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Marcus & Millichap Inc (MMI) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Marcus & Millichap Inc $22.42, price $30.07, upside -25.4%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · US · ISIN US5663241090

MM Marcus & Millichap Inc logo Some data Sep 23, 2026

Marcus & Millichap Inc

MMI · US

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value $22.42 · Overvalued (−25%)
✓Quality 66/100
!Weak Growth (revenue 5y +1.0 %/yr)
!Loss-making · -0.1% net margin (TTM)
✓Low debt · generates free cash flow
·1.66% dividend yield
!Trails peers (4/14)
!Narrow moat 20/100
!Insider activity 46/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$53.11 $24.77 Fair Value $22.42 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $24.77 – $53.11 · fair‑value band $17.63 – $28.48 · the $30.07 price screens above the $22.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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. 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 $30.07, while our model-based Fair Value estimate is $22.42, implying the stock looks roughly 34.1% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $24.83 per share, and 0 of the 9 models we run sit above the $30.07 price.

Bear case: the Dividend Discount group reads lowest at $6.37, and 9 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: $17.63 (bear) to $28.48 (bull), the price of $30.07 sits above 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 66/100 (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 $1.2B · P/S ratio 1.42 · EPS (TTM) $−0.0200 · Dividend yield 1.7% · Net margin −0.3% · Return on equity −0.1% · Return on assets (EBIT) 4.0% · Operating margin −3.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −25%, MMI screens cheaper than that median.

Fair Value models

Bear $17.63 Fair Value $22.42 Bull $28.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $18.78 $24.83 $32.74 82
Growth DCF $18.92 $24.24 $30.79 80
5Y Revenue Exit $18.10 $25.42 $34.59 73
All 9 models by family
DCF Models
FCF DCF $18.78 $24.83 $32.74 82
5Y Revenue Exit $18.10 $25.42 $34.59 73
10Y Revenue Exit $17.87 $24.18 $32.32 67
Dividend Discount
Gordon GGM $4.22 $7.61 $10.47 68
DDM Multi-Stage $4.22 $6.37 $8.13 67
Multiples
EV/Revenue $18.42 $24.49 $30.55 54
Asset-Based
NCAV (Graham) $7.97 $10.68 $15.95 54
Growth DCF
Growth DCF $18.92 $24.24 $30.79 80
Rev-Margin DCF $18.10 $25.53 $33.95 73

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Quality Score breakdown

Overall quality 66/100

Of which business quality 67 · Market factors (momentum, volatility) 51

Profitability 34
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 83
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 31/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−16.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Start year 2020 (pandemic). Over 10 years: +0.9% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
7.5% (2020) → −1.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.7% a year for the price.

MMI screens 34% overvalued. Compare with Vingroup Joint Stock Company →

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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 · 546 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 66 · Top 25%
Fair Value upside −25% · Below median
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) −3% · Bottom 25%
Growth and dividend
Revenue growth 18% · Top 25%
Dividend yield (TTM) 1.7% · Below median

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 1.94× · Priciest 25%
P/S (TTM) 1.50× · Cheaper than median
P/FCF 19.9× · Priciest 25%
EV/EBITDA 89.4× · Priciest 25%
PEG 1.82× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 37
FUTURE (revenue growth)91 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)100 · sector 83
DIVIDEND (yield)33 · sector 65

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 236,000 VND 25,731 VND −89%
CBRE Group CBRE $141.05 $89.43 −37%
Vonovia SE VNA €17.37 €36.67 +111%
Cellnex Telecom, S.A CLNX €25.33 €23.78 −6%
KE Holdings 2423 HK$42.78 HK$17.18 −60%
Jones Lang LaSalle Incorporated JLL $335.36 $530.17 +58%
Swire Properties Limited 1972 HK$24.40 HK$13.50 −45%
CoStar Group CSGP $28.77 $6.17 −79%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.44 HK$56.43 +51%
CapitaLand Investment Limited 9CI 2.62 SGD 0.5000 SGD −81%

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Marcus & Millichap Inc · Fair Value
$22.42 −34%Fair Value
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Cite: Fair Value Calculator (2026). "Marcus & Millichap Inc Fair Value". https://www.fairvalue-calculator.com/stock/MMI

Frequently asked questions

Is Marcus & Millichap Inc (MMI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $22.42 versus a price of $30.07, about −25% upside (overvalued).
What is the fair value of MMI?
Our model-based fair value for Marcus & Millichap Inc is $22.42 (as of Sep 23, 2026), built from audited fundamentals. The current price: $30.07.
What is the quality score of MMI?
Marcus & Millichap Inc has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Marcus & Millichap Inc (MMI)?
Our model-based price target is the fair value of $22.42 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario $17.63, optimistic scenario $28.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Marcus & Millichap Inc stock forecast for 2026?
Our models put fair value at $22.42, about −25% upside versus a price of $30.07 (overvalued). Cautious scenario $17.63, optimistic scenario $28.48. The calculation is refreshed regularly with new filings.
What is the revenue of Marcus & Millichap Inc (MMI)?
Marcus & Millichap Inc reported trailing-twelve-month revenue of about $782M (latest available figure, as of Sep 23, 2026).
Does Marcus & Millichap Inc pay a dividend?
Marcus & Millichap Inc currently shows a dividend yield of about 1.66% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Marcus & Millichap Inc (MMI)?
For today's price to be fair in a discounted-cash-flow model, Marcus & Millichap Inc would have to grow free cash flow by +10.2 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MMI use?
Our models discount Marcus & Millichap Inc at 12.0 %: a base by market capitalisation (small), damped by beta 1.26, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Marcus & Millichap Inc that is +10.2 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Marcus & Millichap Inc (MMI) delivered so far?
Over the past 5 years revenue at Marcus & Millichap Inc grew +1.1 % a year. The price currently implies +10.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Marcus & Millichap Inc (MMI) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Marcus & Millichap Inc (+10.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Marcus & Millichap Inc (MMI)?
The free-cash-flow yield on the price is 5.02 %: that much free cash flow Marcus & Millichap Inc produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Marcus & Millichap Inc (MMI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Marcus & Millichap Inc it is $22.42 per share (as of Sep 23, 2026), against a price of $30.07. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Marcus & Millichap Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MMI trades above its calculated fair value: price $30.07, fair value $22.42, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MMI?
No. The price is what the market pays today ($30.07); the fair value is what the company's own numbers justify ($22.42). For Marcus & Millichap Inc the two are $7.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Marcus & Millichap Inc worth?
The market values Marcus & Millichap Inc at about $1.2B (market capitalisation, as of Sep 23, 2026). Per share that is $30.07; our models calculate a fair value of $22.42 per share.
What do the bullish and bearish scenarios say about MMI?
Our models span a range for Marcus & Millichap Inc: cautious scenario $17.63, base $22.42, optimistic $28.48 per share (as of Sep 23, 2026, price $30.07). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of MMI?
The PEG ratio of Marcus & Millichap Inc is 1.82 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Marcus & Millichap Inc (MMI)?
Balance-sheet figures for Marcus & Millichap Inc (as of Sep 23, 2026): return on equity −0.1%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is MMI from its 52-week high?
Marcus & Millichap Inc trades at $30.07, about 8% below its 52-week high of $32.75 and 21% above the low of $24.77 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $22.42 is for.
Which stocks are comparable to Marcus & Millichap Inc?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Marcus & Millichap Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $30.07, calculated fair value $22.42 (−25%), Quality Score 66/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MMI calculated?
We run Marcus & Millichap Inc through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $22.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Marcus & Millichap Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Marcus & Millichap Inc (MMI)?
The closing price on Sep 23, 2026 was $30.07. Our model-based fair value is $22.42, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Marcus & Millichap Inc right now?
The price sits above even our optimistic bull case ($28.48). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Marcus & Millichap Inc

How large is the market capitalisation of Marcus & Millichap Inc (MMI)?
The market capitalisation of Marcus & Millichap Inc is $1.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Marcus & Millichap Inc (MMI)?
The price-to-sales ratio of Marcus & Millichap Inc is 1.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Marcus & Millichap Inc (MMI)?
Earnings per share at Marcus & Millichap Inc are $−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Marcus & Millichap Inc (MMI)?
The dividend yield of Marcus & Millichap Inc is 1.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Marcus & Millichap Inc (MMI)?
The net margin of Marcus & Millichap Inc is −0.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Marcus & Millichap Inc (MMI)?
The return on equity (ROE) of Marcus & Millichap Inc is −0.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Marcus & Millichap Inc (MMI)?
On an EBIT basis the return on assets of Marcus & Millichap Inc is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Marcus & Millichap Inc (MMI)?
The operating margin of Marcus & Millichap Inc is −3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Marcus & Millichap Inc (MMI)?
Revenue at Marcus & Millichap Inc is growing +18.2% versus a year earlier (3y avg −16.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Marcus & Millichap Inc (MMI)?
Earnings per share at Marcus & Millichap Inc are growing +56.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Marcus & Millichap Inc (MMI) hold?
Marcus & Millichap Inc holds more cash than debt, $83.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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