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Held by 1,028 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE | $38.5B | 34.6× | — | 0.9× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,028 |
| TRNO | $7.0B | 16.4× | — | 14.7× | 24.5% | — | 84.6% | 9.7% | 7.9% | — | 365 |
| FSV | $5.9B | 42.8× | 13.1× | 1.1× | 5.4% | — | 3.5% | 13.9% | 7.8% | 1.8× | 261 |
| CIGI | $4.6B | 44.7× | 9.7× | 0.8× | 15.3% | — | 4.0% | 14.6% | 7.1% | 2.3× | 182 |
| CURB | $3.1B | 71.7× | — | 16.7× | 51.3% | — | 21.8% | 2.1% | 1.7% | — | 275 |
| CWK | $2.7B | 29.7× | 8.3× | 0.3× | 8.9% | — | 0.9% | 4.5% | 1.9% | 3.5× | 26 |
| UE | $2.5B | 26.4× | — | 5.2× | 6.1% | — | 19.8% | 6.8% | 6.8% | — | 259 |
| GTY | $1.8B | 21.0× | — | 7.9× | 9.0% | — | 35.7% | 7.4% | 3.8% | — | 305 |
| IIPR | $1.4B | 13.3× | 9.0× | 5.4× | -13.8% | — | 44.5% | 6.4% | 5.3% | 1.8× | 321 |
| FOR | $1.3B | 7.8× | — | 0.8× | 10.1% | 21.9% | 10.1% | 9.5% | 6.5% | — | 182 |
| HPP | $559M | — | 1.3× | 0.7× | -1.3% | 48.5% | -71.3% | -19.9% | -19.9% | -0.4× | 191 |
| AHRT | $445M | — | 13.9× | 2.1× | 2.7% | — | 2.7% | 0.9% | 0.3% | 10.3× | 190 |
| TRC | $442M | — | — | 8.9× | 18.4% | 29.2% | 0.2% | 0.0% | 0.0% | — | 127 |
| FRPH | $369M | 106.9× | 30.5× | 8.6× | 2.6% | — | 7.8% | 0.8% | 0.5% | 10.5× | 109 |
| SKYH | $360M | 101.1× | — | 13.1× | 86.6% | — | 68.3% | 10.9% | 5.2% | — | 92 |
| NTPIF | $262M | — | — | 5.5× | 64.5% | 25.7% | 0.2% | 0.1% | 0.0% | — | — |
| CHCI | $173M | — | 11.6× | 2.8× | 22.6% | 23.5% | 27.1% | 24.4% | 24.4% | -2.6× | 45 |
Peers = companies sharing CBRE's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $968.0M buybacks = $968.0M returned on $1.19B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.55B 100.0% | $35.77B 100.0% | $31.95B 100.0% | $30.83B 100.0% | $27.75B 100.0% | $23.83B 100.0% | $23.89B 100.0% | $21.34B 100.0% | $18.63B 100.0% | $17.37B 100.0% |
| Cost of Revenue | $32.98B 81.3% | $28.81B 80.6% | $25.68B 80.4% | $24.24B 78.6% | $21.58B 77.8% | $19.05B 79.9% | $18.69B 78.2% | $16.45B 77.1% | $14.31B 76.8% | $78.5M 0.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $9.89B 53.1% | $9.12B 52.5% |
| Total Operating Expenses | — | — | — | — | — | — | — | $3.37B 15.8% | $2.86B 15.3% | $2.78B 16.0% |
| Operating Income | $1.75B 4.3% | $1.41B 4.0% | $1.12B 3.5% | $1.51B 4.9% | $1.64B 5.9% | $969.8M 4.1% | $1.26B 5.3% | $1.09B 5.1% | $1.08B 5.8% | $816.8M 4.7% |
| Interest Expense | — | — | — | — | — | — | — | $107.3M 0.5% | $136.8M 0.7% | $144.9M 0.8% |
| Interest & Investment Income | — | — | — | — | — | — | — | $8.6M 0.0% | $9.9M 0.1% | $8.1M 0.0% |
| Other Income (Expense), net | $19.0M 0.0% | $39.0M 0.1% | $61.0M 0.2% | -$12.0M -0.0% | $204.0M 0.7% | $17.4M 0.1% | $28.9M 0.1% | $93.0M 0.4% | $9.4M 0.1% | $4.7M 0.0% |
| Pretax Income | $1.59B 3.9% | $1.22B 3.4% | $1.28B 4.0% | $1.66B 5.4% | $2.41B 8.7% | $970.0M 4.1% | $1.36B 5.7% | $1.38B 6.5% | $1.17B 6.3% | $882.1M 5.1% |
| Income Tax Expense | $317.0M 0.8% | $182.0M 0.5% | $250.0M 0.8% | $234.0M 0.8% | $568.0M 2.0% | $214.1M 0.9% | $69.9M 0.3% | $313.1M 1.5% | $467.8M 2.5% | $296.9M 1.7% |
| Net Income | $1.16B 2.9% | $968.0M 2.7% | $986.0M 3.1% | $1.41B 4.6% | $1.84B 6.6% | $752.0M 3.2% | $1.28B 5.4% | $1.06B 5.0% | $697.1M 3.7% | $573.1M 3.3% |
| Per Share | ||||||||||
| EPS (Basic) | $3.88 | $3.16 | $3.20 | $4.36 | $5.48 | $2.24 | $3.82 | $3.13 | $2.06 | $1.71 |
| EPS (Diluted) | $3.85 | $3.14 | $3.15 | $4.29 | $5.41 | $2.22 | $3.77 | $3.10 | $2.05 | $1.69 |
| Weighted Avg Shares (Basic) | 298.2M | 305.9M | 308.4M | 322.8M | 335.2M | 335.2M | 335.8M | 339.3M | 337.7M | 335.4M |
| Weighted Avg Shares (Diluted) | 300.8M | 308.0M | 312.6M | 327.7M | 339.7M | 338.4M | 340.5M | 343.1M | 340.8M | 338.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 69th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 7% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.1 | 78.2 | 79.9 | 77.8 | 78.6 | 80.4 | 80.6 | 81.3 |
| Operating Income | 5.1 | 5.3 | 4.1 | 5.9 | 4.9 | 3.5 | 4.0 | 4.3 |
| Income Tax | 1.5 | 0.3 | 0.9 | 2.0 | 0.8 | 0.8 | 0.5 | 0.8 |
| Net Income | 5.0 | 5.4 | 3.2 | 6.6 | 4.6 | 3.1 | 2.7 | 2.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CBRE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.86B is below the $2.54B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Interest is easily covered by operating profit. Effective rate ~3.5% on $3.10B of debt. Interest last disclosed in FY2018 (no longer broken out).
Cash of $1.86B is below short-term debt of $2.46B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 22.7% | 4.7% | 3.3% |
| FY2017 | 23.2% | 5.8% | 3.7% |
| FY2018 | 22.9% | 5.1% | 5.0% |
| FY2019 | 21.8% | 5.3% | 5.4% |
| FY2020 | 20.1% | 4.1% | 3.2% |
| FY2021 | 22.2% | 5.9% | 6.6% |
| FY2022 | 21.4% | 4.9% | 4.6% |
| FY2023 | 19.6% | 3.5% | 3.1% |
| FY2024 | 19.4% | 4.0% | 2.7% |
| FY2025 | 18.7% | 4.3% | 2.9% |
Leverage and buybacks account for 6 points of the 13% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 0.96x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $1.19B; after share-based compensation it is $1.07B. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $133.08, free cash flow must compound 20.4%/yr for 10 years. It has done 4.24%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 68.2% | 20.4% |
| FY2021 | 37.7% | 20.4% |
| FY2022 | −36.5% | 20.4% |
| FY2023 | −87.2% | 20.4% |
| FY2024 | 700.6% | 20.4% |
| FY2025 | −14.8% | 20.4% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.16B | $1.16B |
| Share-based comp | $120M | $1.28B |
| Other non-cash & working capital | $282M | $1.56B |
| Operating cash flow | $1.56B | $1.56B |
| Capex | −$366M | $1.19B |
| Free cash flow | $1.19B | $1.19B |
| FCF after SBC | $1.07B | $1.07B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.3% | -1.6% | -1.3 points |
| FY2021 | 16.4% | 17.2% | 0.7 points |
| FY2022 | 11.1% | 3.4% | -7.7 points |
| FY2023 | 3.6% | 19.6% | 15.9 points |
| FY2024 | 11.9% | 10.0% | -2.0 points |
| FY2025 | 13.4% | 18.3% | 4.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 68.2 days | not reported | not reported | not reported |
| FY2020 | 67.3 days | not reported | not reported | not reported |
| FY2021 | 67.8 days | not reported | not reported | not reported |
| FY2022 | 63.1 days | not reported | not reported | not reported |
| FY2023 | 72.8 days | not reported | not reported | not reported |
| FY2024 | 71.5 days | not reported | not reported | not reported |
| FY2025 | 74.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.4 percent |
| FY2020 | -6.0 percent |
| FY2021 | -2.4 percent |
| FY2022 | -1.1 percent |
| FY2023 | 2.2 percent |
| FY2024 | -3.0 percent |
| FY2025 | -1.3 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.