MMI
Marcus & Millichap, Inc.
MMI's fundamentals are strong, but it looks expensive: trading at 64x earnings, about three times its usual 19x. Analysts expect strong earnings growth, though they disagree widely on how much.
MMI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
MMI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like MMI.
MMI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $3.86 | -84% |
| Fair | 18x | $6.99 | -71% |
| Expensive | 37x | $14.11 | -42% |
| Forward | 40x | $24.25 | — |
| Current | 64x | $24.25 | — |
Historical ranges are pointers, not guarantees.
MMI's PE is in its expensive range at 64x. If earnings grow as analysts expect, today's price would be 40x next year's earnings.
MMI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for MMI, with profitability improving. However, they disagree widely on these estimates.
MMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.61 | +59% |
| Q3 2026 | $0.38 | +$0.54 |
| Q2 2026 | $0.36 | +$0.67 |
| Q1 2026 | -$0.02 | +$0.15 |
| Q4 2025 | -$0.05 | +$0.27 |
| Q3 2025 | -$0.16 | +$0.64 |
| Q2 2025 | -$0.31 | +$0.59 |
| Q1 2025 | -$0.17 | +$0.82 |
| Q4 2024 | -$0.32 | +$0.56 |
MMI has returned to profit: it earned $0.38 per share over the past year, after losing money the year before.
MMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $208.4M | +7.5% |
| Q2 2026 | $202.9M | +18% |
| Q1 2026 | $171.5M | +18% |
| Q4 2025 | $244M | +1.6% |
| Q3 2025 | $193.9M | +15% |
| Q2 2025 | $172.3M | +8.8% |
| Q1 2025 | $145M | +12% |
| Q4 2024 | $240.1M | +44% |
MMI's revenue has grown year over year for nine quarters in a row: $208M last quarter, up 7.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.4% | +0.8 points |
| Q2 2026 | 1.1% | +6.3 points |
| Q1 2026 | -3.4% | +8.8 points |
| Q4 2025 | 6.3% | +3.5 points |
| Q3 2025 | -1.2% | +5.6 points |
| Q2 2025 | -5.3% | -0.2 points |
| Q1 2025 | -12% | +3.4 points |
| Q4 2024 | 2.8% | +13 points |
MMI's operating margin was −0.4% last quarter, up 0.8 points from the same quarter a year ago.
MMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $31.3M | -37% |
| Q2 2026 | $21.2M | +10% |
| Q1 2026 | -$30.5M | +$23.8M |
| Q4 2025 | $43.9M | -20% |
| Q3 2025 | $50M | +279% |
| Q2 2025 | $19.3M | +$20.1M |
| Q1 2025 | -$54.3M | -$672K |
| Q4 2024 | $55.1M | +324% |
MMI's free cash flow was $66M over the past year, down 6% from the year before. Free cash flow isn't a meaningful measure for real estate companies like MMI.
MMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +277K shares |
| 1 year | -2.2% | -879K shares |
| 3 years | -0.5% | -196K shares |
| 5 years | -4.8% | -1.9M shares |
| Available history | -3.2% | -1.3M shares |
MMI has 38M diluted shares, down 2.2% from a year ago, with $43M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $545,000 |
| Q1 2026 | $24.9M |
| Q4 2025 | $17.4M |
| Q3 2025 | $577,000 |
| Q2 2025 | $7M |
| Q1 2025 | $425,000 |
| Q4 2024 | $231,000 |
MMI spent $43M buying back its own shares over the past year, about five times what it spent the year before.
MMI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -8.9x | Net Cash |
| Q2 2026 | -7.6x | Net Cash |
| Q1 2026 | -13.8x | Net Cash |
| Q2 2023 | -7.6x | Net Cash |
| Q1 2023 | -2.5x | Net Cash |
| Q4 2022 | -1.6x | Net Cash |
| Q3 2022 | -1.2x | Net Cash |
| Q2 2022 | -0.9x | Net Cash |
MMI has more cash than debt. Net leverage isn't a meaningful measure for real estate companies like MMI.
MMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.2 | Oversold |
| Stochastic | 12.7 | Oversold |
MMI's weekly RSI is 28 (oversold) and its Stochastic is 13 (oversold).
MMI PE vs Real Estate Sector
| Metric | MMI | Sector median | Relative |
|---|---|---|---|
| PE | 64x | 24x | 167% above |
| PE % | 88 | 23 | 65 pts above |
MMI is trading at 64x earnings, a 167% premium to the Real Estate sector's median of 24x.
MMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.8 | 13% below |
| 20 week MA | $29.9 | 19% below |
| 50 week MA | $28.5 | 15% below |
| 100 week MA | $30.4 | 20% below |
| 200 week MA | $32.6 | 26% below |
MMI is in a downtrend: it's below all five of its weekly moving averages, and 26% below its 200-week average.
MMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.2 | $37.7 | +1.2% |
| 2021 | $37.7 | $50.2 | +33% |
| 2022 | $50.2 | $34.9 | -30% |
| 2023 | $34.9 | $43.7 | +25% |
| 2024 | $43.7 | $38.0 | -13% |
| 2025 | $38.0 | $27.5 | -27% |
| 2026 YTD | $27.5 | $24.3 | -12% |
MMI has finished lower in three of the last six years. It's down 12% so far in 2026.