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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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,301.71 | 645.93 | 696.06 | 755.16 |
| Operating Revenue | - | 1,283.29 | 626.65 | 674.21 | 736.43 |
| 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 |
| Selling General And Administration | - | 300.01 | 285.02 | 280.91 | 286.28 |
| Total Expenses | - | 1,164.31 | 705.30 | 728.97 | 768.87 |
| Operating Income | - | 137.40 | -59.37 | -32.91 | -13.71 |
| Total Operating Income As Reported | - | 137.40 | -59.37 | -32.91 | -13.71 |
| EBITDA | - | 156.14 | -25.89 | 4.37 | 15.89 |
| Normalized EBITDA | - | 156.14 | -25.89 | 4.37 | 15.89 |
| EBIT | - | 142.74 | -39.51 | -12.22 | 3.79 |
| Interest Expense | - | 0.71 | 0.89 | 0.81 | 0.77 |
| Net Interest Income | - | -0.71 | -0.89 | -0.81 | -0.77 |
| Other Non Operating Income Expenses | - | 5.34 | 19.86 | 20.69 | 17.50 |
| Other Income Expense | - | 5.34 | 19.86 | 20.69 | 17.50 |
| Interest Expense Non Operating | - | 0.71 | 0.89 | 0.81 | 0.77 |
| Net Non Operating Interest Income Expense | - | -0.71 | -0.89 | -0.81 | -0.77 |
| Pretax Income | - | 142.03 | -40.40 | -13.03 | 3.02 |
| Tax Provision | - | 37.80 | -6.37 | -0.67 | 4.93 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Net Income From Continuing And Discontinued Operation | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Net Income From Continuing Operation Net Minority Interest | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Net Income | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Net Income Common Stockholders | - | 104.19 | -33.97 | -12.33 | -1.91 |
| Net Income Including Noncontrolling Interests | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Normalized Income | - | 104.22 | -34.03 | -12.36 | -1.91 |
| Diluted NI Availto Com Stockholders | - | 104.19 | -33.97 | -12.33 | -1.91 |
| Basic Average Shares | - | 39.98 | 38.66 | 38.68 | 38.94 |
| Diluted Average Shares | - | 40.42 | 38.66 | 38.68 | 38.94 |
| Reconciled Depreciation | - | 13.41 | 13.63 | 16.59 | 12.10 |
| Reconciled Cost Of Revenue | - | 850.89 | 406.64 | 431.47 | 470.49 |
| Depreciation Amortization Depletion Income Statement | - | 13.41 | 13.63 | 16.59 | 12.10 |
| Depreciation And Amortization In Income Statement | - | 13.41 | 13.63 | 16.59 | 12.10 |
| Otherunder Preferred Stock Dividend | - | 0.04 | -0.06 | -0.03 | 0 |
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 | $1.1B | - | 1.88 | -0.3% | 59.90 |
| Arbor Realty Trust, Inc. | ABR | $1.2B | 7.79 | 0.50 | 6.4% | - |
| Easterly Government Properties, Inc. | DEA | $1.1B | 87.80 | 0.86 | 1.0% | 13.79 |
| Piedmont Realty Trust, Inc. | PDM | $1.1B | - | 0.75 | -5.6% | 12.39 |
| Chimera Investment Corporation | CIM | $1.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 7.69 |
| 0.43 |
| 5.6% |
| - |
| Safehold Inc. | SAFE | $1.1B | 9.51 | 0.45 | 4.8% | 16.59 |
| eXp World Holdings, Inc. | EXPI | $1.1B | -47.26 | 4.42 | -9.4% | - |
| Service Properties Trust | SVC | $1.1B | -5.28 | 1.65 | -31.3% | 12.79 |
| Centerspace | CSR | $1.1B | 60.46 | 1.48 | 2.4% | 11.35 |
| Peer Median | - | 7.79 | 0.80 | 1.7% | 12.79 | |