MARCUS & MILLICHAP (MMI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MMI SEC filings page.
MARCUS & MILLICHAP (MMI) reported $812.2M in revenue over the twelve months to Jun 30, 2026, up 11.9% from the prior twelve months. This page shows its 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).
The business is recovering from a severe activity downturn, with cash generation returning before reported earnings fully turn positive.
In FY2025, near-breakeven earnings coexisted with operating cash flow of$66.7M ; FY2023 instead had operating cash flow of-$72.4M . The recovery is reaching cash generation before the income statement, although these figures alone cannot separate working-capital timing from noncash effects.
Revenue recovered to
Debt-to-equity fell from 0.5x in FY2021 to 0.4x in FY2025, indicating a less leveraged capital structure even as equity declined. The 2.5x current ratio and shareholder distributions despite a net loss show that liquidity management and profitability are not moving in lockstep.
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'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.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. MARCUS & MILLICHAP scores 19/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. MARCUS & MILLICHAP scores 95/100 on it among other REITs.
Not available for MARCUS & MILLICHAP, and counted as zero in the overall score.
MARCUS & MILLICHAP reported an operating loss of $13.7M in fiscal year 2025 against interest expense of $773K, so there is no cover to state. The interest coverage axis ranks REITs on operating income against interest owed, and MARCUS & MILLICHAP scores 7/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. MARCUS & MILLICHAP scores 25/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. MARCUS & MILLICHAP scores 13/100 on it among other REITs.
MARCUS & MILLICHAP scores 4.69, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.1B) 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 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.
MARCUS & MILLICHAP reported a net loss of $1.9M while generating $66.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
MARCUS & MILLICHAP reported an operating loss of $13.7M against $773K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
MARCUS & MILLICHAP generated $202.9M in revenue in Q2 2026. This represents an increase of 17.8% from the same quarter a year earlier. Against the prior quarter it is up 18.3%.
MARCUS & MILLICHAP's EBITDA was $4.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 177.4% from the same quarter a year earlier. Against the prior quarter it is up 234.7%.
MARCUS & MILLICHAP reported $3.9M in net income in Q2 2026. This represents an increase of 135.4% from the same quarter a year earlier. Against the prior quarter it is up 226.1%.
MARCUS & MILLICHAP earned $0.10 per diluted share (EPS) in Q2 2026. This represents an increase of 135.7% from the same quarter a year earlier. Against the prior quarter it is up 225.0%.
Cash & Balance Sheet
MARCUS & MILLICHAP generated $21.2M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 169.5%.
MARCUS & MILLICHAP held $153.5M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
MARCUS & MILLICHAP's operating margin was 1.1% in Q2 2026, reflecting core business profitability. This is up 6.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.
MARCUS & MILLICHAP's net profit margin was 1.9% in Q2 2026, showing the share of revenue converted to profit. This is up 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.
MARCUS & MILLICHAP's ROE was 0.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Not reported for Q2 2026.
Capital Allocation
MARCUS & MILLICHAP spent $545K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 92.2% from the same quarter a year earlier. Against the prior quarter it is down 97.8%.
MARCUS & MILLICHAP invested $945K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 45.5% from the same quarter a year earlier. Against the prior quarter it is down 68.2%.
Not reported for Q2 2026.
MMI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $202.9M+17.8% | $171.5M+18.2% | $243.9M+1.6% | $193.9M+15.1% | $172.3M+8.8% | $145.0M+12.3% | $240.1M+44.4% | $168.5M+4.0% |
| SG&A Expenses | $71.7M+0.2% | $71.2M-0.5% | $70.7M-7.4% | $72.5M+2.6% | $71.5M+10.1% | $71.6M+3.8% | $76.3M+2.2% | $70.7M+2.1% |
| Operating Income | $2.2M+124.5% | -$5.8M+67.4% | $15.4M+130.0% | -$2.4M+79.3% | -$9.0M-12.4% | -$17.7M+11.9% | $6.7M+139.0% | -$11.5M+25.7% |
| EBITDA | $4.6M+177.4% | -$3.4M+77.2% | $18.8M+56.5% | $369K+105.3% | -$5.9M-24.9% | -$14.9M+10.9% | $12.0M+186.4% | -$6.9M+41.4% |
| Interest Expense | $140K-30.0% | $153K-18.2% | $189K-6.0% | $197K-5.3% | $200K-2.0% | $187K-6.0% | $201K-6.9% | $208K-13.7% |
| Income Tax | $2.4M-67.7% | $934K+109.8% | $5.9M+100.5% | $1.2M+227.2% | $7.3M+247.0% | -$9.5M-100.1% | $2.9M+303.1% | -$967K+51.9% |
| Net Income | $3.9M+135.4% | -$3.1M+29.9% | $13.3M+55.7% | $240K+104.5% | -$11.0M-99.3% | -$4.4M+55.7% | $8.5M+183.5% | -$5.4M+41.7% |
| EPS (Basic) | $0.10+135.7% | -$0.08+27.3% | $0.34+54.5% | $0.01+107.1% | -$0.28-100.0% | -$0.11+57.7% | $0.22+181.5% | -$0.14+41.7% |
| EPS (Diluted) | $0.10+135.7% | -$0.08+27.3% | $0.34+54.5% | $0.01 | -$0.28-100.0% | -$0.11+57.7% | $0.22+181.5% | -$0.14+41.7% |
| Diluted Shares (Avg) | 38M-2.5% | 38M-1.9% | N/A | 39M | 39M+0.9% | 39M+1.3% | N/A | 39M+0.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
MMI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $765.8M-3.3% | $755.0M-5.9% | $827.2M-4.9% | $812.5M-2.5% | $792.2M-4.0% | $802.0M-3.0% | $869.8M-1.0% | $833.7M-5.5% |
| Current Assets | $270.6M-10.4% | $245.1M-24.6% | $309.2M-24.6% | $309.8M-13.1% | $302.1M-12.2% | $325.1M-5.4% | $410.3M+4.2% | $356.5M-8.5% |
| Cash & Equivalents | $153.5M+78.6% | $136.5M-8.8% | $161.9M+5.5% | $117.4M-32.1% | $86.0M-46.9% | $149.7M+65.3% | $153.4M-10.1% | $172.7M-23.0% |
| Short-Term Investments | $57.2M-58.0% | $56.5M-52.6% | $90.6M-52.3% | $129.4M+2.6% | $136.5M+13.9% | $119.4M-39.8% | $189.7M+12.3% | $126.1M+8.0% |
| Long-Term Investments | $134.4M+22.0% | $141.5M+131.6% | $145.7M+184.9% | $134.7M+168.3% | $110.2M+105.2% | $61.1M+6.5% | $51.1M-24.2% | $50.2M-28.8% |
| Goodwill | $37.7M-0.6% | $37.8M+0.5% | $37.9M+0.7% | $37.8M-0.4% | $37.9M+0.1% | $37.6M-0.9% | $37.6M-1.2% | $37.9M+0.1% |
| Total Liabilities | $186.9M+1.3% | $185.9M+0.8% | $224.1M-6.2% | $210.3M-2.7% | $184.4M-7.2% | $184.5M-8.3% | $239.0M+2.5% | $216.0M-7.2% |
| Current Liabilities | $92.8M+6.7% | $92.5M+7.3% | $121.4M-8.7% | $113.2M0.0% | $87.0M-6.5% | $86.2M-6.9% | $133.0M+26.4% | $113.2M+9.5% |
| Non-Current Liabilities | $94.1M-3.5% | $93.4M-4.9% | $102.6M-3.1% | $97.1M-5.5% | $97.4M-7.8% | $98.2M-9.5% | $106.0M-17.1% | $102.8M-20.6% |
| Total Equity | $578.9M-4.7% | $569.1M-7.9% | $603.1M-4.4% | $602.2M-2.5% | $607.8M-3.0% | $617.6M-1.3% | $630.8M-2.2% | $617.7M-4.9% |
| Retained Earnings | $376.7M-11.5% | $373.3M-15.9% | $409.8M-10.7% | $415.3M-7.8% | $425.8M-8.6% | $443.8M-5.9% | $458.9M-6.8% | $450.6M-11.1% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
MMI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.2M+5.5% | -$27.6M+47.8% | $46.3M-18.3% | $52.2M+242.8% | $21.0M+2370.0% | -$52.8M-3.6% | $56.7M+285.8% | $15.2M+98.8% |
| Depreciation & Amortization | $2.3M-25.5% | $2.4M-16.1% | $3.4M-36.6% | $2.7M-39.7% | $3.2M-5.3% | $2.8M-16.7% | $5.3M+59.5% | $4.5M+25.1% |
| Stock-Based Compensation | $6.8M+9.0% | $6.6M+7.1% | N/A | $6.0M-1.7% | $6.2M+5.7% | $6.2M+6.6% | N/A | $6.1M+11.5% |
| Capital Expenditures | $945K-45.5% | $3.0M+99.5% | $2.4M+56.7% | $2.3M+10.0% | $1.7M+4.6% | $1.5M-43.5% | $1.5M-9.0% | $2.0M-7.7% |
| Free Cash Flow | $21.2M+10.1% | -$30.5M+43.8% | $43.9M-20.4% | $50.0M+279.0% | $19.3M+2492.9% | -$54.3M-1.3% | $55.1M+323.9% | $13.2M+142.3% |
| Investing Cash Flow | $4.7M+107.0% | $33.8M-40.9% | $25.4M+138.9% | -$19.1M-451.4% | -$67.2M-183.7% | $57.2M+364.7% | -$65.2M-21.1% | -$3.5M-107.5% |
| Financing Cash Flow | -$9.7M+45.3% | -$31.5M-290.8% | -$27.2M-160.8% | -$1.6M-40.3% | -$17.8M-82.8% | -$8.1M-7.6% | -$10.4M+27.5% | -$1.1M-18.1% |
| Dividends Paid | $9.6M-3.1% | $775K+11.2% | $9.8M+0.6% | $178K+18.7% | $9.9M+1.4% | $697K+17.7% | $9.7M+0.8% | $150K+33.9% |
| Share Buybacks | $545K-92.2% | $24.9M+5769.9% | $17.4M+7428.6% | $577K | $7.0M | $425K-23.3% | $231K-94.9% | $0 |
MMI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 1.1%+6.3pp | -3.4%+8.8pp | 6.3%+3.5pp | -1.2%+5.6pp | -5.3%-0.2pp | -12.2%+3.4pp | 2.8%+13.1pp | -6.8%+2.7pp |
| Net Margin | 1.9%+8.3pp | -1.8%+1.2pp | 5.5%+1.9pp | 0.1%+3.3pp | -6.4%-2.9pp | -3.0%+4.7pp | 3.6%+9.7pp | -3.2%+2.5pp |
| Return on Equity | 0.7%+2.5pp | -0.5%+0.2pp | 2.2%+0.9pp | 0.0%+0.9pp | -1.8%-0.9pp | -0.7%+0.9pp | 1.4%+2.9pp | -0.9%+0.6pp |
| Return on Assets | 0.5%+1.9pp | -0.4%+0.1pp | 1.6%+0.6pp | 0.0%+0.7pp | -1.4%-0.7pp | -0.5%+0.7pp | 1.0%+2.1pp | -0.7%+0.4pp |
| Current Ratio | 2.92-0.6x | 2.65-1.1x | 2.55-0.5x | 2.74-0.4x | 3.47-0.2x | 3.77+0.1x | 3.08-0.7x | 3.15-0.6x |
| Debt-to-Equity | 0.320.0x | 0.330.0x | 0.370.0x | 0.350.0x | 0.300.0x | 0.300.0x | 0.380.0x | 0.350.0x |
| Asset Turnover | 0.270.0x | 0.230.0x | 0.290.0x | 0.240.0x | 0.220.0x | 0.180.0x | 0.28+0.1x | 0.200.0x |
| FCF Margin | 10.5%-0.7pp | -17.8%+19.6pp | 18.0%-5.0pp | 25.8%+17.9pp | 11.2%+11.7pp | -37.5%+4.1pp | 23.0%+15.1pp | 7.8%+4.5pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MARCUS & MILLICHAP MMI | FY2025 | $755.2M | -$1.9M | -0.3% | $1.1B | 27/100 |
| KENNEDY-WILSON HOLDINGS, INC. KW | FY2025 | $501.0M | $23.8M | 4.8% | $1.5B | 11/100 |
| eXp World Holdings, Inc. EXPI | FY2025 | N/A | -$22.7M | N/A | $1.1B | — |
Where MARCUS & MILLICHAP Ranks
Frequently Asked Questions
What is MARCUS & MILLICHAP's annual revenue?
MARCUS & MILLICHAP (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's revenue growing?
MARCUS & MILLICHAP (MMI) revenue grew by 8.5% year-over-year, from $696.1M to $755.2M in fiscal year 2025.
Is MARCUS & MILLICHAP profitable?
No, MARCUS & MILLICHAP (MMI) reported a net income of -$1.9M in fiscal year 2025, with a net profit margin of -0.3%.
What is MARCUS & MILLICHAP's EBITDA?
MARCUS & MILLICHAP (MMI) had EBITDA of -$1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is MARCUS & MILLICHAP's operating margin?
MARCUS & MILLICHAP (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's net profit margin?
MARCUS & MILLICHAP (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's return on equity (ROE)?
MARCUS & MILLICHAP (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's free cash flow?
MARCUS & MILLICHAP (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's operating cash flow?
MARCUS & MILLICHAP (MMI) generated $66.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are MARCUS & MILLICHAP's total assets?
MARCUS & MILLICHAP (MMI) had $827.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are MARCUS & MILLICHAP's capital expenditures?
MARCUS & MILLICHAP (MMI) invested $7.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is MARCUS & MILLICHAP's current ratio?
MARCUS & MILLICHAP (MMI) had a current ratio of 2.55 as of fiscal year 2025, which is generally considered healthy.
What is MARCUS & MILLICHAP's debt-to-equity ratio?
MARCUS & MILLICHAP (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's return on assets (ROA)?
MARCUS & MILLICHAP (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's P/E ratio?
MARCUS & MILLICHAP (MMI) trades at 74.5x earnings, its market capitalization divided by net income of $14.4M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.1B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MARCUS & MILLICHAP's price-to-sales ratio?
MARCUS & MILLICHAP (MMI) trades at 1.3x sales, its market capitalization divided by revenue of $812.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.1B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MARCUS & MILLICHAP's Altman Z-Score?
MARCUS & MILLICHAP (MMI) has an Altman Z-Score of 4.69, 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's Piotroski F-Score?
MARCUS & MILLICHAP (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's earnings high quality?
MARCUS & MILLICHAP (MMI) reported a net loss of $1.9M while generating $66.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 cover its interest payments?
MARCUS & MILLICHAP (MMI) reported an operating loss of $13.7M against $773K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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?
MARCUS & MILLICHAP (MMI) scores 27 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.