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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Real Estate
- Marketing Funds
- Mortgage
| Segment | FY2025 | FY2024 |
|---|---|---|
| Real Estate | $205.1M | $214.1M |
| Marketing Funds | $72.8M | $79.0M |
| Mortgage | $13.7M | $14.6M |
As the company reported it, from the “Segment Information - Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $175.6M | $193.7M | $212.6M | $282.3M | $266.0M | $329.7M | $353.4M | $325.7M | $307.7M | $291.6M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $22.2M | $10.1M | $27.1M | $25.3M | $11.2M | -$24.6M | $10.8M | -$98.5M | $8.1M | $13.4M |
Recent filings and events
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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