Latest Ratios: P/E Ratio -653.7x · EV/EBITDA N/A · ROE -0.3%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.1B | $1.5B | $1.7B | $1.4B | $2.1B | $1.5B | $1.5B | $1.4B | $1.3B | $1.0B |
| Enterprise Value | $1.1B | $979M | $1.4B | $1.6B | $1.2B | $1.8B | $1.3B | $1.3B | $1.1B | $1.1B | $865M |
| P/E Ratio → | -653.67 | — | — | — | 13.30 | 14.50 | 34.47 | 19.10 | 15.46 | 24.70 | 16.10 |
| P/S Ratio | 1.60 | 1.41 | 2.13 | 2.61 | 1.06 | 1.60 | 2.06 | 1.83 | 1.66 | 1.77 | 1.45 |
| P/B Ratio | 2.07 | 1.76 | 2.35 | 2.62 | 1.94 | 2.97 | 2.71 | 2.98 | 20.77 | 43.62 | 19.42 |
| P/FCF | 20.61 | 18.08 | 106.92 | — | 705.25 | 8.30 | 47.50 | 89.42 | 12.38 | 21.26 | 16.04 |
| P/OCF | 18.17 | 15.94 | 68.15 | — | 101.58 | 8.08 | 38.84 | 58.26 | 11.52 | 19.16 | 14.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.30 | 2.03 | 2.49 | 0.95 | 1.36 | 1.83 | 1.65 | 1.41 | 1.48 | 1.21 |
| EV / EBITDA | — | — | — | — | 8.16 | 8.77 | 20.38 | 12.72 | 9.66 | 10.47 | 7.80 |
| EV / EBIT | — | 258.13 | — | — | 8.62 | 9.09 | 21.82 | 12.19 | 9.65 | 10.55 | 7.97 |
| EV / FCF | — | 16.66 | 101.91 | — | 626.91 | 7.08 | 42.22 | 80.61 | 10.48 | 17.72 | 13.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.5% | 34.5% | 38.0% | 37.0% | 34.6% | 35.2% | 37.5% | 38.1% | 38.3% | 38.0% | 38.0% |
| Operating Margin | -1.6% | -1.6% | -4.7% | -9.2% | 10.6% | 14.6% | 7.5% | 12.0% | 13.8% | 13.4% | 14.8% |
| Net Profit Margin | -0.3% | -0.3% | -1.8% | -5.3% | 8.0% | 11.0% | 6.0% | 9.5% | 10.7% | 7.2% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.3% | -0.3% | -1.9% | -5.0% | 14.8% | 22.9% | 8.2% | 27.5% | 185.0% | 124.3% | 53.3% |
| ROA | -0.2% | -0.2% | -1.4% | -3.6% | 10.2% | 15.6% | 5.8% | 12.1% | 17.0% | 12.1% | 18.1% |
| ROIC | -1.7% | -1.7% | -4.4% | -7.9% | 21.7% | 36.7% | 11.0% | 69.6% | — | — | — |
| ROCE | -1.7% | -1.7% | -4.4% | -7.3% | 16.4% | 25.6% | 8.5% | 17.8% | 26.4% | 27.8% | 37.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.13 | 0.14 | 0.12 | 0.11 | 0.14 | 0.18 | 0.12 | 0.30 | 0.18 |
| Debt / EBITDA | — | — | — | — | 0.54 | 0.38 | 1.22 | 0.84 | 0.06 | 0.09 | 0.09 |
| Net Debt / Equity | — | -0.14 | -0.11 | -0.13 | -0.22 | -0.44 | -0.30 | -0.29 | -3.18 | -7.26 | -3.31 |
| Net Debt / EBITDA | — | — | — | — | -1.02 | -1.52 | -2.55 | -1.39 | -1.75 | -2.09 | -1.60 |
| Debt / FCF | — | -1.42 | -5.00 | — | -78.34 | -1.22 | -5.28 | -8.81 | -1.90 | -3.54 | -2.73 |
| Interest Coverage | 4.91 | 4.91 | -15.04 | -44.50 | 201.61 | 334.28 | 66.96 | 78.46 | 84.73 | 67.33 | 70.86 |
Net cash position: cash ($162M) exceeds total debt ($78M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 | 4.03 | 4.00 | 3.85 | 2.99 |
| Quick Ratio | 2.55 | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 | 4.03 | 3.91 | 3.73 | 2.89 |
| Cash Ratio | 2.08 | 2.08 | 2.63 | 3.32 | 3.22 | 2.51 | 3.34 | 3.77 | 3.79 | 3.54 | 2.75 |
| Asset Turnover | — | 0.91 | 0.80 | 0.74 | 1.30 | 1.24 | 0.92 | 1.14 | 1.44 | 1.57 | 1.82 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 63.62 | 46.22 | 54.95 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.9% | 1.4% | 1.2% | 4.4% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 57.9% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 7.5% | 6.9% | 2.9% | 5.2% | 6.5% | 4.0% | 6.2% |
| FCF Yield | 4.9% | 5.5% | 0.9% | — | 0.1% | 12.0% | 2.1% | 1.1% | 8.1% | 4.7% | 6.2% |
| Buyback Yield | 2.1% | 2.4% | 0.1% | 2.3% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.3% | 1.4% | 3.5% | 6.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $39M | $39M | $39M | $40M | $40M | $40M | $40M | $39M | $39M | $39M |
Cyclical Transaction Volume Sensitivity
According to current market data, MMI trades at a forward P/E of 69.80, a valuation that appears to price in a significant recovery in transaction velocity that is not yet supported by the firm's recent negative earnings trajectory or the prevailing high-interest-rate environment.
The absence of a meaningful trailing P/E ratio highlights the firm's current struggle to maintain profitability, forcing investors to rely on forward-looking multiples that may be overly optimistic. Compared to peers like CBRE or JLL, MMI's valuation appears to lack the support of a diversified, recurring revenue base, suggesting that the current premium may be vulnerable if deal flow remains suppressed.
Based on reported financial figures, MMI's ROIC has trended into negative territory, reaching -0.8% in 2026Q1, which indicates that the firm is currently failing to generate returns on invested capital that exceed its cost of capital during this period of market-wide transaction stagnation.
The decline in ROIC from positive levels in late 2025 to recent negative readings underscores the sensitivity of the firm's capital-light model to volume-driven margin compression. Investors should monitor whether this decay is a structural shift caused by rising agent retention costs or a temporary byproduct of the current cyclical downturn in the private client real estate market.
As reported in recent quarterly filings, MMI's asset turnover has remained low at 0.22x in 2026Q1, suggesting that the firm's ability to generate revenue from its existing asset base is significantly constrained by the current lack of deal velocity in the private client segment.
The limited data on DSO and DPO suggests that while the firm maintains a relatively quick cash conversion cycle, the underlying efficiency is hampered by the infrequency of closings. This lack of operational leverage implies that the firm's fixed cost structure remains a significant burden that cannot be easily adjusted in response to short-term fluctuations in transaction volume.
According to the latest balance sheet data, MMI maintains a debt-to-equity ratio of 0.13%, a figure that highlights the firm's conservative capital structure and suggests a high degree of resilience against the liquidity risks that typically plague more leveraged competitors in the real estate services sector.
The firm's minimal reliance on debt provides a critical buffer, allowing it to navigate periods of negative operating margins without the immediate threat of covenant breaches or refinancing pressure. This financial positioning appears to be a deliberate strategic choice, prioritizing long-term survival through cyclical troughs over the aggressive use of leverage to juice returns during market peaks.
As indicated by the firm's volatile earnings history, the P/E ratio is a fundamentally flawed metric for evaluating MMI, as it obscures the impact of non-cash charges and the extreme cyclicality of commission-based revenue that defines the firm's true economic performance.
Investors should instead focus on price-to-sales or enterprise-value-to-revenue metrics, which better capture the firm's top-line potential without the distortion of temporary earnings swings. Relying on P/E ratios in a business model where transaction timing can cause massive quarterly net income fluctuations may lead to erroneous conclusions regarding the firm's long-term value proposition.
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Quick answers to the most common questions about buying MMI stock.
Marcus & Millichap, Inc.'s current P/E ratio is -653.7x. The historical average is 24.3x.
Marcus & Millichap, Inc.'s return on equity (ROE) is -0.3%. The historical average is 49.8%.
Based on historical data, Marcus & Millichap, Inc. is trading at a P/E of -653.7x. Compare with industry peers and growth rates for a complete picture.
Marcus & Millichap, Inc.'s current dividend yield is 1.65%.
Marcus & Millichap, Inc. has 34.5% gross margin and -1.6% operating margin.