Marcus & Millichap (MMI) Financials

$31.81 -0.37 (-1.15%)

Closing price 09/16/2025 03:59 PM Eastern

Extended Trading

$31.80 0.00 (-0.02%)

As of 08:22 AM Eastern

Annual Income Statements for Marcus & Millichap

This table shows Marcus & Millichap's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	50	66	65	52	87	77	43	142	104	-34	-12
Consolidated Net Income / (Loss)	50	66	65	52	87	77	43	142	104	-34	-12
Net Income / (Loss) Continuing Operations	50	66	65	52	87	77	43	142	104	-34	-12
Total Pre-Tax Income	83	113	107	99	117	108	59	193	142	-40	-13
Total Revenue	571	687	-1.53	-1.50	-1.40	805	716	1,296	1,301	645	695
Net Interest Income / (Expense)	-1.65	-1.73	-1.53	-1.50	-1.40	-1.39	-0.90	-0.58	-0.71	-0.89	-0.81
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	1.65	1.73	1.53	1.50	1.40	1.39	0.90	0.58	0.71	0.89	0.81
Long-Term Debt Interest Expense	1.65	1.73	1.53	1.50	1.40	1.39	0.90	0.58	0.71	0.89	0.81
Total Non-Interest Income	572	689	0.00	0.00	0.00	806	717	1,296	1,302	646	696
Net Realized & Unrealized Capital Gains on Investments	-	-	-	-	-	-	717	1,296	1,302	646	696
Total Non-Interest Expense	488	574	-109	-101	-119	698	657	1,103	1,159	685	708
Other Operating Expenses	484	571	-113	-106	696	690	652	1,095	1,151	692	712
Depreciation Expense	3.21	3.31	4.39	5.36	6.30	8.02	11	12	13	14	17
Other Special Charges	-	-	-	-	-821	-	-6.65	-4.53	-5.34	-20	-21
Income Tax Expense	33	47	42	48	30	31	17	51	38	-6.37	-0.67
Basic Earnings per Share	$1.27	$1.71	$1.66	$1.32	$2.23	$1.95	$1.08	$3.57	$2.61	($0.88)	($0.32)
Weighted Average Basic Shares Outstanding	38.85M	38.85M	38.90M	38.99M	39.15M	39.40M	39.64M	39.89M	39.89M	38.66M	38.68M
Diluted Earnings per Share	$1.27	$1.69	$1.66	$1.32	$2.22	$1.95	$1.08	$3.55	$2.59	($0.88)	($0.32)
Weighted Average Diluted Shares Outstanding	38.98M	39.16M	39.04M	39.10M	39.38M	39.55M	39.74M	40.19M	40.19M	38.66M	38.68M
Weighted Average Basic & Diluted Shares Outstanding	39M	38.80M	39M	39M	39.10M	39.19M	39.40M	39.69M	39.24M	38.41M	38.89M

This table shows Marcus & Millichap's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	21	7.91	-5.83	-8.73	-9.24	-10	-9.99	-5.54	-5.39	8.55	-4.42
Consolidated Net Income / (Loss)	21	7.91	-5.83	-8.73	-9.24	-10	-9.99	-5.54	-5.39	8.55	-4.42
Net Income / (Loss) Continuing Operations	21	7.91	-5.83	-8.73	-9.24	-10	-9.99	-5.54	-5.39	8.55	-4.42
Total Pre-Tax Income	31	10	-11	-6.00	-11	-12	-15	-3.44	-6.35	11	-14
Total Revenue	324	262	155	163	162	166	129	158	168	240	145
Net Interest Income / (Expense)	-0.23	-0.16	-0.22	-0.22	-0.24	-0.22	-0.20	-0.20	-0.21	-0.20	-0.19
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.23	0.16	0.22	0.22	0.24	0.22	0.20	0.20	0.21	0.20	0.19
Long-Term Debt Interest Expense	0.23	0.16	0.22	0.22	0.24	0.22	0.20	0.20	0.21	0.20	0.19
Total Non-Interest Income	324	262	155	163	162	166	129	158	169	240	145
Net Realized & Unrealized Capital Gains on Investments	324	262	155	163	162	166	129	158	169	240	145
Total Non-Interest Expense	292	252	166	169	173	178	144	162	175	228	159
Other Operating Expenses	290	253	168	170	174	180	146	163	175	228	160
Depreciation Expense	2.92	3.24	3.21	3.47	3.64	3.32	3.42	3.33	4.55	5.29	2.85
Other Special Charges	-0.98	-4.37	-4.81	-4.89	-4.42	-5.73	-5.57	-4.81	-5.32	-4.99	-3.98
Income Tax Expense	9.94	2.15	-5.63	2.73	-2.01	-1.45	-4.75	2.10	-0.97	2.95	-9.50
Basic Earnings per Share	$0.53	$0.21	($0.15)	($0.23)	($0.24)	($0.26)	($0.26)	($0.14)	($0.14)	$0.22	($0.11)
Weighted Average Basic Shares Outstanding	40.09M	39.89M	39.20M	38.54M	38.49M	38.66M	38.45M	38.68M	38.76M	38.68M	38.93M
Diluted Earnings per Share	$0.53	$0.21	($0.15)	($0.23)	($0.24)	($0.26)	($0.26)	($0.14)	($0.14)	$0.22	($0.11)
Weighted Average Diluted Shares Outstanding	40.30M	40.19M	39.20M	38.54M	38.49M	38.66M	38.45M	38.68M	38.76M	38.68M	38.93M
Weighted Average Basic & Diluted Shares Outstanding	39.37M	39.24M	38.48M	38.46M	38.38M	38.41M	38.68M	38.73M	38.82M	38.89M	38.98M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$0.25	-	$0.25

This table details how cash moves in and out of Marcus & Millichap's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	48	-53	91	33	-6.10	18	10	139	-146	-65	-17
Net Cash From Operating Activities	71	72	74	67	117	25	38	256	14	-72	22
Net Cash From Continuing Operating Activities	71	72	74	67	117	25	38	256	14	-72	22
Net Income / (Loss) Continuing Operations	50	66	65	52	87	77	43	142	104	-34	-12
Consolidated Net Income / (Loss)	50	66	65	52	87	77	43	142	104	-34	-12
Depreciation Expense	3.21	3.31	4.39	5.36	6.30	8.02	11	12	13	14	17
Non-Cash Adjustments to Reconcile Net Income	4.33	9.03	7.09	21	13	31	34	27	34	44	46
Changes in Operating Assets and Liabilities, net	14	-6.85	-1.69	-11	10	-90	-49	75	-138	-96	-29
Net Cash From Investing Activities	-17	-127	20	-27	-118	-3.42	-17	-108	-54	75	-9.90
Net Cash From Continuing Investing Activities	-17	-127	20	-27	-118	-3.42	-17	-108	-54	75	-9.90
Purchase of Property, Leasehold Improvements and Equipment	-2.57	-6.80	-9.47	-6.55	-8.07	-8.81	-6.95	-6.86	-12	-9.37	-7.87
Purchase of Investment Securities	-15	-146	-108	-66	-224	-174	-232	-387	-393	-307	-191
Sale and/or Maturity of Investments	0.13	26	138	45	114	180	222	286	351	392	189
Net Cash From Financing Activities	-6.01	1.84	-3.12	-5.78	-5.44	-3.88	-10	-5.92	-106	-68	-29
Net Cash From Continuing Financing Activities	-6.01	1.84	-3.12	-5.78	-5.44	-3.88	-10	-5.92	-106	-68	-29
Issuance of Common Equity	0.41	0.98	0.67	0.65	0.62	0.66	0.64	0.65	0.71	0.66	0.85
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-29	-39	-0.79
Payment of Dividends	-0.41	-	-	-	-	-	0.00	0.00	-60	-20	-20
Other Financing Activities, Net	-5.14	1.75	-2.85	-5.45	-5.02	-3.45	-4.41	-6.57	-17	-8.80	-8.59
Effect of Exchange Rate Changes	-	-	-	-	0.00	0.00	-0.05	-2.64	-0.37	0.12	-0.37
Cash Interest Paid	0.64	0.87	0.63	1.91	2.20	2.11	1.22	0.75	0.61	0.48	0.58
Cash Income Taxes Paid	36	43	37	35	24	40	7.33	49	70	0.67	0.47

This table details how cash moves in and out of Marcus & Millichap's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	59	-35	-7.85	-57	53	-53	-80	71	11	-19	-3.74
Net Cash From Operating Activities	40	25	-101	6.43	7.66	15	-51	0.85	15	57	-53
Net Cash From Continuing Operating Activities	40	25	-101	6.43	7.66	15	-51	0.85	15	57	-53
Net Income / (Loss) Continuing Operations	21	7.91	-5.83	-8.73	-9.24	-10	-9.99	-5.54	-5.39	8.55	-4.42
Consolidated Net Income / (Loss)	21	7.91	-5.83	-8.73	-9.24	-10	-9.99	-5.54	-5.39	8.55	-4.42
Depreciation Expense	2.92	3.24	3.21	3.47	3.64	3.32	3.42	3.33	4.55	5.29	2.85
Non-Cash Adjustments to Reconcile Net Income	8.02	5.46	15	14	1.35	14	6.14	14	12	15	4.37
Changes in Operating Assets and Liabilities, net	7.67	8.79	-113	-2.17	12	7.72	-51	-11	4.55	28	-56
Net Cash From Investing Activities	25	-23	117	-35	46	-54	-22	80	-3.47	-65	57
Net Cash From Continuing Investing Activities	25	-23	117	-35	46	-54	-22	80	-3.47	-65	57
Purchase of Property, Leasehold Improvements and Equipment	-3.54	-3.10	-2.86	-2.61	-2.22	-1.68	-2.64	-1.66	-2.05	-1.53	-1.49
Purchase of Investment Securities	-102	-104	-67	-76	-33	-131	-66	-2.46	-40	-83	-61
Sale and/or Maturity of Investments	131	85	187	44	82	79	47	84	38	19	120
Net Cash From Financing Activities	-5.88	-38	-24	-28	-0.95	-14	-7.50	-9.73	-1.12	-10	-8.07
Net Cash From Continuing Financing Activities	-5.88	-38	-24	-28	-0.95	-14	-7.50	-9.73	-1.12	-10	-8.07
Repurchase of Common Equity	-5.66	-23	-17	-18	-	-4.51	-0.55	-	-	-0.23	-0.43
Payment of Dividends	-0.08	-10	-0.44	-9.89	-0.11	-9.66	-0.59	-9.75	-0.15	-9.74	-0.70
Other Financing Activities, Net	-0.14	-4.49	-6.88	-0.63	-0.83	-0.45	-6.35	-0.41	-0.97	-0.86	-6.95
Effect of Exchange Rate Changes	-0.26	0.07	0.02	0.10	-0.12	0.12	-0.08	-0.06	0.08	-0.31	0.00
Cash Interest Paid	0.09	0.02	0.39	0.02	0.02	0.06	0.49	0.07	0.01	0.01	0.39
Cash Income Taxes Paid	19	11	0.21	0.51	0.01	-0.05	0.16	0.26	0.02	0.02	0.02

This table presents Marcus & Millichap's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	234	321	394	460	566	709	779	1,045	1,004	878	870
Cash and Due from Banks	149	96	187	221	215	233	243	382	236	171	153
Trading Account Securities	15	134	105	126	221	212	206	296	322	236	241
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	7.69	12	16	17	20	113	107	23	116	118	107
Intangible Assets	-	-	-	0.00	15	22	52	48	56	51	44
Other Assets	62	79	85	96	96	129	170	295	275	303	325
Total Liabilities & Shareholders' Equity	234	321	394	460	566	709	779	1,045	1,004	878	870
Total Liabilities	117	132	135	145	157	214	232	349	290	233	239
Accrued Interest Payable	29	-	-	-	4.49	18	23	18	17	18	19
Other Short-Term Payables	37	74	77	82	87	77	97	208	135	87	114
Other Long-Term Liabilities	39	48	48	54	57	112	112	123	138	128	106
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	117	189	259	315	410	495	547	696	714	645	631
Total Preferred & Common Equity	117	189	259	315	410	495	547	696	714	645	631
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	117	189	259	315	410	495	547	696	714	645	631
Common Stock	75	81	85	90	97	105	113	122	132	154	173
Retained Earnings	42	108	173	224	311	388	431	574	586	492	459
Accumulated Other Comprehensive Income / (Loss)	0.16	0.46	0.81	0.94	0.78	1.98	2.57	0.91	-3.62	-0.77	-1.43

This table presents Marcus & Millichap's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	967	1,000	910	884	882	827	825	834	802
Cash and Due from Banks	212	271	228	171	224	91	162	173	150
Trading Account Securities	331	301	203	236	187	256	174	176	180
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	110	27	136	28	125	121	117	111	25
Intangible Assets	58	57	55	54	52	50	49	47	43
Other Assets	257	344	289	395	294	310	324	327	404
Total Liabilities & Shareholders' Equity	967	1,000	910	884	882	827	825	834	802
Total Liabilities	250	276	228	220	233	201	199	216	184
Accrued Interest Payable	21	0.00	17	18	18	18	18	18	19
Other Short-Term Payables	107	147	86	71	85	75	75	95	67
Other Long-Term Liabilities	122	129	125	131	129	109	106	103	98
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	717	724	682	664	649	626	627	618	618
Total Preferred & Common Equity	717	724	682	664	649	626	627	618	618
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	717	724	682	664	649	626	627	618	618
Common Stock	124	128	133	140	145	155	162	167	175
Retained Earnings	596	600	552	526	507	472	466	451	444
Accumulated Other Comprehensive Income / (Loss)	-2.96	-3.93	-2.45	-2.60	-2.92	-1.28	-1.36	0.14	-1.08

This table displays calculated financial ratios and metrics derived from Marcus & Millichap's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	30.92%	20.47%	-100.22%	2.41%	6.42%	57,602.86%	-11.06%	80.98%	0.40%	-50.42%	7.78%
EBITDA Growth	255.68%	34.90%	-4.08%	-6.19%	18.10%	-6.47%	-39.18%	191.80%	-24.19%	-117.23%	113.30%
EBIT Growth	291.65%	36.13%	-5.16%	-7.35%	18.13%	-8.28%	-44.78%	225.62%	-26.53%	-128.45%	67.75%
NOPAT Growth	525.25%	33.96%	-2.55%	-20.31%	69.35%	-11.84%	-44.32%	232.58%	-26.84%	-127.13%	67.75%
Net Income Growth	503.59%	33.96%	-2.55%	-20.31%	69.35%	-11.84%	-44.32%	232.58%	-26.84%	-132.66%	63.68%
EPS Growth	429.17%	33.07%	-1.78%	-20.48%	68.18%	-12.16%	-44.62%	228.70%	-27.04%	-133.98%	63.64%
Operating Cash Flow Growth	-26.31%	0.96%	3.28%	-10.67%	76.31%	-78.45%	50.62%	571.87%	-94.67%	-631.44%	129.98%
Free Cash Flow Firm Growth	91.32%	-25.62%	13.53%	17.45%	-81.44%	-14.42%	65.46%	-176.93%	1,343.50%	-54.09%	-86.64%
Invested Capital Growth	71.42%	55.56%	34.53%	20.50%	28.94%	20.19%	9.05%	27.33%	2.47%	-9.56%	-2.24%
Revenue Q/Q Growth	0.00%	4.69%	-100.21%	99.60%	99.09%	98.07%	-17.15%	69.19%	-28.46%	-12.99%	11.88%
EBITDA Q/Q Growth	0.00%	6.10%	-4.40%	0.66%	4.38%	-13.56%	4.25%	33.35%	-32.05%	-424.88%	116.49%
EBIT Q/Q Growth	0.00%	6.18%	-4.83%	0.53%	4.27%	-2.95%	3.72%	36.25%	-34.14%	-116.60%	64.02%
NOPAT Q/Q Growth	0.00%	5.60%	-4.12%	-14.44%	25.53%	-6.68%	7.26%	36.87%	-34.17%	-116.60%	64.02%
Net Income Q/Q Growth	0.00%	5.60%	-4.12%	-14.44%	25.53%	-6.68%	7.26%	36.87%	-34.17%	-114.19%	60.31%
EPS Q/Q Growth	0.00%	4.97%	-3.49%	-14.29%	25.42%	-7.14%	8.00%	37.07%	-34.26%	-114.63%	60.00%
Operating Cash Flow Q/Q Growth	2.40%	-3.98%	-0.76%	14.12%	21.93%	-55.04%	1,139.04%	54.21%	-90.57%	-17.37%	207.19%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-33.78%	16.04%	-32.38%	-24.25%	-3.86%	2.06%	30.62%	-35.09%	-15.03%
Invested Capital Q/Q Growth	0.00%	10.30%	6.73%	2.40%	6.89%	4.76%	4.95%	10.13%	-1.44%	-0.63%	2.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	15.10%	16.91%	0.00%	0.00%	0.00%	14.35%	9.81%	15.82%	11.95%	-4.15%	0.51%
EBIT Margin	14.54%	16.43%	0.00%	0.00%	0.00%	13.35%	8.29%	14.92%	10.92%	-6.26%	-1.87%
Profit (Net Income) Margin	8.68%	9.65%	0.00%	0.00%	0.00%	9.56%	5.98%	10.99%	8.01%	-5.28%	-1.78%
Tax Burden Percent	59.69%	58.53%	60.37%	51.93%	74.44%	71.55%	72.16%	73.70%	73.38%	84.24%	94.89%
Interest Burden Percent	100.03%	100.39%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	40.31%	41.47%	39.63%	48.07%	25.56%	28.45%	27.84%	26.30%	26.62%	0.00%	0.00%
Return on Invested Capital (ROIC)	48.76%	40.47%	0.00%	0.00%	0.00%	16.75%	8.17%	22.92%	14.79%	-4.16%	-1.43%
ROIC Less NNEP Spread (ROIC-NNEP)	48.76%	40.47%	0.00%	0.00%	0.00%	16.75%	8.17%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	6.49%	2.93%	0.00%	0.00%	0.00%	0.26%	0.05%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	55.25%	43.39%	28.87%	17.96%	24.09%	17.01%	8.22%	0.00%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-3.87%	-3.01%	-1.82%	-1.19%	-1.73%	-1.59%	-0.48%	-1.13%	12.34%	5.88%	0.84%
Operating Return on Assets (OROA)	41.38%	40.71%	0.00%	0.00%	0.00%	16.86%	7.98%	21.19%	13.86%	-4.29%	-1.49%
Return on Assets (ROA)	24.71%	23.92%	0.00%	0.00%	0.00%	12.06%	5.76%	15.62%	10.17%	-3.62%	-1.41%
Return on Common Equity (ROCE)	55.25%	43.39%	28.87%	17.96%	24.09%	17.01%	8.22%	0.00%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	42.40%	35.11%	24.98%	16.36%	21.30%	15.54%	7.83%	20.46%	14.61%	-5.27%	-1.96%
Net Operating Profit after Tax (NOPAT)	50	66	65	52	87	77	43	142	104	-28	-9.12
NOPAT Margin	8.68%	9.65%	0.00%	0.00%	0.00%	9.56%	5.98%	10.99%	8.01%	-4.38%	-1.31%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.46%	83.57%	0.00%	0.00%	0.00%	86.65%	91.71%	85.08%	89.08%	106.26%	101.87%
Earnings before Interest and Taxes (EBIT)	83	113	107	99	117	108	59	193	142	-40	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	116	111	105	124	116	70	205	155	-27	3.56
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.86	5.41	3.67	3.74	3.06	2.79	2.54	2.77	1.85	2.56	2.35
Price to Tangible Book Value (P/TBV)	9.86	5.41	3.67	3.74	3.18	2.92	2.80	2.98	2.00	2.78	2.53
Price to Revenue (P/Rev)	2.02	1.49	0.00	0.00	0.00	1.71	1.94	1.49	1.01	2.56	2.14
Price to Earnings (P/E)	23.25	15.42	14.70	22.83	14.38	17.92	32.36	13.55	12.64	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.49%	1.16%	1.31%
Earnings Yield	4.30%	6.49%	6.80%	4.38%	6.95%	5.58%	3.09%	7.38%	7.91%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.90	4.70	2.88	2.98	2.51	2.30	2.09	2.22	1.52	2.30	2.11
Enterprise Value to Revenue (EV/Rev)	1.78	1.36	0.00	0.00	0.00	1.43	1.60	1.19	0.83	2.30	1.92
Enterprise Value to EBITDA (EV/EBITDA)	11.77	8.06	6.93	9.22	8.48	9.97	16.27	7.55	6.96	0.00	374.04
Enterprise Value to EBIT (EV/EBIT)	12.22	8.30	7.22	9.72	8.94	10.72	19.26	8.01	7.61	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.47	14.13	11.95	18.71	12.01	14.98	26.69	10.87	10.37	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.19	13.00	10.38	14.49	8.93	45.57	30.01	6.05	79.32	0.00	61.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.42	37.13	249.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.06	0.04	0.03	0.02	0.01	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.09	0.05	0.03	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.13	0.07	0.05	0.03	0.02	0.02	0.01	0.00	0.00	0.00	0.00
Leverage Ratio	2.24	1.81	1.60	1.49	1.42	1.41	1.43	1.47	1.45	1.39	1.37
Compound Leverage Factor	2.24	1.82	1.60	1.49	1.42	1.41	1.43	1.47	1.45	1.39	1.37
Debt to Total Capital	8.97%	5.32%	3.60%	2.68%	1.83%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.70%	0.47%	0.37%	0.32%	0.26%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	8.27%	4.85%	3.23%	2.36%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	91.03%	94.68%	96.40%	97.32%	98.17%	98.69%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.13	0.09	0.09	0.08	0.06	0.06	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-1.60	-0.74	-1.59	-2.03	-1.68	-1.96	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.12	0.08	0.08	0.07	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.23	0.16	0.15	0.17	0.09	0.09	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-2.78	-1.29	-2.75	-4.12	-2.37	-2.94	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.21	0.15	0.13	0.15	0.08	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.93	-4.94	-4.27	-3.52	-6.39	-7.32	-2.53	-7.00	87	40	5.34
Operating Cash Flow to CapEx	2,785.07%	1,061.21%	789.63%	1,016.76%	1,453.34%	287.65%	548.42%	3,732.00%	116.83%	-773.00%	275.80%
Free Cash Flow to Firm to Interest Expense	-2.38	-2.86	-2.78	-2.36	-4.57	-5.27	-2.81	-12.07	122.91	44.99	6.57
Operating Cash Flow to Interest Expense	43.27	41.78	48.59	44.48	83.80	18.22	42.32	441.21	19.25	-81.57	26.74
Operating Cash Flow Less CapEx to Interest Expense	41.72	37.85	42.44	40.10	78.03	11.88	34.60	429.39	2.77	-92.12	17.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.85	2.48	0.00	0.00	0.00	1.26	0.96	1.42	1.27	0.69	0.80
Fixed Asset Turnover	70.21	71.33	0.00	0.00	0.00	12.13	6.49	19.84	18.75	5.53	6.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	128	200	269	324	417	501	547	696	714	645	631
Invested Capital Turnover	5.62	4.19	0.00	0.00	0.00	1.75	1.37	2.08	1.85	0.95	1.09
Increase / (Decrease) in Invested Capital	53	71	69	55	94	84	45	149	17	-68	-14
Enterprise Value (EV)	1,014	937	773	964	1,048	1,152	1,143	1,548	1,081	1,483	1,332
Market Capitalization	1,152	1,023	950	1,176	1,255	1,378	1,386	1,930	1,317	1,654	1,485
Book Value per Share	$3.19	$5.09	$6.88	$8.26	$10.60	$12.65	$13.89	$17.55	$18.13	$16.81	$16.25
Tangible Book Value per Share	$3.19	$5.09	$6.88	$8.26	$10.20	$12.08	$12.57	$16.34	$16.71	$15.48	$15.13
Total Capital	128	200	269	324	417	501	547	696	714	645	631
Total Debt	12	11	9.67	8.69	7.65	6.56	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	11	9.67	8.69	7.65	6.56	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-138	-86	-178	-212	-207	-226	-243	-382	-236	-171	-153
Capital Expenditures (CapEx)	2.57	6.80	9.43	6.54	8.07	8.79	6.95	6.86	12	9.37	7.87
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.75	3.24
Net Nonoperating Obligations (NNO)	12	11	9.67	8.69	7.65	6.56	0.00	0.00	0.00	0.00	0.00
Total Depreciation and Amortization (D&A)	3.21	3.31	4.39	5.36	6.30	8.02	11	12	13	14	17
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.27	$1.71	$1.66	$1.32	$2.23	$1.95	$1.08	$3.57	$2.61	($0.88)	($0.32)
Adjusted Weighted Average Basic Shares Outstanding	38.85M	38.85M	38.90M	38.99M	39.15M	39.40M	39.64M	39.89M	39.89M	38.66M	38.68M
Adjusted Diluted Earnings per Share	$1.27	$1.69	$1.66	$1.32	$2.22	$1.95	$1.08	$3.55	$2.59	($0.88)	($0.32)
Adjusted Weighted Average Diluted Shares Outstanding	38.98M	39.16M	39.04M	39.10M	39.38M	39.55M	39.74M	40.19M	40.19M	38.66M	38.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.07M	37.57M	38.07M	38.58M	38.98M	39.19M	39.40M	39.69M	39.24M	38.41M	38.89M
Normalized Net Operating Profit after Tax (NOPAT)	50	66	65	52	-524	77	38	139	100	-42	-24
Normalized NOPAT Margin	8.68%	9.65%	0.00%	0.00%	0.00%	9.56%	5.31%	10.74%	7.71%	-6.54%	-3.40%
Pre Tax Income Margin	14.54%	16.49%	0.00%	0.00%	0.00%	13.35%	8.29%	14.92%	10.92%	-6.26%	-1.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	50.25	65.43	69.86	66.33	83.73	77.46	65.96	333.28	200.61	-45.50	-16.04
NOPAT to Interest Expense	30.00	38.44	42.18	34.44	62.33	55.43	47.60	245.64	147.21	-31.85	-11.23
EBIT Less CapEx to Interest Expense	48.69	61.49	63.71	61.95	77.96	71.12	58.24	321.46	184.13	-56.05	-25.74
NOPAT Less CapEx to Interest Expense	28.45	34.50	36.02	30.07	56.56	49.09	39.88	233.82	130.73	-42.40	-20.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	57.91%	-59.07%	-163.61%
Augmented Payout Ratio	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	85.79%	-174.95%	-169.96%

This table displays calculated financial ratios and metrics derived from Marcus & Millichap's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.60%	-66.37%	-51.59%	-58.91%	-50.01%	-36.70%	-16.61%	-2.76%	4.03%	44.48%	12.37%
EBITDA Growth	-29.25%	-84.64%	-117.05%	-104.26%	-122.24%	-162.91%	-36.95%	95.70%	76.33%	300.54%	2.13%
EBIT Growth	-31.24%	-87.98%	-125.74%	-110.69%	-135.94%	-216.09%	-28.49%	42.71%	43.54%	198.38%	5.53%
NOPAT Growth	-37.03%	-87.24%	-124.48%	-109.96%	-136.86%	-203.37%	-28.49%	42.71%	43.54%	204.51%	5.53%
Net Income Growth	-37.03%	-87.24%	-117.79%	-120.70%	-143.25%	-229.34%	-71.22%	36.56%	41.72%	183.53%	55.72%
EPS Growth	-36.90%	-86.54%	-118.52%	-122.12%	-145.28%	-223.81%	-73.33%	39.13%	41.67%	184.62%	57.69%
Operating Cash Flow Growth	-39.41%	-83.75%	-49.86%	-59.02%	-80.88%	-42.20%	49.59%	-86.77%	98.79%	285.83%	-3.57%
Free Cash Flow Firm Growth	9.03%	89.38%	127.27%	162.77%	194.89%	746.25%	28.95%	-28.97%	-59.27%	-61.70%	-103.76%
Invested Capital Growth	14.50%	2.47%	-6.05%	-7.43%	-10.31%	-9.56%	-8.30%	-5.61%	-4.87%	-2.24%	-1.28%
Revenue Q/Q Growth	-18.24%	-18.95%	-41.07%	5.22%	-0.53%	2.62%	-22.36%	22.70%	6.41%	42.53%	-39.61%
EBITDA Q/Q Growth	-42.44%	-61.13%	-162.08%	69.33%	-200.55%	-9.93%	-35.15%	99.04%	-1,553.21%	1,031.35%	-165.96%
EBIT Q/Q Growth	-44.23%	-67.84%	-213.92%	47.66%	-87.47%	-3.86%	-26.10%	76.66%	-84.76%	280.97%	-221.09%
NOPAT Q/Q Growth	-49.34%	-62.96%	-201.44%	47.66%	-87.47%	-3.86%	-26.10%	76.66%	-84.76%	292.25%	-213.98%
Net Income Q/Q Growth	-49.34%	-62.96%	-173.72%	-49.65%	-5.85%	-10.75%	2.40%	44.55%	2.76%	258.74%	-151.73%
EPS Q/Q Growth	-49.04%	-60.38%	-171.43%	-53.33%	-4.35%	-8.33%	0.00%	46.15%	0.00%	257.14%	-150.00%
Operating Cash Flow Q/Q Growth	155.27%	-36.59%	-498.39%	106.36%	19.11%	91.67%	-447.46%	101.67%	1,689.54%	272.02%	-193.27%
Free Cash Flow Firm Q/Q Growth	10.01%	86.79%	486.30%	36.63%	36.05%	-10.01%	-22.92%	-24.73%	-22.00%	-15.36%	-107.57%
Invested Capital Q/Q Growth	0.95%	-1.44%	-4.39%	-2.67%	-2.19%	-0.63%	-3.06%	0.18%	-1.43%	2.12%	-2.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	10.58%	5.07%	-5.34%	-1.56%	-4.71%	-5.04%	-8.77%	-0.07%	-1.07%	7.00%	-7.64%
EBIT Margin	9.67%	3.84%	-7.42%	-3.69%	-6.95%	-7.04%	-11.43%	-2.17%	-3.77%	4.79%	-9.61%
Profit (Net Income) Margin	6.60%	3.02%	-3.77%	-5.37%	-5.71%	-6.16%	-7.75%	-3.50%	-3.20%	3.56%	-3.05%
Tax Burden Percent	68.25%	78.61%	50.87%	145.46%	82.13%	87.58%	67.79%	161.08%	84.78%	74.36%	31.77%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	31.75%	21.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.64%	0.00%
Return on Invested Capital (ROIC)	17.70%	5.57%	-8.38%	-3.38%	-5.25%	-4.68%	-7.58%	-1.45%	-2.59%	3.88%	-7.70%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.00%	-8.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	9.82%	12.34%	15.56%	9.84%	8.96%	5.88%	3.98%	1.31%	0.99%	0.84%	-0.09%
Operating Return on Assets (OROA)	18.76%	4.87%	-8.92%	-3.60%	-5.48%	-4.82%	-8.15%	-1.56%	-2.73%	3.81%	-8.39%
Return on Assets (ROA)	12.81%	3.83%	-4.54%	-5.24%	-4.50%	-4.22%	-5.52%	-2.52%	-2.32%	2.83%	-2.67%
Return on Common Equity (ROCE)	0.00%	0.00%	-8.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	21.87%	0.00%	9.62%	2.22%	-2.45%	0.00%	-6.10%	-5.58%	-5.04%	0.00%	-1.10%
Net Operating Profit after Tax (NOPAT)	21	7.91	-8.03	-4.20	-7.88	-8.18	-10	-2.41	-4.45	8.55	-9.74
NOPAT Margin	6.60%	3.02%	-5.19%	-2.58%	-4.87%	-4.93%	-8.00%	-1.52%	-2.64%	3.56%	-6.73%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-8.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	90.33%	96.16%	107.42%	103.69%	106.95%	107.04%	111.43%	102.17%	103.77%	95.21%	109.61%
Earnings before Interest and Taxes (EBIT)	31	10	-11	-6.00	-11	-12	-15	-3.44	-6.35	11	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	13	-8.26	-2.53	-7.61	-8.37	-11	-0.11	-1.80	17	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.77	1.85	1.82	1.80	1.71	2.56	2.07	1.95	2.48	2.35	2.17
Price to Tangible Book Value (P/TBV)	1.92	2.00	1.98	1.96	1.86	2.78	2.25	2.11	2.69	2.53	2.33
Price to Revenue (P/Rev)	0.70	1.01	1.09	1.32	1.50	2.56	2.09	1.98	2.47	2.14	1.88
Price to Earnings (P/E)	8.09	12.64	18.92	81.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	1.56%	1.49%	1.58%	1.61%	1.73%	1.16%	1.48%	1.59%	1.26%	1.31%	1.45%
Earnings Yield	12.37%	7.91%	5.29%	1.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.52	1.49	1.54	1.37	2.30	1.92	1.69	2.21	2.11	1.93
Enterprise Value to Revenue (EV/Rev)	0.56	0.83	0.89	1.13	1.20	2.30	1.94	1.72	2.19	1.92	1.67
Enterprise Value to EBITDA (EV/EBITDA)	4.41	6.96	10.26	27.84	0.00	0.00	0.00	0.00	0.00	374.04	312.99
Enterprise Value to EBIT (EV/EBIT)	4.68	7.61	11.78	42.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	6.38	10.37	15.44	69.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.98	79.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	61.34	59.82
Enterprise Value to Free Cash Flow (EV/FCFF)	15.15	12.42	9.25	15.05	14.45	37.13	46.23	124.72	216.90	249.60	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage Ratio	1.38	1.45	1.39	1.34	1.37	1.39	1.33	1.32	1.35	1.37	1.31
Compound Leverage Factor	1.38	1.45	1.39	1.34	1.37	1.39	1.33	1.32	1.35	1.37	1.31
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-70	-9.29	36	49	67	60	46	35	27	23	-1.74
Operating Cash Flow to CapEx	1,131.14%	818.96%	-3,535.00%	246.82%	345.09%	873.53%	-1,933.35%	51.36%	743.60%	3,705.36%	-3,544.00%
Free Cash Flow to Firm to Interest Expense	-307.12	-57.72	166.97	227.08	276.90	278.04	232.61	170.80	130.67	114.45	-9.31
Operating Cash Flow to Interest Expense	174.96	157.79	-470.73	29.78	31.79	67.98	-256.39	4.17	73.22	281.87	-282.57
Operating Cash Flow Less CapEx to Interest Expense	159.49	138.52	-484.05	17.71	22.58	60.20	-269.65	-3.95	63.37	274.26	-290.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.94	1.27	1.20	0.98	0.79	0.69	0.71	0.72	0.72	0.80	0.87
Fixed Asset Turnover	73.17	18.75	9.58	13.07	9.77	5.53	4.82	8.48	5.26	6.19	9.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	724	714	682	664	649	645	626	627	618	631	618
Invested Capital Turnover	2.68	1.85	1.61	1.31	1.08	0.95	0.95	0.95	0.98	1.09	1.14
Increase / (Decrease) in Invested Capital	92	17	-44	-53	-75	-68	-57	-37	-32	-14	-8.00
Enterprise Value (EV)	1,009	1,081	1,013	1,023	889	1,483	1,204	1,057	1,362	1,332	1,190
Market Capitalization	1,280	1,317	1,241	1,194	1,113	1,654	1,294	1,219	1,535	1,485	1,340
Book Value per Share	$18.12	$18.13	$17.38	$17.26	$16.88	$16.81	$16.27	$16.20	$15.95	$16.25	$15.88
Tangible Book Value per Share	$16.69	$16.71	$15.99	$15.86	$15.53	$15.48	$14.97	$14.94	$14.74	$15.13	$14.78
Total Capital	724	714	682	664	649	645	626	627	618	631	618
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-271	-236	-228	-171	-224	-171	-91	-162	-173	-153	-150
Capital Expenditures (CapEx)	3.54	3.10	2.86	2.61	2.22	1.68	2.64	1.66	2.05	1.53	1.49
Net Nonoperating Expense (NNE)	0.00	0.00	-2.19	4.53	1.37	2.05	-0.33	3.13	0.94	0.00	-5.32
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Depreciation and Amortization (D&A)	2.92	3.24	3.21	3.47	3.64	3.32	3.42	3.33	4.55	5.29	2.85
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.53	$0.21	($0.15)	($0.23)	($0.24)	($0.26)	($0.26)	($0.14)	($0.14)	$0.22	($0.11)
Adjusted Weighted Average Basic Shares Outstanding	40.09M	39.89M	39.20M	38.54M	38.49M	38.66M	38.45M	38.68M	38.76M	38.68M	38.93M
Adjusted Diluted Earnings per Share	$0.53	$0.21	($0.15)	($0.23)	($0.24)	($0.26)	($0.26)	($0.14)	($0.14)	$0.22	($0.11)
Adjusted Weighted Average Diluted Shares Outstanding	40.30M	40.19M	39.20M	38.54M	38.49M	38.66M	38.45M	38.68M	38.76M	38.68M	38.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.37M	39.24M	38.48M	38.46M	38.38M	38.41M	38.68M	38.73M	38.82M	38.89M	38.98M
Normalized Net Operating Profit after Tax (NOPAT)	21	4.48	-11	-7.62	-11	-12	-14	-5.78	-8.17	4.84	-13
Normalized NOPAT Margin	6.39%	1.71%	-7.37%	-4.69%	-6.78%	-7.34%	-11.02%	-3.65%	-4.86%	2.02%	-8.65%
Pre Tax Income Margin	9.67%	3.84%	-7.42%	-3.69%	-6.95%	-7.04%	-11.43%	-2.17%	-3.77%	4.79%	-9.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	136.69	62.52	-53.33	-27.78	-46.68	-54.09	-74.04	-16.85	-30.54	57.19	-74.43
NOPAT to Interest Expense	93.28	49.14	-37.33	-19.45	-32.68	-37.86	-51.82	-11.80	-21.38	42.53	-52.10
EBIT Less CapEx to Interest Expense	121.22	43.25	-66.65	-39.85	-55.89	-61.88	-87.30	-24.98	-40.38	49.58	-82.41
NOPAT Less CapEx to Interest Expense	77.82	29.88	-50.65	-31.51	-41.89	-45.65	-65.09	-19.92	-31.22	34.92	-60.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.68%	57.91%	92.67%	140.04%	-129.87%	-59.07%	-53.04%	-57.47%	-64.70%	-163.61%	-299.12%
Augmented Payout Ratio	35.26%	85.79%	162.40%	574.93%	-496.90%	-174.95%	-114.04%	-71.95%	-80.97%	-169.96%	-308.77%

Key Financial Trends

Marcus & Millichap (NYSE: MMI) has been navigating a volatile financial period over the last four years, with significant swings in income, expenses, and cash flows reflecting changes in the real estate investment environment.

Positive Factors:

Strong net realized & unrealized capital gains on investments, with quarterly amounts peaking up to $395.96 million in Q2 2022 and maintaining high levels across subsequent quarters, indicating robust investment asset performance.
Consistently substantial cash from investing activities (e.g., $117.36 million in Q1 2023 and $80.38 million in Q2 2024), mainly driven by sales and maturities of investments, supporting liquidity and reinvestment potential.
Relatively high total common equity ($617.55 million in Q1 2025), providing a solid equity base despite periodic net losses.
Reduction in other short-term payables from $106.6 million in Q2 2022 to $67.46 million in Q1 2025, indicating improvement in managing short-term obligations.
Consistent payment of dividends ($0.25 per share in Q1 2025), reflecting sustained shareholder returns despite earnings volatility.

Neutral Factors:

Long-term debt interest expense has remained fairly stable around $158,000 to $241,000 quarterly, showing steady but modest interest burdens.
Depreciation expense has increased slowly from around $2.9 million in Q3 2022 to $3.4 million in Q2 2024, indicating ongoing investment in long-term assets.
Weighted average basic and diluted shares outstanding have stayed roughly steady between 38 to 40 million shares, showing no major dilution.
Fluctuations in net cash from continuing financing activities, ranging from negative $55.95 million in Q2 2022 to negative $8.07 million in Q1 2025, partly due to equity repurchases and dividend payments.

Negative Factors:

Recurring net losses in multiple quarters, including recent Q1 2025 loss of $4.42 million, marking a reversal from profitability in late 2022 and early 2023.
Operating expenses consistently exceed revenues, e.g., Q1 2025 saw other operating expenses of $159.9 million against total revenues of $144.85 million, pressuring profitability.
Significant negative net cash from operating activities in Q1 2025 (-$52.84 million), a concerning cash flow signature that could indicate operational challenges.
Increased other long-term liabilities, from $121.5 million in Q2 2022 to $98.22 million in Q1 2025 (still high), suggesting elevated longer-term obligations that may impact financial flexibility.
Declining total assets from a peak of $999.88 million in Q3 2022 to $802.02 million in Q1 2025, hinting at possible asset sales or depreciation effects.

Summary: Marcus & Millichap benefits from its strong investment portfolio gains and solid equity base but faces challenges from rising operating expenses, recent net losses, and struggling operating cash flow. Investors should watch for management’s ability to control costs and improve cash generation to sustain dividends and long-term value.

09/17/25 08:39 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Marcus & Millichap's Financials

When does Marcus & Millichap's fiscal year end?

According to the most recent income statement we have on file, Marcus & Millichap's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Marcus & Millichap's net income changed over the last 10 years?

Marcus & Millichap's net income appears to be on a downward trend, with a most recent value of -$12.36 million in 2024, falling from $49.53 million in 2014. The previous period was -$34.04 million in 2023. View Marcus & Millichap's forecast to see where analysts expect Marcus & Millichap to go next.

How has Marcus & Millichap's revenue changed over the last 10 years?

Over the last 10 years, Marcus & Millichap's total revenue changed from $570.54 million in 2014 to $695.25 million in 2024, a change of 21.9%.

How much debt does Marcus & Millichap have?

Marcus & Millichap's total liabilities were at $238.98 million at the end of 2024, a 2.5% increase from 2023, and a 104.6% increase since 2014.

How much cash does Marcus & Millichap have?

In the past 10 years, Marcus & Millichap's cash and equivalents has ranged from $96.19 million in 2015 to $382.14 million in 2021, and is currently $153.45 million as of their latest financial filing in 2024.

How has Marcus & Millichap's book value per share changed over the last 10 years?

Over the last 10 years, Marcus & Millichap's book value per share changed from 3.19 in 2014 to 16.25 in 2024, a change of 409.4%.

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This page (NYSE:MMI) was last updated on 9/17/2025 by MarketBeat.com Staff

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Marcus & Millichap (MMI) Financials

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Marcus & Millichap (MMI) Financials

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