Marcus & Millichap, Inc.

Worth knowing

• Stock pay outran buybacks. Stock-based pay expense $72M vs $66M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −3.5% from December 2022 to August 2026.

  Over three fiscal years Marcus & Millichap recorded $72M of stock-based pay expense and spent $66M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Marcus & Millichap recorded $72M of stock-based pay expense and spent $66M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

  Marcus & Millichap made a profit per share in its latest year after a loss the year before.

• Valuation signals disagree. Cheaper than 61% of peers on free cash flow, but only 20% on operating cash profit (EBITDA).Cheaper than 61% of peers on free cash flow, but only 20% on operating cash profit.

  Relative to its free cash flow, Marcus & Millichap looks cheaper than 61% of peers; relative to its operating cash profit (EBITDA), cheaper than only 20%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, Marcus & Millichap looks cheaper than 61% of peers; relative to its operating cash profit, cheaper than only 20%. The valuation score blends the two, so look at which measure fits this business best.

• Cash flow well above reported profit. Free cash flow is 5.9× reported profit.

  Free cash flow is 5.9× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.