Marcus & Millichap, Inc. MMI

Real estate SIC 6531 - Real Estate Agents & Managers (For Others) NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

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.

Last close 27.59 2026-10-23
Market cap $1.04B 2026-06-30 share count
52-week range 24.43 - 33.55

Valuation FY2025 figures against the last close

P/S1.4x
P/E—
P/FCF17.8x
EV/EBITDA—
Dividend yield2.0%
Diluted EPS-0.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.05-0.32-0.882.613.571.081.952.231.321.66
EPS, diluted -0.05-0.32-0.882.593.551.081.952.221.321.66
Shares, diluted (wtd. avg.) 38.9M38.7M38.7M40.2M40.2M39.7M39.5M39.4M39.1M39.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 717.5M Gross profit, FY2016: 272.7M Net income, FY2016: 64.7M Revenue, FY2017: 719.7M Gross profit, FY2017: 273.1M Net income, FY2017: 51.5M Revenue, FY2018: 814.8M Gross profit, FY2018: 311.9M Net income, FY2018: 87.3M Revenue, FY2019: 806.4M Net income, FY2019: 76.9M Revenue, FY2020: 716.9M Net income, FY2020: 42.8M Revenue, FY2021: 1.3B Net income, FY2021: 142.5M Revenue, FY2022: 1.3B Net income, FY2022: 104.2M Revenue, FY2023: 645.9M Net income, FY2023: -34M Revenue, FY2024: 696.1M Net income, FY2024: -12.4M Revenue, FY2025: 755.2M Net income, FY2025: -1.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $717.5M $719.7M $814.8M $806.4M $716.9M $1.30B $1.30B $645.9M $696.1M $755.2M
Gross profit $272.7M $273.1M $311.9M — — — — — — —
Net income $64.7M $51.5M $87.3M $76.9M $42.8M $142.5M $104.2M -$34.0M -$12.4M -$1.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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