CBRE Group, Inc. (CBRE) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: CBRE Group, Inc.

Updated on October 23, 2026 · accounts published on October 22, 2026

A growing business whose margins sit near the bottom of their long-term range

CBRE trades at 17.7× fiscal 2025 FFO, inside the 15-20× range seen as healthy for REITs, after a 20 % fall in the stock over the last 12 months.

• Is CBRE expensive or cheap? CBRE trades 28 % below its 52-week high, at 17.7× fiscal 2025 FFO, inside the 15-20× range seen as healthy for REITs.
• How is the business doing? Revenue grew 13 % over the last 12 months, but the 3.7 % operating margin trails the 5.2 % average of fiscal 2014-2025.
• How strong is the balance sheet? Net debt was 3.1× EBITDA in fiscal 2025, below the 5× level rated excellent for REITs.
• What to expect from the next earnings? CBRE reports on February 11, 2027; analysts expect EPS of $2.72, after 8 beats in the last 8 quarters.
• Why look at FFO instead of EPS at CBRE? FFO per share was $6.99 in fiscal 2025, and the stock trades at 18.8× that figure, within the healthy 15-20× REIT range.

Is CBRE expensive or cheap?

At 17.7× fiscal 2025 FFO, CBRE sits in the upper half of the 15-20× band considered healthy for REITs, so the cash-earnings multiple is full but not stretched. Price to book of 4.2× over the last 12 months is a rich multiple of the balance sheet, which only holds up if returns on that equity stay solid. EV/EBITDA of 14.7× and a 4.6 % free cash flow yield over the last 12 months point the same way. The stock has fallen 22 % over the last 12 months and trades 28 % below its 52-week high of $171.61.

How is the business doing?

Sales are moving in the right direction: revenue rose 13 % year over year over the last 12 months. Profitability has not kept pace. The operating margin was 3.2 % in fiscal 2025, the lowest of the twelve fiscal years from 2014 to 2025, and stands at 3.7 % over the last 12 months, still well below the 5.2 % average of that period. The recovery from the fiscal 2025 low is modest so far. For the investment case, the margin matters more than the top line: a return toward its long-term average would lift operating profit without any extra sales.

How strong is the balance sheet?

Debt is present but not a source of strain. Net debt stood at 3.1× EBITDA in fiscal 2025, comfortably below the 6× ceiling considered acceptable for REITs and also under the 5× mark rated excellent. Debt to assets was 32 % in fiscal 2025, about half of the 60 % limit regarded as healthy. Debt to equity of 1.21 over the last 12 months means borrowings slightly exceed shareholders' equity. That figure deserves attention if margins stay thin, since lower profits would push the debt-to-EBITDA multiple up.

What to expect from the next earnings?

CBRE has beaten EPS estimates in each of the last 8 quarters. The latest report, on October 22, 2026, showed EPS of $2.05 against $1.96 expected, a 4.6 % beat. Analysts have barely moved since: the 2026 EPS consensus went from $7.83 to $7.82 over the last 30 days across 8 analysts, and the revenue consensus is also steady. The next report is due February 11, 2027, with EPS of $2.72 expected. Of the 20 analysts covering the company, 13 recommend buying, 6 holding and 1 selling. The margin line will say more than the headline beat.

Why look at FFO instead of EPS at CBRE?

In a REIT, earnings per share and the P/E mislead, because real estate depreciation distorts reported profit. Funds from operations add that non-cash charge back and give a cleaner read of the cash the business generates. CBRE produced $6.99 of FFO per share in fiscal 2025. There is no fixed threshold for this figure; what counts is its direction from year to year. At 17.7× fiscal 2025 FFO, the price sits inside the 15-20× band seen as healthy. A decade P/E range of 9.0× to 54.2× shows why the earnings multiple alone gives a confusing signal.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.