Marcus & Millichap, Inc. (MMI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.4%

$6.23

vs $28.81 price

Levered DCF

$6.60

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.77

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-556.94×	-119.56×	-49.64×	13.2×	14.41×	34.47×	19.1×	15.39×
P/B	1.76×	2.35×	2.62×	1.93×	2.95×	2.7×	2.97×	3.28×
P/S	1.41×	2.13×	2.61×	1.06×	1.58×	2.06×	1.82×	1.65×
EV / EBITDA	61.61×	322.57×	-62.03×	7.82×	8.5×	18.43×	11.31×	9.1×
Gross margin	34.5%	38.0%	37.0%	34.6%	35.2%	37.5%	38.1%	38.3%
Operating margin	-1.6%	-4.7%	-9.2%	10.6%	14.6%	7.5%	12.0%	13.8%
Net margin	-0.3%	-1.8%	-5.3%	8.0%	11.0%	6.0%	9.5%	10.7%
Current ratio	2.55×	3.08×	3.74×	3.47×	2.7×	3.57×	4.03×	4×
Debt / equity	0.13×	0.13×	0.14×	0.12×	0.11×	0.14×	0.18×	0.02×
Interest coverage	-15.9×	-40.53×	-66.86×	194.07×	326.48×	59.57×	69.47×	80.21×
Dividend yield	1.9%	1.4%	1.2%	4.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-1076.5%	-163.6%	-59.1%	57.9%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.3%	-2.0%	-5.3%	14.6%	20.5%	7.8%	15.5%	21.3%
Return on invested capital	1.1%	-4.1%	-6.3%	11.6%	16.6%	5.7%	10.9%	17.6%
Return on assets	-0.2%	-1.4%	-3.9%	10.4%	13.6%	5.5%	10.8%	15.4%
Free cash flow yield	5.5%	0.9%	-4.8%	0.1%	12.1%	2.1%	1.1%	8.1%
Earnings yield	-0.2%	-0.8%	-2.0%	7.6%	6.9%	2.9%	5.2%	6.5%
Enterprise value	$979.1M	$1.4B	$1.6B	$1.2B	$1.7B	$1.3B	$1.3B	$1.1B
Net debt / EBITDA	-5.26×	-15.83×	3.21×	-0.98×	-1.48×	-2.31×	-1.24×	-1.66×
Cash conversion cycle (days)	-1	12	2	1	-0	-3	-5	3