Marcus and Millichap, Inc MMI

Real EstateReal Estate OperationsUnited States of America

Last close 28.00 USD on Nov 1, 2026, +4.5% year to date

Quant rating

Quant rating C Rank 114 of 175 in Real Estate

Growth C 76 of 175
Valuation C 71 of 175
Quality C 72 of 175
Revisions D 133 of 175
Momentum C 120 of 175

Wall Street consensus Hold (3.50)Average target 28.00 USD 0.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 846M
52-week range: 24.44 – 33.11
3-year range: 24.44 – 44.17
Dividend yield: 1.79%
Beta (5 years): 1.27
Shares outstanding: 37.9M
Next earnings: Nov 6, 2026

About the company

Marcus & Millichap, Inc. is a real estate services company specializing in commercial real estate investment sales, financing services, research, and advisory services. Through its Commercial Real Estate Services, it provides equity advisory services and loan sales, loan guarantees, consulting, and advisory services. It serves clients with one property, multiple properties, and large investment portfolios. Through its Real Estate Brokerage, it represents commercial property owners as their investment broker in the sale of their properties. Its auction services division offers an accelerated way to buy and sell commercial property. Its financing division provides services, such as loan sales and due diligence, and receives recurring loan performance fees from certain lenders. It offers advisory and consulting services in forming investment strategy and making transaction decisions. It provides leasing services for tenants and landlords in connection with commercial real estate leases.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	755	696	646	1,302	1,296	–
Revenue growth	8.5%	7.8%	−50.4%	0.4%	80.8%	1.0%
EPS (basic, normalized)	−0.05	−0.32	−0.88	2.59	3.55	–
EPS growth	–	–	–	−27.0%	–	–
Gross margin	37.7%	38.0%	37.0%	34.6%	35.2%	36.5%
Net margin	−0.3%	−1.8%	−5.3%	8.0%	11.0%	2.3%
ROE	−0.3%	−1.9%	−5.0%	14.8%	22.9%	6.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	215
Current ratio	2.92x
Long-term debt (mil)	0
Net debt (mil)	−215
Total equity (mil)	579
Net debt / equity	−0.37x
Net debt / EBITDA	−8.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	755	+8.5%	1.1x	24.6	+183.7%	34.4x	−0.05	+84.4%	−560.0x
2026	842	+11.5%	1.0x	39.3	+59.7%	21.5x	0.41	+928.0%	67.6x
2027	925	+9.8%	0.9x	64.1	+63.0%	13.2x	0.71	+72.3%	39.2x
2028	1,065	+15.2%	0.8x	88.8	+38.7%	9.5x	1.12	+56.8%	25.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	842	−0.9%	+0.4%	−0.4%	0.41	−18.8%	−2.6%	−15.5%
2027	925	−1.1%	−0.8%	−0.5%	0.71	−23.3%	−19.8%	−19.8%
2028	1,065	−1.8%	−1.8%	−3.0%	1.12	−31.8%	−31.8%	−31.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	129	158	169	240	145	172	194	244	171	203
Sales mean (mil)	128	161	161	200	140	170	194	249	165	194
Surprise	+1.3%	−1.5%	+4.7%	+20.2%	+3.5%	+1.0%	0.0%	−2.0%	+3.9%	+4.4%
EPS reported	−0.26	−0.14	−0.14	0.22	−0.11	−0.28	0.01	0.34	−0.08	0.10
EPS mean	−0.28	−0.15	−0.19	−0.02	−0.16	−0.10	0.00	0.24	−0.08	0.03
Surprise	+7.1%	+6.7%	+26.3%	−1,200.0%	+31.2%	−187.2%	+122.2%	+40.5%	−6.0%	+233.3%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MMI Marcus and Millichap, Inc	1.1B	−8.73x	−0.3%	1.83x	67.6x	39.2x	21.5x	13.2x
CBRE CBRE Group, Inc.	37.1B	2.19x	2.9%	4.28x	16.4x	14.6x	11.4x	10.2x
BEKE KE Holdings Inc.	20.0B	−6.68x	3.2%	2.00x	15.5x	13.6x	8.3x	7.3x
JLL Jones Lang LaSalle Incorporated	16.4B	1.40x	3.0%	2.14x	14.2x	12.6x	10.5x	9.6x
ZG Zillow Group, Inc.	7.0B	−0.35x	0.9%	1.62x	14.0x	10.8x	9.1x	7.4x
CIGI Colliers International Group Inc.	4.8B	5.31x	1.9%	3.21x	12.9x	11.5x	10.2x	9.1x
Mean		−1.14x	1.9%	2.51x	23.5x	17.0x	11.9x	9.5x
Median		0.53x	2.4%	2.07x	14.9x	13.1x	10.4x	9.4x

Technical analysis

1M−3.3%
3M−11.0%
1Y−8.0%
3Y+4.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Marcus and Millichap, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	755	696	646	1,302	1,296	717
Cost of revenue	470	431	407	851	840	448
Gross profit	285	265	239	451	456	269
Selling, general & administrative expenses	286	281	285	300	255	203
Research & development	–	–	–	–	–	–
Depreciation/amortization	12.1	16.6	13.6	13.4	11.7	10.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	1.3
Other operating expenses	0	0	0	0	0	0
Operating income	−13.7	−32.9	−59.4	137	189	53.6
Net interest income (expense)	13.6	−0.8	−0.9	−0.7	−0.6	−0.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.2	20.7	19.9	5.3	4.5	6.6
Net income before taxes	3.0	−13.0	−40.4	142	193	59.4
Provision for taxes	4.9	−0.7	−6.4	37.8	50.8	16.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1.9	−12.4	−34.0	104	142	42.8
Extraordinary items	–	–	–	–	–	–
Net income	−1.9	−12.4	−34.0	104	142	42.8
EBIT, normalized	−13.7	−32.9	−59.4	137	189	54.9
EBITDA, normalized	−1.6	−16.3	−45.8	151	201	65.8
Basic EPS, normalized	−0.05	−0.32	−0.88	2.59	3.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Marcus and Millichap, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	247	339	349	489	566	401
Receivables	22.1	28.2	27.2	17.1	17.2	10.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	10.4	9.3	8.8	9.4	13.2	10.2
Other current assets	29.8	34.1	8.5	11.3	11.7	7.1
Total current assets	309	410	394	527	608	429
Property, plant & equipment	98.2	107	118	116	105	107
Goodwill	37.9	37.6	38.0	37.9	34.1	33.4
Intangibles	3.8	5.9	13.1	17.8	14.0	18.7
Long-term investments	169	72.8	83.4	78.1	124	58.1
Note receivable	15.1	12.6	7.9	–	–	–
Other long-term assets	194	223	225	227	160	132
Total assets	827	870	878	1,004	1,045	779
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	11.0	13.7	8.1	11.4	24.3	18.3
Accrued expenses	42.7	44.0	37.5	55.3	68.8	40.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	67.8	75.3	59.7	85.3	133	61.8
Total current liabilities	121	133	105	152	226	120
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	103	106	128	138	123	112
Total liabilities	224	239	233	290	349	232
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	193	173	154	132	122	113
Retained earnings (accumulated deficit)	410	459	492	586	574	431
Treasury stock	–	–	–	–	–	–
Other equity	0.4	−1.4	−0.8	−3.6	0.9	2.6
Total equity	603	631	645	714	696	547
Total liabilities & shareholders' equity	827	870	878	1,004	1,045	779

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Marcus and Millichap, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1.9	−12.4	−34.0	104	142	42.8
Depreciation, depletion & amortization	12.1	16.6	13.6	13.4	11.7	10.9
Deferred taxes	3.1	−1.4	−6.4	−6.1	−11.8	0.5
Non-cash items	51.8	51.2	49.6	13.3	52.6	42.0
Changes in working capital	1.5	−32.2	−95.2	−111	60.9	−58.2
Cash from operations	66.7	21.7	−72.4	13.6	256	38.1
Investing activities
Capital expenditures	−7.9	−7.9	−9.4	−11.7	−6.9	−6.9
Other investing cash flows	4.0	−2.0	84.2	−42.3	−101	−10.3
Cash from investing	−3.8	−9.9	74.9	−54.0	−108	−17.2
Financing activities
Financing cash flow items	−9.5	−8.6	−8.8	−16.9	−6.6	−4.4
Cash dividends paid	−20.6	−20.2	−20.1	−60.4	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−24.5	0.1	−38.8	−28.3	0.7	−5.9
Cash from financing	−54.6	−28.8	−67.7	−106	−5.9	−10.3
Foreign exchange effects	0.2	−0.4	0.1	−0.4	−2.6	0
Net change in cash	8.5	−17.3	−65.1	−146	139	10.5
Free cash flow	58.8	13.8	−81.8	2.0	249	31.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.