Marcus & Millichap, Inc. logo

Marcus & Millichap, Inc.

MMI

NYSEReal EstateReal Estate - Services

Previous close

$32.32

−$0.38 · -1.16%

Aug 21, 4:00 PM ET

MMI company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

52

Fair Value

Momentum

46

Neutral

Sentiment

56

Mixed

Risk resilience

65

Moderate Risk

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Company profile

Company website

Marcus & Millichap, Inc. (MMI) is a prominent investment brokerage firm specializing in commercial real estate. Operating across the United States and Canada, the company furnishes comprehensive investment brokerage and financing solutions for both buyers and sellers in the commercial property market. Their core service portfolio spans commercial real estate sales, financial arrangements, in-depth market research, and strategic advisory. These services cater to a diverse array of commercial asset classes, including multifamily dwellings, retail spaces, office buildings, industrial properties, single-tenant net leased assets, seniors' housing, self-storage facilities, hospitality venues, medical offices, and manufactured housing communities. Beyond direct brokerage, MMI functions as a crucial financial intermediary, providing sophisticated capital markets solutions for commercial real estate. This includes structuring various debt types (senior and mezzanine), facilitating joint ventures, arranging preferred equity, executing loan sales, and offering specialized consultative and due diligence expertise to property owners, developers, investors, and capital sources. Furthermore, the company offers a range of supplementary services, encompassing detailed research, advisory, and consulting. These are provided to a broad client base, including developers, lenders, property owners, Real Estate Investment Trusts (REITs), high-net-worth individuals, pension fund advisors, and other institutional entities. Marcus & Millichap, Inc. was established in 1971 and maintains its corporate headquarters in Calabasas, California.

Industry
Real Estate - Services
Sector
Real Estate
Headquarters
US
CEO
Hessam Nadji
Listed since
Oct 31, 2013
Employees
854

Market position

Day range

Current $32.32

52-week range

Current $32.32

Open
$32.80
Previous close
$32.70
Volume
73.83K
0.37× average
Average volume
197.35K
Average daily volume
Market cap
1.22B USD
Beta
1.24
Market reference 1
50-day average
$30.8968
+4.61% above average
200-day average
$28.4338
+13.67% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
979.09M USD
P/E (TTM)
88.26×
P/B (TTM)
2.11×
P/S (TTM)
1.51×
EV / EBITDA
61.61×
Earnings yield
-0.18%
Free cash flow yield
5.53%
Dividend yield
1.55%

Profitability & efficiency

Gross margin
35.63%
Operating margin
1.26%
Net margin
1.77%
Return on equity
-0.32%
Return on assets
-0.23%
Return on invested capital
1.07%

Financial health

Debt / equity
0.13×
Current ratio
2.55×
Altman Z-score
6.18
Piotroski F-score
8 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends43%24%5%-14%Gross margin, FY2021: 35.19%Gross margin, FY2022: 34.63%Gross margin, FY2023: 37.04%Gross margin, FY2024: 38.01%Gross margin, FY2025: 34.49%Operating margin, FY2021: 14.61%Operating margin, FY2022: 10.56%Operating margin, FY2023: -9.19%Operating margin, FY2024: -4.73%Operating margin, FY2025: -1.63%Net margin, FY2021: 10.99%Net margin, FY2022: 8.01%Net margin, FY2023: -5.27%Net margin, FY2024: -1.78%Net margin, FY2025: -0.25%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 35.19%. Gross margin FY2022 34.63%. Gross margin FY2023 37.04%. Gross margin FY2024 38.01%. Gross margin FY2025 34.49%. Operating margin FY2021 14.61%. Operating margin FY2022 10.56%. Operating margin FY2023 -9.19%. Operating margin FY2024 -4.73%. Operating margin FY2025 -1.63%. Net margin FY2021 10.99%. Net margin FY2022 8.01%. Net margin FY2023 -5.27%. Net margin FY2024 -1.78%. Net margin FY2025 -0.25%.

Income trends

Revenue

755.16M USD+8.49%

Operating income

−12.29M USD+62.65%

Net income

−1.91M USD+84.56%
Income trends across reported periods1.44B USD893.39M USD348.96M USD−195.48M USDRevenue, FY2021: 1.3B USDRevenue, FY2022: 1.3B USDRevenue, FY2023: 645.93M USDRevenue, FY2024: 696.06M USDRevenue, FY2025: 755.16M USDOperating income, FY2021: 189.36M USDOperating income, FY2022: 137.4M USDOperating income, FY2023: −59.37M USDOperating income, FY2024: −32.91M USDOperating income, FY2025: −12.29M USDNet income, FY2021: 142.47M USDNet income, FY2022: 104.23M USDNet income, FY2023: −34.04M USDNet income, FY2024: −12.36M USDNet income, FY2025: −1.91M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.3B USD. Revenue FY2022 1.3B USD. Revenue FY2023 645.93M USD. Revenue FY2024 696.06M USD. Revenue FY2025 755.16M USD. Operating income FY2021 189.36M USD. Operating income FY2022 137.4M USD. Operating income FY2023 −59.37M USD. Operating income FY2024 −32.91M USD. Operating income FY2025 −12.29M USD. Net income FY2021 142.47M USD. Net income FY2022 104.23M USD. Net income FY2023 −34.04M USD. Net income FY2024 −12.36M USD. Net income FY2025 −1.91M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue755.16M USD696.06M USD645.93M USD1.3B USD1.3B USD
Cost of goods sold494.68M USD431.47M USD406.65M USD850.89M USD840.21M USD
Gross profit260.47M USD264.59M USD239.28M USD450.82M USD456.23M USD
Selling, general, and administrative280.91M USD285.02M USD300.01M USD255.15M USD
Operating expenses272.77M USD297.5M USD298.65M USD313.42M USD266.88M USD
Interest expense773K USD812K USD888K USD708K USD580K USD
Depreciation and amortization12.1M USD16.59M USD13.63M USD13.41M USD11.72M USD
Operating income−12.29M USD−32.91M USD−59.37M USD137.4M USD189.36M USD
Net income−1.91M USD−12.36M USD−34.04M USD104.23M USD142.47M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
82%
9 beats, 1 miss, 1 met estimate
Average EPS surprise
-33.36%
11 comparable reports
Latest EPS result
0.1
Estimate 0.03 · Beat by 233.33%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.390.15-0.09-0.33Q1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26MetQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 14, 2025: actual 0.22, estimate -0.06, surprise +466.67%, Beat. Q2 2025, reported May 7, 2025: actual -0.11, estimate -0.16, surprise +31.25%, Beat. Q3 2025, reported Aug 7, 2025: actual -0.28, estimate -0.02, surprise -1300.00%, Miss. Q4 2025, reported Nov 7, 2025: actual 0.01, estimate 0.005, surprise +100.00%, Beat. Q1 2026, reported Feb 13, 2026: actual 0.34, estimate 0.215, surprise +58.14%, Beat. Q2 2026, reported May 7, 2026: actual -0.08, estimate -0.08, surprise 0.00%, Met estimate. Q3 2026, reported Aug 6, 2026: actual 0.1, estimate 0.03, surprise +233.33%, Beat. Q4 2026, reported Nov 6, 2026: actual —, estimate 0.11, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates253.71M214.23M174.76M135.28MQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 14, 2025: actual 240.08M USD, estimate 199.8M USD, surprise +20.16%, Beat. Q2 2025, reported May 7, 2025: actual 145.04M USD, estimate 172.6M USD, surprise -15.97%, Miss. Q3 2025, reported Aug 7, 2025: actual 172.28M USD, estimate 186.15M USD, surprise -7.45%, Miss. Q4 2025, reported Nov 7, 2025: actual 193.89M USD, estimate 193.8M USD, surprise +0.05%, Beat. Q1 2026, reported Feb 13, 2026: actual 243.95M USD, estimate 229.45M USD, surprise +6.32%, Beat. Q2 2026, reported May 7, 2026: actual 171.5M USD, estimate 162.2M USD, surprise +5.73%, Beat. Q3 2026, reported Aug 6, 2026: actual 202.92M USD, estimate 194.3M USD, surprise +4.43%, Beat. Q4 2026, reported Nov 6, 2026: actual —, estimate 205.1M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$26.00

19.55% downside
Past 12 months12-month forecast

Price history unavailable

High $26.00Average $26.00Low $26.00

Rating distribution

4 ratings

Limited analyst sample: 4 ratings. Interpret the distribution with caution.

Strong buy00%
Buy125%
Hold250%
Sell125%
Strong sell00%

MMI news

MMI peers

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Funds reporting this stock among their holdings, ordered by reported position size.

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