Newmark (NMRK)
NASDAQ:NMRK
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Newmark Group
(NASDAQ:NMRK)
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Rating:62Neutral
Price Target:
$15.00
▼(-9.26% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improving operations but constrained by inconsistent cash-flow quality and meaningful leverage. Technicals are supportive and the latest earnings call was notably constructive with raised guidance and strong cash-flow/returns commentary, while valuation remains a key headwind due to the elevated P/E and modest yield.
Positive Factors
Diversified revenue mix and recurring management fees
Newmark generates revenue across management/servicing, leasing and capital markets, with a servicing book expanding to over $220B. That diversified mix and recurring management fees reduce cyclicality and provide a steadier revenue base that supports durable earnings through CRE cycles.
Negative Factors
Meaningful leverage on the balance sheet
Debt exceeding equity (~1.4x) leaves Newmark more exposed to interest-rate moves, covenant pressure and refinancing risk. High leverage reduces capital flexibility for M&A or downturns and increases the importance of consistently strong cash generation to avoid balance-sheet stress.
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Positive Factors
Negative Factors
Diversified revenue mix and recurring management fees
Newmark generates revenue across management/servicing, leasing and capital markets, with a servicing book expanding to over $220B. That diversified mix and recurring management fees reduce cyclicality and provide a steadier revenue base that supports durable earnings through CRE cycles.
Read all positive factors
Newmark Group (NMRK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.54B
Dividend Yield0.68%
Average Volume (3M)1.43M
Price to Earnings (P/E)47.5
Beta (1Y)1.29
Revenue Growth23.00%
EPS Growth105.99%
CountryUS
Employees8,100
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.84
Shares Outstanding156,242,190
10 Day Avg. Volume1,471,461
30 Day Avg. Volume1,430,174
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.77
Price to Sales (P/S)0.93
P/FCF Ratio21.70
Enterprise Value/Market Cap1.69
Enterprise Value/Revenue1.23
Enterprise Value/Gross Profit1.27
Enterprise Value/Ebitda9.33
Forecast
1Y Price Target
$19.70Price Target Upside19.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.93
Revenue Forecast (FY)$3.80B
Newmark Group Business Overview & Revenue Model
Company Description
Newmark Group, Inc. provides commercial real estate services in the United States and internationally. The company's investor/owner services and products include capital markets, such as investment, debt and structured finance, and loan sales; age...
How the Company Makes Money
Newmark makes money primarily by earning fees and commissions for providing commercial real estate services. Key revenue streams typically include: (1) Leasing services: commissions and fees when Newmark brokers landlord leasing or represents tena...
Newmark Group Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call presented multiple material operational and financial positives: strong top‑line growth (27%+), outsized EPS improvement (57%+), significant free cash flow expansion (+111.7%), raised full‑year guidance, active share repurchases and a dividend increase. These highlights are balanced against notable but manageable headwinds including a 24.5% rise in expenses, leasing comps that temper leasing guidance, tax rate uncertainty, short‑term drag from international hiring/garden‑leave, and execution risks around complex transactions and data center power/permitting. Overall, the favorable revenue, earnings, cash flow and guidance momentum substantially outweigh the lowlights, supporting a constructive outlook.Positive Updates
Strong Revenue and Earnings Growth
Total revenues rose 27.2% year-over-year to $846.5M (Q1 2026 vs Q1 2025). Adjusted EPS increased 57.1% to $0.33 from $0.21. Adjusted EBITDA grew 35.8% to $121.2M (from $89.2M). Adjusted EBITDA margin improved by 91 basis points.
Negative Updates
Rising Operating Expenses
Total expenses increased 24.5%, driven by commission and pass-through expense growth tied to revenue as well as elevated spending on global growth initiatives—creating upward pressure on cost base despite margin gains.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue and Earnings Growth
Total revenues rose 27.2% year-over-year to $846.5M (Q1 2026 vs Q1 2025). Adjusted EPS increased 57.1% to $0.33 from $0.21. Adjusted EBITDA grew 35.8% to $121.2M (from $89.2M). Adjusted EBITDA margin improved by 91 basis points.
Read all positive updates
Company Guidance
Newmark raised its full‑year 2026 outlook, now forecasting total revenues of $3.775–$3.875 billion (up 15%–18%), adjusted EBITDA of $656–$694 million (up 17%–23%), and adjusted EPS of $1.87–$1.98 (up 15%–22%), and said it expects to deliver double‑digit top‑ and bottom‑line growth for the third straight year; management highlighted that capital markets should grow faster than the midpoint of revenue guidance, management & servicing should be roughly in line with the midpoint, leasing is expected below the midpoint, and the adjusted‑earnings tax rate is projected at 13%–15% (versus 11.4%), while the outlook excludes the impact of future acquisitions and assumes no material change in the stock price.Newmark Group Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
56
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.48B | 3.34B | 2.74B | 2.47B | 2.71B | 2.91B |
| Gross Profit | 3.38B | 3.16B | 2.74B | 2.47B | 2.71B | 2.91B |
| EBITDA | 459.76M | 415.31M | 337.34M | 291.56M | 351.38M | 1.38B |
| Net Income | 149.37M | 126.19M | 61.23M | 42.58M | 83.28M | 750.73M |
Balance Sheet | ||||||
| Total Assets | 5.28B | 5.02B | 4.71B | 4.47B | 3.94B | 5.22B |
| Cash, Cash Equivalents and Short-Term Investments | 334.99M | 349.29M | 197.69M | 164.99M | 233.80M | 715.90M |
| Total Debt | 2.36B | 2.00B | 2.02B | 1.75B | 1.41B | 2.40B |
| Total Liabilities | 3.59B | 3.27B | 3.17B | 2.88B | 2.42B | 3.55B |
| Stockholders Equity | 1.69B | 1.75B | 1.21B | 1.25B | 1.18B | 1.28B |
Cash Flow | ||||||
| Free Cash Flow | 339.42M | 142.63M | -43.05M | -321.32M | 1.13B | -68.43M |
| Operating Cash Flow | 103.81M | 172.00M | -9.94M | -265.96M | 1.20B | -48.71M |
| Investing Cash Flow | -205.83M | -198.11M | -33.43M | -49.74M | 308.63M | 453.09M |
| Financing Cash Flow | 53.98M | -44.85M | 89.53M | 261.46M | -1.46B | -396.28M |
Newmark Group Technical Analysis
Negative
16.53
Price Trends
15.27
Negative
15.76
Negative
16.67
Negative
Market Momentum
-0.25
Positive
32.20
Neutral
3.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMRK, the sentiment is Negative. The current price of 16.53 is above the 20-day moving average (MA) of 15.83, above the 50-day MA of 15.27, and below the 200-day MA of 16.67, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 32.20 is Neutral, neither overbought nor oversold. The STOCH value of 3.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NMRK.
Newmark Group Risk Analysis
Newmark Group disclosed 55 risk factors in its most recent earnings report. Newmark Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Newmark Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $13.40B | 22.41 | 12.35% | ― | 11.23% | 68.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.10B | -81.92 | -0.10% | 1.80% | 9.77% | 91.22% | |
62 Neutral | $2.54B | 47.47 | 9.81% | 0.68% | 23.00% | 105.99% | |
62 Neutral | $38.19B | 31.35 | 15.35% | ― | 14.77% | 34.03% | |
58 Neutral | $2.96B | -56.63 | 3.79% | ― | 10.40% | -54.85% |
* Real Estate Sector Average
NMRK
Newmark Group
13.95
3.77
37.01%
CBRE
CBRE Group
128.15
7.28
6.02%
JLL
Jones Lang Lasalle
286.52
71.09
33.00%
MMI
Marcus & Millichap
28.15
0.59
2.15%
CWK
Cushman & Wakefield
12.59
3.07
32.25%
Newmark Group Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Newmark Group Expands and Extends Revolving Credit Facility
Positive
Apr 21, 2026
On April 17, 2026, Newmark Group, Inc. entered into a Third Amended and Restated Credit Agreement that upsized its senior unsecured revolving credit facility by 50% to $900 million and extended the facility’s maturity to April 17, 2030, repl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.