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DOUG

Douglas Elliman Inc.

DOUG

Douglas Elliman Inc. • NYSE
$2.65 ▲ 0.76% (+0.02)
Market Cap $235.32 M
52w High $3.20
52w Low $1.48
Dividend Yield 0%
P/E -3.79
Volume 167.21K
Outstanding Shares 88.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $262.838M ▼ $51.931M ▼ $-24.691M ▼ -9.394% ▼ $-0.29 ▼ $-22.748M ▼
Q2-2025 $271.366M ▲ $72.304M ▲ $-22.673M ▼ -8.355% ▼ $-0.27 ▼ $-18.861M ▼
Q1-2025 $253.403M ▲ $72.227M ▼ $-5.985M ▲ -2.362% ▲ $-0.07 $-2.854M ▲
Q4-2024 $243.321M ▼ $80.366M ▲ $-5.997M ▲ -2.465% ▲ $-0.07 ▲ $-2.947M ▲
Q3-2024 $266.316M $74.614M $-27.18M -10.206% $-0.33 $-24.09M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $143.003M ▲ $480.602M ▼ $365.793M ▲ $115.074M ▼
Q2-2025 $136.334M ▼ $489.003M ▼ $351.414M ▲ $137.603M ▼
Q1-2025 $136.771M ▼ $493.943M ▲ $335.767M ▲ $158.238M ▼
Q4-2024 $145.461M ▼ $493.888M ▼ $331.463M ▲ $162.188M ▼
Q3-2024 $151.416M $502.67M $328.724M $173.618M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.942M ▼ $5.48M ▲ $718K ▲ $0 ▲ $6.198M ▲ $4.69M ▲
Q2-2025 $-22.625M ▼ $642K ▲ $-1.233M ▼ $-85K ▼ $-676K ▼ $-575K ▲
Q1-2025 $-6.284M ▼ $-5.617M ▲ $8.781M ▲ $0 ▲ $3.164M ▲ $-6.651M ▲
Q4-2024 $-6.088M ▲ $-8.975M ▼ $-4.777M ▼ $-1.29M ▼ $-15.042M ▼ $-10.236M ▼
Q3-2024 $-27.18M $8.986M $-1.38M $46.753M $54.359M $7.68M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commissions And Other Brokerage Income
Commissions And Other Brokerage Income
 $500.00M ▲$240.00M ▼$260.00M ▲$250.00M ▼
Other Ancillary Services
Other Ancillary Services
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Property Management
Property Management
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that is struggling to turn its strong brand into consistent profits. Revenue has slipped from the post‑pandemic boom and now looks more stable but at a lower level. Profitability has been weak for several years in a row, with small but persistent operating and net losses. The one clearly profitable year stands out as an exception tied to a very strong market, not as a steady baseline. Overall, the core business is functioning, but margins are thin, and the company has not yet shown it can reliably earn money through a full real estate cycle.

Balance Sheet

Balance Sheet The balance sheet looks relatively light and flexible, which is typical for a brokerage. The company keeps a meaningful cash cushion and a moderate amount of debt, suggesting some financial breathing room but not an overly conservative position. Equity has been drifting down over the last few years as losses accumulate, which gradually erodes the financial buffer for future shocks. In short, the balance sheet is not distressed, but the trend is slowly moving in the wrong direction and needs stabilizing through better earnings.

Cash Flow

Cash Flow Cash flow mirrors the income statement challenges. The business has been using cash rather than generating it in most recent years, even though spending on long‑term investments and equipment is modest. This means the core operations themselves are not yet self‑funding in a softer market environment. The cash burn is not extreme, but over time it forces management either to improve profitability, draw down cash, or lean more on financing. Sustainable positive cash flow remains an important missing piece.

Competitive Edge

Competitive Edge Competitively, Douglas Elliman has clear strengths. It has a long‑standing, well‑known brand in luxury real estate, a sizable and experienced agent network, and a deep focus on high‑end clients in premier markets. This niche can be more resilient and fee‑rich than the broader market, and services like private listings, development marketing, and in‑house mortgage and title offerings deepen relationships with both clients and developers. At the same time, the company operates in a highly competitive, cyclical industry with powerful peers and ongoing pressure on agent commissions and splits, so protecting that luxury positioning is crucial.

Innovation and R&D

Innovation and R&D For a real estate brokerage, Douglas Elliman is leaning meaningfully into technology and product innovation. Its upgraded client platform, AI‑driven search and inspiration tools, and lifestyle content aim to make the home‑search process more personalized for affluent buyers. On the agent side, integrated portals, proprietary CRM tools, and the new AI assistant are designed to boost productivity, improve marketing, and reduce busywork. The opportunity is to use these tools to differentiate the brand and make agents more effective; the risk is that adoption may be slower than hoped or competitors may quickly copy similar capabilities. Execution, rollout quality, and user engagement will matter more than the technology buzzwords themselves.

Summary

Douglas Elliman combines a strong luxury brand and attractive market niche with currently weak financial performance. The company has shown it can do very well in a hot market, but recent years highlight its vulnerability when volumes and pricing cool, with recurring losses and negative cash flow. Its balance sheet still offers flexibility, but the gradual erosion of equity underscores the need to restore profitability. On the strategic side, the firm is clearly investing in technology, AI tools, and bundled services to solidify its luxury franchise and support agents. The key questions going forward are whether these initiatives can meaningfully improve productivity, margins, and resilience through cycles, and how effectively new leadership can balance growth ambitions with a renewed focus on consistent earnings and cash generation.

NEWS

November 12, 2025 · 4:00 PM UTC

Douglas Elliman Real Estate Appoints Wendy Purvey as Chief Strategy Officer

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November 11, 2025 · 11:00 AM UTC

Douglas Elliman Real Estate Names Chris Reyes Chief Technology Officer

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November 4, 2025 · 6:35 AM UTC

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

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November 4, 2025 · 6:30 AM UTC

Douglas Elliman Inc. Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 1:00 PM UTC

Douglas Elliman Announces International Expansion into France and Monaco

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