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MMI

Marcus & Millichap NYSE:MMI Stock Report

Last Price

US$37.74

Market Cap

US$1.5b

7D

0.9%

1Y

0.5%

Updated

03 Jul, 2022

Data

Company Financials +
MMI fundamental analysis
Snowflake Score
Valuation6/6
Future Growth2/6
Past Performance6/6
Financial Health6/6
Dividends2/6

MMI Stock Overview

Marcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada.

Marcus & Millichap Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Marcus & Millichap
Historical stock prices
Current Share PriceUS$37.74
52 Week HighUS$58.33
52 Week LowUS$34.13
Beta0.93
1 Month Change-7.88%
3 Month Change-32.98%
1 Year Change0.45%
3 Year Change21.39%
5 Year Change43.50%
Change since IPO171.32%

Recent News & Updates

Jun 23
Here's Why We Think Marcus & Millichap (NYSE:MMI) Might Deserve Your Attention Today

Here's Why We Think Marcus & Millichap (NYSE:MMI) Might Deserve Your Attention Today

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Apr 19
What Does Marcus & Millichap, Inc.'s (NYSE:MMI) Share Price Indicate?

What Does Marcus & Millichap, Inc.'s (NYSE:MMI) Share Price Indicate?

While Marcus & Millichap, Inc. ( NYSE:MMI ) might not be the most widely known stock at the moment, it saw a...

Shareholder Returns

MMIUS Real EstateUS Market
7D0.9%-0.9%-2.5%
1Y0.5%-49.5%-21.2%

Return vs Industry: MMI exceeded the US Real Estate industry which returned -49.5% over the past year.

Return vs Market: MMI exceeded the US Market which returned -21.2% over the past year.

Price Volatility

Is MMI's price volatile compared to industry and market?
MMI volatility
MMI Average Weekly Movement6.0%
Real Estate Industry Average Movement8.0%
Market Average Movement8.1%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.3%

Stable Share Price: MMI is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: MMI's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1971801Hessam Nadjihttps://www.marcusmillichap.com

Marcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing. It also operates as a financial intermediary that provides commercial real estate capital markets solutions, including senior debt, mezzanine debt, joint venture, and preferred equity, as well as loan sales and consultative/due diligence services to commercial real estate owners, developers, investors, and capital providers.

Marcus & Millichap Fundamentals Summary

How do Marcus & Millichap's earnings and revenue compare to its market cap?
MMI fundamental statistics
Market CapUS$1.47b
Earnings (TTM)US$160.24m
Revenue (TTM)US$1.43b

9.2x

P/E Ratio

1.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MMI income statement (TTM)
RevenueUS$1.43b
Cost of RevenueUS$927.87m
Gross ProfitUS$504.05m
Other ExpensesUS$343.81m
EarningsUS$160.24m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)4.12
Gross Margin35.20%
Net Profit Margin11.19%
Debt/Equity Ratio0%

How did MMI perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

6%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is MMI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MMI?

Other financial metrics that can be useful for relative valuation.

MMI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA4.1x
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does MMI's PE Ratio compare to its peers?

MMI PE Ratio vs Peers
The above table shows the PE ratio for MMI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.9x
HOUS Anywhere Real Estate
3.7x1.8%US$1.2b
NMRK Newmark Group
2.6x-80.1%US$2.1b
CWK Cushman & Wakefield
11.3x4.1%US$3.5b
EXPI eXp World Holdings
22.1x37.0%US$1.9b
MMI Marcus & Millichap
9.2x9.2%US$1.5b

Price-To-Earnings vs Peers: MMI is good value based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (9.9x).


Price to Earnings Ratio vs Industry

How does MMI's PE Ratio compare vs other companies in the US Real Estate Industry?

Price-To-Earnings vs Industry: MMI is good value based on its Price-To-Earnings Ratio (9.2x) compared to the US Real Estate industry average (10.6x)


Price to Earnings Ratio vs Fair Ratio

What is MMI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MMI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.2x
Fair PE Ratio32.3x

Price-To-Earnings vs Fair Ratio: MMI is good value based on its Price-To-Earnings Ratio (9.2x) compared to the estimated Fair Price-To-Earnings Ratio (32.3x).


Share Price vs Fair Value

What is the Fair Price of MMI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MMI ($37.74) is trading below our estimate of fair value ($607.38)

Significantly Below Fair Value: MMI is trading below fair value by more than 20%.


Price to Earnings Growth Ratio

PEG Ratio: MMI is good value based on its PEG Ratio (1x)


Discover undervalued companies

Future Growth

How is Marcus & Millichap forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


9.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MMI's forecast earnings growth (9.2% per year) is above the savings rate (1.9%).

Earnings vs Market: MMI's earnings (9.2% per year) are forecast to grow slower than the US market (13.6% per year).

High Growth Earnings: MMI's earnings are forecast to grow, but not significantly.

Revenue vs Market: MMI's revenue (9.9% per year) is forecast to grow faster than the US market (8.2% per year).

High Growth Revenue: MMI's revenue (9.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MMI's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Marcus & Millichap performed over the past 5 years?

Past Performance Score

6/6

Past Performance Score 6/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


12.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MMI has high quality earnings.

Growing Profit Margin: MMI's current net profit margins (11.2%) are higher than last year (6.3%).


Past Earnings Growth Analysis

Earnings Trend: MMI's earnings have grown by 12.6% per year over the past 5 years.

Accelerating Growth: MMI's earnings growth over the past year (257.8%) exceeds its 5-year average (12.6% per year).

Earnings vs Industry: MMI earnings growth over the past year (257.8%) exceeded the Real Estate industry 116.4%.


Return on Equity

High ROE: MMI's Return on Equity (23.7%) is considered high.


Discover strong past performing companies

Financial Health

How is Marcus & Millichap's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MMI's short term assets ($570.8M) exceed its short term liabilities ($192.3M).

Long Term Liabilities: MMI's short term assets ($570.8M) exceed its long term liabilities ($112.5M).


Debt to Equity History and Analysis

Debt Level: MMI is debt free.

Reducing Debt: MMI has no debt compared to 5 years ago when its debt to equity ratio was 3.6%.

Debt Coverage: MMI has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MMI has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Marcus & Millichap current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.32%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MMI's dividend (1.32%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.6%).

High Dividend: MMI's dividend (1.32%) is low compared to the top 25% of dividend payers in the US market (4.25%).


Stability and Growth of Payments

Stable Dividend: Too early to tell whether MMI's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if MMI's dividend payments are increasing as they only just started paying a dividend.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (6.2%), MMI's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (9.7%), MMI's dividend payments are thoroughly covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average management tenure


CEO

Hessam Nadji (57 yo)

6.33yrs

Tenure

US$8,224,777

Compensation

Mr. Hessam Nadji has been the President, Chief Executive Officer and Director of Marcus & Millichap Inc. since March 31, 2016. Prior to this, Mr. Nadji served as a Senior Executive Vice President from May...


CEO Compensation Analysis

Compensation vs Market: Hessam's total compensation ($USD8.22M) is above average for companies of similar size in the US market ($USD5.56M).

Compensation vs Earnings: Hessam's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: MMI's management team is considered experienced (4.9 years average tenure).


Board Members

Experienced Board: MMI's board of directors are considered experienced (8.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MMI insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Marcus & Millichap, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Marcus & Millichap, Inc.
  • Ticker: MMI
  • Exchange: NYSE
  • Founded: 1971
  • Industry: Real Estate Services
  • Sector: Real Estate
  • Implied Market Cap: US$1.467b
  • Shares outstanding: 38.88m
  • Website: https://www.marcusmillichap.com

Number of Employees


Location

  • Marcus & Millichap, Inc.
  • 23975 Park Sorrento
  • Suite 400
  • Calabasas
  • California
  • 91302
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/03 00:00
End of Day Share Price2022/07/01 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.