| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 30 | 86.9x | 17.8x | Bottom tier | |
Growth | 67 | 11.9% | 7.1% | Top tier | |
Quality | 55 | -0.1% | 4.5% | Around median | |
Safety | 87 | — | 2.6x | Top tier | |
Capital Return | 63 | 1.67% | 2.12% | Around median | |
Momentum | 72 | -2.6% | 2.9% | Top tier | |
Sentiment | 35 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Marcus & Millichap operates as a specialist broker in commercial real estate transactions and real estate financing in the United States and Canada. Most of its revenue comes from commissions on investment property sales, with a financing business that earns fees from arranging loans, in addition to limited other revenue; in fiscal Q2 2026, brokerage commissions were $167 million, or 82% of total revenue, while financing revenue was $30 million and other revenue was $6 million. The company serves private clients, the middle market, and transactions valued above $20 million, while also connecting its sales and financing teams to access a broad network of lenders.
In fiscal Q2 2026, revenue rose approximately 18% year over year to $202.9 million, from $172 million, and the company swung to net income of $3.9 million, or $0.10 per share, compared with a net loss of $11 million, or $0.28 per share, in the comparable period. Adjusted earnings before interest, taxes, depreciation, and amortization reached $12 million versus $1.5 million, reflecting a tangible operational improvement, although the calculated net profit margin remained only about 1.9%. During the first half of fiscal 2026, revenue reached $374 million, up 18%, and earnings per share were $0.02 versus a loss of $0.40 per share a year earlier.
Growth was broad-based in fiscal Q2 2026: private client revenue rose 14% to $106 million, middle-market revenue increased 13% to $22 million, and revenue from transactions above $20 million grew 43% to $33 million. The company completed 1,530 brokerage transactions with an aggregate volume of $10 billion, increases of 11% and 18%, respectively, while the financing business completed 480 loans totaling $4 billion. On the cost side, cost of services was $127 million, or 62.4% of revenue, and selling, general, and administrative expenses were $72 million, or 35% of revenue, compared with 42% a year earlier.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $26, which is also both the highest and lowest target, and is accompanied by a neutral consensus; this target falls within the 52-week range of $24.43 to $33.62 and is approximately 23% below the top of the range. No reported price-to-earnings ratio is available, which is understandable given the fiscal 2025 loss and earnings for the period labeled trailing twelve months 2026 of only approximately $0.378 per share, so the valuation depends heavily on the continued recovery in transactions and the conversion of quarterly earnings into more consistent profitability.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Marcus & Millichap primarily relies on commercial real estate brokerage commissions, which were $167 million and accounted for 82% of fiscal Q2 2026 revenue. The financing business generated $30 million, while other activities contributed $6 million. Brokerage revenue was divided among private clients at $106 million, the middle market at $22 million, and transactions above $20 million at $33 million.
Revenue rose approximately 18% to $202.9 million, with growth across all business segments and improvement in large transactions and financing. Selling, general, and administrative expenses remained nearly flat at $72 million, reducing their share of revenue from 42% to 35%. As a result, the company swung to net income of $3.9 million and earnings per share of $0.10, while adjusted earnings before interest, taxes, depreciation, and amortization increased to $12 million.
Financing revenue reached $30 million in fiscal Q2 2026, up 15%, and totaled $57 million in the first half, up 29%. The business completed 480 loans totaling $4 billion during the quarter, while refinancing's share of revenue rose to 47% from 39%. IPA Capital Markets, the M&T Bank partnership, and a network of 304 lenders during the first half support the company's ability to connect brokerage transactions with financing sources.
Interest rates directly affect real estate pricing, financing availability, and the ability of buyers, sellers, and lenders to reach agreement. On the August 6, 2026 call, management said the ten-year Treasury yield was 50 basis points above its level at the beginning of 2026 and 70 basis points above the low preceding the February 2026 conflict. This volatility contributed to longer transaction closing timelines, and the company entered fiscal Q3 2026 with a pipeline showing only modest year-over-year growth.
Since launching the repurchase program in 2022, the company has bought approximately 4 million shares for $120 million. In fiscal Q2 2026, the board increased the total authorization by $70 million to $210 million, with approximately $90 million remaining available under the program. The board also declared a semiannual dividend of $0.25 per share, payable on October 6, 2026 to shareholders of record on September 15, 2026, while total capital returned through dividends and repurchases exceeded $251 million over four years.
The $26 target reflects a neutral consensus, and the highest and lowest targets are equal at the same figure, so the consensus does not provide a broad range of scenarios. The target falls within the 52-week range of $24.43 to $33.62 and is approximately 23% below the top of that range. With no reported price-to-earnings ratio available and trailing earnings per share of approximately $0.378 in the 2026 data, the sustainability of the brokerage and financing recovery remains the key factor in justifying the valuation.
