Marcus & Millichap Inc. (MMI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.03	$0.1	+233.3%	—	$202.9M	—
Q1 26	-$0.08	-$0.08	0.0%	—	$171.5M	—
Q4 25	$0.22	$0.34	+54.5%	—	$243.9M	—
Q3 25	$0.01	$0.01	0.0%	—	$193.9M	—
Q2 25	-$0.09	-$0.28	-211.1%	—	$172.3M	—
Q1 25	-$0.16	-$0.11	+31.3%	—	$145M	—
Q4 24	-$0.02	$0.22	+1200.0%	—	$240.1M	—
Q3 24	-$0.19	-$0.14	+26.3%	—	$168.5M	—
Q2 24	-$0.15	-$0.14	+6.7%	—	$158.4M	—
Q1 24	-$0.28	-$0.26	+7.1%	—	$129.1M	—
Q4 23	-$0.28	-$0.27	+3.6%	—	$166.2M	—
Q3 23	-$0.26	-$0.24	+7.7%	—	$162M	—
Q2 23	-$0.23	-$0.23	0.0%	—	$162.9M	—
Q1 23	-$0.17	-$0.15	+11.8%	—	$154.8M	—
Q4 22	$0.19	$0.2	+5.3%	—	$262.4M	—
Q3 22	$0.55	$0.53	-3.6%	—	$323.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.05	—	—	$755.2M	—
FY24	—	-$0.32	—	—	$696.1M	—
FY23	—	-$0.88	—	—	$645.9M	—
FY22	—	$2.61	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$717.5M	$719.7M	$814.8M	$806.4M	$716.9M	$1.3B	$1.3B	$645.9M	$696.1M	$755.2M
YoY change	+4.12%	+0.31%	+13.2%	-1.03%	-11.1%	+80.8%	+0.41%	-50.4%	+7.76%	+8.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	717.5M	719.7M	814.8M	806.4M	716.9M	1.3B	1.3B	645.9M	696.1M	755.2M
Cost of revenue	444.8M	446.6M	502.9M	498.9M	447.9M	840.2M	850.9M	406.6M	431.5M	470.5M
Gross profit	272.7M	273.1M	311.9M	307.6M	269M	456.2M	450.8M	239.3M	264.6M	284.7M
Gross margin	38%	38%	38.3%	38.1%	37.5%	35.2%	34.6%	37%	38%	37.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	161.8M	171.6M	193.3M	203.1M	204.5M	255.2M	300M	285M	280.9M	286.3M
Operating expenses	161.8M	171.6M	193.3M	203.1M	204.5M	255.2M	300M	285M	280.9M	286.3M
Operating income	106.5M	96.1M	112.3M	96.4M	53.6M	189.4M	137.4M	-59.4M	-32.9M	-13.7M
Operating margin	14.8%	13.4%	13.8%	12%	7.48%	14.6%	10.6%	-9.19%	-4.73%	-1.82%
Non-operating income, net	2.1M	4.6M	6.3M	12.5M	6.7M	4.5M	5.3M	19.9M	20.7M	17.5M
Pretax income	107.1M	99.2M	117.2M	107.5M	59.4M	193.3M	142M	-40.4M	-13M	3M
Income tax	42.4M	47.7M	30M	30.6M	16.5M	50.8M	37.8M	-6.4M	-666K	4.9M
Net income	64.7M	51.5M	87.3M	76.9M	42.8M	142.5M	104.2M	-34M	-12.4M	-1.9M
Net margin	9.01%	7.16%	10.7%	9.54%	5.98%	11%	8.01%	-5.27%	-1.78%	-0.25%
EBITDA	113M	106.1M	124.9M	116.9M	71.2M	205.6M	156.1M	-25.9M	4.4M	15.9M
EPS	1.66	1.32	2.23	1.95	1.08	3.57	2.61	-0.88	-0.32	-0.05
Diluted EPS	1.66	1.32	2.22	1.95	1.08	3.55	2.59	-0.88	-0.32	-0.05

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	162M	166.2M	129.1M	158.4M	168.5M	240.1M	145M	172.3M	193.9M	243.9M	171.5M	202.9M
Cost of revenue	104.6M	105.4M	76.9M	98.1M	104.8M	151.8M	88.3M	106.6M	121M	154.5M	103.6M	126.7M
Gross profit	57.4M	60.8M	52.2M	60.3M	63.8M	88.3M	56.7M	65.7M	72.9M	89.4M	67.8M	76.2M
Gross margin	35.4%	36.6%	40.5%	38.1%	37.8%	36.8%	39.1%	38.1%	37.6%	36.7%	39.6%	37.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	69.2M	74.7M	68.9M	65M	70.7M	76.3M	71.6M	71.5M	72.5M	70.7M	71.2M	71.7M
Operating expenses	69.2M	74.7M	68.9M	65M	70.7M	76.3M	71.6M	71.5M	72.5M	70.7M	71.2M	71.7M
Operating income	-15.4M	-17.2M	-20.1M	-8M	-11.5M	6.7M	-17.7M	-9M	-2.4M	15.4M	-5.8M	2.2M
Operating margin	-9.52%	-10.3%	-15.6%	-5.08%	-6.8%	2.79%	-12.2%	-5.25%	-1.22%	6.32%	-3.37%	1.09%
Non-operating income, net	4.4M	5.7M	5.6M	4.8M	5.3M	5M	4M	5.5M	4M	4M	3.8M	4.2M
Pretax income	-11.3M	-11.7M	-14.7M	-3.4M	-6.4M	11.5M	-13.9M	-3.7M	1.5M	19.2M	-2.2M	6.3M
Income tax	-2M	-1.5M	-4.7M	2.1M	-967K	2.9M	-9.5M	7.3M	1.2M	5.9M	934K	2.4M
Net income	-9.2M	-10.2M	-10M	-5.5M	-5.4M	8.5M	-4.4M	-11M	240K	13.3M	-3.1M	3.9M
Net margin	-5.7%	-6.16%	-7.74%	-3.5%	-3.2%	3.56%	-3.05%	-6.41%	0.12%	5.46%	-1.81%	1.93%
EBITDA	-7.4M	-8.2M	-11.1M	95K	-1.6M	17M	-10.9M	-394K	4.4M	22.8M	378K	8.8M
EPS	-0.24	-0.27	-0.26	-0.14	-0.14	0.22	-0.11	-0.28	0.01	0.34	-0.08	0.1
Diluted EPS	-0.24	-0.27	-0.26	-0.14	-0.14	0.22	-0.11	-0.28	0.01	0.34	-0.08	0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1B	1.3B	1.3B	1.5B	1.5B	2.1B	1.4B	1.7B	1.5B	1.1B	1.1B
Enterprise value	834.2M	985.7M	999.5M	1.2B	1.2B	1.6B	970M	1.4B	1.2B	882.9M	985.6M
Shares outstanding	38.9M	39M	39.1M	39.4M	39.6M	39.9M	40M	38.7M	38.7M	38.9M	38.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.1	24.7	15.4	19.1	34.5	14.4	13.2	—	—	—	80.4
P/S	1.45	1.77	1.65	1.82	2.06	1.58	1.06	2.61	2.13	1.41	1.39
P/B	4.02	4.04	3.28	2.97	2.7	2.95	1.93	2.62	2.35	1.76	1.95
EV/EBITDA	7.38	9.29	8	10	16.2	7.61	6.21	-55.1	277.7	55.6	47.3
EV/Sales	1.16	1.37	1.23	1.45	1.61	1.21	0.75	2.21	1.74	1.17	1.21
Earnings yield	6.22%	4.05%	6.49%	5.24%	2.9%	6.94%	7.57%	—	—	—	1.24%
FCF yield	6.25%	4.72%	8.13%	1.12%	2.11%	12.1%	0.14%	-4.84%	0.94%	5.53%	6.23%
PEG	—	—	—	—	—	—	—	—	—	—	-0.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38%	38%	38.3%	38.1%	37.5%	35.2%	34.6%	37%	38%	37.7%	37.6%
Operating margin	14.8%	13.4%	13.8%	12%	7.48%	14.6%	10.6%	-9.19%	-4.73%	-1.82%	1.09%
Net margin	9.01%	7.16%	10.7%	9.54%	5.98%	11%	8.01%	-5.27%	-1.78%	-0.25%	1.77%
ROE	25%	16.4%	21.3%	15.5%	7.83%	20.5%	14.6%	-5.27%	-1.96%	-0.32%	2.42%
ROA	16.4%	11.2%	15.4%	10.8%	5.5%	13.6%	10.4%	-3.87%	-1.42%	-0.23%	0.8%
ROIC	119.7%	170.8%	128.4%	34.7%	17.3%	67.2%	32.9%	-15.5%	-9%	0%	1.25%
Return on tangible assets	16.4%	11.2%	16.4%	11.6%	6.38%	15.1%	11.7%	-4.39%	-1.58%	-0.26%	2.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.99	3.85	4	4.03	3.57	2.7	3.47	3.74	3.08	2.55	2.92
Quick ratio	2.99	3.85	4	4.03	3.57	2.7	3.47	3.74	3.08	2.55	2.92
Debt / equity	0.04	0.03	0.02	0.18	0.14	0.11	0.12	0.14	0.13	0.13	0.13
Debt / assets	0.02	0.02	0.01	0.12	0.1	0.07	0.08	0.1	0.1	0.09	0.1
Net debt / EBITDA	-1.82	-2.69	-2.76	-2.53	-4.54	-2.38	-2.61	10.1	-60.7	-11.3	-3.87
Interest coverage	70.9	67.3	84.7	78.5	67	334.3	201.6	-44.5	-15	4.91	37.5
Effective tax rate	39.6%	48.1%	25.6%	28.4%	27.8%	26.3%	26.6%	0%	0%	100%	42.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.4	18.5	20.8	20.5	18.1	32.5	32.6	16.7	18	19.4	21.1
EPS (basic)	1.66	1.32	2.23	1.95	1.08	3.57	2.61	-0.88	-0.32	-0.05	-0.05
EPS (diluted)	1.66	1.32	2.22	1.95	1.08	3.55	2.59	-0.88	-0.32	-0.05	0.37
Book value per share	6.65	8.08	10.5	12.6	13.8	17.5	17.8	16.7	16.3	15.5	15.3
FCF per share	1.67	1.54	2.79	0.42	0.79	6.24	0.05	-2.12	0.36	1.51	2.22
Cash per share	5.52	7.55	8.99	9.73	10.1	14.2	12.2	9.03	9.04	6.63	5.67
Capex per share	0.24	0.17	0.21	0.22	0.18	0.17	0.29	0.24	0.2	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.31%	0.91%	0.99%	1.09%	0.97%	0.53%	0.9%	1.45%	1.13%	—	—
Capex / operating cash flow	10.5%	9.59%	7.02%	12.1%	8.74%	2.87%	15.4%	-19.2%	28.3%	—	—
Payout ratio	0%	—	—	—	0%	0%	57.9%	-59.1%	-163.6%	-1.1K%	135.1%
Dividend yield	0%	—	—	—	0%	0%	4.38%	1.19%	1.37%	1.93%	1.72%

Yield

1.72%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.25

ex-dividend Sep 15, 2026

Payout ratio

135%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.25
Mar 13, 2026	$0.25
Sep 15, 2025	$0.25
Mar 12, 2025	$0.25
Sep 16, 2024	$0.25
Mar 11, 2024	$0.25
Sep 14, 2023	$0.25
Mar 13, 2023	$0.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$162M	$166.2M	$129.1M	$158.4M	$168.5M	$240.1M	$145M	$172.3M	$193.9M	$243.9M	$171.5M	$202.9M
YoY change	-50%	-36.7%	-16.6%	-2.76%	+4%	+44.4%	+12.3%	+8.78%	+15.1%	+1.61%	+18.2%	+17.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	214.8M	294.3M	352.1M	383.4M	401.4M	566M	489.3M	349.1M	349.5M	258.1M
Receivables	4.8M	9.6M	4.9M	5M	10.4M	17.2M	8.5M	16.2M	18.8M	14.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	234M	320.4M	371.3M	410.2M	429.1M	608.1M	527.1M	393.7M	410.3M	309.2M
Property, plant & equipment	16.4M	17.2M	19.6M	113.2M	107.5M	104.7M	115.6M	117.5M	107.3M	98.2M
Goodwill & intangibles	—	0	35.2M	48.6M	107.9M	99.9M	111.4M	102.4M	87M	83.3M
Total assets	394M	459.7M	566.4M	709M	779.1M	1B	1B	878.4M	869.8M	827.2M
Accounts payable	10.1M	9.2M	11M	10.8M	18.3M	15.5M	11.4M	8.1M	13.7M	11M
Short-term debt	986K	1M	1.1M	24.3M	19.2M	19M	17M	18.3M	18.5M	18.8M
Total current liabilities	78.2M	83.3M	92.9M	101.8M	120.3M	225.6M	152M	105.3M	133M	121.4M
Long-term debt	8.7M	7.7M	6.6M	63.2M	59.4M	58.3M	65.1M	69.4M	65.7M	59.5M
Total liabilities	135.2M	144.8M	156.8M	214.1M	232.3M	348.9M	290.2M	233.1M	239M	224.1M
Shareholders' equity	258.9M	314.9M	409.6M	494.9M	546.8M	696.3M	713.5M	645.3M	630.8M	603.1M
Total debt	9.7M	8.7M	7.7M	87.5M	78.6M	77.3M	82.1M	87.7M	84.2M	78.3M
Net debt	-177.7M	-212.1M	-207M	-145.2M	-164.6M	-304.8M	-153.8M	-83M	-69.2M	-83.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	350.4M	349.1M	298.4M	292.4M	300.1M	349.5M	264.8M	218.2M	241.7M	258.1M	187.3M	214.8M
Receivables	14.8M	16.2M	13.8M	15.7M	19.2M	18.8M	13.5M	16.9M	17.9M	14.9M	12.8M	13.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	389.9M	393.7M	343.5M	344M	356.5M	410.3M	325.1M	302.1M	309.8M	309.2M	245.1M	270.6M
Property, plant & equipment	125M	117.5M	120.8M	116.6M	111.4M	107.3M	105.6M	103.6M	99.7M	98.2M	95.2M	93M
Goodwill & intangibles	104.2M	102.4M	100.1M	97.9M	93.6M	87M	85.9M	85.4M	84.1M	83.3M	82.3M	81.5M
Total assets	882.1M	878.4M	826.7M	825.4M	833.7M	869.8M	802M	792.2M	812.5M	827.2M	755M	765.8M
Accounts payable	9.2M	8.1M	9.4M	10M	12.6M	13.7M	9.6M	10.9M	14.7M	11M	11.2M	10M
Short-term debt	18.3M	18.3M	17.5M	17.9M	18.2M	18.5M	18.8M	18.6M	19.3M	18.8M	18.3M	17.5M
Total current liabilities	103.4M	105.3M	92.6M	93.1M	113.2M	133M	86.2M	87M	113.2M	121.4M	92.5M	92.8M
Long-term debt	73.9M	69.4M	73.9M	70.6M	66.7M	65.7M	65.2M	63.8M	59.3M	59.5M	56.7M	56.7M
Total liabilities	232.8M	233.1M	201.1M	198.8M	216M	239M	184.5M	184.4M	210.3M	224.1M	185.9M	186.9M
Shareholders' equity	649.4M	645.3M	625.6M	626.7M	617.7M	630.8M	617.6M	607.8M	602.2M	603.1M	569.1M	578.9M
Total debt	92.2M	87.7M	91.5M	88.4M	84.8M	84.2M	83.9M	82.4M	78.6M	78.3M	75M	74.2M
Net debt	-132M	-83M	914K	-73.5M	-87.9M	-69.2M	-55.1M	7.3M	-27.8M	-83.7M	-50M	-77.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	64.7M	51.5M	87.3M	76.9M	42.8M	142.5M	104.2M	-34M	-12.4M	-1.9M
Depreciation & amortization	4.4M	5.4M	6.3M	8M	10.9M	11.7M	13.4M	13.6M	16.6M	12.1M
Stock-based compensation	7M	9.1M	12M	9.3M	9.9M	10.4M	17.3M	24.1M	23.8M	24.2M
Change in working capital	11.3M	-10.8M	9.8M	-42.9M	-8.3M	61.4M	-75.3M	-72M	-22.1M	-20.8M
Operating cash flow	90M	68.2M	115M	72.5M	79.5M	238.5M	75.7M	-48.7M	27.8M	66.7M
Capital expenditure	-9.4M	-6.5M	-8.1M	-8.8M	-6.9M	-6.9M	-11.7M	-9.4M	-7.9M	—
Investing cash flow	19.8M	-27.3M	-118M	-3.4M	-17.2M	-108.4M	-54M	74.9M	-9.9M	4M
Dividends paid	0	—	—	—	0	0	-60.4M	-20.1M	-20.2M	-20.6M
Share repurchases	—	—	—	—	0	0	-29.1M	-39.4M	-785K	-25.4M
Financing cash flow	-4.1M	-6.8M	-6.5M	-5.6M	-17.5M	-6.6M	-106.3M	-68.3M	-29.6M	-55.4M
Net change in cash	105.8M	34.1M	-9.5M	63.5M	44.7M	123.6M	-84.5M	-42.2M	-11.7M	15.3M
Free cash flow	65M	60M	109.2M	16.5M	31.1M	249M	2M	-81.8M	13.8M	58.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-9.2M	-10.2M	-10M	-5.5M	-5.4M	8.5M	-4.4M	-11M	240K	13.3M	-3.1M	3.9M
Depreciation & amortization	3.6M	3.3M	3.4M	3.3M	4.5M	5.3M	2.8M	3.2M	2.7M	3.4M	2.4M	2.3M
Stock-based compensation	5.4M	8.3M	5.8M	5.9M	6.1M	6M	6.2M	6.2M	6M	5.9M	6.6M	6.8M
Change in working capital	2.5M	2.1M	-35.7M	-453K	-7.4M	21.5M	-44.5M	-4.6M	7.2M	21.1M	-29.1M	-1.2M
Operating cash flow	-1.8M	9.8M	-36.3M	11M	3.1M	50.1M	-41.8M	21M	52.2M	46.3M	-27.6M	22.2M
Capital expenditure	-2.2M	-1.7M	-2.6M	-1.7M	-2M	-1.5M	-1.5M	—	—	—	—	—
Investing cash flow	46.4M	-53.9M	-21.6M	80.4M	-3.5M	-65.2M	57.2M	-65.4M	-16.9M	27.8M	36.8M	5.6M
Dividends paid	-112K	-9.7M	-592K	-9.7M	-150K	-9.7M	-697K	-9.9M	-178K	-9.8M	-775K	-9.6M
Share repurchases	0	-4.5M	-554K	0	0	-231K	-425K	-7M	-577K	-17.4M	-24.9M	-545K
Financing cash flow	-946K	-14.6M	-7.5M	-10.2M	-1.1M	-10.8M	-8.1M	-18.2M	-1.6M	-27.5M	-31.5M	-10.3M
Net change in cash	43.6M	-58.7M	-65.4M	81.2M	-1.5M	-26M	7.3M	-62.6M	33.8M	46.5M	-22.3M	17.6M
Free cash flow	5.4M	13M	-53.7M	-806K	13.2M	55.1M	-54.3M	19.3M	50M	43.9M	-30.5M	21.2M

Marcus & Millichap Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement