CWK vs JLL: How Cushman & Wakefield and Jones Lang LaSalle Incorporated Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CWK is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CWK and JLL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CWK and JLL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Cushman & Wakefield is a global commercial real estate services firm with roughly 52,000 employees across close to 400 offices in about 60 countries, tracing its roots to 1784 and now headquartered in Chicago. It operates across four revenue lines: Services (facilities management, project management, and property management, the largest and steadiest piece at roughly $1.7 billion a quarter), Leasing (brokering office, industrial, and retail leases), Capital Markets (advising on property investment transactions and debt placement), and Valuation and other advisory work. It manages more than 1.1 billion square feet of commercial space and sits alongside CBRE, JLL, Newmark, and Colliers in the top tier of the industry.

Full CWK guide

Jones Lang LaSalle Incorporated, which trades on the NYSE as JLL, is a Chicago-based global commercial real estate services and investment management company operating in over 80 countries with more than 113,000 employees. It earns fees across leasing and tenant representation, property and workplace management, project management, investment sales, debt and equity advisory, valuations, real estate technology, and institutional investment management through its LaSalle arm. Its reporting is organized around segments including Markets Advisory, Capital Markets, Work Dynamics, JLL Technologies, and LaSalle.

Full JLL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CWK drivers: Capital markets recovery leverage; Leasing momentum and producer hiring.
• JLL drivers: Transactional recovery in leasing and capital markets; Resilient recurring revenue base.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The core risk is cyclicality: Leasing and Capital Markets revenue is tied to commercial property transaction volumes, which respond to interest rates, credit availability, and corporate confidence rather than anything the company controls. For JLL, jLL's transactional businesses are cyclical and sensitive to interest rates, credit availability, and commercial real estate transaction volumes, which fell sharply during the 2022 rate-tightening cycle.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CWK if you believe its drivers more; JLL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CWK and JLL guides.

CWK. The gap between a trailing P/E in the low 40s and a forward P/E around 9 is the whole valuation debate in one number: trailing GAAP earnings are depressed by non-cash charges and a still-recovering transaction market, while the forward figure assumes management's guidance for ~6% to 8% revenue growth and ~15% to 20% adjusted EPS growth in 2026 lands. The stock trades around $13.57 as of early August 2026, inside a 52-week range of roughly $11.57 to $17.40, with a beta near 1.44 that reflects how tightly it tracks property cycle sentiment. Q2 2026 results are due on August 5, 2026, with consensus revenue near $2.65 billion.

JLL. As of July 2026, JLL carried a market capitalization of roughly $15 billion on trailing revenue near $26.8 billion, giving a trailing P/E around 17 and a forward P/E near 14. Enterprise value was about $18 billion with an EV/EBITDA around 11 to 12. The multiples reflect a large-cap services firm whose earnings have been rebounding from the rate-driven trough.

Headline figures (approximate, August 2026): CWK shows revenue (ttm) ~$10.5B (+10% YoY), q1 2026 revenue ~$2.54B (+11% YoY), q1 2026 adjusted ebitda ~$111M (+16% YoY), market cap ~$3.2B; JLL shows revenue (ttm) ~$26.8B, fy2025 revenue ~$26.1B, market cap ~$15B, p/e (ttm) ~17x.

CWK and JLL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CWK and JLL exposure against your real portfolio. It is not an investment adviser.