CWKCushman & Wakefield Ltd.

Real Estate

Revenue: $10.3B; 8.9% YoY
Operating margin: 4.4%; 23% YoY
EBITDA: $557M; 21% YoY
Market cap: $3.1B
Employees: 53,000; $194K revenue each
Net debt / EBITDA: 3.9×; $2.2B net debt
AI in 10-K: 7.0; mentions per 10K words

Takeover score 2 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
386% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$194K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.0 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$989K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.4B	$10.1B	$9.5B	$9.4B	$10.3B	8.9%
Operating income	$497M	$535M	$206M	$339M	$453M	34%
Net income	$250M	$196M	−$35M	$131M	$88M	33%
Operating cash flow	$550M	$49M	$152M	$208M	$340M	64%
Capex	$54M	$51M	$51M	$41M	$47M	16%
Stock-based comp	$58M	$40M	$54M	$36M	$58M	63%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $989K · 5
Net: −$989K

Pay vs performance

No pay-versus-performance disclosure yet.