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MMI

Marcus & Millichap, Inc.

MMI

Marcus & Millichap, Inc. • NYSE
$29.30 ▼ -1.05% (-0.31)
Market Cap $1.14 B
52w High $42.53
52w Low $27.35
Dividend Yield 0.50%
P/E -172.35
Volume 59.70K
Outstanding Shares 38.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $193.892M ▲ $75.27M ▲ $240K ▲ 0.124% ▲ $0.006 ▲ $4.41M ▲
Q2-2025 $172.276M ▲ $74.703M ▲ $-11.035M ▼ -6.405% ▼ $-0.28 ▼ $-394K ▲
Q1-2025 $145.038M ▼ $74.401M ▼ $-4.422M ▼ -3.049% ▼ $-0.11 ▼ $-10.883M ▼
Q4-2024 $240.078M ▲ $81.606M ▲ $8.548M ▲ 3.561% ▲ $0.22 ▲ $16.984M ▲
Q3-2024 $168.511M $75.222M $-5.385M -3.196% $-0.14 $-1.594M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.688M ▲ $812.494M ▲ $210.253M ▲ $602.241M ▼
Q2-2025 $218.182M ▼ $792.209M ▼ $184.434M ▼ $607.775M ▼
Q1-2025 $264.811M ▼ $802.024M ▼ $184.471M ▼ $617.553M ▼
Q4-2024 $349.459M ▲ $869.8M ▲ $238.982M ▲ $630.818M ▲
Q3-2024 $300.073M $833.714M $215.986M $617.728M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $240K ▲ $52.21M ▲ $-19.135M ▲ $-1.567M ▲ $31.406M ▲ $49.958M ▲
Q2-2025 $-11.035M ▼ $21.02M ▲ $-67.244M ▼ $-17.786M ▼ $-63.75M ▼ $19.287M ▲
Q1-2025 $-4.422M ▼ $-52.841M ▼ $57.168M ▲ $-8.072M ▲ $-3.741M ▲ $-54.332M ▼
Q4-2024 $8.548M ▲ $56.655M ▲ $-65.209M ▼ $-10.409M ▼ $-19.272M ▼ $55.126M ▲
Q3-2024 $-5.385M $15.229M $-3.47M $-1.117M $10.724M $13.181M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financing Fees
Financing Fees
 $50.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Other Revenues
Other Revenues
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲
Real Estate Brokerage Commissions
Real Estate Brokerage Commissions
 $340.00M ▲$120.00M ▼$140.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been on a roller coaster. It surged during the strong investment market a few years ago, then fell back sharply as commercial real estate transactions cooled. That pullback has pushed margins down and turned recent results slightly loss‑making at the net income level. The business is clearly cyclical and very tied to deal volumes. When markets are active, profits can be healthy and scalable. When activity slows, the fixed cost base shows through and earnings quickly compress. Recent years highlight that sensitivity: strong profitability in the boom, followed by small losses as the market turned.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Assets and shareholder equity have grown over time, even though earnings have recently dipped, which points to a cautious financial approach. Debt levels are modest, and the company continues to carry a meaningful cash position. This combination gives it flexibility to ride out weak transaction environments and continue investing in people and technology without relying heavily on borrowing.

Cash Flow

Cash Flow Cash generation has been volatile, mirroring the deal cycle. During the strong market period, the company produced solid cash from operations and had ample free cash after only modest spending needs. In the recent downturn, operating cash flow slipped and even turned negative for a time, before stabilizing again. Capital spending is low and predictable, so swings in free cash flow are mostly about swings in revenue and commissions. The key risk is that prolonged low transaction volumes could pressure cash generation, but the company is not burning cash aggressively and has room to adjust costs.

Competitive Edge

Competitive Edge Marcus & Millichap is positioned as a specialist rather than a generalist. Its brokers focus on specific property types and local markets, which can translate into deep relationships and strong market knowledge that are hard for broad‑based competitors to match. The firm also benefits from a large North American network and a long‑standing brand in investment sales. Integrated capital markets services and in‑house research add value beyond basic brokerage. The main competitive risk is that its fortunes are tied to transaction volumes and it operates in a crowded field where large global firms and regional players all vie for mandates.

Innovation and R&D

Innovation and R&D The company is leaning into technology in a deliberate way, combining its own tools with external proptech partnerships. Internal platforms such as MNet and MyMMI aim to better match buyers and sellers, automate outreach, and give brokers more targeted data. Partnerships with firms like Archer and EquityMultiple add advanced analytics and broader capital access without Marcus & Millichap having to build everything itself. This strategy strengthens its advisory capabilities and client experience, but its impact will depend on how quickly brokers and clients adopt these tools and whether rivals match or surpass these innovations.

Summary

Overall, Marcus & Millichap looks like a cyclical, transaction‑driven specialist with a strong franchise and a cautious balance sheet. Financial results have swung from very profitable during the recent boom to slightly loss‑making as commercial real estate slowed, underlining how sensitive the model is to market activity. Its strengths lie in specialization, a wide broker network, integrated financing and research, and a growing technology toolkit. Key watchpoints are how long the current real estate downturn lasts, how effectively the firm manages costs through the cycle, and whether its technology and advisory offerings translate into durable market‑share gains when transaction volumes recover.

NEWS

November 24, 2025 · 6:44 PM UTC

Institutional Property Advisors Brokers $107M Sale, $71M in Financing for San Gabriel Valley Multifamily Asset

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November 21, 2025 · 7:30 AM UTC

AI, Product Innovation, and Next-Generation Investors Set the Course for the Future of Asset and Wealth Management, MMI-Broadridge Survey Finds

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November 11, 2025 · 4:55 PM UTC

Marcus & Millichap's IPA Capital Markets Arranges $48.4 Million Refinance of Industrial Property in Oklahoma City

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November 7, 2025 · 8:00 AM UTC

Marcus & Millichap, Inc. Reports Results for Third Quarter 2025

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November 6, 2025 · 10:01 AM UTC

Institutional Property Advisors Brokers $110M Scottsdale Multifamily Asset Sale

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