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Marcus & Millichap, Inc. (MMI) stock

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NYSE: MMI NYSE Real Estate Services Next results ~November 6, 2026

B Fundamentals grade

Marcus & Millichap, Inc. is a US-listed company in the real estate services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($5.77) was left out of our combined valuation (it is 0.20x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($5.77) was left out of our combined valuation (it is 0.20x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Marcus & Millichap, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds97 adding, 77 cuttingOf 30 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Marcus & Millichap files

Where Marcus & Millichap stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $812m, up 11.9% on a year earlier, faster than the 9.8% growth a quarter earlier. Free-cash-flow margin rose to 10.4% from 4.6% a year earlier. Operating margin widened to 1.2% from -4.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks.

Our model value for Marcus & Millichap is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Marcus & Millichap, Inc.'s trailing-twelve-month revenue grew 11.9% year on year, with a free-cash-flow margin of 10.4%. Where it stands out: change in share count of -0.9% ranks 4 of 20 real estate services companies we cover.

Our discounted-cash-flow model values the business at ~$5.8 per share in the base case (~$5.3–$6.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 233% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.5 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • High earnings multiple. The shares trade at 78 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.1% ranks 16 of 21 real estate services companies we cover (median 1.0%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 10.7% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.10 against an average estimate of $0.03: beat by 233.3%
Revenue
$203m, up 17.8% on a year earlier
Share reaction
+0.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 6, 2026; average EPS estimate $0.05

Marcus & Millichap's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.0%
  • 1 week+6.1%
  • 1 month+1.9%
  • This year+8.6%
  • 1 year+1.4%
  • 5 years-30.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$812M
Operating margin
1.2%
Net margin
1.8%
EPS (TTM, diluted)
$0.37

Growth

Revenue growth
+11.9%
Change in growth rate
+2.1 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
$84.5M
FCF margin
10.4%
Stock pay % of revenue
3.1%

Earnings

Last results
August 6, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Marcus & Millichap, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($5.77) was left out of our combined valuation (it is 0.20x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Marcus & Millichap, Inc.'s free cash flow after stock-based pay ( $3.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Marcus & Millichap, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$5.8 ~$5.3–$6.3 Left out: out of range vs price (0.20x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$7.2 ~$7.1–$18 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.4 ~$6.8–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$7.1 ~$6.3–$8.0 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marcus & Millichap, Inc. with Real Estate Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.50$24.30$29.66$31.22$33.88$33.86$46.80$32.38$41.71$37.03$26.81$29.11
Market value$1.0bn$949m$1.2bn$1.2bn$1.3bn$1.3bn$1.9bn$1.3bn$1.6bn$1.4bn$1.0bn$1.1bn
+ Net debt (− = net cash)−$96m−$187m−$221m−$215m−$233m−$243m−$382m−$236m−$171m−$153m−$162m−$154m
Enterprise value$942m$761m$939m$1.0bn$1.1bn$1.1bn$1.5bn$1.1bn$1.4bn$1.3bn$882m$968m
Multiples
Price / sales 1.5x1.3x1.6x1.5x1.7x1.9x1.5x1.0x2.5x2.1x1.4x1.4x
Price / earnings 15.6x14.7x22.5x14.1x17.4x31.4x13.2x12.5x———78.1x
Price / free cash flow 15.9x14.6x19.3x11.3x81.3x43.2x7.6xn/m—103.5x17.8x13.3x
EV / EBITDA 8.0x6.9x9.3x8.6x10.6x17.1x7.5x7.1x———47.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Marcus & Millichap's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.6% of total assets over 10 years.

  • Durability 2 / 20

    Operating margin has been a median 10.2%; its worst year was -9.9%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 7 of 10 years, at a median 7.6% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.6% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $203m and EPS of $0.05 (range $0.05 to $0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.44 +980% $835m +11%
Next $0.80 +81% $926m +11%

Next year's EPS estimate has moved −10.7% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +41.9% on 90 days ago. In the last 30 days, 0 analysts raised Marcus & Millichap, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Marcus & Millichap, Inc., last 90 days
$0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.31 Current fiscal year, 60 days ago: $0.48 Current fiscal year, 30 days ago: $0.48 Current fiscal year, 7 days ago: $0.48 Current fiscal year, Now: $0.44 $0.44 Next fiscal year, 90 days ago: $0.89 Next fiscal year, 60 days ago: $0.93 Next fiscal year, 30 days ago: $0.93 Next fiscal year, 7 days ago: $0.93 Next fiscal year, Now: $0.80 $0.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.31$0.89
60 days ago $0.48$0.93
30 days ago $0.48$0.93
7 days ago $0.48$0.93
Now $0.44$0.80

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.03 $0.10 +233.3%
Mar 2026 −$0.08 −$0.08 0.0%
Dec 2025 $0.21 $0.34 +58.1%
Sept 2025 $0.01 $0.01 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Marcus & Millichap, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Marcus & Millichap, Inc.'s revenue by +6.6% next year and +6.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.5%, weight 45%) and the company's own record (+5.1%, weight 55%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy00%
Hold150%
Sell150%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 2026112

Counts of recommendations published by analysts covering Marcus & Millichap, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
4.69
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
3.9%
of shares
Employees
854
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +1.4%

$28.70 on October 31, 2025 to $29.11

ThenNowEffect
Revenue (last 12 months) $726m $812m +11.9%
P/S multiple 1.5x 1.4x −10.2%
Share count 39m 39m +1.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −4.0%

$30.32 on November 3, 2023 to $29.11

ThenNowEffect
Revenue (last 12 months) $904m $812m −10.1%
Net margin 1.6% 1.8% +8.6%
P/E multiple 81.2x 78.1x −3.9%
Share count 39m 39m +2.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MMI+38%−31%+29%−11%−28%+9%
Industry peers (median)+47%−53%+27%+11%−6%−43%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MMI58%42%42%42%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MMI−17%−44%−28%−30%−30%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 58% from November 3, 2015 to February 11, 2016. Getting back needed a 136% gain, reached on October 20, 2021, 2078 days after the low.

Price behaviour

52-week range
$24.57 – $32.49
From 52-week high
−10.4%
vs 50-day average
−1.6%
vs 200-day average
+2.1%
Volatility (1 year)
28%
Beta vs S&P 500
0.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.6%
After a week
6 up, 6 down
typical move ±2.5%
After a month
7 up, 5 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +0.8% +0.5% +1.7% +2.1%
May 7, 2026 +4.9% +0.5% −0.3% +3.7%
February 13, 2026 0.0% +0.2% +2.4% +3.4%
November 7, 2025 +2.1% +1.7% −1.5% −4.3%
August 7, 2025 −9.8% +0.7% −4.0% +2.0%
May 7, 2025 +2.3% +1.1% −0.5% +1.1%
February 14, 2025 +3.8% +0.3% +0.1% −5.9%
November 8, 2024 +4.3% +0.5% +1.1% +1.9%
August 7, 2024 −0.5% +1.6% −4.5% −1.9%
May 8, 2024 +2.0% +0.6% +5.0% −8.3%
February 16, 2024 −3.4% −1.0% −8.1% −20.1%
November 3, 2023 +8.7% +1.1% +0.3% +18.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Marcus & Millichap, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marcus & Millichap, Inc.
$600M $650M $700M $750M $800M $850M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $742.1M Revenue (TTM), FY23 Q4: $645.9M Revenue (TTM), FY24 Q1: $620.2M Revenue (TTM), FY24 Q2: $615.7M Revenue (TTM), FY24 Q3: $622.2M Revenue (TTM), FY24 Q4: $696.1M Revenue (TTM), FY25 Q1: $712M Revenue (TTM), FY25 Q2: $725.9M Revenue (TTM), FY25 Q3: $751.3M Revenue (TTM), FY25 Q4: $755.2M Revenue (TTM), FY26 Q1: $781.6M Revenue (TTM), FY26 Q2: $812.2M $812.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $742.1M
FY23 Q4 $645.9M
FY24 Q1 $620.2M
FY24 Q2 $615.7M
FY24 Q3 $622.2M
FY24 Q4 $696.1M
FY25 Q1 $712M
FY25 Q2 $725.9M
FY25 Q3 $751.3M
FY25 Q4 $755.2M
FY26 Q1 $781.6M
FY26 Q2 $812.2M
Revenue growth, TTM YoY Marcus & Millichap, Inc.
-60% -40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -51.6% Revenue growth, TTM YoY, FY23 Q4: -50.4% Revenue growth, TTM YoY, FY24 Q1: -45.5% Revenue growth, TTM YoY, FY24 Q2: -31.9% Revenue growth, TTM YoY, FY24 Q3: -16.2% Revenue growth, TTM YoY, FY24 Q4: 7.8% Revenue growth, TTM YoY, FY25 Q1: 14.8% Revenue growth, TTM YoY, FY25 Q2: 17.9% Revenue growth, TTM YoY, FY25 Q3: 20.7% Revenue growth, TTM YoY, FY25 Q4: 8.5% Revenue growth, TTM YoY, FY26 Q1: 9.8% Revenue growth, TTM YoY, FY26 Q2: 11.9% 11.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -51.6%
FY23 Q4 -50.4%
FY24 Q1 -45.5%
FY24 Q2 -31.9%
FY24 Q3 -16.2%
FY24 Q4 7.8%
FY25 Q1 14.8%
FY25 Q2 17.9%
FY25 Q3 20.7%
FY25 Q4 8.5%
FY26 Q1 9.8%
FY26 Q2 11.9%
Operating margin (TTM) Marcus & Millichap, Inc.
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -4.9% Operating margin (TTM), FY23 Q4: -9.2% Operating margin (TTM), FY24 Q1: -10.2% Operating margin (TTM), FY24 Q2: -9.9% Operating margin (TTM), FY24 Q3: -9.1% Operating margin (TTM), FY24 Q4: -4.7% Operating margin (TTM), FY25 Q1: -4.3% Operating margin (TTM), FY25 Q2: -4.3% Operating margin (TTM), FY25 Q3: -3.0% Operating margin (TTM), FY25 Q4: -1.8% Operating margin (TTM), FY26 Q1: -0.2% Operating margin (TTM), FY26 Q2: 1.2% 1.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -4.9%
FY23 Q4 -9.2%
FY24 Q1 -10.2%
FY24 Q2 -9.9%
FY24 Q3 -9.1%
FY24 Q4 -4.7%
FY25 Q1 -4.3%
FY25 Q2 -4.3%
FY25 Q3 -3.0%
FY25 Q4 -1.8%
FY26 Q1 -0.2%
FY26 Q2 1.2%
FCF margin (TTM) Marcus & Millichap, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -9.8% FCF margin (TTM), FY23 Q4: -12.7% FCF margin (TTM), FY24 Q1: -5.1% FCF margin (TTM), FY24 Q2: -5.9% FCF margin (TTM), FY24 Q3: -4.5% FCF margin (TTM), FY24 Q4: 2.0% FCF margin (TTM), FY25 Q1: 1.8% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 9.3% FCF margin (TTM), FY25 Q4: 7.8% FCF margin (TTM), FY26 Q1: 10.6% FCF margin (TTM), FY26 Q2: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -9.8%
FY23 Q4 -12.7%
FY24 Q1 -5.1%
FY24 Q2 -5.9%
FY24 Q3 -4.5%
FY24 Q4 2.0%
FY25 Q1 1.8%
FY25 Q2 4.6%
FY25 Q3 9.3%
FY25 Q4 7.8%
FY26 Q1 10.6%
FY26 Q2 10.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 275 386 436 572 689 717 720 815 806 717 1,296 1,302 646 696 755 812
Gross profit — — — — — 273 273 312 — — — — — — — —
EBITDA 26 52 24 88 118 111 101 119 104 65 201 151 −46 −16 −2 20
Operating income 23 49 21 85 115 107 96 112 96 54 189 137 −59 −33 −14 9
Net income 13 28 8 50 66 65 52 87 77 43 142 104 −34 −12 −2 14
Diluted EPS — — $0.24 $1.27 $1.69 $1.66 $1.32 $2.22 $1.95 $1.08 $3.55 $2.59 −$0.88 −$0.32 −$0.05 $0.37
Growth (year on year)
Revenue — +40.4% +13.0% +31.3% +20.4% +4.1% +0.3% +13.2% −1.0% −11.1% +80.8% +0.4% −50.4% +7.8% +8.5% +11.9%
EBITDA — +96.7% −53.2% +260.9% +34.3% −6.0% −8.5% +16.8% −11.9% −38.2% +211.7% −25.0% −130.3% — — —
Operating income — +108.9% −56.6% +297.5% +35.5% −7.1% −9.7% +16.8% −14.1% −44.4% +253.2% −27.4% −143.2% — — —
Net income — +107.7% −70.6% — +34.0% −2.6% −20.3% +69.4% −11.8% −44.3% +232.6% −26.8% −132.7% — — —
Diluted EPS — — — — +33.1% −1.8% −20.5% +68.2% −12.2% −44.6% +228.7% −27.0% −134.0% — — —
Margins
Gross margin — — — — — 38.0% 38.0% 38.3% — — — — — — — —
EBITDA margin 9.6% 13.5% 5.6% 15.3% 17.1% 15.5% 14.1% 14.6% 13.0% 9.0% 15.5% 11.6% −7.1% −2.3% −0.2% 2.5%
Operating margin 8.5% 12.7% 4.9% 14.8% 16.6% 14.8% 13.4% 13.8% 12.0% 7.5% 14.6% 10.6% −9.2% −4.7% −1.8% 1.2%
Net margin 4.9% 7.2% 1.9% 8.7% 9.6% 9.0% 7.2% 10.7% 9.5% 6.0% 11.0% 8.0% −5.3% −1.8% −0.3% 1.8%
Free-cash-flow margin 5.4% 8.0% 21.1% 12.0% 9.5% 9.1% 8.3% 13.4% 2.0% 4.3% 19.2% 0.2% −12.7% 2.0% 7.8% 10.4%
Cash flow
Cash from operations 18 35 97 71 72 74 67 117 25 38 256 14 −72 22 67 93
Capital spending 3 5 5 3 7 9 7 8 9 7 7 12 9 8 8 9
Free cash flow 15 31 92 69 65 65 60 109 16 31 249 2 −82 14 59 85
Stock-based pay 2 4 34 5 7 7 9 12 9 10 10 17 24 24 24 25
Free cash flow after stock pay 13 27 58 64 58 58 51 97 7 21 239 −15 −106 −10 35 59
Balance sheet
Cash 3 3 101 149 96 187 221 215 233 243 382 236 171 153 162 154
Total debt 0 0 — — — — — 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −3 −3 −101 −149 −96 −187 −221 −215 −233 −243 −382 −236 −171 −153 −162 −154
Diluted shares — — 39m 39m 39m 39m 39m 39m 40m 40m 40m 40m 39m 39m 39m 39m
Returned to shareholders
Dividends 17 31 38 — — — — — — 0 0 60 20 20 21 20
Buybacks 0 — — — — — — — — 0 0 29 39 1 25 43
Total returned 17 31 38 — — — — — — 0 0 89 60 21 46 64

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $766m
Short-term assets $271mLonger-term assets $495m
What it owes, and who funded it · $766m
Short-term liabilities $93mLonger-term liabilities $94mShareholders' equity $579m
  • Short-term assets cover short-term liabilities $271m of assets due within a year against $93m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $271m short-term assets against $94m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $9m against $679,000 of interest.

From Marcus & Millichap, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$43.5M
Dividends (TTM)
$20.3M
Returned to shareholders
75%
of free cash flow
Buybacks, last 3 fiscal years
$65.6M
Diluted share count
−0.9%
year over year
Total shareholder yield
5.8%
dividends 1.8% + buybacks 3.9% of market value
Dividend payout ratio
142%
of net income paid out
Sales & admin spending
35.2%
of revenue

Competitors: side by side with peers

Closest by revenue in real estate services
Last 12 months unless stated MMI DOUG IHS FTHM OPAD Z Median
Revenue, last 12 months $812m $1.0bn $1.6bn $407m $350m $2.8bn $2.2bn
Revenue growth, last 12 months 11.9% −2.7% 3.6% 4.3% −44.3% 17.7% 6.7%
Revenue growth, 3-year average −3.5% 1.2% — 3.0% −41.5% 14.1% 13.0%
Revenue growth, latest quarter 17.8% 4.5% — −5.6% −41.2% 17.9% 12.7%
Gross margin 38.1% — 55.4% 5.8% 7.8% 72.9% 18.5%
Operating margin 1.2% 3.5% 51.9% −5.1% −9.7% 0.4% 0.8%
Operating margin, 3-year average −4.3% −2.7% — −6.0% −6.8% −5.6% −2.7%
Net margin 1.8% 2.5% 9.1% −6.3% −11.3% 2.0% 1.8%
Cash from operations / revenue 11.5% −1.7% 59.2% −3.3% −31.1% 13.8% 1.8%
Free-cash-flow margin 10.4% −1.9% 45.4% −3.3% −31.1% 9.2% 1.5%
Free-cash-flow margin, 3-year average 3.0% −2.3% — −3.2% −9.0% 10.3% 2.9%
Stock pay / revenue 3.1% 0.7% 1.8% 0.6% 0.5% 12.9% 0.9%
Change in share count −0.9% 1.4% 0.6% 37.7% 4.2% 0.0% 1.6%

Median of all 22 companies we cover in real estate services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 real estate services companies
Measure Company Peer median Rank
Revenue growth Growth 11.9% 8.1% 9 of 22
Change in growth rate Growth +2.1pp -0.2pp 7 of 22
Operating margin Profitability 1.2% 1.2% 11 of 22
Net margin Profitability 1.8% 1.8% 11 of 21
Free-cash-flow margin Cash generation 10.4% 1.2% 4 of 19
Stock pay as % of revenue Cash generation 3.1% 1.0% 16 of 21
Change in share count Balance sheet -0.9% 1.8% 4 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Real Estate Brokerage Commissions $633M 83.8% ▲ 7.3%
Financing Fees $104M 13.8% ▲ 23.0%
Other Revenues $18.7M 2.5% ▼ 14.3%

From Marcus & Millichap, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$713M
Institutions reporting
187
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
31 / 17

Top buyers and sellers, Q2 2026: 97 institutions bought and 77 sold ; the biggest buyer was Schroder Investment Management Group (+1.4M shares) and the biggest seller Algert Global LLC (−412K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $113M 3.6M 15.8% ▼ 7.9%
Vanguard Portfolio Management LLC $77.7M 2.5M 10.9% ▼ 3.0%
Schroder Investment Management Group $71.3M 2.3M 10.0% ▲ 145.5%
Pzena Investment Management LLC $66.7M 2.1M 9.4% ▲ 6.4%
Dimensional Fund Advisors LP $46.4M 1.5M 6.5% ▲ 0.5%
Vanguard Capital Management LLC $31.8M 1.0M 4.5% ▼ 3.7%
State Street Corp $29.6M 949K 4.2% ▲ 1.2%
Tributary Capital Management, LLC $23.1M 741K 3.2% ▼ 2.9%
Geode Capital Management, LLC $20.6M 659K 2.9% ▲ 2.2%
Two Sigma Investments, LP $17.2M 551K 2.4% ▲ 29.9%
AQR Capital Management LLC $14.7M 472K 2.1% ▲ 159.4%
Royce & Associates LP $14.7M 470K 2.1% ▼ 8.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marcus & Millichap, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $48,475 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $48,475 net selling
Insider Date Trade Shares Price Value
Nadji Hessam Chief Executive Officer June 11, 2026 Sell 500 $30.39 $15,195
Nadji Hessam Chief Executive Officer March 13, 2026 Sell 1,300 $25.60 $33,280

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 13, 2026
  • November 7, 2025
  • August 7, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Marcus & Millichap, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marcus & Millichap, Inc. in brief

What does Marcus & Millichap, Inc. do?
Marcus & Millichap, Inc. is a US-listed company in the real estate services industry. Its financial year ends in December.
What is Marcus & Millichap, Inc.'s stock ticker?
Marcus & Millichap, Inc. trades under the ticker MMI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marcus & Millichap, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marcus & Millichap, Inc. reported revenue of $812M, 11.9% higher than a year earlier, according to its SEC filings.
What is Marcus & Millichap, Inc.'s free cash flow?
Marcus & Millichap, Inc.'s free-cash-flow margin is 10.4% of revenue over the trailing twelve months, ranking 4 of the 19 real estate services companies we cover.
Who are Marcus & Millichap, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Schroder Investment Management Group. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marcus & Millichap, Inc. buying back stock, and does it pay a dividend?
Marcus & Millichap, Inc. spent $43.5M on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
What is Marcus & Millichap, Inc.'s market cap?
On November 2, 2026, Marcus & Millichap, Inc.'s market capitalisation was about $1.1B, with a price-to-earnings ratio of 78.1 and net debt of -$154M. Market figures come from third-party market data and may be delayed.
Does Marcus & Millichap, Inc. pay a dividend?
Yes: Marcus & Millichap, Inc. paid $20.3M in dividends over the trailing twelve months, a dividend yield of 1.84% and a payout ratio of 141.6%.
Who are Marcus & Millichap, Inc.'s competitors?
In our Real Estate Services peer group, the companies closest to Marcus & Millichap, Inc. are Douglas Elliman Inc., IHS Holding Ltd, Fathom Holdings Inc., Offerpad Solutions Inc. and Zillow Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Marcus & Millichap, Inc.'s.
Are insiders buying or selling Marcus & Millichap, Inc. stock?
Over the last 12 months, Marcus & Millichap, Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Marcus & Millichap, Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marcus & Millichap, Inc. announces its own schedule.