Marcus & Millichap Inc (MMI)
NYSE:MMI
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Marcus & Millichap
(NYSE:MMI)
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Rating:64Neutral
Price Target:
$33.00
▲(22.63% Upside)
Action:Downgraded
Date:05/10/26
The score is driven primarily by solid financial footing (low leverage and improving cash flow) but held back by still-weak profitability. The earnings call adds support due to clear revenue/EBITDA improvement and constructive guidance, while technicals are positive but stretched. Valuation remains constrained because earnings are still negative despite a modest dividend yield.
Positive Factors
Balance Sheet Strength
A conservatively positioned balance sheet with very low leverage provides durable financial flexibility. This reduces refinancing and solvency risk during CRE cycles, enabling the firm to fund dividends, buybacks and strategic investments without relying on volatile capital markets over the next several months.
Negative Factors
Persisting GAAP Losses
Despite operational momentum and adjusted EBITDA improvement, continued GAAP net losses mean core earnings power has not fully normalized. Persistent losses constrain retained earnings rebuild, depress returns on equity, and limit the firm's capacity to sustainably ramp investment or materially increase shareholder distributions long term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A conservatively positioned balance sheet with very low leverage provides durable financial flexibility. This reduces refinancing and solvency risk during CRE cycles, enabling the firm to fund dividends, buybacks and strategic investments without relying on volatile capital markets over the next several months.
Read all positive factors
Marcus & Millichap (MMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.07B
Dividend Yield1.8%
Average Volume (3M)123.62K
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth9.77%
EPS Growth91.22%
CountryUS
Employees897
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.01
Shares Outstanding37,821,808
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 Cap0.96
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit3.76
Enterprise Value/Ebitda37.75
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.43
Revenue Forecast (FY)$845.60M
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
MMI primarily makes money by earning transaction-based fees for brokering commercial real estate investment sales and arranging financing.
1) Investment sales brokerage fees: The company’s core revenue stream is commissions earned when its agents...
Marcus & Millichap Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed clear momentum: double-digit revenue growth (18%), a strong financing business (+48% revenue, +60% volume), recovery in private and large-transaction markets, a positive adjusted EBITDA swing and improved operating leverage. These positives are tempered by remaining GAAP losses (net loss $3M), commission-rate pressure, ongoing refinancing and underwriting friction, headcount adjustments and macro/geopolitical uncertainty. On balance the operational and financial improvements materially outweigh the lingering challenges.Positive Updates
Strong Overall Revenue Growth
Total revenue of $171.5 million, an 18% increase year-over-year — the strongest first-quarter revenue growth in four years.
Negative Updates
GAAP Profitability Not Fully Restored
GAAP net loss of $3 million ($0.08 per share) in the quarter and a pretax loss of $2 million (improved from prior year but still negative).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Overall Revenue Growth
Total revenue of $171.5 million, an 18% increase year-over-year — the strongest first-quarter revenue growth in four years.
Read all positive updates
Company Guidance
Management guided Q2 to show continued year‑over‑year revenue improvement with the normal seasonal build from Q1 to Q2, while giving explicit expense and tax targets: cost of services is expected to run about 62.0%–63.5% of revenue, SG&A to show modest absolute dollar growth (partly for agent support and technology) and tax expense to be roughly $0.5 million–$1.5 million. For context, Q1 provides the baseline for that guidance — total revenue $171.5 million (+18% YoY) with brokerage commissions $138 million (+12%) accounting for 81% of revenue, financing revenue $27 million (+48%), adjusted EBITDA nearly $3 million (vs. –$9 million a year ago), net loss $3 million, pretax loss $2 million, brokerage transactions 1,348 (+15%) on $7.9 billion volume (+19%), financing volume $3.1 billion (+60%) across 398 loans, average brokerage deal $5.9 million (+3%) with a 1.75% commission rate (down 11 bps), average financing deal $7.8 million (+36%), cost of services 60.4% of revenue (improved 50 bps), SG&A $71 million (flat), cash and marketable securities ~$335 million with no debt, $23 million of share repurchases in Q1 at a $26.22 average, a $0.25/share semiannual dividend (~$10 million), and an incremental $70 million repurchase authorization (bringing available buyback capacity to $90 million).Marcus & Millichap Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
72
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 781.59M | 755.16M | 696.06M | 645.93M | 1.30B | 1.30B |
| Gross Profit | 272.53M | 260.47M | 264.59M | 239.28M | 450.82M | 456.23M |
| EBITDA | 27.15M | 15.89M | 4.37M | -25.89M | 156.14M | 205.60M |
| Net Income | -587.00K | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M |
Balance Sheet | ||||||
| Total Assets | 754.96M | 827.18M | 869.80M | 878.41M | 1.00B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 187.32M | 252.49M | 349.46M | 349.13M | 489.31M | 565.99M |
| Total Debt | 75.03M | 78.25M | 84.22M | 87.74M | 82.09M | 77.31M |
| Total Liabilities | 185.91M | 224.08M | 238.98M | 233.14M | 290.20M | 348.89M |
| Stockholders Equity | 569.05M | 603.10M | 630.82M | 645.27M | 713.51M | 696.30M |
Cash Flow | ||||||
| Free Cash Flow | 82.57M | 58.78M | 13.84M | -81.80M | 1.96M | 249.05M |
| Operating Cash Flow | 91.93M | 66.66M | 21.71M | -72.43M | 13.63M | 255.90M |
| Investing Cash Flow | -27.19M | -3.82M | -9.90M | 74.87M | -53.98M | -108.36M |
| Financing Cash Flow | -78.05M | -54.58M | -28.75M | -67.68M | -105.56M | -5.92M |
Marcus & Millichap Technical Analysis
Positive
26.91
Price Trends
27.60
Positive
26.87
Positive
28.17
Positive
Market Momentum
0.17
Positive
50.42
Neutral
21.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MMI, the sentiment is Positive. The current price of 26.91 is below the 20-day moving average (MA) of 28.76, below the 50-day MA of 27.60, and below the 200-day MA of 28.17, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 50.42 is Neutral, neither overbought nor oversold. The STOCH value of 21.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $13.45B | 14.94 | 12.35% | ― | 11.23% | 68.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.07B | -1,849.53 | -0.10% | 1.80% | 9.77% | 91.22% | |
60 Neutral | $38.11B | 28.37 | 15.35% | ― | 14.77% | 34.03% | |
58 Neutral | $3.02B | 40.31 | 3.79% | ― | 10.40% | -54.85% | |
57 Neutral | $2.57B | 17.44 | 9.81% | 0.68% | 23.00% | 105.99% | |
51 Neutral | $1.53B | 25.82 | 3.85% | 4.96% | -6.38% | ― |
* Real Estate Sector Average
MMI
Marcus & Millichap
28.42
0.11
0.38%
CBRE
CBRE Group
126.42
1.40
1.12%
JLL
Jones Lang Lasalle
285.68
62.98
28.28%
KW
Kennedy-Wilson
11.03
5.00
83.01%
NMRK
Newmark Group
14.26
3.36
30.77%
CWK
Cushman & Wakefield
12.76
2.73
27.22%
Marcus & Millichap Corporate Events
Executive/Board ChangesShareholder Meetings
Marcus & Millichap Shareholders Back Board, Audit, Compensation
Positive
May 1, 2026
On April 30, 2026, Marcus Millichap, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected Norma J. Lawrence and Hessam Nadji to three-year board terms ending with the 2029 Annual Meeting, while incumbent directors Collete...
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.