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Marcus & Millichap (MMI) Financials

Marcus & Millichap logo
$32.66 +0.02 (+0.05%)
As of 01:54 PM Eastern
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Annual Income Statements for Marcus & Millichap

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

Quarterly Income Statements for Marcus & Millichap

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

Annual Cash Flow Statements for Marcus & Millichap

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

Quarterly Cash Flow Statements for Marcus & Millichap

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

Annual Balance Sheets for Marcus & Millichap

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

Quarterly Balance Sheets for Marcus & Millichap

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

Annual Metrics And Ratios for Marcus & Millichap

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%

Quarterly Metrics And Ratios for Marcus & Millichap

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, Inc. (NYSE: MMI) has shown a fluctuating financial performance over the past few years with a few key trends emerging from the last several quarters:

  • The company’s total revenue has sustained high levels, with significant contributions from net realized and unrealized capital gains on investments, which amounted to $145M in Q1 2025, continuing the trend from prior quarters.
  • Cash and cash equivalents have remained strong, with $149.7M reported at the end of Q1 2025, maintaining a strong liquidity position compared to prior periods.
  • The sale and maturity of investments generated substantial cash inflows in recent quarters, with $119.9M in Q1 2025, supporting the company’s investing activities.
  • Non-cash adjustments (including depreciation) have consistently supported cash flow from operations, with depreciation around $2.8M in Q1 2025 and non-cash adjustments adding $4.3M, mitigating the impact of net losses on operating cash flow.
  • Weighted average shares outstanding have remained relatively stable, around 38.9M in Q1 2025, indicating no significant dilution from equity issuance in recent quarters.
  • Dividend payments continue, with $0.25 per share paid consistently, showing a stable shareholder return policy despite recent losses.
  • Long-term debt interest expense has remained fairly steady, around $187K in Q1 2025, contributing a small but consistent expense line.
  • Net Income has deteriorated recently, reporting a loss of $4.4M in Q1 2025, with continuing negative pre-tax income, which is a reversal from positive net income in Q4 2024 ($8.5M).
  • Operating cash flows turned negative in Q1 2025, with -$52.8M, primarily due to unfavorable changes in operating assets and liabilities (-$55.6M), indicating working capital stresses.
  • Other operating expenses have increased to $159.9M in Q1 2025, nearly matching total revenue and pressuring overall profitability.

Summary: Marcus & Millichap maintains a strong asset and cash position with substantial investment gains contributing heavily to revenue. However, profitability has declined recently due to rising operating expenses and adverse changes in working capital, leading to net losses and negative cash flow from operations in Q1 2025. Investors should watch for improvements in expense management and operating cash flow metrics in upcoming quarters to gauge the company’s recovery potential.

08/29/25 01:55 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Marcus & Millichap's Financials

When does Marcus & Millichap's financial year end?

According to the most recent income statement we have on file, Marcus & Millichap's fiscal year ends in December. Their fiscal 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. See where experts think Marcus & Millichap is headed by visiting Marcus & Millichap's forecast page.

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 8/29/2025 by MarketBeat.com Staff
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