Newmark Group, Inc. (NMRK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+47.6%

$17.77

vs $12.04 price

Levered DCF

$6.15

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.42×	35.58×	43.84×	17.33×	4.78×	18.69×	22.81×	12.34×
P/B	2.12×	1.83×	1.52×	1.22×	2.78×	1.99×	3.99×	1.16×
P/S	0.93×	0.81×	0.77×	0.53×	1.22×	0.69×	1.08×	0.62×
EV / EBITDA	11.43×	11.95×	11.97×	7.44×	4.19×	10.08×	8.8×	6.16×
Gross margin	94.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	7.0%	6.0%	5.1%	6.9%	43.2%	9.7%	11.1%	16.2%
Net margin	3.8%	2.2%	1.7%	3.1%	25.8%	4.2%	5.3%	5.2%
Current ratio	2.25×	1×	1.01×	0.68×	1.15×	1.07×	1.03×	1.06×
Debt / equity	1.37×	1.68×	1.4×	1.19×	1.88×	3.09×	1.82×	1.39×
Interest coverage	7.2×	5.13×	5.76×	5.99×	37.48×	4.88×	7.67×	6.62×
Dividend yield	0.7%	0.9%	1.1%	1.2%	0.2%	1.8%	2.9%	3.3%
Payout ratio	17.2%	33.7%	49.1%	21.5%	1.0%	28.9%	59.0%	39.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	5.1%	3.4%	7.0%	58.7%	12.2%	19.6%	9.9%
Return on invested capital	3.6%	2.8%	2.1%	4.3%	23.4%	4.0%	7.7%	8.2%
Return on assets	2.5%	1.3%	1.0%	2.1%	14.4%	2.0%	3.7%	3.1%
Free cash flow yield	4.6%	-2.0%	-16.9%	78.9%	-1.9%	-61.1%	39.7%	-28.3%
Earnings yield	4.1%	2.8%	2.2%	5.8%	21.1%	6.1%	4.9%	8.5%
Enterprise value	$4.7B	$4B	$3.5B	$2.6B	$5.8B	$3.1B	$3.3B	$2.6B
Net debt / EBITDA	3.98×	5.41×	5.44×	3.35×	1.61×	5.89×	2.46×	3.23×
Cash conversion cycle (days)	69	81	93	71	75	72	84	81