RE/MAX Holdings, Inc. (RMAX) 10-Year Financial Performance & Capital Metrics

RMAX • • REIT / Real Estate

Real EstateReal Estate ServicesReal Estate Brokerage & Agency ServicesResidential Brokerage Networks

AboutRE/MAX Holdings, Inc. operates as a franchisor of real estate and mortgage brokerage services in the United States, Canada, and internationally. The company operates through three segments: Real Estate, Mortgage, and Marketing Funds. It offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand. In addition, the company provides First mobile app, which integrates a suite of digital products that enables agents, brokers, and teams to establish and manage client relationships; RE/MAX University platform, a learning hub designed to help each agent in their professional expertise; and Booj platform. The company was founded in 1973 and is headquartered in Denver, Colorado.Show more

Revenue $308M -5.5%
FFO $37M +200.2%
FFO/Share 1.90 +194.1%
FFO Payout 1.63% +104.4%
FFO per Share 1.90 +194.1%
NOI Margin 74.33% +0.1%
FFO Margin 11.92% +206.1%
ROE -
ROA 1.23% +111.3%
Debt/Assets 81.17% -3.2%
Net Debt/EBITDA 5.38 -70.8%
Book Value/Share -3.03 +27.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 86.1% TTM
✓Sustainable FFO payout ratio of 1.6%
✓High NOI margin of 74.3%

✗Weaknesses

✗Profits declining 22.4% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.05%

5Y1.74%

3Y-2.28%

TTM-6.06%

Profit (Net Income) CAGR

10Y-6.15%

5Y-22.38%

3Y-

TTM230.55%

EPS CAGR

10Y-10.32%

5Y-32.39%

3Y-

TTM215.01%

ROCE

10Y Avg12.82%

5Y Avg4.12%

3Y Avg4.54%

Latest9.4%

Peer Comparison

Residential Brokerage Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RMAXRE/MAX Holdings, Inc.	163.46M	8.15	22.03	-5.52%	4.27%		32.44%
BEKEKE Holdings Inc.	19.01B	17.55	5.09	20.16%	3.36%	5.12%	44.23%	0.32
FTHMFathom Holdings Inc.	42.11M	1.30	-1.22	-2.91%	-4.7%	-45.71%		0.42
DOUGDouglas Elliman Inc.	249.58M	2.81	-3.09	4.19%	-5.76%	-51.69%		0.96
UOKAMDJM Ltd	2.47M	2.31	-10.64	-66.61%	-22.51%	-121.44%
HOUSAnywhere Real Estate Inc.	1.98B	17.64	-15.34	0.99%	-2.18%	-8.42%	1.31%	1.95
REAXThe Real Brokerage Inc.	817.55M	3.86	-27.57	83.5%	-0.78%	-25.9%	5.83%
LRHCLa Rosa Holding Corp. Common Stock	942.69K	0.58	-56.31	118.67%	-35.48%	-488.37%		0.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	176.87M	176.3M	195.93M	212.63M	282.29M	266M	329.7M	353.39M	325.67M	307.69M
Revenue Growth %	0.03%	-0%	0.11%	0.09%	0.33%	-0.06%	0.24%	0.07%	-0.08%	-0.06%
Property Operating Expenses	15.12M	16.09M	20.51M	20.68M	72.3M	64.4M	82.39M	90.32M	83.86M	78.98M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	106.11M	103.72M	127.78M	140.86M	141.02M	163.01M	257.24M	224.85M	252.45M	188.52M
G&A Expenses	90.99M	87.63M	107.27M	120.18M	119.23M	129M	179.49M	173.98M	171.55M	152.26M
EBITDA+	89.28M	176.71M	227.68M	218.71M	90.76M	64.7M	21.4M	73.98M	21.78M	69.74M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	15.12M	104.31M	127.46M	140.86M	21.79M	26.11M	31.33M	35.77M	32.41M	29.56M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	74.16M	72.4M	100.22M	77.85M	68.97M	38.59M	-9.93M	38.21M	-10.64M	40.18M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	10.41M	8.6M	10M	12.05M	12.23M	9.22M	11.34M	20.9M	35.74M	36.26M
Interest Coverage	7.12x	8.42x	10.03x	6.46x	5.64x	4.18x	-0.88x	1.83x	-0.30x	1.11x
Non-Operating Income	937K	722K	-526K	6.08M	-1.55M	-338K	886K	-819K	-4.84M	-2.28M
Pretax Income+	63.38M	63.08M	90.75M	66.16M	58.3M	29.71M	-22.16M	18.13M	-41.54M	6.2M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	12.03M	15.27M	55.58M	15.8M	10.98M	9.16M	2.46M	7.37M	56.95M	-1.88M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	16.66M	22.74M	12.81M	27.04M	25.28M	11.25M	-15.62M	6.11M	-69.02M	7.12M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.24%	0.37%	-0.44%	1.11%	-0.07%	-0.55%	-2.39%	1.39%	-12.3%	1.1%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.11%	3%	0.1%	0.2%	-0.72%	-0.21%	-0.58%	1.66%	-1.87%	2%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.30	1.29	0.72	1.52	2.62	0.61	-0.84	0.32	-3.81	0.37
EPS Growth %	0.18%	-0.01%	-0.44%	1.11%	0.72%	-0.77%	-2.38%	1.38%	-12.91%	1.1%
EPS (Basic)	1.31	1.29	0.72	1.52	2.63	0.62	-0.84	0.33	-3.81	0.38
Diluted Shares Outstanding	12.83M	17.68M	17.73M	17.77M	17.87M	18.32M	18.69M	18.84M	18.11M	19.29M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	385.31M	437.15M	406.56M	426.84M	542.35M	557.39M	776.13M	693.96M	577.15M	581.59M
Asset Growth %	0.08%	0.13%	-0.07%	0.05%	0.27%	0.03%	0.39%	-0.11%	-0.17%	0.01%
Real Estate & Other Assets+	1.86M	1.89M	1.56M	4.4M	9.69M	15.44M	17.56M	10.65M	7.08M	87.11M
PP&E (Net)	2.4M	2.69M	2.9M	4.39M	56.57M	46.75M	49.21M	35.62M	31.65M	25.36M
Investment Securities	1000K	0	0	0	1000K	1000K	1000K	0	0	0
Total Current Assets+	134.75M	81.21M	79.91M	87.55M	142.78M	166.37M	210.77M	192.96M	176.56M	218.51M
Cash & Equivalents	110.21M	57.61M	50.81M	59.97M	83M	101.36M	126.27M	108.66M	82.62M	96.62M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	4.43M	4.19M	8.94M	6.39M	10.53M	15.16M	17.76M	22.32M	58.81M	86.49M
Intangible Assets	66.88M	118.95M	127.83M	126.12M	119.98M	102.17M	176.36M	145.94M	120.69M	13.38M
Total Liabilities	345.9M	376.44M	337.17M	347.56M	443.98M	444.71M	707.07M	663.53M	653.21M	639.99M
Total Debt+	201.88M	230.82M	228.99M	227.79M	291.84M	279.53M	504.33M	493.38M	483.98M	472.07M
Net Debt	91.67M	173.21M	178.18M	167.81M	208.84M	178.18M	378.06M	384.71M	401.36M	375.45M
Long-Term Debt	185.55M	228.47M	226.64M	225.16M	223.03M	221.14M	447.46M	443.72M	439.98M	436.24M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	61.06M	55.97M	52.28M	45.06M	39.4M	31.23M
Total Current Liabilities+	57.25M	46.54M	43.56M	46.92M	107M	117.25M	146.22M	119.67M	149.32M	154.7M
Accounts Payable	515K	1M	517K	1.89M	2.98M	2.11M	5.19M	6.17M	4.7M	5.76M
Deferred Revenue	16.5M	16.31M	18.92M	25.49M	25.66M	25.28M	27.18M	27.78M	23.08M	22.85M
Other Liabilities	101.45M	101.3M	19.9M	54.86M	38.93M	35.7M	33.81M	30.75M	4.03M	3.15M
Total Equity+	39.41M	60.71M	69.39M	79.28M	98.38M	112.68M	69.07M	30.43M	-76.06M	-58.39M
Equity Growth %	0%	0.54%	0.14%	0.14%	0.24%	0.15%	-0.39%	-0.56%	-3.5%	0.23%
Shareholders Equity	449.67M	463.78M	466.83M	481.57M	497.89M	517.17M	508.27M	479.9M	411.06M	429.48M
Minority Interest	-410.26M	-403.07M	-397.44M	-402.29M	-399.51M	-404.49M	-439.21M	-449.47M	-487.12M	-487.88M
Common Stock	2K	2K	2K	2K	2K	2K	2K	2K	2K	2K
Additional Paid-in Capital	445.08M	448.71M	451.2M	460.1M	466.94M	491.42M	515.44M	535.57M	550.64M	565.07M
Retained Earnings	4.69M	16.81M	16.83M	21.14M	30.52M	25.63M	-7.82M	-55.27M	-140.22M	-133.73M
Preferred Stock	0	16M	8.4M	20.56M	0	25.63M	0	0	0	0
Return on Assets (ROA)	0.04%	0.06%	0.03%	0.06%	0.05%	0.02%	-0.02%	0.01%	-0.11%	0.01%
Return on Equity (ROE)	0.42%	0.45%	0.2%	0.36%	0.28%	0.11%	-0.17%	0.12%	-	-
Debt / Assets	0.52%	0.53%	0.56%	0.53%	0.54%	0.5%	0.65%	0.71%	0.84%	0.81%
Debt / Equity	5.12x	3.80x	3.30x	2.87x	2.97x	2.48x	7.30x	16.21x	-	-
Net Debt / EBITDA	1.03x	0.98x	0.78x	0.77x	2.30x	2.75x	17.66x	5.20x	18.43x	5.38x
Book Value per Share	3.07	3.43	3.91	4.46	5.51	6.15	3.70	1.61	-4.20	-3.03

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	74.59M	64.38M	63.29M	76.06M	78.97M	70.85M	42.44M	71.14M	28.26M	59.65M
Operating CF Growth %	0.17%	-0.14%	-0.02%	0.2%	0.04%	-0.1%	-0.4%	0.68%	-0.6%	1.11%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	51.35M	47.81M	35.18M	50.37M	46.86M	20.02M	-24.62M	9.48M	-69.02M	8.08M
Depreciation & Amortization	15.12M	16.09M	20.51M	20.68M	22.32M	26.69M	31.33M	35.77M	32.41M	29.56M
Stock-Based Compensation	1.45M	2.33M	2.9M	9.18M	10.93M	16.27M	34.3M	22.04M	19.04M	18.86M
Other Non-Cash Items	-2.47M	1.27M	-39.41M	-10.54M	2.9M	8.6M	476K	16.46M	23.81M	2.77M
Working Capital Changes	6.6M	-6.6M	-2.38M	-3.17M	-6.35M	-2.57M	3.48M	-13.71M	-27.36M	384K
Cash from Investing+	1.66M	-117.33M	-37.92M	-33.67M	-876K	-17.53M	-194.92M	-11.5M	-5.64M	-5.88M
Acquisitions (Net)	5.65M	-112.73M	-35.72M	-25.89M	-14.95M	-10.63M	-180M	0	0	0
Purchase of Investments	-383K	0	0	0	-28.5M	0	0	0	0	0
Sale of Investments	1000K	200K	0	0	1000K	0	0	0	0	0
Other Investing	-358K	-96K	-37.92M	0	27.3M	0	319K	-1.57M	776K	-5.88M
Cash from Financing+	-72.42M	228K	-33.23M	-33.15M	-34.54M	-36M	189.35M	-78.36M	-35.82M	-8.27M
Dividends Paid	-24M	-10.58M	-12.79M	-14.31M	-15.07M	-16.35M	-17.83M	-18.19M	-13.55M	-599K
Common Dividends	-24M	-10.58M	-12.79M	-14.31M	-15.07M	-16.35M	-17.83M	-18.19M	-13.55M	-599K
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	-327K	-516K	-816K	-895K	-1.11M	-2.54M	-5.33M	-34.1M	-3.41M	-3.08M
Other Financing	-40.58M	-19.2M	-18.08M	-15.68M	-16.85M	-14.47M	-18.95M	-21.48M	-14.26M	1K
Net Change in Cash+	3.01M	-52.6M	-6.8M	9.17M	43.63M	17.63M	37.17M	-20.27M	-12.37M	43.52M
Exchange Rate Effect	-823K	122K	1000K	-70K	70K	308K	300K	-1000K	831K	-1000K
Cash at Beginning	107.2M	110.21M	57.61M	50.81M	59.97M	103.6M	121.23M	158.4M	138.13M	125.76M
Cash at End	110.21M	57.61M	50.81M	59.97M	103.6M	121.23M	158.4M	138.13M	125.76M	169.29M
Free Cash Flow+	70.96M	59.88M	61.09M	68.28M	65.75M	63.94M	27.2M	61.21M	21.84M	53.03M
FCF Growth %	0.15%	-0.16%	0.02%	0.12%	-0.04%	-0.03%	-0.57%	1.25%	-0.64%	1.43%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.48	7.19	7.91	9.45	2.63	2.04	0.84	2.22	-2.02	1.9
FFO Payout Ratio	75.53%	8.33%	9.12%	8.52%	32.02%	43.78%	113.46%	43.43%	-37.02%	1.63%
NOI Margin	91.45%	90.87%	89.53%	90.27%	74.39%	75.79%	75.01%	74.44%	74.25%	74.33%
Net Debt / EBITDA	1.03x	0.98x	0.78x	0.77x	2.30x	2.75x	17.66x	5.20x	18.43x	5.38x
Debt / Assets	52.39%	52.8%	56.32%	53.37%	53.81%	50.15%	64.98%	71.1%	83.86%	81.17%
Interest Coverage	7.12x	8.42x	10.03x	6.46x	5.64x	4.18x	-0.88x	1.83x	-0.30x	1.11x
Book Value / Share	3.07	3.43	3.91	4.46	5.51	6.15	3.7	1.61	-4.2	-3.03
Revenue Growth	3.44%	-0.32%	11.13%	8.52%	32.77%	-5.77%	23.95%	7.18%	-7.84%	-5.52%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Continuing franchise fees	-	-	-	-	-	-	-	-	-	122.01M
Continuing franchise fees Growth	-	-	-	-	-	-	-	-	-	-
Marketing Funds fees	-	-	-	-	-	-	-	-	83.86M	78.98M
Marketing Funds fees Growth	-	-	-	-	-	-	-	-	-	-5.82%
Brokerage	-1K	-	-	-	-	-	-	-	-	51.82M
Brokerage Growth	-	-	-	-	-	-	-	-	-	-
Annual dues	-	-	-	-	-	-	-	14.16M	-	32.19M
Annual dues Growth	-	-	-	-	-	-	-	-	-	-
Franchise sales	-	-	-	-	-	-	26.04M	25.28M	-	22.69M
Franchise sales Growth	-	-	-	-	-	-	-	-2.93%	-	-
Real Estate	-	-	-	-	-	-	-	-	227.18M	-
Real Estate Growth	-	-	-	-	-	-	-	-	-	-
Mortgage	-	-	-	-	-	-	-	-	13.99M	-
Mortgage Growth	-	-	-	-	-	-	-	-	-	-
Annual Dues And Franchise Sales	-	-	-	23.29M	41.87M	39.61M	41.06M	39.45M	-	-
Annual Dues And Franchise Sales Growth	-	-	-	-	79.74%	-5.39%	3.67%	-3.94%	-	-
Annual Dues	-	-	-	15.88M	15.98M	14.54M	15.02M	-	-	-
Annual Dues Growth	-	-	-	-	0.66%	-9.03%	3.31%	-	-	-
Franchise Sales	-	-	-	7.42M	25.88M	25.07M	-	-	-	-
Franchise Sales Growth	-	-	-	-	249.08%	-3.15%	-	-	-	-
Franchise Rights	-	8.82M	10.8M	-	-	-	-	-	-	-
Franchise Rights Growth	-	-	22.38%	-	-	-	-	-	-	-
Real Estate Services	31.76M	-	-	-	-	-	-	-	-	-
Real Estate Services Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Elimination	1.59M	-	-	-	-	-	-	-	-	-
Intersegment Elimination Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Global.	-	-	-	-	-	-	11.5M	12.16M	12.75M	14.42M
Global. Growth	-	-	-	-	-	-	-	5.76%	4.86%	13.07%
Other.	-	-	-	-	-	-	2.13M	1.41M	635K	-
Other. Growth	-	-	-	-	-	-	-	-34.10%	-54.87%	-
Other	-	-	-	-	25.98M	11.75M	-	-	-	-
Other Growth	-	-	-	-	-	-54.76%	-	-	-	-
U	146.85M	-	-	170.5M	-	-	-	-	-	-
U Growth	-	-	-	-	-	-	-	-	-	-
C	21.98M	-	-	23.77M	-	-	-	-	-	-
C Growth	-	-	-	-	-	-	-	-	-	-
Global And Other	-	-	-	10.24M	-	-	-	-	-	-
Global And Other Growth	-	-	-	-	-	-	-	-	-	-
Other Foreign Countries	8.04M	-	-	-	-	-	-	-	-	-
Other Foreign Countries Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

RE/MAX Holdings, Inc. (RMAX) has a price-to-earnings (P/E) ratio of 22.0x. This is roughly in line with market averages.

Growth & Financials

RE/MAX Holdings, Inc. (RMAX) reported $292.9M in revenue for fiscal year 2024. This represents a 112% increase from $138.3M in 2011.

RE/MAX Holdings, Inc. (RMAX) saw revenue decline by 5.5% over the past year.

Yes, RE/MAX Holdings, Inc. (RMAX) is profitable, generating $12.5M in net income for fiscal year 2024 (2.3% net margin).

Dividend & Returns

Yes, RE/MAX Holdings, Inc. (RMAX) pays a dividend with a yield of 0.38%. This makes it attractive for income-focused investors.

Industry Metrics

RE/MAX Holdings, Inc. (RMAX) generated Funds From Operations (FFO) of $39.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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