Marcus & Millichap, Inc. (MMI) Financial Ratios
15 years of historical data (2011–2025) · Real Estate · Real Estate - Services
EV/EBITDA
↓
N/A
—
5yr avg: 8.46
30Y Low7.8·High20.4
P/FCF
↑
18.86
↓-91% vs avg
5yr avg: 209.64
30Y Low6.3·High106.9
P/B Ratio
↓
1.89
↓-19% vs avg
5yr avg: 2.33
30Y Low1.8·High43.6
ROE
↓
-0.3%
↑-105% vs avg
5yr avg: 6.1%
30Y Low-5%·High185%
Debt/EBITDA
↑
N/A
—
5yr avg: 0.46
30Y Low0.1·High1.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MMI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Marcus & Millichap, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 18.9x P/FCF, 91% below the 5-year average of 209.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.1B | $1.5B | $1.7B | $1.4B | $2.1B | $1.5B | $1.5B | $1.4B | $1.3B | $1.0B |
| Enterprise Value | $1.0B | $979M | $1.4B | $1.6B | $1.2B | $1.8B | $1.3B | $1.3B | $1.1B | $1.1B | $865M |
| P/E Ratio → | -598.37 | — | — | — | 13.30 | 14.50 | 34.47 | 19.10 | 15.46 | 24.70 | 16.10 |
| P/S Ratio | 1.47 | 1.41 | 2.13 | 2.61 | 1.06 | 1.60 | 2.06 | 1.83 | 1.66 | 1.77 | 1.45 |
| P/B Ratio | 1.89 | 1.76 | 2.35 | 2.62 | 1.94 | 2.97 | 2.71 | 2.98 | 20.77 | 43.62 | 19.42 |
| P/FCF | 18.86 | 18.08 | 106.92 | — | 705.25 | 8.30 | 47.50 | 89.42 | 12.38 | 21.26 | 16.04 |
| P/OCF | 16.64 | 15.94 | 68.15 | — | 101.58 | 8.08 | 38.84 | 58.26 | 11.52 | 19.16 | 14.00 |
P/E links to full P/E history page with 30-year chart
MMI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.30 | 2.03 | 2.49 | 0.95 | 1.36 | 1.83 | 1.65 | 1.41 | 1.48 | 1.21 |
| EV / EBITDA | — | — | — | — | 8.16 | 8.77 | 20.38 | 12.72 | 9.66 | 10.47 | 7.80 |
| EV / EBIT | — | 258.13 | — | — | 8.62 | 9.09 | 21.82 | 12.19 | 9.65 | 10.55 | 7.97 |
| EV / FCF | — | 16.66 | 101.91 | — | 626.91 | 7.08 | 42.22 | 80.61 | 10.48 | 17.72 | 13.31 |
MMI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Marcus & Millichap, Inc. earns an operating margin of -1.6%, below the Real Estate sector average of 24.8%. Operating margins have expanded from -9.2% to -1.6% over the past 3 years, signaling improving operational efficiency. A negative ROE of -0.3% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.5% | 34.5% | 38.0% | 37.0% | 34.6% | 35.2% | 37.5% | 38.1% | 38.3% | 38.0% | 38.0% |
| Operating Margin | -1.6% | -1.6% | -4.7% | -9.2% | 10.6% | 14.6% | 7.5% | 12.0% | 13.8% | 13.4% | 14.8% |
| Net Profit Margin | -0.3% | -0.3% | -1.8% | -5.3% | 8.0% | 11.0% | 6.0% | 9.5% | 10.7% | 7.2% | 9.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.3% | -0.3% | -1.9% | -5.0% | 14.8% | 22.9% | 8.2% | 27.5% | 185.0% | 124.3% | 53.3% |
| ROA | -0.2% | -0.2% | -1.4% | -3.6% | 10.2% | 15.6% | 5.8% | 12.1% | 17.0% | 12.1% | 18.1% |
| ROIC | -1.7% | -1.7% | -4.4% | -7.9% | 21.7% | 36.7% | 11.0% | 69.6% | — | — | — |
| ROCE | -1.7% | -1.7% | -4.4% | -7.3% | 16.4% | 25.6% | 8.5% | 17.8% | 26.4% | 27.8% | 37.9% |
MMI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $162M exceeds total debt of $78M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 4.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.13 | 0.14 | 0.12 | 0.11 | 0.14 | 0.18 | 0.12 | 0.30 | 0.18 |
| Debt / EBITDA | — | — | — | — | 0.54 | 0.38 | 1.22 | 0.84 | 0.06 | 0.09 | 0.09 |
| Net Debt / Equity | — | -0.14 | -0.11 | -0.13 | -0.22 | -0.44 | -0.30 | -0.29 | -3.18 | -7.26 | -3.31 |
| Net Debt / EBITDA | — | — | — | — | -1.02 | -1.52 | -2.55 | -1.39 | -1.75 | -2.09 | -1.60 |
| Debt / FCF | — | -1.42 | -5.00 | — | -78.34 | -1.22 | -5.28 | -8.81 | -1.90 | -3.54 | -2.73 |
| Interest Coverage | 4.91 | 4.91 | -15.04 | -44.50 | 201.61 | 334.28 | 66.96 | 78.46 | 84.73 | 67.33 | 70.86 |
Net cash position: cash ($162M) exceeds total debt ($78M)
MMI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Marcus & Millichap, Inc.'s current ratio of 2.55x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.74x to 2.55x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 | 4.03 | 4.00 | 3.85 | 2.99 |
| Quick Ratio | 2.55 | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 | 4.03 | 3.91 | 3.73 | 2.89 |
| Cash Ratio | 2.08 | 2.08 | 2.63 | 3.32 | 3.22 | 2.51 | 3.34 | 3.77 | 3.79 | 3.54 | 2.75 |
| Asset Turnover | — | 0.91 | 0.80 | 0.74 | 1.30 | 1.24 | 0.92 | 1.14 | 1.44 | 1.57 | 1.82 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 63.62 | 46.22 | 54.95 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MMI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Marcus & Millichap, Inc. returns 4.1% to shareholders annually — split between a 1.8% dividend yield and 2.3% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.9% | 1.4% | 1.2% | 4.4% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 57.9% | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 7.5% | 6.9% | 2.9% | 5.2% | 6.5% | 4.0% | 6.2% |
| FCF Yield | 5.3% | 5.5% | 0.9% | — | 0.1% | 12.0% | 2.1% | 1.1% | 8.1% | 4.7% | 6.2% |
| Buyback Yield | 2.3% | 2.4% | 0.1% | 2.3% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 4.3% | 1.4% | 3.5% | 6.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $39M | $39M | $39M | $40M | $40M | $40M | $40M | $39M | $39M | $39M |
Peer Comparison
Compare MMI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MMIYou | $1B | -598.4 | — | 18.9 | 34.5% | -1.6% | -0.3% | -1.7% | — |
 JLL | $14B | 18.1 | 11.6 | 14.1 | 99.0% | 4.5% | 10.9% | 8.9% | 2.4 |
 CBRE | $39B | 34.2 | 22.7 | 32.3 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 CWK | $3B | 33.9 | 9.7 | 10.3 | 16.2% | 4.5% | 4.8% | 7.9% | 5.8 |
 BGC | $6B | 38.9 | 15.9 | 21.4 | 89.5% | 10.5% | 13.9% | 8.6% | 4.3 |
 NMRK | $3B | 21.9 | 10.6 | 19.2 | 94.6% | 7.0% | 7.7% | 5.2% | 4.8 |
 RMR | $652M | 19.9 | 14.9 | 9.0 | 76.9% | 6.0% | 4.3% | 6.7% | 3.8 |
 DOUG | $156M | 10.1 | — | — | 16.8% | -5.9% | 8.8% | -25.8% | — |
 OPEN | $3B | -2.6 | — | 3.3 | 7.0% | -6.2% | -151.3% | -15.8% | — |
 COMP | $6B | -100.1 | 76.0 | 29.9 | 10.6% | -0.4% | -9.8% | -2.5% | 5.4 |
 CSGP | $13B | 1814.5 | 71.6 | 311.4 | 75.2% | -2.2% | 0.1% | -0.9% | 6.7 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 15 years · Updated daily
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MMI — Frequently Asked Questions
Quick answers to the most common questions about buying MMI stock.
What is Marcus & Millichap, Inc.'s P/E ratio?
Marcus & Millichap, Inc.'s current P/E ratio is -598.4x. The historical average is 24.3x.
What is Marcus & Millichap, Inc.'s ROE?
Marcus & Millichap, Inc.'s return on equity (ROE) is -0.3%. The historical average is 49.8%.
Is MMI stock overvalued?
Based on historical data, Marcus & Millichap, Inc. is trading at a P/E of -598.4x. Compare with industry peers and growth rates for a complete picture.
What is Marcus & Millichap, Inc.'s dividend yield?
Marcus & Millichap, Inc.'s current dividend yield is 1.80%.
What are Marcus & Millichap, Inc.'s profit margins?
Marcus & Millichap, Inc. has 34.5% gross margin and -1.6% operating margin.