Marcus & Millichap Inc (MMI)
NYSE:MMI
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Marcus & Millichap
(NYSE:MMI)
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Rating:61Neutral
Price Target:
$28.00
▲(4.05% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by solid financial footing (low leverage and improved cash generation) and an earnings-call backdrop showing improving operating momentum and disciplined capital returns. Offsetting these positives are still-negative earnings that make valuation less dependable (negative P/E) and a neutral-to-weak technical picture with price below key longer-term moving averages and negative MACD.
Positive Factors
Balance Sheet Strength
Zero net debt and roughly $398M of liquid assets give Marcus & Millichap durable financial flexibility. This supports continued capital returns, optionality for opportunistic M&A or bolt-on financing buys, and cushions the firm through real estate cycle volatility without pressuring operations.
Negative Factors
Net Loss & Legal Reserve
Despite quarterly profitability, a full-year net loss driven in part by a legal reserve highlights persistent earnings fragility and event risk. Legal contingencies can sap cash, divert management focus, and introduce recurring volatility that undermines sustainably positive EPS and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Zero net debt and roughly $398M of liquid assets give Marcus & Millichap durable financial flexibility. This supports continued capital returns, optionality for opportunistic M&A or bolt-on financing buys, and cushions the firm through real estate cycle volatility without pressuring operations.
Read all positive factors
Marcus & Millichap (MMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.00B
Dividend Yield1.8%
Average Volume (3M)123.62K
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth20.74%
EPS Growth78.92%
CountryUS
Employees897
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.34
Shares Outstanding38,234,467
10 Day Avg. Volume119,304
30 Day Avg. Volume123,620
Financial Highlights & Ratios
PEG Ratio6.57
Price to Book (P/B)1.76
Price to Sales (P/S)1.41
P/FCF Ratio18.08
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.22
Enterprise Value/Gross Profit3.23
Enterprise Value/Ebitda57.80
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.56
Revenue Forecast (FY)$850.20M
Marcus & Millichap Business Overview & Revenue Model
Company Description
Marcus & 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 ...
How the Company Makes Money
Marcus & Millichap generates revenue primarily through commissions earned on the sale of commercial real estate properties. When a property is sold, MMI typically receives a percentage of the sale price as a brokerage fee. In addition to transacti...
Marcus & Millichap Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call conveyed a clear improvement in operating performance and momentum: revenue grew 8.5% in 2025, adjusted EBITDA and quarterly profitability improved materially, financing and private-client businesses scaled strongly, talent replenishment accelerated, and the balance sheet remained strong with ample liquidity and capital returns. Offsetting items included continued weakness in larger institutional transactions, a full-year net loss influenced by a legal reserve, some decline in other revenue, incomplete M&A, and persistent macro/AI-related uncertainties that temper near-term visibility. Overall, the positive operational inflection, cash strength and improving margins outweigh the challenges, though management remains cautious about market variability.Positive Updates
Full-Year Revenue Growth
Total revenue for 2025 was $755 million, up 8.5% from $696 million in 2024, demonstrating a return to top-line growth after prior market disruption.
Negative Updates
Weakness in Larger Transactions (>$20M)
Transactions valued at $20 million or more declined 13% for the year, and middle market and larger transaction segments together represented a smaller share of brokerage revenue (31% in Q4 vs 38% prior-year quarter). Dollar volume and transaction counts in these segments fell 8% and 14% in Q4, reflecting a tough comp to 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Total revenue for 2025 was $755 million, up 8.5% from $696 million in 2024, demonstrating a return to top-line growth after prior market disruption.
Read all positive updates
Company Guidance
Management's forward-looking guidance was cautiously optimistic: first-quarter revenue is expected to be seasonally lower than Q4, cost of services should run about 60%–61% of revenue, SG&A is expected to increase year‑over‑year in absolute dollars to support higher agent support and continued tech/central services investment, and the effective tax rate for the quarter and year is anticipated to be in the 50%–60% range; the company reiterated a balanced capital-allocation posture with nearly $398 million of cash, no debt, ongoing M&A optionality and continued returns to shareholders (Board declared a semiannual dividend of $0.25 per share — ~ $10 million — payable April 3, 2026, record date March 13), noting recent capital returns of $29 million in the quarter ($10M dividend in October and $19M repurchases), $27 million of share repurchases in 2025 at a $28.77 average price, roughly $47 million returned in dividends and buybacks in 2025, and ~$217 million returned since program inception — all set against 2025 results that provide context for guidance (FY revenue $755M, +8.5% YoY; FY adjusted EBITDA $25M vs. $9M in 2024; Q4 revenue $244M, +2% YoY; Q4 adjusted EBITDA $25M, +39% YoY).Marcus & Millichap Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
78
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 755.16M | 696.06M | 645.93M | 1.30B | 1.30B |
| Gross Profit | 284.67M | 264.59M | 239.28M | 450.82M | 456.23M |
| EBITDA | 15.89M | 4.37M | -25.89M | 156.14M | 205.60M |
| Net Income | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M |
Balance Sheet | |||||
| Total Assets | 827.18M | 869.80M | 878.41M | 1.00B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 252.49M | 349.46M | 349.13M | 489.31M | 565.99M |
| Total Debt | 78.25M | 84.22M | 87.74M | 82.09M | 77.31M |
| Total Liabilities | 224.08M | 238.98M | 233.14M | 290.20M | 348.89M |
| Stockholders Equity | 603.10M | 630.82M | 645.27M | 713.51M | 696.30M |
Cash Flow | |||||
| Free Cash Flow | 58.78M | 13.84M | -81.80M | 1.96M | 249.05M |
| Operating Cash Flow | 66.66M | 21.71M | -72.43M | 13.63M | 255.90M |
| Investing Cash Flow | -3.82M | -9.90M | 74.87M | -53.98M | -108.36M |
| Financing Cash Flow | -54.58M | -28.75M | -67.68M | -105.56M | -5.92M |
Marcus & Millichap Technical Analysis
Neutral
26.91
Price Trends
26.00
Negative
27.16
Negative
28.77
Negative
Market Momentum
-0.09
Negative
49.82
Neutral
47.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMI, the sentiment is Neutral. The current price of 26.91 is above the 20-day moving average (MA) of 25.98, above the 50-day MA of 26.00, and below the 200-day MA of 28.77, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 49.82 is Neutral, neither overbought nor oversold. The STOCH value of 47.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MMI.
Marcus & Millichap Risk Analysis
Marcus & Millichap disclosed 45 risk factors in its most recent earnings report. Marcus & Millichap reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marcus & Millichap Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $14.06B | 20.11 | 11.09% | ― | 12.51% | 32.34% | |
66 Neutral | $39.77B | 41.44 | 13.63% | ― | 14.61% | 30.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $1.00B | -556.71 | -1.09% | 1.80% | 20.74% | 78.92% | |
60 Neutral | $2.82B | 42.44 | 4.65% | ― | 6.77% | 150.72% | |
56 Neutral | $1.51B | 283.77 | 0.30% | 4.96% | -3.75% | 90.10% | |
56 Neutral | $2.77B | 24.52 | 8.82% | 0.68% | 22.22% | 94.52% |
* Real Estate Sector Average
MMI
Marcus & Millichap
26.21
-8.74
-25.00%
CBRE
CBRE Group
134.75
2.13
1.61%
JLL
Jones Lang Lasalle
300.19
45.76
17.99%
KW
Kennedy-Wilson
10.92
2.45
28.91%
NMRK
Newmark Group
15.04
2.52
20.17%
CWK
Cushman & Wakefield
12.18
1.55
14.58%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.