# CBRE GROUP, INC. (CBRE) — Stock CV

Cbre Group, Inc. is a $37.9B real estate company. Revenue grew 14.5% over the last year, it keeps 3¢ of every dollar of sales as profit, and its net debt equals ~3.4 years of free cash flow. It trades at 29.1× earnings — around the middle of its own history.

> CBRE is the world's largest commercial real estate services and investment firm, providing brokerage, leasing, facilities and project management, valuation, mortgage services, and investment management to occupiers and investors across every major property type.

## Identity

- **Ticker**: CBRE
- **Sector**: Real Estate
- **Industry**: Real Estate
- **Headquarters**: DALLAS, TX
- **Employees**: 155 000
- **Website**: https://www.cbre.com
- **Market cap**: $37.9B
- **Last price**: $130.80
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $43.6B
- **Net income**: $1.30B
- **Free cash flow**: $938M
- **Net debt**: $3.19B
- **P/E**: 29.1
- **Revenue growth (YoY)**: 14.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 57 |
| Profitability | 43 |
| Health | 67 |
| Quality | 82 |
| Moat | 49 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +14.5% YoY
- [x] Profitable — $1.30B TTM
- [ ] Profit growing — -3.6% YoY
- [x] Generates cash — $938M TTM
- [x] Debt under control — ~3.4y of cash flow to repay
- [x] Established company — $37.9B market cap
- [x] Not printing shares — -11.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.4 — grey
- [x] Valuation not extreme — P/E 29.1

## Experience (career milestones)

- **2025** — CBRE announced the acquisition of Pearce Services from New Mountain Capital for $1.2 billion in cash
- **FY2021** — Best year on record: $1.84B net income
- **FY2020** — Became debt-free: cash now exceeds total debt
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $13.1B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — The company acquired Global Workplace Solutions from Johnson Controls
- **2013** — The company acquired Norland Managed Services, a facilities, energy and project management provider in the…
- **2011** — The company changed its name to CBRE Group Inc
- **2006** — The company's shares were added to the S&P 500 Index
- **2003** — CBRE acquired Insignia Financial Group in 2003 and returned to the public markets the following year
- **1996** — CB Commercial returned to the public markets in 1996 through an initial public offering that raised approximately…
- **1981** — Coldwell Banker was acquired by Sears
- **1919** — The name became Coldwell, Kern, Cornwall & Banker, and in 1920, Coldwell, Cornwall & Banker
- **1906** — Tucker, Lynch & Coldwell, the earliest predecessor to CBRE, was established

## Strengths

- Revenue growing 14.5% year over year
- Interest covered 10.1× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Net debt would take ~9.9 years of free cash flow to repay

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $27.7B | $1.84B | $2.15B |
| FY2022 | $30.8B | $1.41B | $1.37B |
| FY2023 | $31.9B | $986M | $175M |
| FY2024 | $35.8B | $968M | $1.40B |
| FY2025 | $40.5B | $1.16B | $1.19B |

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Source: https://stockcv.com/CBRE — derived from company filings; may be delayed or incomplete. Information, not investment advice.