Cbre Group
CBRE on NYSE. Cbre Group sells property leasing, management, and outsourcing services to building owners and occupiers. Market value $37.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.50 of spare cash in the past 12 months. A savings account pays about $4.
You pay 22.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 10 cents a year. Above 10 is good.
Quality score: 78 of 100. Price score: 47 of 100. Our list needs 70 on quality and 60 on price.
$129.40 a share, 6% above its 1-year low
Over the past year the price has ranged from $121.69 to $174.27.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $27.7bn | $30.8bn | $31.9bn | $35.8bn | $40.5bn |
| Operating margin | |||||
| Operating margin | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% |
| Debt to equity | |||||
| Debt to equity | 0.35 | 0.29 | 0.44 | 0.52 | 0.88 |
| Shares outstanding | |||||
| Shares outstanding | 0.32bn | 0.30bn | 0.31bn | 0.30bn | 0.29bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.88× equity
- Revenue growth, five yearsStrong, 11.2% a year
- Buying back its own sharesYes, 8% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $11.2 billion last quarter, up 16% on a year ago.
- Profit: $204 million, down 5% on a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
- Spare cash over the past 12 months: $938 million, down from $1.1 billion.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $6.8 billion more than cash, up from $6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $9.0bn |
| December 2024 | $10.4bn |
| March 2025 | $8.9bn |
| June 2025 | $9.7bn |
| September 2025 | $10.3bn |
| December 2025 | $11.6bn |
| March 2026 | $10.5bn |
| June 2026 | $11.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $225m |
| December 2024 | $487m |
| March 2025 | $163m |
| June 2025 | $215m |
| September 2025 | $363m |
| December 2025 | $416m |
| March 2026 | $318m |
| June 2026 | $204m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 22 October 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
14 long-term investors we follow own it, unchanged from 14 last quarter. 1,071 funds in all.
- Hosking PartnersJeremy Hosking
- Value
- $66m
- Share of fund
- 2.2%
- Pzena Investment ManagementRichard Pzena
- Value
- $41m
- Share of fund
- 0.1%
- Land & BuildingsJonathan Litt
- Value
- $25m
- Share of fund
- 4.3%
- Third Avenue ManagementMatthew Fine
- Value
- $18m
- Share of fund
- 2.9%
- Davis Selected AdvisersChris Davis
- Value
- $3m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $441,918
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Harris Associates (Oakmark)Bill Nygren | $810m | 1.1% | Cut |
| Cooke & BielerCooke & Bieler partners | $134m | 1.5% | Added |
| ValueAct CapitalMason Morfit | $134m | 2.4% | Added |
| Hosking PartnersJeremy Hosking | $66m | 2.2% | |
| Ariel InvestmentsJohn Rogers Jr. | $46m | 0.5% | Added |
| Pzena Investment ManagementRichard Pzena | $41m | 0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $29m | <0.1% | Added |
| Land & BuildingsJonathan Litt | $25m | 4.3% | |
| Cantillon Capital ManagementWilliam von Mueffling | $24m | 3.7% | Cut |
| Third Avenue ManagementMatthew Fine | $18m | 2.9% | |
| Boston PartnersBoston Partners team | $13m | <0.1% | New |
| GMOJeremy Grantham | $5m | <0.1% | Added |
| Davis Selected AdvisersChris Davis | $3m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $441,918 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$3.7bn
- Vanguard Portfolio Management$3.5bn
- Vanguard Capital Management$2.6bn
- State Street$1.9bnAdded
- Principal Financial Group$1.4bnAdded
- Geode Capital Management$1.1bn
- Banque Cantonale Vaudoise$873mCut
- Harris Associates (Oakmark)$810mCut
- Morgan Stanley$781mCut
- FMR$754mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor8.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor7.4%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 8.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.4% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m, $3m of it under preset trading plans.
- Giamartino Emma E.CFO & Chief Investment OfficerSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 2,250
- Price
- $148.29
- Value
- $333,653
- Doellinger Chad JChief Legal & Admin. OfficerSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 228
- Price
- $148.29
- Value
- $33,810
- Kohli VikramadityaCOO & CEO, Advisory ServicesSoldunder a preset trading plan
- Date
- 29 July 2026
- Shares
- 2,666
- Price
- $150.00
- Value
- $399,900
- Giamartino Emma E.CFO & Chief Investment OfficerSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 2,250
- Price
- $130.74
- Value
- $294,165
- Doellinger Chad JChief Legal & Admin. OfficerSoldunder a preset trading plan
- Date
- 5 May 2026
- Shares
- 107
- Price
- $140.35
- Value
- $15,017
- Doellinger Chad JChief Legal & Admin. OfficerSoldunder a preset trading plan
- Date
- 12 March 2026
- Shares
- 116
- Price
- $130.06
- Value
- $15,087
- Doellinger Chad JChief Legal & Admin. OfficerSoldunder a preset trading plan
- Date
- 11 March 2026
- Shares
- 471
- Price
- $133.51
- Value
- $62,883
- Giamartino Emma E.CFO & Chief Investment OfficerSoldunder a preset trading plan
- Date
- 26 February 2026
- Shares
- 9,223
- Price
- $148.61
- Value
- $1m
- Kohli VikramadityaCOO & CEO, Advisory ServicesSoldunder a preset trading plan
- Date
- 10 November 2025
- Shares
- 1,000
- Price
- $152.41
- Value
- $152,410
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Giamartino Emma E. CFO & Chief Investment Officer | Sold under a preset trading plan | 2,250 | $148.29 | $333,653 |
| 13 August 2026 | Doellinger Chad J Chief Legal & Admin. Officer | Sold under a preset trading plan | 228 | $148.29 | $33,810 |
| 29 July 2026 | Kohli Vikramaditya COO & CEO, Advisory Services | Sold under a preset trading plan | 2,666 | $150.00 | $399,900 |
| 15 May 2026 | Giamartino Emma E. CFO & Chief Investment Officer | Sold under a preset trading plan | 2,250 | $130.74 | $294,165 |
| 5 May 2026 | Doellinger Chad J Chief Legal & Admin. Officer | Sold under a preset trading plan | 107 | $140.35 | $15,017 |
| 12 March 2026 | Doellinger Chad J Chief Legal & Admin. Officer | Sold under a preset trading plan | 116 | $130.06 | $15,087 |
| 11 March 2026 | Doellinger Chad J Chief Legal & Admin. Officer | Sold under a preset trading plan | 471 | $133.51 | $62,883 |
| 26 February 2026 | Giamartino Emma E. CFO & Chief Investment Officer | Sold under a preset trading plan | 9,223 | $148.61 | $1m |
| 10 November 2025 | Kohli Vikramaditya COO & CEO, Advisory Services | Sold under a preset trading plan | 1,000 | $152.41 | $152,410 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.