vs
Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $75.6M, roughly 38.5× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -0.8%, a 3.9% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 0.8%). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
AHH vs CWK — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $2.9B |
| Net Profit | $2.4M | $-22.4M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | 6.1% |
| Net Margin | 3.1% | -0.8% |
| Revenue YoY | 0.8% | 10.8% |
| Net Profit YoY | -89.8% | -119.8% |
| EPS (diluted) | $0.00 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $2.9B | ||
| Q3 25 | $23.2M | $2.6B | ||
| Q2 25 | $32.0M | $2.5B | ||
| Q1 25 | $46.6M | $2.3B | ||
| Q4 24 | $75.0M | $2.6B | ||
| Q3 24 | $114.4M | $2.3B | ||
| Q2 24 | $116.8M | $2.3B | ||
| Q1 24 | $127.0M | $2.2B |
| Q4 25 | $2.4M | $-22.4M | ||
| Q3 25 | $80.0K | $51.4M | ||
| Q2 25 | $5.9M | $57.3M | ||
| Q1 25 | $-2.8M | $1.9M | ||
| Q4 24 | $23.4M | $112.9M | ||
| Q3 24 | $-5.0M | $33.7M | ||
| Q2 24 | $3.2M | $13.5M | ||
| Q1 24 | $14.1M | $-28.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | 6.1% | ||
| Q3 25 | 91.5% | 4.1% | ||
| Q2 25 | 63.9% | 4.9% | ||
| Q1 25 | 33.8% | 2.0% | ||
| Q4 24 | 50.1% | 6.6% | ||
| Q3 24 | 19.0% | 3.2% | ||
| Q2 24 | 11.9% | 3.1% | ||
| Q1 24 | 15.1% | 0.9% |
| Q4 25 | 3.1% | -0.8% | ||
| Q3 25 | 0.3% | 2.0% | ||
| Q2 25 | 18.6% | 2.3% | ||
| Q1 25 | -6.0% | 0.1% | ||
| Q4 24 | 31.2% | 4.3% | ||
| Q3 24 | -4.4% | 1.4% | ||
| Q2 24 | 2.7% | 0.6% | ||
| Q1 24 | 11.1% | -1.3% |
| Q4 25 | $0.00 | $-0.10 | ||
| Q3 25 | $-0.04 | $0.22 | ||
| Q2 25 | $0.04 | $0.25 | ||
| Q1 25 | $-0.07 | $0.01 | ||
| Q4 24 | $0.28 | $0.49 | ||
| Q3 24 | $-0.11 | $0.14 | ||
| Q2 24 | $0.00 | $0.06 | ||
| Q1 24 | $0.17 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $784.2M |
| Total DebtLower is stronger | $1.5B | $2.7B |
| Stockholders' EquityBook value | $627.8M | $2.0B |
| Total Assets | $2.6B | $7.7B |
| Debt / EquityLower = less leverage | 2.43× | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $784.2M | ||
| Q3 25 | $46.5M | $634.4M | ||
| Q2 25 | $52.1M | $618.2M | ||
| Q1 25 | $45.7M | $623.2M | ||
| Q4 24 | $31.9M | $793.3M | ||
| Q3 24 | $43.9M | $775.4M | ||
| Q2 24 | $20.3M | $567.3M | ||
| Q1 24 | $41.9M | $553.5M |
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.5B | $2.8B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.3B | $3.0B | ||
| Q4 24 | $1.3B | $3.0B | ||
| Q3 24 | $1.3B | $3.1B | ||
| Q2 24 | $1.4B | $3.1B | ||
| Q1 24 | $1.4B | $3.2B |
| Q4 25 | $627.8M | $2.0B | ||
| Q3 25 | $638.8M | $2.0B | ||
| Q2 25 | $652.0M | $1.9B | ||
| Q1 25 | $657.4M | $1.8B | ||
| Q4 24 | $670.6M | $1.8B | ||
| Q3 24 | $663.9M | $1.7B | ||
| Q2 24 | $562.7M | $1.6B | ||
| Q1 24 | $571.4M | $1.6B |
| Q4 25 | $2.6B | $7.7B | ||
| Q3 25 | $2.6B | $7.7B | ||
| Q2 25 | $2.6B | $7.6B | ||
| Q1 25 | $2.5B | $7.4B | ||
| Q4 24 | $2.5B | $7.5B | ||
| Q3 24 | $2.6B | $7.5B | ||
| Q2 24 | $2.6B | $7.3B | ||
| Q1 24 | $2.6B | $7.5B |
| Q4 25 | 2.43× | 1.40× | ||
| Q3 25 | 2.33× | 1.45× | ||
| Q2 25 | 2.22× | 1.57× | ||
| Q1 25 | 2.01× | 1.70× | ||
| Q4 24 | 1.93× | 1.73× | ||
| Q3 24 | 2.00× | 1.81× | ||
| Q2 24 | 2.52× | 1.91× | ||
| Q1 24 | 2.50× | 1.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $257.3M |
| Free Cash FlowOCF − Capex | — | $234.3M |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $257.3M | ||
| Q3 25 | $26.3M | $235.5M | ||
| Q2 25 | $11.1M | $9.6M | ||
| Q1 25 | $107.0K | $-162.0M | ||
| Q4 24 | $20.8M | $115.2M | ||
| Q3 24 | $27.3M | $196.1M | ||
| Q2 24 | $17.4M | $21.8M | ||
| Q1 24 | $46.5M | $-125.1M |
| Q4 25 | — | $234.3M | ||
| Q3 25 | — | $225.0M | ||
| Q2 25 | — | $300.0K | ||
| Q1 25 | — | $-166.6M | ||
| Q4 24 | — | $105.9M | ||
| Q3 24 | — | $186.7M | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | $-135.6M |
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | -7.3% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -6.2% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | 328.63× | 4.58× | ||
| Q2 25 | 1.87× | 0.17× | ||
| Q1 25 | — | -85.26× | ||
| Q4 24 | 0.89× | 1.02× | ||
| Q3 24 | — | 5.82× | ||
| Q2 24 | 5.48× | 1.61× | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
CWK
Segment breakdown not available.
