Cushman & Wakefield (CWK) Stock Analysis & Winston Score

Cushman & Wakefield is a commercial real estate services company. It helps businesses find office space, warehouses, and retail locations to rent or buy, and it manages buildings on behalf of property owners. The company competes in a global industry alongside firms like CBRE and JLL, making it one of the three largest commercial real estate services providers in the world.

The company earns money through fees and commissions — it gets paid when it brokers a lease or sale, and it collects recurring fees for managing properties and providing facilities services. Cushman & Wakefield operates across more than 60 countries, with significant revenue coming from the Americas, Europe, and Asia Pacific. Its thin operating margins leave little room for error, and the business is sensitive to interest rates and office demand — a prolonged slowdown in commercial real estate activity, particularly weak demand for office space, remains the key risk the company faces.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-709.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~7 months

$601M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cushman & Wakefield has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

14.6%

Thin — 14.6% gross margin

Operating Margin

2.3%

Thin — 2.3% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.4%

Steady sales growth (10.4% YoY)

EPS YoY

-54.5%

Earnings shrinking (-54.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

351%

Turns 351% of profit into real cash

FCF Margin

2.0%

Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.26

Conservative — low debt load (0.26)

Interest Cover

2.18x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

41.4x

no trend

Pricey — P/E 41.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+34.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.4 → 7.2)

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Dividends

Not applicable for this business.

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