Marcus & Millichap, Inc. MMI
Marcus & Millichap, Inc. ("MMI") is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We are the leading national investment brokerage company in the $1 million to $10 million private client market. This is the largest and most active market and consistently comprises more than 80% of total U.S. commercial property transactions greater than $1 million in the marketplace. As of December 31, 2025, we had 1,808 investment sales and financing professionals who are primarily commission-based independent contractors who provide real estate investment brokerage and financing services to sellers and buyers of commercial real estate in over 80 offices in the United States and Canada. In 2025, we closed 8,818 sales, financing, and other transactions with total sales volume of approximately $50.8 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $755.2M | $696.1M | $645.9M | $1.30B | $1.30B | $716.9M | $806.4M | $814.8M | $719.7M | $717.5M |
| Cost of revenue | — | — | — | — | — | — | — | $502.9M | $446.6M | $444.8M |
| Gross profit | — | — | — | — | — | — | — | $311.9M | $273.1M | $272.7M |
| SG&A | $286.3M | $280.9M | $285.0M | $300.0M | $255.2M | $204.5M | $203.1M | $193.3M | $171.6M | $161.8M |
| Total operating expenses | $768.9M | $729.0M | $705.3M | $1.16B | $1.11B | $663.3M | $710.0M | $702.5M | $623.6M | $610.9M |
| Operating income | -$13.7M | -$32.9M | -$59.4M | $137.4M | $189.4M | $53.6M | $96.4M | $112.3M | $96.1M | $106.5M |
| Interest expense | $773.0K | $812.0K | $888.0K | $708.0K | $580.0K | $900.0K | $1.4M | $1.4M | $1.5M | $1.5M |
| Pre-tax income | $3.0M | -$13.0M | -$40.4M | $142.0M | $193.3M | $59.4M | $107.5M | $117.2M | $99.2M | $107.1M |
| Income tax | $4.9M | $666.0K | $6.4M | $37.8M | $50.8M | $16.5M | $30.6M | $30.0M | $47.7M | $42.4M |
| Net income | -$1.9M | -$12.4M | -$34.0M | $104.2M | $142.5M | $42.8M | $76.9M | $87.3M | $51.5M | $64.7M |
| EPS, basic | -0.05 | -0.32 | -0.88 | 2.61 | 3.57 | 1.08 | 1.95 | 2.23 | 1.32 | 1.66 |
| EPS, diluted | -0.05 | -0.32 | -0.88 | 2.59 | 3.55 | 1.08 | 1.95 | 2.22 | 1.32 | 1.66 |
| Shares, diluted (wtd. avg.) | $38.9M | $38.7M | $38.7M | $40.2M | $40.2M | $39.7M | $39.5M | $39.4M | $39.1M | $39.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $161.9M | $153.4M | $170.8M | $235.9M | $382.1M | $243.2M | $232.7M | $214.7M | $220.8M | $187.4M |
| Short-term investments | $90.6M | $189.7M | $168.9M | $253.4M | $183.9M | $158.3M | $150.8M | $137.4M | $73.6M | $27.5M |
| Total current assets | $309.2M | $410.3M | $393.7M | $527.1M | $608.1M | $429.1M | $410.2M | $371.3M | $320.4M | $234.0M |
| Property, plant and equipment | $23.9M | $26.1M | $27.4M | $27.6M | $23.2M | $23.4M | $22.6M | $19.6M | $17.2M | $16.4M |
| Goodwill | $37.9M | $37.6M | $38.0M | $37.9M | $34.1M | $33.4M | $15.1M | $11.5M | $0 | — |
| Other intangibles | $3.8M | $5.9M | $13.1M | $17.8M | $14.0M | $18.7M | $7.2M | $3.9M | $0 | $0 |
| Total assets | $827.2M | $869.8M | $878.4M | $1.00B | $1.05B | $779.1M | $709.0M | $566.4M | $459.7M | $394.0M |
| Accounts payable | $11.0M | $13.7M | $8.1M | $11.4M | — | — | — | — | $9.2M | $10.1M |
| Total current liabilities | $121.4M | $133.0M | $105.3M | $152.0M | $225.6M | $120.3M | $101.8M | $92.9M | $83.3M | $78.2M |
| Total liabilities | $224.1M | $239.0M | $233.1M | $290.2M | $348.9M | $232.3M | $214.1M | $156.8M | $144.8M | $135.2M |
| Retained earnings | $409.8M | $458.9M | $492.3M | $585.6M | $573.5M | $431.1M | $388.3M | $311.3M | $224.1M | $172.6M |
| Total equity | $603.1M | $630.8M | $645.3M | $713.5M | $696.3M | $546.8M | $494.9M | $409.6M | $314.9M | $258.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.7M | $21.7M | -$72.4M | $13.6M | $255.9M | $38.1M | $25.3M | $117.3M | $66.5M | $74.5M |
| Depreciation and amortisation | $10.0M | $9.4M | $8.9M | $7.5M | $7.3M | — | — | — | — | — |
| Stock-based compensation | $24.2M | $23.8M | $24.1M | $17.3M | $10.4M | $9.9M | $9.3M | $12.0M | $9.1M | $7.0M |
| Capital expenditure | $7.9M | $7.9M | $9.4M | $11.7M | $6.9M | $6.9M | $8.8M | $8.1M | $6.6M | $9.5M |
| Investing cash flow | -$3.8M | -$9.9M | $74.9M | -$54.0M | -$108.4M | -$17.2M | -$3.4M | -$118.0M | -$27.3M | $19.8M |
| Financing cash flow | -$54.6M | -$28.8M | -$67.7M | -$105.6M | -$5.9M | -$10.3M | -$3.9M | -$5.4M | -$5.8M | -$3.1M |
| Dividends paid | $20.6M | $20.2M | $20.1M | $60.4M | $0 | $0 | — | — | — | — |
| Buybacks | $25.4M | $785.0K | $39.4M | $29.1M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012419.
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