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Held by 290 of 5,944 reporting institutions (94th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $13.84 today, the market must believe free cash flow compounds 8.0%/yr for a decade (off $143M normalized FCF).
The market's 8.0% is more optimistic than its 8-yr track record.
2-stage DCF · 0.18B shares · net debt $443M
mean -151.5% · volatility σ 29% · implied rate exceeded in 0/3 yrs
Central path = implied 8.0%/yr growth; shaded band = ±1σ (29%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| NMRK | $2.5B | 20.4× | 10.4× | 0.8× | 20.3% | — | 3.8% | 8.6% | 5.9% | 2.4× | 290 |
Peers = companies sharing NMRK's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.29B 100.0% | $2.74B 100.0% | $2.47B 100.0% | $2.71B 100.0% | $2.91B 100.0% | $1.90B 100.0% | $2.22B 100.0% | $2.05B 100.0% | $1.60B 100.0% | $1.35B 100.0% |
| Selling, General & Admin | $658.9M 20.0% | $597.6M 21.8% | $536.7M 21.7% | $534.8M 19.8% | $553.6M 19.0% | $294.4M 15.5% | $361.9M 16.3% | $331.8M 16.2% | $219.2M 13.7% | $185.3M 13.7% |
| Total Operating Expenses | $3.10B 94.2% | $2.58B 94.3% | $2.36B 95.5% | $2.42B 89.5% | $2.88B 99.2% | $1.74B 91.1% | $2.05B 92.5% | $1.84B 90.0% | $1.47B 92.1% | $1.20B 88.7% |
| Operating Income | $234.0M 7.1% | $163.0M 6.0% | $125.2M 5.1% | $185.6M 6.9% | $1.25B 43.2% | $184.0M 9.7% | $246.2M 11.1% | $332.6M 16.2% | $199.8M 12.5% | $167.4M 12.4% |
| Other Income (Expense), net | $43.0M 1.3% | $6.7M 0.2% | $13.9M 0.6% | -$97.7M -3.6% | $1.23B 42.4% | $15.3M 0.8% | $81.0M 3.6% | $127.3M 6.2% | — | — |
| Pretax Income | $201.5M 6.1% | $131.3M 4.8% | $103.5M 4.2% | $154.6M 5.7% | $1.22B 42.0% | $146.3M 7.7% | $214.1M 9.7% | $282.4M 13.8% | $202.6M 12.7% | $171.2M 12.7% |
| Income Tax Expense | $46.1M 1.4% | $45.8M 1.7% | $41.1M 1.7% | $42.1M 1.6% | $243.0M 8.4% | $37.0M 1.9% | $52.4M 2.4% | $90.5M 4.4% | $57.5M 3.6% | $4.0M 0.3% |
| Net Income | $126.2M 3.8% | $85.5M 3.1% | $62.4M 2.5% | $112.5M 4.2% | $978.1M 33.7% | $109.3M 5.7% | $117.3M 5.3% | $106.7M 5.2% | $144.5M 9.1% | $168.4M 12.5% |
| Per Share | ||||||||||
| EPS (Basic) | $0.71 | $0.36 | $0.25 | $0.46 | $3.91 | $0.39 | $0.59 | $0.65 | $1.08 | — |
| EPS (Diluted) | $0.68 | $0.34 | $0.24 | $0.45 | $3.80 | $0.39 | $0.58 | $0.64 | $0.85 | — |
| Weighted Avg Shares (Basic) | 178.5M | 172.2M | 173.5M | 180.3M | 190.2M | 179.1M | 177.8M | 157.3M | 133.4M | — |
| Weighted Avg Shares (Diluted) | 253.4M | 177.7M | 176.4M | 245.2M | 195.8M | 179.7M | 185.0M | 163.8M | 138.4M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
7/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $127M buybacks = $127M returned on $143M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 9-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 16.2 | 16.3 | 15.5 | 19.0 | 19.8 | 21.7 | 21.8 | 20.0 |
| Operating Income | 16.2 | 11.1 | 9.7 | 43.2 | 6.9 | 5.1 | 6.0 | 7.1 |
| Income Tax | 4.4 | 2.4 | 1.9 | 8.4 | 1.6 | 1.7 | 1.7 | 1.4 |
| Net Income | 5.2 | 5.3 | 5.7 | 33.7 | 4.2 | 2.5 | 3.1 | 3.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NMRK: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.