NMRKNEWMARK GROUP, INC.
Real Estate Agents & Managers (for Others)
- Revenue
- $2.8B
- 22% YoY
- Operating margin
- 8.4%
- 18% YoY
- EBITDA
- $415M
- 23% YoY
- Market cap
- $2.9B
- Employees
- 8,800
- $315K revenue each
- Net debt / EBITDA
- 1.5×
- $608M net debt
- AI in 10-K
- 2.4
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$20M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo136% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo74% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo82% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$315K · 33rd pctBottom quartile of its SIC industry
- Quiet on AINo2.4 per 10K words · 61st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.3B | $2.1B | $2.3B | $2.8B | 22% |
| Operating income | $1.3B | $186M | $125M | $163M | $234M | 44% |
| Net income | $978M | $113M | $62M | $85M | $126M | 48% |
| Operating cash flow | −$49M | $1.2B | −$266M | −$10M | $172M | 1831% |
| Capex | $20M | $62M | $55M | $32M | $29M | 6.8% |
| Stock-based comp | $301M | −$5M | $0 | −$700K | $0 | 100% |
| Buybacks | $291M | $295M | $37M | $213M | $127M | 40% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 6, 2025 | LUTNICK HOWARD W | SCHEDULE 13D/A | 0.0% | Passive |
| Oct 6, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 19.9% | Passive |
| May 19, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 20.5% | Passive |
| Feb 19, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 39.8% | Passive |
| Nov 21, 2024 | CANTOR FITZGERALD, L. P. | SC 13D/A | 23.8% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2024 | $20M | $20M | 83 | 80 |
| FY2023 | $20M | $20M | 55 | 35 |
| FY2022 | $20M | $20M | 11 | 12 |
| FY2021 | $35M | $35M | 157 | 71 |