HIGHBuilt-inProduct / Revenue mix
owned-brokerage business
“10-K Item 1: 'In 2025, we earned substantially all of our revenue and earnings from our owned-brokerage business'”
COMP · Concentration risk · 10-K extracted
Compass (COMP) concentration risks
Updated
The most significant concentration Compass discloses is owned-brokerage business, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Compass’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
real estate benefit program client
“10-K Item 1: 'our real estate benefit program revenues are highly concentrated, with one client-directed real estate benefit program contributing a substantial majority'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile reflects two high-share exposures that are tightly intertwined: an almost total reliance on the owned-brokerage business as a revenue source, and within the benefit-program channel, a single-client concentration that accounts for a substantial majority of that revenue stream. The structural foundation is product-level: in 2025, substantially all revenue and earnings were earned from the owned-brokerage business, a high-share structural concentration by disclosed size. This reflects a deliberate platform design around residential real estate brokerage rather than a diversified financial services model. The exposure is structural because it is intrinsic to the company's operating model — the brokerage is the business — but it means results are directly tied to housing transaction volumes, commission rate trends, and agent productivity with no meaningful offset from other business lines. Within that already-concentrated business, there is a further high-share dependency: real estate benefit program revenues are disclosed as highly concentrated, with one client-directed program contributing a substantial majority of those revenues. The filing does not provide a precise percentage, so the concentration is characterized qualitatively as a high-share dependency. The loss of or a material reduction in that client's program would directly reduce this revenue sub-stream, which adds an idiosyncratic single-client risk on top of the macro-cyclical brokerage exposure. Together, the two concentrations describe a business where enterprise results are driven by real estate cycle dynamics at the top level, with a single-client risk layer within the benefit-program channel.
For the engine’s reasoning on COMP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Real Estate Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COMP● | Compass, Inc. | 2 | 0 | 0 | 2 |
| CWK | Cushman & Wakefield Ltd. | 2 | 0 | 0 | 2 |
| CBRE | CBRE Group Inc | 0 | 2 | 0 | 2 |
| KW | Kennedy-Wilson Holdings Inc. | 0 | 1 | 0 | 1 |
| CSGP | CoStar Group, Inc. | 0 | 0 | 0 | 0 |
| JLL | Jones Lang LaSalle Incorporated | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.