RE/MAX Holdings, Inc. RMAX
We are one of the world's leading franchisors in the real estate industry. We franchise real estate brokerages worldwide under the RE/MAX® brand ("REMAX") and mortgage brokerages in the United States under the Motto® Mortgage brand ("Motto"). We also provide ancillary products and services to our franchise networks, including marketing services, technology platforms, and mortgage loan processing services to our Motto network and other third parties through our wemlo® brand.
REMAX and Motto are 100% franchised. We do not own or operate brokerage offices. Instead, we provide franchisees with the right to use our brands, technology offerings, and value proposition while franchisees fund and manage their own operations. As a result, we maintain a low fixed-cost structure and generate revenue primarily from recurring fee-based sources, producing strong margins and cash flow.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.6M | $307.7M | $325.7M | $353.4M | $329.7M | $266.0M | $282.3M | $212.6M | $193.7M | $175.6M |
| SG&A | $146.7M | $152.3M | $171.5M | $174.0M | $179.5M | $129.0M | $119.2M | $120.2M | $106.9M | $88.0M |
| Total operating expenses | $244.6M | $267.5M | $336.3M | $315.2M | $339.6M | $227.4M | $213.3M | $134.2M | $95.4M | $104.3M |
| Operating income | $47.0M | $40.2M | -$10.6M | $38.2M | -$9.9M | $38.6M | $69.0M | $78.4M | $98.3M | $71.3M |
| Interest expense | — | — | $35.7M | $20.9M | $11.3M | $9.2M | $12.2M | $12.1M | $10.0M | $8.6M |
| Pre-tax income | $19.6M | $6.2M | -$41.5M | $18.1M | -$22.2M | $29.7M | $58.3M | $66.7M | $88.9M | $62.0M |
| Income tax | $6.2M | $1.9M | $56.9M | $7.4M | $2.5M | $9.2M | $11.0M | $16.4M | $57.5M | $15.2M |
| Net income | $13.4M | $8.1M | -$98.5M | $10.8M | -$24.6M | $11.2M | $25.3M | $27.1M | $10.1M | $22.2M |
| EPS, basic | — | — | — | — | — | 0.62 | 1.42 | 1.53 | 0.58 | 1.26 |
| EPS, diluted | — | — | — | — | — | 0.61 | 1.41 | 1.53 | 0.58 | 1.26 |
| Shares, diluted (wtd. avg.) | — | — | — | — | — | — | — | $17.8M | $17.7M | $17.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $118.7M | $96.6M | $125.8M | $138.1M | $158.4M | $121.2M | $103.6M | $60.0M | $50.8M | $57.6M |
| Total current assets | $240.1M | $218.5M | $176.6M | $193.0M | $210.8M | $166.4M | $142.8M | $87.5M | $80.0M | $81.2M |
| Property, plant and equipment | $6.0M | $7.6M | $8.6M | $9.8M | $12.7M | $7.9M | $5.4M | $4.4M | $2.9M | $2.7M |
| Goodwill | $239.6M | $237.2M | $241.2M | $258.6M | $269.1M | $165.4M | $148.6M | $140.2M | $135.2M | $126.6M |
| Other intangibles | $67.1M | $81.2M | $101.5M | $120.2M | $143.8M | $69.8M | $84.7M | $103.2M | $119.3M | $109.1M |
| Total assets | $582.5M | $581.6M | $577.1M | $695.2M | $776.1M | $546.4M | $530.8M | $428.4M | $412.8M | $437.2M |
| Accounts payable | $4.0M | $5.8M | $4.7M | $6.2M | $5.2M | $2.1M | $3.0M | $1.9M | $517.0K | $1.0M |
| Short-term debt | $4.6M | $4.6M | $4.6M | $4.6M | $4.6M | $2.4M | $2.6M | $2.6M | $2.4M | $2.4M |
| Total current liabilities | $141.8M | $154.7M | $149.3M | $119.7M | $146.2M | $117.2M | $107.0M | $46.9M | $49.9M | $46.5M |
| Long-term debt | $432.2M | $436.2M | $440.0M | $443.7M | $447.5M | $221.1M | $223.0M | $225.2M | $226.6M | $228.5M |
| Total liabilities | $611.5M | $640.0M | $653.2M | $663.5M | $707.1M | $444.7M | $444.0M | $353.4M | $363.7M | $376.4M |
| Retained earnings | -$126.1M | -$133.7M | -$140.2M | -$54.0M | -$7.8M | $25.6M | $30.7M | $20.6M | $8.4M | $16.0M |
| Total equity | $452.4M | $429.5M | -$76.1M | $31.7M | $69.1M | $101.7M | $86.8M | $63.0M | $32.9M | $40.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40.9M | $59.7M | $28.3M | $71.1M | $42.4M | $70.8M | $79.0M | $76.1M | $63.3M | $64.4M |
| Depreciation and amortisation | $25.8M | $29.6M | $32.4M | $35.8M | $31.3M | $26.1M | $21.8M | $20.1M | $20.5M | $16.1M |
| Stock-based compensation | $16.6M | $18.9M | $19.5M | $22.0M | $34.3M | $16.3M | $10.9M | $9.2M | $2.9M | $2.3M |
| Capital expenditure | $7.4M | $6.6M | $6.4M | $9.9M | $15.2M | $6.9M | $13.2M | $7.8M | $2.2M | $4.5M |
| Investing cash flow | -$7.8M | -$5.9M | -$5.6M | -$11.5M | -$194.9M | -$17.5M | -$876.0K | -$33.7M | -$37.9M | -$117.3M |
| Financing cash flow | -$10.8M | -$8.3M | -$35.8M | -$78.4M | $189.4M | -$36.0M | -$34.5M | -$33.2M | -$33.2M | $228.0K |
| Dividends paid | $498.0K | $599.0K | $13.6M | $18.2M | $17.8M | $16.4M | $15.1M | $14.3M | $12.8M | $10.6M |
| Buybacks | — | — | $3.4M | $34.1M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052993.
Others in SIC 6531
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JLL | JONES LANG LASALLE INC | $16.67B | 22.1x | 11.4% |
| COMP | Compass, Inc. | $8.42B | — | 23.7% |
| VAC | MARRIOTT VACATIONS WORLDWIDE Corp | $3.67B | — | 1.0% |
| OPEN | Opendoor Technologies Inc. | $3.06B | — | -15.2% |
| NMRK | NEWMARK GROUP, INC. | $2.72B | 22.4x | 21.9% |
| MMI | Marcus & Millichap, Inc. | $1.21B | — | 8.5% |
| AGNT | AGNT, Inc. | $673.5M | — | 4.5% |
| DOUG | Douglas Elliman Inc. | $164.5M | 10.6x | 3.8% |