Marcus & Millichap, Inc. (MMI)
NYSEReal EstateReal Estate - ServicesSnapshot 2026-09-09
$31.05-0.89%
Close 2026-09-09 · 1-day change
NYSEReal EstateReal Estate - ServicesSnapshot 2026-09-09
Intact: The reason to own it still holds.
Marcus & Millichap is growing revenue about 18% year over year. The company is focused on overcoming market challenges to return to long-term growth. Free cash flow yield is a solid 7%. The recent earnings beat shows some operational improvement.
The company is still loss-making and analyst EPS estimates have been cut recently. Market challenges remain and revenue growth could slow. The sector is facing headwinds that may pressure margins and cash flow.
The price is about 13% above our fair value near $28. Analysts expect about 13% revenue growth, which is roughly in line with recent growth. Our model sees stretched growth over 3 to 5 years, so the stock is fairly valued but not cheap.
Breaks if: FCF yield falls below 5%
Breaks if: New significant market challenges cause setbacks
Breaks if: EPS remains negative or below $0.43 in FY 2026
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a long-term thesis on a company aiming for recovery and growth in the Real Estate sector. The current state reflects a mix of stable management and weak recent performance, which creates a cautious outlook.
The market appears to price in a fragile situation, with an expensive valuation that does not fully reflect the recent weak performance and sector headwinds. There is an expectations gap, indicating that the market may not fully account for potential risks ahead.
Management is focused on returning to long-term growth and expanding their client outreach. However, recent financial performance has been weak, and there is a moderate risk of missing future earnings expectations, which could impact the company’s trajectory.
The long-term thesis hinges on several factors, including the potential for the Federal Reserve to cut rates, which could benefit MMI and its peers. Additionally, the performance of sector leaders like CBRE, BEKE, and JLL will be crucial in shaping market sentiment and MMI's outlook.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. MMI is returning to long-term growth. Recent profitability supports this long-term growth goal. The company is also maintaining its disciplined capital return program. There are no new threats to the thesis.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: YoY revenue growth falls below 13% next year
In the next 1 to 3 years, MMI's success will depend on its ability to execute on growth strategies amid a challenging environment. Not investment advice.