F

Newmark Group, Inc. — Earnings Quality Grade F

NMRK · Real Estate

Major red flags

Revenue
$3.3B
2025
Net Income
$126M
2025
Gross Margin
Free Cash Flow
$143M
01

Screening Summary

9
Passed
2
Watch
3
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 70 days, change -11 days YoY

A2AR vs Revenue Growth

AR growth 3.9% vs revenue growth 20.3%

A3Revenue vs CFFO

Revenue 20.3%, CFFO 1831.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -11.0% vs revenue 20.3%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.36. Profits backed by cash

C2Free Cash Flow

FCF < 50% of Net Income for 2 years

C3Accruals Ratio

Accruals ratio = -0.9%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 11% of debt $2.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.4B = 96% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 5.1x (>4x). Financial stress

D3Soft Asset Growth

Other assets 23.6% vs revenue 20.3%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change 3% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

1.76
Grey Zone
0 Distress1.102.605.0+ Safe
0.0196
Liquidity
0.2613
Cumulative profit
0.0466
Operating efficiency
0.4457
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25