CBRE Group, Inc. (CBRE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-43.2%

$78.18

vs $137.71 price

Levered DCF

$97.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.27

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.44×	41.55×	29.09×	17.65×	19.8×	28×	16.04×	12.79×
P/B	5.4×	4.77×	3.47×	3.16×	4.27×	2.97×	3.3×	2.75×
P/S	1.18×	1.12×	0.9×	0.81×	1.31×	0.88×	0.86×	0.64×
EV / EBITDA	22.02×	20.8×	17.9×	13.31×	18.23×	13.82×	13.33×	10.37×
Gross margin	15.0%	19.6%	19.7%	21.5%	22.2%	20.2%	21.8%	22.9%
Operating margin	3.2%	4.0%	3.5%	4.9%	5.9%	4.1%	5.3%	5.1%
Net margin	2.9%	2.7%	3.1%	4.6%	6.6%	3.2%	5.4%	5.0%
Current ratio	1.09×	1.07×	1.17×	1.03×	1.2×	1.24×	1.17×	1.16×
Debt / equity	1.13×	0.68×	0.58×	0.44×	0.49×	0.58×	0.64×	0.63×
Interest coverage	5.8×	6.57×	7.5×	21.91×	32.51×	14.31×	14.69×	10.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	11.5%	11.9%	17.9%	21.5%	10.6%	20.6%	21.5%
Return on invested capital	4.8%	7.4%	5.9%	9.5%	8.2%	6.0%	11.0%	9.4%
Return on assets	3.7%	4.0%	4.4%	6.9%	8.3%	4.2%	7.9%	7.9%
Free cash flow yield	2.5%	3.7%	0.8%	5.9%	6.1%	7.9%	4.7%	7.1%
Earnings yield	2.4%	2.4%	3.4%	5.7%	5.1%	3.6%	6.2%	7.8%
Enterprise value	$56.1B	$44.7B	$32.3B	$27B	$38.1B	$23.2B	$23.6B	$15.9B
Net debt / EBITDA	3.19×	2.13×	1.98×	1.07×	0.84×	1.31×	1.7×	1.51×
Cash conversion cycle (days)	44	31	37	28	41	44	42	50