CBRECBRE GROUP, INC.

Real Estate

Revenue: $39.9B; 13% YoY
Operating margin: 4.4%; 9.4% YoY
EBITDA: $2.5B; 19% YoY
Market cap: $37.2B
Employees: 155,000; $257K revenue each
Net debt / EBITDA: 0.3×; $698M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
135% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$257K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$37.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$26.9B	$30.2B	$31.5B	$35.2B	$39.9B	13%
Operating income	$1.6B	$1.5B	$1.1B	$1.4B	$1.8B	24%
Net income	$1.8B	$1.4B	$986M	$968M	$1.2B	20%
Operating cash flow	$2.4B	$1.6B	$480M	$1.7B	$1.6B	8.7%
Capex	$210M	$260M	$305M	$307M	$366M	19%
Stock-based comp	$185M	$160M	$96M	$146M	$120M	18%
Buybacks	$369M	$1.9B	$665M	$627M	$968M	54%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 13, 2019	VA Partners I, LLC	SC 13D/A	3.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 9
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.