MMI Stock Analysis: Marcus & Millichap | NYSE
Real Estate Services | NYSE, USA | Market Cap: 1.203m USD | 12M Return: 1.3% | US5663241090 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.80M
Qual. Beats: 0
Rev. Trend: 73.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 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 commercial real estate investment brokerage firm founded in 1971 and headquartered in Calabasas, California. The company provides investment sales, financing, research, and advisory services across the United States and Canada, covering a broad range of property types including multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing.
In addition to traditional property marketing, Marcus & Millichap operates as a financial intermediary, offering capital markets solutions such as senior debt, mezzanine debt, joint venture equity, preferred equity, and securitization services, along with loan sales and due diligence support. The firm also provides advisory and consulting services, including valuation opinions, market analysis, feasibility studies, and tenant/landlord leasing services.
As a brokerage, the company primarily earns revenue through transaction-based commissions tied to commercial property sales and financing placements, making its performance closely linked to commercial real estate transaction volume and capital markets activity. The commercial real estate brokerage sector tends to be cyclical, with deal activity sensitive to interest rate movements, credit availability, and broader economic conditions.
- Commercial real estate transaction volumes decline amid rate uncertainty
- Office sector distress pressures investment sales commissions
- Capital markets revenue weakens as commercial lending tightens
| 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 August 30, 2026, the stock is trading at USD 32.50 with a total of 123,988 shares traded. Over the past week, the price has changed by +0.56%, over one month by +2.43%, over three months by +14.36% and over the past year by +1.29%.
Current recommended Stop Loss: 31.30 (which is 3.7% or 1.4 ATR below the current price).
Marcus & Millichap has received a consensus analysts rating of 1.00. Therefore, it is recommended to sell MMI.
- StrongBuy: 0
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 28 | -13.8% |
P/E Trailing = 85.8649
P/S = 1.4813
P/B = 2.1064
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 = 1.06b USD (1.20b + Debt 74.2m - CCE 216.5m)
Interest Coverage Ratio = 37.50 (Ebit TTM 25.5m / Interest Expense TTM 679k)
EV/FCF = 11.31x (Enterprise Value 1.06b / FCF TTM 93.8m)
FCF Yield = 8.85% (FCF TTM 93.8m / Enterprise Value 1.06b)
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 = 1.39 (Enterprise Value 1.06b / 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 = 7.40% (E(1.20b)/V(1.28b) * Re(7.82%) + D(74.2m)/V(1.28b) * Rd(0.92%) * (1-Tc(0.42)))
Discount Rate = 7.82% (= 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)