# Newmark Group, Inc. (NMRK)

> Source: Nexqual · https://nexqual.com/NMRK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Newmark Group, Inc. (NMRK), nexqual.com/NMRK" · informational, not investment advice.

**Price:** USD 11.82 (+2.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.48 · day 11.39–11.93 · 52w 11.26–19.84 · market cap $2.89B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.60B, net income $148M (4.1% margin), free cash flow $798M (SEC filings).
- Valuation: P/E 19.5x (avg 30.8x at the last 3 fiscal year-ends), EV/EBITDA 7.6x, net debt $608M.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 17.33 (range 13–20).
- Total return with dividends: 1Y -38.2% vs S&P 500 +14.9%; 5Y -16.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.47, revenue estimate $953M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.91B | $2.71B | $2.47B | $2.74B | $3.29B | $3.60B |
| Operating income | $1.25B | $186M | $125M | $163M | $234M | $276M |
| Net income | $978M | $113M | $62.4M | $85.5M | $126M | $148M |
| EPS (diluted) | $3.80 | $0.45 | $0.24 | $0.34 | $0.68 | — |
| Free cash flow | -$68.4M | $1.13B | -$321M | -$41.4M | $143M | $798M |
| Operating margin | 43.2% | 6.9% | 5.1% | 6.0% | 7.1% | 7.7% |
| Net margin | 33.7% | 4.2% | 2.5% | 3.1% | 3.8% | 4.1% |
| Revenue growth | +52.6% | -6.9% | -8.7% | +10.9% | +20.3% | — |
| Cash + short-term investments | $716M | $234M | $165M | — | — | — |
| Total debt | $545M | $548M | $547M | $671M | $672M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.5x · P/S 0.8x · EV/EBITDA 7.6x · EV/Sales 1.0x · P/FCF 3.6x · P/B 2.0x · FCF yield 27.57% · Earnings yield 5.12% · Buyback yield (TTM) 5.28% · Net debt $608M · EV $3.50B
P/E at fiscal year-ends: Dec 2025 34.8x, Dec 2024 26.6x, Dec 2023 31.0x.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 17.33 (low 13, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citizens | Target lowered | Market Outperform | $22 → $17 |
| 2026-10-19 | Piper Sandler | Downgrade | Overweight → Neutral | $14 → $13 |
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $19 → $14 |
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $17.5 → $16 |
| 2026-08-17 | Barclays | Target raised | Overweight | $19 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -38.2% | -16.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.3% | -3.6% |
| Volatility (annualized) | 40.6% | 42.5% |
| Max drawdown | -41.3% (Oct 2025→Oct 2026) | -71.1% (Dec 2021→Oct 2023) |

## Peers (Real Estate Services)
IHS (IHS Holding Limited) USD 8.45 +0.24% · CWK (Cushman & Wakefield Ltd.) USD 12.1 +4.49% · OPEN (Opendoor Technologies Inc) USD 2.02 +3.59% · CIGI (Colliers International Group In) USD 96.46 +4.00% · FSV (FirstService Corporation) USD 147.22 +7.78% · COMP (Compass, Inc.) USD 9.97 +2.57%

## More
Full page: https://nexqual.com/NMRK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NMRK's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1690680/000162828026013160/nmrk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BGC Holdings | "As part of our compensation plans, certain employees have been granted limited partnership units in Newmark Holdings and, prior to the Newmark IPO, BGC Holdings, which generally receive quarterly allocations of net incom…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management Services, Servicing Fees and Other | $351.2M | 39.5% | +17.7% |
| Leasing and Other Commissions | $278.0M | 31.3% | +17.2% |
| Management Services | $277.1M | 31.2% | +20.2% |
| Capital Markets | $259.2M | 29.2% | +16.0% |
| Investment sales | $164.6M | 18.5% | +54.4% |
| Mortgage Brokerage and Debt Placement | $44.6M | 5.0% | -31.6% |
| Total revenue | $888.4M | 100% | — |
The lines above cover 154.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $775.6M | 87.3% | +16.3% |
| Other | $62.0M | 7.0% | +46.0% |
| U.K. | $50.9M | 5.7% | +1.7% |
| Total revenue | $888.4M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Our year to date results demonstrate the Company's strong operating leverage, as we increased Total Revenues 22%, GAAP EPS 200%, and Adjusted EPS 37%, all compared with a year earlier. "Given Newmark's strong results and healthy transaction pipeline, we continue to expect double-digit top- and bottom-line growth for the third consecutive year in 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.47 | $0.48 | -2.1% | $952.7M | 7 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.77 | -5.5% | $1.11B | 6 |
| Current fiscal year (ends 2026-12-31) | $1.89 | $1.95 | -3.2% | $3.78B | 7 |
| Next fiscal year (ends 2027-12-31) | $2.07 | $2.18 | -4.8% | $4.09B | 7 |