Marcus & Millichap Inc. Common Stock (MMI)

FairStock Score: 54/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, Marcus & Millichap traded at $27.72, a $1.0B market value. I see a cyclical commercial real estate brokerage with a modest brand, extensive agent network, and no obvious wide moat. The recent numbers are a turnaround in progress. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $202.9M and net income was $3.9M, versus revenue of $172.3M and a net loss of $11.0M in fiscal Q2 2025. That is real improvement, but fiscal Q1 2026 still lost $3.1M, and FY2025, FY2024, and FY2023 had net losses of $1.9M, $12.4M, and $34.0M. FairStock classifies it as a TURNAROUND because the latest year showed a loss after earlier profits. The balance sheet looks conservative: D/E 0.13, and an Altman Z-Score of 4.61 (FairStock calculation). Trailing 12-month free cash flow was $84.5M, an 8.1% FCF yield (FairStock calculation). But profitability is thin: ROE 2.42% and ROCE 0.80% (FairStock calculations). Valuation is the rub. The FairStock P/E is 74.92, EV/EBITDA 26.78, and the Graham Number is $11.28 against a $27.72 close, a -145.74% margin of safety. PEG of 0.55 (FairStock calculation) is low, but it rests on recovery from depressed earnings. I would want a much clearer earnings trend before calling this cheap. Quality is improving, but price already assumes recovery.

In plain English: Marcus & Millichap helps people and companies buy and sell commercial property and arrange financing. The business has been shaky, with losses in fiscal 2023, 2024, and 2025, but the latest quarter showed a small profit and more revenue than a year earlier. At the recent price, the stock looks expensive next to those profits and the company's accounting value, even though it produces solid cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer