Douglas Elliman
DOUG on NYSE. Douglas Elliman sells real estate brokerage services to people buying and selling homes. Market value $142m.
Figures from the annual report for the year ended 31 December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-12.08 of spare cash last year. A savings account pays about $4.
You pay 0.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 24 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.4bn | $1.2bn | $956m | $996m | $1.0bn |
| Operating margin | |||||
| Operating margin | 7.5% | -0.4% | -6.7% | -6.9% | 4.4% |
| Debt to equity | |||||
| Debt to equity | 0.05 | 0.00 | 0.00 | 0.20 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.09bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsShrinking, 6.5% a year
- Buying back its own sharesNo, 12% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 132 funds in all.
- GMOJeremy Grantham
- Value
- $22,555
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $6m | <0.1% | Added |
| Moerus Capital ManagementAmit Wadhwaney | $6m | 2.6% | Added |
| Saber Capital ManagementJohn Huber | $2m | 1.7% | Cut |
| Cullen Capital ManagementJames Cullen | $547,442 | <0.1% | Cut |
| GMOJeremy Grantham | $22,555 | <0.1% |
Largest holders overall
- BlackRock$9mAdded
- Clearline Capital LP$7mAdded
- Ameriprise Financial$7mAdded
- First Eagle Investment Management$6mAdded
- Moerus Capital Management$6mAdded
- Vanguard Capital Management$5mCut
- Renaissance Technologies$5mCut
- Portolan Capital Management$4mCut
- Gate City Capital Management$4mCut
- Geode Capital Management$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Phillip Frost, M.D.Passive investorat least 8.6%(filed with 2 related holders)Since 1 January 2025
- BlackRock, Inc.Passive investor5.3%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Phillip Frost, M.D. Passive investor | at least 8.6% (filed with 2 related holders) | 1 January 2025 | |
BlackRock, Inc. Passive investor | 5.3% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 8 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 6, 2026, Douglas Elliman Inc. (the “Company”) dismissed Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered certified public accounting firm, effective April 6, 2026, in order to change the Company’s principal accountant.”
From an 8-K filed 10 April 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 6.5% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.