The business behind the dividend
| Measure | MMI | Median | Formula |
|---|---|---|---|
| Return on equity | -0.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.32m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $58.78m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -1.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -17.74x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.55x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -8.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -0.3% | -2.0% | -5.3% | 14.6% | 20.5% | 7.8% | 15.5% | 21.3% | 16.4% | 25.0% | 14.6% |
| Operating margin | -1.8% | -4.7% | -9.2% | 10.6% | 14.6% | 7.5% | 12.0% | 13.8% | 13.4% | 14.8% | 10.6% |
| Net margin | -0.3% | -1.8% | -5.3% | 8.0% | 11.0% | 6.0% | 9.5% | 10.7% | 7.2% | 9.0% | 7.2% |
| Current ratio | 2.55x | 3.08x | 3.74x | 3.47x | 2.70x | 3.57x | 4.03x | 4.00x | 3.85x | 2.99x | 3.47x |
| Cash conversion | — | — | — | 0.13x | 1.80x | 0.89x | 0.33x | 1.34x | 1.29x | 1.15x | 1.15x |
How it compares in not classified
Among the 8 not classified companies here measured on free cash flow, Marcus & Millichap pays out less than 3 of them. The median for that group is 35.0%, against this company’s 35.0%.
Closest on free cash flow
- RE/MAX Holdings (RMAX) 1.5%
- ADT (ADT) 10.9%
- Allegion (ALLE) 25.6%
- AGNT (AGNT) 28.2%
Same sector and same denominator, so the figures are comparable. All 10 in not classified →