CBRE Group (CBRE)
Real Estate · $40.8B market cap · SEC CIK 0001138118
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $2.01 in earnings per share.
The case for CBRE
- Revenue growing 14.5% year over year.
- Has compounded revenue at 11.2% a year over five years.
- Return on equity of 15%.
- Price/sales of 0.9× is lower than 100% of Real Estate companies.
The case against
- Pricey at 31.4× earnings, against a long-run market average nearer 20×.
- Net margin of 3.0% leaves very little room for error.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 64 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 76 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 30 |
| Momentumhow the price has behaved lately | 45 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 31.4× |
|---|---|
| Price / book | 4.70× |
| Price / sales | 0.9× |
| Revenue growth (YoY) | +14.5% |
| EPS growth (YoY) | +22.2% |
| Gross margin | 18% |
| Operating margin | 5% |
| Net margin | 3% |
| Return on equity | 15% |
| Debt / equity | 0.99× |
| Current ratio | 1.14 |
| Dividend yield | none |
| Beta | 1.24 |
| 52-week range | $121.69 – $174.27 |
| Position in that range | 37% of the way up |
| 3-month return | +8.9% |
| 1-year return | -12.8% |
Five years of financials, as filed
Pulled from CBRE Group's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $39.9B | $35.2B | $31.5B | $30.2B | $26.9B |
| Operating income | $1.8B | $1.4B | $1.1B | $1.5B | $1.6B |
| Net income | $1.2B | $968M | $986M | $1.4B | $1.8B |
| Operating cash flow | $1.6B | $1.7B | $480M | $1.6B | $2.4B |
| Capital expenditure | $366M | $307M | $305M | $260M | $210M |
| Total assets | $30.9B | $24.4B | $22.5B | $20.5B | $22.1B |
| Total liabilities | $21.3B | $15.2B | $13.5B | $11.9B | $12.7B |
| Shareholder equity | $8.9B | $8.4B | $8.3B | $7.9B | $8.5B |
| Cash | $1.9B | $1.1B | $1.3B | $1.3B | $2.4B |
| Long-term debt | $5.0B | $3.2B | $2.8B | $1.1B | $1.5B |
| Free cash flow | $1.2B | $1.4B | $175M | $1.4B | $2.2B |
| Operating margin | 4.4% | 4.0% | 3.5% | 5.0% | 6.1% |
| Net margin | 2.9% | 2.8% | 3.1% | 4.7% | 6.8% |
| Diluted shares | 301M | 308M | 313M | 328M | 340M |
Share count is down 11.5% over 4 years. Buybacks have been shrinking the pie.
What CBRE Group says it does
" in this Annual Report. We generate revenue from both resilient sources and non-recurring sources, including commissions generated by transactions. Our revenue mix has become more weighted towards resilient revenue sources, particularly occupier outsourcing and project management, and we are less dependent on cyclical property sales and lease transaction revenue. Non-recurring transactional revenue and earnings within our Advisory Services segment (notably property sales and leasing) have historically been highest in the year’s fourth quarter due to a focus on completing transactions prior to year-end, but such seasonality has decreased as transactions have comprised a smaller proportion of our total revenue. Business Environment The operating environment for commercial real estate improved considerably in 2025. This is evident in markedly increased property leasing and sales activity compared with 2024 levels. Occupier demand for…
Risk factors CBRE lists in its 10-K
- Risks Related to our Business Environment
- Adverse developments in the credit markets may materially harm our business, results of operations and financial condition
- Currency fluctuations could have a material adverse effect on our business, financial condition and operating results
- The global nature of our operations subject us to international social, political, legal and economic risks across a number of jurisdictions
- Our growth and financial performance have benefited significantly from acquisitions, which may not perform as expected and similar opportunities may not be available in the future
- Our brand and reputation are key assets of our company, and our business may be affected by how we are perceived in the marketplace
- The success of our BOE business depends on our ability to enter into mutually beneficial contracts, deliver high quality levels of service, manage our contractual obligations and accurately assess working capital requirements
- We have concentrations of business with large clients, which may cause increased credit risk and greater impact from the loss of certain clients and increased risks from higher limitations of liability in contracts
- A significant portion of our loan origination and servicing business depends upon our relationships with U.S. Government Sponsored Enterprises (GSEs)
- A failure by third parties to comply with service level agreements or regulatory or legal requirements could result in economic and reputational harm to us
- Our success depends upon the retention of our senior management, as well as our ability to attract and retain qualified and experienced employees
- If we are unable to manage the organizational challenges associated with our global operations, we might be unable to achieve our business objectives
- Our policies, procedures and programs to safeguard the health, safety and security of our employees and others may not be adequate
- We may be subject to actual or perceived conflicts of interest