Cushman & Wakefield plc (CWK) 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

+147.2%

$35.60

vs $14.40 price

Levered DCF

$10.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.78

Distress zone

Rating

B-

Overall 2 / 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	42.61×	22.95×	-67.5×	14.32×	19.86×	-14.83×	22,711.11×	-13.28×
P/B	1.91×	1.71×	1.46×	1.69×	3.43×	2.99×	3.42×	1.81×
P/S	0.36×	0.32×	0.26×	0.28×	0.53×	0.42×	0.51×	0.3×
EV / EBITDA	14.27×	10.8×	10.61×	7.38×	9.86×	15.96×	11.08×	13.99×
Gross margin	16.2%	18.3%	17.4%	19.3%	20.7%	17.7%	20.2%	19.2%
Operating margin	4.5%	3.6%	2.2%	5.3%	5.3%	-0.7%	2.1%	0.2%
Net margin	0.9%	1.4%	-0.4%	1.9%	2.7%	-2.8%	0.0%	-2.3%
Current ratio	22.76×	1.15×	1.17×	1.16×	1.16×	1.4×	1.23×	1.35×
Debt / equity	1.66×	1.89×	2.13×	2.16×	2.53×	3.62×	2.4×	1.97×
Interest coverage	2.12×	1.47×	0.73×	2.77×	2.77×	-0.32×	1.24×	0.06×
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	4.5%	7.5%	-2.1%	11.8%	17.3%	-20.1%	0.0%	-13.7%
Return on invested capital	4.6%	4.8%	3.7%	5.5%	6.6%	-1.0%	0.0%	0.2%
Return on assets	1.1%	1.7%	-0.5%	2.5%	3.2%	-3.0%	0.0%	-2.8%
Free cash flow yield	7.8%	5.6%	4.1%	-0.1%	10.0%	-2.4%	4.2%	-3.5%
Earnings yield	2.4%	4.4%	-1.4%	7.0%	5.0%	-6.7%	0.0%	-7.5%
Enterprise value	$6.2B	$5.5B	$5.2B	$5.8B	$7.8B	$6.2B	$6.8B	$4.3B
Net debt / EBITDA	5.66×	4.93×	5.66×	3.78×	3.63×	7.48×	3.78×	5.88×
Cash conversion cycle (days)	54	-0	17	14	16	15	17	18