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.
OPEN
Opendoor Technologies Inc.
There isn't enough reported data to score OPEN yet.
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.
OPEN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
OPEN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for real estate companies like OPEN.
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.
OPEN PE Valuation
OPEN has no meaningful PE right now: it lost money over the past year.
MMI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
MMI has the edge over OPEN on the outlook, with more favorable earnings expectations.
OPEN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect OPEN's losses to grow, with revenue growing. 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 the edge over OPEN on earnings quality, reporting a profit while its opponent remains loss making.
OPEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.00 | -$1.56 |
| Q2 2026 | -$1.89 | -$1.46 |
| Q1 2026 | -$1.76 | -$1.24 |
| Q4 2025 | -$1.70 | -$1.14 |
| Q3 2025 | -$0.44 | +$0.09 |
| Q2 2025 | -$0.43 | +$0.15 |
| Q1 2025 | -$0.52 | -$0.10 |
| Q4 2024 | -$0.56 | -$0.14 |
OPEN lost $2.00 per share over the past year, and its loss has widened in each of the last five quarters.
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 has the edge over OPEN on sales, with more consistent year-over-year improvement.
| 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 has the edge over OPEN on profitability, with a higher operating margin.
OPEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +12% |
| Q2 2026 | $883M | -44% |
| Q1 2026 | $720M | -38% |
| Q4 2025 | $736M | -32% |
| Q3 2025 | $915M | -34% |
| Q2 2025 | $1.6B | +3.7% |
| Q1 2025 | $1.2B | -2.4% |
| Q4 2024 | $1.1B | +25% |
OPEN's revenue is recovering but still below its 2022 peak: $1B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -18% | -11 points |
| Q2 2026 | -16% | -16 points |
| Q1 2026 | -22% | -17 points |
| Q4 2025 | -20% | -12 points |
| Q3 2025 | -7.4% | -2.6 points |
| Q2 2025 | -0.8% | +3.9 points |
| Q1 2025 | -4.9% | +2.5 points |
| Q4 2024 | -8.7% | +4.6 points |
OPEN's operating margin was −18% last quarter, down 11 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 has the edge over OPEN on cash generation, producing positive trailing cash flow while its opponent burns cash.
OPEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$836M | -294% |
| Q2 2026 | -$723M | -188% |
| Q1 2026 | -$250M | +$33M |
| Q4 2025 | $67M | +$150M |
| Q3 2025 | $432M | +671% |
| Q2 2025 | $821M | +$1.2B |
| Q1 2025 | -$283M | -$97M |
| Q4 2024 | -$83M | +$468M |
OPEN's free cash flow was −$1.7B over the past year, against $887M the year before. Free cash flow isn't a meaningful measure for real estate companies like OPEN.
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 the edge over OPEN on shareholder dilution, with a more favorable share count trend.
| 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.
OPEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -16.3M shares |
| 1 year | +30% | +220M shares |
| 3 years | +42% | +282M shares |
| 5 years | +61% | +361M shares |
| Available history | +1042% | +866M shares |
OPEN has 949M diluted shares, up 30% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
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.
OPEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 337.2x | High |
OPEN's net debt is more than 20 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for real estate companies like OPEN.
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).
OPEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 20.6 | Oversold |
| Stochastic | 1.2 | Oversold |
OPEN's weekly RSI is 21 (oversold) and its Stochastic is 1 (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.
OPEN PE vs Real Estate Sector
OPEN has no meaningful PE right now: it lost money over the past year.
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.
OPEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.97 | 37% below |
| 20 week MA | $3.00 | 59% below |
| 50 week MA | $4.37 | 72% below |
| 100 week MA | $3.74 | 67% below |
| 200 week MA | $3.13 | 60% below |
OPEN is in a downtrend: it's below all five of its weekly moving averages, and 60% 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 the edge over OPEN on returns for 2026, with the stronger performance.
OPEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $27.4 | +150% |
| 2021 | $27.4 | $14.9 | -46% |
| 2022 | $14.9 | $1.02 | -93% |
| 2023 | $1.02 | $4.48 | +339% |
| 2024 | $4.48 | $1.67 | -63% |
| 2025 | $1.67 | $6.01 | +260% |
| 2026 YTD | $6.01 | $1.24 | -79% |
OPEN's yearly returns have swung widely, from +339% in 2023 to −93% in 2022. It's down 79% so far in 2026.