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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.9B, roughly 1.4× Cushman & Wakefield Ltd.). NetEase, Inc. runs the higher net margin — 31.0% vs -0.8%, a 31.8% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $234.3M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 9.7%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
CWK vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $4.0B |
| Net Profit | $-22.4M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 6.1% | 28.3% |
| Net Margin | -0.8% | 31.0% |
| Revenue YoY | 10.8% | — |
| Net Profit YoY | -119.8% | — |
| EPS (diluted) | $-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 | $2.9B | — | ||
| Q3 25 | $2.6B | $4.0B | ||
| Q2 25 | $2.5B | $3.9B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.3B | $3.7B | ||
| Q2 24 | $2.3B | $3.5B | ||
| Q1 24 | $2.2B | $3.7B |
| Q4 25 | $-22.4M | — | ||
| Q3 25 | $51.4M | $1.2B | ||
| Q2 25 | $57.3M | $1.3B | ||
| Q1 25 | $1.9M | $1.5B | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $33.7M | $955.7M | ||
| Q2 24 | $13.5M | $939.6M | ||
| Q1 24 | $-28.8M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
| Q4 25 | 6.1% | — | ||
| Q3 25 | 4.1% | 28.3% | ||
| Q2 25 | 4.9% | 32.5% | ||
| Q1 25 | 2.0% | 36.2% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 3.2% | 27.3% | ||
| Q2 24 | 3.1% | 27.4% | ||
| Q1 24 | 0.9% | 28.4% |
| Q4 25 | -0.8% | — | ||
| Q3 25 | 2.0% | 31.0% | ||
| Q2 25 | 2.3% | 32.6% | ||
| Q1 25 | 0.1% | 36.6% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 1.4% | 25.6% | ||
| Q2 24 | 0.6% | 26.8% | ||
| Q1 24 | -1.3% | 29.1% |
| Q4 25 | $-0.10 | — | ||
| Q3 25 | $0.22 | — | ||
| Q2 25 | $0.25 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $0.14 | — | ||
| Q2 24 | $0.06 | — | ||
| Q1 24 | $-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 | $784.2M | $31.3B |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $2.0B | $160.8B |
| Total Assets | $7.7B | $214.5B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | — | ||
| Q3 25 | $634.4M | $31.3B | ||
| Q2 25 | $618.2M | $54.4B | ||
| Q1 25 | $623.2M | $41.7B | ||
| Q4 24 | $793.3M | — | ||
| Q3 24 | $775.4M | $20.2B | ||
| Q2 24 | $567.3M | $19.0B | ||
| Q1 24 | $553.5M | $43.0B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.2B | — |
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | $160.8B | ||
| Q2 25 | $1.9B | $154.0B | ||
| Q1 25 | $1.8B | $147.8B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | $135.6B | ||
| Q2 24 | $1.6B | $134.2B | ||
| Q1 24 | $1.6B | $130.5B |
| Q4 25 | $7.7B | — | ||
| Q3 25 | $7.7B | $214.5B | ||
| Q2 25 | $7.6B | $208.5B | ||
| Q1 25 | $7.4B | $200.9B | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | $184.9B | ||
| Q2 24 | $7.3B | $183.3B | ||
| Q1 24 | $7.5B | $195.1B |
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 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 | $1.8B |
| Free Cash FlowOCF − Capex | $234.3M | $1.8B |
| FCF MarginFCF / Revenue | 8.0% | 44.7% |
| Capex IntensityCapex / Revenue | 0.8% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | — | ||
| Q3 25 | $235.5M | $1.8B | ||
| Q2 25 | $9.6M | $1.5B | ||
| Q1 25 | $-162.0M | $1.7B | ||
| Q4 24 | $115.2M | — | ||
| Q3 24 | $196.1M | $1.5B | ||
| Q2 24 | $21.8M | $898.8M | ||
| Q1 24 | $-125.1M | $1.3B |
| Q4 25 | $234.3M | — | ||
| Q3 25 | $225.0M | $1.8B | ||
| Q2 25 | $300.0K | $1.5B | ||
| Q1 25 | $-166.6M | $1.6B | ||
| Q4 24 | $105.9M | — | ||
| Q3 24 | $186.7M | $1.5B | ||
| Q2 24 | $10.0M | $875.6M | ||
| Q1 24 | $-135.6M | $1.3B |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 8.6% | 44.7% | ||
| Q2 25 | 0.0% | 38.3% | ||
| Q1 25 | -7.3% | 40.4% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 8.0% | 38.9% | ||
| Q2 24 | 0.4% | 25.0% | ||
| Q1 24 | -6.2% | 34.0% |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.4% | 1.0% | ||
| Q2 25 | 0.4% | 0.7% | ||
| Q1 25 | 0.2% | 1.6% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.4% | 1.4% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 0.5% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | 4.58× | 1.47× | ||
| Q2 25 | 0.17× | 1.20× | ||
| Q1 25 | -85.26× | 1.15× | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 5.82× | 1.58× | ||
| Q2 24 | 1.61× | 0.96× | ||
| Q1 24 | — | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
