What is Marcus & Millichap Inc's earnings per share (EPS)?

Marcus & Millichap Inc (MMI) reported diluted earnings per share of $-0.05 for fiscal year 2025. This represents a 84.4% 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.

Marcus & Millichap Inc Financials

MMI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Marcus & Millichap Inc (MMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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

Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Marcus & Millichap Inc has an operating margin of -1.8%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 18/100, suggesting thin profitability after operating expenses. This is up from -4.7% the prior year.

Growth

Marcus & Millichap Inc's revenue grew 8.5% year-over-year to $755.2M, a solid pace of expansion. This earns a growth score of 47/100.

Leverage

Marcus & Millichap Inc carries a low D/E ratio of 0.37, meaning only $0.37 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Marcus & Millichap Inc's current ratio of 2.55 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Marcus & Millichap Inc has a free cash flow margin of 7.8%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Marcus & Millichap Inc generates a -0.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 10/100. This is up from -2.0% the prior year.

Piotroski F-Score Neutral

5/9

Marcus & Millichap Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-34.92x

For every $1 of reported earnings, Marcus & Millichap Inc generates $-34.92 in operating cash flow ($66.7M OCF vs -$1.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-17.7x

Marcus & Millichap Inc earns $-17.7 in operating income for every $1 of interest expense (-$13.7M vs $773K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$755.2M

YoY+8.5%

5Y CAGR+1.0%

10Y CAGR+0.9%

Marcus & Millichap Inc generated $755.2M in revenue in fiscal year 2025. This represents an increase of 8.5% from the prior year.

EBITDA

-$1.6M

YoY+90.1%

Marcus & Millichap Inc's EBITDA was -$1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 90.1% from the prior year.

Net Income

-$1.9M

YoY+84.6%

Marcus & Millichap Inc reported -$1.9M in net income in fiscal year 2025. This represents an increase of 84.6% from the prior year.

EPS (Diluted)

$-0.05

YoY+84.4%

Marcus & Millichap Inc earned $-0.05 per diluted share (EPS) in fiscal year 2025. This represents an increase of 84.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$58.8M

YoY+324.7%

5Y CAGR+13.5%

10Y CAGR-1.0%

Marcus & Millichap Inc generated $58.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 324.7% from the prior year.

Cash & Debt

$161.9M

YoY+5.5%

5Y CAGR-7.8%

10Y CAGR+5.3%

Marcus & Millichap Inc held $161.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

38M

YoY-1.1%

5Y CAGR-0.5%

10Y CAGR+0.3%

Marcus & Millichap Inc had 38M shares outstanding in fiscal year 2025. This represents a decrease of 1.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-1.8%

YoY+2.9pp

5Y CAGR-9.3pp

10Y CAGR-18.5pp

Marcus & Millichap Inc's operating margin was -1.8% in fiscal year 2025, reflecting core business profitability. This is up 2.9 percentage points from the prior year.

Net Margin

-0.3%

YoY+1.5pp

5Y CAGR-6.2pp

10Y CAGR-9.9pp

Marcus & Millichap Inc's net profit margin was -0.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.

Return on Equity

-0.3%

YoY+1.6pp

5Y CAGR-8.1pp

10Y CAGR-35.4pp

Marcus & Millichap Inc's ROE was -0.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$25.4M

YoY+3131.3%

Marcus & Millichap Inc spent $25.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 3131.3% from the prior year.

Capital Expenditures

$7.9M

YoY-0.0%

5Y CAGR+2.5%

10Y CAGR+1.5%

Marcus & Millichap Inc invested $7.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.0% from the prior year.

MMI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$755.2M+8.5%	$696.1M+7.8%	$645.9M-50.4%	$1.3B+0.4%	$1.3B+80.8%	$716.9M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$286.3M+1.9%	$280.9M-1.4%	$285.0M-5.0%	$300.0M+17.6%	$255.2M+24.8%	$204.5M
Operating Income	-$13.7M+58.3%	-$32.9M+44.6%	-$59.4M-143.2%	$137.4M-27.4%	$189.4M+253.2%	$53.6M
Interest Expense	$773K-4.8%	$812K-8.6%	$888K+25.4%	$708K+22.1%	$580K-35.6%	$900K
Income Tax	$4.9M+840.1%	-$666K+89.5%	-$6.4M-116.8%	$37.8M-25.6%	$50.8M+207.6%	$16.5M
Net Income	-$1.9M+84.6%	-$12.4M+63.7%	-$34.0M-132.7%	$104.2M-26.8%	$142.5M+232.6%	$42.8M
EPS (Diluted)	$-0.05+84.4%	$-0.32+63.6%	$-0.88-134.0%	$2.59-27.0%	$3.55+228.7%	$1.08

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$243.9M+25.8%	$193.9M+12.5%	$172.3M+18.8%	$145.0M-39.6%	$240.1M+42.5%	$168.5M+6.4%	$158.4M+22.7%	$129.1M
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	$70.7M-2.6%	$72.5M+1.4%	$71.5M0.0%	$71.6M-6.2%	$76.3M+8.0%	$70.7M+8.7%	$65.0M-5.7%	$68.9M
Operating Income	$15.4M+749.5%	-$2.4M+73.8%	-$9.0M+48.9%	-$17.7M-364.2%	$6.7M+158.5%	-$11.5M-42.5%	-$8.0M+60.0%	-$20.1M
Interest Expense	$189K-4.1%	$197K-1.5%	$200K+7.0%	$187K-7.0%	$201K-3.4%	$208K+2.0%	$204K+2.5%	$199K
Income Tax	$5.9M+380.6%	$1.2M-83.1%	$7.3M+176.7%	-$9.5M-422.4%	$2.9M+404.8%	-$967K-146.0%	$2.1M+144.2%	-$4.7M
Net Income	$13.3M+5445.0%	$240K+102.2%	-$11.0M-149.5%	-$4.4M-151.7%	$8.5M+258.7%	-$5.4M+2.8%	-$5.5M+44.5%	-$10.0M
EPS (Diluted)	N/A	$0.01+103.6%	$-0.28-154.5%	$-0.11	N/A	$-0.140.0%	$-0.14+46.2%	$-0.26

MMI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$827.2M-4.9%	$869.8M-1.0%	$878.4M-12.5%	$1.0B-4.0%	$1.0B+34.2%	$779.1M
Current Assets	$309.2M-24.6%	$410.3M+4.2%	$393.7M-25.3%	$527.1M-13.3%	$608.1M+41.7%	$429.1M
Cash & Equivalents	$161.9M+5.5%	$153.4M-10.1%	$170.8M-27.6%	$235.9M-38.3%	$382.1M+57.2%	$243.2M
Inventory	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
Goodwill	$37.9M+0.7%	$37.6M-1.2%	$38.0M+0.3%	$37.9M+11.3%	$34.1M+2.1%	$33.4M
Total Liabilities	$224.1M-6.2%	$239.0M+2.5%	$233.1M-19.7%	$290.2M-16.8%	$348.9M+50.2%	$232.3M
Current Liabilities	$121.4M-8.7%	$133.0M+26.4%	$105.3M-30.8%	$152.0M-32.6%	$225.6M+87.5%	$120.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$603.1M-4.4%	$630.8M-2.2%	$645.3M-9.6%	$713.5M+2.5%	$696.3M+27.3%	$546.8M
Retained Earnings	$409.8M-10.7%	$458.9M-6.8%	$492.3M-15.9%	$585.6M+2.1%	$573.5M+33.0%	$431.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$827.2M+1.8%	$812.5M+2.6%	$792.2M-1.2%	$802.0M-7.8%	$869.8M+4.3%	$833.7M+1.0%	$825.4M-0.1%	$826.7M
Current Assets	$309.2M-0.2%	$309.8M+2.6%	$302.1M-7.1%	$325.1M-20.8%	$410.3M+15.1%	$356.5M+3.6%	$344.0M+0.1%	$343.5M
Cash & Equivalents	$161.9M+38.0%	$117.4M+36.5%	$86.0M-42.6%	$149.7M-2.4%	$153.4M-11.2%	$172.7M+6.6%	$162.0M+78.9%	$90.6M
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	$37.9M+0.2%	$37.8M-0.3%	$37.9M+0.8%	$37.6M0.0%	$37.6M-0.9%	$37.9M+0.2%	$37.9M-0.2%	$37.9M
Total Liabilities	$224.1M+6.6%	$210.3M+14.0%	$184.4M0.0%	$184.5M-22.8%	$239.0M+10.6%	$216.0M+8.7%	$198.8M-1.2%	$201.1M
Current Liabilities	$121.4M+7.3%	$113.2M+30.1%	$87.0M+0.9%	$86.2M-35.2%	$133.0M+17.5%	$113.2M+21.6%	$93.1M+0.5%	$92.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$603.1M+0.1%	$602.2M-0.9%	$607.8M-1.6%	$617.6M-2.1%	$630.8M+2.1%	$617.7M-1.4%	$626.7M+0.2%	$625.6M
Retained Earnings	$409.8M-1.3%	$415.3M-2.5%	$425.8M-4.1%	$443.8M-3.3%	$458.9M+1.8%	$450.6M-3.3%	$466.1M-1.2%	$471.7M

MMI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$66.7M+207.0%	$21.7M+130.0%	-$72.4M-631.4%	$13.6M-94.7%	$255.9M+571.9%	$38.1M
Capital Expenditures	$7.9M0.0%	$7.9M-16.0%	$9.4M-19.7%	$11.7M+70.1%	$6.9M-1.3%	$6.9M
Free Cash Flow	$58.8M+324.7%	$13.8M+116.9%	-$81.8M-4267.1%	$2.0M-99.2%	$249.0M+699.7%	$31.1M
Investing Cash Flow	-$3.8M+61.4%	-$9.9M-113.2%	$74.9M+238.7%	-$54.0M+50.2%	-$108.4M-529.0%	-$17.2M
Financing Cash Flow	-$54.6M-89.8%	-$28.8M+57.5%	-$67.7M+35.9%	-$105.6M-1683.3%	-$5.9M+42.7%	-$10.3M
Dividends Paid	$20.6M+1.6%	$20.2M+0.6%	$20.1M-66.7%	$60.4M	$0	$0
Share Buybacks	$25.4M+3131.3%	$785K-98.0%	$39.4M+35.8%	$29.1M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$46.3M-11.4%	$52.2M+148.4%	$21.0M+139.8%	-$52.8M-193.3%	$56.7M+272.0%	$15.2M+1689.5%	$851K+101.7%	-$51.0M
Capital Expenditures	$2.4M+6.4%	$2.3M+29.9%	$1.7M+16.2%	$1.5M-2.5%	$1.5M-25.3%	$2.0M+23.6%	$1.7M-37.2%	$2.6M
Free Cash Flow	$43.9M-12.2%	$50.0M+159.0%	$19.3M+135.5%	-$54.3M-198.6%	$55.1M+318.2%	$13.2M+1735.4%	-$806K+98.5%	-$53.7M
Investing Cash Flow	$25.4M+232.7%	-$19.1M+71.5%	-$67.2M-217.6%	$57.2M+187.7%	-$65.2M-1779.2%	-$3.5M-104.3%	$80.4M+472.1%	-$21.6M
Financing Cash Flow	-$27.2M-1632.7%	-$1.6M+91.2%	-$17.8M-120.3%	-$8.1M+22.5%	-$10.4M-831.9%	-$1.1M+88.5%	-$9.7M-29.7%	-$7.5M
Dividends Paid	$9.8M+5402.8%	$178K-98.2%	$9.9M+1317.5%	$697K-92.8%	$9.7M+6392.7%	$150K-98.5%	$9.7M+1546.1%	$592K
Share Buybacks	$17.4M+2914.0%	$577K-91.7%	$7.0M+1540.7%	$425K+84.0%	$231K	$0	$0-100.0%	$554K

MMI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1.8%+2.9pp	-4.7%+4.5pp	-9.2%-19.8pp	10.6%-4.1pp	14.6%+7.1pp	7.5%
Net Margin	-0.3%+1.5pp	-1.8%+3.5pp	-5.3%-13.3pp	8.0%-3.0pp	11.0%+5.0pp	6.0%
Return on Equity	-0.3%+1.6pp	-2.0%+3.3pp	-5.3%-19.9pp	14.6%-5.8pp	20.5%+12.6pp	7.8%
Return on Assets	-0.2%+1.2pp	-1.4%+2.4pp	-3.9%-14.3pp	10.4%-3.3pp	13.6%+8.1pp	5.5%
Current Ratio	2.55-0.5	3.08-0.7	3.74+0.3	3.47+0.8	2.70-0.9	3.57
Debt-to-Equity	0.370.0	0.38+0.0	0.36-0.0	0.41-0.1	0.50+0.1	0.42
FCF Margin	7.8%+5.8pp	2.0%+14.6pp	-12.7%-12.8pp	0.1%-19.1pp	19.2%+14.9pp	4.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	6.3%+7.5pp	-1.2%+4.0pp	-5.3%+7.0pp	-12.2%-15.0pp	2.8%+9.6pp	-6.8%-1.7pp	-5.1%+10.5pp	-15.6%
Net Margin	5.5%+5.3pp	0.1%+6.5pp	-6.4%-3.4pp	-3.0%-6.6pp	3.6%+6.8pp	-3.2%+0.3pp	-3.5%+4.2pp	-7.7%
Return on Equity	2.2%+2.2pp	0.0%+1.9pp	-1.8%-1.1pp	-0.7%-2.1pp	1.4%+2.2pp	-0.9%+0.0pp	-0.9%+0.7pp	-1.6%
Return on Assets	1.6%+1.6pp	0.0%+1.4pp	-1.4%-0.8pp	-0.5%-1.5pp	1.0%+1.6pp	-0.7%+0.0pp	-0.7%+0.5pp	-1.2%
Current Ratio	2.55-0.2	2.74-0.7	3.47-0.3	3.77+0.7	3.08-0.1	3.15-0.5	3.70-0.0	3.71
Debt-to-Equity	0.37+0.0	0.35+0.0	0.300.0	0.30-0.1	0.38+0.0	0.35+0.0	0.320.0	0.32
FCF Margin	18.0%-7.8pp	25.8%+14.6pp	11.2%+48.7pp	-37.5%-60.4pp	23.0%+15.1pp	7.8%+8.3pp	-0.5%+41.1pp	-41.6%

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Frequently Asked Questions

What is Marcus & Millichap Inc's annual revenue?

Marcus & Millichap Inc (MMI) reported $755.2M in total revenue for fiscal year 2025. This represents a 8.5% 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 8.5% year-over-year, from $696.1M to $755.2M in fiscal year 2025.

Is Marcus & Millichap Inc profitable?

No, Marcus & Millichap Inc (MMI) reported a net income of -$1.9M in fiscal year 2025, with a net profit margin of -0.3%.

What is Marcus & Millichap Inc's EBITDA?

Marcus & Millichap Inc (MMI) had EBITDA of -$1.6M in fiscal year 2025, 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 -1.8% in fiscal year 2025, 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 -0.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Marcus & Millichap Inc's return on equity (ROE)?

Marcus & Millichap Inc (MMI) has a return on equity of -0.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Marcus & Millichap Inc's free cash flow?

Marcus & Millichap Inc (MMI) generated $58.8M in free cash flow during fiscal year 2025. This represents a 324.7% 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 $66.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Marcus & Millichap Inc's total assets?

Marcus & Millichap Inc (MMI) had $827.2M in total assets as of fiscal year 2025, 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 2025, funding long-term assets and infrastructure.

Does Marcus & Millichap Inc buy back shares?

Yes, Marcus & Millichap Inc (MMI) spent $25.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Marcus & Millichap Inc have outstanding?

Marcus & Millichap Inc (MMI) had 38M shares outstanding as of fiscal year 2025.

What is Marcus & Millichap Inc's current ratio?

Marcus & Millichap Inc (MMI) had a current ratio of 2.55 as of fiscal year 2025, 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 0.37 as of fiscal year 2025, 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 -0.2% for fiscal year 2025, 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 5 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 -34.92x, 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 -17.7x, 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 44 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.