Marcus & Millichap Inc Financials
This page shows Marcus & Millichap Inc (MMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Marcus & Millichap Inc has an operating margin of -4.7%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -9.2% the prior year.
Marcus & Millichap Inc's revenue grew 7.8% year-over-year to $696.1M, a solid pace of expansion. This earns a growth score of 51/100.
Marcus & Millichap Inc carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.08, Marcus & Millichap Inc holds $3.08 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Marcus & Millichap Inc's free cash flow margin of 2.0% results in a low score of 10/100. Capital expenditures of $7.9M absorb a large share of operating cash flow.
Marcus & Millichap Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Marcus & Millichap Inc generates $-1.76 in operating cash flow ($21.7M OCF vs -$12.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Marcus & Millichap Inc earns $-40.5 in operating income for every $1 of interest expense (-$32.9M vs $812K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Marcus & Millichap Inc generated $696.1M in revenue in fiscal year 2024. This represents an increase of 7.8% from the prior year.
Marcus & Millichap Inc's EBITDA was -$16.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.3% from the prior year.
Marcus & Millichap Inc generated $13.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 116.9% from the prior year.
Marcus & Millichap Inc reported -$12.4M in net income in fiscal year 2024. This represents an increase of 63.7% from the prior year.
Marcus & Millichap Inc earned $-0.32 per diluted share (EPS) in fiscal year 2024. This represents an increase of 63.6% from the prior year.
Marcus & Millichap Inc held $153.4M in cash against $0 in long-term debt as of fiscal year 2024.
Marcus & Millichap Inc had 39M shares outstanding in fiscal year 2024. This represents an increase of 1.2% from the prior year.
Marcus & Millichap Inc's operating margin was -4.7% in fiscal year 2024, reflecting core business profitability. This is up 4.5 percentage points from the prior year.
Marcus & Millichap Inc's net profit margin was -1.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.5 percentage points from the prior year.
Marcus & Millichap Inc spent $785K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.0% from the prior year.
Marcus & Millichap Inc invested $7.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 16.0% from the prior year.
MMI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $193.9M+12.5% | $172.3M+18.8% | $145.0M-39.6% | $240.1M+51.6% | $158.4M+22.7% | $129.1M-22.3% | $166.2M+2.6% | $162.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $72.5M+1.4% | $71.5M0.0% | $71.6M-6.2% | $76.3M+17.4% | $65.0M-5.7% | $68.9M-7.7% | $74.7M+8.0% | $69.2M |
| Operating Income | -$2.4M+73.8% | -$9.0M+48.9% | -$17.7M-364.2% | $6.7M+183.3% | -$8.0M+60.0% | -$20.1M-16.9% | -$17.2M-11.5% | -$15.4M |
| Interest Expense | $197K-1.5% | $200K+7.0% | $187K-7.0% | $201K-1.5% | $204K+2.5% | $199K-7.9% | $216K-10.4% | $241K |
| Income Tax | $1.2M-83.1% | $7.3M+176.7% | -$9.5M-422.4% | $2.9M+40.3% | $2.1M+144.2% | -$4.7M-227.1% | -$1.5M+27.8% | -$2.0M |
| Net Income | $240K+102.2% | -$11.0M-149.5% | -$4.4M-151.7% | $8.5M+254.4% | -$5.5M+44.5% | -$10.0M+2.4% | -$10.2M-10.7% | -$9.2M |
| EPS (Diluted) | $0.01+103.6% | $-0.28-154.5% | $-0.11-150.0% | $0.22+257.1% | $-0.14+46.2% | $-0.260.0% | $-0.26-8.3% | $-0.24 |
MMI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $812.5M+2.6% | $792.2M-1.2% | $802.0M-7.8% | $869.8M+5.4% | $825.4M-0.1% | $826.7M-5.9% | $878.4M-0.4% | $882.1M |
| Current Assets | $309.8M+2.6% | $302.1M-7.1% | $325.1M-20.8% | $410.3M+19.3% | $344.0M+0.1% | $343.5M-12.7% | $393.7M+1.0% | $389.9M |
| Cash & Equivalents | $117.4M+36.5% | $86.0M-42.6% | $149.7M-2.4% | $153.4M-5.3% | $162.0M+78.9% | $90.6M-47.0% | $170.8M-23.8% | $224.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $37.8M-0.3% | $37.9M+0.8% | $37.6M0.0% | $37.6M-0.7% | $37.9M-0.2% | $37.9M-0.3% | $38.0M+0.4% | $37.9M |
| Total Liabilities | $210.3M+14.0% | $184.4M0.0% | $184.5M-22.8% | $239.0M+20.2% | $198.8M-1.2% | $201.1M-13.7% | $233.1M+0.2% | $232.8M |
| Current Liabilities | $113.2M+30.1% | $87.0M+0.9% | $86.2M-35.2% | $133.0M+42.9% | $93.1M+0.5% | $92.6M-12.0% | $105.3M+1.8% | $103.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $602.2M-0.9% | $607.8M-1.6% | $617.6M-2.1% | $630.8M+0.7% | $626.7M+0.2% | $625.6M-3.1% | $645.3M-0.6% | $649.4M |
| Retained Earnings | $415.3M-2.5% | $425.8M-4.1% | $443.8M-3.3% | $458.9M-1.5% | $466.1M-1.2% | $471.7M-4.2% | $492.3M-2.9% | $507.0M |
MMI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $52.2M+148.4% | $21.0M+139.8% | -$52.8M-193.3% | $56.7M+6557.5% | $851K+101.7% | -$51.0M-447.5% | $14.7M+91.7% | $7.7M |
| Capital Expenditures | $2.3M+29.9% | $1.7M+16.2% | $1.5M-2.5% | $1.5M-7.7% | $1.7M-37.2% | $2.6M+57.0% | $1.7M-24.3% | $2.2M |
| Free Cash Flow | $50.0M+159.0% | $19.3M+135.5% | -$54.3M-198.6% | $55.1M+6939.5% | -$806K+98.5% | -$53.7M-512.7% | $13.0M+139.0% | $5.4M |
| Investing Cash Flow | -$19.1M+71.5% | -$67.2M-217.6% | $57.2M+187.7% | -$65.2M-181.1% | $80.4M+472.1% | -$21.6M+59.9% | -$53.9M-216.2% | $46.4M |
| Financing Cash Flow | -$1.6M+91.2% | -$17.8M-120.3% | -$8.1M+22.5% | -$10.4M-7.0% | -$9.7M-29.7% | -$7.5M+47.8% | -$14.4M-1418.1% | -$946K |
| Dividends Paid | $178K-98.2% | $9.9M+1317.5% | $697K-92.8% | $9.7M-0.1% | $9.7M+1546.1% | $592K-93.9% | $9.7M+8528.6% | $112K |
| Share Buybacks | $577K-91.7% | $7.0M+1540.7% | $425K+84.0% | $231K | $0-100.0% | $554K-87.7% | $4.5M | $0 |
MMI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1.2%+4.0pp | -5.3%+7.0pp | -12.2%-15.0pp | 2.8%+7.9pp | -5.1%+10.5pp | -15.6%-5.2pp | -10.3%-0.8pp | -9.5% |
| Net Margin | 0.1%+6.5pp | -6.4%-3.4pp | -3.0%-6.6pp | 3.6%+7.1pp | -3.5%+4.2pp | -7.7%-1.6pp | -6.2%-0.5pp | -5.7% |
| Return on Equity | 0.0% | N/A | N/A | 1.4% | N/A | N/A | N/A | N/A |
| Return on Assets | 0.0%+1.4pp | -1.4%-0.8pp | -0.5%-1.5pp | 1.0%+1.7pp | -0.7%+0.5pp | -1.2%-0.1pp | -1.2%-0.1pp | -1.1% |
| Current Ratio | 2.74-0.7 | 3.47-0.3 | 3.77+0.7 | 3.08-0.6 | 3.70-0.0 | 3.71-0.0 | 3.74-0.0 | 3.77 |
| Debt-to-Equity | 0.35+0.0 | 0.300.0 | 0.30-0.1 | 0.38+0.1 | 0.320.0 | 0.32-0.0 | 0.360.0 | 0.36 |
| FCF Margin | 25.8%+14.6pp | 11.2%+48.7pp | -37.5%-60.4pp | 23.0%+23.5pp | -0.5%+41.1pp | -41.6%-49.4pp | 7.8%+4.5pp | 3.4% |
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Frequently Asked Questions
What is Marcus & Millichap Inc's annual revenue?
Marcus & Millichap Inc (MMI) reported $696.1M in total revenue for fiscal year 2024. This represents a 7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Marcus & Millichap Inc's revenue growing?
Marcus & Millichap Inc (MMI) revenue grew by 7.8% year-over-year, from $645.9M to $696.1M in fiscal year 2024.
Is Marcus & Millichap Inc profitable?
No, Marcus & Millichap Inc (MMI) reported a net income of -$12.4M in fiscal year 2024, with a net profit margin of -1.8%.
What is Marcus & Millichap Inc's earnings per share (EPS)?
Marcus & Millichap Inc (MMI) reported diluted earnings per share of $-0.32 for fiscal year 2024. This represents a 63.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Marcus & Millichap Inc's EBITDA?
Marcus & Millichap Inc (MMI) had EBITDA of -$16.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Marcus & Millichap Inc's operating margin?
Marcus & Millichap Inc (MMI) had an operating margin of -4.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Marcus & Millichap Inc's net profit margin?
Marcus & Millichap Inc (MMI) had a net profit margin of -1.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Marcus & Millichap Inc's free cash flow?
Marcus & Millichap Inc (MMI) generated $13.8M in free cash flow during fiscal year 2024. This represents a 116.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Marcus & Millichap Inc's operating cash flow?
Marcus & Millichap Inc (MMI) generated $21.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Marcus & Millichap Inc's total assets?
Marcus & Millichap Inc (MMI) had $869.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Marcus & Millichap Inc's capital expenditures?
Marcus & Millichap Inc (MMI) invested $7.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Marcus & Millichap Inc buy back shares?
Yes, Marcus & Millichap Inc (MMI) spent $785K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Marcus & Millichap Inc have outstanding?
Marcus & Millichap Inc (MMI) had 39M shares outstanding as of fiscal year 2024.
What is Marcus & Millichap Inc's current ratio?
Marcus & Millichap Inc (MMI) had a current ratio of 3.08 as of fiscal year 2024, which is generally considered healthy.
What is Marcus & Millichap Inc's debt-to-equity ratio?
Marcus & Millichap Inc (MMI) had a debt-to-equity ratio of 0.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Marcus & Millichap Inc's return on assets (ROA)?
Marcus & Millichap Inc (MMI) had a return on assets of -1.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Marcus & Millichap Inc's Piotroski F-Score?
Marcus & Millichap Inc (MMI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marcus & Millichap Inc's earnings high quality?
Marcus & Millichap Inc (MMI) has an earnings quality ratio of -1.76x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Marcus & Millichap Inc cover its interest payments?
Marcus & Millichap Inc (MMI) has an interest coverage ratio of -40.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Marcus & Millichap Inc?
Marcus & Millichap Inc (MMI) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.