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Institutional ownership roughly stable: -0.02% change quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $12.49 today, the market must believe free cash flow compounds 11.3%/yr for a decade (off $187M normalized FCF).
The market's 11.3% is more optimistic than its 6-yr track record.
2-stage DCF · 0.23B shares · net debt $2.0B
mean -25.4% · volatility σ 112% · implied rate exceeded in 2/4 yrs
Central path = implied 11.3%/yr growth; shaded band = ±1σ (112%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.29B 100.0% | $9.45B 100.0% | $9.49B 100.0% | $10.11B 100.0% | $9.39B 100.0% | $7.84B 100.0% | $8.75B 100.0% | $8.22B 100.0% | $6.92B 100.0% | $6.22B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $6.64B 80.8% | $5.64B 81.5% | $5.07B 81.5% |
| Selling, General & Admin | $1.32B 12.8% | $1.22B 13.0% | $1.26B 13.3% | $1.26B 12.5% | $1.23B 13.1% | $1.12B 14.3% | $1.28B 14.6% | $1.27B 15.5% | $1.16B 16.7% | $1.15B 18.5% |
| Total Operating Expenses | $9.84B 95.6% | $9.11B 96.4% | $9.29B 97.8% | $9.57B 94.7% | $8.89B 94.7% | $7.90B 100.7% | $8.56B 97.9% | $8.21B 99.8% | $7.09B 102.5% | $6.51B 104.8% |
| Operating Income | $452.5M 4.4% | $338.9M 3.6% | $205.6M 2.2% | $535.1M 5.3% | $497.0M 5.3% | -$53.1M -0.7% | $187.3M 2.1% | $12.6M 0.2% | -$171.1M -2.5% | -$295.4M -4.8% |
| Interest Expense | $216.2M 2.1% | $229.9M 2.4% | $281.1M 3.0% | $193.1M 1.9% | $179.5M 1.9% | $163.8M 2.1% | $150.6M 1.7% | $228.8M 2.8% | $183.1M 2.6% | $171.8M 2.8% |
| Other Income (Expense), net | -$37.4M -0.4% | $0 0.0% | $0 0.0% | -$89.0M -0.9% | $1.2M 0.0% | $32.0M 0.4% | $3.5M 0.0% | $3.5M 0.0% | $11.0M 0.2% | $2.4M 0.0% |
| Pretax Income | $114.2M 1.1% | $175.8M 1.9% | -$30.0M -0.3% | $338.0M 3.3% | $339.9M 3.6% | -$176.6M -2.3% | $42.8M 0.5% | -$210.8M -2.6% | -$341.8M -4.9% | -$458.9M -7.4% |
| Income Tax Expense | $26.0M 0.3% | $44.5M 0.5% | $5.4M 0.1% | $141.6M 1.4% | $89.9M 1.0% | $43.9M 0.6% | $42.6M 0.5% | -$25.0M -0.3% | -$120.5M -1.7% | -$24.3M -0.4% |
| Net Income | $88.2M 0.9% | $131.3M 1.4% | -$35.4M -0.4% | $196.4M 1.9% | $250.0M 2.7% | -$220.5M -2.8% | $200K 0.0% | -$185.8M -2.3% | -$221.3M -3.2% | -$434.2M -7.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.38 | $0.57 | $-0.16 | $0.87 | $1.12 | $-1.00 | $0.00 | $-1.09 | $-1.54 | — |
| EPS (Diluted) | $0.38 | $0.56 | $-0.16 | $0.86 | $1.10 | $-1.00 | $0.00 | $-1.09 | $-1.54 | — |
| Weighted Avg Shares (Basic) | 231.2M | 228.9M | 226.9M | 225.4M | 223.0M | 220.8M | 217.7M | 171.2M | 143.9M | — |
| Weighted Avg Shares (Diluted) | 234.7M | 232.8M | 226.9M | 228.0M | 226.5M | 220.8M | 224.5M | 171.2M | 143.9M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $293M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $784M covers the $27M due within a year 28.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~7.9% on $2.7B of debt.
Cash of $784M fully covers short-term debt of $125M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| CWK | $2.9B | 33.0× | 8.8× | 0.3× | 8.9% | — | 0.9% | 4.5% | 1.9% | 4.9× | 29 |
Peers = companies sharing CWK's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 8-yr range · 31th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 15.5 | 14.6 | 14.3 | 13.1 | 12.5 | 13.3 | 13.0 | 12.8 |
| Operating Income | 0.2 | 2.1 | -0.7 | 5.3 | 5.3 | 2.2 | 3.6 | 4.4 |
| Income Tax | -0.3 | 0.5 | 0.6 | 1.0 | 1.4 | 0.1 | 0.5 | 0.3 |
| Net Income | -2.3 | 0.0 | -2.8 | 2.7 | 1.9 | -0.4 | 1.4 | 0.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CWK: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.