At a glance
Marcus & Millichap Inc is worth $1.05B. Revenue grew 8.5% to $755.2M in fiscal 2025, at a loss; over 5 years it has grown 1.0% a year. It pays a 1.8% dividend yield, and returned $215.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −8.9% over the past year with dividends reinvested and −8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.2% in the 2020 crash (S&P 500: 33.7%) and 43.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Marcus & Millichap is a commercial real estate brokerage. Its agents represent owners of investment properties in sales and also work with buyers. Its focus is the “private client” market: properties priced from $1 million to $10 million, whose owners often act for personal reasons such as death, divorce or taxes. The company says this market accounts for more than 80% of U.S. commercial property deals above $1 million. It produced about 64% of the firm’s brokerage commissions in 2025.
The company earns money mainly from commissions, paid when a deal closes and set as a percentage of the sale price; smaller deals typically carry higher percentages. Of $755 million in revenue in 2025, about 84% came from brokerage commissions, 14% from financing fees and 2% from consulting, advisory and other work. Its financing arm, Marcus & Millichap Capital Corporation, arranges loans and other capital through banks, insurers, debt funds and government agencies including Fannie Mae and Freddie Mac.
As of December 31, 2025, the firm had 1,808 sales and financing professionals, mostly commission-based independent contractors, in more than 80 offices across the United States and Canada. In 2025 they closed 8,818 transactions worth about $50.8 billion. A shared in-house system called MNet matches listings with investors’ stated needs across the network.
Price history
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MMI -8.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Real estate brokerage commissions | $632.5M | 83.8% |
| Financing fees | $103.9M | 13.8% |
| Other revenue | $18.7M | 2.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $202.9M, up 17.8% from a year earlier, and net income was $3.9M.
- For fiscal 2025, revenue was $755.2M (+8.5% year over year; +1.0% a year from FY2020 to FY2025) with a -0.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.0% watch |
|---|---|
| Operating margin | -1.8% weak |
| Free cash flow margin | 7.8% watch |
| Return on equity (FY2025) | -0.3% weak |
| Return on assets (FY2025) | -0.2% weak |
| Cash and investments | $345.2M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $716.9M | $42.8M | $31.1M |
| FY2021 | $1.30B | $142.5M | $249.0M |
| FY2022 | $1.30B | $104.2M | $2.0M |
| FY2023 | $645.9M | $-34.0M | $-81.8M |
| FY2024 | $696.1M | $-12.4M | $13.8M |
| FY2025 | $755.2M | $-1.9M | $58.8M |
Valuation snapshot
| Market value | $1.05B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.8% |
Rank among 1514 US companies
Market value at each year end
Marcus & Millichap’s market value went from $1.01B at the end of 2016 to $1.05B on Oct 28, 2026, up 5%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.05B | -1.1% |
| 2025 | $1.06B | -28.5% |
| 2024 | $1.49B | -11.4% |
| 2023 | $1.68B | +23.6% |
| 2022 | $1.36B | -33.6% |
| 2021 | $2.04B | +39.2% |
| 2020 | $1.47B | +0.6% |
| 2019 | $1.46B | +9.9% |
| 2018 | $1.33B | +6.7% |
| 2017 | $1.24B | +23.7% |
| 2016 | $1.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MMI price data to Oct 28, 2026 | +3.5% | -8.9% | +1.4% | -8.5% | +2.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.5% |
| 2025 | -27.6% |
| 2024 | -11.2% |
| 2023 | +29.7% |
| 2022 | -30.8% |
| 2021 | +38.2% |
| 2020 | -0.1% |
| 2019 | +8.5% |
| 2018 | +5.3% |
| 2017 | +22.0% |
| 2016 | -8.3% |
| 2015 | -12.4% |
| 2014 | +123.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.2% over that stretch · deepest drop along the way 39.2%, back to its old high 9.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.1% over that stretch · deepest drop along the way 43.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($48K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 13, 2026 | Hessam Nadji Chief Executive Officer, Director | sell | $33K |
| Jun 11, 2026 | Hessam Nadji Chief Executive Officer, Director | sell | $15K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Sep 30, 2026 |
| Vanguard Portfolio Management | 6.76% | Mar 31, 2026 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 6% | Jun 30, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 5.3% | Mar 31, 2026 |
| ROYCE & ASSOCIATES LP | 4.48% | Mar 31, 2025 |
ETFs with the most weight in MMI
| OASC OneAscent Small Cap Core ETF | 0.54% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.23% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| SCAP Infrastructure Capital Small Cap Income ETF | 0.16% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.14% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.13% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.13% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.11% |
What could go wrong
- Revenue rises and falls with property deals. Most revenue comes from one-time deal fees, not long-term contracts. As inflation and interest rates climbed, revenue fell from $1.30 billion in 2022 to $646 million in 2023, with operating losses through 2025.
- Top brokers could leave for rivals. Sales are concentrated among the firm’s top producers. If key brokers leave, possibly for better-funded competitors, or a downturn cuts their output, revenue could suffer. The company names keeping talent among its top risks.
- Contractor status could be challenged. Most of its sales professionals are independent contractors, not employees. If laws or court rulings required treating them as employees, the company could face added costs such as payroll taxes and benefits.
- Loan loss-sharing deal with M&T Realty. Under its financing alliance with M&T Realty Capital Corporation, the company agreed to share in losses on certain loans. Defaults on those loans could force payments that hurt earnings, cash flow or financial condition.
- Tax changes to like-kind exchanges. A like-kind exchange lets investors put off capital gains tax when they trade one investment property for another. The company warns that changing these rules could hurt its business and its stock.
- Founder holds a large stake. The Chair and founder owns a large stake and can sway key votes. Big share sales could weigh on the price, and the Chair’s role at the separate Marcus & Millichap Company may pose conflicts.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Marcus & Millichap pays a modest dividend. Regular dividends per share edged up from $0.52 in 2023 to $0.53 in 2025, a two-year streak of increases; 2022’s $1.50 appears to include a special payout. The yield was 1.8% as of October 28, 2026. A small 2025 net loss meant earnings did not cover the dividend, but payments used about 35% of free cash flow (cash left after expenses and capital spending). The company repurchased $94.6 million of stock from 2021 to 2025, and the share count fell 4.5% between November 2021 and August 2026. As of June 30, 2026, it held $345 million in cash and investments, with no borrowings shown.
The stock has fallen hard in downturns. It dropped 39% in the 2020 COVID crash and recovered in about nine months. It fell 44% in the 2022 bear market and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Marcus & Millichap make money?
Mostly from commissions on commercial property sales. In 2025, brokerage commissions made up about 84% of its $755 million in revenue, financing fees about 14%, and consulting, advisory and other services about 2%. Commissions are a percentage of the sale price, paid when a deal closes, and are typically a higher percentage on smaller deals. Its focus is properties priced from $1 million to $10 million, which produced about 64% of its brokerage commissions in 2025.
Does Marcus & Millichap stock pay a dividend?
Yes. Regular dividends per share edged up from $0.52 in 2023 to $0.523 in 2024 and $0.528 in 2025, two small increases in a row. The yield was 1.8% as of October 28, 2026. The $1.50 per share for 2022 appears to include a one-time special dividend. Because of a small net loss in 2025, earnings did not cover the dividend, but payments used about 35% of free cash flow.
Is Marcus & Millichap profitable?
Not on a full-year basis since 2022. It posted net losses of $34.0 million in 2023, $12.4 million in 2024 and $1.9 million in 2025, as revenue fell from $1.30 billion in 2022 to $646 million in 2023 before partly recovering to $755 million in 2025. The quarter ended June 30, 2026 showed net income of $3.9 million on revenue of $202.9 million, up 17.8% from a year earlier. One profitable quarter does not guarantee a profitable year.
Does Marcus & Millichap have any debt?
It appears to have none. Its balance sheet as of June 30, 2026 showed no borrowings, alongside $345.2 million in cash and investments and total assets of $765.8 million. That cash gives it a cushion when deal activity slows. It does carry other exposures: under its financing alliance with M&T Realty Capital, it has agreed to share in losses on certain loans, and its holdings of marketable debt securities carry their own risks.
How has Marcus & Millichap stock performed over the long term?
Weakly over five years and modestly over ten. Based on share prices as of October 28, 2026, the stock lost about 36% over five years (about 8.5% a year) and gained about 32% over ten years (about 2.8% a year). Calendar-year results swing widely: up 38.2% in 2021, down 30.8% in 2022, up 29.7% in 2023, then down 11.2% in 2024 and 27.6% in 2025. The deepest drop over its 13-year price history was 64.1%.