What is Marcus & Millichap, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Marcus & Millichap, Inc.'s reported free cash flow gives $25.89 per share. The share price was $29.75 on September 25, 2026, 15% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -4.0% | 10.0% | $17.62 | -41% |
| Base | 1.0% | 9.0% | $25.89 | -13% |
| Bull | 6.0% | 8.0% | $41.33 | +39% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $31.65 | $33.39 | $35.50 | $38.15 | $41.55 |
| 8.0% | $27.38 | $28.50 | $29.83 | $31.42 | $33.37 |
| 9.0% | $24.24 | $25.01 | $25.89 | $26.93 | $28.15 |
| 10.0% | $21.84 | $22.39 | $23.01 | $23.71 | $24.53 |
| 11.0% | $19.95 | $20.35 | $20.80 | $21.30 | $21.87 |
Where the presets come from
Base: years 1 to 5 grow at Marcus & Millichap, Inc.'s revenue growth rate over the last 5 fiscal years (1.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions