Marcus & Millichap (MMI)
Market Price (5/20/2026): $28.17 | Market Cap: $1.1 BilSector: Real Estate | Industry: Real Estate Services
Marcus & Millichap (MMI)
Market Price (5/20/2026): $28.17Market Cap: $1.1 BilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldFCF Yield is 7.7% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Smart Buildings & Proptech. Themes include E-commerce Logistics REITs, Data Center REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -72% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.2% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% Key risksMMI key risks include [1] the costly challenge of attracting and retaining top investment and financing professionals and [2] operational inefficiency, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldFCF Yield is 7.7% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Smart Buildings & Proptech. Themes include E-commerce Logistics REITs, Data Center REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -72% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.2% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksMMI key risks include [1] the costly challenge of attracting and retaining top investment and financing professionals and [2] operational inefficiency, Show more. |
Qualitative Assessment
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1. Marcus & Millichap exceeded Q1 2026 revenue expectations, reporting $171.5 million, an 18.2% increase year-over-year, surpassing analyst estimates by 5.7%. This strong top-line performance was coupled with a significant improvement in profitability, as the net loss narrowed to $3.1 million, or $0.08 per share, compared to a $4.4 million loss in Q1 2025. Additionally, Adjusted EBITDA turned positive at $2.9 million, a 133.7% improvement from a negative $8.7 million in the prior year's first quarter.
2. The company capitalized on a recovering commercial real estate (CRE) market, which demonstrated increasing transaction activity. In Q1 2026, CRE transaction counts rose by 7% year-over-year, with the overall dollar volume surging by 27%. Marcus & Millichap's total sales volume increased by 29.2% to $12.1 billion, and its brokerage sales volume saw an 18.5% increase, reaching $7.9 billion.
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Stock Movement Drivers
Fundamental Drivers
The 4.5% change in MMI stock from 1/31/2026 to 5/19/2026 was primarily driven by a 4.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.94 | 28.15 | 4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 782 | 4.0% |
| P/S Multiple | 1.4 | 1.4 | -1.6% |
| Shares Outstanding (Mil) | 39 | 38 | 2.1% |
| Cumulative Contribution | 4.5% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MMI | 4.5% | |
| Market (SPY) | 6.3% | 38.3% |
| Sector (XLRE) | 6.8% | 27.9% |
Fundamental Drivers
The -2.7% change in MMI stock from 10/31/2025 to 5/19/2026 was primarily driven by a -11.5% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.93 | 28.15 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 726 | 782 | 7.7% |
| P/S Multiple | 1.6 | 1.4 | -11.5% |
| Shares Outstanding (Mil) | 39 | 38 | 2.1% |
| Cumulative Contribution | -2.7% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MMI | -2.7% | |
| Market (SPY) | 8.2% | 39.5% |
| Sector (XLRE) | 9.3% | 32.9% |
Fundamental Drivers
The -5.8% change in MMI stock from 4/30/2025 to 5/19/2026 was primarily driven by a -17.4% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.88 | 28.15 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 696 | 782 | 12.3% |
| P/S Multiple | 1.7 | 1.4 | -17.4% |
| Shares Outstanding (Mil) | 39 | 38 | 1.6% |
| Cumulative Contribution | -5.8% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MMI | -5.8% | |
| Market (SPY) | 33.8% | 42.2% |
| Sector (XLRE) | 10.1% | 43.5% |
Fundamental Drivers
The -6.3% change in MMI stock from 4/30/2023 to 5/19/2026 was primarily driven by a -40.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.05 | 28.15 | -6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,302 | 782 | -40.0% |
| P/S Multiple | 0.9 | 1.4 | 51.0% |
| Shares Outstanding (Mil) | 39 | 38 | 3.3% |
| Cumulative Contribution | -6.3% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MMI | -6.3% | |
| Market (SPY) | 83.3% | 44.6% |
| Sector (XLRE) | 29.1% | 55.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMI Return | 38% | -31% | 29% | -11% | -28% | 8% | -15% |
| Peers Return | 86% | -42% | 21% | 24% | 25% | -22% | 59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MMI Win Rate | 58% | 42% | 42% | 42% | 42% | 60% | |
| Peers Win Rate | 68% | 32% | 55% | 62% | 57% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MMI Max Drawdown | -17% | -44% | -28% | -30% | -30% | -11% | |
| Peers Max Drawdown | -14% | -50% | -38% | -17% | -30% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBRE, JLL, CWK, CIGI, NMRK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | MMI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.5% | -9.5% |
| % Gain to Breakeven | 30.7% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.0% | -6.7% |
| % Gain to Breakeven | 31.6% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.6% | -33.7% |
| % Gain to Breakeven | 63.0% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.6% | -12.2% |
| % Gain to Breakeven | 160.4% | 13.9% |
| Time to Breakeven | 2094 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -37.3% | -6.8% |
| % Gain to Breakeven | 59.6% | 7.3% |
| Time to Breakeven | 636 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.3% | -17.9% |
| % Gain to Breakeven | 15.3% | 21.8% |
| Time to Breakeven | 13 days | 123 days |
In The Past
Marcus & Millichap's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | MMI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.5% | -9.5% |
| % Gain to Breakeven | 30.7% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.0% | -6.7% |
| % Gain to Breakeven | 31.6% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.6% | -33.7% |
| % Gain to Breakeven | 63.0% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.6% | -12.2% |
| % Gain to Breakeven | 160.4% | 13.9% |
| Time to Breakeven | 2094 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -37.3% | -6.8% |
| % Gain to Breakeven | 59.6% | 7.3% |
| Time to Breakeven | 636 days | 15 days |
In The Past
Marcus & Millichap's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Marcus & Millichap (MMI)
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Analogies for Marcus & Millichap (MMI):
- Goldman Sachs for commercial real estate.
- A national real estate brokerage like Coldwell Banker or RE/MAX, but exclusively for commercial properties (offices, apartment complexes, shopping centers, etc.).
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- Commercial Real Estate Investment Sales: Facilitating the buying and selling of various types of commercial properties including multifamily, retail, office, and industrial.
- Commercial Real Estate Financing & Capital Markets: Providing capital solutions such as senior debt, mezzanine debt, joint venture equity, preferred equity, and loan sales to real estate owners and investors.
- Real Estate Advisory and Consulting: Offering research, advisory, and consulting services to a diverse clientele including developers, lenders, and institutions.
AI Analysis | Feedback
Marcus & Millichap (MMI) operates as an investment brokerage and financial intermediary for commercial real estate. Due to its business model, it serves a broad and diverse client base for transactions and advisory services rather than having a few identifiable "major customer companies" that can be named with their symbols.
The company primarily serves the following categories of customers:
- Individual and Private Commercial Real Estate Investors: This category includes high net worth individuals and private investment groups who are involved in buying, selling, or owning various types of commercial real estate properties (e.g., multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality).
- Commercial Real Estate Owners and Developers: This encompasses entities (often private companies or partnerships) that own existing commercial properties or are engaged in the development of new ones. These customers utilize MMI for investment sales, financing, research, and advisory services related to their portfolios or projects.
- Institutional Investors and Capital Providers: This broad category includes large organizations such as Real Estate Investment Trusts (REITs), pension fund advisors, banks, private equity funds, and other financial institutions. They engage MMI for investment brokerage, capital markets solutions (senior debt, mezzanine debt, joint venture, preferred equity), loan sales, and various advisory and consulting services.
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Hessam Nadji
President and Chief Executive Officer
Hessam Nadji joined Marcus & Millichap in 1996 as vice president of research and advisory services and has served as President and Chief Executive Officer since 2016. During his tenure, he has held various responsibilities, including chief marketing officer, overseeing specialty division sales, launching the company's institutional services division (IPA), and leading its IPO in 2013 as chief strategy officer. Before joining Marcus & Millichap, Mr. Nadji was senior vice president of research and technology for Grubb & Ellis, where he started his career in 1986. He possesses nearly 40 years of experience in the real estate industry and has been with Marcus & Millichap for 28 years. Under his leadership, the company expanded from 18 offices to over 80 locations, including Canada, without major acquisitions or external debt, focusing on technology and data-driven insights.
Steve DeGennaro
Executive Vice President / Chief Financial Officer
Steve DeGennaro was appointed Chief Financial Officer of Marcus & Millichap effective August 17, 2020. He is responsible for overseeing the firm's finance, accounting, treasury, payroll, and public reporting functions, and plays a key role in executing the company's strategic plan. Prior to joining Marcus & Millichap in 2020, Mr. DeGennaro served as Executive Vice President and Chief Financial Officer of InTouch Technologies, a provider of virtual healthcare solutions, which was acquired by Teladoc Health, Inc. He also held the position of senior vice president and chief financial officer of a publicly traded firm specializing in mobile network computing, which he helped grow from $60 million in revenue to $500 million and was eventually sold to Intel. Additionally, Mr. DeGennaro co-founded a telecom startup firm. His career highlights include extensive experience in strategic planning, finance, capital raising, treasury, operations, leadership, and merger and acquisition transactions.
George Marcus
Co-Founder and Chairman
George M. Marcus is the Co-Founder and Chairman of the Marcus & Millichap Company, which he founded in Palo Alto in 1971.
J.D. Parker
Executive Vice President / Chief Operating Officer
J.D. Parker was promoted to Executive Vice President and Chief Operating Officer firmwide, effective April 29, 2025. In this role, he oversees all brokerage operations and collaborates with the CEO to establish the firm's strategic direction. Mr. Parker began his career at Marcus & Millichap in 2004 as an investment sales agent. He previously served as Chief Operating Officer for the Eastern Division since 2019.
Richard Matricaria
Senior Vice President / Chief Growth Officer
Effective April 30, 2025, Richard Matricaria transitioned to the role of Senior Vice President, Chief Growth Officer. His responsibilities include spearheading the company's key growth initiatives, strategic partnerships, investments, and talent development. Previously, Mr. Matricaria served as Executive Vice President and Chief Operating Officer for the Western Division.
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The key risks to Marcus & Millichap's business are primarily tied to the cyclical nature of the commercial real estate market and broader economic factors, as well as competitive pressures. The company's business model, heavily reliant on transaction-based fees, makes it particularly sensitive to these dynamics.
Downturn in the Commercial Real Estate Market and Economic Slowdowns: Marcus & Millichap's revenue and profitability are highly exposed to the cyclical nature of the commercial real estate market and general economic conditions. A prolonged downturn can significantly reduce transaction volumes for investment sales and financing services, directly impacting the company's core business. For instance, the company experienced operating losses in 2023 and 2024 due to economic downturns and disruptions in capital markets.
Rising Interest Rates and Tightening Credit Markets: Fluctuations in interest rates, inflation, and the availability of capital are critical risks for Marcus & Millichap. Higher interest rates increase borrowing costs, which can dampen investor demand for commercial real estate and reduce transactional activity. Tighter credit conditions and general economic uncertainty can further temper commercial real estate investment.
Intense Competition: The commercial real estate services industry is highly fragmented and competitive. Marcus & Millichap faces significant competition from national, regional, and local brokerage and financing firms. This competitive landscape necessitates continuous innovation and superior service to maintain market share and competitive edge.
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The addressable markets for Marcus & Millichap's main products and services in the United States and Canada are as follows:
United States
- Commercial Real Estate Investment Sales: The transaction volume for commercial real estate investment sales in the U.S. is projected to be $322 billion in 2024 and $387 billion in 2025.
- Commercial Real Estate Financing: Total commercial real estate mortgage borrowing and lending in the U.S. is estimated at $498 billion for 2024.
- Commercial Real Estate Advisory and Consulting: The market size for Real Estate Asset Management & Consulting in the U.S. was $95.1 billion in 2025.
Canada
- Commercial Real Estate Investment Sales: Overall commercial real estate investment in Canada reached $50.8 billion in 2023.
- Commercial Real Estate Financing: Null
- Commercial Real Estate Advisory and Consulting: Null
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Marcus & Millichap (MMI) over the next 2-3 years:
- Growth in the Private Client Market: Marcus & Millichap has consistently highlighted the strong performance and strategic importance of its Private Client Market segment. In 2025, Private Client brokerage and financing demonstrated double-digit growth, and the company views this segment as the "cornerstone" of its business, showing positive momentum due to price adjustments and increased lender activity. This market, which accounts for over 80% of U.S. commercial property transactions, offers significant long-term growth potential through consolidation.
- Expansion of Financing Business and Services: The company's financing fees experienced a substantial 23.0% increase in 2025, driven by an expanded team and access to a broad network of over 420 lenders. Marcus & Millichap is strategically focused on scaling its financing capabilities and expanding financing availability as a key initiative for future growth.
- Increased Sales Force and Talent Acquisition: Marcus & Millichap achieved its strongest growth in its sales force in seven years during 2025, with nearly 100 net additions of brokerage and financing professionals. This aggressive talent acquisition strategy is expected to drive further transaction activity and market share expansion.
- Leveraging a Rebounding Commercial Real Estate Market: Marcus & Millichap's recent performance reflects a "continued recovery from one of the most complex and prolonged market disruptions on record." Management anticipates continued improvement in transaction markets, with commercial real estate transaction volume projected to grow by 15-20% in 2026. The company aims to capitalize on improving investor sentiment and overall market conditions to drive sustained revenue growth.
- AI-Driven Operational Efficiency and Technology Investments: The company is emphasizing AI-driven operational efficiency and ongoing investments in its operational infrastructure and proprietary technology. This focus on leveraging technology is expected to enhance overall efficiency, which can contribute to revenue growth by enabling more effective operations and service delivery.
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Share Repurchases
- From August 2022 through November 4, 2025, Marcus & Millichap repurchased approximately 2.4 million shares of common stock for a total of $77.1 million.
- In 2025, the company repurchased 933,115 shares for an aggregate purchase price of $26.9 million.
- As of February 10, 2026, approximately $42.0 million remained available under its share repurchase program.
Share Issuance
- No significant share issuances with a specified dollar amount were reported in the last 3-5 years; the number of outstanding shares has been decreasing due to repurchases.
Outbound Investments
- Marcus & Millichap is actively pursuing strategic acquisitions to expand its services, particularly its financing business, and by acquiring appraisal and valuation firms and other complementary businesses.
- The company maintains a strong balance sheet with nearly $400 million in cash to support these strategic acquisitions.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.68 |
| Mkt Cap | 3.8 |
| Rev LTM | 8,135 |
| Op Inc LTM | 438 |
| FCF LTM | 174 |
| FCF 3Y Avg | 179 |
| CFO LTM | 243 |
| CFO 3Y Avg | 241 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.1% |
| Rev Chg 3Y Avg | 9.1% |
| Rev Chg Q | 16.7% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 25.6% |
| Op Inc Chg 3Y Avg | 9.2% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | 3.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 3.5% |
| CFO/Rev 3Y Avg | 3.4% |
| FCF/Rev LTM | 2.3% |
| FCF/Rev 3Y Avg | 2.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.8 |
| P/S | 0.8 |
| P/Op Inc | 10.8 |
| P/EBIT | 11.5 |
| P/E | 22.9 |
| P/CFO | 16.3 |
| Total Yield | 3.0% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -15.4% |
| 3M Rtn | -2.1% |
| 6M Rtn | -11.9% |
| 12M Rtn | 9.9% |
| 3Y Rtn | 63.0% |
| 1M Excs Rtn | -19.2% |
| 3M Excs Rtn | -16.0% |
| 6M Excs Rtn | -24.7% |
| 12M Excs Rtn | -15.1% |
| 3Y Excs Rtn | -7.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial real estate services | 696 | 646 | |||
| Financing fees | 113 | 110 | 71 | ||
| Other revenue | 18 | 16 | 13 | ||
| Real estate brokerage commissions | 1,170 | 1,171 | 633 | ||
| Total | 696 | 646 | 1,302 | 1,296 | 717 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial real estate services | -12 | ||||
| Total | -12 |
Price Behavior
| Market Price | $28.15 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 01/04/2011 | |
| Distance from 52W High | -13.7% | |
| 50 Days | 200 Days | |
| DMA Price | $27.30 | $28.22 |
| DMA Trend | down | up |
| Distance from DMA | 3.1% | -0.3% |
| 3M | 1YR | |
| Volatility | 23.9% | 31.1% |
| Downside Capture | 43.44 | 116.48 |
| Upside Capture | 78.93 | 82.78 |
| Correlation (SPY) | 35.1% | 41.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.63 | 0.53 | 0.72 | 0.85 | 1.05 | 0.92 |
| Up Beta | 0.58 | 0.66 | 0.78 | 0.86 | 1.36 | 0.80 |
| Down Beta | -1.40 | 0.13 | 0.62 | 0.67 | 0.83 | 0.81 |
| Up Capture | 60% | 71% | 82% | 79% | 69% | 81% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 24 | 36 | 59 | 121 | 367 |
| Down Capture | 39% | 38% | 61% | 98% | 115% | 105% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 19 | 27 | 64 | 129 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMI | |
|---|---|---|---|---|
| MMI | -3.6% | 31.1% | -0.10 | - |
| Sector ETF (XLRE) | 8.3% | 13.6% | 0.34 | 43.0% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 41.5% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 0.3% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -11.0% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 48.0% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 17.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMI | |
|---|---|---|---|---|
| MMI | -3.4% | 31.7% | -0.06 | - |
| Sector ETF (XLRE) | 4.8% | 19.0% | 0.15 | 59.1% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 53.9% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 7.4% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 9.9% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 62.9% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 24.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMI | |
|---|---|---|---|---|
| MMI | 1.7% | 33.3% | 0.13 | - |
| Sector ETF (XLRE) | 6.5% | 20.4% | 0.28 | 56.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 57.4% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 3.5% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 16.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 59.3% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 3.0% | -2.0% | |
| 2/13/2026 | 3.4% | 3.0% | 4.6% |
| 11/7/2025 | -0.7% | -0.8% | -4.3% |
| 8/7/2025 | -10.8% | -3.2% | 2.8% |
| 5/7/2025 | 2.5% | 2.2% | 1.7% |
| 2/14/2025 | 5.4% | 0.6% | -4.1% |
| 11/8/2024 | 5.0% | 2.5% | 3.3% |
| 8/7/2024 | -2.0% | -4.0% | -0.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 11 |
| # Negative | 10 | 14 | 12 |
| Median Positive | 3.1% | 2.4% | 5.4% |
| Median Negative | -2.0% | -3.6% | -8.2% |
| Max Positive | 6.8% | 5.3% | 20.3% |
| Max Negative | -10.8% | -9.1% | -19.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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