MMI Stock Analysis: Marcus & Millichap | NYSE
Real Estate Services | NYSE, USA | Market Cap: 1.069m USD | 12M Return: -1.9% | US5663241090 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.20M
Qual. Beats: 0
Rev. Trend: 73.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Marcus & Millichap, Inc. (NYSE: MMI) is a U.S.-based investment brokerage firm specializing in commercial real estate transactions, financing, and advisory services across the United States and Canada. The company facilitates the buying, selling, and financing of commercial properties across a broad range of asset types, including multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing. In addition to traditional investment sales, MMI operates as a financial intermediary offering capital markets solutions such as senior debt, mezzanine debt, joint venture equity, preferred equity, and securitization, alongside loan sales and due diligence services for owners, developers, and investors.
The firm further differentiates itself through dedicated research and consulting capabilities, providing opinions of value, portfolio strategy analysis, feasibility studies, and benchmarking, as well as tenant and landlord leasing services. Founded in 1971 and headquartered in Calabasas, California, MMI went public on the NYSE in October 2013. As a small-cap player in the Real Estate sector, its revenue is highly transactional and tied to commercial property deal volume, making performance sensitive to interest rates, capital availability, and broader CRE market cycles.
- Interest rate cuts could revive commercial real estate deal volume
- Office sector weakness pressures brokerage commissions
- Financing revenue rises with capital markets activity
| Net Income: 14.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA 8.05 > 1.0 |
| NWC/Revenue: 21.93% < 20% (prev 29.63%; Δ -7.70% < -1%) |
| CFO/TA 0.13 > 3% & CFO 98.5m > Net Income 14.4m |
| Net Debt (-142.4m) to EBITDA (36.3m): -3.92 < 3 |
| Current Ratio: 2.92 > 1.5 & < 3 |
| Outstanding Shares: last quarter (38.0m) vs 12m ago -2.43% < -2% |
| Gross Margin: 35.63% > 18% (prev 36.15%; Δ -0.52% > 0.5%) |
| Asset Turnover: 104.3% > 50% (prev 91.63%; Δ 12.63% > 0%) |
| Interest Coverage Ratio: 37.50 > 6 (EBIT TTM 25.5m / Interest Expense TTM 679k) |
| A: 0.23 (Total Current Assets 270.6m - Total Current Liabilities 92.5m) / Total Assets 765.8m |
| B: 0.49 (Retained Earnings 376.7m / Total Assets 765.8m) |
| C: 0.03 (EBIT TTM 25.5m / Avg Total Assets 779.0m) |
| D: 3.10 (Book Value of Equity 578.9m / Total Liabilities 186.9m) |
| Altman-Z'' = 6.60 = AAA |
| DSRI: 0.55 (Receivables 37.6m/61.2m, Revenue 812.2m/725.9m) |
| GMI: 1.01 (GM 36.15% / 35.63%) |
| AQI: 1.08 (AQ_t 0.53 / AQ_t-1 0.49) |
| SGI: 1.12 (Revenue 812.2m / 725.9m) |
| TATA: -0.11 (NI 14.4m - CFO 98.5m) / TA 765.8m) |
| Beneish M = -3.27 (Cap -4..+1) = AA |
As of October 17, 2026, the stock is trading at USD 28.04 with a total of 142,108 shares traded. Over the past week, the price has changed by -0.71%, over one month by -9.96%, over three months by -10.03% and over the past year by -1.92%.
Current recommended Stop Loss: 26.30 (which is 6.2% or 2.2 ATR below the current price).
Marcus & Millichap has received a consensus analysts rating of 2.00. Therefore, it is recommended to sell MMI.
- StrongBuy: 0
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 28 | -0.1% |
P/E Trailing = 76.3243
P/S = 1.3167
P/B = 1.9671
P/EG = 1.82
Revenue TTM = 812.2m USD
EBIT TTM = 25.5m USD
EBITDA TTM = 36.3m USD
Long Term Debt = 56.7m USD (estimated: total debt 74.2m - short term 17.5m)
Short Term Debt = 17.5m USD (from shortTermDebt, last quarter)
Debt = 74.2m USD (from shortLongTermDebtTotal, last quarter) (leases 74.2m already included)
Net Debt = -142.4m USD (calculated: Debt 74.2m - CCE 216.5m)
Enterprise Value = 927.1m USD (1.07b + Debt 74.2m - CCE 216.5m)
Interest Coverage Ratio = 37.50 (Ebit TTM 25.5m / Interest Expense TTM 679k)
EV/FCF = 9.88x (Enterprise Value 927.1m / FCF TTM 93.8m)
FCF Yield = 10.12% (FCF TTM 93.8m / Enterprise Value 927.1m)
FCF Margin = 11.55% (FCF TTM 93.8m / Revenue TTM 812.2m)
Net Margin = 1.77% (Net Income TTM 14.4m / Revenue TTM 812.2m)
Gross Margin = 35.63% ((Revenue TTM 812.2m - Cost of Revenue TTM 522.8m) / Revenue TTM)
Gross Margin QoQ = 37.58% (prev 36.77%)
Tobins Q-Ratio = 1.21 (Enterprise Value 927.1m / Total Assets 765.8m)
Interest Expense / Debt = 0.92% (Interest Expense 679k / Debt 74.2m)
Taxrate = 42.07% (10.4m / 24.8m)
NOPAT = 14.8m (EBIT 25.5m * (1 - 42.07%))
Current Ratio = 2.92 (Total Current Assets 270.6m / Total Current Liabilities 92.5m)
Debt / Equity = 0.13 (Debt 74.2m / totalStockholderEquity, last quarter 578.9m)
Debt / EBITDA = -3.92 (Net Debt -142.4m / EBITDA 36.3m)
Debt / FCF = -1.52 (Net Debt -142.4m / FCF TTM 93.8m)
Total Stockholder Equity = 588.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.84% (Net Income 14.4m / Total Assets 765.8m)
RoE = 2.44% (Net Income TTM 14.4m / Total Stockholder Equity 588.3m)
RoCE = 3.95% (EBIT 25.5m / Capital Employed (Equity 588.3m + L.T.Debt 56.7m))
RoIC = 2.03% (NOPAT 14.8m / Invested Capital 725.2m)
WACC = 7.28% (E(1.07b)/V(1.14b) * Re(7.75%) + D(74.2m)/V(1.14b) * Rd(0.92%) * (1-Tc(0.42)))
Discount Rate = 7.75% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -25.82 | Cagr: -0.50%
[DCF] Terminal Value 77.97% ; FCFF base≈69.6m ; Y1≈79.8m ; Y5≈117.4m
[DCF] Fair Price = 50.42 (EV 1.77b - Net Debt -142.4m = Equity 1.91b / Shares 37.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.58 | # QB: 0
Revenue Correlation: 73.18 | Revenue CAGR: 8.10% | SUE: 0.65 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.06 | Chg30d=+20.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.48 | Chg30d=+33.33% | Revisions=-25% | GrowthEPS=+1060.0% | GrowthRev=+11.4%
EPS next Year (2027-12-31): EPS=0.93 | Chg30d=+1.09% | Revisions=-25% | GrowthEPS=+93.8% | GrowthRev=+11.1%
[Analyst] Revisions Ratio: -50% (up=0, down=3)