Expectations trend
FY2027 · fiscal year ending 2027-12-31 · fmp
Marcus & Millichap, Inc. (MMI)
NYSEReal EstateReal Estate - ServicesSnapshot 2026-11-04
$28.66-3.01%
Close 2026-11-05 · 1-day change
NYSEReal EstateReal Estate - ServicesSnapshot 2026-11-04
The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.
Next-FY EPS estimate change · 30 days
0.93 → 0.71 EPS · FY ending Dec 31, 2027 · 2 analysts
One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.
Change in the same fiscal period’s mean EPS estimate from Oct 5, 2026 to Nov 4, 2026: (new ÷ prior − 1). Contributor count changed from 2 to 2; this is not the number of analysts revising. The ±10% axis is a display range.
The EPS and P/E reference is not available for MMI yet.
| Measure / period | Management expectations | Analyst expectations |
|---|
Management figures unavailable.
Current consensus figures unavailable.
4 published thesis conditions, with dated milestones shown separately.
| Key Factor | Why It Matters | Current Status | Break Condition | Latest Evidence |
|---|---|---|---|---|
Maintain free cash flow yield near 7% | Free cash flow yield is a solid 7%. | Intact | FCF yield falls below 5% | Valuation inputs unavailable A completed valuation measurement is required. Date unavailableLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
Compare these dated observations with the operating requirements above
FY2027 · fiscal year ending 2027-12-31 · fmp
The evidence, the remaining questions, and what comes next
No recovery evidence is reported in the available driver assessments.
Nov 6, 2026
Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.
Observed price history; separate from operating scenarios
The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.
MMI is a growth-oriented real estate business, but its recent results remain weak and it is loss-making. The long-term thesis is on watch: management’s growth priorities show progress, while recent performance still trails its industry group.
MMI is expensive versus peers, with valuation supported in part by expectations for future opportunity. The expectations gap is modestly positive, but confidence in that estimate is low; the evidence also describes the valuation as unjustified, though overall fragility is low.
Over the multi-year view, revenue growth and platform expansion suggest management is making progress toward its stated growth priorities. Near term, recent earnings reports include beats and an in-line result, but results have also been erratic and weak relative to the industry group, leaving guidance and execution as key risks.
A shift toward rate cuts could support the real estate sector, while a guidance cut or weaker results from sector peers could remove support. The thesis also depends on whether MMI can sustain revenue growth, improve its weak financial performance, and maintain disciplined capital returns.
For the next 1 to 3 years, MMI has evidence of growth progress but remains a watch-stage thesis, with expensive valuation and uncertain execution. Not investment advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
| The company is focused on overcoming market challenges to return to long-term growth. |
| Improving |
| New significant market challenges cause setbacks |
Qualitative: Q2 2026 earnings beat & return to profit Q2 2026 earnings beat, return to profitability, and expanded partnerships reinforce recovery without new setbacks. Nov 4, 2026Last status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management contextStated in 3 of 3 supplied quarters. Management reported: “The Larger Transaction Market revenue increased by 43.2% and the Private Client Market revenue increased by 13.6%.” “The Larger Transaction Market revenue increased by 24.9%, while the Private Client Market revenue increased by 13.4%.” Revenue was $202.915 million in 2026-Q2. Delivery assessment Nov 4, 2026 |
Return to positive EPS | A primary condition in Marcus & Millichap, Inc.'s published investment case. The stated target is EPS >= $0.43 in FY 2026. | Improving | EPS remains negative or below $0.43 in FY 2026 | Diluted EPS: $0.10 per share FY2026-Q2; GAAP. Published target: EPS >= $0.43 in FY 2026. Annual target cannot be compared with a quarterly or TTM observation. Aug 6, 20260.1 USD/share · source valueLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
Sustain revenue growth near 13% annually | A primary condition in Marcus & Millichap, Inc.'s published investment case. The stated target is >=13% YoY revenue growth. | Intact | YoY revenue growth falls below 13% next year | Revenue growth: 17.78% FY2026-Q2; GAAP. Published target: >=13% YoY revenue growth. Reported actuals cannot certify a consensus target without an explicit period and accounting-basis binding. Aug 6, 202617.784834 percent · calculatedLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management contextStated in 3 of 3 supplied quarters. Management reported: “The Larger Transaction Market revenue increased by 43.2% and the Private Client Market revenue increased by 13.6%.” “The Larger Transaction Market revenue increased by 24.9%, while the Private Client Market revenue increased by 13.4%.” Revenue was $202.915 million in 2026-Q2. Delivery assessment Nov 4, 2026 |
Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.
$0.89 → $0.71 · observed estimates
$0.94B → $0.92B · observed estimates
One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.
| Snapshot | EPS | Revenue | EPS / revenue analysts |
|---|---|---|---|
| 2026-07-24 | $0.89 | $937,750,000 | 2 / 2 |
| 2026-07-25 | $0.89 | $937,750,000 | 2 / 2 |
| 2026-07-26 | $0.89 | $937,750,000 | 2 / 2 |
| 2026-07-27 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-07-28 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-07-29 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-07-30 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-07-31 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-01 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-02 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-03 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-04 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-05 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-06 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-07 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-08 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-09 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-10 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-12 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-13 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-14 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-15 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-16 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-17 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-18 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-19 | $0.89 | $932,350,000 | 2 / 2 |
| 2026-08-20 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-21 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-22 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-23 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-24 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-25 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-26 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-27 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-28 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-29 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-30 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-08-31 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-01 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-02 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-03 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-04 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-05 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-06 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-07 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-08 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-09 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-10 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-11 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-12 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-13 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-14 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-15 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-16 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-17 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-18 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-19 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-20 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-21 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-22 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-23 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-24 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-25 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-26 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-27 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-28 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-29 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-09-30 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-01 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-02 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-03 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-04 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-05 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-06 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-07 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-08 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-09 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-10 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-11 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-12 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-13 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-14 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-15 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-16 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-17 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-18 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-19 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-20 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-21 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-22 | $0.93 | $934,700,000 | 2 / 2 |
| 2026-10-23 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-24 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-25 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-26 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-27 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-28 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-29 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-30 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-10-31 | $0.80 | $926,250,000 | 2 / 2 |
| 2026-11-01 | $0.71 | $916,200,000 | 2 / 2 |
| 2026-11-02 | $0.71 | $916,200,000 | 2 / 2 |
| 2026-11-03 | $0.71 | $916,200,000 | 2 / 2 |
| 2026-11-04 | $0.71 | $916,200,000 | 2 / 2 |
Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.
Latest: 0 Buy / Strong Buy · 1 Hold · 1 Sell / Strong Sell
Recent actions · Oct 6–Nov 4 · 0 recorded
Individual price-target observations are unavailable.
0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior
Oct 6, 2026–Nov 4, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.
3 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.
The dated weekly assessment and its assumptions are available in Read detailed Outlook.