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Marcus & Millichap, Inc.

Marcus & Millichap, Inc.

NYSE•MMI
CEO: Mr. George M. Marcus
Sector: Real Estate
Industry: Real Estate - Services
Listing Date: 2013-10-31
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 investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets. It also operates as a financial intermediary that provides commercial real estate capital markets solutions, including senior debt, mezzanine debt, joint venture, and preferred equity, as well as loan sales and consultative/due diligence services to commercial real estate owners, developers, investors, and capital providers. In addition, the company provides research, advisory, and consulting services, which include opinions of value, operating and financial performance benchmarking analysis, specific asset buy-sell strategies, market and submarket analysis and ranking, portfolio strategies by property type, market strategy, development and redevelopment feasibility studies, and other services for developers, lenders, owners, real estate investment trusts, high-net-worth individuals, pension fund advisors, and other institutions. Marcus & Millichap, Inc. was founded in 1971 and is headquartered in Calabasas, California.
Contact Information
23975 Park Sorrento, Suite 400, Calabasas, CA, 91302, United States
818-212-2250
www.marcusmillichap.com
Market Cap
$1.13B
P/E (TTM)
-170.2
34.5
Dividend Yield
1.7%
52W High
$42.53
52W Low
$27.35
52W Range
12%
Rank50Top 56.1%
3.5
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$193.89M+15.06%
4-Quarter Trend

EPS

$0.01-104.43%
4-Quarter Trend

FCF

$49.96M+279.01%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Increased 12.1% Nine months revenue reached $511.2M, driven by strong brokerage commissions and financing fees growth across segments.
Net Loss Significantly Reduced Nine months net loss narrowed to $(15.2M) from $(20.9M) loss last year; Adjusted EBITDA improved substantially.
Financing Fees Revenue Surged Financing fees revenue grew 32.6% to $70.7M for nine months, fueled by 45.7% increase in financing volume.
Stock Repurchases Active Retired 264,554 common shares for $8.0M during nine months under existing repurchase authorization limits.

Risk Factors

Major Litigation Loss Accrued Recorded $4.0M accrual for jury verdict; potential loss range estimated up to $34.1M pending post-trial motions.
Broker Compensation Costs Rise Cost of services increased 13.0% for nine months, reflecting higher commission rates due to revenue mix shift.
Total Assets Declined Total assets decreased to $812.5M as of September 30, 2025, down from $869.8M at year-end 2024.
Economic Uncertainty Persists Business outlook affected by capital market uncertainty, inflation risks, and potential slowing commercial real estate demand.

Outlook

Liquidity Remains Sufficient Cash, equivalents, and marketable securities aggregate $370.5M; expected to satisfy operating requirements for next 12 months.
Credit Facility Maturity Extended Credit Agreement extended maturity date to June 1, 2026; company remains compliant with all financial covenants.
Strategic Alliance Guarantee Exposure Maximum aggregate guarantee obligation under Strategic Alliance stands at $402.7M relating to potential loan defaults.
Focus on Talent Retention SG&A increase driven by compensation costs and investment in long-term talent acquisition and retention efforts.

Peer Comparison

Revenue (TTM)

Anywhere Real Estate Inc.HOUS
$5.87B
+5.3%
FirstService CorporationFSV
$5.48B
+11.0%
The Real Brokerage Inc.REAX
$1.62B
+72.6%

Gross Margin (Latest Quarter)

Anywhere Real Estate Inc.HOUS
81.2%
-0.2pp
Marcus & Millichap, Inc.MMI
37.6%
-0.2pp
FRP Holdings, Inc.FRPH
34.3%
-57.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FSV$7.03B36.815.1%34.5%
HOUS$1.59B-12.4-8.4%51.0%
MMI$1.13B-170.2-1.1%9.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-6.9%
Growth Under Pressure
4Q Net Income CAGR
-69.6%
Declining Profitability
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 7, 2025|
    Revenue: $193.89M+15.1%
    |
    EPS: $0.01-104.4%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $172.28M+8.8%
    |
    EPS: $-0.28+100.0%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $145.04M+12.3%
    |
    EPS: $-0.11-57.7%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 27, 2025|
    Revenue: $696.06M+7.8%
    |
    EPS: $-0.32+63.6%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 8, 2024|
    Revenue: $168.51M+4.0%
    |
    EPS: $-0.14-41.7%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $158.37M-2.8%
    |
    EPS: $-0.14-39.1%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $129.10M-16.6%
    |
    EPS: $-0.26+73.3%
    Beat

  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $645.93M-50.4%
    |
    EPS: $-0.88-133.7%
    Miss