Douglas Elliman Stock price
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $153.60m | Revenue (TTM) = $1.01b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $48.37m | Revenue (TTM) = $1.01b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Douglas Elliman Stock Analysis
Analyst Opinions
7 Analysts have issued a Douglas Elliman forecast:
Analyst Opinions
7 Analysts have issued a Douglas Elliman forecast:
Douglas Elliman Events
Past Events
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AUG
7
Q2 2026 Earnings Call
about 2 months ago
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MAR
13
Q4 2025 Earnings Call
6 months ago
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NOV
4
Q3 2025 Earnings Call
11 months ago
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StocksGuide Free
Douglas Elliman — Q2 2026 Earnings Call
1. Management Discussion
Welcome to Douglas Elliman's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for 1 year. I would like to turn the conference over to Douglas Elliman's Vice President of Finance, Heather Capriola.
Thank you, and good morning. On the call with me today is Michael Liebowitz, President and CEO of Douglas Elliman, Inc.; and Bryant Kirkland, CFO of Douglas Elliman, Inc. During this call, the terms adjusted EBITDA and adjusted net loss will be used as well as last 12 months or LTM metrics. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP.
Reconciliations to adjusted EBITDA and adjusted net loss are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website. Before the call begins, I would like to read a safe harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission's filings.
Any forward-looking statements made during this call are made as of today, and the company undertakes no duty to update or revise any such statement, whether as a result of new information, future events or otherwise, except as required by law.
Now I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.
Thank you, Heather. Good morning, and thank you for joining us. On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the 3 and 6 months ended June 30, 2026. All numbers presented this morning will be as of June 30, 2026, unless otherwise stated. Before we turn to our second quarter 2026 results, I would like to begin by summarizing some of our recent accomplishments that I believe speak directly to the strong future, vision and momentum of this company.
First and foremost, last month, we announced the launch of our AI transformation. I want to be clear about what this launch is and what it is not. This is not simply a technology upgrade. This is a fundamental redesign of how Douglas Elliman operates and more importantly, how we create value. For generations, residential real estate has been organized around the transaction. And for just as long, the data that those transactions generate has been monetized by nearly everyone, except the brokerages that created it. Third-party portals and platforms built billion-dollar businesses on the back of data that our agents and our clients produced. We are changing that model.
Our AI transformation is being conducted on 2 parallel tracks. The first is a company-wide modernization of our technology infrastructure using Agentic AI powered by Google Cloud to automate routine workflows, consolidate our technology stack and beginning in 2027, gradually achieve meaningful savings in our non-commission operating expenses. This is not aspirational. We are already in this execution.
The second track is the build-out of Elius, our newly formed intelligence company. Elius is designed to take Douglas Elliman's proprietary luxury real estate data and build a platform with the potential to generate new products, new revenue streams and entirely new businesses beyond brokerage. Our AI transformation is in early stages, but we are excited about where this technology can take us. Equally important, we are pursuing it from a position of financial strength with no long-term debt and over $100 million in cash. And Bryant will provide more detail on our financial position later in the call.
This is a disciplined, self-funded pursuit. We expect to fund this initial Google Cloud rollout and Elius discovery and development work through existing resources with a modest net incremental investment as a substantial portion of the spending replaces our existing technology expenditures.
Moving on to our international pipeline, which continues to build and represents one of the most exciting growth opportunities in front of us. In June, we expanded into Paris, bringing our French network to 15 offices across France, Monaco and St. Barts. The Paris launch marks the next phase of our international growth strategy and positions the firm in one of the world's most closely watched and coveted residential property markets, and we believe we are in the early stages of what Elliman Capital Global can become.
We also continued meaningful expansion of Elliman Capital in the second quarter. In May, we launched Elliman Capital in California through a strategic partnership with Mark Cohen and Cohen Financial Group, bringing our full suite of lending solutions, conventional and jumbo loans, construction financing, commercial lending, bridge loans, FHA, VA and more to agents and clients across Greater Los Angeles.
Then last month, we extended the platform into Texas with dedicated loan officers serving agents across Dallas-Fort Worth, Houston and Austin, respectively. In both markets, the platform provides clients with competitive rates fast approvals and the expert guidance of our experienced mortgage professionals, all under the Douglas Elliman umbrella. Each expansion deepens the client relationship across the full transaction and adds a revenue opportunity beyond the commission.
When I look at the talent we are bringing into this company, I am reminded of why Douglas Elliman remains the destination of choice for the best luxury agents in the business. In the second quarter, we extended our domestic footprint across several luxury markets, including New Hampshire. We also added a Georgetown office, our fourth in the Mid-Atlantic as well as high-level agents in key markets. Our recruiting pipeline remains strong.
Additionally, our agents continue to set the standard. 29 Douglas Elliman agents and teams were recognized in this year's RealTrends Verified + The Thousand ranking spanning California, Colorado, Florida, Massachusetts, The Hamptons and New York City. We are building a company that is smarter, faster and more efficient, one that is better equipped to support our clients, agents and employees than any other brokerage in the industry.
Every decision we make, every investment we pursue, including our AI transformation, Elliman Capital, international expansion and the talent and leadership we are bringing in is in service of one goal to build something that has never existed in residential real estate, a technology-forward luxury enterprise with a truly global reach, one that resets its cost structure through enterprise-wide AI and deploys its proprietary data through Elius to create intelligence capabilities, new revenue streams and a fundamentally different future for our stockholders, agents and staff.
With that, I will turn it over to Bryant, who will provide more details on our financial operating performance for the 3 and 6 months ended June 30, 2026. Bryant?
Thank you, Michael. Beginning in May 2026, we began to see positive momentum in our financial performance as cash receipts from existing home sales in May and June 2026 were up 15% and 16%, respectively, from the prior year. This momentum has continued into July 2026 with cash receipts from existing home sales up 8% compared to July 2025. During the 3-month period from May to July 2026, the weighted average cash receipts from existing home sales increased by 13% from the comparable 2025 period with Florida, The Hamptons, Texas, Nevada and Boston leading the way.
These results demonstrate that despite elevated mortgage rates, our luxury homebuyers are beginning to look past the macroeconomic and geopolitical uncertainties that were present in early 2026. Before reviewing the financial performance, we will provide some updates on our trends. First, our industry-best average price per transaction through the 6 months ended June 30, 2026, has been consistent with the 2025 year-to-date period at approximately $1.9 million per home sale.
For the last 12 months, our average price per transaction has been $1.85 million per home sale compared to $1.77 million for the 12 months ended June 30, 2025. Next, our development marketing division remains the preeminent industry player with a pipeline of actively marketed projects of approximately $26.1 billion. Approximately $18.9 billion of gross transaction value is in Florida alone. In addition to this pipeline, we have another $9.7 billion of gross transaction value coming to market through September 2027.
We believe this foundation of business bodes well for the future as we will recognize commission income from these projects when they close, which is generally expected to be between 2026 and 2032. And our balance sheet remains strong with $105 million of cash at June 30, 2026, and $121 million of cash and cash equivalents at July 31, 2026. The $16 million increase in cash and cash equivalents in July 2026 reflects the net receipt of $13 million from our settlement of a stockholder derivative action lawsuit. The strength of our balance sheet provides a competitive advantage as we implement plans to transform our technology infrastructure, scale our operations and strengthen our services platform.
Moving to the operating performance of the business in the second quarter, which reflected stronger performance than both the second quarter of 2025 as well as the first quarter of 2026. Douglas Elliman reported $283.4 million in revenues compared to $271.4 million in the 2025 period. Excluding revenues from our property management business, which was disposed of in October 2025, revenues increased by 8.6% from the second quarter of 2025 to $283.4 million from $260.9 million. Net loss for the second quarter was $2.7 million or $0.03 per diluted share and narrowed from a net loss of $22.7 million or $0.27 per diluted share in the 2025 period. Net loss in the 2025 period included a noncash interest expense of $17 million associated with the decline in fair value of derivatives embedded within our convertible debt, which was retired in October 2025.
Adjusted EBITDA for the second quarter was a loss of $986,000 compared to a loss of $3.6 million in the 2025 period. Adjusted net loss for the second quarter was $3.9 million or $0.05 per share compared to adjusted net loss of $7.3 million or $0.09 per share in the 2025 period.
Moving to the operating performance of the business for the 6 months ended June 30, 2026. As a reminder, the year-over-year comparisons for the 6 months ended June 30, 2026, are impacted by a difficult comparable due to an unusually strong first quarter of 2025. Douglas Elliman reported $497.8 million in revenues for the 6 months ended June 30, 2026, compared to $524.8 million in the 2025 period. Existing -- excluding revenues from our property management business, revenues declined by 1.4% from the 2025 period to $497.8 million from $504.8 million.
Net loss for the 6 months ended June 30, 2026, was $19 million or $0.22 per diluted share compared to $28.7 million or $0.34 per diluted share in the 2025 period. Net loss in the 2025 period included a noncash charge of $17.7 million associated with our convertible debt, which was retired in 2025. Adjusted EBITDA for the 6 months ended June 30, 2026, was a loss of $11.4 million compared to a loss of $4.5 million in the 2025 period and adjusted net loss for the 6 months ended June 30, 2026, was $16.3 million or $0.19 per share compared to $11.6 million or $0.14 per share in the 2025 period. Thank you for your attention. And now back to you, Michael.
Thanks, Bryant. Our strong cash balance and cash receipts in the recent months confirm that we are well positioned for success in the second half of the year and beyond. I remain deeply confident in the strength and brand power of the Douglas Elliman franchise, and I'm extremely energized by the incredible opportunities that lie ahead. With that, we will turn the call over to the operator. Operator?
[Operator Instructions] All right. I am showing no questions at this time. I'd now like to formally close up the call and thank everyone for joining us on Douglas Elliman's quarterly earnings conference call. We hope you have a great day, and this will conclude the call.
Thank you.
Thank you.
Douglas Elliman — Q4 2025 Earnings Call
1. Management Discussion
Welcome to Douglas Element's Fourth Quarter and Full Year 2025 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for 1 year.
I would like to turn the conference over to Douglas Elliman's Vice President of Finance, Heather Capriola.
Thank you, and good morning. On the call with me today is Michael Liebowitz, President and CEO of Douglas Elliman Inc.; and Bryant Kirkland, CFO of Douglas Elliman Inc.
During this call, the terms adjusted EBITDA and adjusted net loss or income will be used. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income or loss are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website.
Before the call begins, I would like to read a safe harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings.
Any forward-looking statements made during this call are made as of today, and the company undertakes no duty to update or revise any such statement, whether as a result of new information, future events or otherwise, except as required by law.
Now I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.
Thank you, Heather. Good morning, and thank you for joining us. Douglas Elliman continues to build on the strong momentum established by the decisive steps we took in 2025. Including strategic alignment and disciplined financial management, underpinned by our unwavering commitment to luxury service. The fourth quarter was a period of bold execution and meaningful progress on our long-term vision to be the leading independent luxury real estate brokerage driven by innovation, talent and a relentless focus on our clients and agents. This progress positions Douglas Elliman well for long-term success and value creation for our stakeholders.
On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the 3 months and year ended December 31, 2025. All numbers presented this morning will be as of December 31, 2025, unless otherwise stated. Before we turn to our results, I want to highlight several key developments from the past quarter that underscore our differentiated strategy and the unique strengths that set Douglas Elliman apart.
First, we continue to actively pursue opportunities to deepen our footprint in existing markets while strategically entering new high potential regions. We continued expanding our brand internationally with our recent entry into the French Alps, building on our successful launches in Bordeaux, the French Riviera and Monaco. Under the leadership of Rich Green, our brand's presence in these globally recognized luxury destinations is already generating significant interest from high net worth clients seeking exclusive cross-border expertise. By partnering with seasoned industry leaders and local specialists, we believe we have further enhanced our ability to deliver best-in-class service and bespoke solutions in the world's most coveted markets.
We currently operate in nine markets in the United States and believe there is a significant opportunity to further expand our presence as well as the Douglas Elliman brand in our existing and new markets. To support this strategy, Douglas Elliman recently launched two growth teams. The market growth team focused on expanding our footprint within current markets and the new markets team responsible for driving our expansion into new domestic and international markets. These teams will strategically recruit agents by highlighting our competitive advantage in serving the luxury real estate sector.
Second, we have continued to expand our core service offerings. The successful launch of Elliman Capital in New York, following its debut in Florida, marks a significant step forward in our mission to deliver a seamless, integrated real estate and finance experience for our clients. By leveraging our strategic alliance with associated mortgage bankers, Elliman Capital provides agents and clients with a comprehensive suite of lending solutions, competitive rates and the streamlined support that only an in-house platform can offer. This initiative strengthens our value proposition in our flagship markets and positions us to capture new opportunities among traditional and nontraditional borrowers alike.
Third, we have reinforced our leadership team with appointments that signal our commitment to growth and innovation operational excellence and agent empowerment. Our broker subsidiary has appointed Wendy Purvey as Chief Strategy Officer, and her appointment further strengthens our capacity to drive growth through agent acquisitions international partnerships and new service lines.
Our broker subsidiary has also welcomed the return of Natalie Passerini, as Chief Marketing Officer, and the addition of Chris Reyes as Chief Technology Officer. Natalie and Chris brings deep expertise and fresh vision to our brand evolution, digital strategy and agent support platforms. We are excited to welcome these accomplished leaders to the Douglas Elliman team and look forward to the energy, insight and collaboration they will bring as we continue to elevate our company and support our agents.
Finally, we have also made significant investments in market intelligence, technology and resources. We recently launched a new market data report program, which will provide agents and clients with timely, transparent insights tailored to our markets. Our ongoing rollout of agent-centric technology, including Elli AI, Elliman private listings and enhanced marketing tools ensures our professionals remain at the forefront of the industry equipped to deliver exceptional value and results.
Now turning to our 2025 results was a pivotal year in which we advanced our strategic transformation and strengthened our financial position. Our revenues for 2025 increased by 3.8% year-over-year to $1.033 billion. We made considerable progress toward restoring profitability, reporting operating income of $45.5 million, a significant improvement from our operating loss of $68.8 million in 2024. This year's operating income was positively impacted by an $81.7 million gain from the sale of our Property Management division in October. After adjusting for this gain and other items, our adjusted EBITDA for 2025 improved to a loss of $14 million compared to a loss of $24.1 million in 2024.
With cash and cash equivalents of approximately $115.5 million at December 31, 2025, and no long-term debt following the redemption of our convertible notes, we are strategically positioned to capitalize on market opportunities in our evolving industry. We believe 2026 will mark the beginning of a new growth phase as the investments and strategic moves we made in '25 begin to yield results.
Our strengthened balance sheet and enhanced operational capabilities give us flexibility to enter new markets, scale our innovative offerings and attract top talent. This foundation enables us to respond proactively to emerging opportunities and evolving client needs, helping us in our quest to drive long-term growth and deliver sustainable value for our clients, agents and stockholders.
With that, I will turn it over to Bryant, who will provide more details on our financial performance and the trends shaping the residential real estate market.
Thank you, Michael, and good morning. We are confident that our positive momentum is continuing and has positioned Douglas Elliman for long-term success. As Michael discussed, we believe our strong balance sheet provides Douglas Elliman with a competitive advantage as we implement our plans to grow in our existing markets, expand in the new markets where appropriate, and strengthen our services platform as opportunities arise in our ever-changing industry.
And the results from the year ended December 31, 2025 indicate that our core operations are starting to reflect the impact of strategic actions we have taken over the past 2 years. In particular, results from operations for the year ended December 31, 2025, benefited from favorable sales mix, highlighted by strong contributions from development marketing in the Northeast region. Specifically, revenues from our development marketing division increased by $12.6 million from the prior year as we began to see the benefits of the investments we have made in this division in recent years.
As a reminder, we recognized commission income for development market contracts when the underlying its close. I would now like to discuss a few key trends. First, Douglas Elliman continues to set the standard in the luxury market with luxury home pricing remaining strong. Our average price per transaction in 2025 increased to $1.86 million per home sold compared to $1.67 million per home sold in 2024.
In the fourth quarter of 2025, our agent sold 282 homes priced at more than $5 million, representing 5.4% of total transactions and 1,282 such homes during the year ended December 31, 2025. That's a 25% increase compared to the year ended December 31, 2024. We also sold 102 homes for more than $10 million in the fourth quarter and 392 in 2025. Those are increases of 31% and 28%, respectively, from last year. These results clearly demonstrate Douglas Elliman remains the definitive name and luxury real estate.
Next, our development marketing division remains a preeminent industry player with an active project pipeline totaling $25.3 billion in gross transaction value. That includes $17.5 billion in gross transaction value in Florida alone. In addition to this pipeline, $7.5 billion of gross transaction value is expected to come to market through December 2026. We believe this strong foundation positions us well for the future as we will recognize commission income from these projects upon closing which is generally between 2026 and 2031. Development marketing's revenue increased to $80.4 million in the year ended December 31, 2025, up from $67.8 million in 2024.
I'm also pleased to report each of our geographic markets increased revenues from existing home sales in 2025. Consistent with the third quarter, leading the way was the Northeast market, which increased by $17.5 million or 9.2% from 2024. Importantly, we achieved these results among -- amid ongoing economic pressures, including geopolitical uncertainties and the continuation of elevated mortgage rates.
Although not included in our fourth quarter results, cash receipts from existing home sales in January and February 2026 were 11% lower than January and February 2025, and total brokerage cash receipts, which include existing home sales and receipts from our development marketing division were 12.4% lower than January and February 2025. As a reminder, the first quarter of 2025 is a difficult comparable because it had the highest revenues in a quarter since 2022 -- highest revenues in our first quarter since 2022.
Let us move to updates on our expense structure and our continued focus on operational efficiency. We continue to manage investments across our markets with a strict focus on return on investment metrics. For the 3 months and year ended December 31, 2025, we continue to target expenses with respect to office leases, professional services and technology. Nonetheless, our expense structure was negatively impacted by inflationary trends and increased personnel expenses. The increase in personnel expenses was primarily attributable to our ongoing investment in the development marketing business, as well as increased bonus accruals associated with increased revenues from business performance in 2025.
Next, Douglas Elliman's balance sheet continues to provide a competitive advantage as we focus on executing our growth strategy. In October 2025, in connection with and upon consummation of the sale of our property management business, the company agreed to repay and redeem all of our convertible notes for an aggregate payment of $95 million, which included accrued interest. As Michael noted, this strengthened our financial position, and the company had $115.5 million of cash and cash equivalents and no long-term debt at December 31, 2025. We believe our strong balance sheet gives Douglas Elliman a competitive advantage by providing optionality to expand into new markets where appropriate and strengthen our services platform as opportunities arise in our ever-changing industry.
Now moving to the operating performance of the business in the fourth quarter. Douglas Elliman reported $245.4 million in revenues compared to $243.3 million in the 2024 period. Excluding revenues from our recently disposed property management business in both periods, revenues increased by 3.8% from the fourth quarter of 2024, to $243.3 million from $234.2 million. Net income for the fourth quarter was $68.6 million or $0.68 per diluted share compared to net loss of $6 million or $0.07 per diluted share in the 2024 period.
Net income in the 2025 period included a gain of $81.7 million from the disposal of our property management business and a noncash benefit of $4.7 million associated with the decline in fair value of derivatives embedded within our convertible debt. Net loss in the 2024 period included a noncash benefit of $5.2 million associated with the decline in fair value of derivatives embedded within our convertible debt.
Adjusted EBITDA, which excludes the operations of our property management business in all periods for the quarter was a loss of $10.6 million compared to a loss of $6.6 million in the 2024 period. Adjusted net loss in the fourth quarter was $14.2 million or $0.17 per share compared to adjusted net income of $1.3 million or $0.01 per share in the 2024 period.
Now turning to the operating performance of the business for the year ended December 31, 2025, which will be compared to the year ended December 31, 2024. Douglas Elliman reported $1.033 billion in revenues, up from $995.6 million in revenues in 2024. Excluding revenues from our recently disposed property management business in both periods, revenues for the year increased by 4.4% from 2024 to $1 billion from $958.8 million.
Net income for 2025 was $15.2 million or $0.17 per diluted share compared to net loss of $76.3 million or $0.91 per diluted share. Net income in the 2025 period included a gain from the disposal of our property manager business of $81.7 million, which was offset by a noncash charge of $28.5 million associated with the increase in fair value of derivatives embedded within our convertible debt. Net loss in the 2024 period included a $17.75 million litigation settlement charge and a noncash charge of $15 million associated with the increase in fair value added derivatives embedded within our convertible debt.
Adjusted EBITDA for 2025 was a loss of $14 million compared to a loss of $24.1 million in the 2024 period and both of these amounts exclude operations of our recently disposed property management business. Adjusted net loss for 2025 was $27.1 million or $0.32 per share compared to $29.6 million or $0.35 per share in the 2024 period. As noted earlier, Douglas Elliman has maintained ample liquidity with cash and cash equivalents at December 31, 2025, up approximately $115.5 million.
Thank you for your attention, and now back to you, Michael.
Thanks, Bryant. We have implemented strategic initiatives to advance our market leadership, elevate our service offerings and expand our reach. both domestically and internationally. Our 2025 results demonstrate that our recent investments are already delivering tangible benefits, and we expect these positive impacts to continue into 2026 and beyond. Thank you for your continued trust in Douglas Elliman.
With that, we will turn the call over to the operator. Operator?
Thank you for joining us on Douglas Element's quarterly earnings conference call. We hope you have a good day, and this will conclude our call.
Douglas Elliman — Q3 2025 Earnings Call
1. Management Discussion
Welcome to the Douglas Elliman's Third Quarter 2025 Earnings Conference Call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for 1 year.
I would like to turn the conference over to Douglas Elliman Vice President of Finance, Heather Capriola.
Thank you, and good morning. On the call with me today is Michael Liebowitz, President and CEO of Douglas Elliman Inc.; and Bryant Kirkland, CFO of Douglas Elliman Inc.
During this call, the terms adjusted EBITDA and adjusted net income or loss will be used as well as last 12 months or LTM metrics. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income or loss are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website.
Before the call begins, I would like to read a safe harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings.
Any forward-looking statements made during this call are made as of today, and the company undertakes no duty to update or revise any such statement, whether as a result of new information, future events or otherwise, except as required by law.
Now I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.
Thank you, Heather. Good morning, and thank you for joining us. We have strong momentum as a result of the decisive steps we have taken this year to build a more focused pure-play luxury brokerage.
While others in the industry are pursuing consolidation and platform integration, we remain committed to deepening our leadership in the luxury segment, a category that is synonymous with our brand. This strategic focus positions Douglas Elliman well for long-term success and value creation for our stakeholders.
On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the 3 and 9 months ended September 30, 2025. All numbers presented this morning will be as of September 30, 2025, unless otherwise stated. We will then provide closing comments.
Before we turn to our third quarter 2025 results, I would like to begin by discussing some of our recent strategic initiatives. For the first 9 months of 2025, our revenues increased by 5% year-over-year to $787.6 million. We also made considerable progress toward restoring profitability, reducing our operating loss to $21.5 million from $52.6 million in the same period last year.
Taking a step back, 2025 has been a pivotal transitional year for Douglas Elliman so far. Our focus has been on building the foundation for sustainable long-term growth and positioning the company to capture opportunities as market conditions improve. We have taken decisive steps to sharpen our competitive edge, enhance our service offerings and expand our reach.
The groundwork we have laid, in particular, selling our property management division and eliminating the overhang of the in-the-money convertible debt, expanding our brand internationally and making investments in artificial intelligence that is helping our agents do what they do best, position us for accelerated growth and value creation in 2026 and beyond.
2025 marked a bold evolution in our brand and our business model. Earlier this year, we announced the launch of Elliman International, extending our renowned service and network into key global markets.
We are already making strides with our entry into France announced last week, which brings the Douglas Elliman brand and our high standard of service to the prestigious markets of Bordeaux, the French Riviera, Monaco and St. Barths with plans to expand into Paris and the French Alps in the near future. Our expansion into France and Monaco, led by industry veterans Philippe Curutchet, Fredrik Lilloe, and Edward de Mallet Morgan is just the tip of the iceberg.
Our international growth is complemented by the launch of new global property distribution partnerships, including [ Propco Luxury and the Kay ] and expanding our reach to millions of high net worth individuals worldwide. This strategy answers the growing demand from American and international buyers for seamless cross-border luxury real estate expertise.
We have also taken decisive steps to sharpen our business focus, strengthen our financial foundation and expand our suite of specialized client services. A major recent milestone was the sale of Douglas Elliman Property Management for $85 million to Associa, the nation's largest community association management firm.
We believe we will recognize an after-tax gain of approximately $75 million on the sale. This transaction sharpens our focus as a pure-play luxury residential brokerage and eliminates operational complexity.
With cash balances of approximately $126.5 million at October 31, 2025, and no debt, we are strategically positioned to capitalize on market opportunities in our evolving industry. We are now uniquely positioned both financially and strategically to pursue further geographic expansion, technological advancement and strategic acquisitions from a position of strength.
We have also introduced Elliman Capital, our in-house mortgage platform developed in strategic alliance with Associated Mortgage Bankers. This innovative platform is designed to streamline the home financing process for clients seeking both traditional and nontraditional loan products. Our clients benefit from competitive rates, a diverse range of loan products and the seamless integration that comes from working with a single trusted source for both their real estate and financing needs.
Our new Estate, Trust & Probate division, along with the launch of Elliman Private Listings provides even more specialized client-centric services, reinforcing our total commitment to choice, privacy and exceptional service for our discerning clientele.
A central pillar of our strategy has always been investing in the agent experience, empowering our professionals with some of the most advanced tools in the industry. We recognize that real estate is and always will be a people business. That is why our approach to artificial intelligence is focused on augmenting, not replacing the agent expertise relationships that define Douglas Elliman.
Earlier this month, we launched Elli AI, a first-of-its-kind AI-powered assistant app designed to streamline the daily workflow of our agents. Elli AI enables natural language MLS searches, generates branded reports and lifestyle maps, and aggregates real-time data from MLS public records and the web, giving our agents the insights they need to deliver truly personalized data-driven service.
Our new Elliman Inspirations platform on elliman.com takes this even further, offering an AI-powered home discovery tool that personalizes property searches and deepens agent client collaboration. By putting advanced technology in the hands of our agents, we are freeing them from repetitive tasks, equipping them with real-time market intelligence and enabling them to focus on what matters most, building relationships and delivering exceptional outcomes for clients.
We intend to continue to partner with leading technology providers, scale our internal talent pool and maintain rigorous governance to ensure our AI road map supports both growth and trust. We believe 2026 will mark the beginning of a new growth phase as the investments and strategic moves we have made in 2025 begin to yield results. We are confident that our focus on innovation, international expansion and luxury service will drive sustainable value for our clients, agents and stockholders.
With that, I will turn it over to Bryant, who will provide more details on our financial performance and the trends shaping the residential real estate market. Bryant?
Good morning, and thank you, Michael. We are confident that our positive momentum is continuing and has positioned Douglas Elliman for long-term success. Before discussing results for the 3 and 9 months ended September 30, 2025, I would like to discuss the strength of Douglas Elliman's balance sheet and the competitive advantage it provides the management team in executing its growth strategy.
In October 2025, in connection with the sale of our property management division for approximately $85 million, the company redeemed all of its convertible notes for an aggregate payment of $95 million, which included accrued interest. As Michael noted, we believe this strengthened our financial position as after the redemption, the company had approximately $126.5 million of cash and no debt at October 31, 2025.
We believe our strong balance sheet gives Douglas Elliman a competitive advantage by providing optionality to expand into new markets where appropriate and strengthen our services platform as opportunities arise in our ever-changing industry.
Results from the first 9 months of 2025 indicate that our core operations are reflecting the impact of the strategic actions we have been taking over the past 2 years. In particular, the first 9 months benefited from a favorable sales mix, highlighted by strong contributions from development marketing in the Northeast region.
Specifically, revenues from our development marketing division increased by $17.2 million from the first 9 months of 2024 as we began to see the benefits of the investments we have made in the division in recent years. As a reminder, we generally recognize commission income from development marketing contracts when the underlying units close.
Looking to the future. At September 30, 2025, our balance sheet reported $90.2 million in deferred revenue liabilities from development marketing contracts, which were offset by deferred assets from development marketing contracts of $52.8 million. The net amount of $37.4 million, plus future commissions received at closings, will be recognized as income when units in these developments close.
In addition to our development marketing division, I am pleased to report that because of, among other things, a targeted recruiting effort, revenues from existing home sales in our Northeast market increased by $12.4 million or 9% from the first 9 months of 2024. Even with these accomplishments, our operations faced ongoing challenges from economic pressures, including geopolitical uncertainties and the continuation of elevated mortgage rates when compared to recent history.
Although not included in our third quarter results, cash receipts from existing home sales in October 2025 were 6% more than October 2024 and total brokerage cash receipts, which include existing home sales and receipts from our development marketing division, were 2.5% more than October 2024.
Before discussing third quarter results, we would like to highlight a few key trends. First, Douglas Elliman continues to set the standard in the luxury market, and luxury home pricing remains strong. Our average price per transaction year-to-date rose to $1.87 million compared to $1.68 million per home in the same period last year. Over the last 12 months, this average was $1.8 million per home, up from $1.6 million in 2024.
In the third quarter of 2025, our agents sold 333 homes priced at more than $5 million, representing 5.9% of total transactions and 1,016 such homes in the first 9 months of the year. These are increases of 20% and 32%, respectively, over last year. We also sold 87 homes for more than $10 million in the third quarter and 292 year-to-date. These are increases of 19% and 28%, respectively, from the last year. These results clearly demonstrate Douglas Elliman remains the definitive name in luxury real estate.
Our development marketing division remains the preeminent industry player with an active pipeline totaling $25.5 billion of gross transaction value. This includes approximately $16.6 billion of gross transaction value in Florida alone. In addition, another $6.1 billion of gross transaction value is expected to come to market through December 2026.
We believe this strong foundation positions us well for the future as we generally recognize commission income from these projects upon closing, which is generally between 2026 and 2031. In addition to a strong fourth quarter in 2024, development marketing has continued its momentum for the first 9 months of 2025 as its 9-month revenues have increased from $42.3 million in 2024 to $59.5 million in 2025.
Now let us move to updates on our expense structure and our continued focus on operational efficiency. We continue to manage investments across our markets with a strict focus on return on investment metrics.
For the 3 and 9 months ended September 30, 2025, our operating expenses, excluding commissions, depreciation and amortization, unusual litigation expense, settlement and related expenses, impairment on fixed assets, restructuring expenses and noncash compensation, increased by $2.5 million and $600,000, respectively, compared to the 2024 periods.
The change was primarily due to increased personnel expenses, although targeted expense areas such as off-line advertising continued to decline. The increase in compensation was attributable to our ongoing investment in the development marketing business as well as increased bonus accruals associated with increased revenues from the business performance.
Moving to the operating performance of the business in the third quarter. Douglas Elliman reported $262.8 million in revenues compared to $266.3 million in the 2024 period. Net loss for the quarter was $24.7 million or $0.29 per diluted share compared with $27.2 million or $0.33 per diluted share in the 2024 period.
Net loss in the 2025 period included a noncash charge of $15 million associated with the increase in fair value of derivatives embedded within our convertible debt, and this was primarily driven by an increase in our stock price from $2.32 a share at June 30, 2025, to $2.86 per share at September 30, 2025. Net loss in the 2024 period included a noncash charge of $20.2 million associated with the increase in fair value of derivatives embedded within our convertible debt.
Adjusted EBITDA for the third quarter were $2.7 million compared to $2.3 million in the 2024 period. Adjusted net income for the third quarter was $156,000 compared to adjusted net loss of $2.7 million or $0.03 per share in the 2024 period.
Now turning to the operating performance of the business for the 9 months ended September 30, 2025, which will be compared to the 9 months ended September 30, 2024. Net loss for the 9 months ended September 30, 2025, was $53.3 million or $0.63 per diluted share compared to $70.3 million or $0.84 per diluted share.
Net loss in the 2025 period included a noncash charge of $33.2 million associated with the increase in fair value of derivatives embedded within our convertible debt, which was primarily driven by an increase in our stock price of $1.67 per share at December 31, 2024, to $2.80 per share at September 30, 2025. Net loss in the 2024 period included a $17.75 million litigation settlement charge and a noncash charge of $20.2 million with increases in fair value of derivatives embedded within our convertible debt.
Adjusted EBITDA for the 9 months ended September 30, 2025, was $2.9 million compared to a loss of $12.4 million in the 2024 period, that is an increase of $15.3 million. Adjusted net loss for the 9 months ended September 30, 2025, was $6.9 million or $0.08 per share compared to $26.3 million or $0.32 per share in the 2024 period. And as mentioned earlier, Douglas Elliman reported $787.6 million in revenues, up from $752.3 million in the 2024 9-month period.
As noted earlier, Douglas Elliman has maintained ample liquidity with cash and cash equivalents at September 30, 2025, of $143 million. And after the sale of our property management division and associated redemption of our convertible debt, on October 31, 2025, we had approximately $126.5 million of cash and cash equivalents and no debt.
Thank you for your attention, and back to you, Michael.
Thank you, Bryant. We have implemented strategic initiatives to advance our market leadership, elevate our service offerings and expand our reach, both domestically and internationally. Our results for the first 9 months of 2025 demonstrate that this year's investments are already delivering tangible benefits, and we expect these positive impacts to continue throughout the remainder of '25 and well into 2026.
Our strategy is clear. To be the preeminent luxury pure-play residential real estate brokerage platform, powered by the best-in-class innovative technology with a global reach. Thank you for your continued trust in Douglas Elliman.
With that, we will turn the call over to the operator. Operator?
Thank you for joining us on Douglas Elliman's quarterly earnings call. We hope you have a good day, and this will conclude our call.
Financial data from Douglas Elliman
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 1,006 1,006 |
3%
3%
100%
|
|
| - Direct Costs | - - |
-
-
|
|
| Gross Profit | - - |
-
-
|
|
| - Selling and Administrative Expenses | 1,033 1,033 |
2%
2%
103%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | -27 -27 |
14%
14%
-3%
|
|
| - Depreciation and Amortization | 8.25 8.25 |
4%
4%
1%
|
|
| EBIT (Operating Income) EBIT | -35 -35 |
12%
12%
-3%
|
|
| Net Profit | 25 25 |
140%
140%
2%
|
|
In millions USD.
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Company Profile
Douglas Elliman, Inc. is an independent residential real estate brokerage firm. It is engaged principally in two business segments: Real Estate Brokerage and Corporate & Other. The Real Estate Brokerage segment consists of residential real estate brokerage services through its subsidiary, Douglas Elliman Realty, which operates a residential brokerage company in the New York metropolitan area and also conducts residential real estate brokerage operations in Florida, California, Connecticut, Massachusetts, Colorado, New Jersey and Texas. The Corporate & Other segment consists of the operations of the holding company as well as its investment business that invests in select PropTech opportunities through its New Valley Ventures subsidiary. The company was founded by Douglas Elliman in 1911 and is headquartered in Miami, FL.
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| Head office | United States |
| CEO | Mr. Liebowitz |
| Employees | 580 |
| Founded | 1911 |
| Website | investors.elliman.com |
