Marcus & Millichap, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Marcus & Millichap, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	717	720	815	806	717	1,296	1,302	646	696	755
Cost of revenue	445	447	503
Gross profit	273	273	312
Selling, general and administrative	162	172	193	203	205	255	300	285	281	286
Operating expenses	611	624	703	710	663	1,107	1,164	705	729	769
Operating income	107	96.1	112	96.4	53.6	189	137	-59.4	-32.9	-13.7
Interest expense	1.53	1.5	1.4	1.39	0.9	0.58	0.71	0.89	0.81	0.77
Other non-operating income	2.13	4.59	6.33	12.5	6.65	4.53	5.34	19.9	20.7	17.5
Pre-tax income	107	99.2	117	108	59.4	193	142	-40.4	-13	3.02
Income tax	42.4	47.7	30	30.6	16.5	50.8	37.8	-6.37	-0.67	4.93
Net income	64.7	51.5	87.3	76.9	42.8	142	104	-34	-12.4	-1.91
EBITDA	111	101	119	104	64.5	201	151	-45.7	-16.3	-1.61
EPS, basic	1.66	1.32	2.23	1.95	1.08	3.57	2.61	-0.88	-0.32	-0.05
EPS, diluted	1.66	1.32	2.22	1.95	1.08	3.55	2.59	-0.88	-0.32	-0.05
Shares, basic (weighted)	38.9	39	39.1	39.4	39.6	39.9	39.9	38.7	38.7	38.9
Shares, diluted (weighted)	39	39.1	39.4	39.5	39.7	40.2	40.2	38.7	38.7	38.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	187	221	215	233	243	382	236	171	153	162
Short-term investments	27.5	73.6	137	151	158	184	253	169	190	90.6
Other current assets	5.1	5.53	6.37	3.19	4.71	5.27	7.28	16.2	15.5	3.3
Total current assets	234	320	371	410	429	608	527	394	410	309
Property, plant and equipment	16.4	17.2	19.6	22.6	23.4	23.2	27.6	27.5	26.1	23.9
Lease right-of-use assets			0	90.5	84	81.5	87.9	90.1	81.1	74.3
Goodwill		0	11.5	15.1	33.4	34.1	37.9	38	37.6	37.9
Intangible assets	0	0	3.93	7.24	18.7	14	17.8	13.1	5.92	3.81
Long-term investments	77.5	52.1	83.2	60.8	47.8	113	68.6	67.5	51.1	146
Other non-current assets	9.98	23.2	31.8	4.35	4.18	13.1	15.9	15	23.6	27.1
Total assets	394	460	566	709	779	1,045	1,004	878	870	827
Accounts payable	10.1	9.2				15.5	11.5	8.13	13.7	11
Accrued liabilities	22.3	23.8	28.3	22.4	21	49.8	38.3	19.1	25.5	23.9
Total current liabilities	78.2	83.3	92.9	102	120	226	152	105	133	121
Lease liabilities			0	63.2	59.4	58.3	65.1	69.4	65.7	59.5
Other non-current liabilities				3.54	13.8	11.4	8.61	10.7	7.01	7.76
Total liabilities	135	145	157	214	232	349	290	233	239	224
Paid-in capital	85.4	89.9	97.5	105	113	122	132	154	173	193
Retained earnings	173	224	311	388	431	574	586	492	459	410
Other comprehensive income	0.81	0.94	0.78	1.98	2.57	0.91	-3.62	-0.77	-1.43	0.4
Shareholders' equity	259	315	410	495	547	696	714	645	631	603
Total equity	259	315	410	495	547	696	714	645	631	603
Total liabilities and equity	394	460	566	709	779	1,045	1,004	878	870	827
Shares outstanding	37.9	38.4	38.8	39.2	39.4	39.7	39.3	38.4	38.9	38.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	64.7	51.5	87.3	76.9	42.8	142	104	-34	-12.4	-1.91
Depreciation and amortization	4.39	5.36	6.3	8.02	10.9	11.7	13.4	13.6	16.6	12.1
Stock-based compensation	7.04	9.15	12	9.28	9.91	10.4	17.3	24.1	23.8	24.2
Deferred income tax	-0.48	12.8	-0.14	0.23	0.47	-11.8	-6.07	-6.43	-1.42	3.14
Change in payables	0.96	-0.57				9.78	-4.07	-2.96	5.69	-3.59
Cash from operations	74.5	66.5	117	25.3	38.1	256	13.6	-72.4	21.7	66.7
Capital expenditures	-9.47	-6.55	-8.07	-8.81	-6.95	-6.86	-11.7	-9.37	-7.87	-7.87
Acquisitions	0	0	-14.9	-6.08	-16.3	0.23	-12.5	0	0
Purchases of investments	-108	-65.1	-208	-168	-216	-378	-381	-302	-191	-327
Cash from investing	19.8	-27.3	-118	-3.42	-17.2	-108	-54	74.9	-9.9	-3.82
Share buybacks					0	0	-29.1	-39.4	-0.79	-25.4
Dividends paid					0	0	-60.4	-20.1	-20.2	-20.6
Cash from financing	-3.12	-5.78	-5.44	-3.88	-10.3	-5.92	-106	-67.7	-28.8	-54.6
Exchange rate effect			0	0	-0.05	-2.64	-0.37	0.12	-0.37	0.22
Net change in cash	91.2	33.4	-6.1	18	10.5	139	-146	-65.1	-17.3	8.48
Free cash flow	65	60	109	16.5	31.1	249	1.96	-81.8	13.8	58.8
Interest paid	0.63	1.91	2.2	2.11	1.22	0.75	0.61	0.48	0.58	0.48
Income taxes paid	37.4	35	24.3	39.8	7.33	48.6	69.8	0.67	0.47	-2.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.2%	Operating income / revenue.
EBITDA margin	2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.1%	Pre-tax income / revenue.
Net margin	1.8%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Effective tax rate	42.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	35.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-16.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	207.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	69.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	324.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	210.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.92x	Current assets / current liabilities.
Quick ratio	2.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	24.4%	Total liabilities / total assets.
Interest coverage	14.0x	Operating income / interest expense.
Working capital	$177.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$538.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	35.1x	Revenue / average property, plant and equipment.
FCF conversion	588.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.36	Revenue / diluted weighted shares.
FCF per share	$2.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.45	Cash from operations / diluted weighted shares.
Book value per share	$15.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.21	Tangible book value / shares outstanding.
Cash per share	$5.57	(Cash + short-term investments) / shares outstanding.
Payout ratio	141.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	51.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.13B	Share price x shares outstanding.
Enterprise value	$915.9M	Market cap + total debt - cash - short-term investments.
P/E	78.5x	Market cap / net income. Only when net income is positive.
P/S	1.39x	Market cap / revenue.
P/B	1.95x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.09x	Market cap / tangible book value, when positive.
P/FCF	13.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	1.13x	Enterprise value / revenue.
EV/EBIT	96.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	45.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.

What was Marcus & Millichap, Inc.'s revenue in fiscal 2025?

Marcus & Millichap, Inc. reported revenue of $755.2M for fiscal 2025, 8.5% higher than the year before.

Was Marcus & Millichap, Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.9M.

How much free cash flow did Marcus & Millichap, Inc. generate in fiscal 2025?

Cash from operations of $66.7M minus capital expenditures of $7.9M left free cash flow of $58.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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