# CBRE Group, Inc. (CBRE)

> Source: Nexqual · https://nexqual.com/CBRE · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, CBRE Group, Inc. (CBRE), nexqual.com/CBRE" · informational, not investment advice.

**Price:** USD 131.24 (-2.53% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 134.65 · day 129.15–134.4 · 52w 121.69–174.27 · market cap $38.0B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $45.0B, net income $1.38B (3.1% margin), free cash flow $938M (SEC filings).
- Valuation: P/E 27.5x (avg 37.7x at the last 3 fiscal year-ends), EV/EBITDA 14.5x, net debt $4.10B.
- 7 of 80 tracked superinvestors hold CBRE (13F, Q2 2026): 0 new, 3 added, 4 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $1.1M; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.69 on a 1–5 scale) (13 analysts), mean target USD 175.75 (range 141–200).
- Total return with dividends: 1Y -20.1% vs S&P 500 +14.9%; 5Y +26.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.65, revenue estimate $13.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.7B | $30.8B | $31.9B | $35.8B | $40.5B | $45.0B |
| Gross profit | $6.17B | $6.59B | $6.27B | $6.96B | $7.57B | — |
| Operating income | $1.64B | $1.51B | $1.12B | $1.41B | $1.75B | $2.06B |
| Net income | $1.84B | $1.41B | $986M | $968M | $1.16B | $1.38B |
| EPS (diluted) | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 | — |
| Free cash flow | $2.15B | $1.37B | $175M | $1.40B | $1.19B | $938M |
| Gross margin | 22.2% | 21.4% | 19.6% | 19.4% | 18.7% | — |
| Operating margin | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% | 4.6% |
| Net margin | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% | 3.1% |
| Revenue growth | +16.5% | +11.1% | +3.6% | +12.0% | +13.4% | — |
| Cash + short-term investments | $2.43B | $1.32B | $1.26B | $1.11B | $1.86B | — |
| Total debt | $1.54B | $1.51B | $2.81B | $3.28B | $5.12B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 27.5x · P/S 0.8x · EV/EBITDA 14.5x · EV/Sales 0.9x · P/FCF 40.5x · P/B 4.4x · FCF yield 2.47% · Earnings yield 3.63% · Buyback yield (TTM) 3.80% · Net debt $4.10B · EV $42.1B
P/E at fiscal year-ends: Dec 2025 41.8x, Dec 2024 41.8x, Dec 2023 29.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold CBRE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| William Von Mueffling | Cantillon Capital Management | 3.67% | $24.4M | Reduced -95.4% |
| Third Avenue Management |  | 2.93% | $18.3M | Reduced -0.3% |
| ValueAct Capital |  | 2.37% | $134M | Added +323.0% |
| Bill Nygren | Oakmark Funds | 1.08% | $810M | Reduced -6.4% |
| John Rogers | Ariel Investments | 0.46% | $46.3M | Added +30.5% |
| Richard Pzena | Pzena Investment Management | 0.12% | $41.2M | Added +1.3% |
| Christopher Davis | Davis Advisors | 0.01% | $3.4M | Reduced -0.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Giamartino Emma E. | CFO & Chief Investment Officer | 2,250 | $334K | 2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Doellinger Chad J | Chief Legal & Admin. Officer | 228 | $34K | 0.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-29 | Kohli Vikramaditya | COO & CEO, Advisory Services | 2,666 | $400K | 1.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Giamartino Emma E. | CFO & Chief Investment Officer | 2,250 | $294K | 2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Doellinger Chad J | Chief Legal & Admin. Officer | 107 | $15K | 0.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.69 on a 1–5 scale), 13 analysts; mean target USD 175.75 (low 141, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $174 → $164 |
| 2026-09-28 | Evercore ISI Group | Target lowered | Outperform | $175 → $166 |
| 2026-08-17 | Barclays | Target raised | Overweight | $180 → $183 |
| 2026-07-30 | UBS | Target raised | Buy | $185 → $190 |
| 2026-07-30 | Evercore ISI Group | Target raised | Outperform | $169 → $175 |
| 2026-07-30 | Keefe, Bruyette & Woods | Target raised | Outperform | $158 → $174 |
| 2026-07-28 | Barclays | Target raised | Overweight | $178 → $180 |
| 2026-06-30 | Evercore ISI Group | Target lowered | Outperform | $179 → $169 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -20.1% | +26.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -20.1% | +4.8% |
| Volatility (annualized) | 33.9% | 29.6% |
| Max drawdown | -27.4% (Jan 2026→Jun 2026) | -39.0% (Dec 2021→Oct 2023) |

## Peers (Real Estate Services)
BEKE (KE Holdings Inc) USD 17.24 -0.63% · JLL (Jones Lang LaSalle Incorporated) USD 312.55 +2.12% · CSGP (CoStar Group, Inc.) USD 35.45 +7.75% · COMP (Compass, Inc.) USD 9.97 +2.57% · FSV (FirstService Corporation) USD 147.22 +7.78% · CIGI (Colliers International Group In) USD 96.46 +4.00%

## More
Full page: https://nexqual.com/CBRE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Building Operations & Experience | $6.86B | 59.5% | +17.4% | $349.0M | 5.1% |
| Advisory Services | $2.33B | 20.3% | +12.7% | $467.0M | 20.0% |
| Project management | $2.04B | 17.7% | +2.9% | $162.0M | 8.0% |
| Real Estate Investments | $201.0M | 1.7% | -3.8% | $166.0M | 82.6% |
| Total revenue | $11.52B | 100% | — | $992.0M | 8.6% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Facilities management | $5.40B | 46.9% | +13.2% |
| Project management | $2.04B | 17.7% | +2.9% |
| Advisory leasing | $1.21B | 10.5% | +6.0% |
| Critical infrastructure | $744.0M | 6.5% | +79.7% |
| Property management | $711.0M | 6.2% | +8.2% |
| Advisory sales | $697.0M | 6.1% | +27.9% |
| Valuation | $206.0M | 1.8% | +6.2% |
| Investment management | $154.0M | 1.3% | +4.1% |
| Other portfolio services | $98.0M | 0.9% | +10.1% |
| Commercial mortgage origination | $78.0M | 0.7% | +34.5% |
| Development services | $47.0M | 0.4% | -23.0% |
| Loan servicing | $41.0M | 0.4% | +2.5% |
| Total revenue | $11.52B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $6.57B | 57.0% | +15.2% |
| All other countries | $3.33B | 28.9% | +8.5% |
| United Kingdom | $1.62B | 14.1% | +11.6% |
| Total revenue | $11.52B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Safe Harbor and Footnotes This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company's future growth momentum, operations and business outlook."
- "CBRE Press Release October 22, 2026 Page 7 (1) Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.65 | $2.79 | -5.0% | $12.95B | 11 |
| Next quarter (ends 2027-03-31) | $1.53 | $1.50 | +2.3% | $11.60B | 6 |
| Current fiscal year (ends 2026-12-31) | $7.83 | $7.73 | +1.3% | $46.56B | 6 |
| Next fiscal year (ends 2027-12-31) | $8.84 | $8.87 | -0.4% | $51.56B | 9 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.7% | ±8.3% |
| 2026-12-18 | 56 | 35.3% | ±11.2% |
| 2027-01-15 | 84 | 34.9% | ±13.5% |
| 2027-03-19 | 147 | 34.9% | ±17.8% |
| 2027-06-17 | 237 | 35.4% | ±22.8% |