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Marcus & Millichap, Inc.

MMI Clue Score29
United States Fiscal year ends December CIK 0001578732
$28.02 -0.78% Close, 12 Oct 2026
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Price $28.02 −36.36% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue717.5Operating income106.5Net income64.7EPS, diluted1.66Fiscal year 2017Revenue719.7 +0.3%Operating income96.1Net income51.5 −20.3%EPS, diluted1.32 −20.5%Fiscal year 2018Revenue814.8 +13.2%Operating income112.3Net income87.3 +69.4%EPS, diluted2.22 +68.2%Fiscal year 2019Revenue806.4 −1.0%Operating income96.4Net income76.9 −11.8%EPS, diluted1.95 −12.2%Fiscal year 2020Revenue716.9 −11.1%Operating income53.6Net income42.8 −44.3%EPS, diluted1.08 −44.6%Fiscal year 2021Revenue1,296.4 +80.8%Operating income189.4Net income142.5 +232.6%EPS, diluted3.55 +228.7%Fiscal year 2022Revenue1,301.7 +0.4%Operating income137.4Net income104.2 −26.8%EPS, diluted2.59 −27.0%Fiscal year 2023Revenue645.9 −50.4%Operating income−59.4Net income−34.0 −132.7%EPS, diluted−0.88 −134.0%Fiscal year 2024Revenue696.1 +7.8%Operating income−32.9Net income−12.4EPS, diluted−0.32Fiscal year 2025Revenue755.2 +8.5%Operating income−13.7Net income−1.9EPS, diluted−0.05
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 717.5 719.7 814.8 806.4 716.9 1,296.4 1,301.7 645.9 696.1 755.2
Growth +0.3% +13.2% −1.0% −11.1% +80.8% +0.4% −50.4% +7.8% +8.5%
Operating income 106.5 96.1 112.3 96.4 53.6 189.4 137.4 −59.4 −32.9 −13.7
Net income 64.7 51.5 87.3 76.9 42.8 142.5 104.2 −34.0 −12.4 −1.9
Growth −20.3% +69.4% −11.8% −44.3% +232.6% −26.8% −132.7%
EPS, diluted 1.66 1.32 2.22 1.95 1.08 3.55 2.59 −0.88 −0.32 −0.05
Growth −20.5% +68.2% −12.2% −44.6% +228.7% −27.0% −134.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin14.8%Net margin9.0%Free cash flow margin9.1%Fiscal year 2017Operating margin13.4%Net margin7.2%Free cash flow margin8.3%Fiscal year 2018Operating margin13.8%Net margin10.7%Free cash flow margin13.4%Fiscal year 2019Operating margin12.0%Net margin9.5%Free cash flow margin2.0%Fiscal year 2020Operating margin7.5%Net margin6.0%Free cash flow margin4.3%Fiscal year 2021Operating margin14.6%Net margin11.0%Free cash flow margin19.2%Fiscal year 2022Operating margin10.6%Net margin8.0%Free cash flow margin0.2%Fiscal year 2023Operating margin−9.2%Net margin−5.3%Free cash flow margin−12.7%Fiscal year 2024Operating margin−4.7%Net margin−1.8%Free cash flow margin2.0%Fiscal year 2025Operating margin−1.8%Net margin−0.3%Free cash flow margin7.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 14.8% 13.4% 13.8% 12.0% 7.5% 14.6% 10.6% −9.2% −4.7% −1.8%
Net margin 9.0% 7.2% 10.7% 9.5% 6.0% 11.0% 8.0% −5.3% −1.8% −0.3%
Free cash flow margin 9.1% 8.3% 13.4% 2.0% 4.3% 19.2% 0.2% −12.7% 2.0% 7.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow74.5Capital expenditure−9.5Free cash flow65.0Fiscal year 2017Operating cash flow66.5Capital expenditure−6.6Free cash flow60.0 −7.7%Fiscal year 2018Operating cash flow117.3Capital expenditure−8.1Free cash flow109.2 +82.1%Fiscal year 2019Operating cash flow25.3Capital expenditure−8.8Free cash flow16.5 −84.9%Fiscal year 2020Operating cash flow38.1Capital expenditure−6.9Free cash flow31.1 +89.0%Buybacks0.0Dividends paid0.0Fiscal year 2021Operating cash flow255.9Capital expenditure−6.9Free cash flow249.0 +699.7%Buybacks0.0Dividends paid0.0Fiscal year 2022Operating cash flow13.6Capital expenditure−11.7Free cash flow2.0 −99.2%Buybacks−29.1Dividends paid−60.4Fiscal year 2023Operating cash flow−72.4Capital expenditure−9.4Free cash flow−81.8 −4,267.1%Buybacks−39.4Dividends paid−20.1Fiscal year 2024Operating cash flow21.7Capital expenditure−7.9Free cash flow13.8Buybacks−0.8Dividends paid−20.2Fiscal year 2025Operating cash flow66.7Capital expenditure−7.9Free cash flow58.8 +324.7%Buybacks−25.4Dividends paid−20.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 74.5 66.5 117.3 25.3 38.1 255.9 13.6 −72.4 21.7 66.7
Capital expenditure −9.5 −6.6 −8.1 −8.8 −6.9 −6.9 −11.7 −9.4 −7.9 −7.9
Free cash flow 65.0 60.0 109.2 16.5 31.1 249.0 2.0 −81.8 13.8 58.8
Growth −7.7% +82.1% −84.9% +89.0% +699.7% −99.2% −4,267.1% +324.7%
Buybacks n/a n/a n/a n/a 0.0 0.0 −29.1 −39.4 −0.8 −25.4
Dividends paid n/a n/a n/a n/a 0.0 0.0 −60.4 −20.1 −20.2 −20.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash187.4Shareholders’ equity258.9Fiscal year 2017Cash220.8Shareholders’ equity314.9Fiscal year 2018Cash214.7Shareholders’ equity409.6Fiscal year 2019Cash232.7Shareholders’ equity494.9Fiscal year 2020Cash243.2Shareholders’ equity546.8Fiscal year 2021Cash382.1Shareholders’ equity696.3Fiscal year 2022Cash235.9Shareholders’ equity713.5Fiscal year 2023Cash170.8Shareholders’ equity645.3Fiscal year 2024Cash153.4Shareholders’ equity630.8Fiscal year 2025Cash161.9Shareholders’ equity603.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 187.4 220.8 214.7 232.7 243.2 382.1 235.9 170.8 153.4 161.9
Shareholders’ equity 258.9 314.9 409.6 494.9 546.8 696.3 713.5 645.3 630.8 603.1

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
14.8% 13.4% 13.8% 12.0% 7.5% 14.6% 10.6% −9.2% −4.7% −1.8%
14.9% 13.8% 14.4% 13.3% 8.3% 14.9% 10.9% −6.3% −1.9% 0.4%
9.0% 7.2% 10.7% 9.5% 6.0% 11.0% 8.0% −5.3% −1.8% −0.3%
9.1% 8.3% 13.4% 2.0% 4.3% 19.2% 0.2% −12.7% 2.0% 7.8%
Spending
22.6% 23.8% 23.7% 25.2% 28.5% 19.7% 23.0% 44.1% 40.4% 37.9%
1.3% 0.9% 1.0% 1.1% 1.0% 0.5% 0.9% 1.5% 1.1% 1.0%
39.6% 48.1% 25.6% 28.4% 27.8% 26.3% 26.6% n/a n/a 163.2%
Returns
25.0% 16.4% 21.3% 15.5% 7.8% 20.5% 14.6% −5.3% −2.0% −0.3%
16.4% 11.2% 15.4% 10.8% 5.5% 13.6% 10.4% −3.9% −1.4% −0.2%
Balance and payout
34.3% 31.5% 27.7% 30.2% 29.8% 33.4% 28.9% 26.5% 27.5% 27.1%
n/a n/a n/a n/a 0.0% 0.0% 57.9% n/a n/a n/a
n/a n/a n/a n/a 0.0% 0.0% 4,554.8% n/a 151.8% 78.1%