CBRE Group (CBRE) Financials

$122.14 +0.39 (+0.32%)

As of 03:59 PM Eastern

Annual Income Statements for CBRE Group

This table shows CBRE Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	547	573	697	1,063	1,282	752	1,837	1,407	986	968
Consolidated Net Income / (Loss)	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Net Income / (Loss) Continuing Operations	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Total Pre-Tax Income	880	882	1,171	1,379	1,361	970	2,410	1,658	1,277	1,218
Total Operating Income	836	817	1,079	1,088	1,260	970	1,637	1,512	1,117	1,413
Total Gross Profit	3,773	3,948	4,324	4,891	5,205	4,779	6,166	6,589	6,274	6,956
Total Revenue	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767
Operating Revenue	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767
Total Cost of Revenue	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811
Operating Cost of Revenue	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811
Total Operating Expenses	2,937	3,131	3,245	3,803	3,945	3,809	4,529	5,077	5,157	5,543
Selling, General & Admin Expense	2,634	2,780	2,859	3,366	3,436	3,306	4,074	4,649	4,562	5,011
Depreciation Expense	314	367	406	452	439	502	526	613	622	674
Other Operating Expenses / (Income)	-11	-16	-20	-15	-20	-88	-71	-244	-27	-142
Impairment Charge	-	-	0.00	0.00	90	89	0.00	59	0.00	0.00
Total Other Income / (Expense), net	44	65	93	291	101	0.21	773	146	160	-195
Interest Expense	122	145	127	127	88	143	50	2.00	0.00	0.00
Interest & Investment Income	169	205	210	325	161	126	619	160	99	-234
Other Income / (Expense), net	-3.81	4.69	9.41	93	29	17	204	-12	61	39
Income Tax Expense	321	297	468	313	70	214	568	234	250	182
Net Income / (Loss) Attributable to Noncontrolling Interest	12	12	6.47	2.73	9.09	3.88	5.00	17	41	68
Basic Earnings per Share	$1.64	$1.71	$2.06	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16
Weighted Average Basic Shares Outstanding	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M
Diluted Earnings per Share	$1.63	$1.69	$2.05	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14
Weighted Average Diluted Shares Outstanding	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M
Weighted Average Basic & Diluted Shares Outstanding	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M

This table shows CBRE Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	447	81	117	201	191	477	126	130	225	487
Consolidated Net Income / (Loss)	452	86	125	206	201	495	148	142	245	501
Net Income / (Loss) Continuing Operations	452	86	125	206	201	495	148	142	245	501
Total Pre-Tax Income	594	60	153	261	232	631	119	174	312	613
Total Operating Income	374	244	37	306	269	505	204	246	368	595
Total Gross Profit	1,595	1,696	1,405	1,541	1,471	1,857	1,460	1,598	1,784	2,114
Total Revenue	7,530	8,194	7,411	7,720	7,868	8,950	7,935	8,391	9,036	10,405
Operating Revenue	-	-	7,411	7,720	7,868	8,950	7,935	8,391	9,036	10,405
Total Cost of Revenue	5,934	6,498	6,006	6,179	6,397	7,093	6,475	6,793	7,252	8,291
Operating Cost of Revenue	5,934	6,498	6,006	6,179	6,397	7,093	6,475	6,793	7,252	8,291
Total Operating Expenses	1,221	1,452	1,368	1,235	1,202	1,352	1,256	1,352	1,416	1,519
Selling, General & Admin Expense	1,080	1,314	1,209	1,089	1,058	1,206	1,111	1,191	1,237	1,472
Depreciation Expense	142	159	162	155	149	156	158	161	178	177
Total Other Income / (Expense), net	220	-183	116	-45	-37	126	-85	-72	-56	18
Interest Expense	22	-51	28	43	38	-109	36	63	64	-163
Interest & Investment Income	234	-236	142	-8.00	-13	-22	-58	-15	-4.00	-157
Other Income / (Expense), net	7.84	1.53	2.00	6.00	14	39	9.00	6.00	12	12
Income Tax Expense	143	-26	28	55	31	136	-29	32	67	112
Net Income / (Loss) Attributable to Noncontrolling Interest	5.04	5.39	8.00	5.00	10	18	22	12	20	14
Basic Earnings per Share	$1.40	$0.28	$0.38	$0.65	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60
Weighted Average Basic Shares Outstanding	319.83M	322.81M	310.46M	310.86M	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M
Diluted Earnings per Share	$1.38	$0.27	$0.37	$0.64	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58
Weighted Average Diluted Shares Outstanding	324.74M	327.70M	315.36M	314.28M	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M
Weighted Average Basic & Diluted Shares Outstanding	315.95M	309.89M	310.83M	309.84M	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M

This table details how cash moves in and out of CBRE Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	1,667	218	-6.59	39	230	946	501	-1,135	-34	-150
Net Cash From Operating Activities	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708
Net Cash From Continuing Operating Activities	1,019	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708
Net Income / (Loss) Continuing Operations	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Consolidated Net Income / (Loss)	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036
Depreciation Expense	314	367	406	452	439	502	526	613	622	674
Non-Cash Adjustments To Reconcile Net Income	-150	-406	-608	-869	-741	300	-978	-130	-796	-517
Changes in Operating Assets and Liabilities, net	284	60	382	447	225	190	966	-278	-373	515
Net Cash From Investing Activities	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514
Net Cash From Continuing Investing Activities	-154	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514
Purchase of Property, Plant & Equipment	-139	-191	-178	-228	-294	-267	-210	-260	-476	-696
Acquisitions	-232	-88	-187	-385	-462	-174	-1,116	-558	-330	-1,203
Sale of Property, Plant & Equipment	-	44	-	-	-	-	0.00	0.00	77	235
Sale and/or Maturity of Investments	188	82	95	62	33	89	-144	87	54	91
Other Investing Activities, net	30	40	2.39	-9.22	1.07	11	-24	-101	-6.00	59
Net Cash From Financing Activities	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221
Net Cash From Continuing Financing Activities	802	-221	-628	-507	-272	-223	-490	-1,766	154	-221
Repayment of Debt	-3,302	-3,064	-2,292	-4,578	-4,025	-1,402	-453	-1,677	-4,693	-4,051
Repurchase of Common Equity	-	0.00	0.00	-161	-145	-50	-369	-1,850	-665	-627
Issuance of Debt	4,139	2,909	1,721	4,261	3,909	836	519	1,833	5,729	4,843
Other Financing Activities, net	-25	-27	-54	-40	-54	396	-183	-72	-217	-386
Effect of Exchange Rate Changes	-	-	29	-25	-0.61	82	-92	-166	13	-123
Cash Interest Paid	-	126	117	104	87	67	41	89	191	396
Cash Income Taxes Paid	286	295	357	376	365	52	330	604	467	467

This table details how cash moves in and out of CBRE Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-108	182	-85	37	-4.00	18	-244	-94	124	64
Net Cash From Operating Activities	754	814	-745	-11	383	853	-492	287	573	1,340
Net Cash From Continuing Operating Activities	754	814	-745	-11	383	853	-492	287	573	1,340
Net Income / (Loss) Continuing Operations	452	86	125	206	201	495	148	142	245	501
Consolidated Net Income / (Loss)	452	86	125	206	201	495	148	142	245	501
Depreciation Expense	142	159	162	154	149	157	158	161	178	177
Non-Cash Adjustments To Reconcile Net Income	-44	87	-36	-38	-77	-645	322	-65	-214	-560
Changes in Operating Assets and Liabilities, net	201	488	-997	-334	108	850	-1,122	48	362	1,227
Net Cash From Investing Activities	-275	-228	-115	-255	-167	-144	-900	-407	-187	-20
Net Cash From Continuing Investing Activities	-275	-228	-115	-255	-167	-144	-900	-407	-187	-20
Purchase of Property, Plant & Equipment	-64	-99	-60	-75	-179	-162	-127	-144	-155	-270
Acquisitions	-217	-75	-74	-152	-49	-55	-811	-313	-38	-41
Sale of Property, Plant & Equipment	-	-	-	-	55	22	-	-	-	229
Sale and/or Maturity of Investments	4.71	40	15	6.00	7.00	26	22	7.00	19	43
Other Investing Activities, net	1.57	-94	4.00	-34	-1.00	25	16	37	-13	19
Net Cash From Financing Activities	-452	-553	761	314	-169	-752	1,192	50	-315	-1,148
Net Cash From Continuing Financing Activities	-452	-553	761	314	-169	-752	1,192	50	-315	-1,148
Repayment of Debt	-22	-1,626	-663	-2,196	-1,029	-805	-271	-1,326	-980	-1,474
Repurchase of Common Equity	-411	-446	-130	-	-516	-19	0.00	-47	-63	-517
Issuance of Debt	-27	1,550	1,660	2,521	1,379	169	1,565	1,435	708	1,135
Other Financing Activities, net	6.78	-31	-106	-12	-3.00	-96	-103	2.00	24	-309
Effect of Exchange Rate Changes	-135	149	14	-11	-51	61	-44	-24	53	-108
Cash Interest Paid	41	20	39	52	37	63	100	70	137	89
Cash Income Taxes Paid	171	96	82	221	80	84	90	154	107	116

This table presents CBRE Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383
Total Current Assets	5,305	5,122	5,631	6,754	7,534	8,846	10,082	8,529	9,666	9,970
Cash & Equivalents	540	763	752	777	972	1,896	2,431	1,318	1,265	1,114
Restricted Cash	73	69	73	87	122	143	109	87	106	107
Accounts Receivable	2,472	2,606	3,112	3,669	4,467	4,395	5,150	5,327	6,370	7,005
Prepaid Expenses	173	184	215	255	283	295	334	311	333	332
Current Deferred & Refundable Income Taxes	59	46	50	72	94	94	44	82	159	130
Other Current Assets	1,988	1,456	1,429	1,895	1,597	2,023	2,014	1,404	1,433	1,282
Plant, Property, & Equipment, net	530	561	618	722	836	815	816	836	907	914
Total Noncurrent Assets	5,183	5,096	5,470	5,981	7,827	8,379	11,175	11,148	11,975	13,499
Long-Term Investments	218	232	238	216	427	452	1,196	1,318	1,374	1,295
Goodwill	3,086	2,981	3,255	3,652	3,753	3,822	4,995	4,868	5,129	5,621
Intangible Assets	1,450	1,411	1,399	1,441	1,380	1,368	2,409	2,193	2,081	2,298
Noncurrent Deferred & Refundable Income Taxes	135	105	99	52	213	135	190	318	439	613
Other Noncurrent Operating Assets	293	366	479	619	2,054	2,602	2,384	2,451	2,952	3,672
Total Liabilities & Shareholders' Equity	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383
Total Liabilities	8,259	7,722	7,544	8,447	9,924	10,533	12,714	11,907	13,481	15,191
Total Current Liabilities	4,994	4,525	4,713	5,803	6,436	7,144	8,419	8,242	8,243	9,287
Short-Term Debt	1,785	0.03	911	3.15	6.35	1,391	33	649	25	390
Accounts Payable	1,484	1,446	1,574	1,920	2,436	2,693	2,916	3,079	3,562	4,102
Accrued Expenses	867	890	1,078	1,189	1,262	1,184	1,695	1,691	1,556	1,695
Current Deferred & Payable Income Tax Liabilities	82	58	71	68	30	58	246	184	217	209
Current Employee Benefit Liabilities	705	773	904	1,121	-	1,287	1,539	1,459	1,459	1,419
Other Current Liabilities	71	1,357	175	1,502	2,702	531	1,990	1,180	1,424	1,472
Total Noncurrent Liabilities	3,265	3,197	2,831	2,644	3,488	3,390	4,296	3,665	5,238	5,904
Long-Term Debt	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245
Noncurrent Deferred Revenue	-	-	-	0.00	86	55	55	55	30	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	189	125	288	280	35	212	550	431	412	407
Other Noncurrent Operating Liabilities	431	524	543	596	1,606	1,742	2,152	2,093	1,992	2,252
Total Equity & Noncontrolling Interests	2,759	3,057	4,175	5,010	6,273	7,120	9,359	8,606	9,067	9,192
Total Preferred & Common Equity	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411
Total Common Equity	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411
Common Stock	1,110	1,149	1,224	1,152	1,119	1,078	802	3.00	3.00	3.00
Retained Earnings	2,088	2,657	3,443	4,505	5,793	6,530	8,367	8,833	9,188	9,567
Accumulated Other Comprehensive Income / (Loss)	-486	-791	-552	-718	-680	-530	-641	-983	-924	-1,159
Noncontrolling Interest	46	43	60	71	40	42	831	753	800	781

This table presents CBRE Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	20,215	20,513	21,030	21,732	21,687	22,548	22,964	23,462	24,845	24,383
Total Current Assets	8,590	8,529	9,046	9,470	9,327	9,666	9,444	9,653	10,616	9,970
Cash & Equivalents	1,125	1,318	1,231	1,261	1,252	1,265	1,044	928	1,025	1,114
Restricted Cash	98	87	88	96	101	106	83	105	132	107
Accounts Receivable	4,936	5,327	5,469	5,553	5,708	6,370	6,172	6,304	6,705	7,005
Prepaid Expenses	312	311	329	353	324	333	308	342	361	332
Current Deferred & Refundable Income Taxes	20	82	141	193	180	159	162	190	157	130
Other Current Assets	2,099	1,404	1,787	2,014	1,761	1,433	1,675	1,784	2,236	1,282
Plant, Property, & Equipment, net	768	836	833	849	852	907	900	895	936	914
Total Noncurrent Assets	10,857	11,148	11,150	11,414	11,509	11,975	12,620	12,914	13,293	13,499
Long-Term Investments	1,461	1,318	1,295	1,307	1,316	1,374	1,298	1,309	1,334	1,295
Goodwill	4,661	4,868	4,934	5,044	4,962	5,129	5,554	5,667	5,778	5,621
Intangible Assets	2,146	2,193	2,153	2,130	2,064	2,081	2,298	2,385	2,372	2,298
Noncurrent Deferred & Refundable Income Taxes	202	318	334	372	404	439	438	415	460	613
Other Noncurrent Operating Assets	2,387	2,451	2,434	2,561	2,763	2,952	3,032	3,138	3,349	3,672
Total Liabilities & Shareholders' Equity	20,215	20,513	21,030	21,732	21,687	22,548	22,964	23,462	24,845	24,383
Total Liabilities	11,576	11,907	12,388	12,838	13,227	13,481	13,865	14,273	15,289	15,191
Total Current Liabilities	7,756	8,242	8,717	8,153	7,867	8,243	8,233	8,629	9,430	9,287
Short-Term Debt	321	649	2,442	2,023	1,672	25	846	975	725	390
Accounts Payable	2,720	3,079	3,008	2,886	2,901	3,562	3,415	3,568	3,851	4,102
Accrued Expenses	1,297	1,691	933	1,014	1,180	1,556	829	974	1,223	1,695
Current Deferred & Payable Income Tax Liabilities	120	184	193	169	162	217	187	128	75	209
Current Employee Benefit Liabilities	1,404	1,459	1,411	1,366	1,286	1,459	1,342	1,230	1,241	1,419
Other Current Liabilities	1,893	1,180	731	696	665	1,424	1,614	1,754	2,315	1,472
Total Noncurrent Liabilities	3,820	3,665	3,670	4,685	5,360	5,238	5,632	5,644	5,859	5,904
Long-Term Debt	1,477	1,086	1,086	2,060	2,796	2,804	3,282	3,272	3,277	3,245
Noncurrent Deferred Revenue	55	55	55	30	30	30	30	0.00	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	418	431	432	419	409	412	394	396	408	407
Other Noncurrent Operating Liabilities	1,870	2,093	2,098	2,176	2,124	1,992	1,926	1,976	2,174	2,252
Total Equity & Noncontrolling Interests	8,640	8,606	8,642	8,894	8,461	9,067	9,099	9,189	9,556	9,192
Total Preferred & Common Equity	7,936	7,853	7,860	8,098	7,684	8,267	8,261	8,356	8,692	8,411
Total Common Equity	7,936	7,853	7,860	8,098	7,684	8,267	8,261	8,356	8,692	8,411
Common Stock	3.17	3.00	3.11	16	3.05	3.00	3.00	3.00	3.00	3.00
Retained Earnings	9,156	8,833	8,810	9,011	8,725	9,188	9,263	9,384	9,584	9,567
Accumulated Other Comprehensive Income / (Loss)	-1,223	-983	-953	-929	-1,044	-924	-1,005	-1,031	-895	-1,159
Noncontrolling Interest	704	753	783	796	777	800	838	833	864	781

This table displays calculated financial ratios and metrics derived from CBRE Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.95%	60.00%	7.25%	14.55%	11.97%	-0.28%	16.45%	11.11%	3.64%	11.95%
EBITDA Growth	7.01%	3.53%	25.48%	10.84%	4.11%	-9.51%	51.12%	-11.03%	-14.81%	18.11%
EBIT Growth	3.44%	-1.28%	64.90%	8.54%	9.13%	-23.40%	86.50%	-18.52%	-21.47%	23.26%
NOPAT Growth	1.46%	2.04%	19.57%	29.80%	42.12%	-36.77%	65.57%	3.79%	-30.82%	33.79%
Net Income Growth	8.84%	4.70%	20.23%	51.50%	21.16%	-41.47%	143.69%	-22.69%	-27.88%	0.88%
EPS Growth	12.41%	3.68%	21.30%	51.22%	21.61%	-41.11%	143.69%	-20.70%	-26.57%	-0.32%
Operating Cash Flow Growth	-0.78%	-39.48%	44.96%	26.48%	8.14%	49.65%	29.13%	-31.09%	-70.53%	255.83%
Free Cash Flow Firm Growth	-872.83%	209.39%	-135.30%	239.70%	-67.74%	-235.71%	461.85%	-52.48%	-172.59%	106.59%
Invested Capital Growth	73.19%	-28.57%	65.19%	-5.35%	14.39%	19.40%	-7.59%	5.88%	20.13%	12.68%
Revenue Q/Q Growth	9.18%	34.15%	-12.34%	3.87%	3.58%	-0.87%	6.28%	-1.14%	2.42%	4.24%
EBITDA Q/Q Growth	-6.08%	13.29%	9.62%	3.52%	3.43%	2.40%	12.73%	-20.36%	19.27%	3.71%
EBIT Q/Q Growth	-11.18%	20.95%	10.88%	4.48%	4.84%	-6.47%	21.44%	-26.04%	33.97%	4.54%
NOPAT Q/Q Growth	-12.42%	26.13%	-21.92%	27.95%	24.87%	-26.03%	9.17%	-13.53%	20.05%	9.00%
Net Income Q/Q Growth	-3.97%	16.68%	-12.96%	27.97%	23.37%	-29.99%	25.78%	-29.88%	66.15%	0.58%
EPS Q/Q Growth	-4.12%	16.55%	-25.53%	27.05%	24.42%	-30.19%	26.40%	-29.32%	66.67%	1.62%
Operating Cash Flow Q/Q Growth	0.77%	-22.39%	-10.73%	11.88%	52.22%	-5.58%	10.44%	-17.67%	8.80%	39.89%
Free Cash Flow Firm Q/Q Growth	-1,140.60%	279.82%	-189.59%	-13.78%	-21.35%	-181.57%	-14.51%	216.88%	63.84%	-85.80%
Invested Capital Q/Q Growth	31.50%	-30.94%	-8.00%	-2.63%	2.94%	3.29%	10.20%	-1.76%	-10.80%	-6.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.75%	22.73%	46.42%	22.92%	21.78%	20.06%	22.22%	21.37%	19.64%	19.45%
EBITDA Margin	10.67%	6.91%	8.08%	7.82%	7.27%	6.60%	8.56%	6.85%	5.63%	5.94%
Operating Margin	7.70%	4.70%	11.58%	5.10%	5.27%	4.07%	5.90%	4.90%	3.50%	3.95%
EBIT Margin	7.67%	4.73%	5.84%	5.53%	5.39%	4.14%	6.64%	4.87%	3.69%	4.06%
Profit (Net Income) Margin	5.15%	3.37%	7.55%	5.00%	5.40%	3.17%	6.64%	4.62%	3.21%	2.90%
Tax Burden Percent	63.53%	66.34%	120.13%	77.30%	94.87%	77.93%	76.43%	85.89%	80.42%	85.06%
Interest Burden Percent	105.72%	107.37%	0.00%	116.77%	105.63%	98.26%	130.91%	110.53%	108.40%	83.88%
Effective Tax Rate	36.47%	33.66%	79.87%	22.70%	5.13%	22.07%	23.57%	14.11%	19.58%	14.94%
Return on Invested Capital (ROIC)	10.59%	9.94%	12.27%	14.35%	19.56%	10.57%	16.71%	17.54%	10.71%	12.35%
ROIC Less NNEP Spread (ROIC-NNEP)	11.71%	11.65%	36.12%	32.08%	40.10%	10.63%	-45.96%	9.58%	-17.73%	-15.22%
Return on Net Nonoperating Assets (RNNOA)	11.50%	10.18%	7.19%	8.86%	3.33%	0.41%	5.14%	-1.68%	0.91%	-1.00%
Return on Equity (ROE)	22.09%	20.12%	38.92%	23.21%	22.89%	10.97%	21.84%	15.85%	11.62%	11.35%
Cash Return on Invested Capital (CROIC)	-42.99%	43.27%	-0.36%	19.84%	6.14%	-7.12%	24.60%	11.82%	-7.58%	0.43%
Operating Return on Assets (OROA)	8.95%	7.54%	19.35%	9.38%	8.69%	5.77%	9.18%	7.04%	5.47%	6.19%
Return on Assets (ROA)	6.01%	5.37%	6.25%	8.47%	8.71%	4.42%	9.18%	6.69%	4.77%	4.42%
Return on Common Equity (ROCE)	21.70%	19.81%	38.36%	22.88%	22.67%	10.60%	20.21%	14.46%	10.60%	10.37%
Return on Equity Simple (ROE_SIMPLE)	20.60%	19.41%	34.20%	21.58%	20.72%	10.68%	21.60%	18.13%	12.42%	12.32%
Net Operating Profit after Tax (NOPAT)	531	542	648	841	1,195	756	1,251	1,299	898	1,202
NOPAT Margin	4.89%	3.12%	6.96%	3.94%	5.00%	3.17%	4.51%	4.21%	2.81%	3.36%
Net Nonoperating Expense Percent (NNEP)	-1.12%	-1.70%	0.00%	-17.73%	-20.54%	-0.06%	62.66%	7.95%	28.45%	27.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.56%	7.55%	9.37%
Cost of Revenue to Revenue	65.25%	77.27%	153.58%	77.08%	78.22%	79.94%	77.78%	78.63%	80.36%	80.55%
SG&A Expenses to Revenue	24.26%	16.01%	30.69%	15.77%	14.38%	13.88%	14.68%	15.08%	14.28%	14.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.05%	18.03%	34.84%	17.82%	16.51%	15.99%	16.32%	16.47%	16.14%	15.50%
Earnings before Interest and Taxes (EBIT)	832	822	1,088	1,181	1,289	987	1,841	1,500	1,178	1,452
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,159	1,199	1,505	1,668	1,737	1,572	2,375	2,113	1,800	2,126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.26	3.52	3.57	2.76	3.29	2.97	4.26	3.10	3.43	4.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	18.66	11.14	32.32	30.70	26.84	81.66
Price to Revenue (P/Rev)	1.06	0.61	1.58	0.64	0.86	0.88	1.31	0.79	0.89	1.12
Price to Earnings (P/E)	21.12	18.53	21.09	12.84	16.00	27.98	19.77	17.28	28.78	41.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.73%	5.40%	9.46%	7.79%	6.25%	3.57%	5.06%	5.79%	3.48%	2.41%
Enterprise Value to Invested Capital (EV/IC)	2.39	2.67	6.26	2.53	3.19	2.79	4.86	3.16	3.20	4.08
Enterprise Value to Revenue (EV/Rev)	1.40	0.70	1.79	0.68	0.87	0.91	1.26	0.78	0.92	1.18
Enterprise Value to EBITDA (EV/EBITDA)	13.12	10.13	11.04	8.64	11.98	13.84	14.73	11.40	16.25	19.79
Enterprise Value to EBIT (EV/EBIT)	18.27	14.79	15.27	12.20	16.14	22.03	19.00	16.05	24.84	28.98
Enterprise Value to NOPAT (EV/NOPAT)	28.62	22.42	51.36	17.13	17.41	28.78	27.96	18.54	32.57	35.01
Enterprise Value to Operating Cash Flow (EV/OCF)	14.91	19.69	37.21	12.74	17.01	11.88	14.80	14.78	60.95	24.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.15	0.00	12.39	55.46	0.00	18.99	27.51	0.00	1,005.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.61	0.83	0.00	0.35	0.28	0.37	0.17	0.20	0.31	0.40
Long-Term Debt to Equity	0.96	0.83	0.00	0.35	0.28	0.18	0.16	0.13	0.31	0.35
Financial Leverage	0.98	0.87	0.00	0.28	0.08	0.04	-0.11	-0.18	-0.05	0.07
Leverage Ratio	3.67	3.75	6.22	2.74	2.63	2.48	2.38	2.37	2.44	2.57
Compound Leverage Factor	3.88	4.02	0.00	3.20	2.78	2.44	3.11	2.62	2.64	2.16
Debt to Total Capital	61.62%	45.46%	82.16%	26.11%	21.98%	26.96%	14.37%	16.78%	23.78%	28.34%
Short-Term Debt to Total Capital	24.83%	0.00%	0.00%	0.05%	0.08%	13.53%	0.30%	6.28%	0.21%	3.04%
Long-Term Debt to Total Capital	36.79%	45.46%	0.00%	26.06%	21.90%	13.43%	14.07%	10.50%	23.57%	25.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.65%	0.76%	0.00%	1.05%	0.50%	4.16%	7.60%	7.28%	6.72%	6.09%
Common Equity to Total Capital	37.73%	53.78%	0.00%	72.84%	77.51%	68.88%	78.03%	75.94%	69.49%	65.57%
Debt to EBITDA	3.82	2.12	1.93	1.06	1.02	1.76	0.66	0.82	1.57	1.71
Net Debt to EBITDA	3.11	1.24	2.46	0.41	0.14	0.18	-0.91	-0.47	0.05	0.53
Long-Term Debt to EBITDA	2.28	2.12	2.66	1.06	1.01	0.88	0.65	0.51	1.56	1.53
Debt to NOPAT	8.34	4.70	8.98	2.11	1.48	3.67	1.26	1.34	3.15	3.02
Net Debt to NOPAT	6.78	2.74	5.70	0.82	0.21	0.37	-1.73	-0.76	0.09	0.93
Long-Term Debt to NOPAT	4.98	4.70	6.17	2.10	1.47	1.83	1.23	0.84	3.12	2.70
Altman Z-Score	2.37	3.10	0.00	3.40	3.56	3.32	3.87	3.59	3.50	3.83
Noncontrolling Interest Sharing Ratio	1.74%	1.53%	2.85%	1.43%	0.99%	3.39%	7.46%	8.82%	8.79%	8.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.13	2.39	1.16	1.17	1.24	1.20	1.03	1.17	1.07
Quick Ratio	0.60	0.74	0.00	0.77	0.84	0.88	0.90	0.81	0.93	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,156	2,358	-833	1,163	375	-509	1,842	875	-635	42
Operating Cash Flow to CapEx	730.93%	420.06%	1,004.72%	496.59%	416.80%	686.78%	1,125.71%	626.54%	120.30%	370.50%
Free Cash Flow to Firm to Interest Expense	-17.74	16.28	-6.56	9.18	4.25	-3.55	36.84	437.67	0.00	0.00
Operating Cash Flow to Interest Expense	8.39	4.26	14.09	8.93	13.85	12.77	47.28	814.50	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.24	3.25	11.28	7.13	10.52	10.91	43.08	684.50	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.59	3.31	1.70	1.61	1.39	1.38	1.45	1.48	1.52
Accounts Receivable Turnover	5.16	6.84	13.03	6.29	5.87	5.38	5.81	5.88	5.46	5.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	21.13	31.85	31.61	31.86	30.67	28.86	34.02	37.32	36.66	39.28
Accounts Payable Turnover	6.13	9.16	9.47	9.42	8.58	7.43	7.69	8.09	7.73	7.52
Days Sales Outstanding (DSO)	70.74	53.35	56.02	57.99	62.14	67.88	62.79	62.03	66.82	68.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	59.56	39.85	77.06	38.76	42.54	49.14	47.44	45.14	47.20	48.55
Cash Conversion Cycle (CCC)	11.18	13.50	17.49	19.23	19.60	18.73	15.35	16.89	19.61	19.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,358	4,542	6,022	5,700	6,520	7,785	7,194	7,617	9,151	10,311
Invested Capital Turnover	2.16	3.19	3.53	3.64	3.91	3.33	3.70	4.16	3.81	3.68
Increase / (Decrease) in Invested Capital	2,687	-1,817	1,480	-322	820	1,265	-591	423	1,534	1,160
Enterprise Value (EV)	15,201	12,148	16,610	14,410	20,804	21,747	34,980	24,081	29,257	42,077
Market Capitalization	11,555	10,621	14,702	13,649	20,517	21,040	36,315	24,315	28,373	40,177
Book Value per Share	$8.12	$8.94	$12.12	$14.49	$18.62	$21.10	$25.48	$24.86	$27.12	$27.49
Tangible Book Value per Share	($5.46)	($4.09)	($1.59)	($0.45)	$3.29	$5.63	$3.36	$2.51	$3.47	$1.61
Total Capital	7,189	5,605	7,085	6,780	8,041	10,277	10,930	10,341	11,896	12,827
Total Debt	4,430	2,548	2,910	1,770	1,768	2,771	1,571	1,735	2,829	3,635
Total Long-Term Debt	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245
Net Debt	3,599	1,485	1,848	690	247	279	-2,165	-988	84	1,119
Capital Expenditures (CapEx)	139	147	178	228	294	267	210	260	399	461
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,483	-234	1,004	90	11	1,053	-844	-469	77	-148
Debt-free Net Working Capital (DFNWC)	2,096	597	1,828	954	1,104	3,092	1,696	936	1,448	1,073
Net Working Capital (NWC)	311	597	918	951	1,098	1,702	1,663	287	1,423	683
Net Nonoperating Expense (NNE)	-28	-43	-56	-225	-96	-0.16	-591	-125	-129	166
Net Nonoperating Obligations (NNO)	3,599	1,485	1,848	690	247	279	-2,165	-989	84	1,119
Total Depreciation and Amortization (D&A)	326	378	417	487	448	584	534	613	622	674
Debt-free, Cash-free Net Working Capital to Revenue	13.66%	-1.35%	5.39%	0.42%	0.04%	4.42%	-3.04%	-1.52%	0.24%	-0.41%
Debt-free Net Working Capital to Revenue	19.31%	3.44%	19.63%	4.47%	4.62%	12.98%	6.11%	3.04%	4.53%	3.00%
Net Working Capital to Revenue	2.87%	3.44%	4.93%	4.46%	4.60%	7.14%	6.00%	0.93%	4.45%	1.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.64	$1.71	$2.05	$3.13	$3.82	$2.24	$5.48	$4.36	$3.20	$3.16
Adjusted Weighted Average Basic Shares Outstanding	332.62M	335.41M	337.66M	339.32M	335.80M	335.20M	335.23M	322.81M	308.43M	305.86M
Adjusted Diluted Earnings per Share	$1.63	$1.69	$2.03	$3.10	$3.77	$2.22	$5.41	$4.29	$3.15	$3.14
Adjusted Weighted Average Diluted Shares Outstanding	336.41M	338.42M	340.78M	343.12M	340.52M	338.39M	339.72M	327.70M	312.55M	308.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	334.24M	337.83M	339.51M	335.83M	334.79M	335.60M	332.32M	309.89M	305.70M	300.04M
Normalized Net Operating Profit after Tax (NOPAT)	531	542	648	841	1,280	825	1,251	1,349	898	1,202
Normalized NOPAT Margin	4.89%	3.12%	6.96%	3.94%	5.36%	3.46%	4.51%	4.38%	2.81%	3.36%
Pre Tax Income Margin	8.10%	5.08%	12.58%	6.46%	5.70%	4.07%	8.69%	5.38%	4.00%	3.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.85	5.67	17.14	9.32	14.59	6.89	36.82	750.00	0.00	0.00
NOPAT to Interest Expense	4.37	3.74	5.10	6.64	13.53	5.27	25.02	649.30	0.00	0.00
EBIT Less CapEx to Interest Expense	5.70	4.66	7.17	7.53	11.26	5.03	32.62	620.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	3.22	2.73	3.70	4.84	10.20	3.41	20.82	519.30	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.97%	6.86%	1.24%	1.26%	0.31%	0.57%	0.27%	0.00%	0.00%	0.00%
Augmented Payout Ratio	2.97%	6.86%	1.24%	16.37%	11.54%	7.19%	20.30%	129.92%	64.75%	60.52%

This table displays calculated financial ratios and metrics derived from CBRE Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.76%	-4.16%	1.06%	-0.66%	4.50%	9.22%	7.07%	8.69%	14.84%	16.26%
EBITDA Growth	-2.63%	-56.87%	-60.64%	-30.73%	-17.72%	73.19%	84.65%	-11.35%	29.03%	11.84%
EBIT Growth	-8.43%	-68.28%	-89.24%	-38.83%	-25.95%	121.78%	446.15%	-19.23%	34.28%	11.58%
NOPAT Growth	-9.32%	-22.26%	-92.06%	-41.88%	-18.08%	14.14%	738.75%	-16.83%	23.99%	22.73%
Net Income Growth	3.45%	-87.57%	-68.46%	-57.95%	-55.50%	474.69%	18.40%	-31.07%	21.89%	1.21%
EPS Growth	7.81%	-86.83%	-68.10%	-56.76%	-55.80%	466.67%	10.81%	-34.38%	19.67%	3.27%
Operating Cash Flow Growth	-22.52%	-30.05%	-89.32%	-102.42%	-49.20%	4.77%	33.96%	2,709.09%	49.61%	57.09%
Free Cash Flow Firm Growth	-171.16%	-107.31%	89.48%	-126.75%	-141.48%	-1,398.54%	-349.61%	68.71%	77.17%	40.78%
Invested Capital Growth	18.77%	5.88%	2.70%	25.55%	32.31%	20.13%	13.04%	7.58%	7.87%	12.68%
Revenue Q/Q Growth	-3.11%	8.83%	-9.56%	4.17%	1.92%	13.75%	-11.34%	5.75%	7.69%	15.15%
EBITDA Q/Q Growth	-21.76%	-23.26%	-50.27%	131.19%	-7.07%	61.52%	-46.94%	10.99%	35.27%	40.00%
EBIT Q/Q Growth	-25.06%	-35.82%	-84.10%	700.00%	-9.29%	92.23%	-60.84%	18.31%	50.79%	59.74%
NOPAT Q/Q Growth	-31.40%	22.10%	-91.30%	697.41%	-3.32%	70.12%	-35.95%	-20.93%	44.14%	68.38%
Net Income Q/Q Growth	-7.80%	-80.93%	45.12%	64.80%	-2.43%	146.27%	-70.10%	-4.05%	72.54%	104.49%
EPS Q/Q Growth	-6.76%	-80.43%	37.04%	72.97%	-4.69%	150.82%	-73.20%	2.44%	73.81%	116.44%
Operating Cash Flow Q/Q Growth	65.90%	8.00%	-191.50%	98.52%	3,581.82%	122.72%	-157.65%	158.33%	99.65%	133.86%
Free Cash Flow Firm Q/Q Growth	-14.89%	91.94%	-190.92%	-741.25%	-22.36%	49.96%	12.78%	41.45%	10.72%	-29.80%
Invested Capital Q/Q Growth	-5.60%	-1.76%	25.45%	7.91%	-0.51%	-10.80%	18.04%	2.70%	-0.24%	-6.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.18%	20.70%	18.96%	19.96%	18.70%	20.75%	18.40%	19.04%	19.74%	20.32%
EBITDA Margin	7.01%	4.94%	2.73%	6.05%	5.52%	7.83%	4.70%	4.93%	6.20%	7.53%
Operating Margin	4.97%	2.97%	0.50%	3.96%	3.42%	5.64%	2.57%	2.93%	4.07%	5.72%
EBIT Margin	5.08%	2.99%	0.53%	4.04%	3.60%	6.08%	2.68%	3.00%	4.21%	5.83%
Profit (Net Income) Margin	6.00%	1.05%	1.69%	2.67%	2.55%	5.53%	1.87%	1.69%	2.71%	4.82%
Tax Burden Percent	76.00%	142.51%	81.70%	78.93%	86.64%	78.45%	124.37%	81.61%	78.53%	81.73%
Interest Burden Percent	155.51%	24.64%	392.31%	83.65%	81.98%	115.99%	55.87%	69.05%	82.11%	100.99%
Effective Tax Rate	24.00%	-42.51%	18.30%	21.23%	13.36%	21.49%	-24.29%	18.51%	21.47%	18.22%
Return on Invested Capital (ROIC)	16.50%	17.65%	1.34%	10.40%	10.26%	16.88%	10.19%	7.40%	10.29%	17.19%
ROIC Less NNEP Spread (ROIC-NNEP)	4.38%	34.21%	21.59%	0.89%	3.23%	-4.90%	2.13%	3.88%	7.63%	19.59%
Return on Net Nonoperating Assets (RNNOA)	-0.71%	-6.01%	1.13%	0.04%	0.17%	0.25%	0.31%	0.71%	1.40%	1.29%
Return on Equity (ROE)	15.79%	11.64%	2.46%	10.44%	10.43%	17.13%	10.51%	8.11%	11.69%	18.48%
Cash Return on Invested Capital (CROIC)	3.87%	11.82%	7.44%	-14.22%	-19.51%	-7.58%	-1.59%	2.45%	2.76%	0.43%
Operating Return on Assets (OROA)	7.93%	4.33%	0.77%	5.91%	5.36%	9.02%	3.96%	4.40%	6.20%	8.89%
Return on Assets (ROA)	9.37%	1.52%	2.47%	3.90%	3.80%	8.21%	2.75%	2.48%	4.00%	7.34%
Return on Common Equity (ROCE)	14.73%	10.61%	2.24%	9.53%	9.53%	15.63%	9.55%	7.38%	10.63%	16.88%
Return on Equity Simple (ROE_SIMPLE)	25.59%	0.00%	14.67%	10.73%	8.04%	0.00%	12.71%	11.80%	11.85%	0.00%
Net Operating Profit after Tax (NOPAT)	284	347	30	241	233	396	254	200	289	487
NOPAT Margin	3.78%	4.24%	0.41%	3.12%	2.96%	4.43%	3.20%	2.39%	3.20%	4.68%
Net Nonoperating Expense Percent (NNEP)	12.12%	-16.57%	-20.25%	9.51%	7.03%	21.78%	8.07%	3.52%	2.66%	-2.40%
Return On Investment Capital (ROIC_SIMPLE)	-	3.36%	-	-	-	3.33%	-	-	-	3.79%
Cost of Revenue to Revenue	78.82%	79.30%	81.04%	80.04%	81.30%	79.25%	81.60%	80.96%	80.26%	79.68%
SG&A Expenses to Revenue	14.35%	16.03%	16.31%	14.11%	13.45%	13.47%	14.00%	14.19%	13.69%	14.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.21%	17.72%	18.46%	16.00%	15.28%	15.11%	15.83%	16.11%	15.67%	14.60%
Earnings before Interest and Taxes (EBIT)	382	245	39	312	283	544	213	252	380	607
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	527	405	202	467	434	701	373	414	560	784
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.73	3.10	2.87	3.10	2.98	3.43	3.59	3.27	4.39	4.78
Price to Tangible Book Value (P/TBV)	19.21	30.70	29.19	27.14	34.77	26.84	72.46	89.94	70.38	81.66
Price to Revenue (P/Rev)	0.70	0.79	0.73	0.81	0.73	0.89	0.91	0.82	1.11	1.12
Price to Earnings (P/E)	10.74	17.28	19.94	29.68	38.80	28.78	29.79	29.59	39.82	41.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.31%	5.79%	5.02%	3.37%	2.58%	3.48%	3.36%	3.38%	2.51%	2.41%
Enterprise Value to Invested Capital (EV/IC)	2.77	3.16	2.54	2.65	2.48	3.20	2.98	2.71	3.66	4.08
Enterprise Value to Revenue (EV/Rev)	0.69	0.78	0.78	0.88	0.82	0.92	0.99	0.91	1.18	1.18
Enterprise Value to EBITDA (EV/EBITDA)	8.10	11.40	13.40	17.03	16.87	16.25	16.28	15.63	19.77	19.79
Enterprise Value to EBIT (EV/EBIT)	10.60	16.05	20.62	27.90	28.96	24.84	23.80	23.28	29.17	28.98
Enterprise Value to NOPAT (EV/NOPAT)	14.32	18.54	25.47	34.96	34.02	32.57	29.67	28.81	36.75	35.01
Enterprise Value to Operating Cash Flow (EV/OCF)	10.87	14.78	18.99	33.62	57.71	60.95	43.90	29.17	33.19	24.64
Enterprise Value to Free Cash Flow (EV/FCFF)	77.83	27.51	34.58	0.00	0.00	0.00	0.00	114.59	137.44	1,005.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.20	0.41	0.46	0.53	0.31	0.45	0.46	0.42	0.40
Long-Term Debt to Equity	0.17	0.13	0.13	0.23	0.33	0.31	0.36	0.36	0.34	0.35
Financial Leverage	-0.16	-0.18	0.05	0.04	0.05	-0.05	0.15	0.18	0.18	0.07
Leverage Ratio	2.34	2.37	2.35	2.37	2.45	2.44	2.48	2.50	2.58	2.57
Compound Leverage Factor	3.65	0.58	9.23	1.98	2.01	2.83	1.39	1.73	2.12	2.60
Debt to Total Capital	17.23%	16.78%	28.99%	31.46%	34.56%	23.78%	31.21%	31.61%	29.52%	28.34%
Short-Term Debt to Total Capital	3.08%	6.28%	20.07%	15.59%	12.93%	0.21%	6.40%	7.26%	5.35%	3.04%
Long-Term Debt to Total Capital	14.15%	10.50%	8.93%	15.87%	21.63%	23.57%	24.81%	24.35%	24.17%	25.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.74%	7.28%	6.43%	6.13%	6.01%	6.72%	6.34%	6.20%	6.37%	6.09%
Common Equity to Total Capital	76.03%	75.94%	64.58%	62.41%	59.43%	69.49%	62.46%	62.19%	64.11%	65.57%
Debt to EBITDA	0.68	0.82	1.95	2.55	2.96	1.57	2.09	2.21	1.95	1.71
Net Debt to EBITDA	-0.33	-0.47	0.50	0.89	1.19	0.05	0.86	0.99	0.74	0.53
Long-Term Debt to EBITDA	0.56	0.51	0.60	1.29	1.85	1.56	1.66	1.70	1.60	1.53
Debt to NOPAT	1.20	1.34	3.70	5.23	5.97	3.15	3.81	4.07	3.63	3.02
Net Debt to NOPAT	-0.59	-0.76	0.96	1.82	2.40	0.09	1.57	1.82	1.37	0.93
Long-Term Debt to NOPAT	0.98	0.84	1.14	2.64	3.74	3.12	3.03	3.13	2.97	2.70
Altman Z-Score	3.41	3.39	3.17	3.29	3.16	3.41	3.36	3.21	3.53	3.72
Noncontrolling Interest Sharing Ratio	6.70%	8.82%	8.90%	8.74%	8.66%	8.79%	9.13%	9.01%	9.11%	8.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.03	1.04	1.16	1.19	1.17	1.15	1.12	1.13	1.07
Quick Ratio	0.78	0.81	0.77	0.84	0.88	0.93	0.88	0.84	0.82	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-941	-76	-221	-1,857	-2,272	-1,137	-993	-581	-519	-673
Operating Cash Flow to CapEx	1,172.94%	822.38%	-1,241.67%	-14.67%	308.87%	609.29%	-387.40%	199.31%	369.68%	3,268.29%
Free Cash Flow to Firm to Interest Expense	-43.13	0.00	-7.88	-43.19	-59.80	0.00	-27.57	-9.22	-8.11	0.00
Operating Cash Flow to Interest Expense	34.55	0.00	-26.61	-0.26	10.08	0.00	-13.67	4.56	8.95	0.00
Operating Cash Flow Less CapEx to Interest Expense	31.61	0.00	-28.75	-2.00	6.82	0.00	-17.19	2.27	6.53	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.56	1.45	1.47	1.46	1.49	1.48	1.48	1.47	1.47	1.52
Accounts Receivable Turnover	6.65	5.88	5.86	5.78	5.86	5.46	5.58	5.59	5.53	5.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.83	37.32	38.01	37.92	38.51	36.66	37.47	38.01	38.39	39.28
Accounts Payable Turnover	9.14	8.09	8.32	8.62	8.92	7.73	8.14	8.29	8.18	7.52
Days Sales Outstanding (DSO)	54.91	62.03	62.25	63.14	62.27	66.82	65.42	65.29	66.02	68.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.95	45.14	43.89	42.34	40.91	47.20	44.84	44.02	44.63	48.55
Cash Conversion Cycle (CCC)	14.96	16.89	18.36	20.80	21.37	19.61	20.58	21.27	21.39	19.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,754	7,617	9,556	10,312	10,259	9,151	10,802	11,094	11,067	10,311
Invested Capital Turnover	4.37	4.16	3.28	3.33	3.46	3.81	3.19	3.10	3.22	3.68
Increase / (Decrease) in Invested Capital	1,226	423	251	2,098	2,506	1,534	1,246	782	808	1,160
Enterprise Value (EV)	21,500	24,081	24,259	27,301	25,460	29,257	32,179	30,079	40,520	42,077
Market Capitalization	21,682	24,315	22,563	25,087	22,885	28,373	29,638	27,341	38,145	40,177
Book Value per Share	$24.71	$24.86	$25.36	$26.05	$24.80	$27.12	$27.01	$27.23	$28.37	$27.49
Tangible Book Value per Share	$3.51	$2.51	$2.49	$2.97	$2.12	$3.47	$1.34	$0.99	$1.77	$1.61
Total Capital	10,438	10,341	12,171	12,976	12,929	11,896	13,227	13,436	13,558	12,827
Total Debt	1,798	1,735	3,528	4,082	4,468	2,829	4,128	4,247	4,002	3,635
Total Long-Term Debt	1,477	1,086	1,086	2,060	2,796	2,804	3,282	3,272	3,277	3,245
Net Debt	-886	-988	914	1,418	1,798	84	1,703	1,905	1,511	1,119
Capital Expenditures (CapEx)	64	99	60	75	124	140	127	144	155	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-67	-469	1,451	1,982	1,779	77	930	966	754	-148
Debt-free Net Working Capital (DFNWC)	1,156	936	2,771	3,339	3,132	1,448	2,057	1,999	1,911	1,073
Net Working Capital (NWC)	834	287	329	1,317	1,460	1,423	1,211	1,024	1,186	683
Net Nonoperating Expense (NNE)	-167	261	-95	35	32	-99	106	58	44	-14
Net Nonoperating Obligations (NNO)	-886	-989	914	1,418	1,798	84	1,703	1,905	1,511	1,119
Total Depreciation and Amortization (D&A)	145	159	163	155	151	157	160	162	180	177
Debt-free, Cash-free Net Working Capital to Revenue	-0.22%	-1.52%	4.70%	6.42%	5.70%	0.24%	2.86%	2.91%	2.20%	-0.41%
Debt-free Net Working Capital to Revenue	3.71%	3.04%	8.97%	10.82%	10.04%	4.53%	6.33%	6.03%	5.57%	3.00%
Net Working Capital to Revenue	2.68%	0.93%	1.06%	4.27%	4.68%	4.45%	3.73%	3.09%	3.46%	1.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$0.28	$0.38	$0.65	$0.62	$1.55	$0.41	$0.42	$0.73	$1.60
Adjusted Weighted Average Basic Shares Outstanding	319.83M	322.81M	310.46M	310.86M	307.85M	308.43M	305.81M	306.75M	306.25M	305.86M
Adjusted Diluted Earnings per Share	$1.38	$0.27	$0.37	$0.64	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58
Adjusted Weighted Average Diluted Shares Outstanding	324.74M	327.70M	315.36M	314.28M	312.22M	312.55M	308.50M	308.04M	308.31M	308.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	315.95M	309.89M	310.83M	309.84M	304.79M	305.70M	306.82M	306.43M	306.02M	300.04M
Normalized Net Operating Profit after Tax (NOPAT)	284	186	30	234	229	396	143	200	290	487
Normalized NOPAT Margin	3.78%	2.27%	0.41%	3.03%	2.91%	4.43%	1.80%	2.39%	3.21%	4.68%
Pre Tax Income Margin	7.89%	0.74%	2.06%	3.38%	2.95%	7.05%	1.50%	2.07%	3.45%	5.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	17.52	0.00	1.39	7.26	7.45	0.00	5.92	4.00	5.94	0.00
NOPAT to Interest Expense	13.04	0.00	1.08	5.61	6.13	0.00	7.04	3.18	4.52	0.00
EBIT Less CapEx to Interest Expense	14.57	0.00	-0.75	5.51	4.18	0.00	2.39	1.71	3.52	0.00
NOPAT Less CapEx to Interest Expense	10.09	0.00	-1.06	3.86	2.87	0.00	3.52	0.90	2.09	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.08%	0.00%	0.00%	0.19%	0.20%	0.00%	0.00%	7.20%	7.77%	0.00%
Augmented Payout Ratio	78.14%	129.92%	139.85%	113.70%	176.80%	64.75%	50.95%	66.23%	20.29%	60.52%

Frequently Asked Questions About CBRE Group's Financials

When does CBRE Group's financial year end?

According to the most recent income statement we have on file, CBRE Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has CBRE Group's net income changed over the last 9 years?

CBRE Group's net income appears to be on an upward trend, with a most recent value of $1.04 billion in 2024, rising from $558.88 million in 2015. The previous period was $1.03 billion in 2023.

What is CBRE Group's operating income?

CBRE Group's total operating income in 2024 was $1.41 billion, based on the following breakdown:

Total Gross Profit: $6.96 billion
Total Operating Expenses: $5.54 billion

How has CBRE Group revenue changed over the last 9 years?

Over the last 9 years, CBRE Group's total revenue changed from $10.86 billion in 2015 to $35.77 billion in 2024, a change of 229.5%.

How much debt does CBRE Group have?

CBRE Group's total liabilities were at $15.19 billion at the end of 2024, a 12.7% increase from 2023, and a 83.9% increase since 2015.

How much cash does CBRE Group have?

In the past 9 years, CBRE Group's cash and equivalents has ranged from $540.40 million in 2015 to $2.43 billion in 2021, and is currently $1.11 billion as of their latest financial filing in 2024.

How has CBRE Group's book value per share changed over the last 9 years?

Over the last 9 years, CBRE Group's book value per share changed from 8.12 in 2015 to 27.49 in 2024, a change of 238.6%.

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This page (NYSE:CBRE) was last updated on 4/30/2025 by MarketBeat.com Staff

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CBRE Group (CBRE) Financials

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CBRE Group (CBRE) Financials

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