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1. Company Snapshot

1.a. Company Description

Douglas Elliman Inc.engages in the real estate services and property technology investment business in the United States.It operates in two segments, Real Estate Brokerage, and Corporate and Other.


The company conducts residential real estate brokerage operations.It has approximately 100 offices with approximately 6,500 real estate agents in the New York metropolitan areas, as well as in Florida, California, Connecticut, Massachusetts, Colorado, New Jersey, and Texas.Douglas Elliman Inc.


was founded in 1911 and is headquartered in Miami, Florida.Douglas Elliman Inc.(NYSE:DOUG) operates independently of Vector Group Ltd.as of December 29, 2021.

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1.b. Last Insights on DOUG

The recent 3-month performance of Douglas Elliman Inc. was negatively impacted by the challenging real estate market, characterized by high mortgage rates and low affordability, leading to decreased transaction volumes and a negative impact on the company's financial outlook. The departure of CEO Howard Lorber and the subsequent restructuring efforts under new CEO Michael Liebowitz have also contributed to the company's struggles. Additionally, the lack of a concrete plan for revenue diversification has hindered the company's ability to return to profitability in 2025.

1.c. Company Highlights

2. Douglas Elliman's Q3 2025 Earnings: A Step Closer to Profitability

Douglas Elliman reported revenues of $262.8 million for the third quarter of 2025, a slight decline from $266.3 million in the same period last year. The company's 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 2024. The actual EPS came out at -$0.29194, missing estimates of $0.03. Adjusted EBITDA for the third quarter was $2.7 million, compared to $2.3 million in 2024, indicating a positive trend. For the first nine months of 2025, revenues increased by 5% year-over-year to $787.6 million, with the company making progress toward restoring profitability and reducing its operating loss to $21.5 million from $52.6 million in the same period last year.

Publication Date: Nov -29

📋 Highlights
  • Quarterly Revenue Decline: Q3 2025 revenue fell to $262.8M (-1.3% YoY) from $266.3M in Q3 2024.
  • Narrowed Net Loss: Q3 2025 net loss reduced to $24.7M ($0.29/share) vs. $27.2M ($0.33/share) in Q3 2024.
  • Adjusted EBITDA Growth: Improved to $2.7M in Q3 2025 from $2.3M in Q3 2024; adjusted net income turned positive at $156K.
  • Strategic Asset Sale: Sold property management division for $85M, expected to yield $75M after-tax gain.
  • International Expansion: Launched Elliman International in France and introduced Elli AI, an AI-powered agent workflow tool.

Strategic Moves and Investments

The company has made significant strategic moves, including the sale of its property management division for $85 million, which will result in an after-tax gain of approximately $75 million. Douglas Elliman has also launched Elliman International, expanding its brand into key global markets, including France, and introduced new services such as Elliman Capital, its in-house mortgage platform. The company has also invested in artificial intelligence, launching Elli AI, a first-of-its-kind AI-powered assistant app designed to streamline the daily workflow of its agents.

Outlook and Valuation

The company believes 2026 will mark the beginning of a new growth phase as the investments and strategic moves made in 2025 begin to yield results. Analysts estimate next year's revenue growth at 16.5%. With a Price-to-Sales Ratio of 0.23, the market seems to be pricing in moderate growth expectations. The company's cash balances were approximately $126.5 million at October 31, 2025, with no debt, indicating a healthy financial position. The EV/EBITDA ratio stands at -4.93, suggesting that the company's valuation is largely driven by its growth prospects.

Return Metrics and Future Prospects

Despite a negative ROE of -39.35%, the company's ROIC stands at 42.95%, indicating efficient use of capital. As Douglas Elliman continues to execute its strategic plans, the market will be watching for signs of sustained growth and profitability. With its current valuation multiples and growth prospects, the stock appears to be reasonably priced, offering a potential opportunity for investors.

3. NewsRoom

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Douglas Elliman Announces Expansion into French Alps

Dec -03

Source: prnewswire.com

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Connor Clark & Lunn Investment Management Ltd. Purchases 55,534 Shares of Douglas Elliman Inc. $DOUG

Nov -17

Source: defenseworld.net

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Douglas Elliman Real Estate Appoints Wendy Purvey as Chief Strategy Officer

Nov -12

Source: prnewswire.com

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Douglas Elliman Real Estate Names Chris Reyes Chief Technology Officer

Nov -11

Source: prnewswire.com

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How Artificial Intelligence (AI) and Interest Rate Cuts Could Send This Under-the-Radar Stock Soaring

Nov -10

Source: fool.com

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Douglas Elliman Inc. (DOUG) Q3 2025 Earnings Call Prepared Remarks Transcript

Nov -04

Source: seekingalpha.com

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Douglas Elliman Inc. Appoints Renowned Attorney and Prominent Real Estate Investor and Developer Perry Weitz to Board of Directors

Nov -04

Source: businesswire.com

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Douglas Elliman Inc. Reports Third Quarter 2025 Financial Results

Nov -04

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Commission and Other Brokerage - Existing Home Sales

Expected Growth: 15%

The 15% growth in Commission and Other Brokerage - Existing Home Sales at Douglas Elliman Inc. is driven by increasing demand for luxury homes, strategic expansion into new markets, and a strong brand reputation. Additionally, the company's investment in digital platforms and data analytics has enhanced its ability to connect buyers and sellers, resulting in higher transaction volumes and revenue growth.

Commission and Other Brokerage - Development Marketing

Expected Growth: 15%

Douglas Elliman Inc.'s 15% growth in Commission and Other Brokerage - Development Marketing is driven by increasing demand for luxury real estate, strategic partnerships with developers, and effective marketing campaigns. Additionally, the company's expansion into new markets, improved agent productivity, and enhanced technology platforms have contributed to this growth.

Property Management

Expected Growth: 15%

Douglas Elliman's Property Management segment growth of 15% is driven by increasing demand for luxury rentals, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on technology integration, enhanced customer service, and cost-saving initiatives have improved operational efficiency, contributing to the segment's growth.

Escrow Title Fees

Expected Growth: 15%

Douglas Elliman Inc.'s 15% growth in Escrow Title Fees is driven by increasing demand for luxury real estate, strategic expansion into high-growth markets, and enhanced customer experience through technology integration. Additionally, the company's strong brand reputation, efficient operations, and competitive pricing strategy contribute to its market share growth.

7. Detailed Products

Residential Real Estate Brokerage

Douglas Elliman's residential real estate brokerage provides a full range of services for buyers, sellers, and renters of luxury residential properties.

Commercial Real Estate Brokerage

Douglas Elliman's commercial real estate brokerage offers leasing and sales services for office, retail, and industrial properties.

Property Management

Douglas Elliman's property management services provide comprehensive management solutions for residential and commercial properties.

Relocation Services

Douglas Elliman's relocation services provide customized relocation solutions for individuals and corporations.

New Development Marketing

Douglas Elliman's new development marketing services provide sales and marketing solutions for new construction projects.

Title Insurance and Settlement Services

Douglas Elliman's title insurance and settlement services provide title insurance, escrow, and closing services for real estate transactions.

8. Douglas Elliman Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Douglas Elliman Inc. is medium, as there are alternative real estate companies and online platforms that offer similar services, but the company's strong brand reputation and extensive network of agents and offices mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as individual customers have limited negotiating power, and the company's strong brand reputation and extensive network of agents and offices give it an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium, as the company relies on a network of independent contractors and agents, who have some negotiating power, but the company's strong brand reputation and extensive network of agents and offices mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low, as the company's strong brand reputation, extensive network of agents and offices, and high barriers to entry make it difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as the real estate industry is highly competitive, with many established companies and online platforms competing for market share, and the company must continually innovate and improve its services to stay ahead of the competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.31%
Debt Cost 3.95%
Equity Weight 63.69%
Equity Cost 11.21%
WACC 8.57%
Leverage 57.00%

11. Quality Control: Douglas Elliman Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Douglas Elliman

A-Score: 4.4/10

Value: 9.0

Growth: 1.0

Quality: 4.9

Yield: 1.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

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Redfin

A-Score: 4.2/10

Value: 7.5

Growth: 4.0

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

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eXp World Holdings

A-Score: 4.1/10

Value: 5.1

Growth: 5.2

Quality: 4.5

Yield: 3.0

Momentum: 3.0

Volatility: 3.7

1-Year Total Return ->

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J.W. Mays

A-Score: 4.0/10

Value: 3.8

Growth: 4.4

Quality: 2.7

Yield: 0.0

Momentum: 6.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Anywhere Real Estate

A-Score: 3.9/10

Value: 8.1

Growth: 1.8

Quality: 2.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Comstock

A-Score: 3.3/10

Value: 7.4

Growth: 4.9

Quality: 4.8

Yield: 0.0

Momentum: 2.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.57$

Current Price

2.57$

Potential

-0.00%

Expected Cash-Flows