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RMAX

RE/MAX Holdings, Inc.

RMAX

RE/MAX Holdings, Inc. • NYSE
$8.22 ▼ -1.79% (-0.15)
Market Cap $164.85 M
52w High $13.44
52w Low $6.90
Dividend Yield 0%
P/E 13.05
Volume 50.75K
Outstanding Shares 20.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $73.247M ▲ $36.792M ▼ $3.986M ▼ 5.442% ▼ $0.2 ▼ $25.748M ▲
Q2-2025 $72.75M ▼ $40.432M ▼ $4.685M ▲ 6.44% ▲ $0.23 ▲ $20.589M ▲
Q1-2025 $74.467M ▲ $50.236M ▲ $-1.958M ▼ -2.629% ▼ $-0.1 ▼ $13.147M ▲
Q4-2024 $72.467M ▼ $49.544M ▲ $5.805M ▲ 8.011% ▲ $0.31 ▲ $11.353M ▼
Q3-2024 $78.478M $43.169M $966K 1.231% $0.051 $22.448M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $107.476M ▲ $582.203M ▲ $617.051M ▼ $448.13M ▲
Q2-2025 $94.313M ▲ $574.797M ▲ $618.362M ▼ $442.431M ▲
Q1-2025 $89.107M ▼ $571.391M ▼ $626.914M ▼ $433.508M ▲
Q4-2024 $96.619M ▲ $581.594M ▲ $639.988M ▼ $429.483M ▲
Q3-2024 $83.779M $578.649M $640.412M $423.107M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.462M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $6.698M ▲ $4.552M ▼ $-1.616M ▲ $-1.263M ▲ $2.886M ▲ $2.936M ▼
Q1-2025 $-1.958M ▼ $5.661M ▼ $-1.691M ▼ $-6.531M ▼ $-2.381M ▼ $3.97M ▼
Q4-2024 $4.08M ▲ $16.785M ▼ $-753K ▲ $-1.663M ▼ $12.909M ▼ $15.984M ▼
Q3-2024 $3.414M $17.601M $-1.03M $-1.223M $15.704M $16.29M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Annual dues
Annual dues
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Brokerage
Brokerage
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Continuing franchise fees
Continuing franchise fees
 $0 ▲$0 ▲$30.00M ▲$30.00M ▲
Marketing Funds fees
Marketing Funds fees
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Mortgage
Mortgage
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate
Real Estate
 $50.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement RE/MAX’s income statement shows a mature, fairly stable business with modest profitability rather than fast growth. Revenue has hovered in a narrow range over the past several years, ticking up and down with the housing cycle rather than showing a clear growth trend. Gross profit has held up reasonably well, which suggests the core franchise and fee model is still sound. Operating profit and net income, however, have been choppy, with a notable loss in 2023 and only small profits in other years. That pattern points to a business that can be profitable, but is sensitive to market conditions, legal or restructuring costs, and execution on strategy. Overall, earnings quality looks mixed: the model generates profit in normal times, but setbacks can quickly push results into the red.

Balance Sheet

Balance Sheet The balance sheet reflects a company with meaningful leverage and limited flexibility, but not an obviously distressed position. Total assets have stayed broadly steady, and cash levels have been fairly consistent rather than shrinking sharply, which is a positive. At the same time, debt makes up a large share of the capital structure and has stayed high, while equity has drifted down from earlier levels. That combination implies higher financial risk and less room to absorb prolonged downturns in housing activity. The business doesn’t appear overextended in the short term, but the reliance on debt means management needs to keep a close eye on interest costs, covenants, and refinancing conditions if the real estate cycle worsens.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The company has generated positive operating cash flow every year in the period shown, even when accounting income dipped into losses. Free cash flow has also been consistently positive, helped by modest capital spending needs. This supports the idea that the franchise model is cash‑generative and not capital‑intensive. It also means RE/MAX has some ongoing capacity to service debt, fund technology initiatives, and support the network without constantly needing fresh capital. The key question is whether this steady cash generation holds if transaction volumes stay weak for an extended stretch.

Competitive Edge

Competitive Edge RE/MAX enjoys a strong competitive position anchored in a globally recognized brand and a long-established, agent‑centric franchise model. Its name recognition, iconic branding, and large network of experienced, high‑producing agents create a self‑reinforcing advantage: strong agents attract clients, which enhances the brand, which then attracts more strong agents. The franchise approach, where agents keep a larger share of commissions, is designed to appeal to top performers and has historically driven above‑average agent productivity. In addition to core residential brokerage, RE/MAX has carved out niches in luxury homes and commercial real estate, and it has extended into mortgages through Motto Mortgage and other service partnerships. The main competitive threats are intense rivalry from other national brokerages, online and tech‑driven platforms, pressure on agent economics, and consolidation in the industry. Still, the combination of brand, scale, and an entrenched agent network forms a meaningful moat.

Innovation and R&D

Innovation and R&D RE/MAX does not do “R&D” in the classic manufacturing or biotech sense; instead, its innovation is focused on technology, data, and platform development for agents and consumers. In recent years the company has overhauled its tech stack with MAX/Tech powered by kvCORE, providing integrated customer management, websites, lead generation, and automated marketing. It is leaning heavily into artificial intelligence with tools for automated campaign creation, referral matching, and social media engagement, all aimed at making agents more productive and marketing more targeted. Consumer‑facing apps and virtual tools are designed to keep the client experience competitive with digital‑first rivals. Programs like Aspire target the next generation of agents, while Motto Mortgage and other ancillary offerings help create a more seamless, “one‑stop” transaction. The opportunity is to turn these investments into higher agent productivity, better retention, and new revenue streams; the risk is execution—ensuring agents adopt the tools and that spending on technology actually translates into durable economic benefits.

Summary

Overall, RE/MAX looks like a mature, brand‑driven real estate franchisor navigating a tough and shifting housing landscape. Financially, it runs a steady, cash‑generative model with relatively flat revenue and modest profits, but its earnings record is uneven and sensitive to shocks, as seen in the loss year. The balance sheet carries significant debt, which raises financial risk and puts more pressure on consistent cash flow and disciplined capital allocation. On the strategic side, the company’s strengths lie in its powerful brand, global agent network, and agent‑friendly franchise structure, along with specialized segments in luxury and commercial and the added layer of mortgage and related services. Its future will likely hinge on how effectively it executes on technology and AI initiatives, attracts and retains younger, tech‑savvy agents, and uses its scale to benefit from industry consolidation—while managing leverage and navigating real estate cycles without further large earnings disruptions.

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