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).
A largely fixed overhead base and light reinvestment needs are turning a modest revenue rebound into faster cash recovery.
From FY2023 to FY2025, SG&A was broadly flat while operating margin improved from-9.2% to-1.8% , showing that revenue recovery is dropping through a mostly unchanged cost base. The less obvious shift is that cash recovered faster than earnings: FY2025 still showed a-$1.9M net loss but produced$58.8M of free cash flow, because capital needs are low and operating cash flow turned positive again.
This looks more like fixed-cost absorption than a margin reset driven by pricing or mix. Revenue in FY2025 was still far below FY2022, yet net margin improved from
The balance sheet is cushioning the cycle, giving management room to keep distributing capital during a weak earnings period. FY2025 ended with a 2.5x current ratio and
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Marcus & Millichap Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Marcus & Millichap Inc scores 4.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.2B) relative to total liabilities ($224.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Marcus & Millichap Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
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
Earnings & Revenue
Marcus & Millichap Inc generated $755.2M in revenue in fiscal year 2025. This represents an increase of 8.5% from the prior year.
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.
Marcus & Millichap Inc reported -$1.9M in net income in fiscal year 2025. This represents an increase of 84.6% from the prior year.
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
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.
Marcus & Millichap Inc held $161.9M in cash against $0 in long-term debt as of fiscal year 2025.
Marcus & Millichap Inc had 38M shares outstanding in fiscal year 2025. This represents a decrease of 1.1% from the prior year.
Margins & Returns
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.
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.
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $171.5M-29.7% | $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 |
| Cost of Revenue | $49.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $89.1M | 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 | $71.2M+0.8% | $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 |
| Operating Income | -$5.8M-137.5% | $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 |
| Interest Expense | $153K-19.0% | $189K-4.1% | $197K-1.5% | $200K+7.0% | $187K-7.0% | $201K-3.4% | $208K+2.0% | $204K |
| Income Tax | $934K-84.2% | $5.9M+380.3% | $1.2M-83.1% | $7.3M+176.7% | -$9.5M-422.3% | $2.9M+404.8% | -$967K-146.0% | $2.1M |
| Net Income | -$3.1M-123.3% | $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 |
| EPS (Diluted) | $-0.08 | N/A | $0.01+103.6% | $-0.28-154.5% | $-0.11 | N/A | $-0.140.0% | $-0.14 |
MMI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $755.0M-8.7% | $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 |
| Current Assets | $245.1M-20.7% | $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 |
| Cash & Equivalents | $136.5M-15.7% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $37.8M-0.2% | $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 |
| Total Liabilities | $185.9M-17.0% | $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 |
| Current Liabilities | $92.5M-23.8% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $569.1M-5.6% | $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 |
| Retained Earnings | $373.3M-8.9% | $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 |
MMI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.6M-159.6% | $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 |
| Capital Expenditures | $3.0M+24.1% | $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 |
| Free Cash Flow | -$30.5M-169.6% | $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 |
| Investing Cash Flow | $33.8M+33.2% | $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 |
| Financing Cash Flow | -$31.5M-16.2% | -$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 |
| Dividends Paid | $775K-92.1% | $9.8M+5402.8% | $178K-98.2% | $9.9M+1317.5% | $697K-92.8% | $9.7M+6392.7% | $150K-98.5% | $9.7M |
| Share Buybacks | $24.9M+43.4% | $17.4M+2914.0% | $577K-91.7% | $7.0M+1540.7% | $425K+84.0% | $231K | $0 | $0 |
MMI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -3.4%-9.7pp | 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% |
| Net Margin | -1.8%-7.3pp | 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% |
| Return on Equity | -0.5%-2.8pp | 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% |
| Return on Assets | -0.4%-2.0pp | 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% |
| Current Ratio | 2.65+0.1 | 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 |
| Debt-to-Equity | 0.33-0.0 | 0.37+0.0 | 0.35+0.0 | 0.300.0 | 0.30-0.1 | 0.38+0.0 | 0.35+0.0 | 0.32 |
| FCF Margin | -17.8%-35.8pp | 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% |
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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.
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 Altman Z-Score?
Marcus & Millichap Inc (MMI) has an Altman Z-Score of 4.95, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Marcus & Millichap Inc's Piotroski F-Score?
Marcus & Millichap Inc (MMI) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 23 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.