MMIMarcus & Millichap, Inc.

Real Estate Agents & Managers (for Others)

Revenue: $755M; 8.5% YoY
Operating margin: -1.8%; 62% YoY
EBITDA: −$2M; 90% YoY
Market cap: $1.1B
Employees: 854; $884K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
69% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$884K · 47th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$48K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.3B	$646M	$696M	$755M	8.5%
Operating income	$189M	$137M	−$59M	−$33M	−$14M	58%
Net income	$142M	$104M	−$34M	−$12M	−$2M	85%
Operating cash flow	$256M	$14M	−$72M	$22M	$67M	207%
Capex	$7M	$12M	$9M	$8M	$8M	0.0%
Stock-based comp	$10M	$17M	$24M	$24M	$24M	1.8%
Buybacks	$0	$29M	$39M	$785K	$25M	3131%
Dividends	$0	$60M	$20M	$20M	$21M	1.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 20, 2021	MARCUS GEORGE M	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $48K · 2
Net: −$48K

Pay vs performance

No pay-versus-performance disclosure yet.