RMR GROUP INC. RMR
The RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR LLC. RMR Inc. is a Maryland corporation and RMR LLC is a Maryland limited liability company. RMR Inc. serves as the sole managing member of RMR LLC and, in that capacity, operates and controls the business and affairs of RMR LLC. In this Annual Report on Form 10-K, unless otherwise indicated, "we", "us" and "our" refers to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC.
As of September 30, 2025, RMR Inc. owned 16,063,495 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represent approximately 53.2% of the economic interest of RMR LLC. A wholly owned subsidiary of ABP Trust owns 15,000,000 redeemable Class A Units, representing approximately 46.8% of the economic interest of RMR LLC.
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 | $182.7M | $193.9M | $236.2M | $200.0M | $607.2M | $589.5M | $713.4M | $405.0M | $271.7M | $266.9M |
| Cost of revenue | — | — | — | — | — | — | — | — | $99.8M | $92.0M |
| Gross profit | — | — | — | — | — | — | — | — | $172.0M | $175.0M |
| SG&A | $42.5M | $43.7M | $36.0M | $32.9M | $27.0M | $26.5M | $28.7M | $27.1M | $25.2M | $23.2M |
| Total operating expenses | $658.5M | $852.6M | $848.6M | $744.1M | $535.1M | $520.8M | $515.6M | $153.0M | $136.2M | $120.2M |
| Operating income | $41.8M | $45.0M | $113.7M | $88.4M | $72.1M | $68.7M | $197.8M | $252.0M | $135.6M | $146.7M |
| Interest expense | $4.3M | $783.0K | $0 | $0 | — | — | — | — | — | — |
| Pre-tax income | $46.4M | $64.4M | $149.5M | $90.7M | $94.2M | $77.9M | $196.4M | $276.3M | $136.9M | $146.9M |
| Income tax | $7.7M | $11.3M | $21.8M | $13.2M | $13.2M | $11.6M | $27.3M | $58.9M | $28.3M | $24.6M |
| Net income | $17.6M | $23.1M | $57.1M | $34.0M | $35.7M | $28.8M | $74.6M | $96.0M | $42.3M | $37.2M |
| EPS, basic | 1.03 | 1.38 | 3.44 | 2.06 | 2.18 | 1.77 | 4.59 | 5.94 | 2.63 | 2.33 |
| EPS, diluted | 1.03 | 1.38 | 3.44 | 2.04 | 2.15 | 1.75 | 4.59 | 5.92 | 2.63 | 2.33 |
| Shares, diluted (wtd. avg.) | $16.6M | $16.5M | $16.4M | $31.3M | $31.3M | $31.2M | $16.1M | $16.1M | $16.0M | $16.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $62.3M | $141.6M | $268.0M | $189.1M | $159.8M | $369.7M | $358.4M | $256.8M | $108.6M | $65.8M |
| Total current assets | $192.7M | $294.1M | $386.3M | $303.3M | $254.5M | $456.1M | $457.8M | $296.1M | $140.9M | $95.4M |
| Property, plant and equipment | $228.7M | $76.4M | $5.4M | $2.5M | $2.2M | $2.3M | $2.4M | $2.6M | $3.3M | $3.8M |
| Goodwill | $71.8M | $71.8M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $2.3M |
| Other intangibles | $26.1M | $20.3M | $167.0K | $198.0K | $235.0K | $277.0K | $323.0K | $375.0K | $462.0K | $1.1M |
| Total assets | $718.2M | $700.5M | $582.4M | $542.4M | $497.9M | $690.3M | $660.8M | $499.0M | $383.7M | $337.5M |
| Accounts payable | $38.7M | $31.6M | $22.6M | $16.7M | $15.0M | $17.0M | $20.3M | $28.3M | $26.4M | $20.6M |
| Total current liabilities | $117.8M | $133.4M | $105.6M | $109.2M | $81.1M | $81.8M | $91.0M | $28.3M | $26.4M | $20.6M |
| Long-term debt | $44.6M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $316.2M | $281.1M | $158.8M | $172.7M | $150.2M | $149.4M | $131.8M | $69.8M | $94.1M | $91.1M |
| Retained earnings | $453.8M | $436.2M | $413.1M | $355.9M | $321.9M | $286.2M | $257.5M | $182.9M | $86.8M | $44.5M |
| Total equity | $227.7M | $237.6M | $423.7M | $369.7M | $347.7M | $540.9M | $529.0M | $434.7M | $289.7M | $246.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $75.7M | $61.4M | $109.2M | $101.3M | $71.8M | $77.5M | $198.2M | $228.5M | $125.9M | $99.7M |
| Depreciation and amortisation | $11.6M | $4.7M | $1.1M | $993.0K | $973.0K | $968.0K | $1.0M | $1.2M | $2.0M | $1.8M |
| Stock-based compensation | $9.7M | $10.6M | $12.5M | $10.1M | $12.0M | $7.8M | $9.0M | $10.4M | $7.1M | $8.6M |
| Capital expenditure | — | $3.9M | $4.0M | $1.1M | $1.1M | $601.0K | $702.0K | $648.0K | $827.0K | $1.1M |
| Investing cash flow | -$183.9M | -$209.8M | $49.5M | -$10.6M | -$1.1M | -$5.9M | -$14.7M | -$648.0K | -$12.8M | -$3.5M |
| Financing cash flow | $28.8M | $22.1M | -$79.8M | -$61.4M | -$280.5M | -$60.4M | -$81.8M | -$79.6M | -$70.3M | -$64.9M |
| Dividends paid | $30.3M | $28.4M | $26.6M | $25.7M | $139.8M | $24.8M | $22.7M | $16.2M | $16.1M | $17.2M |
| Buybacks | $903.0K | $1.1M | $734.0K | $547.0K | $834.0K | $523.0K | $827.0K | $987.0K | $358.0K | $91.0K |
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 0001644378-25-000043.
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