Marcus & Millichap, Inc. (MMI) vs Opendoor Technologies Inc. (OPEN)

Marcus & Millichap, Inc. and Opendoor Technologies Inc. are both Real Estate Services companies. Opendoor Technologies Inc. is the larger, with a market value of $2.5B against $1.2B — 2.2× the size. Opendoor Technologies Inc. has negative trailing earnings, so its P/E is not meaningful; Marcus & Millichap, Inc. trades at 81.2×. Marcus & Millichap, Inc. grew revenue faster over the last twelve months: 11.9% against −37.2%. Marcus & Millichap, Inc. has the higher net margin (1.77% vs −46.7%) and the higher return on invested capital (1.61% vs −17.1%). Across the 18 metrics below, Marcus & Millichap, Inc. leads on 14 and Opendoor Technologies Inc. on 4.

Valuation

Metric MMI OPEN Real Estate Services median
P/E 81.24 n/m 16.25
P/S 1.39 0.76 1.12
P/B 1.94 2.72 1.32
Price to free cash flow 13.32 n/m 13.29
EV/EBITDA 48.66 n/m 10.22
EV/Sales 1.22 1.07 1.16
Earnings yield 1.23% (67.32%) 0.99%
Free cash flow yield 7.51% (19.15%) (0.97%)

Profitability

Metric MMI OPEN Real Estate Services median
Gross margin 37.72% 8.64% 26.81%
Operating margin 1.17% (16.01%) 0.00%
Net margin 1.77% (46.74%) 0.11%
Free cash flow margin 10.41% (14.57%) 0.00%
Return on equity 2.42% (196.89%) 0.94%
Return on assets 1.84% (51.84%) 0.00%
Return on invested capital 1.61% (17.07%) 0.00%

Growth

Metric MMI OPEN Real Estate Services median
Revenue growth (TTM) 11.89% (37.19%) 4.33%
EPS growth (last fiscal year) 84.38% (203.57%) —
Revenue growth, 5-year CAGR 1.05% (11.43%) 4.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMI OPEN Real Estate Services median
Debt to equity 0.00 2.14 0.08
Current ratio 2.92 2.94 1.95
Net debt to EBITDA 156.54 (0.05) 0.54

Dividend

Metric MMI OPEN Real Estate Services median
Dividend yield 1.33% — 1.33%
Payout ratio 1.35 0.00 0.00

Size

Metric MMI OPEN Real Estate Services median
Market cap 1.15b 2.48b 218.52m

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