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Commercial real estate investment brokerage specializing in mid-market private-investor property sales.
Commercial real estate investment brokerage specializing in mid-market private-investor property sales.
Earns commissions paid when a property sale closes, shared with the broker who made it, so income follows the number and size of completed deals rather than rents. Mortgage arrangement fees add a smaller second stream, and its brokers sell mainly to private investors rather than large institutions.
Moat: narrow (brand, scale, distribution). A large agent network focused specifically on private mid-market investors is a defensible niche versus institutional-focused rivals.
Headquarters: Calabasas, California, US · Founded: 1971 · Employees: 854
Size Marcus & Millichap (MMI) is a United States Real Estate company (Real Estate Development) with a market value of $1.05B, the 2217th largest of 3,117 United States companies the cockpit tracks. Shares closed at $27.75 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -12.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median -17.0%); the operating margin is 1.3% (peer median 5.5%).
Valuation It trades at 56.1× forward earnings against a peer median of 11.2× (2nd most expensive of 12).
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $812M | $755M | $696M | $646M | $1.30B |
| Revenue growth | — | +8% | +8% | -50% | — |
| Gross profit | $296M | $273M | $248M | $226M | $437M |
| EBITDA | $21.7M | -$195,000 | -$14.8M | -$44.2M | $149M |
| Net income | $14.4M | -$1.91M | -$12.4M | -$34.0M | $104M |
| Free cash flow | $84.5M | $58.8M | $13.8M | -$81.8M | $1.96M |
| Capital expenditure | $8.57M | $7.87M | $7.87M | $9.37M | $11.7M |
| Total debt | $74.2M | $78.3M | $84.2M | $87.7M | $82.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Marcus & Millichap MMI | $1.05B | -9% | +12% | 1% | 56.1× | n/a |
| CBRE CBRE | $39.1B | -7% | +14% | 3% | 16.3× | n/a |
| Jones Lang LaSalle JLL | $16.9B | +12% | +11% | 5% | 13.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.5% | +0.2% | 9th lowest of 21 |
| 6-month return | -8.8% | -12.7% | 8th highest of 21 |
| Distance from 52-week high | -17.3% | -28.5% | 5th highest of 21 |
| Revenue growth (TTM) | +11.9% | -17.0% | 5th highest of 20 |
| Operating margin | 1.3% | 5.5% | 9th lowest of 20 |
| Forward P/E | 56.1× | 11.2× | 2nd most expensive of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marcus & Millichap MMI | United States | $1.05B | -9% | +12% | 1% | 56.1× | n/a | n/a |
| Mercialys MERY.PA | France | $1.05B | -15% | +3% | 69% | 7.7× | n/a | n/a |
| Gemlife Communities GLF.AX | Australia | $1.05B | -9% | +8% | 32% | 12.3× | n/a | n/a |
| Sunac China 1918.HK | Hong Kong | $1.06B | -64% | -29% | -27% | n/a | n/a | n/a |
| Black Peony (Group) 600510.SS | China | $1.04B | -37% | -24% | -14% | n/a | n/a | n/a |
| Beijing Capital Development 600376.SS | China | $1.04B | -41% | -35% | -15% | n/a | n/a | n/a |
| Hotel101 Global HBNB | United States | $1.07B | -29% | +1,178% | 2% | n/a | n/a | n/a |
| Token 1766.T | Japan | $1.07B | -1% | +5% | 6% | 8.2× | n/a | n/a |
| 5I5J 000560.SZ | China | $1.03B | -2% | -21% | -6% | 44.9× | n/a | n/a |
| PLAZZA PLAN.SW | Switzerland | $1.08B | -4% | +6% | 76% | 40.0× | n/a | n/a |
| Zhuhai Zhumian 600185.SS | China | $1.08B | -27% | -49% | 17% | 17.3× | n/a | n/a |
| Cinda Real Estate 600657.SS | China | $1.08B | -19% | -44% | -97% | n/a | n/a | n/a |
| Ichigo 2337.T | Japan | $1.09B | -13% | -17% | 29% | 9.0× | n/a | n/a |
| China Sports Industry 600158.SS | China | $1.01B | -41% | 0% | -9% | n/a | n/a | n/a |
| Vivenio Residencial SOCIMI YVIV.MC | Spain | $1.09B | -1% | +34% | 60% | n/a | n/a | n/a |
| Fermi FRMI | United States | $1.01B | -70% | n/a | n/a | n/a | n/a | n/a |
| Shenzhen Kingkey Smart Agriculture Times 000048.SZ | China | $1.10B | -7% | -17% | -15% | 10.4× | n/a | n/a |
| AEDAS Homes AEDAS.MC | Spain | $1.10B | +1% | -25% | 10% | 9.1× | n/a | n/a |
| Shanghai AJ 600643.SS | China | $1.00B | -12% | -41% | -180% | n/a | n/a | n/a |
| WeWork India Management WEWORK.NS | India | $1.00B | +26% | +25% | 24% | 62.0× | n/a | n/a |
| Cibus Real Estate AB (publ) CIBUS.ST | Sweden | $1.11B | -12% | +20% | 75% | 11.2× | n/a | n/a |