Marcus & Millichap, Inc.(MMI)Stock Analysis
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Rank #1,979 of 2,879 stocks
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
MMI Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Marcus & Millichap, Inc. (MMI), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores MMI at 39.2/100 on a 32-signal composite quality model, placing it at rank #1,979 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include free cash flow (28.4) and balance sheet strength (29.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 32.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Marcus & Millichap, Inc. reports quarterly revenue of $171.5M, net income of $-3.1M, an operating margin of -3.4%. Top institutional holders of MMI by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, PZENA INVESTMENT MANAGEMENT, based on the most recent SEC filings. MMI trades on the NYSE exchange and files with the SEC under CIK 1578732. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MMI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Marcus & Millichap, Inc. directly from SEC EDGAR. Marcus & Millichap, Inc.'s 13F Pro composite quality score has ranged between 8 and 65 since 2021, currently 39.2 — a stable long-term trajectory across 56 quarterly and live scoring snapshots.
Revenue
Q1 2026
$171.5M
Net Income
Q1 2026
$-3.1M
Free Cash Flow
Q1 2026
$-30.5M
Operating Margin
Q1 2026
-3.4%
ROIC
Q1 2026
-1.0%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+8.5% YoYNet Income
+84.6% YoYOperating Income
+58.3% YoYEPS (Diluted)
+84.4% YoYTotal Assets
-4.9% YoYOp. Cash Flow
+207.0% YoY| Metric | FY 2025 | FY 2024 | FY 2022 | FY 2021 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $755.2M +8.5% | $696.1M -46.5% | $1.30B +0.4% | $1.30B +60.8% | $806.4M -1.0% | $814.8M |
| Net Income | $-1.9M +84.6% | $-12.4M -111.9% | $104.2M -26.8% | $142.5M +85.2% | $76.9M -11.8% | $87.3M |
| Operating Income | $-13.7M +58.3% | $-32.9M -124.0% | $137.4M -27.4% | $189.4M +96.4% | $96.4M -14.1% | $112.3M |
| EPS (Diluted) | $-0.05 +84.4% | $-0.32 -112.4% | $2.59 -27.0% | $3.55 +82.1% | $1.95 -12.2% | $2.22 |
| Total Assets | $827.2M -4.9% | $869.8M -13.3% | $1.00B -4.0% | $1.05B +47.4% | $709.0M +25.2% | $566.4M |
| Operating Cash Flow | $66.7M +207.0% | $21.7M +59.3% | $13.6M -94.7% | $255.9M +912.0% | $25.3M -78.4% | $117.3M |
AI Insight: MMI Financial Trends
MMI's Q4 seasonality masks persistent operating losses in every non-Q4 quarter across the full observation window.
• Revenue grew year-over-year in Q3 2025 ($194M vs $169M) and Q4 2025 ($244M vs $240M), signaling a gradual volume recovery.
• Operating income remains negative in all non-Q4 quarters; Q1 2026 op loss of $6M compares to Q1 2025 op loss of $18M — a modest improvement.
• Equity has declined steadily from $627M in Q2 2024 to $569M in Q1 2026, reflecting cumulative net losses eroding book value.
• Operating cash flow swung to negative $28M in Q1 2026 from positive $46M in Q4 2025, consistent with seasonal working-capital patterns.
⚠ Equity erosion has accelerated — down $34M in a single quarter (Q4 2025 to Q1 2026), the steepest single-quarter decline in the dataset.
⚠ Net income of negative $3M in Q1 2026 is an improvement on Q1 2025's negative $4M, but profitability outside Q4 remains structurally elusive.
⚠ Debt data is absent across all periods; leverage and interest-coverage trends cannot be assessed until disclosure improves.
AI Insight: MMI Ratio Trends
MMI remains marginally unprofitable on a TTM basis, with profitability confined to Q4 seasonality spikes amid persistent quarterly losses.
• Operating margin is profitable only in Q4 quarters: 2.8% in Q4 2024 and 6.3% in Q4 2025, while all other quarters remain negative.
• Q4 2025 ROIC reached 10.2%, a marked improvement from Q4 2024's 4.2%, suggesting incremental seasonal earnings quality improvement.
• Q1 2026 operating margin of -3.4% and ROIC of -4.1% show continued seasonal weakness, consistent with Q1 2025's -12.2% and -11.5%.
• TTM operating margin of -0.2% and NPM of -0.1% confirm MMI is barely breakeven on a trailing twelve-month basis.
⚠ Q2 2025 NPM deteriorated to -6.4% from -3.5% in Q2 2024 — watch whether Q2 2026 continues this year-over-year worsening trend.
⚠ D/E data is entirely absent across all periods, limiting leverage and balance sheet risk assessment.
⚠ Q1 2026 ROE of -2.2% improved notably versus Q1 2025's -2.9% — a potential early signal of gradual year-over-year stabilization.
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Available Research
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Top Institutional Holders of MMI
BlackRock, Inc.
$104.5M3,929,736 shVANGUARD PORTFOLIO MANAGEMENT LLC
$68.3M2,568,046 shPZENA INVESTMENT MANAGEMENT LLC
$53.5M2,012,763 shDIMENSIONAL FUND ADVISORS LP
$39.4M1,481,772 shVANGUARD CAPITAL MANAGEMENT LLC
$28.2M1,059,542 shSTATE STREET CORP
$25.2M938,224 shSCHRODER INVESTMENT MANAGEMENT GROUP
$24.4M930,897 shTributary Capital Management, LLC
$20.3M762,466 shGEODE CAPITAL MANAGEMENT, LLC
$17.2M645,153 shROYCE & ASSOCIATES LP
$13.6M511,690 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $104.5M | 3,929,736 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $68.3M | 2,568,046 |
| PZENA INVESTMENT MANAGEMENT LLC | $53.5M | 2,012,763 |
| DIMENSIONAL FUND ADVISORS LP | $39.4M | 1,481,772 |
| VANGUARD CAPITAL MANAGEMENT LLC | $28.2M | 1,059,542 |
| STATE STREET CORP | $25.2M | 938,224 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $24.4M | 930,897 |
| Tributary Capital Management, LLC | $20.3M | 762,466 |
| GEODE CAPITAL MANAGEMENT, LLC | $17.2M | 645,153 |
| ROYCE & ASSOCIATES LP | $13.6M | 511,690 |
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Popular Research
Is MMI a good stock to buy?
13F Pro's AI-powered analysis of Marcus & Millichap, Inc. (MMI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MMI are available on the MMI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own MMI?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MMI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Marcus & Millichap, Inc.'s investment landscape.