MMI
Real EstateMarcus & Millichap, Inc. · Real Estate - Services · $1B
What is Marcus & Millichap, Inc.?
Marcus & Millichap is a leading commercial real estate brokerage and financing firm operating across the United States and Canada. Founded in 1971 and headquartered in Calabasas, California, it serves a broad range of property types and investor profiles.
Marcus & Millichap connects buyers and sellers of commercial real estate while also acting as a financial intermediary for capital markets solutions. Revenue comes primarily from brokerage commissions on investment sales and fees from financing arrangements. The firm also provides research, advisory, and consulting services to institutional investors, developers, lenders, and high-net-worth individuals across a wide range of property sectors.
The company was founded in 1971 and is headquartered in Calabasas, California.
- Commercial real estate investment sales brokerage
- Capital markets financing — senior debt, mezzanine, and preferred equity
- Research, advisory, and consulting services
- Loan sales and due diligence support
Is MMI a Good Stock to Buy?
UQS Score rates MMI as Below Average overall, reflecting meaningful weaknesses across several key dimensions.
The Growth and Risk pillars stand out as relative bright spots within the UQS framework, suggesting the business carries a manageable risk profile and has identifiable growth potential in its transaction-driven model.
The Quality and Moat pillars both register as Weak, pointing to limited competitive differentiation and below-average business quality metrics relative to peers.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does MMI pay dividends?
Yes — Marcus & Millichap, Inc. pays a dividend.
Marcus & Millichap pays a regular dividend, which is notable for a transaction-driven brokerage in the commercial real estate space. The dividend reflects the company's intent to return capital to shareholders even as revenue can fluctuate with deal volumes and market conditions. Income-focused investors should review the current yield and payout consistency on the company's investor relations page.
When does MMI report earnings?
Marcus & Millichap reports earnings on a quarterly cadence, consistent with US-listed equities.
Results tend to track closely with commercial real estate transaction volumes, which can vary meaningfully with interest rate cycles and investor sentiment. The brokerage model means revenue is largely commission-driven, making quarters with elevated deal activity more favorable than slower periods.
For the most recent quarter's results, visit Marcus & Millichap's investor relations page directly.
MMI Price History
-21.9% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
MMI Long-term Outlook
The UQS Growth pillar registers as Good, indicating the company has meaningful runway if commercial real estate transaction volumes recover or expand. However, the Weak Quality and Moat scores temper the longer-term outlook, as the business lacks the durable competitive advantages that tend to sustain above-average returns through cycles. The Neutral Valuation label suggests the market is pricing MMI without a significant premium or discount relative to fundamentals.
Growth drivers
- Recovery in commercial real estate transaction volumes as interest rate pressure eases
- Expansion of capital markets and financing services to existing brokerage clients
- Growing demand for advisory services from institutional and high-net-worth investors
Key risks
- Commission-based revenue model creates significant earnings volatility in slow deal markets
- Weak Moat score signals limited pricing power and ease of competitive entry
- Sensitivity to interest rate cycles, which directly affect commercial property transaction activity
MMI vs Peers
Marcus & Millichap operates in a competitive landscape that includes tech-enabled brokerages and diversified real estate investment firms.
eXp operates a cloud-based, agent-centric brokerage model that emphasizes residential real estate and technology-driven scale rather than commercial investment sales.
Hotel101 focuses on hospitality real estate development and ownership, contrasting with Marcus & Millichap's pure brokerage and advisory model.
Kennedy-Wilson is a diversified real estate investment company that owns and operates properties directly, rather than acting primarily as a transaction intermediary.
Frequently Asked Questions
What does Marcus & Millichap do?
Marcus & Millichap is a commercial real estate investment brokerage and financing firm. It helps buyers and sellers transact across property types including multifamily, retail, office, industrial, and seniors housing. The company also arranges financing and provides research and advisory services to institutional and private investors across the US and Canada.
Does MMI pay dividends?
Yes, Marcus & Millichap pays a regular dividend. This is relatively uncommon for a commission-driven brokerage, and it signals a commitment to returning capital to shareholders. Investors should check the company's investor relations page for the current dividend rate and payment history.
When does MMI report earnings?
Marcus & Millichap reports on a quarterly cadence, as is standard for US-listed companies. Specific dates are announced in advance by the company. For the most current schedule, refer to the investor relations section of the Marcus & Millichap website.
Is MMI a good stock to buy?
UQS Score rates MMI as Below Average, driven by Weak scores in Quality and Moat. The Growth and Risk pillars offer some balance, but the overall profile suggests caution. Investors should review the full pillar breakdown available to UQS Pro members before making any decision.
Is MMI overvalued?
The UQS Valuation pillar for MMI is rated Neutral, suggesting the stock is neither clearly cheap nor obviously expensive relative to its fundamentals. This does not account for individual investor time horizons or risk tolerance. The complete valuation analysis is available in the Pro member view.
How does MMI compare to its competitors?
Marcus & Millichap is a specialized commercial real estate brokerage, which distinguishes it from peers like Kennedy-Wilson, which owns properties directly, and eXp World Holdings, which focuses on residential brokerage via a cloud-based model. MMI's niche in investment sales and capital markets advisory sets it apart operationally.
What is MMI's market cap bracket?
Marcus & Millichap is classified as a small-cap company. This places it in a segment of the market that can offer growth potential but also tends to carry higher volatility and less analyst coverage than large- or mega-cap peers.
Who founded Marcus & Millichap?
Marcus & Millichap was founded in 1971 by George Marcus and William Millichap. The firm grew from a single office into one of the largest commercial real estate investment brokerage companies in North America. Founding details are widely available through public company records.
Is MMI a long-term quality investment?
As a long-term quality indicator, the UQS Score rates MMI as Below Average. The Weak Moat score in particular suggests limited durable competitive advantages, which is an important consideration for long-term holders. The Growth pillar provides some offset, but the overall profile warrants careful review.
What sector does MMI belong to?
Marcus & Millichap operates in the Real Estate sector, specifically within commercial real estate brokerage and capital markets services. It is not a REIT — it does not own properties — but rather earns fees and commissions by facilitating real estate transactions and financing arrangements.
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Pro Analysis
MMI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 42.7 | 23.7 | 22.0 | 63.8 | 67.6 | 55.5 | +2.2 |
| May 7, 2026 | 40.5 | 17.3 | 22.0 | 62.3 | 66.2 | 55.1 | -0.1 |
| May 4, 2026 | 40.6 | 17.3 | 22.0 | 62.3 | 66.2 | 56.0 | -0.5 |
| May 3, 2026 | 41.1 | 17.3 | 22.0 | 64.8 | 66.2 | 55.9 | +0.1 |
| Apr 26, 2026 | 41.0 | 17.3 | 22.0 | 64.8 | 66.2 | 55.4 | -0.1 |
| Apr 19, 2026 | 41.1 | 17.3 | 22.0 | 64.8 | 66.2 | 55.8 | -0.3 |
| Apr 18, 2026 | 41.4 | 18.3 | 22.0 | 64.8 | 66.2 | 56.5 | -2.2 |
| Apr 14, 2026 | 43.6 | 18.3 | 22.0 | 64.8 | 66.2 | 70.6 | 0.0 |
| Apr 12, 2026 | 43.6 | 18.3 | 22.0 | 64.8 | 66.2 | 71.1 | 0.0 |
| Apr 11, 2026 | 43.6 | 18.3 | 22.0 | 64.8 | 66.2 | 70.9 | +0.1 |
MMI — Pillar Breakdown
Quality
— 23.7/100 (25%)Marcus & Millichap, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 63.8/100 (20%)Marcus & Millichap, Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 67.6/100 (15%)Marcus & Millichap, Inc. maintains a reasonable risk profile with manageable debt levels.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 55.5/100 (15%)Marcus & Millichap, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 22/100 (25%)Marcus & Millichap, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for MMI.
Score Composition
Financial Data
More Stock Analysis
How is the MMI UQS Score Calculated?
The UQS (Unified Quality Score) for Marcus & Millichap, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Marcus & Millichap, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Marcus & Millichap, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.