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Marcus & Millichap Inc (MMI)


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Upturn Advisory Summary
10/30/2025: MMI (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $29
1 Year Target Price $29
| 0 | Strong Buy | 
| 0 | Buy | 
| 0 | Hold | 
| 0 | Sell | 
| 1 | Strong Sell | 
Analysis of Past Performance
|  Type  Stock |  Historic Profit  -24.42% |  Avg. Invested days  29 |  Today’s Advisory  PASS  | 
|  Upturn Star Rating   |  Upturn Advisory Performance   2.0 |  Stock Returns Performance   1.0 | 
|  Profits based on simulation |  Last Close 10/30/2025 | 
Key Highlights
|  Company Size  Small-Cap Stock  |  Market Capitalization  1.14B  USD  |  Price to earnings Ratio  -  |  1Y Target Price  29  | 
|  Price to earnings Ratio  -  |  1Y Target Price  29  | ||
|  Volume (30-day avg)  1  |  Beta  1.28  |  52 Weeks Range  27.35 - 42.17  |  Updated Date  10/30/2025  | 
|  52 Weeks Range  27.35 - 42.17  |  Updated Date  10/30/2025  | ||
|  Dividends yield (FY)  1.61%  |  Basic EPS (TTM)  -0.32  | 
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
|  Report Date  2025-11-07  |  When  Before Market  |  Estimate  -0.04  |  Actual  -  | 
Profitability
|  Profit Margin  -1.69%  |  Operating Margin (TTM)  -5.25%  | 
Management Effectiveness
|  Return on Assets (TTM)  -2.39%  |  Return on Equity (TTM)  -1.99%  | 
Valuation
|  Trailing PE  -  |  Forward PE  -  |  Enterprise Value  988521760  |  Price to Sales(TTM)  1.57  | 
|  Enterprise Value  988521760  |  Price to Sales(TTM)  1.57  | ||
|  Enterprise Value to Revenue  1.36  |  Enterprise Value to EBITDA  240.34  |  Shares Outstanding  38996974  |  Shares Floating  24298900  | 
|  Shares Outstanding  38996974  |  Shares Floating  24298900  | ||
|  Percent Insiders  3.51  |  Percent Institutions  97  | 
 Upturn AI SWOT
 Upturn AI SWOT 
Marcus & Millichap Inc

Company Overview
 History and Background
 History and Background 
Marcus & Millichap was founded in 1971 by George M. Marcus and William A. Millichap. It has grown to become a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services.
 Core Business Areas
 Core Business Areas 
- Investment Brokerage Services: Representing buyers and sellers of investment properties across various asset classes, including multifamily, retail, office, industrial, hospitality, and self-storage.
- Capital Markets Services: Arranging debt and equity financing for commercial real estate transactions through its MMCC (Marcus & Millichap Capital Corporation) subsidiary.
- Research Services: Providing market research, analysis, and insights to clients through its research division.
- Other Services: Includes advisory and consulting services for investors.
 Leadership and Structure
 Leadership and Structure 
Hessam Nadji serves as the President and CEO. The company operates with a decentralized, regional-based structure with offices across the United States and Canada.
Top Products and Market Share
 Key Offerings
 Key Offerings 
- Investment Sales: Brokerage services for the sale of commercial real estate assets. Marcus & Millichap is one of the largest players in this market, but exact market share data is difficult to ascertain and fluctuates. Competitors include CBRE, JLL, and Cushman & Wakefield. Revenue is predominantly from commission income.
- Financing: Debt and equity placement services through Marcus & Millichap Capital Corporation (MMCC). They arrange financing with various lending sources. Competitors include CBRE Capital Markets, JLL Capital Markets, and other regional financing groups. Revenue is derived from fees earned arranging financing.
- Research and Advisory: Market research reports, advisory and valuation services. Generates revenue from consulting agreements and reports.
Market Dynamics
 Industry Overview
 Industry Overview 
The commercial real estate brokerage industry is influenced by factors such as interest rates, economic growth, property values, and investor sentiment. The market is competitive and cyclical.
Positioning
Marcus & Millichap is a leading specialist in the middle market segment of commercial real estate. Its competitive advantages include its extensive sales network, specialization by property type, and strong research capabilities.
Total Addressable Market (TAM)
The TAM for commercial real estate brokerage is several trillion dollars globally. Marcus & Millichap is well-positioned within the US market.
Upturn SWOT Analysis
Strengths
- Extensive broker network
- Specialization in middle market commercial real estate
- Strong research and market intelligence
- Established brand reputation
- Large database of investors
Weaknesses
- Dependence on commission-based revenue
- Exposure to cyclical real estate market fluctuations
- Decentralized structure can lead to inconsistencies
- High broker turnover
Opportunities
- Expansion into new markets and property types
- Growth in capital markets services
- Increased demand for advisory services
- Technological advancements to enhance efficiency
- Further development of property management offerings
Threats
- Economic downturn and rising interest rates
- Increased competition from larger brokerage firms
- Disruption from online real estate platforms
- Changes in regulations affecting real estate transactions
- Geopolitical and global economic instability
Competitors and Market Share
 Key Competitors
 Key Competitors 
- CBRE
- JLL
- Cushman & Wakefield (CWK)
Competitive Landscape
Marcus & Millichap's strength lies in its specialization and extensive network within the middle market segment. It faces competition from larger, more diversified firms like CBRE and JLL, as well as regional brokerage companies. These larger firms have the ability to be more diversified and have wider service offerings.
Major Acquisitions
Pinnacle Financial Group
- Year: 2019
- Acquisition Price (USD millions): 21.3
- Strategic Rationale: Enhanced multifamily property expertise in the Pacific Northwest.
Growth Trajectory and Initiatives
Historical Growth: Discuss Marcus & Millichap's growth trends over the past years.
Future Projections: Projections for Marcus & Millichap's future growth would be sourced from analyst estimates.
Recent Initiatives: Highlight recent strategic initiatives undertaken by Marcus & Millichap Inc.
Summary
Marcus & Millichap is a key player in the middle-market commercial real estate brokerage sector due to its specialized focus and extensive network. They are vulnerable to market fluctuations and face stiff competition from larger, diversified firms. MMI is focused on expanding offerings while being mindful of evolving digital landscape to maintain relevance and market share. The company's strength remains its strong relationships and specialized expertise in its target market.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Industry Reports
- Analyst Estimates
Disclaimers:
The information provided is for informational purposes only and should not be considered investment advice. Market share estimates are approximate and may vary depending on the source.
 AI Summarization is directionally correct and might not be accurate.
 AI Summarization is directionally correct and might not be accurate. 
 Summarized information shown could be a few years old and not current.
 Summarized information shown could be a few years old and not current. 
 Fundamental Rating based on AI could be based on old data.
 Fundamental Rating based on AI could be based on old data. 
 AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
 AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action. 
About Marcus & Millichap Inc
|  Exchange  NYSE  |  Headquaters  Calabasas, CA, United States  | ||
|  IPO Launch date  2013-10-31  |  President, CEO & Director  Mr. Hessam  Nadji  | ||
|  Sector  Real Estate  |  Industry  Real Estate Services  |  Full time employees  897  |  Website  https://www.marcusmillichap.com  | 
|  Full time employees  897  |  Website  https://www.marcusmillichap.com  | ||
Marcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers real estate services comprising commercial real estate investment sales, financing, research, and advisory services for 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 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.

Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.


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