Newmark Group Inc
NMRKBuild a strategy around NMRK
Newmark Group Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 782M is 57% of equity (1.4B) - acquisition-heavy model creates impairment risk if CRE market weakens[Goodwill]
- Negative FCF TTM (-69.7M) despite 3.2B revenue; cash flow from ops also negative (-43.9M) - cash burn concern[Free Cash Flow TTM]
- EPS growth 1Y of 150% vs 5Y CAGR of -8.5% signals cyclical recovery, not structural improvement[EPS Growth 1 Year]
Watch Triggers
- Free Cash Flow TTM: Turns positive for 2 consecutive quarters — Validates operating leverage thesis; current -69.7M burn unsustainable
- Current Debt: Exceeds 1.5B or refinancing at rates >8% — 1.35B current debt with negative FCF creates near-term liquidity risk
- Operating Margin TTM: Expands above 10% — Currently 5.4% vs 17.8% industry - margin recovery is key to thesis
Bull Case
Scale advantage: 3.2B revenue (6x median) with 0.6x asset turnover (5x industry) positions for margin expansion as CRE volumes recover
Valuation discount: P/S 1.4x vs industry 4.5x and P/E 30x near median 31x despite superior scale and recovery momentum
Bear Case
Balance sheet stress: Debt/equity 1.94x with 1.4B current debt, negative FCF (-69.7M), and only 224M cash creates refinancing risk
Tangible book of only 27M vs 4.3B market cap (P/TB 159x) - paying massive premium for intangibles in cyclical business
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
CRE transaction recovery will drive operating leverage, but FCF must turn positive to validate
- Asset turnover 0.6x vs industry 0.12x shows revenue efficiency
- Operating margin 5.4% below industry 17.8% has expansion room
- G&A of 591M (19% of revenue) offers cost-cutting potential
Valuation Context
Caveats
NMRK Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.72B | — | ||
$4.97B | — | ||
19 | — | ||
$3.48B | +21.6% | — | |
$0.81 | +113.2% | — | |
6.78% | +1.2% | — | |
4.30% | +1.9% | — | |
$69.67M | — | ||
11.0% | +5.6% | — | |
Beta 5Y (Monthly) | unknown | — |
NMRK Dividend History
2026
$0.09002025
$0.12002024
$0.12002023
$0.12002022
$0.10002021
$0.04002020
$0.13002019
$0.39002018
$0.2700NMRK Stock Splits
NMRK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/08/26 | 03/31/26 | 10-Q | |
03/02/26 | 12/31/25 | 10-K | |
11/10/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
03/16/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/15/19 | 12/31/18 | 10-K | |
11/14/18 | 09/30/18 | 10-Q | |
08/14/18 | 06/30/18 | 10-Q | |
05/15/18 | 03/31/18 | 10-Q | |
03/20/18 | 12/31/17 | 10-K | |
12/15/17 | 09/30/17 | 424B4 | |
10/23/17 | 06/30/17 | S-1 | |
05/15/18 | 03/31/17 | 10-Q | |
12/15/17 | 12/31/16 | 424B4 | |
09/30/16 | 09/30/16 | Unknown | -- |