RE/MAX Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RE/MAX Holdings, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	176	196	213	282	266	330	353	326	308	292
Selling, general and administrative	88	107	120	119	129	179	174	172	152	147
Selling and marketing		0	0	72.3	64.4	82.4	90.3	83.9	79	72.8
Operating expenses	104	95.4	134	213	227	340	315	336	268	245
Operating income	71.3	98.3	78.4	69	38.6	-9.93	38.2	-10.6	40.2	47
Interest expense	8.6	10	12.1	12.2	9.22	11.3	20.9	35.7
Other non-operating income	-9.32	-9.47	-11.7	-10.7	-8.89	-12.2	-20.1	-30.9	-34	-27.4
Pre-tax income	62	88.9	66.7	58.3	29.7	-22.2	18.1	-41.5	6.2	19.6
Income tax	15.2	57.5	16.4	11	9.16	2.46	7.37	56.9	-1.88	6.2
Net income to minority interests	24.6	21.2	23.2	22	9.3	-9	4.65	-29.5	0.95	5.28
Net income	22.2	10.1	27.1	25.3	11.3	-24.6	10.8	-98.5	8.08	13.4
EBITDA	87.4	119	98.5	90.8	64.7	21.4	74	21.8	69.7	72.9
EPS, basic	1.26	0.58	1.53	1.42	0.62
EPS, diluted	1.26	0.58	1.53	1.41	0.61
Shares, basic (weighted)	17.6	17.7	17.7
Shares, diluted (weighted)	17.7	17.7	17.8
Dividend per share	0.60	0.72	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	57.6	50.8	60	83	101	126	109	82.6	96.6	119
Receivables	19.4	20.3	21.2	28.6	30	34.6	32.5	33.4	27.8	26.9
Other current assets	4.19	7.97	5.86	9.64	13.9	16	20.2	15.7	0.38	0.41
Total current assets	81.2	80	87.5	143	166	211	193	177	219	240
Property, plant and equipment	2.69	2.91	4.39	5.44	7.87	12.7	9.79	8.63	7.58	6
Lease right-of-use assets			0	51.1	38.9	36.5	25.8	23	17.8	12.6
Goodwill	127	135	140	149	165	269	259	241	237	240
Intangible assets	109	119	103	84.7	69.8	144	120	102	81.2	67.1
Other non-current assets	1.89	4.02	4.4	9.69	15.4	17.6	9.9	7.08	1.15	1.25
Total assets	437	413	428	531	546	776	695	577	582	582
Accounts payable	0.86	0.52	1.89	2.98	2.11	5.19	6.17	4.7	5.76	3.99
Accrued liabilities	13.3	15.4	13.1	60.2	68.6	96.8	70.8	107	111	101
Deferred revenue	16.3	25.3	25.5	25.7	25.3	27.2	27.8	23.1	22.8	21.4
Short-term debt	2.35	2.35	2.62	2.65	2.43	4.6	4.6	4.6	4.6	4.6
Total current liabilities	46.5	49.9	46.9	107	117	146	120	149	155	142
Long-term debt	228	227	225	223	221	447	444	440	436	432
Lease liabilities			0	56	50.3	45.9	38	31.5	22.7	13.5
Other non-current liabilities	15.7	19.9	17.6	5.29	5.72	6.92	5.84	4.03	3.15	2.98
Total liabilities	376	364	353	444	445	707	664	653	640	611
Total debt	231	229	228	226	224	452	448	445	441	437
Paid-in capital	449	451	460	467	491	515	536	551	565	578
Retained earnings	16	8.4	20.6	30.7	25.6	-7.82	-54	-140	-134	-126
Other comprehensive income	-0.03	0.46	0.33	0.41	0.61	0.65	-0.4	0.64	-1.86	0.05
Shareholders' equity	465	460	481	498	518	508	481	411	429	452
Minority interests	-404	-411	-406	-411	-416	-439	-449	-487	-488	-481
Total equity	40.6	32.9	63	86.8	102	69.1	31.7	-76.1	-58.4	-29
Total liabilities and equity	437	413	428	531	546	776	695	577	582	582

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	46.8	31.3	50.3	47.3	20.5	-24.6	10.8	-98.5	8.08	13.4
Depreciation and amortization	16.1	20.5	20.1	21.8	26.1	31.3	35.8	32.4	29.6	25.8
Stock-based compensation	2.33	2.9	9.18	10.9	16.3	34.3	22	19.5	18.9	16.6
Deferred income tax	3.37	47.9	9.59	2.38	1.9	-2.53	-0.18	49.4	-2.1	-0.46
Cash from operations	64.4	63.3	76.1	79	70.8	42.4	71.1	28.3	59.7	40.9
Capital expenditures	-4.5	-2.2	-7.79	-13.2	-6.9	-15.2	-9.93	-6.42	-6.62	-7.37
Acquisitions	-113	-35.7	-25.9	-14.9	-10.6	-180
Cash from investing	-117	-37.9	-33.7	-0.88	-17.5	-195	-11.5	-5.64	-5.88	-7.78
Debt issued	234					459
Debt repaid	-203	-2.37	-3.17	-2.62	-2.63	-227	-4.6	-4.6	-4.6	-4.6
Stock issued	0.1
Share buybacks							-34.1	-3.41
Dividends paid	-10.6	-12.8	-14.3	-15.1	-16.4	-17.8	-18.2	-13.6	-0.6	-0.5
Cash from financing	0.23	-33.2	-33.2	-34.5	-36	189	-78.4	-35.8	-8.27	-10.8
Exchange rate effect	0.12	1.06
Net change in cash	-52.6	-6.8	9.17	43.6	17.6	37.2	-20.3	-12.4	43.5	23.8
Free cash flow	59.9	61.1	68.3	65.7	63.9	27.2	61.2	21.8	53	33.5
Interest paid	7.8	9.97	11.5	11.7	8.66	10.8	19.8	34.7	35.5	30.8
Income taxes paid	11.9	10.1	5.77	8.43	4.99	14.9	6.53	7.11	6.66	7.17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.36 on August 24, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	16.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.8%	Pre-tax income / revenue.
Net margin	-1.2%	Net income / revenue.
FCF margin	9.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Return on equity (ROE)	-0.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.6%	Net income / average total assets.
Return on invested capital (ROIC)	2.2%	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%.
SG&A / revenue	52.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	8.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	66.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-31.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-16.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-10.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-36.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-12.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.0%	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	-2.7%	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	0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.7%	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	1.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.54x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.98x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	76.7%	Total debt / total assets.
Liabilities / assets	108.3%	Total liabilities / total assets.
Net debt	$322.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$82.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	52.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$146.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	51.3x	Revenue / average property, plant and equipment.
Receivables turnover	9.22x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Capex / operating cash flow	26.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Dividends / FCF	1.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$263.5M	Share price x shares outstanding.
Enterprise value	$586.1M	Market cap + total debt - cash - short-term investments.
P/S	0.93x	Market cap / revenue.
P/B	0.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.80x	Market cap / tangible book value, when positive.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.53x	Market cap / cash from operations, when positive.
EV/Sales	2.07x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	-1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was RE/MAX Holdings, Inc.'s revenue in fiscal 2025?

RE/MAX Holdings, Inc. reported revenue of $291.6M for fiscal 2025, 5.2% lower than the year before.

Was RE/MAX Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $13.4M, a net margin of 4.6%.

How much free cash flow did RE/MAX Holdings, Inc. generate in fiscal 2025?

Cash from operations of $40.9M minus capital expenditures of $7.4M left free cash flow of $33.5M.

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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