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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Marcus & Millichap's Beneish M-Score or its related term are showing as below:
MMI'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.37 Med: -2.27 Max: -0.05
Current: -3.18
During the past 13 years, the highest Beneish M-Score of Marcus & Millichap was -0.05. The lowest was -3.37. And the median was -2.27.
Marcus & Millichap Beneish M-Score Related Terms
Marcus & Millichap Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Marcus & Millichap's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Real Estate Services subindustry, Marcus & Millichap's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Marcus & Millichap Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Marcus & Millichap's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marcus & Millichap's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Marcus & Millichap for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.7828
+
0.528 * 0.9984
+
0.404 * 1.1862
+
0.892 * 1.0977
+
0.115 * 1.2092
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9187
+
4.679 * -0.14544
-
0.327 * 1.0472
=
-3.18
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(16.016 / (16.016 + 105.576))
/
(11.64 / (11.64 + 95.221))
=
0.131719
/
0.108927
=
1.2092
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-0.587 - 17.288
-
91.927)
/
754.963
=
-0.14544
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Marcus & Millichap has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
Marcus & Millichap (MMI) has a Beneish M-Score of -3.18 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marcus & Millichap and its competitors. According to the industry distribution chart, Marcus & Millichap ranks #202 out of 1686 companies in the Real Estate industry, placing it in the top 12%.
Is Marcus & Millichap's Beneish M-Score too high?
Marcus & Millichap's current Beneish M-Score is -3.18. Based on the distribution chart, Marcus & Millichap ranks #202 out of 1686 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Marcus & Millichap has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Marcus & Millichap's Beneish M-Score compare to HBNB and AGNT?
According to the Real Estate industry distribution chart, Marcus & Millichap ranks #202 out of 1686 companies for Beneish M-Score. This places Marcus & Millichap in the top 12% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Real Estate company?
A good Beneish M-Score depends on the Real Estate industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marcus & Millichap and its competitors. Marcus & Millichap's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marcus & Millichap stock overvalued right now?
Based on GuruFocus' analysis, Marcus & Millichap (MMI) is currently considered Modestly Undervalued. The stock's GF Value™ is $36.27, compared to a current price of $30.41 — trading 16.2% below its estimated fair value. The current Beneish M-Score is -3.18. Marcus & Millichap's overall GF Score™ is 80/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Marcus & Millichap (MMI), the current Beneish M-Score is -3.18 as of Jul. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Marcus & Millichap (MMI) Overvalued in 2026?
Based on GuruFocus' analysis, Marcus & Millichap stock appears to be undervalued.
The current stock price of $30.41 is trading 16.2% below its estimated GF Value™ of $36.27.
GuruFocus considers Marcus & Millichap to be Modestly Undervalued.
Key valuation signals for MMI:
Beneish M-Score: -3.18
GF Value™: $36.27 vs. price of $30.41 (16.2% below fair value)
No single metric tells the full story. See the MMI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Marcus & Millichap Inc is a national brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services. The company offers three primary services to its clients: commercial real estate investment brokerage, financing, and ancillary services, including other research, advisory, and consulting services. The company generates revenues by collecting fees on the sale and financing of commercial properties. These fees consist of commissions collected upon the sale of a property and fees collected from the placement of loans. The Company has one reportable segment: commercial real estate services. The commercial real estate services segment is the aggregation of our two operating segments: investment sales and financing services.
80GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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