Marcus & Millichap, Inc. (MMI) Balance Sheet
MMI balance sheet, 2025
December 31, 2025 · U.S. dollars$827.2M assets = $224.1M liabilities + $603.1M equity
Both columns are drawn to the same scale: what MMI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MMI financial health
Descriptive bands, not a rating. Fiscal 2025.
MMI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $394.0M2016 | $827.2M2025 | +8.6%/yr | |
| Total liabilities | $135.2M2016 | $224.1M2025 | +5.8%/yr | |
| Shareholders’ equity | $258.9M2016 | $603.1M2025 | +9.9%/yr | |
| Cash & short-term investments | $214.8M2016 | $252.5M2025 | +1.8%/yr | |
| Total debt | $9.7M2016 | $78.3M2025 | +26.2%/yr | |
| Net cash (debt) | $205.2M2016 | $174.2M2025 | −$30.9M | |
| Working capital | $155.8M2016 | $187.8M2025 | +$31.9M | |
| Book value per share | $6.632016 | $15.492025 | +9.9%/yr | |
| Current ratio | 2.992016 | 2.552025 | −0.45 | |
| Debt / equity | 0.042016 | 0.132025 | +0.09 | |
| Shares outstanding | 39.0M2016 | 38.9M2025 | −0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MMI assets
MMI liabilities and equity
MMI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MMI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $252.5M | $349.5M | $349.1M | $489.3M | $566.0M | $401.4M | $383.4M | $352.1M | $294.3M | $214.8M |
| Cash & equivalents | $161.9M | $153.4M | $170.8M | $235.9M | $382.1M | $243.2M | $232.7M | $214.7M | $220.8M | $187.4M |
| Short-term investments | $90.6M | $196.0M | $178.4M | $253.4M | $183.9M | $158.3M | $150.8M | $137.4M | $73.6M | $27.5M |
| Receivables | $14.9M | $45.7M | $16.2M | $21.9M | $23.7M | $10.4M | $5.0M | $8.9M | $13.3M | $7.0M |
| Inventory | $0 | $0 | $4.6M | $8.7M | $19.6M | $12.6M | $10.7M | $7.9M | $9.7M | $8.1M |
| Other current assets | $41.9M | $15.2M | $23.8M | $7.3M | $0 | $4.7M | $11.1M | $2.4M | $3.2M | $4.1M |
| Total current assets | $309.2M | $410.3M | $393.7M | $527.1M | $608.1M | $429.1M | $410.2M | $371.3M | $320.4M | $234.0M |
| Property, plant & equipment (net) | $98.2M | $107.3M | $117.5M | $115.6M | $104.7M | $107.5M | $113.2M | $19.6M | $17.2M | $16.4M |
| Goodwill & intangible assets | $83.3M | $43.5M | $51.2M | $55.7M | $50.0M | $54.0M | $24.3M | $17.6M | $13.3M | $7.0M |
| Long-term investments | $155.2M | $60.6M | $67.5M | $68.6M | $112.6M | $47.8M | $60.8M | $83.2M | $52.1M | $77.5M |
| Other non-current assets | $181.2M | $248.1M | $248.6M | $236.7M | $169.8M | $140.9M | $100.6M | $74.7M | $56.7M | $59.1M |
| Total assets | $827.2M | $869.8M | $878.4M | $1.00B | $1.05B | $779.1M | $709.0M | $566.4M | $459.7M | $394.0M |
| Liabilities | ||||||||||
| Accounts payable | $11.0M | $13.7M | $8.1M | $11.4M | $15.5M | $10.0M | $9.4M | $9.9M | $9.2M | $9.5M |
| Short-term debt | $18.8M | $18.5M | $18.3M | $17.0M | $19.0M | $19.2M | $24.3M | $1.1M | $1.0M | $986,000 |
| Deferred revenue | — | — | $77.6M | — | — | — | — | — | — | — |
| Total current liabilities | $121.4M | $133.0M | $105.3M | $152.0M | $225.6M | $120.3M | $101.8M | $92.9M | $83.3M | $78.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.6M | $7.7M | $8.7M |
| Lease obligations | $78.3M | $84.2M | $87.7M | $82.1M | $77.3M | $78.6M | $80.9M | — | — | — |
| Other long-term liabilities | $102.6M | $106.0M | $127.9M | $138.2M | $123.3M | $112.0M | $112.3M | $57.4M | $53.9M | $48.3M |
| Total liabilities | $224.1M | $239.0M | $233.1M | $290.2M | $348.9M | $232.3M | $214.1M | $156.8M | $144.8M | $135.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | $409.8M | $458.9M | $492.3M | $585.6M | $573.5M | $431.1M | $388.3M | $311.3M | $224.1M | $172.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $400,999 | −$1.4M | −$768,000 | −$3.6M | $910,000 | $2.6M | $2.0M | $775,000 | $940,000 | $810,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $603.1M | $630.8M | $645.3M | $713.5M | $696.3M | $546.8M | $494.9M | $409.6M | $314.9M | $258.9M |
| Key figures | ||||||||||
| Total debt | $78.3M | $84.2M | $87.7M | $82.1M | $77.3M | $78.6M | $87.5M | $7.7M | $8.7M | $9.7M |
| Net cash (debt) | $174.2M | $265.2M | $261.4M | $407.2M | $488.7M | $322.8M | $295.9M | $344.5M | $285.7M | $205.2M |
| Working capital | $187.8M | $277.3M | $288.4M | $375.1M | $382.5M | $308.8M | $308.4M | $278.5M | $237.2M | $155.8M |
| Tangible book value | $519.8M | $587.3M | $594.1M | $657.8M | $646.3M | $492.9M | $470.6M | $392.0M | $301.6M | $251.8M |
| Book value per share | $15.49 | $16.31 | $16.69 | $17.76 | $17.33 | $13.76 | $12.51 | $10.40 | $8.05 | $6.63 |
| Shares outstanding | 38.9M | 38.7M | 38.7M | 40.2M | 40.2M | 39.7M | 39.5M | 39.4M | 39.1M | 39.0M |
| Current ratio | 2.55 | 3.08 | 3.74 | 3.47 | 2.70 | 3.57 | 4.03 | 4.00 | 3.85 | 2.99 |
| Quick ratio | 2.20 | 2.97 | 3.47 | 3.36 | 2.61 | 3.42 | 3.82 | 3.89 | 3.69 | 2.84 |
| Debt / equity | 0.13 | 0.13 | 0.14 | 0.12 | 0.11 | 0.14 | 0.18 | 0.02 | 0.03 | 0.04 |
| Equity / assets | 72.9% | 72.5% | 73.5% | 71.1% | 66.6% | 70.2% | 69.8% | 72.3% | 68.5% | 65.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $216.5M | $187.3M | $252.5M | $241.7M | $218.2M | $264.8M | $349.5M | $300.1M | $292.4M | $298.4M | $349.1M | $350.4M |
| Cash & equivalents | $153.5M | $125.0M | $161.9M | $106.3M | $75.1M | $139.0M | $153.4M | $172.7M | $162.0M | $90.6M | $170.8M | $224.2M |
| Short-term investments | $63.0M | $62.3M | $90.6M | $135.4M | $143.1M | $125.8M | $196.0M | $127.4M | $130.4M | $207.8M | $178.4M | $126.2M |
| Receivables | $37.6M | $33.3M | $14.9M | $41.2M | $61.2M | $13.5M | $45.7M | $41.6M | $38.8M | $33.2M | $16.2M | $14.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M | $1 | $0 | $0 | $6.5M |
| Other current assets | $16.5M | $24.5M | $41.9M | $27.0M | $22.7M | $46.8M | $15.2M | $13.6M | $12.8M | $11.9M | $28.4M | $18.3M |
| Total current assets | $270.6M | $245.1M | $309.2M | $309.8M | $302.1M | $325.1M | $410.3M | $356.5M | $344.0M | $343.5M | $393.7M | $389.9M |
| Property, plant & equipment (net) | $93.0M | $95.2M | $98.2M | $99.7M | $103.6M | $105.6M | $107.3M | $111.4M | $116.6M | $120.8M | $117.5M | $125.0M |
| Goodwill & intangible assets | $81.5M | $41.2M | $83.3M | $42.0M | $42.7M | $43.0M | $43.5M | $46.8M | $49.0M | $50.0M | $51.2M | $52.1M |
| Long-term investments | $143.9M | $151.0M | $155.2M | $144.2M | $119.7M | $70.6M | $60.6M | $64.1M | $58.2M | $62.7M | $67.5M | $70.5M |
| Other non-current assets | $176.7M | $222.5M | $181.2M | $216.7M | $224.1M | $257.8M | $248.1M | $254.8M | $257.6M | $249.6M | $248.6M | $244.7M |
| Total assets | $765.8M | $755.0M | $827.2M | $812.5M | $792.2M | $802.0M | $869.8M | $833.7M | $825.4M | $826.7M | $878.4M | $882.1M |
| Liabilities | ||||||||||||
| Accounts payable | $10.0M | $11.2M | $11.0M | $14.7M | $10.9M | $9.6M | $13.7M | $12.6M | $10.0M | $9.4M | $8.1M | $9.1M |
| Short-term debt | $17.5M | $18.3M | $18.8M | $19.3M | $18.6M | $18.8M | $18.5M | $18.2M | $17.9M | $17.5M | $18.3M | $18.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$17.9M | $60.4M | $77.6M | $61.5M |
| Total current liabilities | $17.5M | $92.5M | $121.4M | $113.2M | $87.0M | $86.2M | $133.0M | $113.2M | $93.1M | $92.6M | $105.3M | $103.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $74.2M | $75.0M | $78.3M | $78.6M | $82.4M | $83.9M | $84.2M | $84.8M | $88.4M | $91.5M | $87.7M | $92.2M |
| Other long-term liabilities | $169.4M | $93.4M | $102.6M | $97.1M | $97.4M | $98.2M | $106.0M | $102.8M | $105.7M | $108.5M | $127.9M | $129.4M |
| Total liabilities | $186.9M | $185.9M | $224.1M | $210.3M | $184.4M | $184.5M | $239.0M | $216.0M | $198.8M | $201.1M | $233.1M | $232.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | $376.7M | $373.3M | $409.8M | $415.3M | $425.8M | $443.8M | $458.9M | $450.6M | $466.1M | $471.7M | $492.3M | $507.0M |
| Accumulated other comprehensive income | −$1.2M | −$517,000 | $401,000 | $171,000 | $325,000 | −$1.1M | −$1.4M | $135,000 | −$1.4M | −$1.3M | −$768,000 | −$2.9M |
| Total shareholders' equity | $578.9M | $569.1M | $603.1M | $602.2M | $607.8M | $617.6M | $630.8M | $617.7M | $626.7M | $625.6M | $645.3M | $649.4M |
| Key figures | ||||||||||||
| Total debt | $74.2M | $75.0M | $78.3M | $78.6M | $82.4M | $83.9M | $84.2M | $84.8M | $88.4M | $91.5M | $87.7M | $92.2M |
| Net cash (debt) | $142.4M | $112.3M | $174.2M | $163.1M | $135.8M | $180.9M | $265.2M | $215.2M | $204.0M | $206.9M | $261.4M | $258.2M |
| Working capital | $253.1M | $152.6M | $187.8M | $196.6M | $215.1M | $238.9M | $277.3M | $243.3M | $250.9M | $250.9M | $288.4M | $286.5M |
| Tangible book value | $497.4M | $527.9M | $519.8M | $560.2M | $565.1M | $574.6M | $587.3M | $570.9M | $577.7M | $575.5M | $594.1M | $597.3M |
| Book value per share | $15.23 | $14.90 | $15.48 | $15.37 | $15.60 | $15.86 | $16.05 | $15.99 | $16.20 | $16.27 | $16.80 | $16.87 |
| Shares outstanding | 38.0M | 38.2M | 39.0M | 39.2M | 39.0M | 38.9M | 39.3M | 38.6M | 38.7M | 38.4M | 38.4M | 38.5M |
| Current ratio | 15.46 | 2.65 | 2.55 | 2.74 | 3.47 | 3.77 | 3.08 | 3.15 | 3.70 | 3.71 | 3.74 | 3.77 |
| Quick ratio | 14.52 | 2.38 | 2.20 | 2.50 | 3.21 | 3.23 | 2.97 | 3.02 | 3.56 | 3.58 | 3.47 | 3.53 |
| Debt / equity | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 | 0.15 | 0.14 | 0.14 |
| Equity / assets | 75.6% | 75.4% | 72.9% | 74.1% | 76.7% | 77.0% | 72.5% | 74.1% | 75.9% | 75.7% | 73.5% | 73.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
MMI financial position
At the end of fiscal 2025 (December 31, 2025), Marcus & Millichap had total assets of $827.2 million (down 4.9% from a year earlier), total liabilities of $224.1 million and shareholders' equity of $603.1 million. It held $252.5 million in cash and short-term investments against $78.3 million of debt, a net cash position of $174.2 million. Its current ratio was 2.55. In the latest quarter (ended June 30, 2026) total assets were $765.8 million and equity $578.9 million.
Related: MMI income statement, MMI cash flow statement, MMI key metrics. See the MMI stock overview for the latest quote and news.
MMI balance sheet FAQ
What are Marcus & Millichap's total assets?
Marcus & Millichap reported total assets of $827.2 million at the end of fiscal 2025 (December 31, 2025), compared with $869.8 million a year earlier.
How much debt does Marcus & Millichap have?
Marcus & Millichap had $78.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does Marcus & Millichap have?
Marcus & Millichap held $252.5 million in cash and short-term investments at the end of fiscal 2025; with $78.3 million of debt that is net cash of $174.2 million.
What is Marcus & Millichap's book value?
Marcus & Millichap's shareholders' equity (book value) was $603.1 million at the end of fiscal 2025, or $15.49 per share.
What is Marcus & Millichap's current ratio?
Marcus & Millichap had current assets of $309.2 million and current liabilities of $121.4 million, a current ratio of 2.55 (it can cover its short-term obligations).
How much goodwill does Marcus & Millichap have?
Marcus & Millichap carried $83.3 million of goodwill and intangible assets, 10.1% of total assets, at the end of fiscal 2025.