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what it is
Marcus & Millichap brokers commercial property sales, financing, research, and leasing for investors and owners.
how it gets paid
Last year Marcus & Millichap made $755M in revenue. investment sales brokerage was the main engine at $460M, or 61% of sales.
why it's growing
Revenue grew 8.5% last year. EDGAR says annual revenue was $755M, up 8.5%, but the latest quarter still showed -$0.39 EPS.
what just happened
Revenue hit $511M, but EPS was -$0.39.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
2.0% dividend yield — cash in your pocket every quarter
14.6% return on capital — nothing to write home about
-$0.32 fy2024 eps est
xvary composite: 47/100 — below average
What they do
Marcus & Millichap brokers commercial property sales, financing, research, and leasing for investors and owners.
You are buying a network, not a factory. Brokers (middlemen who get paid when a deal closes) closed 2,289 transactions in one quarter and moved $12.2B of volume. Leaving is painful because the $1M-$10M private-client market produced 63% of brokerage commissions in Q3 2025.
How they make money
$755M
annual revenue · their business grew +8.5% last year
investment sales brokerage
$460M
financing services
$140M
research and advisory
$80M
leasing and other
$75M
The products that matter
commercial property brokerage
Investment Sales
8,818 deals · $50.8B volume
This is the center of gravity. It closed 8,818 deals worth $50.8B in 2025, yet total company revenue still sat $113M below 2022. More deals helped. Full normalization did not happen.
deal volume driver
property financing placement
IPA Capital Markets
$44M recent loan
The financing arm arranged a $44M Los Angeles multifamily loan in March 2026. One loan is not a trend. It still matters because credit decides whether listings turn into closings.
credit pulse
broker network productivity
Agent base
1,800+ sales professionals
Headcount gives the firm reach. It does not guarantee revenue. In a slow market, more brokers can mean more capacity waiting on fewer closings.
fixed-cost pressure
Key numbers
$755M
annual revenue
Every 1% is $7.6M in sales.
-1.8%
operating margin
The business loses about $1.80 of operating profit per $100 of sales at this print—matches the hero line.
2.0%
dividend yield
You get paid 2% to wait.
14.6%
roic
Every $100 of capital produced $14.60 of profit.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 55 / 100
- long-term debt $59M (6% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MMI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $511M, but EPS was -$0.39.
EDGAR says annual revenue was $755M, up 8.5%, but the latest quarter still showed -$0.39 EPS. Yahoo Finance shows trailing EPS of $0.04, so the data set does not line up cleanly.
$511M
revenue
-$0.39
eps
n/a
n/a
the number that mattered
The quarter's $511M in revenue matters because sales grew, but -$0.39 EPS says profits still lag the top line.
source: EDGAR SEC filing and Yahoo Finance, 2026
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What could go wrong
The main risk is simple: commercial property deal volume freezes again while financing stays expensive. MMI does not need a crash to feel pain. It just needs buyers, sellers, and lenders to stop lining up.
high
transaction volume sensitivity
Revenue is tied to closings. If buyers and sellers stay apart on price, or financing stops penciling out, the pipeline does not turn into commissions.
A 15% drop in transaction volume would erase about $113M of revenue. That is almost exactly the gap between 2025 revenue and the 2022 peak.
high
thin profit cushion
Q4 2025 produced $13M of net income on $244M of revenue. That is profitability, but not a huge one. Small moves in closings can push earnings around fast.
You do not need a collapse to lose the earnings story. You just need a softer conversion from listings to closed deals.
med
competition for brokers and mandates
Colliers International is larger on both revenue and earnings. In a slow market, bigger rivals have more room to compete for talent, listings, and commission splits.
If the market recovers and MMI does not take share, you are left owning a cyclical rebound without much operating upside.
med
legal and regulatory drag
SEC filings cite litigation and regulatory proceedings involving peer firms. These issues rarely define the thesis, but they can consume money and management attention when the market is already slow.
The danger is less existential than distracting. In a commission business, distractions show up in closing counts fast.
Because commissions drive the model, a softer market shows up quickly. If volume falls 15%, you lose roughly $113M of revenue before the story has time to find a new excuse.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
Expected late April or early May 2026. Analysts are looking for EPS of -$0.09 on $166M of revenue. If that lands in line or worse, you are still looking at a recovery that disappears quarter to quarter.
macro risk
fed rate path and financing costs
Commercial property deals need debt markets to function. If rates stay high and spreads stay tight, buyers hesitate, lenders hesitate, and MMI feels it almost immediately.
trend
revenue versus the 2022 peak
Revenue is still $113M below where it stood in 2022. Until that gap narrows with more than one decent quarter, the rebound story is still more setup than proof.
credit pulse
ipa capital markets deal flow
The March 2026 $44M multifamily loan matters because financing activity often shows up before full transaction recovery does. If the credit side stays quiet, the sales side usually does too.
Analyst rankings
earnings predictability
20 / 100
Low predictability means the quarterly math moves around fast. In human-speak, analysts do not trust this company to print smooth numbers while the property cycle is still uneven.
risk rank
4
This is a middling risk profile, not a safety stock. You own a cyclical broker, so your returns depend more on market thaw than on narrative polish.
source: institutional data
Institutional activity
institutional ownership data for MMI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$28
current price
n/a
target midpoint · n/a from current
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