MMI · Marcus & Millichap, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $755.16M | $696.06M | $645.93M | $1.30B | $1.30B | $716.91M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $286.28M | $280.91M | $285.02M | $300.01M | $255.15M | $204.51M |
| Total Operating Expenses | $768.87M | $728.97M | $705.29M | $1.16B | $1.11B | $663.29M |
| D&A | $12.10M | $16.59M | $13.63M | $13.41M | $11.72M | $10.90M |
| Operating Income | ($13.71M) | ($32.91M) | ($59.37M) | $137.40M | $189.36M | $53.61M |
| Interest Expense | $773.0K | $812.0K | $888.0K | $708.0K | $580.0K | $900.0K |
| Income Tax | $4.93M | ($666.0K) | ($6.37M) | $37.80M | $50.83M | $16.53M |
| Net Income | ($1.91M) | ($12.36M) | ($34.03M) | $104.22M | $142.47M | $42.84M |
| EPS - Basic | ($0.05) | ($0.32) | ($0.88) | $2.61 | $3.57 | $1.08 |
| EPS - Diluted | ($0.05) | ($0.32) | ($0.88) | $2.59 | $3.55 | $1.08 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $161.92M | $153.44M | $170.75M | $235.87M | $382.14M | $243.15M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $309.21M | $410.32M | $393.69M | $527.14M | $608.13M | $429.08M |
| Total Assets | $827.18M | $869.80M | $878.41M | $1.00B | $1.05B | $779.12M |
| Current Liabilities | $121.45M | $133.02M | $105.27M | $152.01M | $225.63M | $120.32M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $224.08M | $238.98M | $233.14M | $290.20M | $348.89M | $232.29M |
| Stockholders' Equity | $603.10M | $630.82M | $645.27M | $713.51M | $696.30M | $546.84M |
| Retained Earnings | $409.75M | $458.91M | $492.30M | $585.58M | $573.55M | $431.08M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.66M | $21.71M | ($72.43M) | $13.63M | $255.90M | $38.09M |
| Investing Cash Flow | ($3.82M) | ($9.90M) | $74.87M | ($53.98M) | ($108.36M) | ($17.23M) |
| Financing Cash Flow | ($54.58M) | ($28.75M) | ($67.68M) | ($105.56M) | ($5.92M) | ($10.33M) |
| CapEx | $7.87M | $7.87M | $9.37M | $11.67M | $6.86M | $6.95M |
| Free Cash Flow | $58.78M | $13.84M | ($81.80M) | $1.96M | $249.05M | $31.14M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -1.8% | -4.7% | -9.2% | 10.6% | 14.6% | 7.5% |
| EBITDA margin | -0.2% | -2.3% | -7.1% | 11.6% | 15.5% | 9.0% |
| Net margin | -0.3% | -1.8% | -5.3% | 8.0% | 11.0% | 6.0% |
| Free cash flow margin | 7.8% | 2.0% | -12.7% | 0.2% | 19.2% | 4.3% |
| FCF / Net income | -30.79 | -1.12 | 2.40 | 0.02 | 1.75 | 0.73 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 37.9% | 40.4% | 44.1% | 23.0% | 19.7% | 28.5% |
| Effective tax rate | 163.2% | - | - | 26.6% | 26.3% | 27.8% |
| Return on assets | -0.2% | -1.4% | -3.9% | 10.4% | 13.6% | 5.5% |
| Return on equity | -0.3% | -2.0% | -5.3% | 14.6% | 20.5% | 7.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 |
| Quick ratio | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 |
| Cash ratio | 1.33 | 1.15 | 1.62 | 1.55 | 1.69 | 2.02 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -17.7x | -40.5x | -66.9x | 194.1x | 326.5x | 59.6x |
| Equity multiplier | 1.37 | 1.38 | 1.36 | 1.41 | 1.50 | 1.42 |
| Liabilities / Assets | 0.27 | 0.27 | 0.27 | 0.29 | 0.33 | 0.30 |
| Efficiency | ||||||
| Asset turnover | 0.91 | 0.80 | 0.74 | 1.30 | 1.24 | 0.92 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | 13.3x | 14.5x | 34.5x |
| P / B | 1.8x | 2.3x | 2.6x | 1.9x | 3.0x | 2.7x |
| P / S | 1.4x | 2.1x | 2.6x | 1.1x | 1.6x | 2.1x |
| EV / EBITDA | - | - | - | 7.6x | 8.4x | 19.2x |
| Growth | ||||||
| Revenue growth (YoY) | 8.5% | 7.8% | -50.4% | 0.4% | 80.8% | -11.1% |
| Revenue CAGR (3y) | -16.6% | -18.7% | -3.4% | 17.3% | 21.8% | -0.1% |
| Revenue CAGR (5y) | 1.0% | -2.9% | -2.1% | 12.6% | 12.6% | 0.8% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 58.3% | 44.6% | - | -27.4% | 253.2% | -44.4% |
| Net income growth (YoY) | 84.6% | 63.7% | - | -26.8% | 232.6% | -44.3% |
| EPS growth (YoY) | 84.4% | 63.6% | - | -27.0% | 228.7% | -44.6% |
| EPS CAGR (3y) | - | - | - | 9.9% | 16.9% | -6.5% |
| EPS CAGR (5y) | - | - | - | 14.4% | 16.4% | -8.6% |
| FCF growth (YoY) | 324.7% | - | - | -99.2% | 699.7% | 89.0% |
| FCF CAGR (5y) | 13.5% | -3.4% | - | -49.5% | 30.8% | -13.8% |
| Book value growth (YoY) | -4.4% | -2.2% | -9.6% | 2.5% | 27.3% | 10.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$755.16M totalReportable Segment$755.16M · 100.0%
Product / service
$755.16M totalReal Estate Brokerage Commissions$632.52M · 83.8%
Financing Fees$103.92M · 13.8%
Other Revenues$18.72M · 2.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.57
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Agents & Managers (For Others)
Comparing Marcus & Millichap against the 5 most active filers in the same SIC group.
Dividends
$0.50/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.2500 |
| Sep 15, 2025 | $0.2500 |
| Mar 12, 2025 | $0.2500 |
| Sep 16, 2024 | $0.2500 |
| Mar 11, 2024 | $0.2500 |
| Sep 14, 2023 | $0.2500 |
| Mar 13, 2023 | $0.2500 |
| Sep 14, 2022 | $0.2500 |
| Mar 7, 2022 | $1.2500 |