Start here if you're new
what it is
Newmark helps big property owners lease, finance, value, and manage buildings.
how it gets paid
Last year Newmark made $2.8B in revenue. Capital markets was the main engine at $1.12B, or 40% of sales.
why it's growing
Revenue grew 21.9% last year. Revenue was up 167% vs. prior year. EPS was up 28% vs. prior year.
what just happened
Revenue hit $1.9B and EPS was $0.32.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
30.5x trailing p/e — you're paying up for this one
0.8% dividend yield — cash in your pocket every quarter
4.1% return on capital — nothing to write home about
xvary composite: 60/100 — average
What they do
Newmark helps big property owners lease, finance, value, and manage buildings.
Capital markets → investment sales and mortgage brokerage → the fee business that gets paid when buildings change hands. You are not replacing that overnight when Newmark has 7,500 employees and about 170 offices across four continents. The ugly part is simple: your lender, landlord, and broker often already know each other.
How they make money
$2.8B
annual revenue · their business grew +21.9% last year
Capital markets
$1.12B
Agency leasing
$0.64B
Valuation and advisory
$0.42B
Occupier services
$0.34B
GSE, FHA, workspace, and other
$0.28B
The products that matter
investment sales & financing
Capital Markets
$1.8B · 55% of revenue
This $1.8B segment grew 22% and is the cleanest read on whether commercial real estate financing is reopening. If you want one operating line to watch, this is it.
cycle driver
tenant and landlord advisory
Leasing & Services
$1.1B · 33% of revenue
This $1.1B business grew 19%, which helps diversify the story. The catch: it still depends on occupiers making real estate decisions instead of waiting for better conditions.
volume sensitive
commercial property operations
Property Management
$0.4B · 12% of revenue
At $0.4B and 21% growth, this is the steadier piece of the model. It adds ballast, but it is too small to offset a real freeze in capital markets on its own.
stability layer
Key numbers
$2.8B
TTM revenue
That is the size of the fee machine. For a business tied to property deals, $2.8B is the base you underwrite.
12.1%
operating margin
Newmark keeps 12.1 cents of each revenue dollar after operating costs. That leaves room for a downturn to bite.
$1.2B
long-term debt
Debt at $1.2B is not tiny for a $3B company. It matters if refinancing gets uglier.
0.8%
dividend yield
The dividend is tiny. You own this for deal flow, not income.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 30 / 100
- long-term debt $1.2B (32% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NMRK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $1.9B and EPS was $0.32.
Revenue was up 167% vs. prior year. EPS was up 28% vs. prior year.
$700M
revenue
$0.32
eps
12.1%
gross margin
the number that mattered
Revenue at $1.9B showed the fee base can move hard when the deal market wakes up.
source: company earnings report, 2026
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What could go wrong
the top risk is simple: Newmark's rebound case needs commercial real estate refinancing and deal activity to keep thawing. With 55% of revenue in capital markets, this company feels a market freeze faster than the average financial stock.
high
Commercial real estate debt wall
Management says $2.0T of commercial real estate debt matures in the next three years. That should create advisory work, but only if lenders stay open for business.
If refinancing markets freeze, the biggest revenue segment gets hit first. That is the bear case in one sentence.
med
Margin gives back the recovery
Operating margin improved to 12.3%, but this is still a cyclical revenue model. Elsewhere on this page, the downturn marker is 5.4%.
If margin slides back toward that floor, earnings fall much faster than the current multiple suggests.
med
Office leasing stays hesitant
Leasing & Services is a $1.1B business, or 33% of revenue. If occupiers keep delaying space decisions, one-third of the model stays under pressure even if investment sales improve.
You would then need capital markets to do almost all the lifting, which makes the story more fragile.
low
Regulatory and litigation friction
The company flags litigation and regulatory exposure in its filings. That is normal for an intermediary business, but normal does not mean free.
This is less about breaking the model and more about adding costs to already variable earnings.
Between capital markets at 55% of revenue and leasing at 33%, most of the $3.29B revenue base still depends on commercial real estate activity staying alive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected on or around April 29, 2026. Here is the thing: you are checking whether early-2026 deal flow still supports the raised full-year outlook.
guidance
2026 revenue and EPS targets
Management is guiding to $3.7B–$3.8B of revenue and about $1.82 of EPS. If those numbers get trimmed, the recovery story gets thinner fast.
credit
Refinancing conditions in commercial real estate
Newmark's best segment is capital markets. If refinancing markets seize up, 55% of revenue goes from tailwind to problem.
margin
Operating margin holds above the cycle floor
Q4 margin was 12.3%. The stress marker on this page is 5.4%. The direction between those two numbers will tell you how real the rebound is.
Analyst rankings
earnings predictability
25 / 100
Low predictability means quarterly results can move around with market activity — in human-speak, analysts do not have a clean line of sight here.
risk rank
2
This measure says the balance sheet risk is better than most. It does not cancel out the business cycle.
price stability
30 / 100
The stock does not trade like a steady compounder. You should expect more swings than the balance sheet grade alone suggests.
source: institutional data
Institutional activity
institutional ownership data for NMRK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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