Marcus & Millichap, Inc.

MMI

Real EstateReal Estate - ServicesNYSE

$30.42

Market Cap: $1.16B

Marcus & Millichap, Inc. (MMI) Valuation Summary

Updated May 11, 2026 17:36

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$31.04 – $162.87	$63.98	+110.3%
Revenue DCF 10Y	$25.28 – $115.68	$48.44	+59.3%
▸ Trading Multiples
EV/Revenue	$48.83 – $133.84	$82.84	+172.3%

Valuation History

DCF Analysis

Marcus & Millichap, Inc. (MMI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$48.44

Market Price

$30.42

Upside / Downside

+59.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1.6% to a target of 28.4% over 5 years, discounted at a WACC of 7.0%, Marcus & Millichap, Inc. (MMI) has an intrinsic value of $48.44 per share (range: $25.28 – $115.68).

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

28.4%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	846	12.0%	4.4%	37	22	14	(13)	9	14	13
2027	930	9.9%	10.4%	96	58	15	(19)	1	53	48
2028	1,098	18.1%	16.4%	180	108	18	(28)	3	95	80
2029	988	-10.0%	22.4%	221	133	16	(30)	-2	120	95
2030	889	-10.0%	28.4%	252	151	14	(31)	-2	136	100
2031	800	-10.0%	28.4%	227	136	13	(32)	-1	118	81
2032	741	-7.4%	28.4%	210	126	12	(33)	-1	105	68
2033	705	-4.8%	28.4%	200	120	11	(35)	-1	97	58
2034	690	-2.2%	28.4%	195	117	11	(38)	-0	91	51
2035	692	0.4%	28.4%	196	118	11	(42)	0	87	46

Enterprise Value Bridge

Sum of PV(FCFF)640

Terminal Value (Gordon Growth at 3.0%)2,222

PV of Terminal Value1,163

Enterprise Value1,803

(–) Net Debt-84

Equity Value1,887

(÷) Shares Outstanding39

Fair Value per Share$48.44

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.0%	$66	$78	$91	$103	$116
6.0%	$46	$54	$63	$71	$80
7.0%	$36	$42	$48	$55	$61
8.1%	$29	$35	$40	$45	$50
9.1%	$25	$30	$34	$38	$42

Current price: $30.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 1.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Marcus & Millichap, Inc. (MMI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$63.98

Market Price

$30.42

Upside / Downside

+110.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

28.4%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	846	12.0%	4.4%	37	22	14	(17)	9	9	9
2027	930	9.9%	10.4%	96	58	15	(28)	1	43	39
2028	1,098	18.1%	16.4%	180	108	18	(44)	3	79	66
2029	988	-10.0%	22.4%	221	133	16	(49)	-2	101	79
2030	889	-10.0%	28.4%	252	151	14	(53)	-2	114	84

Enterprise Value Bridge

Sum of PV(FCFF)278

Terminal Value (Gordon Growth at 3.0%)2,894

PV of Terminal Value2,130

Enterprise Value2,408

(–) Net Debt-84

Equity Value2,492

(÷) Shares Outstanding39

Fair Value per Share$63.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.0%	$92	$110	$127	$145	$163
6.0%	$62	$74	$85	$97	$109
7.0%	$46	$55	$64	$73	$82
8.1%	$37	$44	$51	$58	$65
9.1%	$31	$37	$43	$48	$54

Current price: $30.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 1.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$82.84

Market Price

$30.42

Upside / Downside

+172.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Marcus & Millichap, Inc. (MMI) has a fair value of $82.84 based on 6 comparable companies in the Real Estate - Services industry.

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Marcus & Millichap, Inc.MMI	1,185	1.5x	1.7x
Pebblebrook Hotel TrustPEB	1,646	2.7x	2.7x
Kennedy-Wilson Holdings, Inc.KW	1,535	11.7x	11.4x
RLJ Lodging TrustRLJ	1,345	2.4x	2.4x
American Assets Trust, Inc.AAT	1,292	6.6x	6.4x
JBG SMITH PropertiesJBGS	918	6.8x	5.8x
The Real Brokerage Inc.REAX	476	0.2x	0.2x
Industry Median		4.6x	4.3x
(*) Revenue		755	656
= Enterprise Value		3,486	2,799
(-) Net Debt		-84	-84
Equity Value		3,570	2,883
(/) Outstanding shares		39	39
Fair Price		$92	$74

Selected Fair Value (avg of trailing + forward)

$82.84

+172.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$31.04 – $162.87

$63.98

+110.3%

Revenue DCF 10Y

$25.28 – $115.68

$48.44

+59.3%

▸ Trading Multiples

EV/Revenue

$48.83 – $133.84

$82.84

+172.3%

DCF Analysis

Marcus & Millichap, Inc. (MMI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$48.44

Market Price

$30.42

Upside / Downside

+59.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.6%

Target Operating Margin

28.4%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	846	12.0%	4.4%	37	22	14	(13)	9	14	13
2027	930	9.9%	10.4%	96	58	15	(19)	1	53	48
2028	1,098	18.1%	16.4%	180	108	18	(28)	3	95	80
2029	988	-10.0%	22.4%	221	133	16	(30)	-2	120	95
2030	889	-10.0%	28.4%	252	151	14	(31)	-2	136	100
2031	800	-10.0%	28.4%	227	136	13	(32)	-1	118	81
2032	741	-7.4%	28.4%	210	126	12	(33)	-1	105	68
2033	705	-4.8%	28.4%	200	120	11	(35)	-1	97	58
2034	690	-2.2%	28.4%	195	117	11	(38)	-0	91	51
2035	692	0.4%	28.4%	196	118	11	(42)	0	87	46

Enterprise Value Bridge

Sum of PV(FCFF)640

Terminal Value (Gordon Growth at 3.0%)2,222

PV of Terminal Value1,163

Enterprise Value1,803

(–) Net Debt-84

Equity Value1,887

(÷) Shares Outstanding39

Fair Value per Share$48.44

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.0%	$66	$78	$91	$103	$116
6.0%	$46	$54	$63	$71	$80
7.0%	$36	$42	$48	$55	$61
8.1%	$29	$35	$40	$45	$50
9.1%	$25	$30	$34	$38	$42

Current price: $30.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 1.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$82.84

Market Price

$30.42

Upside / Downside

+172.3%

Verdict

Undervalued

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Marcus & Millichap, Inc.MMI	1,185	1.5x	1.7x
Pebblebrook Hotel TrustPEB	1,646	2.7x	2.7x
Kennedy-Wilson Holdings, Inc.KW	1,535	11.7x	11.4x
RLJ Lodging TrustRLJ	1,345	2.4x	2.4x
American Assets Trust, Inc.AAT	1,292	6.6x	6.4x
JBG SMITH PropertiesJBGS	918	6.8x	5.8x
The Real Brokerage Inc.REAX	476	0.2x	0.2x
Industry Median		4.6x	4.3x
(*) Revenue		755	656
= Enterprise Value		3,486	2,799
(-) Net Debt		-84	-84
Equity Value		3,570	2,883
(/) Outstanding shares		39	39
Fair Price		$92	$74

Selected Fair Value (avg of trailing + forward)

$82.84

+172.3%