Marcus & Millichap, Inc. — Earnings Quality Grade F
MMI · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 7 days, change -3 days YoY
AR growth -21.0% vs revenue growth 8.5%
Revenue 8.5%, CFFO 207.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -0.0% vs revenue 8.5%. Normal
SG&A/Gross Profit = 100.6%, exceeds 70%
Gross margin 37.7%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = -34.92. Below 1.0
FCF $0.1B, FCF/NI = -30.79
Accruals ratio = -8.3%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 7% of equity. Manageable
Debt/EBITDA = 4.9x (>4x). Interest coverage = -17.7x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -4% YoY. Normal
Manipulation Score
M-Score = -2.89 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25