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Marcus & Millichap, Inc., an investment brokerage company, provides commercial real estate investment sales, financing services, research and advisory services in the United States and Canada. The company offers research on various property types comprising multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets/financing. It also operates as a financial intermediary that provides commercial real estate capital markets solutions, including senior debt, mezzanine debt, joint venture, preferred equity, and securitization services, as well as loan sales and due diligence services to commercial real estate owners, developers, and investors. In addition, the company offers a way to buy and sell commercial property as a complement to its traditional property marketing channels. Further, it provides advisory and consulting services, which include opinions of value, operating and financial performance benchmarking analysis, specific asset buy-sell strategies, market and submarket analysis and ranking, portfolio strategies by property type, market strategy, development and redevelopment feasibility studies, and other services; and leasing services for tenants and/or landlords in connection with commercial real estate leases. Marcus & Millichap, Inc. was founded in 1971 and is headquartered in Calabasas, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $755M | $16M | $-2M | $59M | -0.3% | 8.5% | -84.6% |
| 2024 | $696M | $4M | $-12M | $14M | -2.0% | 7.8% | -63.7% |
| 2023 | $646M | $-26M | $-34M | $-82M | -5.3% | -50.4% | -132.7% |
| 2022 | $1.3B | $156M | $104M | $2M | 14.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,301.71 | 645.93 | 696.06 | 755.16 |
| Cost Of Revenue | 850.89 | 406.64 | 431.47 | 470.49 |
| Gross Profit | 450.82 | 239.28 | 264.59 | 284.67 |
| Operating Expense | 313.42 | 298.65 | 297.50 | 298.38 |
| Operating Income | 137.40 | -59.37 | -32.91 | -13.71 |
| EBITDA | 156.14 | -25.89 | 4.37 | 15.89 |
| EBIT | 142.74 | -39.51 | -12.22 | 3.79 |
| Pretax Income | 142.03 | -40.40 | -13.03 | 3.02 |
| Tax Provision | 37.80 | -6.37 | -0.67 | 4.93 |
| Net Income | 104.22 | -34.03 | -12.36 | -1.91 |
| Net Income Common Stockholders | 104.19 | -33.97 | -12.33 | -1.91 |
| Total Expenses | 1,164.31 | 705.30 | 728.97 | 768.87 |
| Interest Expense | 0.71 | 0.89 | 0.81 | 0.77 |
| Selling General And Administration | 300.01 | 285.02 | 280.91 | 286.28 |
| Normalized EBITDA | 156.14 | -25.89 | 4.37 | 15.89 |
| Normalized Income | 104.22 | -34.03 | -12.36 | -1.91 |
| Market Cap | 1,075.83 | 1,075.83 | 1,075.83 | 1,075.83 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marcus & Millichap, Inc.this co. | MMI | - | -563.56 | 1.78 | -0.3% | 62.44 |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M |
| 688.67 |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |