Marcus & Millichap, Inc.(MMI)Earnings, Financials & Key Ratios

MMI•NYSE•REIT / Real Estate

$28.67

$1.09B mkt cap·Price updated May 6, 2026

SectorReal Estate IndustryReal Estate Services Sub-IndustryCommercial real estate brokerage and advisory

AboutMarcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing. It also operates as a financial intermediary that provides commercial real estate capital markets solutions, including senior debt, mezzanine debt, joint venture, and preferred equity, as well as loan sales and consultative/due diligence services to commercial real estate owners, developers, investors, and capital providers. In addition, the company provides various ancillary services, including research, advisory, and consulting services to developers, lenders, owners, real estate investment trusts, high net worth individuals, pension fund advisors, and other institutions. Marcus & Millichap, Inc. was founded in 1971 and is headquartered in Calabasas, California.Show more

Revenue$755M+8.5%
FFO$10M+141.0%
FFO/Share0.26+139.4%
FFO Payout201.69%-57.8%
FFO per Share0.26+139.4%
NOI Margin37.7%-0.8%
FFO Margin1.35%+122.2%
ROE-0.31%+84.0%
ROA-0.22%+84.1%
Debt/Assets9.46%-2.3%
Book Value/Share15.49-5.0%

Technical→

MMI Key Insights

Marcus & Millichap, Inc. (MMI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓FFO growing 141.0% TTM

✗Weaknesses

✗Dividend exceeds FFO - may not be sustainable
✗Low NOI margin of 37.7%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MMI Price & Volume

Marcus & Millichap, Inc. (MMI) stock price & volume — 10-year historical chart

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MMI Growth Metrics

Marcus & Millichap, Inc. (MMI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years0.92%

5 Years1.05%

3 Years-16.6%

TTM8.49%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM84.56%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM86.28%

Return on Capital

10 Years14.69%

5 Years5.7%

3 Years-4.52%

Last Year-1.9%

MMI Recent Earnings

Marcus & Millichap, Inc. (MMI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 9/12 qtrs (75%)●Beat Revenue 4/12 qtrs (33%)

Q1 2026Latest

Feb 13, 2026

EPS

$0.34

Est $0.21

+58.1%

Revenue

$244M

Est $229M

+6.3%

Q4 2025

Nov 7, 2025

EPS

$0.09

Est $0.24

-62.5%

Revenue

$194M

Est $240M

-19.1%

Q3 2025

Aug 7, 2025

EPS

$0.28

Est $0.02

-1300.0%

Revenue

$172M

Est $186M

-7.5%

Q2 2025

May 7, 2025

EPS

$0.11

Est $0.16

+31.3%

Revenue

$145M

Est $173M

-16.0%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 13, 2026	$0.34vs $0.21+58.1%	$244Mvs $229M+6.3%
Q4 2025	Nov 7, 2025	$0.09vs $0.24-62.5%	$194Mvs $240M-19.1%
Q3 2025	Aug 7, 2025	$0.28vs $0.02-1300.0%	$172Mvs $186M-7.5%
Q2 2025	May 7, 2025	$0.11vs $0.16+31.3%	$145Mvs $173M-16.0%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
JLLJones Lang LaSalle IncorporatedDirect Competitor	14.76B	318.13	19.40	11.45%	3.35%	12.14%	6.63%	0.44
CBRECBRE Group, Inc.Direct Competitor	41.79B	142.57	37.03	13.37%	3.11%	14.27%	2.85%	1.04
CWKCushman & Wakefield plcDirect Competitor	3.4B	14.53	38.24	8.91%	0.86%	4.65%	8.61%	1.66
BGCBGC Group, IncDirect Competitor	4.03B	11.10	35.81	27.62%	5.5%	13.53%		1.55
NMRKNewmark Group, Inc.Direct Competitor	3.01B	16.33	24.01	21.86%	3.83%	7.85%	4.73%	1.14
RMRThe RMR Group Inc.Product Competitor	292.5M	19.50	18.93	-21.98%	3.51%	5.59%	24.65%	0.51
DOUGDouglas Elliman Inc.Product Competitor	175.55M	1.99	11.71	3.76%	1.47%	10.25%		0.56
OPENOpendoor Technologies Inc.Product Competitor	4.99B	5.23	-3.08	-15.18%	-29.74%	-129.35%	20.79%	0.19

Compare MMI vs Peers

Marcus & Millichap, Inc. (MMI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs JLL

Most directly comparable listed peer for MMI.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare MMI against a more recognizable public peer.

Peer Set

Compare Top 5

vs JLL, CBRE, CWK, BGC

MMI Income Statement

Marcus & Millichap, Inc. (MMI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	719.7M	814.82M	806.43M	716.91M	1.3B	1.3B	645.93M	696.06M	755.16M
Revenue Growth %	0.31%	13.22%	-1.03%	-11.1%	80.84%	0.41%	-50.38%	7.76%	8.49%
Property Operating Expenses	446.56M	502.88M	498.88M	447.88M	840.21M	850.89M	406.64M	431.47M	470.49M
Net Operating Income (NOI)	273.14M▲ 0%	311.93M▲ 14.2%	307.55M▼ 1.4%	269.03M▼ 12.5%	456.23M▲ 69.6%	450.82M▼ 1.2%	239.28M▼ 46.9%	264.59M▲ 10.6%	284.67M▲ 7.6%
NOI Margin %	37.95%	38.28%	38.14%	37.53%	35.19%	34.63%	37.04%	38.01%	37.7%
Operating Expenses	177.01M	199.65M	211.13M	215.41M	266.88M	313.42M	298.65M	297.5M	298.38M
G&A Expenses	171.65M	193.35M	203.11M	204.51M	255.15M	300.01M	285.02M	280.91M	286.28M
EBITDA	101.5M	118.58M	104.44M	64.51M	201.08M	150.81M	-45.74M	-16.32M	-1.61M
EBITDA Margin %	14.1%	14.55%	12.95%	9%	15.51%	11.59%	-7.08%	-2.34%	-0.21%
Depreciation & Amortization	5.36M	6.3M	8.02M	10.9M	11.72M	13.41M	13.63M	16.59M	12.1M
D&A / Revenue %	0.75%	0.77%	0.99%	1.52%	0.9%	1.03%	2.11%	2.38%	1.6%
Operating Income	96.13M▲ 0%	112.29M▲ 16.8%	96.42M▼ 14.1%	53.61M▼ 44.4%	189.36M▲ 253.2%	137.4M▼ 27.4%	-59.37M▼ 143.2%	-32.91M▲ 44.6%	-13.71M▲ 58.3%
Operating Margin %	13.36%	13.78%	11.96%	7.48%	14.61%	10.56%	-9.19%	-4.73%	-1.82%
Interest Expense	1.5M	1.4M	1.39M	900K	580K	708K	888K	812K	773K
Interest Coverage	67.33x	84.73x	78.46x	66.96x	334.28x	201.61x	-44.50x	-15.04x	4.91x
Non-Operating Income	-4.59M	-6.33M	-12.48M	-6.65M	-4.53M	-5.34M	-19.86M	-20.69M	-17.5M
Pretax Income	99.23M▲ 0%	117.22M▲ 18.1%	107.51M▼ 8.3%	59.36M▼ 44.8%	193.3M▲ 225.6%	142.03M▼ 26.5%	-40.4M▼ 128.4%	-13.03M▲ 67.8%	3.02M▲ 123.2%
Pretax Margin %	13.79%	14.39%	13.33%	8.28%	14.91%	10.91%	-6.25%	-1.87%	0.4%
Income Tax	47.7M	29.96M	30.58M	16.53M	50.83M	37.8M	-6.37M	-666K	4.93M
Effective Tax Rate %	48.07%	25.56%	28.45%	27.84%	26.3%	26.62%	15.76%	5.11%	163.21%
Net Income	51.52M▲ 0%	87.26M▲ 69.4%	76.93M▼ 11.8%	42.84M▼ 44.3%	142.47M▲ 232.6%	104.22M▼ 26.8%	-34.03M▼ 132.7%	-12.36M▲ 63.7%	-1.91M▲ 84.6%
Net Margin %	7.16%	10.71%	9.54%	5.98%	10.99%	8.01%	-5.27%	-1.78%	-0.25%
Net Income Growth %	-20.31%	69.35%	-11.84%	-44.32%	232.58%	-26.84%	-132.66%	63.68%	84.56%
Funds From Operations (FFO)	56.89M▲ 0%	93.55M▲ 64.5%	84.95M▼ 9.2%	53.74M▼ 36.7%	154.19M▲ 186.9%	117.63M▼ 23.7%	-20.41M▼ 117.3%	4.23M▲ 120.7%	10.19M▲ 141.0%
FFO Margin %	7.9%	11.48%	10.53%	7.5%	11.89%	9.04%	-3.16%	0.61%	1.35%
FFO Growth %	-17.61%	64.46%	-9.2%	-36.74%	186.94%	-23.71%	-117.35%	120.71%	141.05%
FFO per Share	1.45	2.38	2.15	1.35	3.84	2.93	-0.53	0.11	0.26
FFO Payout Ratio %	0%	0%	0%	0%	0%	51.31%	-98.51%	478.5%	201.69%
EPS (Diluted)	1.32▲ 0%	2.22▲ 68.2%	1.95▼ 12.2%	1.08▼ 44.6%	3.55▲ 228.7%	2.59▼ 27.0%	-0.88▼ 134.0%	-0.32▲ 63.6%	-0.05▲ 84.7%
EPS Growth %	-20.48%	68.18%	-12.16%	-44.62%	228.7%	-27.04%	-133.98%	63.64%	84.69%
EPS (Basic)	1.32	2.23	1.95	1.08	3.57	2.61	-0.88	-0.32	-0.05
Diluted Shares Outstanding	39.1M	39.38M	39.55M	39.73M	40.19M	40.19M	38.66M	38.68M	38.94M

MMI Balance Sheet

Marcus & Millichap, Inc. (MMI) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	459.66M	566.38M	709.03M	779.12M	1.05B	1B	878.41M	869.8M	827.18M
Asset Growth %	16.66%	23.22%	25.19%	9.88%	34.15%	-3.97%	-12.48%	-0.98%	-4.9%
Real Estate & Other Assets	23.16M	53.94M	100.57M	140.86M	126.54M	185.87M	201.64M	199.97M	218.92M
PP&E (Net)	17.15M	19.55M	113.18M	107.46M	104.72M	115.59M	117.51M	107.26M	98.21M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets	320.43M	371.34M	410.17M	429.08M	608.13M	527.14M	393.69M	410.32M	309.21M
Cash & Equivalents	220.79M	214.68M	232.67M	243.15M	382.12M	235.87M	170.75M	153.44M	161.92M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	3.17M	2.54M	11.07M	7.12M	16K	0	19.58M	0	31.45M
Intangible Assets	13.26M	6.13M	9.24M	20.57M	15.89M	17.78M	13.14M	5.92M	41.66M
Total Liabilities	144.78M	156.81M	214.13M	232.29M	348.89M	290.2M	233.14M	238.98M	224.08M
Total Debt	8.69M	7.65M	87.48M	78.6M	77.31M	82.09M	87.74M	84.22M	78.25M
Net Debt	-212.1M	-207.03M	-145.19M	-164.55M	-304.82M	-153.78M	-83.01M	-69.22M	-83.67M
Long-Term Debt	7.65M	6.56M	0	0	0	0	0	0	0
Short-Term Borrowings	1.03M	1.09M	6.56M	0	0	0	0	0	0
Capital Lease Obligations	0	0	80.92M	78.6M	77.31M	82.09M	87.74M	84.22M	78.25M
Total Current Liabilities	83.26M	92.86M	101.81M	120.32M	225.63M	152.01M	105.27M	133.02M	121.45M
Accounts Payable	9.2M	9.87M	9.4M	10.03M	15.49M	11.45M	8.13M	13.74M	11.02M
Deferred Revenue	144.78M	156.81M	0	0	0	0	0	0	0
Other Liabilities	53.87M	57.39M	49.17M	52.56M	64.93M	73.08M	58.46M	40.26M	43.17M
Total Equity	29.23M▲ 0%	65.11M▲ 122.8%	494.91M▲ 660.2%	546.84M▲ 10.5%	696.3M▲ 27.3%	713.51M▲ 2.5%	645.27M▼ 9.6%	630.82M▼ 2.2%	603.1M▼ 4.4%
Equity Growth %	-45.57%	122.75%	660.16%	10.49%	27.33%	2.47%	-9.56%	-2.24%	-4.39%
Shareholders Equity	314.89M	409.57M	494.91M	546.84M	696.3M	713.51M	645.27M	630.82M	603.1M
Minority Interest	-285.66M	-344.47M	0	0	0	0	0	0	0
Common Stock	4K	4K	4K	4K	4K	4K	4K	4K	4K
Additional Paid-in Capital	89.88M	97.46M	104.66M	113.18M	121.84M	131.54M	153.74M	173.34M	192.94M
Retained Earnings	224.07M	311.34M	388.27M	431.08M	573.55M	585.58M	492.3M	458.91M	409.75M
Preferred Stock	60K	225K	0	0	0	0	0	0	0
Return on Assets (ROA)	12.07%	17.01%	12.06%	5.76%	15.62%	10.17%	-3.62%	-1.41%	-0.22%
Return on Equity (ROE)	124.26%	185%	27.47%	8.22%	22.92%	14.79%	-5.01%	-1.94%	-0.31%
Debt / Assets	1.89%	1.35%	12.34%	10.09%	7.4%	8.18%	9.99%	9.68%	9.46%
Debt / Equity	0.30x	0.12x	0.18x	0.14x	0.11x	0.12x	0.14x	0.13x	0.13x
Net Debt / EBITDA	-2.09x	-1.75x	-1.39x	-2.55x	-1.52x	-1.02x	-	-	-
Book Value per Share	0.75	1.65	12.51	13.76	17.33	17.76	16.69	16.31	15.49

MMI Cash Flow Statement

Marcus & Millichap, Inc. (MMI) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	66.54M	117.31M	25.29M	38.09M	255.9M	13.63M	-72.43M	21.71M	66.66M
Operating CF Growth %	-10.67%	76.31%	-78.44%	50.62%	571.87%	-94.67%	-631.44%	129.98%	206.98%
Operating CF / Revenue %	9.25%	14.4%	3.14%	5.31%	19.74%	1.05%	-11.21%	3.12%	8.83%
Net Income	51.52M	87.26M	76.93M	42.84M	142.47M	104.22M	-34.03M	-12.36M	17.5M
Depreciation & Amortization	5.36M	6.3M	8.02M	10.9M	11.72M	13.41M	13.63M	16.59M	12.1M
Stock-Based Compensation	9.14M	11.98M	9.28M	9.9M	10.36M	17.31M	24.15M	23.79M	24.23M
Other Non-Cash Items	325K	87K	21.06M	23.42M	28.14M	22.54M	26.03M	24.09M	4.12M
Working Capital Changes	-12.64M	11.83M	-90.22M	-49.44M	75.06M	-137.78M	-95.77M	-28.98M	5.57M
Cash from Investing	-27.34M	-117.98M	-3.42M	-17.23M	-108.36M	-53.98M	74.87M	-9.9M	-3.82M
Acquisitions (Net)	10K	-14.93M	-6.08M	-16.3M	229K	-12.5M	0	0	0
Purchase of Investments	-65.09M	-208.46M	-168.08M	-215.61M	-387.61M	-380.8M	-302.28M	-190.7M	-327.09M
Sale of Investments	44.75M	113.91M	179.69M	221.68M	285.63M	350.99M	391.61M	188.75M	331.14M
Other Investing	-454K	-433K	-137K	-56K	250K	-3K	-5.09M	-76K	0
Cash from Financing	-5.78M	-5.44M	-3.88M	-10.33M	-5.92M	-105.56M	-67.68M	-28.75M	-54.58M
Dividends Paid	0	0	0	0	0	-60.36M	-20.1M	-20.23M	-20.55M
Common Dividends	0	0	0	0	0	-60.36M	-20.1M	-20.23M	-20.55M
Debt Issuance (Net)	-986K	-1000K	-1000K	-1000K	0	0	0	0	0
Share Repurchases	0	0	0	0	0	-29.05M	-39.44M	-785K	-25.37M
Other Financing	-5.45M	-5.02M	-2.79M	-3.77M	-5.92M	-16.14M	-8.13M	-7.74M	-9.48M
Net Change in Cash	33.41M▲ 0%	-6.1M▼ 118.3%	17.99M▲ 394.7%	10.48M▼ 41.7%	138.99M▲ 1226.0%	-146.27M▼ 205.2%	-65.12M▲ 55.5%	-17.31M▲ 73.4%	8.48M▲ 149.0%
Exchange Rate Effect	0	0	0	-48K	-2.64M	-366K	122K	-365K	219K
Cash at Beginning	187.37M	220.79M	214.68M	232.67M	243.15M	382.14M	235.87M	170.75M	153.44M
Cash at End	220.79M	214.68M	232.67M	243.15M	382.14M	235.87M	170.75M	153.44M	161.92M
Free Cash Flow	59.98M▲ 0%	109.24M▲ 82.1%	16.48M▼ 84.9%	31.14M▲ 89.0%	249.05M▲ 699.7%	1.96M▼ 99.2%	-81.8M▼ 4267.1%	13.84M▲ 116.9%	58.78M▲ 324.7%
FCF Growth %	-7.74%	82.12%	-84.92%	89.03%	699.69%	-99.21%	-4267.09%	116.92%	324.72%
FCF / Revenue %	8.33%	13.41%	2.04%	4.34%	19.21%	0.15%	-12.66%	1.99%	7.78%

MMI Key Ratios

Marcus & Millichap, Inc. (MMI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	1.77	1.45	2.38	2.15	1.35	3.84	2.93	-0.53	0.11	0.26
FFO Payout Ratio	0%	0%	0%	0%	0%	0%	51.31%	-98.51%	478.5%	201.69%
NOI Margin	38.01%	37.95%	38.28%	38.14%	37.53%	35.19%	34.63%	37.04%	38.01%	37.7%
Net Debt / EBITDA	-1.60x	-2.09x	-1.75x	-1.39x	-2.55x	-1.52x	-1.02x	-	-	-
Debt / Assets	2.45%	1.89%	1.35%	12.34%	10.09%	7.4%	8.18%	9.99%	9.68%	9.46%
Interest Coverage	70.86x	67.33x	84.73x	78.46x	66.96x	334.28x	201.61x	-44.50x	-15.04x	4.91x
Book Value / Share	1.38	0.75	1.65	12.51	13.76	17.33	17.76	16.69	16.31	15.49
Revenue Growth	4.12%	0.31%	13.22%	-1.03%	-11.1%	80.84%	0.41%	-50.38%	7.76%	8.49%

MMI SEC Filings & Documents

Marcus & Millichap, Inc. (MMI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 1, 2026·SEC

Material company update

Feb 13, 2026·SEC

Material company update

Nov 7, 2025·SEC

10-K Annual Reports

FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 7, 2025·SEC

MMI Frequently Asked Questions

Marcus & Millichap, Inc. (MMI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Marcus & Millichap, Inc. (MMI) reported $755.2M in revenue for fiscal year 2025. This represents a 175% increase from $274.7M in 2011.

Marcus & Millichap, Inc. (MMI) grew revenue by 8.5% over the past year. This is steady growth.

Marcus & Millichap, Inc. (MMI) reported a net loss of $1.9M for fiscal year 2025.

Dividend & Returns

Yes, Marcus & Millichap, Inc. (MMI) pays a dividend with a yield of 1.84%. This makes it attractive for income-focused investors.

Marcus & Millichap, Inc. (MMI) has a return on equity (ROE) of -0.3%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Marcus & Millichap, Inc. (MMI) generated Funds From Operations (FFO) of $10.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More MMI

Marcus & Millichap, Inc. (MMI) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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Dividend History

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