企業概要
CBRE Group, Inc. is a leading commercial real estate services and investment firm operating primarily across the United States, the United Kingdom, and various international markets. The enterprise provides a comprehensive suite of services through its Advisory Services, Building Operations and Experience, Project Management, and Real Estate Investments segments, catering to institutional clients, corporations, and government entities. This entity operates within the Real Estate sector, specifically classified under the Real Estate Services industry, which encompasses brokerage, property management, and valuation services essential for the global capital markets. The company demonstrates significant scale with a total market capitalization of 420.5 億ドル and annual revenues reaching 405.5 億ドル over the trailing twelve months, supported by a workforce of 155,000 employees. Such substantial market capitalization and revenue generation indicate that CBRE holds a dominant position in the global commercial real estate services landscape, acting as a critical infrastructure provider for property markets worldwide.
財務健全性
The company recorded total revenues of 405.5 億ドル against a net income of 11.6 億ドル and an EBITDA of 22.2 億ドル during the trailing twelve months. The substantial gap between the 405.5 億ドル in revenue and the 11.6 億ドル in net income reveals a cost structure with significant operating expenses, including compensation and benefits for its massive 155,000-person workforce, which heavily impacts the bottom line. Free cash flow stands at -8.425 億ドル, indicating a period of negative cash generation where capital expenditures or acquisitions likely exceed operational cash inflows, thereby limiting immediate financial flexibility for debt repayment or organic expansion without external financing. The gross margin is 18.7%, suggesting that after direct costs of services are deducted, the company retains a moderate portion of revenue before overheads. The operating margin is notably low at 0.1%, highlighting the intense competitive pressure and high fixed costs inherent in the real estate services model, while the profit margin sits at 2.9%, reflecting the final profitability after all taxes and interest. On the balance sheet, the company holds 18.6 億ドル in cash against 102.3 億ドル in total debt, resulting in a debt-to-equity ratio of 106.24, which characterizes a highly leveraged financial position rather than a conservative one. The current ratio of 1.09 indicates that the company's current assets barely cover its current liabilities, signaling tight short-term liquidity conditions that require careful management of working capital. Return on Equity is 13.6% and Return on Assets is 2.9%, metrics that reveal management is generating a relatively high return on shareholder capital despite the low return on assets driven by the company's heavy asset base and leverage.
バリュエーション評価
The trailing twelve-month price-to-earnings ratio is 37.00, whereas the forward P/E is projected to be 16.39, implying a significant expectation that future earnings will expand substantially to justify the current high valuation multiple. The price-to-book ratio stands at 4.67, indicating that the market values the company at a substantial premium over its tangible book value, reflecting expectations of superior intangible assets or brand strength. Alternative valuation metrics such as the price-to-sales ratio of 1.04 and an EV/EBITDA of 22.73 suggest that investors are pricing the stock based on revenue stability and cash flow potential rather than current earnings per share alone. The 52-week trading range spans from a low of 108.45 ドル to a high of 174.27 ドル, meaning the stock is currently trading within this historical band, though the specific current price is not provided to calculate exact percentage deviation. With a beta of 1.35, the stock exhibits price volatility that is 35% higher than the broader market, indicating it is more sensitive to macroeconomic shifts and sector-specific real estate cycles than the average equity.
Growth & Income
Revenue growth is accelerating at a rate of 11.8% year-over-year, while earnings growth has contracted by 12.1% year-over-year, implying that top-line expansion is outpacing bottom-line profitability, likely due to rising operational costs or margin compression. As the company does not distribute dividends, with a dividend yield of N/A and a payout ratio of 0.0%, it retains all of its earnings to reinvest into growth initiatives, technology upgrades, or strategic acquisitions rather than providing income to shareholders. This reinvestment strategy is typical for high-growth phases where capital allocation focuses on scaling operations and market share rather than rewarding investors with cash distributions. Overall, the growth and income profile presents a scenario of expanding revenue base with suppressed earnings and no current income yield, relying entirely on future earnings expansion to unlock value.