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Insufficient data to determine institutional momentum.
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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $293.0M 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 reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 2%. 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 2026-10-12
Where each multiple sits in its own 8-yr range · 25th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-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 5% against ROIC 2% — 3% 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 3.8× 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 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 15.5 | 14.6 | 14.3 | 13.1 | 12.5 | 13.3 | 13.0 | 12.8 |
| Operating Income | 0.2 | 2.1 | -0.7 | 5.3 | 5.3 | 2.2 | 3.6 | 4.4 |
| Income Tax | -0.3 | 0.5 | 0.6 | 1.0 | 1.4 | 0.1 | 0.5 | 0.3 |
| Net Income | -2.3 | 0.0 | -2.8 | 2.7 | 1.9 | -0.4 | 1.4 | 0.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CWK: 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 $895.3M covers the $27.1M due within a year 33.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Coverage is adequate but not comfortable. Effective rate ~7.9% on $2.75B of debt.
Cash of $784.2M fully covers short-term debt of $124.9M.
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.
EOD close · as of 2026-10-12
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 | $10.29B 100.0% | $9.45B 100.0% | $9.49B 100.0% | $10.11B 100.0% | $9.39B 100.0% | $7.84B 100.0% | $8.75B 100.0% | $8.22B 100.0% | $6.92B 100.0% | $6.22B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $6.64B 80.8% | $5.64B 81.5% | $5.07B 81.5% |
| Selling, General & Admin | $1.32B 12.8% | $1.22B 13.0% | $1.26B 13.3% | $1.26B 12.5% | $1.23B 13.1% | $1.12B 14.3% | $1.28B 14.6% | $1.27B 15.5% | $1.16B 16.7% | $1.15B 18.5% |
| Total Operating Expenses | $9.84B 95.6% | $9.11B 96.4% | $9.29B 97.8% | $9.57B 94.7% | $8.89B 94.7% | $7.90B 100.7% | $8.56B 97.9% | $8.21B 99.8% | $7.09B 102.5% | $6.51B 104.8% |
| Operating Income | $452.5M 4.4% | $338.9M 3.6% | $205.6M 2.2% | $535.1M 5.3% | $497.0M 5.3% | -$53.1M -0.7% | $187.3M 2.1% | $12.6M 0.2% | -$171.1M -2.5% | -$295.4M -4.8% |
| Interest Expense | $216.2M 2.1% | $229.9M 2.4% | $281.1M 3.0% | $193.1M 1.9% | $179.5M 1.9% | $163.8M 2.1% | $150.6M 1.7% | $228.8M 2.8% | $183.1M 2.6% | $171.8M 2.8% |
| Other Income (Expense), net | -$37.4M -0.4% | $0 0.0% | $0 0.0% | -$89.0M -0.9% | $1.2M 0.0% | $32.0M 0.4% | $3.5M 0.0% | $3.5M 0.0% | $11.0M 0.2% | $2.4M 0.0% |
| Pretax Income | $114.2M 1.1% | $175.8M 1.9% | -$30.0M -0.3% | $338.0M 3.3% | $339.9M 3.6% | -$176.6M -2.3% | $42.8M 0.5% | -$210.8M -2.6% | -$341.8M -4.9% | -$458.9M -7.4% |
| Income Tax Expense | $26.0M 0.3% | $44.5M 0.5% | $5.4M 0.1% | $141.6M 1.4% | $89.9M 1.0% | $43.9M 0.6% | $42.6M 0.5% | -$25.0M -0.3% | -$120.5M -1.7% | -$24.3M -0.4% |
| Net Income | $88.2M 0.9% | $131.3M 1.4% | -$35.4M -0.4% | $196.4M 1.9% | $250.0M 2.7% | -$220.5M -2.8% | $200K 0.0% | -$185.8M -2.3% | -$221.3M -3.2% | -$434.2M -7.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.38 | $0.57 | -$0.16 | $0.87 | $1.12 | -$1.00 | $0.00 | -$1.09 | -$1.54 | — |
| EPS (Diluted) | $0.38 | $0.56 | -$0.16 | $0.86 | $1.10 | -$1.00 | $0.00 | -$1.09 | -$1.54 | — |
| Weighted Avg Shares (Basic) | 231.2M | 228.9M | 226.9M | 225.4M | 223.0M | 220.8M | 217.7M | 171.2M | 143.9M | — |
| Weighted Avg Shares (Diluted) | 234.7M | 232.8M | 226.9M | 228.0M | 226.5M | 220.8M | 224.5M | 171.2M | 143.9M | — |
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.
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 | $37.9B | 34.0× | — | 0.9× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,028 |
| TRNO | $7.1B | 16.6× | — | 14.8× | 24.5% | — | 84.6% | 9.7% | 7.9% | — | 365 |
| FSV | $5.7B | 40.9× | 12.6× | 1.0× | 5.4% | — | 3.5% | 13.9% | 7.8% | 1.8× | 261 |
| CIGI | $4.4B | 42.8× | 9.3× | 0.8× | 15.3% | — | 4.0% | 14.6% | 7.1% | 2.3× | 182 |
| CURB | $3.1B | 73.8× | — | 17.2× | 51.3% | — | 21.8% | 2.1% | 1.7% | — | 275 |
| CWK | $2.7B | 30.4× | 8.4× | 0.3× | 8.9% | — | 0.9% | 4.5% | 1.9% | 3.5× | 26 |
| UE | $2.4B | 26.2× | — | 5.2× | 6.1% | — | 19.8% | 6.8% | 6.8% | — | 259 |
| GTY | $1.7B | 20.8× | — | 7.8× | 9.0% | — | 35.7% | 7.4% | 3.8% | — | 305 |
| IIPR | $1.4B | 13.0× | 8.9× | 5.3× | -13.8% | — | 44.5% | 6.4% | 5.3% | 1.8× | 321 |
| FOR | $1.3B | 7.6× | — | 0.8× | 10.1% | 21.9% | 10.1% | 9.5% | 6.5% | — | 182 |
| HPP | $661M | — | 1.6× | 0.8× | -1.3% | 48.5% | -71.3% | -19.9% | -19.9% | -0.4× | 191 |
| AHRT | $454M | — | 14.0× | 2.2× | 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 | $386M | 111.6× | 31.4× | 9.0× | 2.6% | — | 7.8% | 0.8% | 0.5% | 10.5× | 109 |
| SKYH | $372M | 104.6× | — | 13.5× | 86.6% | — | 68.3% | 10.9% | 5.2% | — | 92 |
| NTPIF | $270M | — | — | 5.6× | 64.5% | 25.7% | 0.2% | 0.1% | 0.0% | — | — |
| CHCI | $190M | — | 12.9× | 3.0× | 22.6% | 23.5% | 27.1% | 24.4% | 24.4% | -2.6× | 45 |
Peers = companies sharing CWK'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.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -4.8% | -7.0% |
| FY2017 | not reported | -2.5% | -3.2% |
| FY2018 | not reported | 0.2% | -2.3% |
| FY2019 | not reported | 2.1% | 0.0% |
| FY2020 | not reported | -0.7% | -2.8% |
| FY2021 | not reported | 5.3% | 2.7% |
| FY2022 | not reported | 5.3% | 1.9% |
| FY2023 | not reported | 2.2% | -0.4% |
| FY2024 | not reported | 3.6% | 1.4% |
| FY2025 | not reported | 4.4% | 0.9% |
Leverage and buybacks account for 3 points of the 5% return on equity in FY2025. The business earns 2% 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 190.31x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $293M; after share-based compensation it is $235M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2018-12-31, 2843 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2018-12-31 (10-K); cash from the 2018-12-31 balance sheet; FCF from FY2018. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2018-12-31. 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 $11.55, free cash flow must compound 11.81%/yr for 10 years. It has done 7.58%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −141.9% | 11.8% |
| FY2022 | −100.3% | 11.8% |
| FY2024 | 65.0% | 11.8% |
| FY2025 | 75.4% | 11.8% |
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 | $88M | $88M |
| Share-based comp | $58M | $146M |
| Other non-cash & working capital | $194M | $340M |
| Operating cash flow | $340M | $340M |
| Capex | −$47M | $293M |
| Free cash flow | $293M | $293M |
| FCF after SBC | $235M | $235M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.4% | not reported | not reported |
| FY2021 | 19.7% | not reported | not reported |
| FY2022 | 7.6% | not reported | not reported |
| FY2023 | -6.1% | not reported | not reported |
| FY2024 | -0.5% | not reported | not reported |
| FY2025 | 8.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.8 percent |
| FY2020 | -2.5 percent |
| FY2021 | -3.8 percent |
| FY2022 | 1.9 percent |
| FY2023 | -2.4 percent |
| FY2024 | -1.0 percent |
| FY2025 | -3.3 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.