A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Marcus & Millichap, Inc.
MMI
$1.2B
Mkt Cap
$30.38
+1.61%
Marcus & Millichap, Inc. (MMI) has a 5-year average return on invested capital (ROIC) of 42.4%. This indicates strong capital allocation and a potential competitive advantage.
Marcus & Millichap, Inc. (MMI) has a market capitalization of $1.1B. It is classified as a small-cap stock.
Yes, Marcus & Millichap, Inc. (MMI) pays a dividend with a trailing twelve-month yield of 1.80%. The company also returns capital through share buybacks, with a buyback yield of 4.34%.
Marcus & Millichap, Inc. (MMI) operates in the Real Estate Agents & Managers (For Others) industry, within the Real Estate sector.
Marcus & Millichap, Inc. (MMI) reported annual revenue of $755 million in its most recent fiscal year, based on SEC EDGAR filings.
Marcus & Millichap, Inc. (MMI) has a net profit margin of -0.3%. The company is currently unprofitable.
Marcus & Millichap, Inc. (MMI) generated $59 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Table of Contents Company Overview Marcus & Millichap, Inc. (“MMI”) is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We are the leading national investment brokerage company in the $1 million to $10 million private client market. This is the largest and most active market and consistently comprises more than 80% of total U.S. commercial property transactions greater than $1 million in the marketplace. As of December 31, 2025, we had 1,808 investment sales and financing professionals who are primarily commission-based independent contractors who provide real estate investment brokerage and financing services to sellers and buyers of commercial real estate in over 80 offices in the United States and Canada. In 2025, we closed 8,818 sales, financing, and other transactions with total sales volume of approximately $50.8 billion.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 782M | 755M | 696M | 646M | 1.3B | 1.3B |
| Net Income | -592K | -1.9M | -12M | -34M | 104M | 142M |
| EPS | $-0.01 | $-0.05 | $-0.32 | $-0.88 | $2.59 | $3.55 |
| Free Cash Flow | 83M | 59M | 14M | -82M | 2.0M | 249M |
| ROIC | 0.0% | -0.3% | -1.9% | -5.0% | 79.0% | 140.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.13 | 0.13 | 0.14 | 0.12 | 0.11 |
| Dividends/Share | $0.55 | $0.54 | $0.52 | $0.52 | $1.50 | $0.00 |
| Operating Income | -1.8M | -14M | -33M | -59M | 137M | 189M |
| Operating Margin | -0.2% | -1.8% | -4.7% | -9.2% | 10.6% | 14.6% |
| ROE | -0.1% | -0.3% | -1.9% | -5.0% | 14.8% | 22.9% |
| Shares Outstanding | 38M | 38M | 39M | 39M | 40M | 40M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 572M | 689M | 717M | 720M | 815M | 806M | 717M | 1.3B | 1.3B | 646M | 696M | 755M | 782M |
| Gross Margin | 38.3% | 38.1% | 37.4% | 37.2% | 37.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 134M | 148M | 162M | 172M | 193M | 203M | 205M | 255M | 300M | 285M | 281M | 286M | 286M |
| EBIT | 85M | 115M | 107M | 96M | 112M | 96M | 54M | 189M | 137M | -59M | -33M | -14M | -1.8M |
| Op. Margin | 14.8% | 16.6% | 14.8% | 13.4% | 13.8% | 12.0% | 7.5% | 14.6% | 10.6% | -9.2% | -4.7% | -1.8% | -0.2% |
| Net Income | 50M | 66M | 65M | 52M | 87M | 77M | 43M | 142M | 104M | -34M | -12M | -1.9M | -592K |
| Net Margin | 8.7% | 9.6% | 9.0% | 7.2% | 10.7% | 9.5% | 6.0% | 11.0% | 8.0% | -5.3% | -1.8% | -0.3% | -0.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 56.6% | 45.0% | 28.7% | 20.1% | 23.1% | 115.0% | 32.2% | 140.1% | 79.0% | -5.0% | -1.9% | -0.3% | 0.0% |
| ROE | 55.2% | 43.4% | 28.9% | 18.0% | 24.1% | 17.0% | 8.2% | 22.9% | 14.8% | -5.0% | -1.9% | -0.3% | -0.1% |
| ROA | 24.7% | 23.9% | 18.1% | 12.1% | 17.0% | 12.1% | 5.8% | 15.6% | 10.2% | -3.6% | -1.4% | -0.2% | -0.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 71M | 72M | 74M | 67M | 117M | 25M | 38M | 256M | 14M | -72M | 22M | 67M | 92M |
| Free Cash Flow | 69M | 65M | 65M | 60M | 109M | 16M | 31M | 249M | 2.0M | -82M | 14M | 59M | 83M |
| Owner Earnings | 63M | 62M | 63M | 52M | 99M | 8.0M | -2.8M | 210M | -17M | -110M | -19M | 30M | 3.8M |
| CapEx | 2.6M | 6.8M | 9.5M | 6.6M | 8.1M | 8.8M | 6.9M | 6.9M | 12M | 9.4M | 7.9M | 7.9M | 9.4M |
| Maint. CapEx | 3.2M | 3.3M | 4.4M | 5.4M | 6.3M | 8.0M | 31M | 35M | 13M | 14M | 17M | 12M | 63M |
| Growth CapEx | 0 | 3.5M | 5.1M | 1.2M | 1.8M | 795K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.2M | 3.3M | 4.4M | 5.4M | 6.3M | 8.0M | 31M | 35M | 13M | 14M | 17M | 12M | 63M |
| CapEx/OCF | 3.6% | 9.4% | 12.7% | 9.9% | 6.9% | 34.8% | 18.2% | 2.7% | 85.6% | N/A | 36.3% | 11.8% | 10.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60M | 20M | 20M | 21M | 21M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.8% | 1.6% | 1.5% | 1.7% | 1.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29M | 39M | 785K | 25M | 50M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.2% | 2.4% | 0.1% | 2.4% | 4.3% |
| Stock-Based Comp | 5.0M | 7.1M | 7.0M | 9.1M | 12M | 9.3M | 9.9M | 10M | 17M | 24M | 24M | 24M | 25M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -156M | -223M | -284M | -339M | -428M | -357M | -364M | -601M | -476M | -319M | -310M | -320M | -335M |
| Cash & Equiv. | 149M | 96M | 187M | 221M | 215M | 233M | 243M | 382M | 236M | 171M | 153M | 162M | 335M |
| Long-Term Debt | 6.6M | 6.6M | 0 | 0 | 6.6M | 0 | 6.6M | 0 | 0 | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.06 | 0.04 | 0.03 | 0.02 | 0.02 | 0.18 | 0.16 | 0.11 | 0.12 | 0.14 | 0.13 | 0.13 | 0.00 |
| Interest Coverage | 51.2 | 66.4 | 69.5 | 64.3 | 80.2 | 69.5 | 59.6 | 326.5 | 194.1 | -66.9 | -40.5 | -17.7 | -17.7 |
| Equity | 117M | 189M | 259M | 315M | 410M | 495M | 547M | 696M | 714M | 645M | 631M | 603M | 569M |
| Total Assets | 234M | 321M | 394M | 460M | 566M | 709M | 779M | 1.0B | 1.0B | 878M | 870M | 827M | 755M |
| Total Liabilities | 117M | 132M | 135M | 145M | 157M | 214M | 232M | 349M | 290M | 233M | 239M | 224M | 186M |
| Intangibles | N/A | N/A | 0 | 0 | 3.9M | 7.2M | 19M | 14M | 18M | 13M | 5.9M | 3.8M | 3.4M |
| Retained Earnings | 42M | 108M | 173M | 224M | 311M | 388M | 431M | 574M | 586M | 492M | 459M | 410M | 373M |
| Working Capital | 98M | 121M | 156M | 237M | 278M | 308M | 309M | 383M | 375M | 288M | 277M | 188M | 153M |
| Current Assets | 165M | 196M | 234M | 320M | 371M | 410M | 429M | 608M | 527M | 394M | 410M | 309M | 245M |
| Current Liabilities | 67M | 75M | 78M | 83M | 93M | 102M | 120M | 226M | 152M | 105M | 133M | 121M | 93M |
| Per Share Data | |||||||||||||
| EPS | 1.27 | 1.69 | 1.66 | 1.32 | 2.22 | 1.95 | 1.08 | 3.55 | 2.59 | -0.88 | -0.32 | -0.05 | -0.01 |
| Owner EPS | 1.62 | 1.57 | 1.62 | 1.33 | 2.52 | 0.20 | -0.07 | 5.24 | -0.42 | -2.85 | -0.48 | 0.79 | 0.10 |
| Book Value | 3.00 | 4.81 | 6.65 | 8.07 | 10.42 | 12.54 | 13.79 | 17.35 | 17.74 | 16.72 | 16.37 | 15.76 | 15.05 |
| Cash Flow/Share | 1.83 | 1.84 | 1.91 | 1.70 | 2.98 | 0.64 | 0.96 | 6.38 | 0.34 | -1.88 | 0.56 | 1.74 | 1.66 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 1.50 | 0.52 | 0.52 | 0.54 | 0.55 |
| Shares Out. | 39.0M | 39.3M | 39.0M | 39.0M | 39.3M | 39.5M | 39.7M | 40.1M | 40.2M | 38.6M | 38.5M | 38.3M | 37.8M |
| Valuation | |||||||||||||
| P/E Ratio | 24.3 | 15.7 | 15.0 | 22.7 | 14.3 | 17.7 | 32.2 | 13.4 | 12.6 | N/A | N/A | N/A | N/A |
| P/FCF | 17.5 | 16.0 | 14.9 | 19.5 | 11.4 | 82.5 | 44.3 | 7.7 | 669.5 | N/A | 104.1 | 17.9 | 13.9 |
| EV/EBIT | 12.4 | 7.2 | 6.4 | 8.6 | 7.3 | 9.6 | 17.5 | 6.5 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 10.3 | 5.5 | 3.7 | 3.7 | 3.0 | 2.7 | 2.5 | 2.7 | 1.8 | 2.6 | 2.3 | 1.7 | 2.0 |
| Price/Sales | 1.5 | 2.1 | 1.3 | 1.3 | 1.6 | 1.6 | 1.6 | 1.1 | 1.2 | 1.9 | 2.0 | 1.6 | 1.5 |
| FCF Yield | 5.7% | 6.3% | 6.7% | 5.1% | 8.8% | 1.2% | 2.3% | 13.1% | 0.1% | -5.0% | 1.0% | 5.6% | 7.2% |
| Market Cap | 1.2B | 1.0B | 967M | 1.2B | 1.2B | 1.4B | 1.4B | 1.9B | 1.3B | 1.6B | 1.4B | 1.1B | 1.1B |
| Avg. Price | 21.54 | 37.69 | 23.45 | 24.70 | 32.80 | 33.44 | 28.54 | 36.85 | 39.13 | 31.89 | 35.77 | 31.68 | 30.38 |
| Year-End Price | 30.91 | 26.61 | 24.84 | 29.95 | 31.69 | 34.44 | 34.79 | 47.50 | 32.67 | 42.63 | 37.40 | 27.54 | 30.38 |
Marcus & Millichap, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 19.8x vs a median of 17.9x. The company's 5-year average ROIC is 42.4%. Total shareholder yield (dividends + buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is -10.2%.
Marcus & Millichap, Inc. (MMI) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
Marcus & Millichap, Inc. (MMI) reported earnings per share (EPS) of $-0.05 in its most recent fiscal year.
Marcus & Millichap, Inc. (MMI) has a return on equity (ROE) of -0.3%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 15 years of financial data for Marcus & Millichap, Inc. (MMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Marcus & Millichap, Inc. (MMI) has a book value per share of $15.76, based on its most recent annual SEC filing.