CBRE Group
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
23.3721.0218.4621.1412.7716.0427.9519.8017.6529.1141.7512.77
Price/Sales ratio
1.251.050.801.020.630.860.881.310.800.891.160.63
Price/Book Value ratio
5.014.243.503.632.753.302.974.263.163.474.602.75
Price/Cash Flow ratio
17.1117.6423.4520.5812.0116.8211.4815.3815.2559.8131.3412.01
Price/Free Cash Flow ratio
23.0822.4440.7627.4615.0322.1313.4416.8818.14164.0641.2615.03
Price/Earnings Growth ratio
0.431.814.321.030.240.72-0.670.13-0.86-1.0910.710.24
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
37.99%34.75%30.20%30.37%22.91%21.78%20.05%22.22%21.37%19.63%18.13%21.78%
Operating Profit Margin
8.75%7.70%6.23%7.54%5.09%5.27%4.07%8.60%4.90%3.49%3.78%5.27%
Pretax Profit Margin
8.58%8.10%6.73%8.19%6.46%5.69%4.07%8.68%5.37%3.99%3.60%5.69%
Net Profit Margin
5.35%5.04%4.37%4.86%4.98%5.36%3.15%6.62%4.56%3.08%2.79%5.36%
Effective Tax Rate
33.93%36.47%33.68%40.04%22.70%5.13%22.07%23.55%14.12%19.57%16.67%5.13%
Return on Assets
6.30%4.96%5.30%6.02%7.90%7.91%4.16%8.32%6.85%4.37%3.85%7.91%
Return On Equity
21.43%20.16%18.97%17.20%21.52%20.57%10.62%21.54%17.91%11.92%11.41%20.57%
Return on Capital Employed
16.24%13.79%13.03%15.57%14.20%12.67%8.72%17.16%11.65%7.80%8.43%12.67%
Liquidity Ratios
Current Ratio
1.221.061.131.181.161.171.23N/AN/AN/A1.121.17
Quick Ratio
1.071.001.061.111.041.191.241.201.101.171.121.04
Cash ratio
0.260.100.160.160.130.150.270.290.170.150.100.15
Days of Sales Outstanding
70.0283.1072.7582.3892.1889.8495.2589.9474.0677.8393.5692.18
Days of Inventory outstanding
2.96-7.63-4.43-5.69-3.52-3.01-2.87-4.44-7.08N/AN/A-3.52
Operating Cycle
72.9975.4668.3276.6888.6686.8392.3785.4966.9877.8393.5688.66
Days of Payables Outstanding
53.8276.4856.6957.2041.6746.7651.3248.7844.5946.8850.0441.67
Cash Conversion Cycle
19.16-1.0111.6219.4846.9840.0641.0436.7022.3830.9543.5243.52
Debt Ratios
Debt Ratio
0.300.400.350.250.230.160.150.120.100.150.210.21
Debt Equity Ratio
1.041.631.260.720.620.440.390.330.270.420.620.62
Long-term Debt to Capitalization
0.440.490.450.330.260.220.160.150.120.250.270.26
Total Debt to Capitalization
0.510.620.550.410.380.300.280.250.210.290.380.38
Interest Coverage Ratio
6.556.945.527.6810.0015.5014.32N/AN/AN/A6.4215.50
Cash Flow to Debt Ratio
0.280.140.110.240.360.440.660.830.740.130.230.44
Company Equity Multiplier
3.404.063.572.852.722.592.542.582.612.722.852.72
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.070.060.030.050.050.050.070.080.050.010.030.05
Free Cash Flow / Operating Cash Flow Ratio
0.740.780.570.740.790.760.850.910.840.360.750.76
Cash Flow Coverage Ratio
0.280.140.110.240.360.440.660.830.740.130.230.44
Short Term Coverage Ratio
1.200.360.350.780.841.241.311.801.480.690.591.24
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A