(MMI) Marcus & Millichap - Overview
Sector: Real Estate | Industry: Real Estate Services | Exchange: NYSE (USA) | Market Cap: 1.090m USD | Total Return: 1.5% in 12m
Avg Turnover: 7.88M
Qual. Beats: 0
Rev. Trend: 10.5%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Marcus & Millichap (MMI) is a specialized brokerage firm providing investment sales, financing, and advisory services for commercial real estate across the United States and Canada. The company operates as a financial intermediary, facilitating capital market solutions such as senior debt, mezzanine debt, and preferred equity for a diverse range of asset classes, including multifamily, industrial, and retail properties.
The business model relies heavily on a commission-based structure derived from transaction volume and private client market share. Unlike diversified real estate firms that focus on property management, Marcus & Millichap emphasizes investment brokerage and capital markets, positioning itself as a consultant for private investors and institutional developers.
You may find it useful to review ValueRay for further data on the companys valuation metrics.
Founded in 1971 and headquartered in Calabasas, California, the firm also provides research and benchmarking analysis to support asset buy-sell strategies. Its service suite includes feasibility studies, portfolio strategy development, and leasing services for both landlords and tenants.
- Federal Reserve interest rate cuts stimulate commercial real estate transaction volume
- Tightening credit spreads improve capital markets financing and loan origination revenue
- Multifamily and industrial sector demand drives core investment brokerage commissions
- High interest rates increase debt service costs and suppress property valuations
- Agent recruitment and retention costs impact operational margins during market volatility
| Net Income: -587k TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 9.30 > 1.0 |
| NWC/Revenue: 19.52% < 20% (prev 33.55%; Δ -14.03% < -1%) |
| CFO/TA 0.12 > 3% & CFO 91.9m > Net Income -587k |
| Net Debt (-112.3m) to EBITDA (27.2m): -4.14 < 3 |
| Current Ratio: 2.65 > 1.5 & < 3 |
| Outstanding Shares: last quarter (38.2m) vs 12m ago -1.87% < -2% |
| Gross Margin: 34.87% > 18% (prev 0.37%; Δ 3.45k% > 0.5%) |
| Asset Turnover: 100.4% > 50% (prev 88.77%; Δ 11.62% > 0%) |
| Interest Coverage Ratio: 20.99 > 6 (EBITDA TTM 27.2m / Interest Expense TTM 739k) |
| A: 0.20 (Total Current Assets 245.1m - Total Current Liabilities 92.5m) / Total Assets 755.0m |
| B: 0.49 (Retained Earnings 373.3m / Total Assets 755.0m) |
| C: 0.02 (EBIT TTM 15.5m / Avg Total Assets 778.5m) |
| D: 2.01 (Book Value of Equity 372.8m / Total Liabilities 185.9m) |
| Altman-Z'' = 5.18 = AAA |
| DSRI: 2.25 (Receivables 33.3m/13.5m, Revenue 781.6m/712.0m) |
| GMI: 1.06 (GM 34.87% / 36.99%) |
| AQI: 1.19 (AQ_t 0.55 / AQ_t-1 0.46) |
| SGI: 1.10 (Revenue 781.6m / 712.0m) |
| TATA: -0.12 (NI -587k - CFO 91.9m) / TA 755.0m) |
| Beneish M = -1.89 (Cap -4..+1) = B |
As of May 29, 2026, the stock is trading at USD 28.42 with a total of 241,872 shares traded.
Over the past week, the price has changed by -0.46%,
over one month by -0.87%,
over three months by +8.65% and
over the past year by +1.54%.
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 | -1.5% |
P/S = 1.3951
P/B = 1.9162
P/EG = 1.82
Revenue TTM = 781.6m USD
EBIT TTM = 15.5m USD
EBITDA TTM = 27.2m USD
Long Term Debt = 56.7m USD (estimated: total debt 75.0m - short term 18.3m)
Short Term Debt = 18.3m USD (from shortTermDebt, last quarter)
Debt = 75.0m USD (from shortLongTermDebtTotal, last quarter) (leases 75.0m already included)
Net Debt = -112.3m USD (calculated: Debt 75.0m - CCE 187.3m)
Enterprise Value = 978.1m USD (1.09b + Debt 75.0m - CCE 187.3m)
Interest Coverage Ratio = 20.99 (Ebit TTM 15.5m / Interest Expense TTM 739k)
EV/FCF = 11.85x (Enterprise Value 978.1m / FCF TTM 82.6m)
FCF Yield = 8.44% (FCF TTM 82.6m / Enterprise Value 978.1m)
FCF Margin = 10.56% (FCF TTM 82.6m / Revenue TTM 781.6m)
Net Margin = -0.08% (Net Income TTM -587k / Revenue TTM 781.6m)
Gross Margin = 34.87% ((Revenue TTM 781.6m - Cost of Revenue TTM 509.1m) / Revenue TTM)
Gross Margin QoQ = 36.77% (prev 33.91%)
Tobins Q-Ratio = 1.30 (Enterprise Value 978.1m / Total Assets 755.0m)
Interest Expense / Debt = 0.98% (Interest Expense 739k / Debt 75.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = 12.3m (EBIT 15.5m * (1 - 21.00%))
Current Ratio = 2.65 (Total Current Assets 245.1m / Total Current Liabilities 92.5m)
Debt / Equity = 0.13 (Debt 75.0m / totalStockholderEquity, last quarter 569.1m)
Debt / EBITDA = -4.14 (Net Debt -112.3m / EBITDA 27.2m)
Debt / FCF = -1.36 (Net Debt -112.3m / FCF TTM 82.6m)
Total Stockholder Equity = 595.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.08% (Net Income -587k / Total Assets 755.0m)
RoE = -0.10% (Net Income TTM -587k / Total Stockholder Equity 595.5m)
RoCE = 2.38% (EBIT 15.5m / Capital Employed (Equity 595.5m + L.T.Debt 56.7m))
RoIC = 1.80% (NOPAT 12.3m / Invested Capital 680.8m)
WACC = 7.67% (E(1.09b)/V(1.17b) * Re(8.14%) + D(75.0m)/V(1.17b) * Rd(0.98%) * (1-Tc(0.21)))
Discount Rate = 8.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 28.89 | Cagr: -0.25%
[DCF] Terminal Value 77.97% ; FCFF base≈54.8m ; Y1≈62.8m ; Y5≈92.5m
[DCF] Fair Price = 39.76 (EV 1.39b - Net Debt -112.3m = Equity 1.50b / Shares 37.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 10.52 | Revenue CAGR: 1.34% | SUE: 0.68 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.08 | Chg30d=-166.67% | Revisions=+0% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.05 | Chg30d=-75.00% | Revisions=-33% | Analysts=2
EPS current Year (2026-12-31): EPS=0.43 | Chg30d=-34.85% | Revisions=+0% | GrowthEPS=+960.0% | GrowthRev=+9.7%
EPS next Year (2027-12-31): EPS=0.90 | Chg30d=-15.09% | Revisions=+0% | GrowthEPS=+109.3% | GrowthRev=+13.6%
[Analyst] Revisions Ratio: -33%