NYSE : MMI
Marcus & Millichap, Inc. — Financial statements
Real Estate · Real Estate Services · United States
Last price 28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.06B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Marcus & Millichap, Inc. (MMI) reported revenue of 812.22M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 672.59M | 632.52M | 589.70M | 559.75M | 1.17B | 1.17B |
| Other Revenue | 139.63M | 122.64M | 106.36M | 86.17M | 131.40M | 125.47M |
| Revenue | 812.22M | 755.16M | 696.06M | 645.93M | 1.30B | 1.30B |
| Cost of Revenue | 505.82M | 470.49M | 431.47M | 406.64M | 850.89M | 840.21M |
| Gross Profit | 306.40M | 284.67M | 264.59M | 239.28M | 450.82M | 456.23M |
| Selling, General & Admin | 285.56M | 285.50M | 280.87M | 285.02M | 300.01M | 255.15M |
| Operating Expenses | 296.40M | 297.59M | 297.45M | 298.65M | 313.42M | 266.88M |
| Operating Income | 10.00M | -12.92M | -32.87M | -59.37M | 137.40M | 189.36M |
| Interest Expense | -679.00K | -773.00K | -812.00K | -888.00K | -708.00K | -580.00K |
| Interest & Investment Income | 14.53M | 15.52M | 18.98M | 18.18M | 7.86M | 2.28M |
| Other Non Operating Income (Expenses) | 1.45M | 1.97M | 1.71M | 1.86M | -2.61M | 2.03M |
| EBT Excluding Unusual Items | 25.31M | 3.80M | -12.98M | -40.21M | 141.94M | 193.08M |
| Gain (Loss) on Sale of Investments | 8.00K | -190.00K | 86.00K | 219.00K | ||
| Other Unusual Items | -521.00K | -788.00K | -43.00K | |||
| Pretax Income | 24.79M | 3.02M | -13.03M | -40.40M | 142.03M | 193.30M |
| Income Tax Expense | 10.43M | 4.93M | -666.00K | -6.37M | 37.80M | 50.83M |
| Net Income | 14.36M | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M |
| Net Income to Common | 14.36M | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M |
| Shares Outstanding (Basic) | 38.47M | 38.94M | 38.68M | 38.66M | 39.89M | 39.89M |
| Shares Outstanding (Diluted) | 38.58M | 38.94M | 38.68M | 38.66M | 40.19M | 40.19M |
| EPS (Basic) | 0.37 | -0.05 | -0.32 | -0.88 | 2.61 | 3.57 |
| EPS (Diluted) | 0.37 | -0.05 | -0.32 | -0.88 | 2.59 | 3.55 |
| Free Cash Flow | 84.52M | 58.78M | 13.84M | -81.80M | 1.96M | 249.05M |
| Free Cash Flow Per Share | 2.19 | 1.51 | 0.36 | -2.12 | 0.05 | 6.20 |
| Dividend Per Share | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |
| Gross Margin | 37.72% | 37.70% | 38.01% | 37.05% | 34.63% | 35.19% |
| Operating Margin | 1.23% | -1.71% | -4.72% | -9.19% | 10.55% | 14.61% |
| Profit Margin | 1.77% | -0.25% | -1.78% | -5.27% | 8.01% | 10.99% |
| Free Cash Flow Margin | 10.41% | 7.78% | 1.99% | -12.66% | 0.15% | 19.21% |
| EBITDA | 20.84M | -825.00K | -19.68M | -45.74M | 150.81M | 201.08M |
| EBITDA Margin | 2.57% | -0.11% | -2.83% | -7.08% | 11.58% | 15.51% |
| D&A For EBITDA | 10.84M | 12.10M | 13.19M | 13.63M | 13.41M | 11.72M |
| EBIT | 10.00M | -12.92M | -32.87M | -59.37M | 137.40M | 189.36M |
| EBIT Margin | 1.23% | -1.71% | -4.72% | -9.19% | 10.55% | 14.61% |
| Effective Tax Rate | 42.07% | 163.21% | 26.62% | 26.30% | ||
| Revenue as Reported | 812.22M | 755.16M | 696.06M | 645.93M | 1.30B | 1.30B |
| Advertising Expenses | 830.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 151.77M | 150.67M | 142.77M | 170.75M | 235.87M | 382.14M |
| Short-Term Investments | 63.02M | 96.19M | 196.01M | 178.38M | 253.43M | 183.87M |
| Cash & Short-Term Investments | 214.79M | 246.86M | 338.78M | 349.13M | 489.31M | 566.01M |
| Accounts Receivable | 13.54M | 14.85M | 18.80M | 16.17M | 8.45M | 17.23M |
| Other Receivables | 8.73M | 7.08M | 9.34M | 11.02M | 9.45M | |
| Receivables | 22.36M | 22.07M | 28.17M | 27.23M | 17.91M | 17.27M |
| Prepaid Expenses | 13.28M | 10.42M | 9.31M | 8.81M | 9.41M | 13.22M |
| Restricted Cash | 1.75M | 11.25M | 10.68M | |||
| Other Current Assets | 18.46M | 18.60M | 23.38M | 8.52M | 10.52M | 11.63M |
| Total Current Assets | 270.63M | 309.21M | 410.32M | 393.69M | 527.14M | 608.13M |
| Property, Plant & Equipment | 93.00M | 98.21M | 107.26M | 117.51M | 115.59M | 104.72M |
| Long-Term Investments | 143.95M | 155.20M | 60.65M | 72.54M | 78.09M | 122.11M |
| Goodwill | 37.67M | 37.85M | 37.60M | 38.05M | 37.91M | 34.07M |
| Other Intangible Assets | 3.07M | 3.81M | 5.92M | 13.14M | 17.78M | 15.89M |
| Long-Term Deferred Tax Assets | 43.26M | 44.59M | 48.08M | 46.93M | 41.32M | 33.74M |
| Other Long-Term Assets | 174.18M | 178.31M | 199.89M | 196.53M | 185.87M | 126.54M |
| Total Assets | 765.79M | 827.18M | 869.80M | 878.41M | 1.00B | 1.05B |
| Accounts Payable | 9.96M | 11.02M | 13.74M | 8.12M | 11.37M | 15.39M |
| Accrued Expenses | 56.43M | 81.32M | 92.68M | 74.90M | 113.73M | 164.63M |
| Current Portion of Leases | 17.50M | 18.80M | 18.52M | 18.34M | 16.98M | 18.97M |
| Current Income Taxes Payable | 17.85M | |||||
| Other Current Liabilities | 8.94M | 10.31M | 8.08M | 3.92M | 9.93M | 8.78M |
| Total Current Liabilities | 92.83M | 121.45M | 133.02M | 105.27M | 152.01M | 225.63M |
| Long-Term Leases | 56.65M | 59.46M | 65.70M | 69.41M | 65.11M | 58.33M |
| Other Long-Term Liabilities | 37.40M | 43.17M | 40.26M | 58.46M | 73.08M | 64.93M |
| Total Liabilities | 186.88M | 224.08M | 238.98M | 233.14M | 290.20M | 348.89M |
| Common Stock | 4.00K | 4.00K | 4.00K | 4.00K | 4.00K | 4.00K |
| Additional Paid-In Capital | 203.47M | 192.94M | 173.34M | 153.74M | 131.54M | 121.84M |
| Retained Earnings | 376.67M | 409.75M | 458.91M | 492.30M | 585.58M | 573.55M |
| Comprehensive Income & Other | -1.23M | 401.00K | -1.43M | -768.00K | -3.62M | 910.00K |
| Shareholders' Equity | 578.91M | 603.10M | 630.82M | 645.27M | 713.51M | 696.30M |
| Total Liabilities & Equity | 765.79M | 827.18M | 869.80M | 878.41M | 1.00B | 1.05B |
| Total Debt | 74.15M | 78.25M | 84.22M | 87.74M | 82.09M | 77.31M |
| Net Cash (Debt) | 275.08M | 314.31M | 305.70M | 328.85M | 475.81M | 601.31M |
| Net Cash Per Share | 7.13 | 8.07 | 7.90 | 8.51 | 11.84 | 14.96 |
| Filing Date Shares Outstanding | 37.86M | 38.22M | 38.87M | 38.40M | 39.23M | 39.68M |
| Total Common Shares Outstanding | 37.86M | 38.41M | 38.84M | 38.40M | 39.24M | 39.68M |
| Working Capital | 177.81M | 187.76M | 277.30M | 288.43M | 375.12M | 382.50M |
| Book Value Per Share | 15.29 | 15.70 | 16.24 | 16.80 | 18.18 | 17.55 |
| Tangible Book Value | 538.17M | 561.44M | 587.30M | 594.09M | 657.81M | 646.34M |
| Tangible Book Value Per Share | 14.22 | 14.62 | 15.12 | 15.47 | 16.76 | 16.29 |
| Machinery | 24.72M | 24.54M | 24.94M | 26.10M | 26.45M | 24.51M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 14.36M | -1.91M | -12.36M | -34.03M | 104.22M | 142.47M |
| Depreciation & Amortization | 10.84M | 12.10M | 13.19M | 13.63M | 13.41M | 11.72M |
| Asset Writedown & Restructuring Costs | 3.40M | |||||
| Loss (Gain) From Sale of Investments | -8.00K | 190.00K | -86.00K | -219.00K | ||
| Stock-Based Compensation | 25.22M | 24.23M | 23.79M | 24.15M | 17.31M | 10.36M |
| Provision & Write-off of Bad Debts | -434.00K | -31.00K | 578.00K | -128.00K | -51.00K | 166.00K |
| Other Operating Activities | 29.31M | 26.71M | 22.10M | 19.54M | 16.60M | 16.35M |
| Change in Accounts Receivable | 3.10M | 4.44M | -3.45M | -7.59M | 8.45M | -10.83M |
| Change in Accounts Payable | -1.06M | -3.59M | 5.68M | -2.96M | -4.07M | 9.78M |
| Change in Income Taxes | 3.01M | 4.07M | 3.27M | -616.00K | -26.54M | 14.13M |
| Change in Other Net Operating Assets | 8.74M | 649.00K | -34.49M | -84.61M | -115.62M | 61.98M |
| Operating Cash Flow | 93.08M | 66.66M | 21.71M | -72.43M | 13.63M | 255.90M |
| Capital Expenditures | -8.57M | -7.87M | -7.87M | -9.37M | -11.67M | -6.86M |
| Cash Acquisitions | -12.50M | 229.00K | ||||
| Investment in Securities | 53.35M | 4.15M | -1.95M | 84.33M | -29.81M | -101.98M |
| Other Investing Activities | -30.00K | -105.00K | -76.00K | -92.00K | -3.00K | 250.00K |
| Investing Cash Flow | 44.76M | -3.82M | -9.90M | 74.87M | -53.98M | -108.36M |
| Issuance of Common Stock | 920.00K | 821.00K | 847.00K | 661.00K | 709.00K | 653.00K |
| Repurchase of Common Stock | -47.76M | -31.23M | -6.66M | -43.88M | -38.79M | -3.35M |
| Common Dividends Paid | -20.33M | -20.55M | -20.23M | -20.10M | -60.36M | |
| Other Financing Activities | -2.83M | -3.62M | -2.72M | -4.36M | -7.11M | -3.22M |
| Financing Cash Flow | -70.00M | -54.58M | -28.75M | -67.68M | -105.56M | -5.92M |
| Foreign Exchange Rate Adjustments | -283.00K | 219.00K | -365.00K | 122.00K | -366.00K | -2.64M |
| Net Cash Flow | 67.56M | 8.48M | -17.31M | -65.12M | -146.27M | 138.99M |
| Free Cash Flow | 84.52M | 58.78M | 13.84M | -81.80M | 1.96M | 249.05M |
| Free Cash Flow Margin | 10.41% | 7.78% | 1.99% | -12.66% | 0.15% | 19.21% |
| Free Cash Flow Per Share | 2.19 | 1.51 | 0.36 | -2.12 | 0.05 | 6.20 |
| Levered Free Cash Flow | 68.31M | 17.24M | 8.64M | -64.08M | 37.15M | 224.28M |
| Unlevered Free Cash Flow | 68.73M | 17.72M | 9.15M | -63.53M | 37.59M | 224.65M |
| Cash Interest Paid | 390.00K | 478.00K | 581.00K | 478.00K | 614.00K | 749.00K |
| Cash Income Tax Paid | 4.16M | 422.00K | 468.00K | 674.00K | 69.85M | 48.56M |
| Change in Working Capital | 13.79M | 5.57M | -28.98M | -95.77M | -137.78M | 75.06M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.06B | 1.06B | 1.48B | 1.68B | 1.36B | 2.04B |
| Enterprise Value | 784.93M | 763.98M | 1.22B | 1.35B | 865.26M | 1.59B |
| Last Close Price | 28.00 | 26.81 | 37.03 | 41.71 | 32.38 | 46.80 |
| PE Ratio | 75.53 | 13.01 | 14.32 | |||
| Forward PE | 56.57 | 59.33 | 277.29 | 174.72 | 9.60 | 16.76 |
| PS Ratio | 1.31 | 1.41 | 2.13 | 2.60 | 1.04 | 1.57 |
| PB Ratio | 1.83 | 1.76 | 2.35 | 2.60 | 1.90 | 2.93 |
| P/TBV Ratio | 1.97 | 1.89 | 2.53 | 2.82 | 2.06 | 3.16 |
| P/FCF Ratio | 12.54 | 18.06 | 107.28 | 690.62 | 8.19 | |
| P/OCF Ratio | 11.39 | 15.93 | 68.38 | 99.47 | 7.97 | |
| PEG Ratio | 46.21 | 46.21 | 29.12 | 1.60 | 2.47 | |
| EV/Sales Ratio | 0.97 | 1.01 | 1.75 | 2.09 | 0.67 | 1.23 |
| EV/EBITDA Ratio | 37.67 | 5.74 | 7.92 | |||
| EV/EBIT Ratio | 78.47 | 6.30 | 8.41 | |||
| EV/FCF Ratio | 9.29 | 13.00 | 88.10 | 440.78 | 6.40 | |
| Debt / Equity Ratio | 0.13 | 0.13 | 0.13 | 0.14 | 0.12 | 0.11 |
| Debt / EBITDA Ratio | 1.48 | 2.74 | 5.78 | 0.45 | 0.33 | |
| Debt / FCF Ratio | 0.88 | 1.33 | 6.08 | 41.82 | 0.31 | |
| Net Debt / Equity Ratio | -0.47 | -0.52 | -0.48 | -0.51 | -0.67 | -0.86 |
| Net Debt / EBITDA Ratio | -13.20 | 380.98 | 15.54 | 7.19 | -3.15 | -2.99 |
| Net Debt / FCF Ratio | -3.25 | -5.35 | -22.09 | 4.02 | -242.39 | -2.41 |
| Asset Turnover | 1.04 | 0.89 | 0.80 | 0.69 | 1.27 | 1.42 |
| Quick Ratio | 2.55 | 2.21 | 2.76 | 3.58 | 3.34 | 2.58 |
| Current Ratio | 2.92 | 2.55 | 3.08 | 3.74 | 3.47 | 2.69 |
| Return on Equity (ROE) | 2.42% | -0.31% | -1.94% | -5.01% | 14.79% | 22.92% |
| Return on Assets (ROA) | 0.80% | -0.95% | -2.35% | -3.94% | 8.38% | 12.97% |
| Return on Invested Capital (ROIC) | 1.29% | 2.02% | -8.65% | -17.20% | 39.24% | 64.67% |
| Return on Capital Employed (ROCE) | 1.50% | -1.80% | -4.50% | -7.70% | 16.10% | 23.10% |
| Earnings Yield | 1.32% | -0.18% | -0.83% | -2.03% | 7.69% | 6.98% |
| FCF Yield | 7.97% | 5.54% | 0.93% | -4.88% | 0.14% | 12.20% |
| Dividend Yield | 1.79% | 1.81% | 1.31% | 1.15% | 1.45% | |
| Payout Ratio | 134.87% | 57.91% | ||||
| Buyback Yield / Dilution | 0.76% | -0.69% | -0.05% | 3.80% | 0.00% | -1.14% |
| Total Shareholder Return | 2.55% | 1.12% | 1.26% | 4.95% | 1.45% | -1.14% |