Analyst Ratings

Date	Action	Analyst	Rating	Target
Dec-02-25	Initiated	Barclays	Overweight	$21
May-23-25	Upgrade	Wolfe Research	Peer Perform → Outperform
May-05-25	Reiterated	Piper Sandler	Overweight	$17 → $16
Nov-25-24	Downgrade	Wolfe Research	Outperform → Peer Perform
Sep-05-24	Upgrade	Keefe, Bruyette & Woods	Market Perform → Outperform
Sep-03-24	Reiterated	Piper Sandler	Overweight	$13 → $17
Aug-16-24	Upgrade	Wolfe Research	Peer Perform → Outperform	$15
Dec-20-23	Upgrade	Piper Sandler	Neutral → Overweight	$13
Oct-04-23	Downgrade	Raymond James	Outperform → Market Perform
Dec-12-22	Downgrade	Goldman Sachs	Neutral → Sell	$8.00

Financial Statements

DataTimeframe

Line Item (USD, M)	TTM —	FY 2025 12/31/2025	FY 2024 12/31/2024	FY 2023 12/31/2023
Total Revenue	3,475	3,337	2,739	Upgrade your experience to unlock full historical data
Cost of Goods Sold Incl. D&A	93	181	0
Gross Profit	3,382	3,156	2,739
Selling, General and Administrative Excl. Other	1,625	659	2,408
Research and Development	2	0	0
Other Operating Expense	1,477	2,263	167
Operating Income	279	234	163
Interest Expense	66	32	32
Unusual Expense	—	—	—
Non-Operating Income (Expense)	-35	0	0
Net Income Before Taxes	248	202	131
Income Taxes	59	46	46
Consolidated Net Income	149	126	61
Net Income From Continuing Operations	188	155	85
Net Income	149	126	61
EPS (Recurring)	0.84	0.71	0.36
EPS (Basic, Before Extraordinaries)	0.84	0.71	0.36
EPS (Diluted)	0.81	0.68	0.34
EBITDA	495	415	337
Other After Tax Adjustments	—	—	—
Stock Option Compensation Expense	—	—	—
Price To Earnings Ratio	18.36	25.50	—
Price To Sales Ratio	0.78	0.92	—
Gross Margin	97.32	94.58	100.00
Operating Margin	8.03	7.01	5.95
Net Margin	4.29	3.78	2.23
Shares Outstanding	183	178	172
Market Capitalization	2,721	3,087	—
Operating Lease Expense	—	—	—

Insider Trading

Insider	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
LUTNICK HOWARD W	director, 10 percent owner:	Oct 06 '25	Sale	0.01	44,208,218	223,111	0	Oct 06 12:00 AM
LUTNICK HOWARD W	Executive Chairman	Feb 18 '25	Option Exercise	0.00	15,003,664	72,213	19,787,703	Feb 19 12:00 AM
CANTOR FITZGERALD, L. P.	10% Owner	Feb 18 '25	Option Exercise	0.00	15,003,664	72,213	19,787,703	Feb 19 12:00 AM
CF GROUP MANAGEMENT INC	other: Managing General Partner CFLP	Feb 18 '25	Option Exercise	0.00	15,003,664	72,213	19,787,703	Feb 19 12:00 AM
LUTNICK HOWARD W	Executive Chairman	Feb 05 '25	Option Exercise	0.00	5,512,709	26,533	9,333,841	Feb 06 12:00 AM
LUTNICK HOWARD W	Executive Chairman	Oct 23 '24	Option Exercise	0.00	26,692	128	26,907,387	Oct 25 12:00 AM
CANTOR FITZGERALD, L. P.	10% Owner	Oct 23 '24	Option Exercise	0.00	26,692	128	26,907,387	Oct 25 12:00 AM
CF GROUP MANAGEMENT INC	other: Managing General Partner CFLP	Oct 23 '24	Option Exercise	0.00	26,692	128	26,907,387	Oct 25 12:00 AM
MERKEL STEPHEN M	EVP and Chief Legal Officer	Jan 02 '24	Sale	0.01	35,006	350	4,461	Jan 03 12:00 AM
LUTNICK HOWARD W	Chairman	Jun 14 '22	Buy	9.11	329,000	2,995,709	8,348,434	Jun 16 12:00 AM
LUTNICK HOWARD W	Chairman	May 23 '22	Buy	10.83	277,000	2,999,965	8,019,434	May 25 12:00 AM
LUTNICK HOWARD W	Chairman	Feb 24 '22	Buy	16.62	116,700	1,939,554	7,742,370	Feb 24 12:00 AM
LUTNICK HOWARD W	Chairman	Feb 23 '22	Buy	16.75	9,800	164,150	7,625,670	Feb 24 12:00 AM
LUTNICK HOWARD W	Chairman	Feb 15 '22	Buy	16.49	100,000	1,649,000	7,615,870	Feb 17 12:00 AM
LUTNICK HOWARD W	Chairman	Feb 14 '22	Buy	16.53	50,000	826,500	7,515,870	Feb 15 12:00 AM


Market Cap	2.30B	Forward P/E	6.87	EPS next Y	2.16	Insider Trans	0.00%	Shs Float	-	Perf Month	6.59%


Enterprise Value	4.33B	PEG	0.16	EPS next Q	0.38	Inst Own	-	Short Float	-	Perf Quarter	1.43%


Income	127.82M	P/S	0.66	EPS this Y	139.17%	Inst Trans	-	Short Ratio	-	Perf Half Y	-13.34%


Sales	3.48B	P/B	1.59	EPS next Y	11.70%	ROA	2.83%	Short Interest	-	Perf YTD	-14.24%


Book/sh	9.53	P/C	25.93	EPS next 5Y	6.58%	ROE	9.81%	52W High	19.84 -25.05%	Perf Year	33.01%


Cash/sh	1.89	P/FCF	28.22	EPS past 3/5Y	-	ROIC	4.01%	52W Low	11.02 34.94%	Perf 3Y	-


Dividend Est.	0.15 (1.01%)	EV/EBITDA	8.75	Sales past 3/5Y	7.24% 11.86%	Gross Margin	97.32%	Volatility	2.87% 2.60%	Perf 5Y	-


Dividend TTM	0.15 (1.01%)	EV/Sales	1.25	EPS Y/Y TTM	411.76%	Oper. Margin	8.01%	ATR (14)	0.57	Perf 10Y	-


Dividend Ex-Date	May 14, 2026	Quick Ratio	1.70	Sales Y/Y TTM	26.87%	Profit Margin	4.30%	RSI (14)	49.42	Recom	2.25


Dividend Gr. 3/5Y	6.27% -1.59%	Current Ratio	1.70	EPS Q/Q	57.14%	SMA20	1.61%	Beta	1.26	Target Price	15.20


Payout	14.56%	Debt/Eq	1.40	Sales Q/Q	27.37%	SMA50	-3.08%	Rel Volume	1.22	Prev Close	14.74


Employees	8,100	LT Debt/Eq	0.63	Earnings	Jul 30	SMA200	-9.93%	Avg Volume	1.39M	Price	14.87


IPO Date	Dec 15, 2017	Option/Short	Yes / Yes	EPS/Sales Surpr.	22.22% 13.08%	Net Debt/EBITDA	4.10	Volume	1,698,635	Change	0.88%

NMRK