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Side-by-side financial comparison of Marcus & Millichap, Inc. (MMI) and Victory Capital Holdings, Inc. (VCTR). Click either name above to swap in a different company.
Victory Capital Holdings, Inc. is the larger business by last-quarter revenue ($388.0M vs $243.9M, roughly 1.6× Marcus & Millichap, Inc.). Victory Capital Holdings, Inc. runs the higher net margin — 28.9% vs 5.5%, a 23.4% gap on every dollar of revenue. On growth, Victory Capital Holdings, Inc. posted the faster year-over-year revenue change (76.7% vs 1.6%). Over the past eight quarters, Marcus & Millichap, Inc.'s revenue compounded faster (37.5% CAGR vs 32.9%).
Marcus & Millichap, Inc. is an American company that provides real estate brokerage, mortgage brokerage, research, and advisory services in the U.S. and Canada in the field of commercial property. It popularized the practice of listing properties exclusively with one brokerage firm. The company has over 1,800 employees in more than 80 offices across the U.S. and Canada.
Victory Capital Holdings, Inc.VCTREarnings & Financial Report
Victory Capital Holdings, Inc. is an American financial services company headquartered in San Antonio, Texas that focuses on investment management. Outside the US, it also has investment professionals in London, Hong Kong and Singapore.
MMI vs VCTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $243.9M | $388.0M |
| Net Profit | $13.3M | $112.1M |
| Gross Margin | — | — |
| Operating Margin | 6.3% | 41.0% |
| Net Margin | 5.5% | 28.9% |
| Revenue YoY | 1.6% | 76.7% |
| Net Profit YoY | 55.7% | 80.8% |
| EPS (diluted) | $0.33 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $388.0M | ||
| Q4 25 | $243.9M | $374.1M | ||
| Q3 25 | $193.9M | $361.2M | ||
| Q2 25 | $172.3M | $351.2M | ||
| Q1 25 | $145.0M | $219.6M | ||
| Q4 24 | $240.1M | $232.4M | ||
| Q3 24 | $168.5M | $225.6M | ||
| Q2 24 | $158.4M | $219.6M |
| Q1 26 | — | $112.1M | ||
| Q4 25 | $13.3M | $112.8M | ||
| Q3 25 | $240.0K | $96.5M | ||
| Q2 25 | $-11.0M | $58.7M | ||
| Q1 25 | $-4.4M | $62.0M | ||
| Q4 24 | $8.5M | $76.9M | ||
| Q3 24 | $-5.4M | $82.0M | ||
| Q2 24 | $-5.5M | $74.3M |
| Q1 26 | — | 41.0% | ||
| Q4 25 | 6.3% | 40.9% | ||
| Q3 25 | -1.2% | 38.2% | ||
| Q2 25 | -5.3% | 26.8% | ||
| Q1 25 | -12.2% | 42.3% | ||
| Q4 24 | 2.8% | 48.1% | ||
| Q3 24 | -6.8% | 53.3% | ||
| Q2 24 | -5.1% | 50.4% |
| Q1 26 | — | 28.9% | ||
| Q4 25 | 5.5% | 30.2% | ||
| Q3 25 | 0.1% | 26.7% | ||
| Q2 25 | -6.4% | 16.7% | ||
| Q1 25 | -3.0% | 28.2% | ||
| Q4 24 | 3.6% | 33.1% | ||
| Q3 24 | -3.2% | 36.3% | ||
| Q2 24 | -3.5% | 33.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.33 | $1.33 | ||
| Q3 25 | $0.01 | $1.11 | ||
| Q2 25 | $-0.28 | $0.68 | ||
| Q1 25 | $-0.11 | $0.96 | ||
| Q4 24 | $0.22 | $1.18 | ||
| Q3 24 | $-0.14 | $1.24 | ||
| Q2 24 | $-0.14 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $75.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $603.1M | $2.4B |
| Total Assets | $827.2M | $4.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $75.8M | ||
| Q4 25 | — | $163.7M | ||
| Q3 25 | — | $115.7M | ||
| Q2 25 | — | $107.9M | ||
| Q1 25 | — | $175.6M | ||
| Q4 24 | — | $126.7M | ||
| Q3 24 | — | $188.2M | ||
| Q2 24 | — | $119.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $970.0M | ||
| Q3 25 | — | $972.0M | ||
| Q2 25 | — | $965.7M | ||
| Q1 25 | — | $964.8M | ||
| Q4 24 | — | $963.9M | ||
| Q3 24 | — | $982.7M | ||
| Q2 24 | — | $981.7M |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $603.1M | $2.4B | ||
| Q3 25 | $602.2M | $2.4B | ||
| Q2 25 | $607.8M | $2.5B | ||
| Q1 25 | $617.6M | $1.1B | ||
| Q4 24 | $630.8M | $1.1B | ||
| Q3 24 | $617.7M | $1.2B | ||
| Q2 24 | $626.7M | $1.1B |
| Q1 26 | — | $4.1B | ||
| Q4 25 | $827.2M | $4.2B | ||
| Q3 25 | $812.5M | $4.2B | ||
| Q2 25 | $792.2M | $4.2B | ||
| Q1 25 | $802.0M | $2.6B | ||
| Q4 24 | $869.8M | $2.5B | ||
| Q3 24 | $833.7M | $2.6B | ||
| Q2 24 | $825.4M | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.87× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $46.3M | — |
| Free Cash FlowOCF − Capex | $43.9M | — |
| FCF MarginFCF / Revenue | 18.0% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 3.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $46.3M | $145.1M | ||
| Q3 25 | $52.2M | $165.9M | ||
| Q2 25 | $21.0M | $-6.6M | ||
| Q1 25 | $-52.8M | $81.1M | ||
| Q4 24 | $56.7M | $91.8M | ||
| Q3 24 | $15.2M | $99.8M | ||
| Q2 24 | $851.0K | $79.7M |
| Q1 26 | — | — | ||
| Q4 25 | $43.9M | $144.5M | ||
| Q3 25 | $50.0M | $164.8M | ||
| Q2 25 | $19.3M | $-7.5M | ||
| Q1 25 | $-54.3M | $79.5M | ||
| Q4 24 | $55.1M | $91.7M | ||
| Q3 24 | $13.2M | $99.4M | ||
| Q2 24 | $-806.0K | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 38.6% | ||
| Q3 25 | 25.8% | 45.6% | ||
| Q2 25 | 11.2% | -2.1% | ||
| Q1 25 | -37.5% | 36.2% | ||
| Q4 24 | 23.0% | 39.4% | ||
| Q3 24 | 7.8% | 44.0% | ||
| Q2 24 | -0.5% | 36.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 0.2% | ||
| Q3 25 | 1.2% | 0.3% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 0.6% | 0.1% | ||
| Q3 24 | 1.2% | 0.2% | ||
| Q2 24 | 1.0% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.48× | 1.29× | ||
| Q3 25 | 217.54× | 1.72× | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 6.63× | 1.19× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
VCTR
| Investment management fees | $316.4M | 82% |
| Fund administration and distribution fees | $71.6M | 18% |
