, Capital markets, and Valuation and others. The company was founded in 1784 and is headquartered in Chicago, Illinois.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cushman & Wakefield Limited reported revenue of $10.3B in FY2025 versus $9.4B in FY2021, a compound +2.3%/yr. Reported net income was $88.2M in FY2025, compounding −22.9%/yr from FY2021.

Growth Quality 65/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$10.3B
Latest YoY
+8.9%
Avg. growth/yr (3Y)
+0.6%
Avg. growth/yr (5Y)
+5.6%
Avg. growth/yr (10Y)
+9.4%
Revenue +2.3%/yr
FY21 $9.4B
FY22 $10.1B
FY23 $9.5B
FY24 $9.4B
FY25 $10.3B
Net income −22.9%/yr
FY21 $250M
FY22 $196M
FY23 −$35.4M
FY24 $131M
FY25 $88.2M

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Cite: Fair Value Calculator (2026). "Cushman & Wakefield Limited Fair Value". https://www.fairvalue-calculator.com/stock/CWK

Peer Group

Real Estate Services · 521 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 54 · Below median
Fair Value upside +8% · Above median
Return on equity (TTM) 4% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth 11% · Above median
Debt / equity 1.33× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 41.6× · Pricier than 75% of peers
P/B 1.60× · Pricier than 75% of peers
P/S (TTM) 0.30× · Cheaper than 75% of peers
P/FCF 10.7× · Pricier than median
EV/EBITDA 8.7× · Cheaper than median
PEG 0.25× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 44 · sector 37
FUTURE 55 · sector 10
PAST 16 · sector 16
HEALTH 33 · sector 85
DIVIDEND 0 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Cushman & Wakefield Limited (CWK) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of $14.95 versus a price of $13.83, about +8% (fairly valued).
What is the fair value of CWK?
Our model-based fair value for Cushman & Wakefield Limited is $14.95 (as of Jul 15, 2026), built from audited fundamentals. The current price is $13.83.
What is the quality score of CWK?
Cushman & Wakefield Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Cushman & Wakefield Limited (CWK)?
Cushman & Wakefield Limited reported trailing-twelve-month revenue of about $10.5B (latest available figure, as of Jul 15, 2026).
What is the net profit margin of CWK?
The net profit margin of Cushman & Wakefield Limited is about 0.7%, meaning it keeps roughly 0.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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