Marcus & Millichap, Inc.
- Open
- 31.56
- Day high
- 32.11
- Day low
- 31.54
- Prev close
- 31.17
- Volume
- 42K
- Mkt cap
- $1.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.1
- P/S
- 1.5
- Yield
- 1.56%
- Per share
- $0.50
- ▲Insiders net buying $35K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Marcus & Millichap, Inc. (MMI) is a Real Estate company listed on NYSE. The stock is down 2% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Marcus & Millichap, Inc. (MMI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.08 | $-0.08 | +0.0% | $172M | +5.7% |
| Feb 13, 2026 | $-0.07 | $0.34 | +553.3% | $244M | +47.0% |
| Nov 7, 2025 | $0.24 | $0.09 | -62.5% | $194M | -19.1% |
| Aug 7, 2025 | $-0.02 | $-0.28 | -1300.0% | $172M | -7.5% |
| May 7, 2025 | $-0.16 | $-0.11 | +31.3% | $145M | -16.0% |
| Feb 14, 2025 | $-0.06 | $0.22 | +466.7% | $240M | +20.2% |
| Nov 8, 2024 | $-0.19 | $-0.14 | +26.3% | $169M | -10.3% |
| Feb 15, 2024 | $-0.28 | $-0.27 | +3.6% | $166M | -2.9% |
| Nov 2, 2023 | $-0.26 | $-0.24 | +7.7% | $162M | -1.7% |
| Aug 4, 2023 | $-0.23 | $-0.23 | +0.0% | $163M | +7.5% |
| May 5, 2023 | $-0.17 | $-0.15 | +11.8% | $155M | -0.6% |
| Feb 17, 2023 | $0.19 | $0.20 | +5.3% | $262M | +0.7% |
MMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Nadji Hessamdirector, officer: Chief Executive Officer | Sell | 500 | $30.39 |
| May 12, 2026 | Parker John Davidofficer: EVP & COO | Option | 2,000 | — |
| May 12, 2026 | Parker John Davidofficer: EVP & COO | Tax | 1,021 | $30.42 |
| May 6, 2026 | De Bosschere Fabriceofficer: Chief Accounting Officer | Grant | 7,500 | — |
| May 6, 2026 | Parker John Davidofficer: EVP & COO | Grant | 20,000 | — |
| May 4, 2026 | McClanahan Nicholas F.director | Grant | 2,698 | $27.79 |
| May 4, 2026 | SHAHEEN GEORGE Tdirector | Grant | 2,698 | $27.79 |
| May 4, 2026 | Lawrence Norma J.director | Grant | 2,698 | $27.79 |
| May 4, 2026 | MARTIN LAURALEEdirector | Buy | 1,701 | $29.34 |
| May 4, 2026 | MARTIN LAURALEEdirector | Grant | 2,698 | $27.79 |
| May 4, 2026 | MARCUS GEORGE Mdirector, 10 percent owner: | Grant | 2,698 | $27.79 |
| May 4, 2026 | Watters Don C.director | Grant | 2,698 | $27.79 |
| May 4, 2026 | English Dixon Colletedirector | Grant | 2,698 | $27.79 |
| Mar 16, 2026 | Nadji Hessamdirector, officer: Chief Executive Officer | Sell | 1,300 | $25.60 |
| Mar 12, 2026 | De Bosschere Fabriceofficer: Chief Accounting Officer | Option | 212 | — |
Source: MMI SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full MMI insider & 13F page →Marcus & Millichap, Inc. company profile
Overview
Marcus & Millichap, Inc. (NYSE:MMI) is a leading commercial real estate investment brokerage and financing company founded in 1971 and headquartered in Calabasas, California. The company went public in October 2013 and has established itself as one of the largest commercial real estate brokerage firms in the United States and Canada. Marcus & Millichap specializes in facilitating the sale and financing of income-producing commercial properties, serving as an intermediary between property sellers and buyers across various commercial real estate sectors. The company has weathered significant market volatility in recent years due to interest rate fluctuations but maintains a strong market position through its extensive broker network and comprehensive service offerings.
Business
Marcus & Millichap operates in the commercial real estate services industry, functioning primarily as an investment brokerage and financing intermediary. The company's core business revolves around facilitating transactions in income-producing commercial properties - these are buildings and facilities that generate rental income for their owners, such as apartment complexes, shopping centers, office buildings, and warehouses. The company's services are organized into several key segments: 1. Real Estate Brokerage Services (approximately 85-90% of total revenue): This is the company's primary business, where Marcus & Millichap acts as a broker to help property owners sell their commercial real estate investments and help investors purchase properties. The brokerage business is further divided into two main categories: the Private Client segment (typically 60-67% of brokerage revenue) focuses on smaller transactions with individual investors and smaller institutions, while the Middle Market and Larger Transactions segment (30-38% of brokerage revenue) handles deals with larger institutional investors and more substantial property portfolios. 2. Financing Services (approximately 10-15% of total revenue): Through its Marcus & Millichap Capital Corporation (MMCC) subsidiary, the company provides financing solutions including senior debt, mezzanine financing, joint venture partnerships, and preferred equity arrangements. This division helps clients secure the capital needed to complete their property acquisitions. 3. Ancillary Services (small percentage of revenue): The company offers research, advisory, consulting, and due diligence services to various market participants including developers, lenders, real estate investment trusts (REITs), and institutional investors. Marcus & Millichap covers multiple property types including multifamily residential buildings, retail centers, office buildings, industrial facilities, single-tenant net lease properties, seniors housing, self-storage facilities, hospitality properties, medical offices, and manufactured housing communities.
Revenue model
Marcus & Millichap generates revenue primarily through commission-based brokerage fees and financing service fees. When the company successfully facilitates the sale of a commercial property, it earns a commission typically calculated as a percentage of the transaction value. This commission is paid by the seller upon closing of the transaction. The company's financing division earns fees for arranging and structuring debt and equity financing for commercial real estate transactions. The company's paying customers include property owners looking to sell (who pay brokerage commissions), investors seeking to purchase properties (who may pay for advisory services), and borrowers requiring financing (who pay financing fees). The customer base spans individual high-net-worth investors, private investment groups, real estate investment trusts, pension funds, insurance companies, and other institutional investors. Several factors significantly impact Marcus & Millichap's margins and profitability. Interest rate volatility is perhaps the most critical external factor - when interest rates rise rapidly or remain uncertain, commercial real estate transaction volumes typically decline as buyers and sellers struggle to agree on valuations and financing becomes more expensive or difficult to obtain. Commercial real estate market cycles directly affect transaction volumes, with economic downturns reducing deal activity. Credit availability from banks and other lenders impacts the company's ability to complete transactions, particularly for smaller private client deals. Internal factors affecting margins include broker productivity and retention - the company's commission-based model means that experienced, productive brokers are essential for revenue generation. Average transaction size also impacts profitability, as larger deals typically generate higher absolute commission dollars. The company's significant fixed cost base in terms of office locations, support staff, and technology infrastructure means that revenue fluctuations can significantly impact operating leverage and margins.
Competitive moat
Marcus & Millichap's competitive moat is moderately strong but not insurmountable, built primarily on network effects, relationships, and market expertise rather than technological barriers or regulatory protection. The company's primary moat stems from its extensive broker network and deep client relationships accumulated over more than 50 years in business. Commercial real estate transactions are highly relationship-driven, and the company's brokers often maintain long-term connections with repeat clients who trust their market expertise and deal execution capabilities. The company benefits from market knowledge and specialization across different property types and geographic markets. This expertise creates value for clients and makes it difficult for new entrants to immediately compete at the same level. Additionally, Marcus & Millichap's dual-sided marketplace position - serving both buyers and sellers - creates network effects where a larger inventory of properties attracts more buyers, and more active buyers attract more seller listings. However, the moat faces several vulnerabilities. The commercial real estate brokerage industry has relatively low barriers to entry - experienced brokers can leave to start their own firms or join competitors, taking client relationships with them. Technology disruption poses a potential threat, as digital platforms could potentially streamline parts of the transaction process, though the relationship-intensive nature of large commercial deals provides some protection. Large institutional competitors like CBRE, JLL, and Cushman & Wakefield have greater resources and global reach, particularly for larger transactions. The company's financing division faces competition from banks, debt funds, and other capital providers, and this business is more commoditized than brokerage services. Overall, while Marcus & Millichap has built a solid competitive position, its moat is primarily relationship-based and could be eroded over time by aggressive competition or significant market disruption.
Risks & safety
Marcus & Millichap demonstrates a strong margin of safety from a balance sheet perspective, though earnings volatility presents some risk. • Excellent liquidity position: $153 million in cash and short-term investments as of Q1 2025, with minimal debt and a current ratio of 3.77 • Low leverage: Debt-to-equity ratio of only 0.14, providing substantial financial flexibility during market downturns • No solvency risk: Strong balance sheet with $802 million in total assets against $184 million in total liabilities • Cyclical cash flow challenges: Negative free cash flow of -$54 million in Q1 2025 and operating cash flow burn of -$53 million, though this reflects the seasonal nature of the business and current market conditions • Valuation metrics mixed: Trading at 2.17x book value, which appears reasonable given the asset-light business model, though P/E ratios are distorted by current losses • Dividend sustainability concern: Company maintains semi-annual dividend payments despite recent losses, supported by strong cash position but may not be sustainable if losses persist
Recent development
Over the past few years, Marcus & Millichap has pursued several strategic initiatives to navigate challenging market conditions and position for future growth. The company has significantly invested in technology and digital capabilities, including the development of its MyMMI client application which now serves over 116,000 users, and has explored artificial intelligence and analytics tools to enhance broker productivity and client services. Talent acquisition and retention has been a major focus, with the company implementing new recruiting strategies including expanded internship programs and deployment of regional recruiters. Management has also undergone reorganization with new leadership roles to better support growth initiatives. The company has been particularly successful in attracting experienced broker teams from competitors, which provides immediate revenue and client relationship benefits. Marcus & Millichap has been actively exploring strategic acquisitions to expand its service offerings and geographic reach. The company has shown interest in complementary businesses such as appraisal services, valuation firms, and potentially investment management capabilities. While no major acquisitions have been completed recently, management continues to evaluate opportunities that could enhance the platform. The company has maintained a balanced capital allocation strategy, returning $187 million to shareholders over the past three years through dividends and share repurchases while simultaneously investing in internal growth initiatives. Despite challenging market conditions, Marcus & Millichap has maintained its semi-annual dividend and continued opportunistic share buybacks, demonstrating confidence in the long-term business model. Geographic expansion efforts have focused on high-growth markets, particularly in states like Florida, Texas, and Georgia, where the company sees attractive demographic and economic trends driving commercial real estate demand.
MMI company profile · for informational purposes only — not investment advice.
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