Marcus & Millichap (MMI)
Market Price (12/21/2025): $27.28 | Market Cap: $1.1 BilSector: Real Estate | Industry: Real Estate Services
Marcus & Millichap (MMI)
Market Price (12/21/2025): $27.28Market Cap: $1.1 BilSector: Real EstateIndustry: Real Estate Services
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| 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 -15% | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -91% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% | 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 -2.9% | |
| Attractive yieldFCF Yield is 6.6% | Key risksMMI key risks include [1] the costly challenge of attracting and retaining top investment and financing professionals and [2] operational inefficiency, Show more. | |
| Low stock price volatilityVol 12M is 33% | ||
| 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. |
| 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 -15% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Attractive yieldFCF Yield is 6.6% |
| Low stock price volatilityVol 12M is 33% |
| 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 -75%, 3Y Excs Rtn is -91% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -22 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16% |
| 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 -2.9% |
| Key risksMMI key risks include [1] the costly challenge of attracting and retaining top investment and financing professionals and [2] operational inefficiency, Show more. |
Valuation, Metrics & Events
MMI Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points for the approximate time period from August 31, 2025, to December 21, 2025, that likely contributed to Marcus & Millichap (MMI) stock movement:
1. Mixed Third Quarter 2025 Earnings Performance. Marcus & Millichap reported its third-quarter 2025 financial results on November 7, 2025, showing a 15.1% year-over-year revenue increase to $193.9 million and a return to net income of $0.2 million. However, the reported Earnings Per Share (EPS) missed analyst expectations, and the revenue figure slightly fell short of the consensus estimate of $195.7 million, leading to tempered investor enthusiasm. An accrual of $0.08 per common share for an ongoing litigation matter also impacted diluted EPS.
2. Increased Net Loss in Second Quarter 2025. Prior to the start of the period on August 7, 2025, the company reported a net loss of $11.0 million, or $0.28 per common share, diluted, for the second quarter of 2025, which was higher than the $5.5 million net loss in the same period of the prior year. This increase in net loss, partly attributed to a $0.19 provision for income taxes, could have set a negative tone for the stock as the requested period began.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMI Return | -0% | 38% | -31% | 29% | -11% | -25% | -19% |
| Peers Return | -14% | 86% | -42% | 21% | 24% | 25% | 74% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| MMI Win Rate | 50% | 58% | 42% | 42% | 42% | 42% | |
| Peers Win Rate | 52% | 68% | 32% | 55% | 62% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| MMI Max Drawdown | -39% | -11% | -36% | -20% | -30% | -27% | |
| Peers Max Drawdown | -60% | -5% | -48% | -25% | -13% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | MMI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -52.1% | -25.4% |
| % Gain to Breakeven | 108.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.7% | -33.9% |
| % Gain to Breakeven | 68.5% | 51.3% |
| Time to Breakeven | 298 days | 148 days |
| 2018 Correction | ||
| % Loss | -31.8% | -19.8% |
| % Gain to Breakeven | 46.5% | 24.7% |
| Time to Breakeven | 832 days | 120 days |
Compare to JLL, OPEN, EXPI, CBRE, CSGP
In The Past
Marcus & Millichap's stock fell -52.1% during the 2022 Inflation Shock from a high on 4/5/2022. A -52.1% loss requires a 108.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to MMI. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 1.1% | 1.1% | -5.8% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 1.1% | 1.1% | -5.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Marcus & Millichap
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.81 |
| Mkt Cap | 5.6 |
| Rev LTM | 7,729 |
| Op Inc LTM | 425 |
| FCF LTM | 193 |
| FCF 3Y Avg | 191 |
| CFO LTM | 244 |
| CFO 3Y Avg | 248 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.2% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 14.3% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Mgn LTM | 4.4% |
| Op Mgn 3Y Avg | 3.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 4.3% |
| CFO/Rev 3Y Avg | 3.1% |
| FCF/Rev LTM | 3.5% |
| FCF/Rev 3Y Avg | 2.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.6 |
| P/S | 1.1 |
| P/EBIT | 14.9 |
| P/E | 27.6 |
| P/CFO | 16.6 |
| Total Yield | 3.0% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.5% |
| 3M Rtn | -5.8% |
| 6M Rtn | 30.9% |
| 12M Rtn | 24.4% |
| 3Y Rtn | 87.1% |
| 1M Excs Rtn | 4.3% |
| 3M Excs Rtn | -7.2% |
| 6M Excs Rtn | 12.9% |
| 12M Excs Rtn | 1.9% |
| 3Y Excs Rtn | 9.9% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 5/8/2024 | 2.0% | 5.0% | -8.3% |
| 2/16/2024 | -2.1% | -6.8% | -19.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 10 |
| # Negative | 10 | 14 | 13 |
| Median Positive | 2.5% | 2.2% | 5.7% |
| Median Negative | -2.0% | -4.0% | -8.3% |
| Max Positive | 6.8% | 5.3% | 20.3% |
| Max Negative | -10.8% | -10.6% | -34.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2272025 | 10-K 12/31/2024 |
| 9302024 | 11082024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2272024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2282023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 3012022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |