Newmark combines double-digit growth, a $222.1 billion servicing platform and a BBB- balance sheet with a 6.2x–6.5x forward P/E, creating substantial upside if rates stabilize and recurring fees keep scaling.
Overview
Newmark Group is a global, capital-light commercial real estate advisory and services firm, with more than 195 offices and over 10,000 professionals including independently owned partners. Its fee-for-service model spans Capital Markets, Leasing and Other Commissions, and Management Services and Servicing. It competes with larger platforms such as CBRE and JLL but is gaining share in institutional capital markets, including ranking as the #1 U.S. office sales broker for deals above $25 million, with more than 26% share. Q2 2026 revenue rose 17.0% to $888.4 million; adjusted EBITDA increased 22.1% to $139.2 million, and adjusted EPS of $0.39 beat the $0.37 consensus. Management reaffirmed 2026 revenue guidance of $3.775 billion–$3.875 billion and adjusted EPS of $1.87–$1.98. **The servicing portfolio’s $222.1 billion balance provides a growing recurring-fee buffer**, with a target above $2.0 billion of recurring Management and Servicing revenue by 2029. At $11.48, shares trade at roughly 6.2x–6.5x FY2026 adjusted EPS, despite a BBB- rating and 1.0x net leverage. Near-term catalysts are rate stabilization, Q3 results on October 29, 2026, and an orderly CEO transition.