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Marcus & Millichap, Inc.

MMI Real Estate Real Estate Services

Marcus & Millichap, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $755.2 million, up 8.49% from fiscal 2024. In the quarter to June 2026, revenue grew 17.8%, EPS grew 135.7% and free cash flow grew 10.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

28.04 0.23 −0.81%
Market cap
$1.1B
P/E
76.6×
Fwd P/E
83.6×
Dividend yield
1.78%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.05
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — — 1 — — — —
Insider Ownership 41.18%

Capital & Financial Ratios $m

Market Cap 1,070.00
Revenue 812.22
Net Income 14.36
Free Cash Flow 84.52
Net Debt (210.76)
Current Ratio 2.92
Debt/Equity 0.00
P/E ratio 76.57 (above 35: high)
Fwd P/E 83.60 (above 35: high)
P/S ratio 1.31
P/B ratio 1.83
Past 5Y EPS Growth —
This Y EPS Growth 1,120.00% (at or above 15%: strong)
Next Y EPS Growth 82.35% (at or above 15%: strong)
Next Y revenue growth 11.37% (at or above 10%: strong)
Next 5Y EPS Growth 6.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.2×; over the ten years it ranged from 0.5× in 2022 to 2.1× in 2024.
P/E against its own 10 years 93.24%
10-year low 10-year high
P/S against its own 10 years 14.49%
10-year low 10-year high
P/B against its own 10 years 7.81%
10-year low 10-year high
EV/Sales against its own 10 years 21.71%
10-year low 10-year high
EV/FCF against its own 10 years 17.76%
10-year low 10-year high

Dividends

Payout Ratio 1.37
Annual Dividend Rate 0.50
Annual Dividend Yield 1.78%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.50
0.25
0.25
2025 0.50
0.25
0.25
2024 0.50
0.25
0.25
2023 0.75
0.25
0.25
0.25
2022 0.25
1.00
0.25
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 340 343 252 211
Receivables 25 25 17 17
Inventory — — — —
Other 16 16 14 —
394 410 309 271
2023 2024 2025 Q'26
Payables 64 81 68 50
ST’ Debt — — — —
Other 4 8 10 9
105 133 121 93

Compound Annual Growth %

10y 5y 3y
Sales 0.92% 1.05% (16.60%)
Cash Flow (0.78%) 11.84% 69.74%
Earnings 0.00% 0.00% 0.00%
Book Value 12.30% 1.98% (5.45%)

Revenue $m

Mar Jun Sep Dec Year
’26 171 203 — — —
’25 145 172 194 244 755
’24 129 158 169 240 696
’23 155 163 162 166 646
’22 319 396 324 262 1,302
’21 184 285 332 495 1,296
’20 191 117 159 250 717
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (28) 22 — — —
’25 (53) 21 52 46 67
’24 (51) 1 15 57 22
’23 (101) 6 8 15 (72)
’22 (68) 16 40 25 14
’21 (20) 54 66 156 256
’20 (53) 1 24 66 38
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) 21 — — —
’25 (54) 19 50 44 59
’24 (54) (1) 13 55 14
’23 (104) 4 5 13 (82)
’22 (69) 13 37 22 2
’21 (21) 52 65 154 249
’20 (55) (1) 22 65 31
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.08) 0.10 — — —
’25 (0.11) (0.28) 0.01 0.34 (0.05)
’24 (0.26) (0.14) (0.14) 0.22 (0.32)
’23 (0.15) (0.23) (0.24) (0.27) (0.88)
’22 0.81 1.04 0.53 0.20 2.59
’21 0.37 0.78 0.84 1.53 3.55
’20 0.33 0.00 0.15 0.59 1.08
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 18.77 23.22 28.89 27.84 21.90 32.67 31.11 26.81 29.93 27.10

Analyst estimates 2026–2028

Powerpack
High 30.31 32.72 41.45 43.50 39.32 52.25 58.33 44.24 43.78 41.94
People
People Employees 748 774 831 877 764 801 887 896 897 854
Revenue/emp, $m 0.96 0.93 0.98 0.92 0.94 1.62 1.47 0.72 0.78 0.88
Income, $m
Income, $m Revenue 717 720 815 806 717 1,296 1,302 646 696 755
Gross margin, % 38.01 37.95 38.28 38.14 37.53 35.19 34.63 37.04 38.01 37.70
EBT 107 99 117 108 59 193 142 (40) (13) 3
EBT margin, % 14.93 13.79 14.39 13.33 8.28 14.91 10.91 (6.25) (1.87) 0.40
Net income 65 52 87 77 43 142 104 (34) (12) (2)
Depreciation 4 5 6 8 11 12 13 14 17 12
Per share, $
Per share, $ Revenue 18.44 18.46 20.81 20.47 18.08 32.50 32.63 16.71 18.00 19.39
Earnings 1.66 1.32 2.23 1.95 1.08 3.57 2.61 (0.88) (0.32) (0.05)
Cash flow 1.91 1.71 3.00 0.64 0.96 6.42 0.34 (1.87) 0.56 1.71
Capex (0.24) (0.17) (0.21) (0.22) (0.18) (0.17) (0.29) (0.24) (0.20) (0.20)
Free cash flow 1.67 1.54 2.79 0.42 0.79 6.24 0.05 (2.12) 0.36 1.51
Book value 6.65 8.08 10.46 12.56 13.79 17.46 17.89 16.69 16.31 15.49
Shares, m 39 39 39 39 40 40 40 39 39 39
Valuation, ×
Valuation, × P/E 15.94 24.34 15.39 19.01 34.71 14.41 13.48 0.00 0.00 0.00
P/S 1.43 1.75 1.65 1.82 2.06 1.58 1.07 2.56 2.13 1.41
P/B 3.98 4.01 3.28 2.97 2.70 2.95 1.96 2.56 2.35 1.76
EV/Sales 1.15 1.36 1.23 1.35 1.51 1.15 0.70 2.04 1.64 1.08
EV/FCF 12.65 16.26 9.14 66.13 34.71 6.00 466.18 (16.14) 82.60 13.90
Cash, $m
Cash, $m Operating cash flow 74 67 117 25 38 256 14 (72) 22 67
Capex (9) (7) (8) (9) (7) (7) (12) (9) (8) (8)
Free cash flow 65 60 109 16 31 249 2 (82) 14 59
Balance, $m
Balance, $m Working capital 156 237 278 308 309 383 375 288 277 188
Total debt 9 8 7 63 59 58 65 — — —
Net debt (206) (287) (346) (383) (401) (566) (489) (340) (343) (252)
Shareholders’ equity 259 315 410 495 547 696 714 645 631 603
Returns, %
Returns, % ROA 18.08 12.07 17.01 12.06 5.76 15.62 10.17 (3.62) (1.41) (0.22)
ROIC 126.27 213.11 109.62 54.06 23.04 90.83 38.30 (12.14) (7.15) (2.44)
ROE 28.87 17.96 24.09 17.01 8.22 22.92 14.79 (5.01) (1.94) (0.31)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Marcus & Millichap, Inc. vs peers in Real Estate Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OPEN Opendoor Technologies Inc. $2.3B — (loss-making) — (loss-making) −43.65% (below 0%: shrinking) n/m −188.06% (below 0%: shrinking) 9.74% (16.31%) Compare
NMRK Newmark Group, Inc. $2.2B 14.3× 15.4× +17.03% (above 0%: growing) −8.33% (below 0%: shrinking) +188.46% (above 0%: growing) 100.00% 4.55% Compare
IRS IRSA Inversiones Y Representaciones S.A. $1.2B 3.7× — +6.47% (above 0%: growing) n/m −60.83% (below 0%: shrinking) 63.23% (78.13%) Compare
HBNB Hotel101 Global Holdings Corp. $1.1B — — — — — — — Compare
MMI Marcus & Millichap, Inc. $1.1B 76.6× 83.6× +17.78% (above 0%: growing) n/m +10.09% (above 0%: growing) 37.58% 1.09%
AGNT AGNT, Inc. $653.4M — (loss-making) 95.0× +10.75% (above 0%: growing) n/m +12.82% (above 0%: growing) 6.82% 0.11% Compare
RMR The RMR Group Inc. $599.9M 16.1× 20.1× −0.78% (below 0%: shrinking) −28.00% (below 0%: shrinking) +12,868.60% (above 0%: growing) 98.88% (6.04%) Compare
REAX Real REMAX Group Inc. $584.7M — (loss-making) — (loss-making) +29.56% (above 0%: growing) n/m +15.60% (above 0%: growing) 8.32% (1.00%) Compare
TCI Transcontinental Realty Investors, Inc. $432.2M 51.5× 0.8× +5.81% (above 0%: growing) n/m +70.80% (above 0%: growing) 36.45% (18.22%) Compare
Median of peers $876.7M 15.2× 17.8× +6.47% — +15.60% 36.45% (6.04%)

All 46 Real Estate Services stocks →

Marcus & Millichap, Inc. (MMI) key facts

  • Strength: Marcus & Millichap, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $755.2 million, up 8.49% from fiscal 2024.
  • Marcus & Millichap, Inc. (MMI) is a Real Estate Services company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MMI traded at $28.04, a market capitalization of $1.1 billion.
  • Marcus & Millichap, Inc. pays an annual dividend of $0.50 per share, a yield of 1.78%, with a payout ratio of 136.6%.
  • Return on equity was −0.31% and debt-to-equity 0.00.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Marcus & Millichap, Inc. (MMI) Latest News

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stockrow.com/MMI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com