NYSE : RMAX
RE/MAX Holdings, Inc. — Financial statements
Real Estate · Real Estate Services · United States
Last price 12.36 USD (At close: Aug 24, 2026) · Market cap 418.72M
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Financial statements
RE/MAX Holdings, Inc. (RMAX) reported revenue of 283.12M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 283.12M | 291.60M | 307.69M | 325.67M | 353.39M | 329.70M |
| Cost of Revenue | 69.35M | 72.83M | 78.98M | 83.86M | 90.32M | 82.39M |
| Gross Profit | 213.77M | 218.77M | 228.70M | 241.81M | 263.07M | 247.31M |
| Selling, General & Admin | 143.71M | 143.71M | 150.88M | 167.28M | 164.31M | 179.18M |
| Operating Expenses | 168.11M | 169.56M | 180.44M | 199.69M | 198.18M | 205.72M |
| Operating Income | 45.66M | 49.21M | 48.26M | 42.12M | 64.89M | 41.59M |
| Interest Expense | -30.12M | -31.70M | -36.26M | -35.74M | -20.90M | -11.34M |
| Interest & Investment Income | 3.51M | 3.58M | 3.74M | 4.42M | 1.46M | 217.00K |
| Currency Exchange Gain (Loss) | 125.00K | 705.00K | -1.46M | 419.00K | -641.00K | -839.00K |
| Other Non Operating Income (Expenses) | -715.00K | -715.00K | -1.22M | 25.30M | 702.00K | -394.00K |
| EBT Excluding Unusual Items | 18.46M | 21.08M | 13.06M | 36.51M | 45.50M | 29.23M |
| Merger & Restructuring Charges | -17.39M | -3.10M | -1.60M | -4.80M | -11.70M | -4.80M |
| Impairment of Goodwill | -18.60M | -7.10M | -5.12M | |||
| Asset Writedown | -6.25M | |||||
| Legal Settlements | 1.54M | 1.54M | -5.48M | |||
| Other Unusual Items | -7.78M | 109.00K | 225.00K | -54.65M | -2.33M | -41.47M |
| Pretax Income | -5.17M | 19.63M | 6.20M | -41.54M | 18.13M | -22.16M |
| Income Tax Expense | 7.34M | 6.20M | -1.88M | 56.95M | 7.37M | 2.46M |
| Earnings From Continuing Operations | -12.50M | 13.43M | 8.08M | -98.49M | 10.76M | -24.62M |
| Minority Interest in Earnings | 3.89M | -5.28M | -954.00K | 29.46M | -4.65M | 9.00M |
| Net Income | -8.61M | 8.15M | 7.12M | -69.02M | 6.11M | -15.62M |
| Net Income to Common | -8.61M | 8.15M | 7.12M | -69.02M | 6.11M | -15.62M |
| Shares Outstanding (Basic) | 20.47M | 19.85M | 18.78M | 18.11M | 18.68M | 18.69M |
| Shares Outstanding (Diluted) | 20.47M | 20.40M | 19.29M | 18.11M | 18.84M | 18.69M |
| EPS (Basic) | -0.42 | 0.41 | 0.38 | -3.81 | 0.33 | -0.84 |
| EPS (Diluted) | -0.42 | 0.40 | 0.37 | -3.81 | 0.32 | -0.84 |
| Free Cash Flow | 25.84M | 33.50M | 53.03M | 21.84M | 61.21M | 27.20M |
| Free Cash Flow Per Share | 1.26 | 1.64 | 2.75 | 1.21 | 3.25 | 1.46 |
| Dividend Per Share | 0.69 | 0.92 | 0.92 | |||
| Gross Margin | 75.50% | 75.02% | 74.33% | 74.25% | 74.44% | 75.01% |
| Operating Margin | 16.13% | 16.88% | 15.68% | 12.93% | 18.36% | 12.62% |
| Profit Margin | -3.04% | 2.80% | 2.31% | -21.19% | 1.73% | -4.74% |
| Free Cash Flow Margin | 9.13% | 11.49% | 17.23% | 6.71% | 17.32% | 8.25% |
| EBITDA | 70.06M | 75.06M | 77.82M | 74.53M | 100.65M | 72.93M |
| EBITDA Margin | 24.75% | 25.74% | 25.29% | 22.88% | 28.48% | 22.12% |
| D&A For EBITDA | 24.40M | 25.85M | 29.56M | 32.41M | 35.77M | 31.33M |
| EBIT | 45.66M | 49.21M | 48.26M | 42.12M | 64.89M | 41.59M |
| EBIT Margin | 16.13% | 16.88% | 15.68% | 12.93% | 18.36% | 12.62% |
| Effective Tax Rate | 31.56% | 40.66% | ||||
| Revenue as Reported | 283.12M | 291.60M | 307.69M | 325.67M | 353.39M | 329.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 112.40M | 118.74M | 96.62M | 82.62M | 108.66M | 126.27M |
| Cash & Short-Term Investments | 112.40M | 118.74M | 96.62M | 82.62M | 108.66M | 126.27M |
| Accounts Receivable | 30.70M | 26.94M | 27.81M | 33.43M | 32.52M | 34.61M |
| Other Receivables | 8.11M | 8.19M | 7.59M | 1.71M | 2.14M | 1.75M |
| Receivables | 38.81M | 35.13M | 35.40M | 35.13M | 34.66M | 36.37M |
| Restricted Cash | 71.69M | 74.33M | 72.67M | 43.14M | 29.46M | 32.13M |
| Other Current Assets | 2.00M | 11.94M | 13.82M | 15.67M | 20.18M | 16.01M |
| Total Current Assets | 235.62M | 240.14M | 218.51M | 176.56M | 192.96M | 210.77M |
| Property, Plant & Equipment | 16.16M | 18.60M | 25.36M | 31.65M | 35.62M | 49.21M |
| Goodwill | 237.90M | 239.57M | 237.24M | 241.16M | 258.63M | 269.12M |
| Other Intangible Assets | 70.47M | 77.85M | 94.57M | 120.69M | 145.94M | 176.36M |
| Long-Term Deferred Tax Assets | 51.44M | 51.31M | ||||
| Other Long-Term Assets | 2.56M | 6.30M | 5.92M | 7.08M | 10.65M | 19.36M |
| Total Assets | 567.43M | 582.48M | 581.59M | 577.15M | 695.23M | 776.13M |
| Accounts Payable | 3.68M | 3.99M | 5.76M | 4.70M | 6.17M | 5.19M |
| Accrued Expenses | 49.19M | 100.93M | 110.86M | 107.43M | 70.75M | 96.77M |
| Current Portion of Long-Term Debt | 4.60M | 4.60M | 4.60M | 4.60M | 4.60M | 4.60M |
| Current Portion of Leases | 9.66M | 9.22M | 8.56M | 7.92M | 7.07M | 6.33M |
| Current Income Taxes Payable | 552.00K | 105.00K | 541.00K | 766.00K | 1.66M | 2.55M |
| Current Unearned Revenue | 21.65M | 21.39M | 22.85M | 23.08M | 27.78M | 27.18M |
| Other Current Liabilities | 63.72M | 1.54M | 1.54M | 822.00K | 1.64M | 3.61M |
| Total Current Liabilities | 153.06M | 141.77M | 154.70M | 149.32M | 119.67M | 146.22M |
| Long-Term Debt | 430.45M | 432.15M | 436.24M | 439.98M | 443.72M | 447.46M |
| Long-Term Leases | 9.20M | 13.51M | 22.67M | 31.48M | 37.99M | 45.95M |
| Long-Term Unearned Revenue | 11.43M | 12.86M | 14.78M | 17.61M | 18.29M | 18.93M |
| Long-Term Deferred Tax Liabilities | 7.76M | 8.19M | 8.45M | 10.80M | 13.11M | 14.70M |
| Other Long-Term Liabilities | 2.42M | 2.98M | 3.15M | 4.03M | 30.75M | 33.81M |
| Total Liabilities | 614.31M | 611.46M | 639.99M | 653.21M | 663.53M | 707.07M |
| Common Stock | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 585.64M | 578.43M | 565.07M | 550.64M | 535.57M | 515.44M |
| Retained Earnings | -140.21M | -126.07M | -133.73M | -140.22M | -54.00M | -7.82M |
| Comprehensive Income & Other | -1.51M | 54.00K | -1.86M | 638.00K | -395.00K | 650.00K |
| Total Common Equity | 443.93M | 452.41M | 429.48M | 411.06M | 481.17M | 508.27M |
| Minority Interest | -490.81M | -481.40M | -487.88M | -487.12M | -449.47M | -439.21M |
| Shareholders' Equity | -46.89M | -28.99M | -58.39M | -76.06M | 31.70M | 69.07M |
| Total Liabilities & Equity | 567.43M | 582.48M | 581.59M | 577.15M | 695.23M | 776.13M |
| Total Debt | 453.91M | 459.48M | 472.07M | 483.98M | 493.38M | 504.33M |
| Net Cash (Debt) | -341.51M | -340.75M | -375.45M | -401.36M | -384.71M | -378.06M |
| Net Cash Per Share | -16.68 | -16.70 | -19.46 | -22.16 | -20.41 | -20.23 |
| Filing Date Shares Outstanding | 21.32M | 20.14M | 18.98M | 18.28M | 17.82M | 18.90M |
| Total Common Shares Outstanding | 21.32M | 20.10M | 18.97M | 18.27M | 17.87M | 18.81M |
| Working Capital | 82.56M | 98.37M | 63.81M | 27.25M | 73.29M | 64.56M |
| Book Value Per Share | 20.82 | 22.51 | 22.64 | 22.50 | 26.92 | 27.03 |
| Tangible Book Value | 135.56M | 134.99M | 97.68M | 49.20M | 76.61M | 62.80M |
| Tangible Book Value Per Share | 6.36 | 6.72 | 5.15 | 2.69 | 4.29 | 3.34 |
| Machinery | 13.28M | 13.26M | 13.36M | 12.40M | 16.11M | |
| Leasehold Improvements | 9.88M | 9.84M | 8.40M | 8.34M | 5.99M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -8.61M | 8.15M | 7.12M | -69.02M | 6.11M | -15.62M |
| Depreciation & Amortization | 24.40M | 25.85M | 29.56M | 32.41M | 35.77M | 31.33M |
| Loss (Gain) From Sale of Assets | 1.32M | -6.00K | ||||
| Asset Writedown & Restructuring Costs | 13.35M | 5.12M | ||||
| Stock-Based Compensation | 16.59M | 16.63M | 18.86M | 19.54M | 22.04M | 34.30M |
| Provision & Write-off of Bad Debts | 2.87M | 3.28M | 1.36M | 6.78M | 2.58M | -1.34M |
| Other Operating Activities | 1.25M | 2.31M | 5.80M | 69.20M | 3.60M | -11.38M |
| Change in Accounts Receivable | -3.94M | -3.94M | 7.50M | -8.44M | 2.79M | 3.33M |
| Change in Unearned Revenue | -3.52M | -3.52M | -2.87M | -5.43M | 58.00K | 137.00K |
| Change in Income Taxes | -314.00K | -314.00K | -6.50M | 298.00K | -871.00K | -9.78M |
| Change in Other Net Operating Assets | 6.26M | -7.57M | -1.18M | -17.07M | -15.61M | 6.35M |
| Operating Cash Flow | 34.99M | 40.88M | 59.65M | 28.26M | 71.14M | 42.44M |
| Capital Expenditures | -9.15M | -7.37M | -6.62M | -6.42M | -9.93M | -15.24M |
| Cash Acquisitions | -180.00M | |||||
| Other Investing Activities | -408.00K | -408.00K | 746.00K | 776.00K | -1.57M | 319.00K |
| Investing Cash Flow | -9.56M | -7.78M | -5.88M | -5.64M | -11.50M | -194.92M |
| Long-Term Debt Issued | 458.85M | |||||
| Long-Term Debt Repaid | -4.60M | -4.60M | -4.60M | -4.60M | -227.39M | |
| Net Debt Issued (Repaid) | -4.60M | -4.60M | -4.60M | -4.60M | -4.60M | 231.46M |
| Repurchase of Common Stock | -3.83M | -4.59M | -3.08M | -7.78M | -40.62M | -5.33M |
| Common Dividends Paid | -12.50M | -17.35M | -17.36M | |||
| Other Financing Activities | -1.29M | -1.56M | -598.00K | -10.94M | -15.79M | -19.42M |
| Financing Cash Flow | -9.72M | -10.75M | -8.27M | -35.82M | -78.36M | 189.35M |
| Foreign Exchange Rate Adjustments | -1.42M | 1.44M | -1.98M | 831.00K | -1.55M | 300.00K |
| Net Cash Flow | 14.29M | 23.78M | 43.52M | -12.37M | -20.27M | 37.17M |
| Free Cash Flow | 25.84M | 33.50M | 53.03M | 21.84M | 61.21M | 27.20M |
| Free Cash Flow Margin | 9.13% | 11.49% | 17.23% | 6.71% | 17.32% | 8.25% |
| Free Cash Flow Per Share | 1.26 | 1.64 | 2.75 | 1.21 | 3.25 | 1.46 |
| Levered Free Cash Flow | 56.63M | 32.94M | 26.09M | 68.67M | 48.28M | 75.97M |
| Unlevered Free Cash Flow | 75.45M | 52.75M | 48.75M | 91.01M | 61.35M | 83.06M |
| Cash Interest Paid | 30.77M | 30.77M | 35.55M | 34.73M | 19.83M | 10.79M |
| Cash Income Tax Paid | 7.17M | 7.17M | 6.66M | 7.11M | 6.53M | 14.91M |
| Change in Working Capital | -1.51M | -15.34M | -3.05M | -30.65M | -13.63M | 39.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 418.72M | 152.23M | 201.36M | 243.10M | 340.09M | 576.01M |
| Enterprise Value | 760.23M | 24.58M | 107.97M | 159.93M | 271.58M | 523.92M |
| Last Close Price | 12.36 | 7.59 | 10.67 | 13.33 | 17.96 | 28.28 |
| PE Ratio | 18.67 | 28.27 | 55.66 | |||
| Forward PE | 8.92 | 5.90 | 8.31 | 10.77 | 9.11 | 11.63 |
| PS Ratio | 1.48 | 0.52 | 0.65 | 0.75 | 0.96 | 1.75 |
| PB Ratio | 0.59 | -5.25 | -3.45 | -3.20 | 10.73 | 8.34 |
| P/TBV Ratio | 3.09 | 1.13 | 2.06 | 4.94 | 4.44 | 9.17 |
| P/FCF Ratio | 16.20 | 4.54 | 3.80 | 11.13 | 5.56 | 21.18 |
| P/OCF Ratio | 11.97 | 3.72 | 3.38 | 8.60 | 4.78 | 13.57 |
| PEG Ratio | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | |
| EV/Sales Ratio | 2.69 | 0.08 | 0.35 | 0.49 | 0.77 | 1.59 |
| EV/EBITDA Ratio | 10.85 | 0.33 | 1.39 | 2.15 | 2.70 | 7.18 |
| EV/EBIT Ratio | 16.65 | 0.50 | 2.24 | 3.80 | 4.19 | 12.60 |
| EV/FCF Ratio | 29.42 | 0.73 | 2.04 | 7.32 | 4.44 | 19.26 |
| Debt / Equity Ratio | -9.68 | -15.85 | -8.08 | -6.36 | 15.56 | 7.30 |
| Debt / EBITDA Ratio | 5.61 | 5.32 | 5.28 | 5.49 | 4.24 | 5.74 |
| Debt / FCF Ratio | 17.56 | 13.71 | 8.90 | 22.16 | 8.06 | 18.54 |
| Net Debt / Equity Ratio | -7.28 | -11.76 | -6.43 | -5.28 | 12.13 | 5.47 |
| Net Debt / EBITDA Ratio | 4.87 | 4.54 | 4.83 | 5.38 | 3.82 | 5.18 |
| Net Debt / FCF Ratio | 13.21 | 10.17 | 7.08 | 18.37 | 6.29 | 13.90 |
| Asset Turnover | 0.50 | 0.50 | 0.53 | 0.51 | 0.48 | 0.50 |
| Quick Ratio | 0.99 | 1.08 | 0.85 | 0.79 | 1.20 | 1.11 |
| Current Ratio | 1.54 | 1.69 | 1.41 | 1.18 | 1.61 | 1.44 |
| Return on Equity (ROE) | 21.35% | -28.84% | ||||
| Return on Assets (ROA) | 5.00% | 5.28% | 5.21% | 4.14% | 5.51% | 3.93% |
| Return on Invested Capital (ROIC) | 10.89% | 7.76% | 11.29% | 9.98% | 8.92% | 11.44% |
| Return on Capital Employed (ROCE) | 11.00% | 11.20% | 11.30% | 9.80% | 11.30% | 6.60% |
| Earnings Yield | -2.06% | 5.36% | 3.54% | -28.39% | 1.80% | -2.71% |
| FCF Yield | 6.17% | 22.01% | 26.33% | 8.99% | 18.00% | 4.72% |
| Dividend Yield | 5.18% | 5.12% | 3.25% | |||
| Payout Ratio | 283.99% | |||||
| Buyback Yield / Dilution | -2.92% | -5.73% | -6.53% | 3.89% | -0.83% | -2.00% |
| Total Shareholder Return | -2.92% | -5.73% | -6.53% | 9.07% | 4.30% | 1.26% |