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The Screen · Real Estate · Real Estate Services
Cushman & Wakefield Limited
CWK · the NYSE · USD · Market cap $2.7B · 53,000 employees
Cushman & Wakefield Limited is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries.
FAIL · Does not pass the screen
11.83 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 6 days ago
Screened 2026-10-23 · the tape above runs as of 18:02 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price11.83 USD at the 23 Oct 2026 close
Ethical screenDoes not pass
OptionsOpen interest leans to puts (put/call 9.98)
Last reviewed23 Oct 2026 (6 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 11.83 against the desk's fair-value range, base estimate 19.00, over the last year.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 9.98, read 2026-10-28
Ethical does not pass the values gate
Price11.83 USD
Fair value19.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-28Read Distribution11.58+2.2% to today Markdown gives way to Distribution after a 10% slide in 4 weeks
2026-10-02Read Markdown12.90-8.3% to today ✓Markup gives way to Markdown after a 7% slide in 5 weeks
2026-08-26Read Markup13.83-14.5% to today Markdown gives way to Markup with volume flow in agreement
2026-07-02Read Markdown13.50-12.4% to today ✓First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Cushman & Wakefield Limited holds its Distribution at $11.83. The statistical read favours the sellers, held for 149 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 149 days
Price at the screen
$11.83
Valuation
39.93 trailing · 6.91 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.51
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
39.03%
Below 33%
Interest-bearing debt is 39.0% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
29.96%
Below 49%
Money owed to the company is 30.0% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Cushman & Wakefield's business is in a permissible area, but its interest-bearing debt is about 39% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when CWK's ethical verdict changes
Today CWK does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 60.6% margin of safety to the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +44% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Commercial real estate services trade cheap for a reason
Picture a global property broker whose fees only really flow when deals get signed. Cushman & Wakefield sits in that seat, moving 9.4 billion dollars of revenue last year yet converting just one percent into profit and posting a four percent return on equity. The forward multiple of 8.2 times earnings looks attractive next to eleven percent revenue growth, yet the business earns too little on the capital it employs to justify ownership at any price.
We pass because this is a classic cyclical value trap. Low margins and thin returns on equity are not temporary, they reflect a service model that expands and contracts with office leasing cycles. Analysts may cluster around an eighteen dollar target, but the numbers show a company that rarely compounds value for shareholders across a full property cycle.
Ethical screens clear it, yet the structural weaknesses remain. Currency swings, client concentration and the next downturn in commercial real estate all sit on the ledger. The low multiple simply prices in those realities rather than offering a bargain. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CWK trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-10-21Markdown$11.61-0.1%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-10-14Markdown$11.62-9.9%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-10-02Markdown · changed$12.90-6.7%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-08-26Markup · changed$13.83+1.2%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-07-26Markdown$13.66+1.2%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-07-18Markdown$13.50+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (11 analysts) rates it buy, with a mean price target of $18.
2026-07-03Markdown$13.50+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markdown$13.50Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
