Marcus & Millichap, Inc. (MMI) intrinsic value & 10-year financials
Marcus & Millichap, Inc. (MMI) has a Graham intrinsic value of $21.54 per share. At $28.04 on Oct 17, 2026, the stock trades 30% above that value. Over the last 10 fiscal years revenue grew 0.6% a year to $755.2M, with an average return on invested capital of 15.6%.
- Graham intrinsic value
- $21.54
- Share price (Oct 17, 2026)
- $28.04
- Price vs Graham value
- 30% above
- Market cap
- $1.1B
- Revenue (FY2025)
- $755.2M
- Revenue growth (10-yr CAGR)
- 0.6%
- ROIC (10-yr avg)
- 15.6%
- Free cash flow (FY2025)
- $58.8M
MMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $755.2M | -$1.9M | -$0.05 | $58.8M | -1.8% | -1.2% |
| FY2024 | $696.1M | -$12.4M | -$0.32 | $13.8M | -4.7% | -5.4% |
| FY2023 | $645.9M | -$34.0M | -$0.88 | -$81.8M | -9.2% | -9.2% |
| FY2022 | $1.3B | $104.2M | $2.59 | $2.0M | 10.6% | 22.0% |
| FY2021 | $1.3B | $142.5M | $3.55 | $249.0M | 14.6% | 37.9% |
| FY2020 | $716.9M | $42.8M | $1.08 | $31.1M | 7.5% | 11.2% |
| FY2019 | $806.4M | $76.9M | $1.95 | $16.5M | 12.0% | 26.5% |
| FY2018 | $814.8M | $87.3M | $2.22 | $109.2M | 13.8% | 42.9% |
| FY2017 | $719.7M | $51.5M | $1.32 | $60.0M | 13.4% | — |
| FY2016 | $717.5M | $64.7M | $1.66 | $65.0M | 14.8% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Marcus & Millichap, Inc. has demonstrated mature, steady growth, with revenue compounding at 0.6% annually over the past decade.
Marcus & Millichap, Inc. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Marcus & Millichap, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Marcus & Millichap, Inc. is modeled at 0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $21.54 per share.