MARCUS & MILLICHAP INC (MMI)
Real Estate · Commercial Real Estate Brokerage and Financing Services · NYSE
A leading national commercial real estate brokerage and financing platform specializing in the $1–10 million private client investment market.
What MARCUS & MILLICHAP INC does
Marcus & Millichap is a national commercial real estate services firm that generates revenue primarily from real estate brokerage commissions on property sales and financing fees. The company specializes in the $1–10 million private client market, which comprises over 80% of U.S. commercial property transactions above $1 million and represents approximately 64% of the firm's brokerage commission revenue. The business operates through a network of 1,808 investment sales and financing professionals across over 80 offices in the U.S. and Canada, closing over 8,800 transactions annually with approximately $50.8 billion in transaction volume as of 2025.
Themes: Commercial real estate brokerage, Commercial real estate financing / capital markets, Private client / mid-market real estate investment, Commercial property sales and transactions
Fundamentals
- Price$32.32 as of 2026-08-21 close
- Market cap$1.2B as of 2026-08-21
- 1-year return+5.1% 2025-08-21 close $30.76 → 2026-08-21 close $32.32
- P/E83.80 as of 2026-08-24
- Net margin+1.8% as of 2026-08-24
- Gross margin+37.7% as of 2026-08-24
- ROE+2.4% as of 2026-08-24
- Debt / equity0.00 as of 2026-08-24
- Revenue growth (YoY)+11.9% as of 2026-08-24
- Revenue CAGR (3y)-16.6% SEC XBRL
- Beta1.31 as of 2026-08-24
- Last reported earnings2026-08-06 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +1.5%; at least 1 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.
How MMI compares in its sector
- price-to-earnings ratiotop 25% 127 covered Real Estate peers, as of 2026-08-24
- net profit marginmiddle range 161 covered Real Estate peers, as of 2026-08-24
- operating marginbottom 25% 161 covered Real Estate peers, as of 2026-08-24
- gross marginbottom 25% 156 covered Real Estate peers, as of 2026-08-24
- return on equitymiddle range 162 covered Real Estate peers, as of 2026-08-24
- 3-year revenue CAGRbottom 10% 155 covered Real Estate peers
- indicated dividend yieldbottom 10% 138 covered Real Estate peers, as of 2026-08-24
- free cash flow (absolute dollars, latest fiscal year)middle range 42 covered Real Estate peers, as of FY2025
Position among covered Real Estate companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Dividend coverage (FY2025)
Covered by reported results. In FY2025, MMI's dividend was covered by reported results (free-cash-flow payout 35%). This describes past coverage, not a forecast.
- Earnings payoutnot assessable earnings were not positive that year
- Free-cash-flow payout35% dividends / (operating cash flow − capex)
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
How MARCUS & MILLICHAP INC looks technically
MARCUS & MILLICHAP INC (MMI) is trading 13.7% above its 200-day average, the long-term trend line — a longer-term uptrend. Its 50-day average crossed above its 200-day average about 48 trading days ago — a "golden cross", a bullish long-term signal. There is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 10, below the 25 that marks a real trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 59, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bullish about 4 trading days ago (its momentum flipped positive). It made a new 20-day high about 3 trading days ago. It is 3.9% below its 52-week high (its highest price of the past year).
Trend
8
| Distance from the 200-day | it is trading 13.7% above its 200-day average, the long-term trend line — a longer-term uptrend | +13.7% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $30.90 | $30.90 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $28.42 | $28.42 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing high 14 calendar days ago — the swings before that are what the structure reading is measured on | 14 sessions |
| Wave structure | its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in the fourth leg, a pullback against that upward direction; the labelling fails if price closes below 32.27. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a completed three-part correction. | possible upward five-wave sequence, in wave 4 (one of several readings) |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 48 trading days ago — a "golden cross", a bullish long-term signal | 48 sessions |
| Trend strength (14-day ADX) | there is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 10, below the 25 that marks a real trend) | 10.4 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 59, neither overbought (above 70) nor oversold (below 30) | 58.7 |
|---|---|---|
| Position in its 14-day range | it is trading in the upper half of its 14-day range ($30.28 to $33.13) — its "stochastic" reading is 72 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 71.6 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bullish about 4 trading days ago (its momentum flipped positive) | 4 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $33.62 | $33.62 |
|---|---|---|
| From the 52-week high | it is 3.9% below its 52-week high (its highest price of the past year) | -3.9% |
| Above the 52-week low | it is 32.3% above its 52-week low (its lowest price of the past year) | +32.3% |
| Below the 52-week high | it is 3.9% below its highest point of the past year | 3.9% |
| Since a 20-day breakout | it made a new 20-day high about 3 trading days ago | 3 sessions |
| Since a 55-day breakout | it made a new 55-day high about 3 trading days ago | 3 sessions |
| All-time high | its highest closing price on record is $58.33 (set on 2022-04-05) | $58.33 |
| Given back of the 52-week move | over the past year its closes ranged ($25.01 to $33.19), and it has recovered almost all of its fall from last year’s high — 89% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $30.07 to $30.33. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 89.4% |
| From the all-time high | it is 44.6% below its all-time high | -44.6% |
| Nearest price level | it is trading 0.7% below a resistance level at $32.53 — a price it turned at five times since 2025-07-03, most recently on 2026-08-07. Since 2024-08-21 it has 7 such levels below the current price and 8 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +0.7% |
| All-time low | its lowest closing price on record is $13.09 (set on 2013-10-31) | $13.09 |
| Above the all-time low | it is 146.9% above its all-time low | +146.9% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are narrower than usual versus its own recent 6-month history (tighter than about 71% of it) | 29th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.9136 between its high and its low — about 2.8% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.9136 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $30.28 and $32.62 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $30.28 – $31.45 – $32.62 |
| Typical daily range (% of price) | its price moves about 2.8% in a typical session — calmer than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 2.8% |
| Stretch from the 200-day average | it is trading 4.3 daily ranges above its 200-day average price (13.7% above it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 4.3 daily ranges above its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.88× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
1
| Since a doji | 7 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 7 sessions ago |
|---|
Price gaps
1
| Gap at the open | it opened on 2026-08-21 0.3% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.3% |
|---|
Price streaks
1
| Closing streak | it has closed lower 2 sessions in a row, a -1.31% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 2 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock beat the market by 4.0 percentage points (the stock gained 6.3% while the market gained 2.3%) | +4.0% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock beat the market by 10.2 percentage points (the stock gained 13.3% while the market gained 3.1%) | +10.2% |
| vs market, 6 months | over the past 6 months this stock beat the market by 14.4 percentage points (the stock gained 25.5% while the market gained 11.1%) | +14.4% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 15.4 percentage points (the stock gained 5.1% while the market gained 20.5%) | -15.4% |
Signal agreement
2
| Bullish technical signals | 6 of the 9 technical signals we can compute for it are currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day, trading above its 200-day average, a fresh 20-day high, MACD momentum is positive, outperforming the market over 6 months, trading above the Ichimoku cloud — these describe past price behaviour, not a forecast | 6 of 9 |
|---|---|---|
| Bearish technical signals | 0 of the 9 technical signals we can compute for it are currently in a bearish state — these describe past price behaviour, not a forecast | 0 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 4.5% above the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-16 and projected forward over today's price, the side traders read as an established uptrend, with the band below acting as the level that would have to give way. The band itself is moderate, spanning 3.8% of the share price. | +4.5% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 16% above the average price paid so far this year, so the typical buyer over that stretch is showing a gain. That average is $27.82 — a volume-weighted average of daily closes over 158 sessions, not a true tick-by-tick VWAP. | +16.2% |
|---|---|---|
| Vs the average paid since it last reported | the price is 2% above the average price paid since it last reported on 2026-08-06 (its 10-Q), so the typical buyer over that stretch is showing a gain. That average is $31.64 — a volume-weighted average of daily closes over 12 sessions, not a true tick-by-tick VWAP. | +2.2% |
Price levels it has turned at before
MMI last closed at $32.32 on 2026-08-21. Since 2024-08-21 it has turned at 7 prices below its last close and 8 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $32.53 | Resistance | 0.7% above the last close | turned there five times · 2025-07-03 to 2026-08-07 |
| $31.50 | Support | 2.5% below the last close | turned there 7 times · 2025-05-07 to 2026-07-16 |
| $33.71 | Resistance | 4.3% above the last close | turned there three times · 2025-01-10 to 2025-09-05 |
| $30.60 | Support | 5.3% below the last close | turned there four times · 2025-07-16 to 2026-06-12 |
| $29.56 | Support | 8.5% below the last close | turned there five times · 2025-04-09 to 2026-08-03 |
| $36.38 | Resistance | 12.6% above the last close | turned there three times · 2025-02-04 to 2025-03-24 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in leg 4 of five, a pullback against that direction.
This labelling fails — stops being a possible reading at all — if it closes below $32.27.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $31.91 and $32.27 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a completed three-part correction, which fails on a close above $32.62.
This reading has stood for 2 trading days, since 2026-08-20.
Read from daily closes as of 2026-08-21.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading above the 200-day moving average · Broke out to a new 20-day high · MACD just crossed bullish (12/26/9) · trendless / choppy (low ADX) · beating the market · Trading above the Ichimoku cloud | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low
Based on daily closing prices as of 2026-08-21. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingUnderperform (4.00 mean, 1=Strong Buy…5=Strong Sell) — 1 analyst
- Mean price target$28.00 range $28.00 – $28.00
Analyst estimates, as of 2026-08-22. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for MMI
- Consensus EPS estimate$0.06 next reporting period, as of 2026-08-22
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Company is currently unprofitable with a net margin of -0.08% as of the most recent quarter; operating losses reported in Q1 2026 ($5.8 million) despite revenue growth of 9.77% YoY, indicating margin compression and operational challenges.","Business depends on commission-based compensation structure with independent contractors (1,808 professionals as of December 2025); retention and recruitment of investment sales and financing professionals in a competitive market could impact transaction volumes and revenue.","Revenue is highly dependent on commercial real estate transaction volumes and capital availability; macroeconomic downturns, rising interest rates, or tightening credit markets could significantly reduce transaction activity and financing demand."]
What changed in the latest 10-Q
AI-assisted comparison of MMI's 10-Q filed 2026-05-07 against the prior one filed 2025-11-07.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer filing references 'risk factors included under "Risk Factors" in our most recent Annual Report on Form 10-K, this Quarterly Report on Form 10-Q or in any subsequent SEC report' (expanded scope)
- Newer filing specifies 'impact of litigation and our success in appealing any judgments entered against us' appears in different position in bullet list
- Newer filing states filing date as 'February 26, 2026' for 2025 10-K
- Newer filing reports 1,724 investment sales and financing professionals as of March 31, 2026
- Newer filing reports 2,022 transactions closed in three months ended March 31, 2026 with $12.1 billion sales volume
- Newer filing reports 8,818 transactions and $50.8 billion sales volume for full year ended December 31, 2025
- Newer filing reports 81% revenue from real estate brokerage commissions, 15% from financing fees, 4% from other revenue for three months ended March 31, 2026
- Newer filing includes detailed transaction table for three months ended March 31, 2026 showing <$1 million and Private Client Market segments with specific numbers
- Removed:
- Older filing reference to 'the impact of litigation and our success in appealing any judgments entered against us' listed separately before acquisitions
- Older filing references 1,669 investment sales and financing professionals as of September 30, 2025
- Older filing reports 2,289 transactions in three months ended September 30, 2025 with $12.2 billion volume
- Older filing reports 6,065 transactions and $33.9 billion volume for nine months ended September 30, 2025
- Older filing reports 7,836 transactions and $49.6 billion volume for year ended December 31, 2024
- Older filing states 84% revenue from real estate brokerage commissions, 13% from financing fees, 3% from other real estate related services
- Older filing references filing date 'February 27, 2025' for 2024 10-K
- Older filing period comparisons reference September 30, 2025 and 2024 data
- Older filing mentions 'leasing' services in revenue generation description
- Reworded:
- Newer: 'other revenue, including consulting and advisory services' vs. Older: 'other real estate related services'
- Newer: 'consulting and advisory services' vs. Older: 'leasing, consulting and advisory services'
- Newer: period changed from 'nine months ended September 30, 2025' to 'three months ended March 31, 2026'
- Newer: forward-looking statements introductory phrase uses 'in this release' instead of 'in this Quarterly Report'
- Newer: 'impact on our brand reputation or clients' vs. Older: 'impact on our reputation'
- Newer: 'tariffs and trade regulations' listed before 'executive orders' vs. Older: order was 'executive orders, employment laws, tariffs and trade regulations'
- Newer: 'employment laws' and 'tariffs and trade regulations' reordered relative to Older filing
- Notes:
- Texts represent different quarterly periods (Q1 2026 vs Q3 2025), making direct operational comparisons reflect time progression rather than policy changes
- The table in newer filing appears incomplete (cuts off at 'Middle Market'), limiting full comparison of market segment data
- Older filing text also appears truncated at revenue data point, limiting complete table comparison
Risk Factors
The two filings could not be meaningfully compared for this section.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
0 open-market purchases and 1 open-market sale by insiders in the last 90 days.
- Last 90 days0 buys · 1 sell ($15193) — 1 selling insider
- Last 180 days0 buys · 1 sell ($15193) — 1 selling insider
Activity heuristic: net selling (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-06-11. As of 2026-08-24.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about MMI's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding MMI as of 2026-03-31 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 5,127,902
- Reported value $136,585,965
reported quarterly holdings change (2025-12-31 → 2026-03-31): 0 new, 2 increased, 3 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Short interest (FINRA)
MMI had 987,414 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
MMI had 2.61% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 8.13 days to cover at the same settlement.
- Reported short interest (shares) 987,414
- Short interest (% of shares outstanding) 2.61%
- Prior settlement (shares) 984,681
- Reported change 0.28%
- Days to cover (reported) 8.13
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- JLL (Jones Lang LaSalle)
- CBRE Group (CBRE)
- Cushman & Wakefield
- Berkadia (portfolio company focusing on commercial real estate financing)
- Redfin (RDFN) (expanding into commercial real estate)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare MMI vs…
Frequently asked questions
What does MARCUS & MILLICHAP INC (MMI) do?
Marcus & Millichap is a national commercial real estate services firm that generates revenue primarily from real estate brokerage commissions on property sales and financing fees. The company specializes in the $1–10 million private client market, which comprises over 80% of U.S. commercial property transactions above $1 million and represents approximately 64% of the firm's brokerage commission revenue.
What sector is MARCUS & MILLICHAP INC (MMI) in?
MARCUS & MILLICHAP INC (MMI) is classified in the Real Estate sector. Its industry is Commercial Real Estate Brokerage and Financing Services. It trades on NYSE.
Does MMI pay a dividend?
Yes — MARCUS & MILLICHAP INC (MMI) pays a dividend, with an indicated yield of about 1.50% and at least 1 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-08-24). Informational only — not financial advice.
Who are MARCUS & MILLICHAP INC's (MMI) competitors?
Notable peers of MARCUS & MILLICHAP INC (MMI) include JLL (Jones Lang LaSalle), CBRE Group, Cushman & Wakefield, Berkadia (portfolio company focusing on commercial real estate financing) and Redfin (RDFN) (expanding into commercial real estate). This peer set is informational only — not financial advice.
Is MARCUS & MILLICHAP INC (MMI) overbought or oversold right now?
MARCUS & MILLICHAP INC (MMI) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 59, in the neutral middle (as of 2026-08-21). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on MMI come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.