The RMR Group Inc. (RMR) 10-Year Financial Performance & Capital Metrics

RMR • • REIT / Real Estate

Real EstateReal Estate ServicesProperty Management & Facilities ServicesIntegrated Property Services

AboutThe RMR Group Inc., through its subsidiary, The RMR Group LLC, provides business and property management services in the United States. The company provides management services to its four publicly traded real estate investment trusts and three real estate operating companies. It also provides investment advisory services. The company was formerly known as REIT Management & Research Inc. and changed its name to The RMR Group Inc. in September 2015. The RMR Group Inc. was founded in 1986 and is headquartered in Newton, Massachusetts.Show more

Revenue $700M -22.0%
FFO $66M +135.5%
FFO/Share 3.94 +133.9%
FFO Payout 46.28% -54.7%
FFO per Share 3.94 +133.9%
NOI Margin 76.91% +139.3%
FFO Margin 9.36% +201.9%
ROE 13.15% +139.7%
ROA 7.62% +111.2%
Debt/Assets 28.41% +74.1%
Net Debt/EBITDA 2.66 +584.0%
Book Value/Share 24.15 -4.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 46.3%
✓High NOI margin of 76.9%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.76%

5Y3.5%

3Y-5.6%

TTM3.07%

Profit (Net Income) CAGR

10Y22.15%

5Y13.41%

3Y16.68%

TTM-23.43%

EPS CAGR

10Y8.39%

5Y-13.52%

3Y-25.29%

TTM-9.38%

ROCE

10Y Avg27.45%

5Y Avg15.12%

3Y Avg13.59%

Latest7.16%

Peer Comparison

Integrated Property Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FSVFirstService Corporation	7.46B	163.13	54.93	20.36%	2.53%	7.65%	2.32%	0.96
RMRThe RMR Group Inc.	264.37M	16.46	15.98	-21.98%	2.59%	4.77%	27.27%	0.51

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Revenue+	266.94M	271.73M	404.98M	713.37M	589.5M	607.24M	832.5M	962.32M	897.61M	700.28M
Revenue Growth %	0.38%	0.02%	0.49%	0.76%	-0.17%	0.03%	0.37%	0.16%	-0.07%	-0.22%
Property Operating Expenses	91.98M	99.75M	108.76M	469.07M	360.57M	370.04M	568.77M	656.4M	609.15M	161.73M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	26.9M	27.23M	39.3M	38.76M	160.19M	165.11M	175.37M	192.19M	243.48M	496.77M
G&A Expenses	25.13M	25.19M	38.05M	37.75M	155.73M	158.63M	172.93M	184.86M	224.72M	42.5M
EBITDA+	261.49M	262.54M	378.57M	717.37M	69.71M	73.06M	89.36M	114.83M	49.69M	53.33M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	114.79M	126.98M	126.6M	519.58M	968K	973K	993K	1.1M	4.71M	11.55M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	146.7M	135.56M	251.97M	197.79M	68.74M	72.09M	88.37M	113.73M	44.98M	41.78M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	783K	3.4M
Interest Coverage	-	-	-	-	-	-	-	-	57.44x	12.29x
Non-Operating Income	-3.32M	-9.19M	-5.43M	-7.75M	-3.5M	-5.51M	-2.33M	-35.81M	-20.25M	-7.97M
Pretax Income+	146.93M	137.13M	276.87M	196.36M	77.89M	94.17M	90.7M	149.54M	64.45M	46.35M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	24.57M	28.25M	58.86M	27.32M	11.55M	13.15M	13.23M	21.77M	11.32M	-7.67M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	37.24M	42.29M	96.04M	169.04M	28.79M	35.7M	34M	57.15M	23.13M	54.02M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	4.1%	0.14%	1.27%	0.76%	-0.83%	0.24%	-0.05%	0.68%	-0.6%	1.34%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	15.14%	0.11%	0.32%	2.09%	-0.96%	0.23%	-0.05%	0.66%	-0.52%	1.36%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.33	2.63	5.96	10.47	2.13	2.59	2.47	1.82	1.38	1.03
EPS Growth %	4.07%	0.13%	1.27%	0.76%	-0.8%	0.22%	-0.05%	-0.26%	-0.24%	-0.25%
EPS (Basic)	2.33	2.63	5.97	10.48	4.10	4.98	4.74	3.44	1.38	1.03
Diluted Shares Outstanding	16M	16.05M	16.12M	16.14M	31.19M	31.28M	31.35M	31.47M	16.53M	16.64M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Assets+	337.53M	383.72M	504.43M	667.87M	690.25M	497.91M	542.4M	582.42M	700.49M	718.25M
Asset Growth %	0.11%	0.14%	0.31%	0.32%	0.03%	-0.28%	0.09%	0.07%	0.2%	0.03%
Real Estate & Other Assets+	181.39M	179.53M	170.74M	162.38M	175.39M	148.64M	139.45M	140.96M	171.63M	131.04M
PP&E (Net)	3.8M	3.28M	2.59M	2.38M	36.96M	34.51M	31.39M	34.48M	103.79M	251.53M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	95.39M	140.89M	296.09M	464.86M	456.14M	254.52M	303.28M	386.31M	294.12M	192.69M
Cash & Equivalents	65.83M	108.64M	256.85M	358.45M	369.66M	159.84M	189.09M	267.99M	141.6M	62.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	4.3M	0	0	10.7M	18.49M	13.73M
Intangible Assets	1.08M	462K	375K	323K	277K	235K	198K	167K	20.3M	26.14M
Total Liabilities	91.14M	94.06M	69.77M	138.84M	149.35M	150.2M	172.67M	158.76M	281.08M	316.23M
Total Debt+	186.08M	179.07M	172.95M	158.99M	36.44M	34.07M	30.32M	30.11M	114.31M	204.04M
Net Debt	120.25M	70.43M	-83.9M	-199.46M	-333.23M	-125.77M	-158.77M	-237.88M	-27.29M	141.74M
Long-Term Debt	0	0	0	0	0	0	0	0	86.26M	154.43M
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	1000K
Capital Lease Obligations	0	0	0	0	36.44M	34.07M	30.32M	30.11M	28.05M	23.29M
Total Current Liabilities+	20.58M	26.41M	28.31M	98.03M	81.77M	81.14M	109.17M	105.57M	133.44M	117.82M
Accounts Payable	14.35M	20.91M	23.32M	20.27M	16.98M	15.03M	16.75M	22.58M	31.6M	38.7M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	70.56M	67.64M	41.46M	40.81M	35.55M	39.91M	37.87M	28.15M	39.23M	26.3M
Total Equity+	246.39M	289.66M	434.66M	529.03M	540.9M	347.71M	369.74M	423.66M	419.42M	402.01M
Equity Growth %	0.15%	0.18%	0.5%	0.22%	0.02%	-0.36%	0.06%	0.15%	-0.01%	-0.04%
Shareholders Equity	121.71M	149.53M	232.76M	288.65M	295.92M	195.12M	206.62M	240.07M	237.57M	227.66M
Minority Interest	124.68M	140.13M	201.9M	240.38M	244.98M	152.59M	163.12M	183.6M	181.84M	174.36M
Common Stock	31K	31K	31K	31K	31K	31K	32K	32K	32K	32K
Additional Paid-in Capital	94.27M	95.88M	99.24M	103.36M	106.62M	109.91M	113.14M	116.01M	118.81M	121.71M
Retained Earnings	27.33M	53.54M	133.41M	185.26M	189.27M	321.94M	355.95M	124.02M	436.23M	453.82M
Preferred Stock	10.58M	28.72M	45.99M	185.26M	0	0	0	0	0	0
Return on Assets (ROA)	0.12%	0.12%	0.22%	0.29%	0.04%	0.06%	0.07%	0.1%	0.04%	0.08%
Return on Equity (ROE)	0.16%	0.16%	0.27%	0.35%	0.05%	0.08%	0.09%	0.14%	0.05%	0.13%
Debt / Assets	0.55%	0.47%	0.34%	0.24%	0.05%	0.07%	0.06%	0.05%	0.16%	0.28%
Debt / Equity	0.76x	0.62x	0.40x	0.30x	0.07x	0.10x	0.08x	0.07x	0.27x	0.51x
Net Debt / EBITDA	0.46x	0.27x	-0.22x	-0.28x	-4.78x	-1.72x	-1.78x	-2.07x	-0.55x	2.66x
Book Value per Share	15.39	18.05	26.96	32.77	17.34	11.12	11.79	13.46	25.37	24.15

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	98.82M	125.94M	228.47M	198.21M	77.5M	71.79M	101.27M	109.22M	61.38M	75.75M
Operating CF Growth %	-0.03%	0.27%	0.81%	-0.13%	-0.61%	-0.07%	0.41%	0.08%	-0.44%	0.23%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	122.36M	108.67M	217.43M	169.04M	66.33M	81.01M	77.47M	127.77M	53.13M	38.68M
Depreciation & Amortization	1.77M	2.04M	1.25M	1.02M	968K	973K	993K	1.1M	4.71M	11.55M
Stock-Based Compensation	8.57M	7.73M	11.77M	11.41M	0	0	10.85M	13.43M	0	0
Other Non-Cash Items	10.68M	11.06M	-11.24M	14.76M	9.39M	-6.32M	1.82M	-23.77M	6.12M	11.78M
Working Capital Changes	-36.78M	3.62M	-3.89M	2.66M	-1.03M	-9.11M	8.58M	-8.21M	-5.64M	11.76M
Cash from Investing+	-3.55M	-12.83M	-648K	-14.73M	-5.92M	-1.14M	-10.59M	49.5M	-209.84M	-183.86M
Acquisitions (Net)	-2.48M	-12M	0	-14.03M	-5.32M	0	-9.47M	0	-78.98M	-11.9M
Purchase of Investments	0	0	0	-28.25M	0	0	-9.47M	0	0	-1.95M
Sale of Investments	0	0	0	1000K	0	0	1000K	1000K	0	0
Other Investing	-2.48M	-12M	0	14.03M	0	0	-9.47M	0	-126.99M	-166.36M
Cash from Financing+	-63.96M	-70.3M	-79.61M	-81.8M	-60.36M	-280.48M	-61.43M	-79.81M	22.07M	28.81M
Dividends Paid	-17.21M	-16.09M	-16.17M	-22.73M	-24.79M	-139.78M	-25.73M	-26.58M	-28.42M	-30.35M
Common Dividends	-17.21M	-16.09M	-16.17M	-22.73M	-24.79M	-139.78M	-25.73M	-26.58M	-28.42M	-30.35M
Debt Issuance (Net)	0	0	0	0	0	0	0	0	1000K	1000K
Share Repurchases	-91K	-358K	-987K	-827K	-523K	-834K	-547K	-734K	-1.14M	-903K
Other Financing	-46.66M	-53.85M	-62.45M	-58.24M	-35.05M	-139.86M	-35.15M	-52.5M	-36.52M	-36.55M
Net Change in Cash+	31.34M	42.81M	148.21M	101.6M	11.21M	-209.83M	29.25M	78.9M	-126.39M	-79.3M
Exchange Rate Effect	23K	-1K	-6K	-85K	0	0	0	0	0	0
Cash at Beginning	34.5M	65.83M	108.64M	256.85M	358.45M	369.66M	159.84M	189.09M	267.99M	141.6M
Cash at End	65.83M	108.64M	256.85M	358.45M	369.66M	159.84M	189.09M	267.99M	141.6M	62.3M
Free Cash Flow+	97.75M	125.11M	227.82M	197.51M	76.9M	70.65M	100.15M	105.23M	57.51M	72.1M
FCF Growth %	-0.03%	0.28%	0.82%	-0.13%	-0.61%	-0.08%	0.42%	0.05%	-0.45%	0.25%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	9.5	10.55	13.81	42.66	0.95	1.17	1.12	1.85	1.68	3.94
FFO Payout Ratio	11.32%	9.5%	7.26%	3.3%	83.3%	381.2%	73.52%	45.62%	102.08%	46.28%
NOI Margin	65.54%	63.29%	73.14%	34.25%	38.83%	39.06%	31.68%	31.79%	32.14%	76.91%
Net Debt / EBITDA	0.46x	0.27x	-0.22x	-0.28x	-4.78x	-1.72x	-1.78x	-2.07x	-0.55x	2.66x
Debt / Assets	55.13%	46.67%	34.29%	23.81%	5.28%	6.84%	5.59%	5.17%	16.32%	28.41%
Interest Coverage	-	-	-	-	-	-	-	-	57.44x	12.29x
Book Value / Share	15.39	18.05	26.96	32.77	17.34	11.12	11.79	13.46	25.37	24.15
Revenue Growth	38.36%	1.79%	49.04%	76.15%	-17.36%	3.01%	37.1%	15.59%	-6.72%	-21.98%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Reimbursements, Other	-	-	-	354.54M	-	370.04M	568.77M	656.4M	608.69M	422.01M
Reimbursements, Other Growth	-	-	-	-	-	-	53.71%	15.41%	-7.27%	-30.67%
Management Service	-	-	-	-	-	-	-	185.7M	188.2M	177.57M
Management Service Growth	-	-	-	-	-	-	-	-	1.35%	-5.65%
Reimbursement, Payroll Related And Other Costs	-	-	-	57.49M	57.26M	52.37M	56.68M	59.92M	84.17M	77.97M
Reimbursement, Payroll Related And Other Costs Growth	-	-	-	-	-0.41%	-8.54%	8.24%	5.72%	40.46%	-7.36%
Reimbursement Client Company Equity Based Conpensation	-	-	-	-	-	9.15M	7.07M	9.83M	7.92M	6.88M
Reimbursement Client Company Equity Based Conpensation Growth	-	-	-	-	-	-	-22.74%	38.94%	-19.41%	-13.10%
Investment Advisory, Management and Administrative Service	-	-	-	-	-	-	-	4.52M	4.51M	4.47M
Investment Advisory, Management and Administrative Service Growth	-	-	-	-	-	-	-	-	-0.31%	-0.69%
Management Service, Incentive	-	-	155.88M	120.09M	-	620K	-	-	-	653K
Management Service, Incentive Growth	-	-	-	-22.96%	-	-	-	-	-	-
Reimbursement	-	-	53.15M	412.03M	417.83M	-	-	726.15M	-	-
Reimbursement Growth	-	-	-	675.19%	1.41%	-	-	-	-	-
Management And Advisory Services	-	-	-	301.34M	171.68M	-	-	236.16M	-	-
Management And Advisory Services Growth	-	-	-	-	-43.03%	-	-	-	-	-
Subsidiaries	264.26M	267.57M	-	-	-	-	-	-	-	-
Subsidiaries Growth	-	1.25%	-	-	-	-	-	-	-	-
Others	2.68M	4.16M	-	-	-	-	-	-	-	-
Others Growth	-	55.15%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The RMR Group Inc. (RMR) has a price-to-earnings (P/E) ratio of 16.0x. This is roughly in line with market averages.

Growth & Financials

The RMR Group Inc. (RMR) reported $753.6M in revenue for fiscal year 2025. This represents a 190% increase from $260.0M in 2013.

The RMR Group Inc. (RMR) saw revenue decline by 22.0% over the past year.

Yes, The RMR Group Inc. (RMR) is profitable, generating $19.5M in net income for fiscal year 2025 (7.7% net margin).

Dividend & Returns

Yes, The RMR Group Inc. (RMR) pays a dividend with a yield of 11.08%. This makes it attractive for income-focused investors.

The RMR Group Inc. (RMR) has a return on equity (ROE) of 13.2%. This is reasonable for most industries.

Industry Metrics

The RMR Group Inc. (RMR) generated Funds From Operations (FFO) of $29.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

The RMR Group Inc. (RMR) offers a 11.08% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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