Marcus & Millichap Inc (MMI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Marcus & Millichap Inc stock $22.39, price $27.75, that is 19.3% below the price, quality 69 out of 100. Rating: overvalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
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Marcus & Millichap Inc
MMI · USOur calculation puts a fair price 19% below what the stock costs today.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $24.77 – $53.11 · fair‑value band $17.62 – $28.44 · the $27.75 price screens above the $22.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Company profile
Marcus & Millichap, Inc., an investment brokerage company, provides commercial real estate investment sales, financing services, research and advisory services in the United States and Canada.
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The company offers research on various property types comprising multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets/financing.
It also operates as a financial intermediary that provides commercial real estate capital markets solutions, including senior debt, mezzanine debt, joint venture, preferred equity, and securitization services, as well as loan sales and due diligence services to commercial real estate owners, developers, and investors.
In addition, the company offers a way to buy and sell commercial property as a complement to its traditional property marketing channels.
Further, it provides advisory and consulting services, which include opinions of value, operating and financial performance benchmarking analysis, specific asset buy-sell strategies, market and submarket analysis and ranking, portfolio strategies by property type, market strategy, development and redevelopment feasibility studies, and other services; and leasing services for tenants and/or landlords in connection with commercial real estate leases.
Marcus & Millichap, Inc. was founded in 1971 and is headquartered in Calabasas, California.
Stock analysis
Marcus & Millichap Inc (MMI) currently trades at $27.75, while our model-based Fair Value estimate is $22.39, 19% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $23.50 per share, and 0 of the 7 models we run sit above the $27.75 price.
Bear case: the Asset-Based group reads lowest at $2.25, and 7 of the 7 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $17.62 (bear) to $28.44 (bull), the price of $27.75 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Marcus & Millichap Inc reported revenue of $755M in FY2025 versus $1.3B in FY2021, a compound −12.6%/yr. Reported net income was −$1.9M in FY2025.
Key figures
Market cap $1.1B Small · P/E ratio 69.4 · P/S ratio 1.30 · EPS (TTM) $0.4000 · Dividend yield 1.8% · Net margin 1.8% · Return on equity 2.4% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −19%, MMI screens richer than that median.
Fair Value models
All 7 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, one officer or director sold shares worth $15,195 and none bought.
- SaleHessam NadjiChief Executive Officer, Director2× since Mar 13, 2026: 1,800 shares, avg. $26.93$48,475Jun 11, 2026
Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
Growth Forecast
MMI screens overvalued: fair value 19% below the price. Compare with CBRE Group →
Earlier news
- Marcus & Millichap expands Brown & Brown partnership into Canada
- Consumer Discretionary - Real Estate Services Stocks Q2 Results: Benchmarking Marcus & Millichap (NYSE:MMI)
Compare Marcus & Millichap Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Revenue growth by industry
- PEG ratio by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Vonovia SE VNA | €16.90 | €36.43 | +116% | vs MMI |
| Jones Lang LaSalle Incorporated JLL | $370.80 | $529.78 | +43% | vs MMI |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$41.64 | HK$55.21 | +33% | vs MMI |
| Cellnex Telecom, S.A CLNX | €26.68 | €23.62 | −11% | vs MMI |
| Wharf Real Estate Investment Company 1997 | HK$32.54 | HK$27.21 | −16% | vs MMI |
| CBRE Group CBRE | $135.51 | $89.81 | −34% | vs MMI |
| KE Holdings BEKE | $18.85 | $7.33 | −61% | vs MMI |
| CapitaLand Investment Limited 9CI | 2.36 SGD | 0.7800 SGD | −67% | vs MMI |
| Swire Properties Limited 1972 | HK$26.36 | HK$5.88 | −78% | vs MMI |
| CoStar Group CSGP | $30.55 | $6.09 | −80% | vs MMI |
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Key figures of Marcus & Millichap Inc
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