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Marcus & Millichap (MMI) Stock Price & Analysis
MMI Stock Chart & Stats
- Day’s Range
- $27.83 - $28.42
- 52-Week Range
- $24.43 - $33.55
- Previous Close
- $27.92
- Volume
- N/A
- Average Volume (3M)
- 171.65K
- Market Cap
- $1.06B
- Enterprise Value
- $1.04B
- Total Cash (Recent Filing)
- $216.54M
- Total Debt (Recent Filing)
- $74.15M
- Price to Earnings (P/E)
- 76.5
- Beta
- 0.71
- Next Earnings
- Nov 06, 2026 (Est.)
- EPS Estimate
- 0.07
- Last Dividend Ex-Date
- Sep 15, 2026
- Dividend Yield
- 1.79%
Bulls Say, Bears Say
Bulls Say
Broad Revenue Growth
Broad-based revenue growth across the first half indicates improving transaction activity and customer engagement rather than an isolated quarterly improvement. Sustained expansion in brokerage and financing volumes can rebuild operating leverage and strengthen MMI’s earnings base over the next several quarters.
Balance Sheet Resilience
A substantial liquidity position gives MMI flexibility to withstand cyclical transaction weakness, maintain operations, and invest in strategic growth while continuing shareholder distributions. Combined with the company’s low leverage, this supports resilience through commercial real estate market volatility.
Financing Platform Expansion
Financing growth diversifies MMI beyond property-sale commissions and expands its role in clients’ capital needs. Higher revenue and loan activity, supported by a broad lender network, can create a more durable platform as refinancing and new financing demand develop across property markets.
Bears Say
Thin And Inconsistent Profitability
Although profitability has recovered from the prior-year loss, earnings remain far below historical peak levels and therefore provide limited evidence of a fully restored earnings model. Thin profits leave MMI more exposed to volume softness and make margin durability a continuing concern.
Rate Volatility Extends Deal Timelines
Because MMI earns mainly when transactions and financings close, prolonged timelines can defer fee recognition and reduce transaction throughput. Persistent rate uncertainty may also complicate underwriting and client decisions, creating a structural drag on visibility and revenue conversion.
Elevated Operating Costs
Higher commissions and continued investment in talent and infrastructure are absorbing part of the revenue recovery. If expense growth remains elevated, MMI may struggle to convert improving transaction activity into durable margins, particularly while profitability remains well below prior peaks.
Marcus & Millichap News
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Marcus & Millichap Stock Smart Score
Company Description
Marcus & Millichap
Marcus & Millichap, Inc. (MMI) is a prominent investment brokerage firm specializing in commercial real estate. Operating across the United States and Canada, the company furnishes comprehensive investment brokerage and financing solutions for both buyers and sellers in the commercial property market. Their core service portfolio spans commercial real estate sales, financial arrangements, in-depth market research, and strategic advisory. These services cater to a diverse array of commercial asset classes, including multifamily dwellings, retail spaces, office buildings, industrial properties, single-tenant net leased assets, seniors' housing, self-storage facilities, hospitality venues, medical offices, and manufactured housing communities. Beyond direct brokerage, MMI functions as a crucial financial intermediary, providing sophisticated capital markets solutions for commercial real estate. This includes structuring various debt types (senior and mezzanine), facilitating joint ventures, arranging preferred equity, executing loan sales, and offering specialized consultative and due diligence expertise to property owners, developers, investors, and capital sources. Furthermore, the company offers a range of supplementary services, encompassing detailed research, advisory, and consulting. These are provided to a broad client base, including developers, lenders, property owners, Real Estate Investment Trusts (REITs), high-net-worth individuals, pension fund advisors, and other institutional entities. Marcus & Millichap, Inc. was established in 1971 and maintains its corporate headquarters in Calabasas, California.
- Sector
- Realestate
- Industry
- Real Estate - Services
- CEO
- Hessam Nadji
- Employees
- 854
- Website
- www.marcusmillichap.com
- Address
- 23975 Park Sorrento, Calabasas, CA, 91302, US
Marcus & Millichap (MMI) Earnings & Revenues
MMI Company Deck
MMI Earnings Call
Earnings Call SentimentPositive
The call conveyed broad-based revenue and profitability improvements across brokerage and financing, with total revenue up 18% and notable recoveries in larger transactions and financing activity. Key operational highlights include improved adjusted EBITDA (from $1.5M to $12M), positive operating leverage (SG&A down as a percent of revenue), strengthened lender relationships, and a healthy balance sheet with ongoing capital return. Challenges remain: elevated operating expenses driven by investments in talent and infrastructure, rate volatility that prolongs deal timelines, modest headcount growth from strategic hiring changes, and profitability still well below prior peak levels. Management emphasized a multi-year view on returning to higher margin levels and outlined strategic expansion opportunities (leasing, appraisal tech, investment management, and organic financing scale) that should support future growth.
View all MMI earnings summariesTechnical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 8 | 5 | 9 |
| Technical Analysis | 3 | 5 | 2 |
| Moving Averages | 5 | 0 | 7 |
