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Throughout this document Newmark Group, Inc., and where applicable, its consolidated subsidiaries, is referred to as Newmark, Company, we, us, or our. Our Business Newmark is a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers.
Operating margin is thin at 7.10%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 20.3%, still solid.
Net debt of $970M represents 6.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.48B
▲ +20.3% YoY
Net Income (TTM)
$149M
▲ +47.6% YoY
Op. Margin
8.01%
▲ +1.2pp YoY
ROIC
8.12%
▲ +2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$70M
▲ +444.1% YoY
Op. Cash Flow (TTM)
$104M
▲ +1831.1% YoY
Net Debt
$1.12B
Cash & Equiv.
$212M
5Y CAGR: +11.6%
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