CBRECommercial real estate services
CBRE Group
Not investment advice. Kevin may own this stock. How we value stocks
By Kevin Amado
Updated
- Price
- $134.58
- Analysts view
- Very bullish
- Discount category
- Close to intrinsic value
- Pick status
- Research only
- Next earnings
- Earnings Feb 11 · · estimated
- Market cap
- $39B
- Shares of Oct 20, 2026
- P/E (trailing)
- 28.8
- Price of Nov 12, 2026
- EPS (trailing)
- $4.67
- 12 months to Sep 30, 2026
- 52-week range
- $121.44 – $174.27
- To Nov 12, 2026
- Beta
- 1.24
- Vs S&P 500, 5 years monthly, to Oct 30, 2026
- Average volume
- 2.1M
- 3 months, to Nov 12, 2026
Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings
In short
- Thesis
- The market prices CBRE as a company that follows property deals, and steady growth in data center and infrastructure services through 2027 can show that more of its profit is recurring.
- Gap
- Can close. The closing of Onnec around the end of 2026 and the Q4 2026 report in February 2027 show whether infrastructure services keep growing and lift profit.
Company guidance: 2027: critical infrastructure services revenue of nearly $4.5 billion, total infrastructure services nearly $7.0 billion (, Onnec acquisition release (8-K))
Price history
About
CBRE Group, Inc. (CBRE) is the largest commercial real estate services and investment firm in the world, and a provider of critical infrastructure services such as work for data centers. It is based in Dallas, has more than 155,000 employees and serves clients in more than 100 countries. It has four segments. Advisory Services does leasing, property sales, mortgage origination, loan servicing and valuations.
Building Operations & Experience runs facilities and property management and critical infrastructure services. Project Management does program management, project management and cost consulting. Real Estate Investments does investment management, with more than $155 billion of assets under management, and development. In Q3 2026, revenue was $11.5 billion and core EBITDA was $1,001 million.
Bob Sulentic is Chair and Chief Executive Officer. The shares trade on the New York Stock Exchange in US dollars.
Thesis
The market prices CBRE as a company whose profit depends on property sales and leasing, which follow interest rates and the capital markets. But a growing part of the business is not a deal business. Building Operations & Experience gave $6,856 million of the $11,517 million of revenue in Q3 2026, and the company says that infrastructure services revenue grew 50% to $4.5 billion over 12 months. It expects nearly $7.0 billion of infrastructure services revenue in 2027.
Core EBITDA in Q3 rose 28.5%. The question is how much of this growth lasts when deal activity cools. For the price to rise, three things must be true. Critical infrastructure services must keep growing, with the help of the Onnec purchase of about $610 million.
Advisory profit must hold if sales and leasing slow. The provision for fire safety at Telford Homes must not grow. The next tests are the closing of Onnec, which the company expects around the end of 2026, and the Q4 2026 report in February 2027.
Checkpoints
- Dec 2026 · est.PendingOnnec purchase closesThe purchase closes around the end of 2026, as the company says, and this passes; a block or a long delay fails.
- Feb 11, 2027 · est.PendingQ4 2026 results: infrastructure growthCore EBITDA above the level of Q4 2025, with infrastructure services still growing at double digits, passes; a fall in core EBITDA fails.
Recent events
- November 5, 2026CBRE closed a sale of $500 million of 5.650% senior notes due 2032 and $500 million of 5.900% senior notes due 2037. It plans to use the money for general purposes, including the repayment of commercial paper and the Onnec purchase.
- October 22, 2026CBRE reported Q3 2026 results. Revenue was $11,517 million, up 12.7%. Core EPS was $2.05, up 28.1%, and core EBITDA was $1,001 million, up 28.5%. Free cash flow was $1.8 billion over the last 12 months, and net leverage was 1.36 times. The company bought back nearly $1.2 billion of shares in the first nine months.
- October 20, 2026CBRE agreed to buy Onnec Group Limited, a provider of data center infrastructure services in Europe and Asia Pacific, for GBP 460 million, about $610 million, in cash. An earnout of up to GBP 300 million, about $400 million, depends on growth. The company expects Onnec to give GBP 370 million of revenue and more than GBP 50 million of core EBITDA in 2027. It expects the deal to close around the end of 2026, subject to approvals.
Show 1 older eventHide older events
- February 12, 2026CBRE reported Q4 and full year 2025 results. Revenue was $40.6 billion for 2025, up 13%, and core EPS was $6.38.
Latest news and filings
- Last earnings
- October 22, 2026 (8-K on sec.gov)
- Next earnings
- Expected about February 11, 2027. The company has not confirmed the date.
- 8-KNew material agreement and New debt or financial obligationFiled · cbre-20261105
- 8-KNew material agreementFiled · cbre-20261027
- 10-QQuarterly report for the period ended Sep 30, 2026Filed · cbre-20260930
- 8-KEarnings releaseFiled · Press release and exhibits
- 8-KInvestor disclosureFiled · cbre-20261020
- 10-QQuarterly report for the period ended Jun 30, 2026Filed · cbre-20260630
- 8-KEarnings releaseFiled · Press release and exhibits
- 8-KNew material agreement and New debt or financial obligationFiled · cbre-20260623
- 8-KInvestor disclosureFiled · cbre-20260615
- 8-KShareholder vote resultsFiled · cbre-20260521
Risks
- Property sales, leasing and loan origination depend on interest rates and the capital markets. In Q3 2026, US office leasing fell 2% and mortgage origination revenue rose only 1%. A slow market cuts the profit of the Advisory Services segment.
- Growth in critical infrastructure depends on spending by large technology companies on data centers. Revenue in this line grew 80% in the building operations segment in Q3. If customers slow their projects, growth falls. The purchases of Pearce Services in November 2025 and Onnec must also fit well.
- The group has a provision for fire safety work on buildings that its subsidiary Telford Homes built in the past. The provision was $168 million in the first nine months of 2026, and the company excludes it from core results. It can grow if the work costs more.
- Corporate spending on real estate slowed. The company said that Project Management growth was held back by it in Q3, and a one-time cost in Asia Pacific cut the segment's profit growth by six points.
- The new senior notes carry interest of 5.650% and 5.900%. Debt is low against profit, but the cost of new debt raises interest expense.
Balance sheet
CBRE had total debt of $6,978 million, not counting non-recourse debt, and cash of $1,683 million at September 30, 2026. Net debt was $5,295 million, which is 1.36 times core EBITDA of $3,902 million over the last 12 months. Total liquidity was $5.0 billion. CBRE Group stockholders' equity was $8,672 million and non-controlling interests were $344 million. In November 2026, CBRE sold $1.0 billion of senior notes, to repay commercial paper and to help pay for Onnec. The company bought back nearly $1.2 billion of shares in the first nine months of 2026.
Dividends
CBRE Group does not pay a dividend.
Source: company filings and market data, read on November 13, 2026.
Questions about CBRE Group
What does CBRE Group do?
CBRE Group, Inc. (CBRE) is the largest commercial real estate services and investment firm in the world, and a provider of critical infrastructure services such as work for data centers. It is based in Dallas, has more than 155,000 employees and serves clients in more than 100 countries. Its market cap is $39B at the current price of $134.58.
When does CBRE Group report earnings next?
This is an estimate: CBRE Group may report on February 11, 2027. It last reported results on October 22, 2026.
Is CBRE Group stock below its intrinsic value?
CBRE Group stock is close to intrinsic value. This is general information, not advice.
What changed recently at CBRE Group?
The latest update is from November 5, 2026. CBRE closed a sale of $500 million of 5.650% senior notes due 2032 and $500 million of 5.900% senior notes due 2037.
What are the main risks for CBRE Group?
Property sales, leasing and loan origination depend on interest rates and the capital markets. Growth in critical infrastructure depends on spending by large technology companies on data centers. The group has a provision for fire safety work on buildings that its subsidiary Telford Homes built in the past.
How much debt and cash does CBRE Group have?
CBRE had total debt of $6,978 million, not counting non-recourse debt, and cash of $1,683 million at September 30, 2026. This is as of September 30, 2026.
Does CBRE Group pay a dividend?
No. CBRE Group does not pay a dividend.
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