Real Brokerage Inc financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Real Brokerage Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16.6	122	382	689	1,265	1,968
Cost of revenue	14.4	111	350	626	1,150	1,803
Gross profit	2.15	11.1	32	62.9	115	166
Research and development	0.41	3.98	4.87	7.36	12.2	17.4
Selling and marketing				38.6	57.5	82.4
General and administrative				42.9	61.1	74.4
Operating expenses				88.9	140	175
Operating income	-2.65	-11.3	-19.7	-26	-25.2	-9.25
Interest expense	0.14	0.66	1.17	0.62
Interest income					0.48	0.76
Other non-operating income				-0.59	0.5	1
Pre-tax income					-26.5	-8.81
Income tax						-0.74
Net income to minority interests			-0.24	0.29	0.09	0.04
Net income	-3.62	-11.7	-20.6	-27.5	-26.5	-8.11
EBITDA				-24.9	-23.8	-7.32
EPS, basic		-0.07	-0.12	-0.15	-0.14	-0.04
EPS, diluted	-0.04	-0.07	-0.12	-0.15	-0.14	-0.04
Shares, basic (weighted)				178	191	220
Shares, diluted (weighted)				178	191	220

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.3	29.1	18.3	14.7	23.4	33.2
Short-term investments					9.45	16.7
Receivables				6.44	14.2	20.2
Other current assets				2.13	1.76	3.08
Total current assets	21.7	38.7	28.4	50.5	72.9	106
Property, plant and equipment	0.01	0.17	1.35	1.6	2.12	2.46
Lease right-of-use assets	0.19	0.11	0.07		0	0
Goodwill	0	0.6	10.3	8.99	8.99	8.99
Intangible assets	0	0.45	3.71	3.44	2.58	4.16
Long-term investments						2.25
Total assets	21.9	40	43.8	64.5	86.6	127
Accounts payable	0.82	0.05	0.47	0.57	1.37	1.16
Accrued liabilities				13.4	25.9	38.2
Deferred revenue				12.9	24.1	26.3
Total current liabilities	0.96	12.3	21.1	27.2	54.5	75.3
Lease liabilities	0.13	0.04
Total liabilities	1.11	13	21.3	27.5	54.5	75.3
Total debt	0	0
Paid-in capital	21.7	63.4	63.2	116	139	164
Retained earnings	-18.4	-30.1	-50.7	-78.2	-105	-113
Treasury stock				-0.26	-2.46
Other comprehensive income				-0.17	0.71	0.32
Shareholders' equity	5.98	27	22.2	36.9	32.1	51.7
Minority interests	14.8	0	0.26	0.21	-0	-0.09
Total equity	20.8	27	28.7	37.1	32.1	51.6
Total liabilities and equity	21.9	40	43.8	64.5	86.6	127
Shares outstanding				183	202	210

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3.62	-11.7	-20.3	-27.2	-26.5	-8.07
Depreciation and amortization				1.13	1.4	1.93
Stock-based compensation				38.4	52.9	68.1
Deferred income tax						-0.92
Change in receivables				-4.89	-7.79	-5.94
Change in payables				0.1	0.8	-0.21
Cash from operations	-1.6	1.68	6	19	48.7	65.9
Capital expenditures	-0.02	-0.17		-0.63	-1.05	-1.1
Cash from investing	-0.02	-1.27	-9.05	-6.63	3.81	-13.6
Debt issued	0.25	0
Stock issued				0.5	6.28	2.17
Share buybacks					-36.3	-39.4
Dividends paid			-0.02	-0.34
Cash from financing	22.9	7.27	-7.85	-3.06	-33.1	-40.2
Exchange rate effect	-0.14	0.18	0.1	0.04	0.41	0
Net change in cash				9.28	19.4	12.1
Free cash flow	-1.62	1.51		18.3	47.7	64.8
Income taxes paid						0.05

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $16.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.4%	Gross profit / revenue.
Operating margin	-0.5%	Operating income / revenue.
EBITDA margin	-0.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.4%	Pre-tax income / revenue.
Net margin	-0.4%	Net income / revenue.
FCF margin	3.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.3%	Cash from operations / revenue.
Return on equity (ROE)	-19.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.6%	Net income / average total assets.
Return on invested capital (ROIC)	-53.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.9%	Research and development expense / revenue.
Stock-based pay / revenue	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	55.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	72.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	160.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	44.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	73.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	138.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	35.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	122.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	35.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	60.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	53.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	46.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	42.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	42.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	15.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.41x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.66x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.3%	Total liabilities / total assets.
Working capital	$30.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$38.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	18.4x	Revenue / average total assets.
Fixed asset turnover	861x	Revenue / average property, plant and equipment.
Receivables turnover	114x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	0 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	1.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.95	Revenue / diluted weighted shares.
FCF per share	$0.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.30	Cash from operations / diluted weighted shares.
Book value per share	$0.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.18	Tangible book value / shares outstanding.
Cash per share	$0.24	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	60.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.60B	Share price x shares outstanding.
Enterprise value	$3.55B	Market cap + total debt - cash - short-term investments.
P/S	1.83x	Market cap / revenue.
P/B	69.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	93.5x	Market cap / tangible book value, when positive.
P/FCF	55.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	54.6x	Market cap / cash from operations, when positive.
EV/Sales	1.80x	Enterprise value / revenue.
EV/FCF	54.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Real Brokerage Inc's revenue in fiscal 2025?

Real Brokerage Inc reported revenue of $1.97B for fiscal 2025, 55.7% higher than the year before.

Was Real Brokerage Inc profitable in fiscal 2025?

No. It reported a net loss of $8.1M.

How much free cash flow did Real Brokerage Inc generate in fiscal 2025?

Cash from operations of $65.9M minus capital expenditures of $1.1M left free cash flow of $64.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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