Loading institutional data...
Loading institutional data...
Institutional accumulation: ownership increased +2.27% quarter-over-quarter.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $30.51 today, the market must believe free cash flow compounds 14.2%/yr for a decade (off $36M normalized FCF).
The market's 14.2% is more optimistic than its 9-yr track record.
2-stage DCF · 0.04B shares · net debt $0
mean -407.9% · volatility σ 1581% · implied rate exceeded in 4/8 yrs
Central path = implied 14.2%/yr growth; shaded band = ±1σ (1581%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $755.2M 100.0% | $696.1M 100.0% | $645.9M 100.0% | $1.30B 100.0% | $1.30B 100.0% | $716.9M 100.0% | $806.4M 100.0% | $814.8M 100.0% | $719.7M 100.0% | $717.5M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $502.9M 61.7% | $446.6M 62.0% | $444.8M 62.0% |
| Cost of Services | — | — | — | — | — | — | — | — | $446.6M 62.0% | $444.8M 62.0% |
| Selling, General & Admin | $286.3M 37.9% | $280.9M 40.4% | $285.0M 44.1% | $300.0M 23.0% | $255.2M 19.7% | $204.5M 28.5% | $203.1M 25.2% | $193.3M 23.7% | $171.6M 23.8% | $161.8M 22.6% |
| Total Operating Expenses | $768.9M 101.8% | $729.0M 104.7% | $705.3M 109.2% | $1.16B 89.4% | $1.11B 85.4% | $663.3M 92.5% | $710.0M 88.0% | $702.5M 86.2% | $623.6M 86.6% | $610.9M 85.2% |
| Operating Income | -$13.7M -1.8% | -$32.9M -4.7% | -$59.4M -9.2% | $137.4M 10.6% | $189.4M 14.6% | $53.6M 7.5% | $96.4M 12.0% | $112.3M 13.8% | $96.1M 13.4% | $106.5M 14.8% |
| Interest Expense | $773K 0.1% | $812K 0.1% | $888K 0.1% | $708K 0.1% | $580K 0.0% | $900K 0.1% | $1.4M 0.2% | $1.4M 0.2% | $1.5M 0.2% | $1.5M 0.2% |
| Other Income (Expense), net | $17.5M 2.3% | $20.7M 3.0% | $19.9M 3.1% | $5.3M 0.4% | $4.5M 0.3% | $6.7M 0.9% | $12.5M 1.5% | $6.3M 0.8% | $4.6M 0.6% | $2.1M 0.3% |
| Pretax Income | $3.0M 0.4% | -$13.0M -1.9% | -$40.4M -6.3% | $142.0M 10.9% | $193.3M 14.9% | $59.4M 8.3% | $107.5M 13.3% | $117.2M 14.4% | $99.2M 13.8% | $107.1M 14.9% |
| Income Tax Expense | $4.9M 0.7% | -$666K -0.1% | -$6.4M -1.0% | $37.8M 2.9% | $50.8M 3.9% | $16.5M 2.3% | $30.6M 3.8% | $30.0M 3.7% | $47.7M 6.6% | $42.4M 5.9% |
| Net Income | -$1.9M -0.3% | -$12.4M -1.8% | -$34.0M -5.3% | $104.2M 8.0% | $142.5M 11.0% | $42.8M 6.0% | $76.9M 9.5% | $87.3M 10.7% | $51.5M 7.2% | $64.7M 9.0% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.05 | $-0.32 | $-0.88 | $2.61 | $3.57 | $1.08 | $1.95 | $2.23 | $1.32 | $1.66 |
| EPS (Diluted) | $-0.05 | $-0.32 | $-0.88 | $2.59 | $3.55 | $1.08 | $1.95 | $2.22 | $1.32 | $1.66 |
| Weighted Avg Shares (Basic) | 38.9M | 38.7M | 38.7M | 39.9M | 39.9M | 39.6M | 39.4M | 39.1M | 39.0M | 38.9M |
| Weighted Avg Shares (Diluted) | 38.9M | 38.7M | 38.7M | 40.2M | 40.2M | 39.7M | 39.5M | 39.4M | 39.1M | 39.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 35% of free cash flow, leaving room to grow it and fund buybacks. Last year: $21M dividends + $25M buybacks = $46M returned on $59M FCF.
1 consecutive years of dividend increases · -30%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$0 of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2014-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| MMI | $1.2B | — | — | 1.6× | 8.5% | — | -0.3% | -0.3% | -0.3% | — | 162 |
Peers = companies sharing MMI's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 13-yr range · 34th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.7 | — | — | — | — | — | — | — |
| SG&A | 23.7 | 25.2 | 28.5 | 19.7 | 23.0 | 44.1 | 40.4 | 37.9 |
| Operating Income | 13.8 | 12.0 | 7.5 | 14.6 | 10.6 | -9.2 | -4.7 | -1.8 |
| Income Tax | 3.7 | 3.8 | 2.3 | 3.9 | 2.9 | -1.0 | -0.1 | 0.7 |
| Net Income | 10.7 | 9.5 | 6.0 | 11.0 | 8.0 | -5.3 | -1.8 | -0.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MMI: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.